Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — Keppel Infra Tr New Unit — FY 2025 Earnings Presentation
38 slides from Keppel Infrastructure Trust's earnings presentation, Feb 3, 2026
Slide 1: FY 2025 Financial Results
FY 2025 Financial Results 3 February 2026
Slide 2: Agenda and Awarded for Excellence
Agenda Awarded for Excellence Highest Return to Shareholders FY 2025 Highlights and Strategy P. 3 over Three Years Business Updates P. 12 Financial and Capital Management P. 20 Overall sector winner in Basic Materials Category Additional Slides P. 27 Singapore-Australia Business Alliance Award Award
Slide 3: FY 2025 Highlights and Strategy
FY 2025 Highlights and Strategy Keppel Marina East Desalination Plant (KMEDP)
Slide 4: Largest SGX-listed Infrastructure Business Trust
FY 2025 Highlights and Strategy Largest SGX-listed Infrastructure Business Trust1 Investment in essential infrastructure in global developed markets MISSION Essential Businesses and Assets NORWAY & ASSETS UNDER MANAGEMENT3 UK SWEDEN Sole producer and retailer of piped town gas in Delivering value to
Slide 5: Strong Capabilities in Key Infrastructure Verticals in Developed Markets
FY 2025 Highlights and Strategy Strong Capabilities in Key Infrastructure Verticals in Developed Markets Positioned to capture long term demand driven by secular trends Strategy Secular Trends Essential Infrastructure Energy Transition & Climate Change 1 Focus on essential infrastructure assets 1 De
Slide 6: FY 2025 Highlights
FY 2025 Highlights and Strategy FY 2025 Highlights Strong performance supported by steady portfolio performance and disciplined capital recycling strategy Highest Return to Shareholders over Three Years DI S$249.5 mn Overall sector winner in Basic Materials Category Significant commitment to Austral
Slide 7: Distribution Details
FY 2025 Highlights and Strategy Distribution Details DPU of 1.97 cents for 2H 2025, FY 2025 DPU stable at 3.94 cents Increase in Distributable Income Stable Distribution Per Unit (S$ mn) (S cents) Ex-Date 250 3.94 10 February 2026 3.90 +24% 49 201 201 Record Date 11 February 2026 FY 2024 FY 2025 FY
Slide 8: Disciplined Investment Track Record
FY 2025 Highlights and Strategy Disciplined Investment Track Record Enhanced portfolio constitution for growth and resilience post 2019 DI without active management (Illustrative) KIT Reported DI1 (S$ mn) City Energy, (S$ mn) 317 an evergreen business, contributed 99 250 more than 226 223 60% of the
Slide 9: Strategies For Sustained Earnings
FY 2025 Highlights and Strategy Strategies For Sustained Earnings Execute business priorities to achieve long term value to Unitholders Disciplined investment and capital recycling to build a resilient portfolio Invest-divest-reinvest approach with discipline to build a resilient portfolio of essent
Slide 10: Key Business Priorities
FY 2025 Highlights and Strategy Key Business Priorities Execute business priorities to achieve long term value to Unitholders BUSINESS STRATEGY OBJECTIVES PROGRESS / PLANS ▪ Focus on assets and businesses in Energy ▪ S$180 mn in divestment proceeds from Philippine Disciplined investment and Transiti
Slide 11: Business Updates
Business Updates Keppel Merlimau Cogen Plant (KMC)
Slide 12: Energy Transition
Business Updates Energy Transition Stable operations in City Energy, Transition Assets and Renewables Funds from Operations The FFO for City Energy was S$62 mn for FY 2025, an increase of 17% y-o-y, driven by the strengthening of its core business through the following initiatives: (S$ mn) Incre
Slide 13: Environmental Services
Business Updates Environmental Services Stable operations; growth upside for private incineration facilities in South Korea Funds from Operations The FFO for the Singapore Waste and Water Assets was an aggregate S$52 mn for FY 2025, following the extension of the Senoko WTE Incineration Service Ag
Slide 14: Distribution & Storage
