Malaysia · Delayed Price · Currency is MYR Tenaga Nasional Berhad Earnings Call Transcripts
Fiscal Year 2026
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Malaysia's renewable energy transition is advancing with the HHFS and HLEP projects, targeting 70% RE by 2050. Kenyir 1, the region's largest hybrid hydro-floating solar project, is set for 2028, while HLEP upgrades hydro assets for long-term green power. Both initiatives emphasize environmental stewardship, local job creation, and robust financial structures.
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A temporary increase in the protection threshold to 800 kWh/month exempts about 90% of domestic customers from AFA and related charges, with a one-off cost absorption of MYR 120–150 million. This measure is outside the regulatory framework and ends December 2026.
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First-half 2026 saw robust revenue and core PAT growth, driven by strong commercial and data center demand, with EBITDA up to MYR 10.8 billion. CapEx deployment remains on track, and the group maintains a 63.2% dividend payout, while cost pressures are being managed.
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Q1 2026 saw strong revenue and EBITDA growth, driven by surging electricity demand, especially from data centers, and improved operational efficiency. CapEx execution remains on track, with robust funding and a positive outlook for demand and shareholder returns.
Fiscal Year 2025
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FY2025 saw robust profit and revenue growth, driven by strong regulated business, efficiency gains, and disciplined CapEx. Dividend payout increased, with improved cash flow and operational metrics. Strategic investments in RE, grid, and customer solutions support long-term growth.
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Core profit rose 13.7% year-over-year to MYR 3.26 billion, driven by strong regulated business, higher electricity sales, and robust commercial demand, especially from data centers. Major investments in grid, RE, and EV infrastructure support long-term growth and Malaysia’s energy transition.
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First quarter FY2025 saw robust financial performance with revenue up 17.6% and PAT rising 53.5% year-on-year, driven by strong commercial and data center demand. CapEx is set at MYR 20 billion for 2025, with a focus on grid, RE, and international expansion. EBITDA margin improved to 32.7%.
Fiscal Year 2024
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PAT reached MYR 3.8 billion for the first nine months of 2024, with revenue up 7.5% year-over-year to MYR 42 billion, driven by strong electricity demand and improved GenCo performance. Strategic investments in green energy, data centers, and regional expansion underpin a positive outlook.
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Q1 2024 saw a 9.9% revenue increase, driven by strong commercial and domestic demand, with data centers and renewables as key growth areas. CapEx for 2024 is set at MYR 13.8 billion, and S&P upgraded the credit rating to A-.