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Tenaga Nasional (5347) investor relations material
Tenaga Nasional Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Group revenue for 1HFY2025 rose 17.4% year-over-year to RM32.87 billion, driven by higher electricity sales and increased commercial demand, with a new regulatory period effective January 2025.
Profit after tax (PAT) increased 12.8% year-over-year to RM3.16 billion, with improved EBITDA margin at 32.0%, though net profit for H1 was RM2,214.2 million, up 1.1% due to higher tax expenses.
Operating profit increased 4.0% year-over-year to RM4,438.7 million, supported by lower operating expenses and improved collections.
Commercial sector demand grew 6.5% year-over-year, offsetting declines in industrial and domestic sectors.
The group expects stable performance for 2025, focusing on clean energy investments and grid enhancements.
Financial highlights
EBITDA for 1HFY2025 was RM10.27 billion, up from RM9.90 billion in 1HFY2024; normalised EBITDA (excluding MFRS16 impact) was RM8.32 billion.
Operating expenses (excluding depreciation) fell 6.5% year-over-year, mainly due to lower fuel and power purchase costs from reduced coal prices.
Second quarter revenue was RM16,835.0 million, up from RM14,366.8 million in Q2 2024.
Cash generated from operations for H1 2025 was RM11,702.1 million.
Depreciation increased 3.4% year-over-year due to higher asset build-up.
Outlook and guidance
Electricity demand is expected to remain stable, in line with GDP growth forecasts of 4.0%–4.4% for FY2025.
Ongoing transition to a new electricity tariff schedule in July 2025 is expected to impact regulatory adjustments.
Continued focus on renewable energy (RE) growth, targeting coal-free operations by 2050.
Focus on clean generation, system reliability, and sustainable growth.
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