Business Updates Distribution & Storage Delivered strong operational performance in FY 2025 Funds from Operations The FFO for Ixom was S$71 mn for FY 2025, an increase of 42% y-o-y, underpinned by stronger operating earnings. (S$ mn) Achieved higher EBITDA of A$209 mn, up 5.8% y-o-y, driven by g
Slide 15: Digital Infrastructure
Business Updates Digital Infrastructure Completed acquisition of 46.7% interest on 25 November 2025 • FY 2025 DI contribution of S$1 mn, approximately 1-month contribution post completion of 46.7% interest on 25 November 2025. • Successfully extended a long-term charter to 2028, and a maintenance zo
Slide 16: Strategic Priorities - Portfolio Companies
Business Updates Strategic Priorities - Portfolio Companies Customer-led solutions for the long term City Energy (segment: Energy Transition) Ixom (segment: Distribution & Storage) To provide lower carbon energy services and solutions To maintain its position as an established and trusted for its cu
Slide 17: Strategic Priorities - Portfolio Companies
Business Updates Strategic Priorities - Portfolio Companies Customer-led solutions for the long term Ventura (segment: Distribution & Storage) EMK (segment: Environmental Services) GMG (segment: Digital Infrastructure) To focus on creating cleaner, smoother and safer To pursue waste management as a
Slide 18: FY 2025 ESG Highlights
Business Updates FY 2025 ESG Highlights Exceeded and met targets for the year 1.3GW Renewable Capacity 97% of Waste Diverted 73% Scrap Metal Recovery Environmental KIT’s renewables portfolio capacity KIT’s Singapore WTEs plants diverted 97% Recovery rate of scrap metal was Stewardship remained at ap
Slide 19: Financials and Capital Management
Financials and Capital Management City Energy
Slide 20: Financial Dashboard
Financials and Capital Management Financial Dashboard Gross Revenue (S$ mn) FFO (S$ mn) FFO by Segment (S$ mn) Energy Transition 2,277 326 283 2,214 278 Environmental 2,006 2,036 256 Services 199 232 326 Distribution & Storage mn 1,575 (103) Digital 46 Infrastructure 1 99 Corporate FY 2021 FY 2022 F
Slide 21: FY 2025 Distributable Income Analysis by Segment
Financials and Capital Management FY 2025 Distributable Income Analysis by Segment S$ ’000 FY 2025 FY 2024 % Chg Remarks Higher DI contribution from City Energy, AGPC and German Solar Portfolio. Included a cash Energy Transition 187,326 146,563 27.8 surplus from capital management of AGPC in 4Q 2025
Slide 22: 2H 2025 Distributable Income Analysis by Segment
Financials and Capital Management 2H 2025 Distributable Income Analysis by Segment S$ ’000 2H 2025 2H 2024 % Chg Remarks Higher DI contribution from City Energy, AGPC, Windfarms and Solar Portfolio. Included a cash Energy Transition 122,215 62,850 94.5 surplus from capital management of AGPC in 4Q 2
Slide 23: Group Balance Sheet
Financials and Capital Management Group Balance Sheet S$ mn 31 Dec 2025 31 Dec 2024 Debt Profile by Currency and Type Cash 719 457 10.0% 14.0% Borrowings 3,194 2,989 32.9% 14.0% Net Debt 2,475 2,532 S$3.2 bn S$3.2 bn Total Assets 6,402 6,270 55.0% 72.0% 2.1% Total Liabilities 4,503 4,262 SGD EUR AUD
Slide 24: Capital Management
Financials and Capital Management Capital Management Capital Management Priorities Debt Maturity Profile (S$ mn) Cash Flow Growth Ixom’s loan of S$663 mn to be 1 Drive revenue growth and operational cost savings, thereby 1,023 refinanced to FY 2029 increasing cash flow 12% 788 728 32% Liquidity 693
Slide 25: Thank You
THANK YOU For enquiries, please contact: KIT Investor Relations Email: investor.relations@kepinfratrust.com Follow KIT on LinkedIn to receive updates on the company www.kepinfratrust.com Senoko Waste-to-Energy Plant
Slide 26: Additional Slides
Additional Slides Glossary Segment Performance FY 2025 Distributable Income Analysis by Segment Capex and Debt Amortisation Plan Portfolio Overview
Slide 27: Glossary
Additional Slides Glossary All numbers presented are as of 31 December 2025 and are based on FX rates as of 31 December 2025, unless otherwise stated. The financial statements for KIT are primarily prepared on a historical cost basis in accordance with the SFRS(I) accounting standards. Accounting En
