Slide 1: 2H & FY 2024 Financial Results
2H & FY 2024 Financial Results 5 February 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: Transforming for growth
Transforming for growth From a diverse conglomerate into a global asset manager & operator (Divested in 2023) © Keppel 4
Slide 5: Hunting as a pack
Hunting as a pack Then Now Conglomerate with Horizontally-integrated ecosystem player independently-run verticals • Platforms and divisions reinforcing one another Offshore rig to deliver value builder • Pulling in partners and collaborators to offer better solutions Property developer Infrastructur
Slide 6: Achieving stronger results as New Keppel
Achieving stronger results as New Keppel • FY24 net profit of $1,064m from continuing operations was 5% higher yoy, excluding legacy Net profit by segmentiii O&M assetsi $1,015m $1,064m • Including legacy O&M assets and discontinued operations, net profit was $940m 127 184 315 306 • All three segmen
Slide 7: Delivering on transformation
Delivering on transformation Return on equity Recurring income Keppel can attract a growth multiple with 10.1% 72% more recurring income. ROEi improved to 10.1% in Recurring income constituted FY24 from 7.9% in FY22 72% of FY24 net profiti, up from Most analysts have 56% in FY22 and 21% in FY21 remo
Slide 8: More streamlined and agile
More streamlined and agile Flattened Cost savings organisation structure $70m p.a. Achieved recurring run-rate cost Embracing a savings target two years ahead of growth mindset schedule; working towards additional savings of $50m p.a. by end-2026 and culture © Keppel 8
Slide 9: Rewarding shareholders
Rewarding shareholders In accelerating growth as a leading global asset manager and operator, Keppel will continue to focus on driving shareholder value. Strong dividend track record Robust TSR (per share) (3-year annualised return: 2022-2024) $0.19 /share $2.70 34.8% Proposed FY24 final 2.36 $0.34
Slide 10: Gaining momentum as a global asset manager
Gaining momentum Expanded into new asset classes & markets: • from mainly real estate to infrastructure, as a global asset connectivity and private credit manager • from mainly APAC to Europe with Aermont Funds under managementi Asset management feesii IPE Real Assets Top 100 Infrastructure 2.4x $88
Slide 11: Driving organic growth towards $200b FUM target
Driving organic growth towards $200b FUM target 20% 2.0x $3.4b $6.2b $26b Average internal Average equity Equity raisedi grew Acquisitions & Dry powder rate of return across multiple across 48% yoy from divestmentsi more deals since 2002 deals since 2002 $2.3b in FY23 than doubled from $3.0b in FY23
Slide 12: Infrastructure: amplified growth with robust recurring income
Infrastructure: amplified growth with robust recurring income The Infrastructure Segment is seizing opportunities across the renewables, clean energy and decarbonisation value chains with an asset-light model. Then Now Largest earnings Steady recurring Growing Asian Asset light • Power trading with
Slide 13: Real Estate: pivoting to asset-light Real Estate-as-a-Service
Real Estate: pivoting to asset-light Real Estate-as-a-Service Leveraging its strong track record in Asia, the Real Estate Segment will continue prioritising the growth of recurring income through asset-light real estate solutions. From asset-heavy to asset-light Asset monetisation Reduced balance sh
Slide 14: Connectivity: seizing growth from digitalisation & AI wave
Connectivity: seizing growth from digitalisation & AI wave The Connectivity Segment is a fast-growing ecosystem player, with expertise in power, green energy, cooling, subsea cable connectivity, and data centre solutions. From subscale data centre and logistics player to leading digital infrastructu
Slide 15: Expanding into new businesses: subsea cable systems
Expanding into new businesses: subsea cable systems Bifrost Cable System Awarded subsea cable landing license by the USFCCi in Jan 2025; expected to be ready for service in 2H25 >30% p.a. >$200m Expected IRR for Keppel Operating & maintenance fees to be and co-investors earned per fibre pair over 25
Slide 16: M1, a digital-first network operator
M1, a digital-first network operator • Synergised with Keppel as part of its integrated • Achieved nationwide 5G coverage, connectivity ecosystem rolled out innovative 5G solutions for consumers and industries • Financial achievements • EBITDAi grew 10.7% over two years to $217m in 2024 • Regional e
Slide 17: A differentiated ecosystem player
A differentiated ecosystem player Keppel is gaining traction as a strategic ecosystem partner in the digitalisation and AI wave. Green energy Off grid Cooling solutions Global partnership for data Subsea centres, subsea cables and Power cables renewable energy. Keppel’s Integrated Opens doors for fu
