Keppel Infrastructure Trust · SGX:A7RU

Keppel Infrastructure Trust — FY2024 Earnings Presentation

41 slides from Keppel Infrastructure Trust's earnings presentation, Feb 4, 2025

1. Slide 1: Second Half and Full Year 2024 Financial Results

   Second Half and Full Year 2024 Financial Results 4 February 2025

2. Slide 2: Outline

   Outline FY 2024 Highlights 3 Business Updates 9 Financial and Capital Management 13 Commitment to Sustainability 22 Additional Information 25 Awards and Accreditations1: 1. Keppel Infrastructure Fund Management Pte. Ltd. is a signatory to the United Nations-supported Principles for Responsible Inves

3. Slide 3: FY 2024 Highlights

   FY 2024 Highlights Ventura

4. Slide 4: FY 2024 Highlights

   FY 2024 Highlights Strong performance supported by new acquisitions and steady portfolio performance Increase in Distributable Income1 Continued Portfolio Growth Growth from Value Creation ($m) 218.7 $9.0b AUM2 Ixom 209.7 +22% YoY +4.3% City Energy Philippine Coastal Storage 2023 2024 & Pipeline Cor

5. Slide 5: Expansion Across KIT’s Business Segments in FY 2024

   Expansion Across KIT’s Business Segments in FY 2024 Accretive acquisitions with stable cashflows supporting long-term growth Energy Transition Environmental Services Distribution and Storage German Solar Portfolio1 Keppel Marina East Ventura Desalination Plant2  Singapore’s first and only dual-mode

6. Slide 6: Value Creation a Key Differentiation for KIT

   Value Creation a Key Differentiation for KIT Driving growth of businesses through focused portfolio optimisation plans Portfolio Optimisation Plans FY 2019 EBITDA EBITDA growth FY 2024 EBITDA  Further sharpen business A$130.2m1 + 54% A$200.3m1  Pursue bolt-on opportunities  Leverage on strategic

7. Slide 7: Driving Portfolio Growth through Acquisitions and Value Creation

   Driving Portfolio Growth through Acquisitions and Value Creation Well-positioned for growth Expand into transportation infrastructure 2023-2024 milestones Acquisition of Ventura Made 1st solar investment German Solar Portfolio Jun 2024 Dec 2024 Jan 2024 Concession and CTA extensions Dec 2023 Dec 202

8. Slide 8: Voluntary Independent Portfolio Valuation

   Voluntary Independent Portfolio Valuation Portfolio AUM of $9.0b1 with new acquisitions and value creation initiatives Y-o-y AUM growth of 22% driven by new acquisitions and growth in existing businesses A resilient and diversified portfolio AUM (S$) By Business and Assets By Geography Australia and

9. Slide 9: Business Updates

   Business Updates Ixom

10. Slide 10: Business Updates: Energy Transition

    Business Updates: Energy Transition Supports the transition to a low-carbon economy and furthers KIT’s decarbonisation roadmap Funds from Operations ($m) City Energy  Achieved record EBITDA of $85.3m, driven by strong contribution from City-OG 11.7% and installation & contract services income 239.2

11. Slide 11: Business Updates: Environmental Services

    Business Updates: Environmental Services Provides the essential services that protect human health and safeguard the environment Funds from Operations ($m) Eco Management Korea Holdings (EMK)  Maintained high availability and full utilisation of incineration capacity  Renewed steam contract in Jan

12. Slide 12: Business Updates: Distribution & Storage

    Business Updates: Distribution & Storage Supporting and driving economic growth Ixom Funds from Operations ($m)  Record EBITDA of A$200.3m1 on strong contributions from the Water, Dairy and Industrial sectors on continued robust demand from customers. FY 2024 FFO was 10.5% lower YoY due to higher i

13. Slide 13: Financial and Capital Management

    Financial and Capital Management City Energy

14. Slide 14: Distribution Details

    Distribution Details Steady DPU growth underpinned by contribution from new acquisitions Distribution Per Unit (cents) Distribution Period 5 September 2024 to 31 December 2024 6.19 Special distribution 2.331 +1% 3.90 Distribution for the Period 1.25 Cents 3.86 3.902 Distribution Timetable Ex-Date :

15. Slide 15: 2H 2024 Distributable Income (DI) (1/2)

    2H 2024 Distributable Income (DI) (1/2) Contribution from new acquisitions and resumption of KMC DI S$’000 2H 2024 2H 2023 +/(-) % Remarks1 Energy Transition 66,728 50,034 33.4 Higher town gas volume and service income (+$6.9m) and fuel cost over-recovery due to - City Energy 30,007 20,545 46.1 timi

