Keppel Ltd. · SGX:BN4
Keppel — Investor Day (August 2026)
43 slides from Keppel's investor day presentation, Aug 12, 2026
Slide 1: Powering AI-driven growth
Powering AI-driven growth Mr Loh Chin Hua CEO Investor Day, 12 August 2026
Slide 2: Keppel today: global asset manager & operator
Keppel today: global asset manager & operator We operate across the full investment lifecycle from fundraising and deployment to asset development, operations and value crystallisation. $106B $530M Funds under Management The New Keppel’s 15% The New Keppel’s as at Jul 2026 net profit for 1H26 annual
Slide 3: Fast-scaling asset management business
Fast-scaling asset management business Accelerating Keppel’s growth with greater scale, a stronger track record and growing LP and investor confidence. Funds under Management Target $200B A new inflection point $106B $25B 2016 Jul 2026 End-2030 3
Slide 4: Generating alpha through operational expertise
Generating alpha through operational expertise Originating proprietary investment opportunities through deep engineering and project management capabilities. Bifrost Cable System Data Centre Campus Sakra Cogen Plant c.30% >50% c.15% expected IRR IRR expected IRR Building multiple income streams as a
Slide 5: Twin flywheels for value creation
Twin flywheels for value creation AI amplifies the asset management and operating flywheels, creating a virtuous cycle of value creation. Operator Asset Manager 5
Slide 6: A structural growth opportunity
A structural growth opportunity AI is driving multi-trillion-dollar investments across energy and digital infrastructure that powers the AI economy. $5.2T 2X $16B data centre investment electricity demand from of new subsea cables the world needs by 2030 data centres worldwide entering service to me
Slide 7: A distinctive market position
A distinctive market position Keppel has built synergistic capabilities across energy and digital infrastructure to capture opportunities arising from AI-driven growth. Power Delivering reliable, lower-carbon energy solutions for AI infrastructure. Data Centres Developing and operating AI-ready digi
Slide 8: Well placed to scale
Well placed to scale Backed by a robust pipeline, diverse sources of capital and deep operating expertise, Keppel is well placed to drive future growth across energy and digital infrastructure. Access to $29B $12B >1.0 GW 1.9 GW power-constrained in APAC and growing markets Deal flow pipeline Dry po
Slide 9: An integrated ecosystem powering AI-driven growth
An integrated ecosystem powering AI-driven growth Together, these integrated capabilities reinforce one another to create differentiated opportunities and long-term value. Reliable power Integrated utilities AI infrastructure Advanced cooling systems Advanced, hydrogen-compatible power plants Hypers
Slide 10: Keppel in 2030 and beyond
Keppel in 2030 and beyond AI-enabled global asset manager & operator delivering scalable growth through energy and digital infrastructure solutions. $200B $1B >70% Target Funds Potential asset of earnings expected from under Management management feesi infrastructure solutions supporting AI ii Drivi
Slide 11: Fund Management & Investment
Fund Management & Investment Ms Christina Tan CEO, Fund Management & CIO Investor Day, 12 August 2026
Slide 12: Keppel is at an inflection point
Keppel is at an inflection point INTEGRATED ECOSYSTEM STRUCTURAL DEMAND DRIVING PERFORMANCE Digital Infrastructure FUM today $106b AI-ready data centres, subsea connectivity Global asset manager IRR 20% Energy Infrastructure & operator Reliable, low-carbon energy solutions Originate • Invest • Opera
Slide 13: Amplifying growth in asset management
Amplifying growth in asset management Surpassed end-2026 $100b FUM target ahead of schedule. FUM: $106b FUM target: New FUM added YTD Key growth drivers: • Drive growth of flagship funds $200b • Expand with Aermont as $13.5b European platform • Harness strategic M&A Asset opportunities management 55
Slide 14: Keppel's capital and operating ecosystem
Keppel's capital and operating ecosystem Backed by private funds and listed evergreen REITs and Trust, Keppel’s integrated capital ecosystem enables us to deploy and recycle capital across energy and digital infrastructure. Dry powder AI-enabling infrastructure AI-ready data centres ✓Keppel Infrastr