Slide 18: Staying laser focused on achieving goals
Staying laser focused on achieving goals $200b 1.2 GW FUM target by 2030, with an Growing data centre gross power interim goal of $100b by end-2026 capacity by over 500 MW in the near term Driving growth as global Seizing opportunities asset manager & operator from megatrends $10-12b $120m p.a. Subs
Slide 19: Keppel's transformation has positioned us to thrive in a volatile future
Keppel's transformation has positioned us to thrive in a volatile future Seizing opportunities as an integrated ecosystem player Harnessing cloud and AI to drive competitive advantage Delivering strong returns to shareholders and Limited Partners © Keppel 19
Slide 20: Financial highlights
02 Financial highlights 20
Slide 21: Overview of FY24 results
Overview of FY24 results • Net profit was $940m, as compared to $4,067m in FY23 Net profit by segment • Net profit from continuing operations of $832m in FY24 as compared to $4,067m $885m in FY23 • Legacy O&M assetsi & discontinued operations (DO) net loss of $124m in 3,052 $940m FY24, compared to n
Slide 22: Overview of FY24 results (excl. legacy O&M assets)
Overview of FY24 results (excl. legacy O&M assetsi & discontinued operations) • Net profit increased 5% yoy to $1,064m Net profit by segment • All segments were profitable $1,015m $1,064m • Connectivity achieved higher profits, while Infrastructure and Real 127 184 Estate recorded slightly lower pro
Slide 23: Horizontal reporting
Horizontal reporting (excl. legacy O&M assetsi & discontinued operations) • Positive contributions from all income streams Net profit by segment • Recurring income was comparable at $766m: lower operating income, $1,015m $1,064m 9 16 partly offset by robust asset management earnings growth 178 361 2
Slide 24: FY24 net profit (horizontal reporting)
FY24 net profit (horizontal reporting) ($’m) Asset Operatingii Valuation Development Capital Net profit managementi /EPC recycling Infrastructure 69 619 (5) (4) (6) 673 63% Real Estate 62 (111) 321 24 10 306 29% Connectivity 34 93 45 – 12 184 17% Corporate activitiesiii (99) (9%) Sub-Total 165 601 3
Slide 25: Segmental results – Infrastructure
Segmental results – Infrastructure Infrastructure net profit • Net profit was $673m, 4% lower than FY23 of $699m $699m $673m • Higher asset management net profit from acquisition fees, transaction and advisory fees • Lower contributions from an associated company and distributions from KIT, partly o
Slide 26: Segmental results – Real Estate
Segmental results – Real Estate • Net profit was $306m, 3% lower than FY23 of $315m Real Estate net profit • Maiden contribution from Aermont, and foreign exchange gain $315m $306m • Operating net loss higher mainly due to lower share of results from Keppel REIT following the distribution in-specie
Slide 27: Segmental results – Connectivity
Segmental results – Connectivity • Net profit was $184m, 45% higher than FY23 of $127m Connectivity net profit • Higher asset management net profit due to acquisition fees, divestment fees & lower overheads $184m • Comparable operating income due to lower earnings from M1 & contributions from sponso
Slide 28: Segmental results – Corporate Activities
Segmental results – Corporate Activities (excl. legacy O&M assets) • Net loss of $99m, as compared to $126m in FY23 Corporate activities net profit • Receipt of arbitration award ($99m) • Divestment gains from non-core assets ($126m) 56 • Fair value losses on investments, as compared to fair value g
Slide 29: Appendices - Operational updates
03 Appendices -Operational updates 29
Slide 30: Fund management platform
Fund management platform AUMi FUM Asset Management Feesii $11.9b of assets on Keppel’s Dry powder: $26b or c.30% of FUM FY24 Fee-to-FUM: 50bps balance sheet that can be potentially converted into future FUM $88b $436m $99.9b 10 55 10.2 $283m $67.7b $55b 8.5 40 8 273 67.4 59 39.3 157 32 19.9 22.3 86
Slide 31: List of REITs/Trust
List of REITs/Trust As at end-Dec 2024 Market value Market No of Keppel’s No Listed REITs/Trust AUM Geographic presence of Keppel’s capitalisation assets stake stake Singapore, Australia, 1 Keppel REIT $3.3b $9.5b 13 37.5% $1,254m South Korea, Japan Singapore, Australia, China, Malaysia, 2 Keppel DC
Slide 32: List of private funds
List of private funds As at end-Dec 2024 Carrying value of No Funds / SMAs Vintage FUMi Keppel sponsor stakeii Infrastructure 1 Keppel Asia Infra Fund (KAIF) 2020 2 Keppel Asia Infra Fund II (KAIF II)* 2025 3 Keppel Core Infrastructure Fund* 2025 $10.7b $260m 4 Keppel Private Credit Fund 2015 5 Kepp
Slide 33: List of private funds (Cont.)
