Keppel Ltd. · SGX:BN4
Keppel — Keppel Corp Ltd Ord — 1H 2025 Earnings Presentation
56 slides from Keppel's earnings presentation, Jul 31, 2025
Slide 1: 1H 2025 Financial Results
1H 2025 Financial Results 31 July 2025
Slide 2: Content
Content 01 02 03 Address Financial Appendices by CEO highlights © Keppel 2
Slide 3: Address by CEO
01 Address by CEO 3
Slide 4: Building on strong momentum
Building on strong momentum Keppel achieved strong results in 1H25, on the back of our transformation. • Performance improved significantly with disciplined execution and sharpened focus on growing FUM and recurring income with asset-light strategy • Trusted investment partner with $91b in FUMi as a
Slide 5: The New Keppel
The New Keppel • Earnings of the New Keppel currently funded by only a part of our balance sheet • Non-Core Portfolio for Divestmenti has been segregated to provide greater transparency on the New Keppel’s performance as an asset-light global asset manager and operator • Non-core portfolio had a car
Slide 6: Robust performance in 1H25
Robust performance in 1H25 Delivering significant earnings growth as an asset-light global asset manager & operator. The New Keppel (excluding Non-Core Portfolio for Divestmenti) New Keppel’s net profit • Net profit surged 25% yoy to $431m in 1H25, bolstered by strong and steady Infrastructure earni
Slide 7: Focused on returns
Focused on returns Keppel will continue driving capital-efficient growth by lightening the balance sheet, optimising costs and improving overall returns. Return on Equity Net Debt to EBITDA Monetising the substantial 15.4% 2.4x non-core portfolio, whose carrying value is larger than our Annualised R
Slide 8: Boosting efficiencies and competitive advantage
Boosting efficiencies and competitive advantage Disciplined execution and streamlining Cost Savings $88m p.a. • Launched Project Lean in late-2024 to support Keppel’s transformation and streamlining • Driving further cost optimisation, outsourcing and digitalisation, Cumulative recurring run-rate re
Slide 9: Rewarding shareholders
Rewarding shareholders Strong dividend track record 1H25 interim cash dividend (per share) $2.70 $0.15/share Same as $0.15/share in 1H24, to be paid on 21 Aug 2025 2.36i $0.33 $0.34 Share buyback programme 0.18 0.19 0.19 $500m 0.15 0.15 0.15 $0.15 Shares repurchased will be held as treasury shares w
Slide 10: Accelerating asset monetisation
Accelerating asset monetisation The Accelerating Monetisation Task Force will continue to focus on optimising the speed of divestment and exit value of Keppel’s non-core assets. Asset monetisation announced YTD 2025 $915m Further deals under negotiation Including $477m announced in Jul 2025 from rea
Slide 11: Growing asset management business
Growing asset management business Well-placed to seize opportunities from the demand for alternative real assets supported by resilient macrotrends. FUMi as at Asset management Equity raised Acquisitions & end-Jun 2025 feesii in 1H25 in YTD 2025 divestments in YTD 2025 $91b $195m $1.9b $6.5b Strong
Slide 12: Delivering strong infrastructure earnings and growth
Delivering strong infrastructure earnings and growth Infrastructure Division’s Capturing Opportunities across the Energy Transition net profit Integrated Power Business $333m in 1H25 • High-efficiency upgrade of 2nd turbine at Keppel Merlimau Cogen power 8% higher yoy, underpinned by plant completed
Slide 13: Positioned to ride the digitalisation & AI wave
Positioned to ride the digitalisation & AI wave Reached significant milestones on landmark digital infrastructure projects 25 MW Floating Data Centre Bifrost Cable System • Environmental Impact Assessment completed. Pending • Cable laying operations completed final approvals from authorities • Main
Slide 14: Looking ahead: Keppel in 2030
Looking ahead: Keppel in 2030 We will accelerate the growth of New Keppel and focus on monetising the non-core portfolio as soon as possible, positioning for a further re-rating of Keppel. When we succeed, Keppel will be a leading global asset manager & operator, focused on fast-growing sectors acro
Slide 15: Financial highlights
02 Financial highlights 15
Slide 16: Overview of 1H25 results
Overview of 1H25 results • Net profit was $378m, 24% higher than 1H24’s $304m Net profit • Annualised ROE improved to 7.2% from 6.5% in 1H24 $378m • Net debt to EBITDA decreased to 5.5x from end-Dec 2024 of 5.9x $304m • Free cash outflow of $48mi in 1H25 vs outflow of $216m in 1H24 431 • Excluding N
Slide 17: Overview of 1H25 results (New Keppel)
Overview of 1H25 results (excluding Non-Core Portfolio for Divestmenti) Net profit by segment • Net profit increased 25% yoy to $431m $431m • Real Estate achieved higher profits, while Infrastructure & $345m 57 Connectivity recorded lower earnings 70 98 • Annualised ROEii improved to 15.4% from 13.2
