YTL POWER INT'L HOLD. Steady earnings but lower dividend payout. Company report. (Maintained) Rationale for report: Company Result UTILITIES

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1 UTILITIES YTL PWER INT'L (YTLP MK, YTLP.KL) 24 rry 22 Comy rort lx Goh Stdy ris t lowr dividd yot Rtiol for rort: Comy Rslt HLD (Mitid) Pri ir Vl 52-wk Hih/Low Ky Chs ir vl EPS RM.9 RM2.5 RM2.35/RM.64 Uhd Uhd Ivstmt Hihlihts W miti or HLD ll o YTL Powr Itrtiol Bhd (YTLP), with fir vl of RM2.5/shr sd o 5% disot to or sm-of-rts (SP) vl of RM2.42/shr. YE to Y Y2 Y3 Y4 Rv (RMmil) 4, , ,32.2 7,66.8 Cor t rofit (RMmil),364.2,67.6,264.9,333. EPS (S) EPS rowth (%) 2.8 / Cosss t rofit (RMmil),243.9,295.3,392.4 DPS (S) PE (x) EV/EBITD (x) Div yild (%) RE (%) Nt Gri (%) Stok d iil Dt Shrs tstdi (millio) 7,279. Mrkt C (RMmil) 3,83. Book vl (RM/shr).7 P/BV (x).6 RE (%) 7.3 Nt Gri (%) 65.5 Mjor Shrholdrs YTL Corortio (55.8%) EP (9.9%) r lot (%) 4. v Dily Vl (RMmil) 9.4 Pri rform 3mth 6mth 2mth solt (%) (.7) (7.3) (4.4) Rltiv (%) (8.) (5.3) (2.8) 4.,674 YTLP s HY2 t rofit of RM248mil m i withi xttios, oti for 48% of or Y2 ris of RM,68mil d 45% of strt stimt s RM,244mil. H, w miti Y2-Y4 ris. Bt YTLP dlrd sod itrim sil-tir dividd of.9 s/shr, hlf of th rvios qrtr s, likly d to th ro s omi ivstmt ls i w tilitis d WiMx rojts. Th HY2 dividd of 2.8 s/shr rrsts yot rtio of 36% vs. or rlir ssmtio of 5%. H, w hv rdd Y2-Y3 dividds y 5%, whih trslts ito xiti yild of 3%. Sqtilly, YTLP s 2QY2 r-tx rofit ros 28% to RM34mil d to:- () hihr ltriity sls d lowr mit hrs for th owr divisio; (2) fir vl djstmts for fl d lowr fii osts for PowrSry; d (3) hihr forx is whih rtly offst ivstmt losss. vrss ortios otd for 88% of th ro s HY2 r-tx rofit, for whih th Mlysi-sd sfird owr rtio lts d 35%-owd PT w otritd 23%, UK s Wssx Wtr 28% d Sior s Powr Sry 49% (S Tl 2). I HY2, th w moil rodd divisio ristrd hihr loss of RM97mil (vs. RM28mil i HY) d to th divisio s strt- d irsi fixd orti osts. 3. ) M 2. (R.,453,23, I d x P o i ts Th ro ls to istll Ys 4G otivity i Proto s soo-to- lhd P3-2 sd d ftr modls. Whil this is iovtiv strty to rv ot ih, w wit frthr ws of mrkt t for Ys srvi d ri ls. H, w miti or Y2- Y4 loss ssmtios of RMmil-RM25mil for th ro s Ys divisio. Rll tht th ro iditd tht Ys will d ssrir s of millio (vs. ovr 3, rrtly) to rk v YTL Powr BM KLCI W lso rmi ord ot th ro s roosd ivstmt i 3% stk i Estoi stt oil omy-ld oil shl rojt i ord omrisi oil lt with ity of 38, rrls/dy d 9 M Wtt oil-shl fird owr lt, whih old ost US$5il. PP 2247/6/22 (36) Th stok rrtly trds t fir CY2 PE of 2x withi its thr-yr diltd PE d of x-6x.