List of private funds (Cont.) As at end-Dec 2024 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 $47.4b $671m
Slide 34: Infrastructure Division updates
Infrastructure Division updates Integrated power business Keppel Sakra Cogen Plant - Singapore’s first hydrogen- Robust contracted portfolio compatible cogeneration power plant • ~70% of contracted generation capacityi was locked in for 3 years & above as at end-2024 • Installed advanced-efficiency
Slide 35: Infrastructure Division updates (Cont.)
Infrastructure Division updates (Cont.) Decarbonisation & sustainability solutions $6.0b Contracts to be delivered over 10-15 years, • Capital recycling - sale of 50% equity interest in Keppel up 40% yoy, building up recurring cashflows Marina East Desalination Plant • Hong Kong IWMFi and Tuas Nexus
Slide 36: Real Estate Division updates
Real Estate Division updates As of end-Dec 2024 • Implementing Sustainable Urban Renewal initiatives Residential landbank Units % across 6 projects with combined asset value of $3.3bi Singapore 122 1% • Providing green and sustainable consulting services China 15,308 42% to landmark projects in Suzh
Slide 37: Connectivity Division updates
Connectivity Division updates Data centres As of end-Dec 2024 • Keppel JV divested two data centres at the Keppel Data Data centre Owned by Keppel Owned/Developed Centre Campus in Singapore for $1.38b by Keppel & private portfolio DC REIT funds • Signed MOU with Nokia to bolster AI data centre innov
Slide 38: Connectivity Division updates (Cont.)
Connectivity Division updates (Cont.) M1 Revenue Customers • All enterprise customers migrated to the new cloud native digital platform by end-2024 $1,255m $1,230m 2,515k 2,416k • Decommissioning of legacy tech 238 226 stack expected to be completed 324 in 2025 349 763 699 • Expanding enterprise bus
Slide 39: Vision 2030 asset monetisation
Vision 2030 asset monetisation Announced since the start of asset monetisation Asset Country Value ($m) programme in Oct 2020 50 million Dyna-Mac warrants Singapore 4.3 Period Value ($m) 25% stake in a joint venture that provides O&M 2020 1,238.4 services to the Guangzhou Baiyun International China
Slide 40: Appendices - Additional financial information
03 Appendices -Additional financial information 40
Slide 41: Financial highlights
Financial highlights $m 2H24 2H23 % Change FY24 FY23 % Change Revenue 3,377 3,251 4 6,601 6,967 (5) Operating Profit 710 504 41 1,215 1,076 13 EBITDA 955 873 9 1,646 1,699 (3) Profit Before Tax 676 610 11 1,110 1,213 (9) Profit from Continuing 528 440 20 832 885 (6) Operations Profit from Discontinu
Slide 42: Recurring income
Recurring income Recurring income by source Recurring income by segment 72% of FY24 net profiti was recurring, underpinned by stronger asset management performance $773m $766m 114 127 $773m $766m 86 165 696 688 687 601 (37) (49) FY23 FY24 FY23 FY24 Operating Income Asset Management ii Infrastructure
Slide 43: Infrastructure Segment
Infrastructure Segment $m 2H24 2H23 % Change FY24 FY23 % Change Revenue 2,342 2,313 1 4,636 4,861 (5) Operating Profit 326 403 (19) 740 722 3 EBITDA 368 477 (23) 809 849 (5) Profit Before Tax 360 461 (22) 787 809 (3) Net Profit 310 408 (24) 673 699 (4) © Keppel 43
Slide 44: Real Estate Segment
Real Estate Segment $m 2H24 2H23 % Change FY24 FY23 % Change Revenue 339 231 47 637 764 (17) Operating Profit 288 131 120 455 330 38 EBITDA 363 315 15 593 636 (7) Profit Before Tax 269 224 20 422 475 (11) Net Profit 177 129 37 306 315 (3) © Keppel 44
Slide 45: Connectivity Segment
Connectivity Segment $m 2H24 2H23 % Change FY24 FY23 % Change Revenue 719 717 - 1,372 1,366 - Operating Profit 106 65 63 165 103 60 EBITDA 207 176 18 374 299 25 Profit Before Tax 122 104 17 215 160 34 Net Profit 108 90 20 184 127 45 © Keppel 45
Slide 46: Net profit by segment
Net profit by segment $m 2H24 2H23 % Change FY24 FY23 % Change Infrastructure 310 408 (24) 673 699 (4) Real Estate 177 129 37 306 315 (3) Connectivity 108 90 20 184 127 45 Corporate Activities (44) (93) (53) (99) (126) (21) Subtotal 551 534 3 1,064 1,015 5 Legacy O&M assets and 85 (94) n.m.f. (124)