16. Slide 16: 2H 2024 Distributable Income (DI) (2/2)

    2H 2024 Distributable Income (DI) (2/2) Contribution from new acquisitions and resumption of KMC DI S$’000 2H 2024 2H 2023 +/(-) % Remarks1 Energy Transition 66,728 50,034 33.4 Please refer to slide 15 for the variance analysis. Environmental Services 32,359 44,861 (27.9) Please refer to slide 15 fo

17. Slide 17: FY 2024 Distributable Income (DI) (1/2)

    FY 2024 Distributable Income (DI) (1/2) Contribution from new acquisitions and resumption of KMC DI S$’000 FY 2024 FY 2023 +/(-) % Remarks1 Energy Transition 150,381 147,706 1.8 Lower fuel cost over-recovery due to timing of fuel cost passthrough (-$7.0m) net of stronger - City Energy 50,994 52,730

18. Slide 18: FY 2024 Distributable Income (DI) (2/2)

    FY 2024 Distributable Income (DI) (2/2) Contribution from new acquisitions and resumption of KMC DI S$’000 FY 2024 FY 2023 +/(-) % Remarks1 Energy Transition 150,381 147,706 1.8 Please refer to slide 17 for the variance analysis. Environmental Services 69,968 83,728 (16.4) Please refer to slide 17 f

19. Slide 19: Balance Sheet

    Balance Sheet Building a strong balance sheet to support growth Balance Sheet (S$’m) 31 Dec 2024 31 Dec 2023 Cash 457 483 72.9% Fixed and Borrowings 2,989 2,717 Hedged Debt1 Net debt 2,532 2,234 Total assets 6,186 5,617 71.0% Total liabilities 4,208 3,828 Foreign currency distributions hedged Net De

20. Slide 20: Capital Management

    Capital Management Well-spread debt maturity profile with healthy capital management metrics  Issued $200m in perpetual securities and $200m via a placement in 3Q 2024 to fully repay the acquisition term loan utilised to partially fund the acquisition of Ventura.  Obtained $75m multi-currency revo

21. Slide 21: Capex Plan for 2025

    Capex Plan for 2025 Supporting KIT’s sustainable long-term growth Maintenance Capex Growth Capex • Capital expenditure to sustain the historical revenue and • Value accretive capital expenditure which will drive value profitability as well as for HSE and regulation purposes upside to existing portfo

22. Slide 22: Commitment to Sustainability

    Commitment to Sustainability Borkum Riffgrund 2

23. Slide 23: ESG Performance Highlights

    ESG Performance Highlights Environmental Stewardship Responsible Business People and Community  Aligned reporting with the  Dedicated Board ESG Committee  Dedicated >1,100 volunteering hours recommendations of the Taskforce to support outreach efforts in on Climate-related Financial  1 conjuncti

24. Slide 24: Thank You

    Thank You www.kepinfratrust.com Connect with us on: City Energy

25. Slide 25: Additional Information

    Additional Information  Overview of KIT  Portfolio Overview  Segment Distributable Income  Business and Assets Summary – EBITDA  Debt Amortisation Summary

26. Slide 26: Largest SGX-listed Infrastructure Business Trust

    Largest SGX-listed Infrastructure Business Trust1 Providing exposure to the resilient and growing global infrastructure sector S$9.0b AUM Essential >10 mature economies Portfolio of scale providing global businesses and assets Focused on investment grade jurisdictions with well-developed regulatory

27. Slide 27: Leveraging on the Sustainable Infrastructure Theme

    Leveraging on the Sustainable Infrastructure Theme Secular growth trends driving investment in KIT’s key business segments Secular Growth Trends KIT’s Business Segments Energy Transition Energy Digitalisation Rapid Transition and Urbanisation Climate Change Digital Distribution Sustainable & Storage

28. Slide 28: Optimising Portfolio Through Value Creation

    Optimising Portfolio Through Value Creation Unlocking value of evergreen portfolio by asset recycling 1 Acquisition Leveraged to secular growth trends 1 1 Growth and 2 and/or aligned with sponsor Value Creation Keppel’s operational expertise Driving portfolio performance with Acquisition Value Expec

29. Slide 29: Drawing on Keppel’s Deep Engineering and Operating Capabilities

    Drawing on Keppel’s Deep Engineering and Operating Capabilities Operator-oriented DNA: Strong emphasis on value-adding and active management Energy Infrastructure Environmental Infrastructure Connectivity Global  Developer of Singapore’s 1st independent Water Reuse & Wastewater Solutions  35 data