Slide 18: Horizontal reporting
Horizontal reporting (excluding Non-Core Portfolio for Divestmenti) Net profit by segment $431m • Recurring income higher at $444m: higher operating income, partly $345m 32 offset by slightly lower asset management earnings 6 25 • Valuation: higher fair value gains from investment properties & inves
Slide 19: 1H 2025 net profit (horizontal reporting)
1H 2025 net profit (horizontal reporting) ($’m) Asset Capital Managementi Operatingii Valuation recycling Net profit Infrastructure 16 333 (3) – 346 80% Real Estate 41 - 27 30 98 23% Connectivity 14 40 1 2 57 13% Corporate activitiesiii (70) (16%) New Keppel 71 373 25 32 431 100% Non-Core Portfolio
Slide 20: Segmental results – Infrastructure
Segmental results – Infrastructure Infrastructure net profit • Net profit was $346m, 5% lower than 1H24 of $365m • Lower asset management net profit as 1H24 benefited from $365m $346m acquisition fees & performance fees from KIT, partly offset by divestment fees and lower costs in 1H25 • Higher cont
Slide 21: Segmental results – Real Estate
Segmental results – Real Estate • Net profit was $98m, compared to net loss of $20m in 1H24 Real Estate net profit • Higher asset management fees due to first close of two funds in 2024, higher contribution from Aermont which was acquired in Apr 2024 and lower costs $98m • Operating income was highe
Slide 22: Segmental results – Connectivity
Segmental results – Connectivity Connectivity net profit • Net profit was $57m, 19% lower than 1H24 of $70m • Higher asset management net profit mainly arising from higher $70m revenue following the acquisition of two assets by Keppel DC REIT $57m and first close of DC Fund III in Dec 2024 • Compara
Slide 23: Segmental results – Non-Core Portfolio for Divestment
Segmental results – Non-Core Portfolio for Divestmenti • Net loss of $53m, as compared to net loss of $41m in 1H24 Net loss • Legacy O&Mii: net loss in 1H25 due to interest costs attributable to ($41m) legacy rigs, fair value loss from Seatrium shares and share of loss from an associate but both muc
Slide 24: Appendices - Operational updates
03 Appendices -Operational updates 24
Slide 25: Fund management platform
Fund management platform Funds Under Managementi Asset Management Feesii Dry powder: $25b or c.27% of FUM 1H25 annualised Fee-to-FUM: 48bps $91b $203m $85b $195m 12 22 9 27 111 134 58 59 70 34 18 20 End-Jun 2024 End-Jun 2025 1H24 1H25 Infrastructure Real Estate Connectivity Infrastructure Real Estat
Slide 26: List of REITs/Trust
List of REITs/Trust As at end-Jun 2025 Market value Market No of Keppel’s No Listed REITs/Trust FUM Geographic presence of Keppel’s capitalisation assets stake stake Singapore, Australia, 1 Keppel REIT $3.4b $9.4b 13 38.1% $1,307m South Korea, Japan Singapore, Australia, China, Malaysia, 2 Keppel DC
Slide 27: List of private funds
List of private funds As at end-Jun 2025 Carrying value of No Funds / SMAs Vintage FUMi Keppel sponsor stakeii Infrastructure 1 Keppel Asia Infra Fund (KAIF) 2020 2 Keppel Infrastructure Fund* 2025 3 Keppel Core Infrastructure Fund* 2025 $11.4b $751m 4 Keppel Private Credit Fund 2015 5 Keppel Privat
Slide 28: List of private funds (Cont.)
List of private funds (Cont.) As at end-Jun 2025 Carrying value of No Funds / SMAs Vintage FUMi Keppel sponsor stakeii Real Estate 1 Keppel Asia Macro Trends Fund III, IV Since 2016 2 Keppel SUR Strategy* 2025 3 RE Separate Mandate Accounts Since 2017 4 Keppel Education Asset Fund 2020 5 Keppel Educ
Slide 29: Infrastructure Division updates
Infrastructure Division updates Further earnings growth from 71% of power capacityi contracted Hong Kong IWMFii and Tuas Nexus about 1 GW new power capacity for 3 years & above IWMF were 92% and 75% completed coming onstream: respectively as at end-Jun 2025 22% 19% Revenue under long-term contract (
Slide 30: Real Estate Division updates
Real Estate Division updates As of end-Jun 2025 • Monetised about $830m of real Residential landbank Units % estate assets in YTD 2025 Singapore 104 1% • Implementing Sustainable Urban China 15,303 49% Renewal solutions across 5 projects Vietnam 6,971 23% with combined asset value of $1.8bi Indonesi
Slide 31: Connectivity Division updates
Connectivity Division updates As of end-Jun 2025 Data centre portfolio Owned by Keppel DC REIT Owned/Developed by Keppel & private fundsi Geographical presence Asia Pacific, Europe Asia Pacific, Europe No of assets 24 14 Attributable lettable area 2,642,322 sq ft 1,883,612 sq ft Valuation ~$5.0bii $
Slide 32: Connectivity Division updates (Cont.)