Slide 47: FY23 net profit (horizontal reporting)
FY23 net profit (horizontal reporting) Asset Development Capital ($’m) Managementi Operatingii Valuation /EPC recycling Net profit Infrastructure 41 655 22 (19) - 699 69% Real Estate 26 (63) 161 197 (6)v 315 31% Connectivity 19 95 (2) - 15 127 13% Corporate activitiesiii (126) (13%) Sub-Total 86 687
Slide 48: Capital structure/ROE
Capital structure/ROE $m 31 Dec 2024 31 Dec 2023 Shareholders’ Funds 10,754 10,307 Total Equity 11,426 11,017 Net Debti 9,771 9,873 Adjusted net debt to EBITDAii 3.7x 3.3x ROE (continuing operations, excluding legacy O&M assetsiii) 10.1% 9.5% ROE 8.9% 37.9% i Net debt and net gearing ratio included
Slide 49: Free cash flow
Free cash flow $m FY24 FY23 Operating profit 1,323 4,272 Depreciation & other non-cash items (226) (3,406) Working capital changes (253) (398) Interest & tax paid (644) (410) Net cash from operating activities 200 58 Investments & capexi (70) (1,399) Divestments & dividend income 820 1,258 Divestmen
Slide 50: Appendices - Additional Real Estate information
03 Appendices -Additional Real Estate information 50
Slide 51: Residential Landbank - Singapore
Residential Landbank - Singapore As of end-Dec 2024 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 509,998 366 366 364 2 7,396 Reflections at Keppel Bay 100% 99-yr 2,081,738 1,129 1,129
Slide 52: Residential Landbank - China
Residential Landbank - China As of end-Dec 2024 Remaining Remaining Total GFA Total Units Units Project Location Stake Units Area (sm) Units Launched Sold For Sale For Sale (sm) Glory Land Shanghai 10% 93,871 576 576 576 - - Waterfront Residences 100% 319,203 1,401 1,347 1,343 58 18,582 Wuxi Seasons
Slide 53: Residential Landbank - Other Overseas
Residential Landbank - Other Overseas As of end-Dec 2024 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 Palm City 42% 495,900 3,042 1,586 951 2,091 214,9
Slide 54: Residential Launch Readiness – China
Residential Launch Readiness – China As of end-Dec 2024 Units Ready to Launch Project Location 2025 2026 2027 Waterfront Residences 58 - - Wuxi Seasons Residences 162 200 360 North Island Site 1,842 2,846 1,759 Tianjin Waterfront Residences II 43 48 49 Total 2,105 3,094 2,168 © Keppel 54
Slide 55: Residential Launch Readiness – Other Overseas
Residential Launch Readiness – Other Overseas As of end-Dec 2024 Units Ready to Launch Project Location 2025 2026 2027 Vietnam Saigon Sports City Velona - - 738 Riviera Point ^ Phase 1A - 12 - The View - 23 - The Infiniti - 14 - HCMC Phase 2 - - 437 Celesta ^ Celesta Rise 11 - - Celesta Gold - - 517
Slide 56: Expected Completion for Launched Projects
Expected Completion for Launched Projects As of end-Dec 2024 Total Units Launched as Units Sold as Units Remaining Expected Projects/Phases Launched Location Units at end-Dec 2024 at end-Dec 2024 as at end-Dec 2024 Completion China North Island Site (UPED Plot 83-06) 472 472 472 - 2H2025 Tianjin Nor
Slide 57: Expected Completion for Upcoming Projects
Expected Completion for Upcoming Projects As of end-Dec 2024 No. of Units Expected to be Completed Projects/Phases to be launched Location 2025 2026 2027 China North Island Site Tianjin - 1,823 613 Vietnam Celesta Gold - - 517 HCMC 11.8-ha Residential Project 226 - 616 Total 226 1,823 1,746 © Keppel
Slide 58: Commercial Projects - Under Development
Commercial Projects - Under Development As of end-Dec 2024 Expected Projects under Development Location Stake GFA (sm) Development Cost ^ Completion Singapore Keppel South Central Singapore 100% 60,370 TBC 2025 China Seasons City Tianjin 100% 80,300 TBC TBC Vietnam 92,370 (Office) 99,370 (Retail) Em
Slide 59: Commercial Projects - Completed
Commercial Projects - Completed As of end-Dec 2024 Key Completed Projects Location Stake GFA (sm) Net Lettable Area (sm) Completion Singapore I12 Katong Singapore 100% 27,140 19,730 2011 * China Trinity Tower 30% 70,000 48,600 2015 International Bund Gateway 29.8% 74,130 62,010 2018 Keppel Greenland
Slide 60: 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 61: 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