Keppel Ltd. · SGX:BN4
Keppel — Keppel Infrastructure Trust — Q1 2025 Earnings Presentation
30 slides from Keppel's earnings presentation, Apr 22, 2025
Slide 1: 1Q 2025 Operational Updates
1Q 2025 Operational Updates 22 April 2025
Slide 2: Outline
Outline 1Q 2025 Highlights 3 Business Updates 9 Finance and Capital Management 13 Commitment to Sustainability 18 Additional Information 21 Awards and Accreditations1: 1. Keppel Infrastructure Fund Management Pte. Ltd. is a signatory to the United Nations-supported Principles for Responsible Investm
Slide 3: 1Q 2025 Highlights
1Q 2025 Highlights Global Marine Group
Slide 4: 1Q 2025 Highlights
1Q 2025 Highlights Contributions from new acquisitions and strategic capital recycling 1Q 2025 Distributable Income1 Strategic Capital Recycling Entry into Digital Infrastructure ($m) 65.0 50.9 +27.7% Pro forma AUM 1Q 2024 1Q 2025 $9.0b2 Steady portfolio performance, Completed sale of Philippine Pro
Slide 5: Voluntary Independent Portfolio Valuation
Voluntary Independent Portfolio Valuation Portfolio AUM of $8.7b1 with new acquisitions and value creation initiatives AUM growth over time driven by new acquisitions and growth in existing businesses A resilient and diversified portfolio AUM (S$) By Business and Assets By Geography Australia and En
Slide 6: Proposed Acquisition of Global Marine Group
Proposed Acquisition of Global Marine Group Rare investment opportunity with long-term contracts and high entry barriers in a niche market KIT to acquire c.46.7% interest in Global Marine Group (GMG), a leading subsea cable service provider from Keppel Infrastructure Fund (KIF)1. KIF and its co-in
Slide 7: Global Marine Group: Defensive Business with Highly Contracted Revenue
Global Marine Group: Defensive Business with Highly Contracted Revenue UK-based leading provider of subsea cable installation and maintenance solutions Business lines Maintenance Charter Installation UJ1 and Ancillary Services OceanlQ Vessel standby and Value-added, long-term Regional short-haul Ess
Slide 8: 2023 - 1Q25 milestones
Driving Portfolio Growth through Acquisitions and Value Creation Bolstering cash flow resilience with evergreen investments Expansion into digital infrastructure Proposed investment in Global Marine Group 2023 - 1Q25 milestones Expansion into transportation infrastructure Acquisition of Ventura Mar
Slide 9: Business Updates
Business Updates Ixom
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 ($m) City Energy City Energy recorded 5% higher YoY revenue for 1Q 2025 from higher town gas and natural gas volumes sold, offset by fuel cost under-
Slide 11: Business Updates: Environmental Services
Business Updates: Environmental Services Provides the essential services that protect human health and safeguard the environment Funds from Operations ($m) Eco Management Korea Holdings (EMK) Maintained high availability and full utilisation of incineration capacity; secured government tenders for
Slide 12: Business Updates: Distribution & Storage
Business Updates: Distribution & Storage Supporting and driving economic growth Funds from Operations ($m) Ixom FFO increased 18% YoY to $17.7m due to higher EBITDA and lower taxes, offset by higher maintenance capex. 37.9% 24.0 Strong performance from chemicals distribution, with Bitumen segmen
Slide 13: Finance and Capital Management
Finance and Capital Management German Solar Portfolio
Slide 14: 1Q 2025 Distributable Income (DI) (1/2)
1Q 2025 Distributable Income (DI) (1/2) Contribution from new acquisitions and strategic capital recycling S$’000 1Q 2025 1Q 2024 +/(-) % Remarks1 Energy Transition 38,865 49,740 (21.9) Fuel cost under-recovery to timing of fuel cost passthrough (-$1.0m), partly offset by higher - City Energy 12,576
Slide 15: 1Q 2025 Distributable Income (DI) (2/2)
1Q 2025 Distributable Income (DI) (2/2) Contribution from new acquisitions and strategic capital recycling S$’000 1Q 2025 1Q 2024 +/(-) % Remarks1 Energy Transition 38,865 49,740 (21.9) Please refer to slide 14 for the variance analysis. Environmental Services 6,531 20,938 (68.8) Please refer to sli