Connectivity Division updates (Cont.) M1 M1’s revenue M1’s customersi • M1 has repurposed some of the freed-up spectrum from its $672m retired 3G network to improve 2,527k its 5G services in the form of $593m 2,294k 234 faster speeds and higher data 365 223 throughput 337 273 348 • M1 continues to s
Slide 33: Vision 2030 asset monetisation
Vision 2030 asset monetisation Announced since the start of asset monetisation Asset Country Value ($m) programme in Oct 2020 22.6% stake in Saigon Centre Phase 3 Vietnam 98 Period Value ($m) 42% stake in Palm City Vietnam 141 2020 1,238 29.52% stake in Keppel Philippines Holdings Inc Philippines 11
Slide 34: Appendices - Additional financial information
03 Appendices -Additional financial information 34
Slide 35: Financial highlights
Financial highlights $m 1H25 1H24 % Change Revenue 3,057 3,224 (5) Operating Profit 617 505 22 EBITDAi 850 692 23 Profit Before Tax 539 434 24 Net Profit 378 304 24 EPS (cents) 20.8 16.9 23 I EBITDA refers to profit before depreciation, amortisation, net interest expense and tax i.e. this includes s
Slide 36: Recurring income
Recurring income Recurring income by source Recurring income by segment $444m $444m $414m $414m 54 53 9 41 339 373 352 349 75 71 1H24 1H25 1H24 1H25 Asset Management i Operating Income Infrastructure Real Estate Connectivity © Keppel i Includes asset management, transaction and advisory fees on spon
Slide 37: Infrastructure Segment
Infrastructure Segment $m 1H25 1H24 % Change Revenue 2,007 2,276 (12) Operating Profit 386 416 (7) EBITDAi 424 442 (4) Profit Before Tax 407 429 (5) Net Profit 346 365 (5) I EBITDA refers to profit before depreciation, amortisation, net interest expense and tax i.e. this includes share of results of
Slide 38: Real Estate Segment
Real Estate Segment $m 1H25 1H24 % Change Revenue 95 66 44 Operating Profit 101 – n.m.f EBITDAi 170 38 347 Profit Before Tax 119 (11) n.m.f Net Profit 98 (20) n.m.f i EBITDA refers to profit before depreciation, amortisation, net interest expense and tax i.e. this includes share of results of associ
Slide 39: Connectivity Segment
Connectivity Segment $m 1H25 1H24 % Change Revenue 743 652 14 Operating Profit 62 55 13 EBITDAi 161 158 2 Profit Before Tax 77 88 (13) Net Profit 57 70 (19) i EBITDA refers to profit before depreciation, amortisation, net interest expense and tax i.e. this includes share of results of associates and
Slide 40: Non-Core Portfolio for Divestment Segment
Non-Core Portfolio for Divestmenti Segment $m 1H25 1H24 % Change Revenue 236 256 (8) Operating Profit 126 88 43 EBITDAii 148 102 45 Profit Before Tax (11) (17) (35) Net Profit (53) (41) 29 i Non-Core Portfolio for Divestment comprises mainly legacy offshore & marine assets, residential landbank, sel
Slide 41: Non-Core Portfolio for Divestment
Non-Core Portfolio for Divestmenti • Non-Core Portfolio for Divestment carrying value as at 1H25 is $14.4b Non-Core Portfolio for Divestmenti • 61% comprises Property related assets, followed by 33% Legacy $0.8b Offshore & Marine (O&M) assets and 6% Investment & Others (6%) • Property related assets
Slide 42: Net profit by segment
Net profit by segment $m 1H25 1H24 % Change Infrastructure 346 365 (5) Real Estate 98 (20) n.m.f Connectivity 57 70 (19) Corporate Activities (70) (70) – Subtotal 431 345 25 Non-Core Portfolio for Divestmenti (53) (41) 29 Total 378 304 24 i Non-Core Portfolio for Divestment comprises mainly legacy o
Slide 43: 1H 2024 net profit (horizontal reporting)
1H 2024 net profit (horizontal reporting) ($’m) Asset Capital Managementi Operatingii Valuation recycling Net profit Infrastructure 44 308 12 1 365 106% Real Estate 19 (10) (29) – (20) (6%) Connectivity 12 41 12 5 70 20% Corporate activitiesiii (70) (20%) New Keppel 75 339 (5) 6 345 100% Non-Core Po
Slide 44: Free cash flow