Slide 15: Keppel Offshore Fund: From legacy assets to new investment platform
Keppel Offshore Fund: From legacy assets to new investment platform Harnessing our platform capabilities in fund management & investment: Legacy rigs Unlocking substantial Keppel to divest up to cash for Keppel 10 rigs for c.$3.7b c.$3.9bi,ii c.$1.9bi,iii to be received over time over 2026-2028i,iii
Slide 16: Delivering multiple sources of income through our business model
Delivering multiple sources of income through our business model Asset Management Sponsor Stakes & Operating Platform Co-Investments • Grow recurring asset • Expand earnings & cash flows • Develop proprietary assets management fees • Align interests with LPs and • Create alphas through deep investor
Slide 17: AI-enabled global asset manager
AI-enabled global asset manager Ivy & Investor IQ Tools to help deliver stronger LP engagement outcomes across funds and turbocharge fundraising Scenario analysis Tellus & Duet & simulations Research assistants to support surfacing of opportunities including early Hold/sell analysis deal screening f
Slide 18: Keppel in 2030 and beyond
Keppel in 2030 and beyond AI-enabled global asset manager & operator delivering scalable growth through energy and digital infrastructure solutions. $200B $1B >70% Target Funds Potential asset of earnings expected from under Management management feesi infrastructure solutions supporting AI ii Drivi
Slide 19: Infrastructure
Infrastructure Ms Cindy Lim CEO, Infrastructure Investor Day, 12 August 2026
Slide 20: Infrastructure shift
Infrastructure shift AI and decarbonisation are reshaping infrastructure demand • Power & cooling growth fuelled by AI • More resilient, sustainable infrastructure needed • Integrated energy solutions required at scale 22
Slide 21: Integrated Power Business
Integrated 600 MW capacity increase Power Business High-efficiency generation Enabling the Twin Transition Low-carbon energy such as hydrogen, ammonia and bioLNG $356m 1H26 EBITDA Increased 9% YoY Regional power importation Power capacity increased by 45% to 1,900 MW; 43% of power capacity contracte
Slide 22: Decarbonisation & Sustainable Solutions
Decarbonisation & Sustainable Solutions Integrated utilities solutions for data centre campuses Enabling & Embedding AI AI-driven cooling efficiency Scalable, modular decarbonisation solutions $70m 1H26 EBITDA Increased slightly YoY Infrastructure-intelligence, $8b long-term contracts over 10-15 yea
Slide 23: AI differentiation x scaling effect
AI differentiation x scaling effect Faster, better and smarter real asset development and lifecycle operation Engineering Development Project Execution Contracts & Commercial Lifecycle Operations Becoming an AI-native global asset manager and operator 25
Slide 24: One integrated solution, compounding returns
One integrated solution, compounding returns 26
Slide 25: Real Estate
Real Estate Mr Louis Lim CEO, Real Estate Investor Day, 12 August 2026
Slide 26: AI restructures demand for real estate
AI restructures demand for real estate Four structural forces move where value sits — and tee up what becomes worth owning. Labour Quality Geographic & Sector Value Displacement Concentration Reallocation Re-basing AI automates cognitive & Sensor-run, healthy, efficient, AI shifts where demand Build
Slide 27: What AI favours across current portfolio
What AI favours across current portfolio AI is expected to impact asset classes differently, creating varying opportunities, resilience, and disruption risks. Grade A Office Education / PBSA Living/Co-living/Build-to-Rent FAVOURED FAVOURED FAVOURED AI concentrates demand into prime AI literacy and s
Slide 28: AI accelerates the twin flywheel
AI accelerates the twin flywheel AI sharpens both arms — and the loop that only an asset manager and operator can close compounds faster. 3 – 4% p.a. – BCG’s estimate of the additional return on assets available from systematic, AI-enabled optimisation Source Fund, Sponsor Stakes & Co- Investment As
Slide 29: Embedding AI and accelerating towards intelligent AI-native RE
