Keppel Ltd. · SGX:BN4
Keppel — Non-Deal Roadshow (May 2026)
16 slides from Keppel's roadshow presentation, May 11, 2026
Slide 1: Presentation to investors
Presentation to investors 11 May 2026
Slide 2: Keppel is a global asset manager & operator
Keppel is a global asset manager & operator • Well-positioned in sectors supported by long-term secular trends • Proven fundraising and investment capabilities • Deep operational expertise backed by execution excellence • Established track record in delivering strong risk-adjusted returns • Robust g
Slide 3: Focused on sectors backed by megatrends
Focused on sectors backed by megatrends Energy transition Urbanisation Digitalisation & AI wave Keppel Sakra Cogen Power Plant Keppel South Central Keppel Data Centre Mobilising capital and expertise to create solutions for a sustainable future © Keppel 3
Slide 4: Highlights of 2025
Highlights of 2025 New Keppel performed strongly in 2025 • Net profiti soared 39% yoy to $1.1b • Improvements across all business segments, with record earnings by Infrastructure Division • FUMii grew yoy from $88b to $95b as at end-2025; Asset Management net profit rose 15% yoy to $189m in FY25 Ann
Slide 5: Robust returns
Robust returns We will continue driving capital-efficient growth by lightening the balance sheet, optimising costs and improving overall returns. Return on Equity Net Debt to EBITDA Cost Savings 18.7% 2.0x $98m p.a. ROEi for New Keppel rose to Net debt to EBITDAii for New Cumulative run-rate cost sa
Slide 6: Advancing asset-light strategy
Advancing asset-light strategy We will work towards substantially monetising our $13.5bi Non-Core Portfolio by 2030; target to monetise $2-3b of non-core assets in 2026. $1.3bii from proposed sale of M1’s telco Asset monetisation business, pending regulatory approval by IMDA announced in 2025 $14.5b
Slide 7: Delivering strong shareholder value
Delivering strong shareholder value Robust TSR of 58.5% in 2025, more than double STI’s 28.8%i. The New Keppel’s ordinary cash dividends: FY25 total dividend • Interim cash dividend paid: $0.15/share Paying out 56% of the New ~$0.47/share • Proposed final cash dividend: $0.19/share Keppel’s net prof
Slide 8: Growing momentum in asset management
Growing momentum in asset management We have delivered strong annual growth in FUM and asset management fees over the past five years, driving FUM towards $200b by 2030. Funds under managementi Asset management feesii 21% 20% CAGR $95b CAGR $453m $88b $436m 13 80 $50b $55b $267m $283m $42b 62 $233m
Slide 9: Trusted partner for global institutional capital
Trusted partner for global institutional capital Investor type Source of capital by geography Pension Sovereign Funds: Wealth 49.2% Funds: North 32.1% Europe: America: 30.3% Middle 25.2% East: Asia 15.5% Pacific: Financial 29.0% Institutions: 6.2% Endowments: Others: 5.6% 6.9% © Keppel Note: The per
Slide 10: Driving capital formation across portfolios
Driving capital formation across portfolios Acquisitions in 2025 $10.1b new FUM in 2025 i $11.4b • $6.8b FUM raised by private funds • $3.3b FUM accretion from real estate and digital Divestments in 2025 infrastructure acquisitions by listed REITs and infrastructure trust $2.9b Funds in active capit
Slide 11: Delivering record earnings in Infrastructure
Delivering record earnings in Infrastructure Our Infrastructure Division achieved strong growth in net profit and EBITDA. Recurring income Integrated Power Business EBITDA from Infrastructure Divisioni $661m in FY25 51% Remained resilient yoy, against softening spark spreads CAGR $703m $619m Decarbo
Slide 12: Seizing opportunities, realising growth
Seizing opportunities, realising growth Resilient earnings from Integrated Power Business underpinned by long-term contracts and new capacity 67% of power capacityi 600 MW hydrogen-compatible contracted for three Keppel Sakra Cogen Plant to start years & above, providing operations in 1H26; capacity
Slide 13: Powering the AI wave through digital infrastructure
Powering the AI wave through digital infrastructure We are contributing to the AI wave through data centres, subsea cables, clean energy and investment solutions. Data centre portfolio’s Turbocharging DC FUM growth gross power capacityi with strategic powerbanking (39 DCs as at end-2025) 23% Powerba
Slide 14: Harnessing opportunities in digital connectivity
Harnessing opportunities in digital connectivity Bifrost Cable System The world’s first subsea cable system directly linking Singapore to the west coast of USA via Indonesia, commenced commercial traffic flow in Dec 2025 Contributions from first two fibre pairs recognised in FY25 Signed binding term
Slide 15: Conclusion
Conclusion • New Keppel delivered strong performance in FY25, underpinned by solid earnings growth and continued momentum in asset monetisation • Rewarding shareholders: Ordinary dividends based on the New Keppel’s performance and special dividends based on 10-15% of asset monetisation completed in
Slide 16: Disclaimer
Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. THIS PRESENTATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL, SUBSCR