2 YTL Powr It'l 24 rry 22 TBLE : RESULTS SUMMRY YE (RMmil) 6MY 6MY2 YoY (%) 2QY QY2 2QY2 QoQ (%) YoY (%) Rv 7,6.9 7, , , , osts (6,3.3) (6,72.).4 (3,79.3) (3,8.) (3,54.).3 5. EBIT,3.6,7.2 (2.3) Ex tiol i (losss)..... It x s (397.) (424.2) 6.9 (96.) (29.) (25.) (6.4) 4.6 ssoits (.7) (3.) Prtx rofit (5.5) Tx (28.7) (2.7) (8.2) (6.5) (87.6) (3.) MI (25.7) 2.6 Nt rofit Cor t rofit EPS (s) Gross DPS (s) (5.) (5.) (5.) BV/s EBIT mri (%) Prtx mri (%) Tx rt (%) Sor: Brs Mlysi TBLE 2 : RESULTS BREKDWN YE (RMmil) 6MY 6MY2 YoY (%) 2QY QY2 2QY2 QoQ (%) YoY (%) Iv stmt holdi (4.2) (2.9) Pow r rtio Mlti-tility 5,32.8 5, , , , Wtr & sw,2.8, Moil rodd tw ork > Rv 7,6.9 7, , , , Iv stmt holdi (32.2) (97.7) > (7.7) (85.7) (2.) (86.) (32.4) Pow r rtio Mlti-tility Wtr & sw (7.9) (7.8) Moil rodd tw ork (27.7) (97.) > (9.8) (94.9) (2.) 7.5 > Pr-tx rofit (5.5) Pr-tx mri Pow r rtio Mlti-tility Wtr & sw Sor: Brs Mlysi mrsrh Sd Bhd 2

3 YTL Powr It'l 24 rry 22 CHRT : PB BND CHRT CHRT 2 : PE BND CHRT ) (x +s v 6. ) (x +s.8 -s 3. v.4. -s TBLE 3 : SP BREKDWN Brkdows RMmil Powr rtio - DC of Pk d Psir Gd owr lts t % ost of qity 2,737.3 Wssx Wtr - sd o EV/RCV t.3x (xh rt of RM5.8=GBP) 6, % stk i Eltrt-.5x stimtd t ook vl 72.2 DC of PT w Powr t % ost of qity 45.9 DC for Powr Sry t WC of 8%, IRR of % 9,733. 6%-stk i YTL Commitios (WiMx) (x ook vl),5. Nt ssts s t 3 2 7,968.4 Lss ost of ssidiris d ssoits (,965.4) Bsi SP 9,6.8 Bsi o of shrs (millio) 7,246.5 Bsi SP r shr (RM) 2.62 Prods risd/dt ovrtd 28/28 w wrrts (xris ri t RM.2),454.7 ESS (ssm vr xris ri t RM2.) 3.4 Totl sh (ild lld dt) from diltio,756. Diltd SP 2,772.9 Bsi o of shrs s t 3 2 (millio) 7, /28 w wrrts (millio),22.2 ESS xrisd (millio) 5.7 Elrd shr s- ssm fll xris of ll wrrts/ovrtils 8,599.4 Sor: mrsrh lly diltd SP/shr (RM/shr) 2.42 mrsrh Sd Bhd 3

