Keppel Ltd. · SGX:BN4
Keppel — SIAS Briefing for Retail Shareholders 2025
23 slides from Keppel's conference presentation, Aug 15, 2025
Slide 1: Briefing for Retail Shareholders
Briefing for Retail Shareholders Mr Loh Chin Hua CEO, Keppel Ltd. 15 August 2025
Slide 2: Driving growth and delivering returns
Driving growth and delivering returns A global asset manager & operator, seizing opportunities from megatrends in the energy transition, urbanisation and digitalisation Fast-tracking Accelerating asset Robust earnings Strong dividends FUMi growth monetisation New Keppel’s net profit $91b $7.8b surge
Slide 3: Keppel is well-placed to seize opportunities from the demand for defensive, alternative real assets
Keppel is well-placed to seize opportunities from the demand for defensive, alternative real assets Deep operating Proven Diverse strategies 1 2 capabilities in sectors 3 track record & asset classes fuelled by megatrends >20 years 22 active funds and counting experience in asset management 5 listed
Slide 4: …with strategic exposure to infrastructure and connectivity, among the fastest growing sectors
…with strategic exposure to infrastructure and connectivity, among the fastest growing sectors ✓ Creating proprietary assets and deal flows through deep operating capabilities ✓ Generating alphas for private funds and strong yield accretion for the REITs and Trust Expected IRR IRR (2020-2024) Expect
Slide 5: ...and the unrivalled advantage of a digital infrastructure ecosystem player
...and the unrivalled advantage of a digital infrastructure ecosystem player Keppel is a strategic partner to both investors and customers, offering diverse expertise and solutions spanning data centres, power and renewables, cooling, subsea cables and more. Multiple capital pools through private fu
Slide 6: 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 • Many non-core assets are pro
Slide 7: Delivering significant earnings growth as an asset-light global asset manager & operator
Delivering significant earnings growth as an asset-light global asset manager & operator Keppel will continue driving capital-efficient growth by lightening the balance sheet, optimising costs and improving overall returns Net Profit Return on Equity Net Debt to EBITDA $431m 15.4% 2.4x Net profit fo
Slide 8: Our momentum in asset management is growing
Our momentum in asset management is growing Growth in FUM and AM fees Achieved in 1H25: • FUM of $91b at end-Jun 2025 250 2000 Target: +15% 1800 200 6-year CAGR from $200b 1600 • Asset management fees of $195m in 1H25 organic growth 1400 150 1200 Target: 1000 Target by 2030: $100b 100 $88b $1b 800 •
Slide 9: Delivering high-quality earnings
Delivering high-quality earnings Strong recurring earnings anchored by fee-based income and long-term operating contracts $766m +38% 3-year CAGR +7% $444m $414m yoy $292m FY21 FY24 1H24 1H25 © Keppel 9
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: Driving substantial monetisation of Non-Core Portfolio by 2030
Driving substantial monetisation of Non-Core Portfolio by 2030 Non-Core Portfolio for Divestmenti • Non-core portfolio with carrying value of Legacy O&M Property related assets $14.4b as at end-Jun 2025 includes $8.8b (61%) embedded cash and receivables of $2.9b $4.8b (33%) $14.4b • Monetising the s
Slide 12: Rewarding shareholders
Rewarding shareholders 1H25 interim cash dividend Share buyback programme $0.15/share Same as $0.15/share in 1H24, to be paid on 21 Aug 2025 $500m Shares repurchased will be held as treasury shares Strong dividend track record Robust TSR (per share) (3.5-year annualised return: 2022-1H25) $2.70 33.4
Slide 13: Unlocking about $1.0b in cash from sale of M1's telco business
Unlocking about $1.0b in cash from sale of M1’s telco business • Transaction enterprise value of $1,430m, with an implied FY24 EV/EBITDA (ex-ICT) of 7.3xi • Keppel will receive close to $1.0b in cash proceedsii for its 83.9% effective stake in M1 • While Keppel is expected to record an estimated acc
Slide 14: Strategic rationale of the Proposed Transaction
Strategic rationale of the Proposed Transaction Proposed transaction brings together two agile and digitally-driven companies to 1 strengthen Singapore’s telco sector and benefit both the industry and consumers In line with Keppel’s strategy as an asset-light global asset manager and operator, 2 and
Slide 15: 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 16: Briefing for Retail Shareholders
Briefing for Retail Shareholders Ms Christina Tan CEO, Fund Management & CIO 15 August 2025
Slide 17: Growing momentum as a global asset manager and trusted partner
Growing momentum as a global asset manager and trusted partner Expanded asset classes from mainly real estate to infrastructure, connectivity and private credit; grew market presence from Asia Pacific to Europe Funds under managementi Asset management feesii IPE Real Assets 25% Top 100 Infrastructur
Slide 18: Keppel's flagship funds are capturing demand for alternative real assets supported by megatrends
Keppel’s flagship funds are capturing demand for alternative real assets supported by megatrends Strategies in alternative real assets Infrastructure Real Estate Connectivity Core Infrastructure Fund Series Education Asset Fund Series Strong fundraising traction for Data Centre Fund Series Infrastru
Slide 19: Harnessing synergies with Aermont Capital as our European platform
Harnessing synergies with Aermont Capital as our European platform Keppel is focused on maintaining and supporting the success of Aermont, working together to develop new fund products and initiatives, leveraging Keppel’s expertise in alternative real assets Broadening investor base & Cross-sharing
Slide 20: Strategic roadmap to accelerate FUM growth and deliver strong returns
Strategic roadmap to accelerate FUM growth and deliver strong returns Scale flagship fund investment platforms $200b Seize opportunities from Build on fundraising megatrends in energy 2030 transition, urbanisation momentum across and digitalisation flagship funds $100b Explore opportunities to Conti
Slide 21: Trusted investment manager and operating partner
Trusted investment manager and operating partner LP-first mindset & Innovation Operational & strong track record & technology development expertise © Keppel 21
Slide 22: Thank you
Thank you
Slide 23: 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