Free cash flow 1H25 1H24 Non-Core $m New Keppel Total Total Portfolioii Operating profit 490 127 617 505 Depreciation & other non-cash items (21) (215) (236) 40 Working capital changes (32) 261 229 (261) Interest & tax paid (196) (195) (391) (380) Net cash from/(used in) operating activities 241 (22
Slide 45: Appendices - Additional Real Estate information
03 Appendices -Additional Real Estate information 45
Slide 46: Residential Landbank - Singapore
Residential Landbank - Singapore As of end-Jun 2025 Remaining Remaining Total GFA Total Units Units Project Stake Tenure Units Area (sf) Units Launched Sold For Sale For Sale (sf) Corals at Keppel Bay* 100% 99-yr 509,998 366 366 365 1 2,671 19 Nassim* 100% 99-yr 99,629 101 101 82 19 11,998 Keppel Ba
Slide 47: Residential Landbank - China
Residential Landbank - China As of end-Jun 2025 Remaining Remaining Total GFA Total Units Units Project Location Stake Units Area (sm) Units Launched Sold For Sale For Sale (sm) Waterfront Residences 100% 319,203 1,401 1,401 1,382 19 6,584 Wuxi Seasons Residences 100% 368,782 2,904 2,904 2,248 656 7
Slide 48: Residential Landbank - Other Overseas
Residential Landbank - Other Overseas As of end-Jun 2025 Remaining Remaining Total GFA Total Units Units Project Location Stake Units Area (sm) Units Launched Sold For Sale For Sale (sm) Vietnam Saigon Sports City 100% 638,472 3,195 - - 3,195 339,403 Empire City 40% 666,224 2,348 1,396 1,118 1,230 1
Slide 49: Residential Launch Readiness – China
Residential Launch Readiness – China As of end-Jun 2025 Units Ready to Launch Project Location 2H 2025 2026 2027 Waterfront Residences 19 - - Wuxi Seasons Residences 94 200 362 North Island Site (UPED) 331 640 515 Tianjin Waterfront Residences II 32 48 49 Total 476 888 926 © Keppel 49
Slide 50: Residential Launch Readiness – Other Overseas
Residential Launch Readiness – Other Overseas As of end-Jun 2025 Units Ready to Launch Project Location 2H 2025 2026 2027 Vietnam Saigon Sports City Velona - - 738 Riviera Point ^ Phase 2 - 279 158 Celesta ^ HCMC Celesta Rise 12 - - Celesta Heights - - 600 Celesta Gold - 280 174 Gladia By The Waters
Slide 51: Expected Completion for Launched Projects
Expected Completion for Launched Projects As of end-Jun 2025 Total Units Launched as Units Sold as Units Remaining Expected Projects/Phases Launched Location Units at end-Jun 2025 at end-Jun 2025 as at end-Jun 2025 Completion China North Island Site (UPED Plot 83-06) 472 472 472 - 2H2025 North Islan
Slide 52: Expected Completion for Upcoming Projects
Expected Completion for Upcoming Projects As of end-Jun 2025 No. of Units Expected to be Completed Projects/Phases to be launched Location 2H 2025 2026 2027 Vietnam Celesta Gold - - 454 HCMC Gladia By The Waters (formerly as 11.8-ha 226 - 616 Residential Project) Total 226 - 1,070 © Keppel 52
Slide 53: Commercial Projects - Under Development
Commercial Projects - Under Development As of end-Jun 2025 Expected Projects under Development Location Stake GFA (sm) Development Cost ^ Completion China Seasons City Tianjin 100% 80,300 TBC TBC Vietnam 92,370 (Office) 99,370 (Retail) Empire City HCMC 40% US$859m 2029 23,950 (Hotel) 32,320 (Service
Slide 54: Commercial Projects - Completed
Commercial Projects - Completed As of end-Jun 2025 Key Completed Projects Location Stake GFA (sm) Net Lettable Area (sm) Completion Singapore I12 Katong 100% 27,140 19,730 2011 * Singapore Keppel South Central 100% 60,370 48,500 2025 China Trinity Tower 30% 70,000 48,600 2015 International Bund Gate
Slide 55: Sino-Singapore Tianjin Eco-City
Sino-Singapore Tianjin Eco-City Selling Price Sales Value Land Area GFA Plot Date Plot Ratio Based on Land Area Based on GFA (RMB’m) (Hectare) (sm) (RMB’m/hectare) (RMB/sm) Recent residential land sales Plot 49 Jun 2024 167 2.00 1.5 30,005 83 5,566 Plot 18b-2 Jun 2023 460 6.06 1.3 79,684 76 5,777 Pl
Slide 56: 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