4 YTL Powr It'l 24 rry 22 TBLE 4 : INNCIL DT Iom Sttmt (RMmil, YE 3 ) Rv 3, , , ,32.2 7,66.8 EBITD 3, ,32.2 3, , ,699.7 Dritio (958.) (,26.3) (,44.8) (,3.5) (,87.3) rti iom (EBIT) 2, ,4.8 2, ,45 2,62.4 thr iom & ssoits Nt itrst (87.2) (834.7) (925.9) (998.6) (,7.3) Extiol itms..... Prtx rofit,684.9,556.9,627.7,763.3,858.3 Txtio (476.2) (39.4) (46.) (498.3) (525.2) Mioritis/rf dividds Nt rofit,28.8,364.2,67.6,264.9,333. Cor t rofit,28.8,364.2,67.6,264.9,333. Bl Sht (RMmil, YE 3 ) ixd ssts 5,955. 6, , , ,532.6 Itil ssts 6,48.6 6, ,6.5 5, ,56.8 thr lo-trm ssts,843.2,93.2 2,98.4 2,474. 2,757.7 Totl o-rrt ssts 23, , , ,56. 25,85. Csh & qivlt 7,37.5 7,78.8 7,466. 7, ,75.2 Stok Trd dtors, , ,78.3 3, ,38.6 thr rrt ssts Totl rrt ssts,4.4,85.4,487.7,962. 2,457. Trd rditors 2, ,49.5 3, ,72.6 3,892.8 Short-trm orrowis 2,4.3 6, , ,63. 6,745.4 thr rrt liilitis Totl rrt liilitis 4, ,29.5,529.6,873.,22.4 Lo-trm orrowis 8,782. 4,74.6 3, ,846.5,97.5 thr lo-trm liilitis 3,75.8 2, ,89.9 3,445. 3,72.7 Totl lo-trm liilitis 2, , ,95.7 6,29.6 5,638.2 Shrholdrs fds 7,2. 8,53.3 9,456.8,479.6,57.5 Miority itrsts. (2.9) (2.9) (2.9) (2.9) BV/shr (RM) Csh low (RMmil, YE 3 ) Prtx rofit,684.9,556.9,627.7,763.3,858.3 Dritio 958.,26.3,44.8,3.5,87.3 Nt h i worki itl thrs (369.7) (22.8) (28.4) Csh flow from ortios 3,4.8 3,29.3 2,66.6 2,692. 2,696.9 Citl xditr (.7) (,893.9) (,444.8) (,43.5) (,387.3) Nt ivstmts & sl of fixd ssts 72.2 (247.5) thrs (22.2) Csh flow from ivsti 44.9 (2,263.6) (,28.4) (,9.) (,74.6) Dt risd/(rid)..... Eqity risd/(rid), Dividds id (87.2) (834.7) (925.9) (998.6) (,7.3) thrs (59.6) (547.9) (62.) (687.6) (754.) Csh flow from fii (,332.7) (,546.9) (,686.2) (,825.5) Nt sh flow 4,254.9 (35.) (4.7) (84.2) (23.2) Nt sh/(dt) /f 4,254.9 (35.) (4.7) (84.2) (23.2) Nt sh/(dt) /f (3,8.8) (3,99.) (2,743.3) (,695.) (,587.7) Ky Rtios (YE 3 ) Rv rowth (%) EBITD rowth (%) Prtx mris (%) Nt rofit mris (%) Itrst ovr (x) Efftiv tx rt (%) Nt dividd yot (%) Dtors trovr (dys) Stok trovr (dys) Crditors trovr (dys) Sor: Comy, mrsrh stimts mrsrh Sd Bhd 4

5 YTL Powr It'l 24 rry 22 RMmil CHRT 3 : QURTERLY REVENUE BREKDWN 4,5 4, 3,5 3, 2,5 2,,5, 5 QY7 3QY7 QY8 3QY8 QY9 3QY9 QY 3QY QY 3QY QY2 Moil rodd twork Wtr & sw Mlti-tility Powr rtio Ivstmt holdi Sor: Brs Mlysi mrsrh Sd Bhd 5

6 YTL Powr It'l 24 rry 22 RMmil CHRT 4 : QURTERLY EBIT BREKDWN () QY7 3QY7 QY8 3QY8 QY9 3QY9 QY 3QY QY 3QY QY2 (2) (3) Moil rodd twork Wtr & sw Mlti-tility Powr rtio Ivstmt holdi Sor: Brs Mlysi Plishd y mrsrh Sd Bhd (3355-P) ( mmr of th mivstmt Bk Gro) 5 t h l oor B mb k Gro 55 l Rj Chl 52 Kl Lmr Tl: ( 3 ) ( r s r h) x: ( 3 ) Pritd y mrsrh Sd Bhd (3355-P) ( mmr of th mivstmt Bk Gro) 5 t h l oor B mb k Gro 55 l Rj Chl 52 Kl Lmr Tl: ( 3 ) ( r s r h) x: ( 3 ) Th iformtio d oiios i this rort wr rrd y mrsrh Sd Bhd. Th ivstmts disssd or rommdd i this rort my ot sitl for ll ivstors. This rort hs rrd for iformtio ross oly d is ot offr to sll or soliittio to y y sritis. Th dirtors d mloys of mrsrh Sd Bhd my from tim to tim hv ositio i or with th sritis mtiod hri. Mmrs of th mivstmt Gro d thir ffilits my rovid srvis to y omy d ffilits of sh omis whos sritis r mtiod hri. Th iformtio hri ws otid or drivd from sors tht w liv r rlil, t whil ll rsol r hs tk to sr tht sttd fts r rt d oiios fir d rsol, w do ot rrst tht it is rt or omlt d it shold ot rlid o s sh. No liility td for y loss tht my ris from th s of this rort. ll oiios d stimts ildd i this rort ostitt or jdmt s of this dt d r sjt to h withot oti. or mrsrh Sd Bhd By Chw Mi Dirtor mrsrh Sd Bhd 6