Slide 1: 1Q 2025 Business Update
1Q 2025 Business Update 24 April 2025
Slide 2: Global asset manager & operator
Global asset manager & operator • Net profit improved strongly yoy • Steady progress in asset monetisation, despite challenging environment • Stronger recurring income • Asset management earnings and fees continued to expand • Encouraging fund raising momentum for data centre and real estate flagshi
Slide 3: Robust performance in 1Q 2025
Robust performance in 1Q 2025 Higher net profit • Net profit was >25% higher yoy, excluding legacy O&M assetsi • Steady infrastructure earnings coupled with improved performance in real estate • Stronger asset management performance, includes a full quarter of contributions from Aermont Capital • Ne
Slide 4: Unlocking value with an asset-light strategy
Unlocking value with an asset-light strategy Keppel is in a strong position, with the financial flexibility to fund growth, reduce debt and reward shareholders. Good progress in asset monetisation programme: Deals in advanced stages of negotiations $347m about $550m Announced in YTD 2025, Potential
Slide 5: Robust momentum in asset management
Robust momentum in asset management Asset management feesi Equity raisedii $1.6b in YTD 2025 +9% $96m 3.5x higher, compared to $436m in the same period last year $88m 12 11 Acquisitions & divestmentsii 40 66 $2.7b in YTD 2025 2.5x higher, compared to $1.1b in the same period last year 37 Secured $2.
Slide 6: Strong progress across operating divisions
Strong progress across operating divisions Infrastructure Real Estate Keppel Sakra Cogen Plant: achieved commissioning Keppel South Central: construction completed, and readiness, on track to commence commercial major financial institution secured as first anchor tenant operations in 1H 2026 Keppel
Slide 7: On the recent US tariffs
On the recent US tariffs • Limited direct impact from the US tariffs expected, as Keppel is not involved in the manufacturing or export sectors • Keppel provides many essential services, as seen during the COVID-19 pandemic, generate stable recurring income • Meeting demand for alternative real asse
Slide 8: The New Keppel
The New Keppel We are meeting demand for alternative real assets anchored to resilient macrotrends. Improved net profit Stronger recurring income Steady progress in asset monetisation Expanding asset management earnings and fees • Flagship funds gaining momentum • Advancing towards FUM targets © Ke
Slide 9: Appendix
BPP PEP PEE 00003000303 Appendix
Slide 10: Infrastructure Division updates
Infrastructure Division updates Integrated Power Business Decarbonisation & Sustainability Solutions Projects Resilient recurring earnings Strong earnings growth • Keppel Sakra Cogen Plant achieved • 66% of power capacityi contracted for • $6.3b of long term contract revenue to be commissioning read
Slide 11: Real Estate Division updates
Real Estate Division updates As of end-Mar 2025 Keppel South Central Residential landbank Units % Singapore 112 1% • Completed construction and welcomed leading China 15,001 45% financial services group as Vietnam 6,984 21% anchor tenant Indonesia 7,067 21% India 4,190 12% • ~50% of office space and
Slide 12: Connectivity Division updates
Connectivity Division updates As of end-Mar 2025 Data centres Owned/Developed Data centre Owned by Keppel by Keppel & • Developing three AI-ready hyperscale data centres in Singapore, Taiwan portfolio DC REIT private funds and Tokyo with Keppel’s private funds Geographical Asia Pacific, Asia Pacific
Slide 13: Vision 2030 asset monetisation
Vision 2030 asset monetisation Announced since the start of asset monetisation Asset Country Value ($m) programme in Oct 2020 Period Value ($m) 22.6% stake in Saigon Centre Phase 3 Vietnam 98 2020 1,238 42% stake in Palm City Vietnam 141 2021 1,666 2022 1,515 29.52% stake in Keppel Philippines Holdi
Slide 14: 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