30. Slide 30: Market Outlook

    Market Outlook Infrastructure: Driving Sustainable Development 1 2 3 The trends in the infrastructure Looking ahead, the energy transition Infrastructure supporting the circular industry are very strong, even amid the sector is poised to experience robust economy will remain crucial market turmoil g

31. Slide 31: Portfolio Overview: Energy Transition

    Portfolio Overview as at 31 Dec 2024 Total Assets1 Description Customer Revenue model (S$’m) Sole producer and retailer of piped town gas; expanded Fixed margin per unit of gas sold, > 909,000 commercial and residential City Energy into LPG business, as well as with fuel and electricity costs custom

32. Slide 32: Portfolio Overview: Environmental Services

    Portfolio Overview as at 31 Dec 2024 Total Assets1 Description Customer Revenue model (S$’m) NEA, Singapore government agency - Waste-to-energy plant with 2,310 Senoko WTE concession until 2027 with option for Fixed payments for availability of tonnes/day waste incineration Plant up to 1-year extens

33. Slide 33: Portfolio Overview: Distribution & Storage

    Portfolio Overview as at 31 Dec 2024 Total Assets1 Description Customer Revenue model (S$’m) Manufacturer and distributor of Over 17,000 business and municipal Payments from customers for Distribution & Storage water treatment chemicals, Ixom customers, and over 35,000 retail delivery of products an

34. Slide 34: 2H 2024: Distributable Income

    2H 2024: Distributable Income S#039;000 Energy Environmental Distribution & Corporate1 Group Transition Services Storage Note: 1. Comprises Trust expenses and distribution Profit after tax 34,028 (13,771) 28,220 4,864 53,341 paid/payable to perpetual securities holders, management fees and financing co

35. Slide 35: 2H 2023: Distributable Income

    2H 2023: Distributable Income S#039;000 Energy Environmental Distribution & Corporate1 Group Transition Services Storage Note: 1. Comprises Trust expenses and distribution Profit after tax 49,182 (12,328) 5,924 32,397 75,175 paid/payable to perpetual securities holders, management fees and financing co

36. Slide 36: FY 2024: Distributable Income

    FY 2024: Distributable Income S#039;000 Energy Environmental Distribution & Corporate1 Group Transition Services Storage Note: 1. Comprises Trust expenses and distribution Profit after tax 15,583 (34,659) 56,612 (12,200) 25,336 paid/payable to perpetual securities holders, management fees and financing

37. Slide 37: FY2023: Distributable Income

    FY2023: Distributable Income S#039;000 Energy Environmental Distribution & Corporate1 Group Transition Services Storage Note: 1. Comprises Trust expenses and distribution paid/payable to perpetual securities holders, Profit after tax 53,471 (36,201) 42,687 47,109 107,066 management fees and financing c

38. Slide 38: FY2024: Businesses and Assets Results Summary – EBITDA

    FY2024: Businesses and Assets Results Summary – EBITDA City Energy Keppel Merlimau Cogen S#039;000 FY2024 FY2023 Change S#039;000 FY2024 FY2023 Change % % Revenue 428,164 399,532 7.2 Revenue 136,385 130,539 4.5 Other income 13,649 9,233 47.8 Other income 6,118 3,687 65.9 Other gains/(losses) - net 370 (13

39. Slide 39: FY2024: Businesses and Assets Results Summary – EBITDA

    FY2024: Businesses and Assets Results Summary – EBITDA Singapore waste and water assets Eco Management Korea S#039;000 FY2024 FY2023 Change KRW'm FY2024 FY2023 Change % % Revenue 186,173 103,754 79.4 Revenue 104,263 122,200 (14.7) Other income 1,232 1,099 12.1 Other income 3,155 1,541 >100.0 Other (los

40. Slide 40: FY2024: Businesses and Assets Results Summary – EBITDA

    FY2024: Businesses and Assets Results Summary – EBITDA Ixom Ventura A#039;000 FY2024 FY2023 Change A#039;000 FY2024 % Revenue 1,314,960 1,375,623 (4.4) Revenue 180,918 Other income 5,600 2,698 >100.0 Other (expense)/income 2,447 Other gains/(losses) - net 1,005 109 >100.0 Other (losses)/gains - net (66) E

41. Slide 41: Debt Amortisation Summary

    Debt Amortisation Summary Amortisation Period Amortisation Method Debt Maturity Energy Transition Keppel Merlimau Cogen Semi-annually in Jun and Dec Step up amortisation May 2039 BKR2 Semi-annually in Jun and Dec Sculpted Jun 2028 Comprises various tranches with approximately Dec 2037 – German Solar

Keppel Infrastructure Trust — FY2024 Earnings Presentation on 6ix