Slide 28: FY 2025 FFO – DI Bridge
Business Updates FY 2025 FFO – DI Bridge Energy Transition portfolio (S$ mn) -S$96 mn 283 46 3 (2) (35) 187 51 (48) 11 (15) 4 1 124 109 62 63 FFO Maintenance Capex funded by debt Growth Capex funded by FFO Debt Repayment 2 DI City Energy Transition Assets (KMC & AGPC) Wind Farms Portfolio German Sol
Slide 29: FY 2025 FFO – DI Bridge (cont'd)
Business Updates FY 2025 FFO – DI Bridge (cont’d) Distribution & Storage portfolio (S$ mn) +S$18 mn 117 99 21 (6) (5) 7 5 44 23 71 74 (1) FFO Maintenance Capex funded by debt Growth Capex funded by FFO Debt Repayment 1 DI 1 Ixom Ventura Philippine Coastal Note: 1. Scheduled debt repayment in 1Q 2025
Slide 30: FY 2025 Distributable Income Analysis by Assets
Financials and Capital Management FY 2025 Distributable Income Analysis by Assets S$ ’000 FY 2025 FY 2024 % Chg Remarks Energy Transition 187,326 146,563 27.8 Fuel cost over-recovery and higher town gas volume (+$7.0m) and higher service and other income - City Energy 63,303 50,994 24.1 (+$5.3m) (i)
Slide 31: 2H 2025 Distributable Income Analysis by Assets
Financials and Capital Management 2H 2025 Distributable Income Analysis by Assets S$ ’000 2H 2025 2H 2024 % Chg Remarks Energy Transition 122,215 62,850 94.5 Fuel cost over-recovery and higher town gas volume (+$3.4m), higher service and other income - City Energy 33,202 30,007 10.6 (+$2.1m), partia
Slide 32: Segment Performance
Additional Slides Segment Performance FY 2025 FY 2024 1 1 S$'000 Energy Environmental Distribution & Digital Corporate Group Energy Environmental Distribution & Corporate Group Transition Services Storage Infra Transition Services Storage Profit after tax 10,029 (29,350) 105,470 (1,855) (1,545) 82,7
Slide 33: Segment Performance
Additional Slides Segment Performance 2H 2025 2H 2024 1 1 S$'000 Energy Environmental Distribution & Digital Corporate Group Energy Environmental Distribution & Corporate Group Transition Services Storage Infra Transition Services Storage Profit after tax (4,544) (12,049) 32,966 (1,855) 10,862 25,38
Slide 34: FY 2026 Capex Guidance; Debt Amortisation
Additional Slides FY 2026 Capex Guidance; Debt Amortisation Energy Transition Environmental Services Distribution & Storage Planned FY 2026 Capex (based on % interest) Maintenance Capex Growth Capex Maintenance Capex Growth Capex Maintenance Capex Growth Capex • CE: S$6 mn • Ixom1: S$30 mn • Ixom1:
Slide 35: Largest SGX-listed Infrastructure Business Trust
Additional Slides Largest SGX-listed Infrastructure Business Trust1 Providing exposure to the resilient and growing global infrastructure sector S$9.1 bn AUM 15 Essential >10 mature economies Portfolio of scale providing global businesses and assets Focused on investment grade jurisdictions with wel
Slide 36: Portfolio Overview: Energy Transition
Additional Slides Portfolio Overview (31 December 2025) Total Assets1 Description Customer Revenue model (S$’m) Sole producer and retailer of piped town Fixed margin per unit of gas sold, City Energy gas; expanded into LPG business, as > 910,000 commercial and with fuel and electricity costs passed
Slide 37: Portfolio Overview: Environmental Services
Additional Slides Portfolio Overview (31 December 2025) Total Assets1 Description Customer Revenue model (S$’m) Senoko Waste-to- Waste-to-energy plant with 2,310 NEA (National Environment Fixed payments for availability of Energy (WTE) Plant tonnes/day waste incineration Agency, Singapore) - concess
Slide 38: Portfolio Overview: Distribution & Storage
Additional Slides Portfolio Overview (31 December 2025) Total Assets1 Description Customer Revenue model (S$’m) Manufacturer, importer and distributor of Over 17,000 business and Payments from customers for delivery of Distribution & Ixom water treatment, industrial and specialty municipal customers
Keppel Infra Tr New Unit — FY 2025 Earnings Presentation on 6ix