Crystallising the DC opportunity

Research evidence excerpt

Crystallising the DC opportunity

Macquarie Equity Research YTL Power International

Data Centres: Thematic growth driver

Tenaga Nasional - Powering Actual load utilisation trending upward. The DC theme in Malaysia remains intact, with

the DC ramp-up both Electricity Supply Agreements (ESAs) and actual load utilisation rising. Based on March

2026 data from Tenaga Nasional, actual load utilisation has reached 1,054MW. We expectDigital Malaysia - DC Channel

this to ramp up steadily over the coming quarters, reaching 3.4GW by 4Q28.Check Series: Infrastructure in

the spotlight Johor remains the focal point of DC investment in Malaysia. As of February 2026, Cushman

& Wakefield forecasts a total of 3,310MW of DCs (including those under planning) will be

clustered in the state.

Figure 9 - DC load utilisation is rising steadily, and Figure 10 - Johor DC clusters

should continue to do so

Source: Tenaga Nasional, Macquarie Research, June 2026

Blue bars represent our forecasts. Based on calendar years. Load

utilisation here refers to actual operating DC capacity.

Source: Cushman & Wakefield, June 2026

Data as of February 2026.

A first mover. As one of the first movers in the Malaysian DC space, YTLP has established

itself as the foremost DC operator in the country through its YTL Green Data Center Park,

launched in 2022. The DC park is situated in Kulai, Johor.

According to management, 150MW of the 1,000MW planned capacity is operational as of

March 2026, with a total of 298MW signed. At the same time, the company is looking to

grow its DC portfolio by 200MW annually, until reaching its planned capacity of 1GW.

Figure 11 - YTLP's DC phases Figure 12 - We forecast YTLP's DC capacity to reach 1GW by FY31

Source: Company data, Macquarie Research,

June 2026