Slide 16: Balance Sheet
Balance Sheet Building a strong balance sheet to support growth Balance Sheet (S$’m) 31 Mar 2025 31 Dec 2024 Cash 497 457 75% Fixed and Borrowings 3,037 2,989 Hedged Debt1 Net debt 2,540 2,532 Total assets 6,222 6,270 66% Total liabilities 4,291 4,262 Foreign currency distributions hedged Net Debt /
Slide 17: Capital Management
Capital Management Well-spread debt maturity profile with healthy capital management metrics Obtained S$100m bank facilities in 1Q 2025 to refinance S$50m of corporate loan facilities due in 2025; undrawn committed facilities totalled S$498m as of 1Q 2025. As at 31 Mar 2025, KIT has successfully
Slide 18: Commitment to Sustainability
Commitment to Sustainability Borkum Riffgrund 2
Slide 19: Advancing a Sustainable Future
Advancing a Sustainable Future Environmental Stewardship Responsible Business People and Community Emissions Reduction Target MSCI ESG Ratings Diversity and Inclusion 37.5% 1 Net Zero ‘A’ rating Scope 1 and 2 greenhouse gas (GHG) achieved in the MSCI ESG Ratings female Board representation, above th
Slide 20: Thank You
Thank You www.kepinfratrust.com Connect with us on: City Energy
Slide 21: Additional Information
Additional Information Overview of KIT Portfolio Overview
Slide 22: Largest SGX-listed Infrastructure Business Trust
Largest SGX-listed Infrastructure Business Trust1 Providing exposure to the resilient and growing global infrastructure sector S$8.7b AUM Essential >10 mature economies Portfolio of scale providing global businesses and assets Focused on investment grade jurisdictions with well-developed regulatory
Slide 23: 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
Slide 24: 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$200.3m1 Pursue bolt-on opportunities Leverage on strategic
Slide 25: Optimising Portfolio Through Value Creation
Optimising Portfolio Through Value Creation Unlocking value of evergreen portfolio by asset recycling 1 Acquisition Leveraged to secular growth trends 1 1 Growth and 2 and/or aligned with sponsor Value Creation Keppel’s operational expertise Driving portfolio performance with Acquisition Value Expec
Slide 26: Global Solutions: Drawing on Keppel's Deep Engineering and Operating Capabilities
Drawing on Keppel’s Deep Engineering and Operating Capabilities Operator-oriented DNA: Strong emphasis on value-adding and active management Energy Infrastructure Environmental Infrastructure Connectivity Global Developer of Singapore’s 1st independent Water Reuse & Wastewater Solutions 34 data
Slide 27: Market Outlook
Market Outlook Infrastructure: Driving Sustainable Development 1 2 3 The trends in the infrastructure Looking ahead, the energy transition Infrastructure supporting the circular industry are very strong, even amid the sector is poised to experience robust economy will remain crucial market turmoil g
Slide 28: Energy Transition: Portfolio Overview as at Mar 2025
Portfolio Overview as at 31 Mar 2025 Total Assets1 Description Customer Revenue model (S$’m) Sole producer and retailer of piped town gas; expanded Fixed margin per unit of gas sold, > 910,000 commercial and residential City Energy into LPG business, as well as with fuel and electricity costs custom
Slide 29: Environmental Services: Portfolio Overview as at Mar 2025
Portfolio Overview as at 31 Mar 2025 Total Assets1 Description Customer Revenue model (S$’m) NEA, Singapore government agency - Waste-to-energy plant with 2,310 Senoko WTE concession until 2027 with option for Fixed payments for availability of tonnes/day waste incineration Plant up to 1-year extens
Slide 30: Distribution & Storage: Portfolio Overview as at Mar 2025
Portfolio Overview as at 31 Mar 2025 Total Assets1 Description Customer Revenue model (S$’m) Distribution & Storage Manufacturer and distributor of water treatment chemicals, Payments from customers for Various end markets across four Ixom industrial and specialty chemicals delivery of products and
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