Embedding AI and accelerating towards intelligent AI-native RE A disciplined, phased evolution of how we invest, what we own, and the capabilities we build. INTELLIGENT ACCELERATING AI-Native Platform AI as Partner EMBEDDING Self-learning RE AI-native investment intelligence AI as Assistant & fundra
Slide 30: AI in action across real estate
AI in action across real estate Leveraging AI to augment Real Estate capabilities and REaaS businesses. REAL ESTATE CAPABILITIES Technical Asset Leasing Services AI-matched tenant Management AI-driven predictive sourcing and Real-time performance maintenance and dynamic pricing analytics and scenari
Slide 31: RE-imagining Real Estate – Three Immediate Moves
RE-imagining Real Estate – MOVE 1 · CAPITAL MOVE 2 · CRITERIA MOVE 3 · THE MODEL Three Immediate Own where AI concentrates Redefine how we underwrite Turn operating data into an asset Moves value Office Living Logistics AI-readiness Operating Adaptability Data AI-native Operating data foundation OS
Slide 32: Connectivity
Connectivity Mr Manjot Singh Mann CEO, Connectivity & Chief Digital Officer Investor Day, 12 August 2026
Slide 33: Keppel, an integral part of the AI ecosystem
Keppel, an integral part of the AI ecosystem “AI is a five-layer cake.” - Jensen Huang Developing proprietary AI apps, and providing AI solutions to ecosystem Building the physical infrastructure with DCs and subsea networks Providing energy solutions across a range of situations 37
Slide 34: Hyperscalers are demanding more from digital infrastructure
Hyperscalers are demanding more from digital infrastructure Scale Access Performance & Resilience Next-gen super Revenue and cost per MW efficiency computing platforms Data Constraints from limited Continuous inference Contiguous MW blocks land, power, water and Centres other resources Increasingly
Slide 35: Keppel's diverse capabilities address multiple constraints
Keppel’s diverse capabilities address multiple constraints Capital Subsea cables Faster Strategic access Advanced solutions providing route deployment to power, low- cooling solutions to fund diversity and with powerbank carbon energy & including liquid developments reliability in key DC hubs off-gr
Slide 36: Scaling AI infrastructure in an asset-light manner
Scaling AI infrastructure in an asset-light manner Harnessing the whole of Keppel’s capabilities, across Infrastructure, Real Estate and Connectivity to create value. Secure Activate Develop Harvest Lock in attractive sites Get site ready-to-build; Deploy capital from Divest and crystallise via capi
Slide 37: Key digital enablers for Keppel
Key digital enablers for Keppel The foundation laid years ago allows for the scalable embedding of AI across Keppel. Digitalised work Streamlined Life of X workflows Data lake (KDX) Clean, governed data Common tech infrastructure Shared and secured platform 41
Slide 38: Thank you
Thank you
Slide 39: Glossary
Glossary (Information in this presentation should be read in conjunction with this glossary.) Term Definition Asset Fees for providing management and other services to funds, listed REITs and Trust. Such fees include acquisition fee, management fee, Management Fees divestment fee and carry. It is ba
Slide 40: Glossary (Cont.)
Glossary (Cont.) (Information in this presentation should be read in conjunction with this glossary.) Term Definition Data Centre Portfolio’s Includes projects under development. Gross Power Capacity Data Centre Powerbank Capacity available for future data centre development. Dry Powder Gross value
Slide 41: Glossary (Cont.)
Glossary (Cont.) (Information in this presentation should be read in conjunction with this glossary.) Term Definition Horizontal Net profit analysis based on the New Keppel business model and nature of income. Reporting (HoR) Fund Management & Investment Operating Platform Asset Management Investing
Slide 42: Glossary (Cont.)
Glossary (Cont.) (Information in this presentation should be read in conjunction with this glossary.) Term Definition Internal Rate of Return Presented based on average of the annualised internal rate of return of investments divested by the private growth equity funds, weighted (for divested deals
Slide 43: 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