Slide 1: 1Q 2026 Business Update
1Q 2026 Business Update 23 April 2026
Slide 2: Highlights of 1Q 2026
Highlights of 1Q 2026 • The New Keppel’s net profit was slightly lower yoy in 1Q26; higher Infrastructure and Connectivity earnings offset by lower contributions from Real Estate • Good traction in fundraising: $0.4b of new FUM added in 1Q26, with another $2b of LP commitments across private funds t
Slide 3: Performance in 1Q 2026
Performance in 1Q 2026 The New Keppel (excluding Non-Core Portfolio for Divestment and Discontinued Operations) • 1Q26 net profit was slightly lower yoy • Real Estate earnings was lower yoy as 1Q25 benefitted from higher valuation and divestment gains • Infrastructure and Connectivity achieved highe
Slide 4: Advancing asset-light strategy
Advancing asset-light strategy Amidst volatile market conditions, we continued to make progress in unlocking capital for growth, to reduce debt and reward shareholders. Asset $385m $2-3b Monetisation Announced in YTD 2026, including Target to monetise $2-3b of i12 Katong in Singapore non-core assets
Slide 5: Growing asset management business
Growing asset management business Investor’s preference for defensive, cashflow generative assets is driving demand for alternative real assets, where Keppel has strong expertise. Asset management fees Fundraising gains traction across private funds grew 13% yoy with stronger in data centre, educati
Slide 6: Resilient performance from Infrastructure
Resilient performance from Infrastructure Infrastructure Division’s performance improved yoy in 1Q26, supported by earnings from underlying operations, and stronger contributions from sponsor stakes & co-investments. • Performed resiliently with slight decline in 1Q26 EBITDA amid softening spreads I
Slide 7: Capturing AI-driven growth in digital infrastructure
Capturing AI-driven growth in digital infrastructure We enable AI by providing critical infrastructure it requires, such as data centres, subsea cables, clean energy and investment solutions. Data Centres Bifrost Cable System • Floating Data Centre started construction • In advanced discussions with
Slide 8: Implications of the Middle East conflict
Implications of the Middle East conflict • Keppel’s direct exposure to the Middle East is limited. • So far, our operations and maintenance of the Domestic Solid Waste Management Centre in Qatar, the investment by Keppel Infrastructure Trust (managed by Keppel) in a Saudi Arabia gas pipeline and our
Slide 9: Appendix
—. Appendix
Slide 10: Infrastructure Division updates
Infrastructure Division updates Integrated Power Business Decarbonisation & Sustainability Solutions • Keppel Sakra Cogen Plant is fully • Robust 1Q26 book-to-bill ratio of about 4.0x contracted for 2026 and 2027 • Awarded 20-year contract to provide centralised cooling systems to nine Tengah BTO re
Slide 11: Real Estate Division updates
Real Estate Division updates As at end-Mar 2026 • Announced $382m of real Residential landbank Units % estate monetisation in YTD Singapore 90 1% 2026, including i12 Katong China 14,250 46% in Singapore Vietnam 8,793 28% Indonesia 4,436 14% India 3,553 11% TOTAL 31,122 100% Commercial portfolioi GFA
Slide 12: Connectivity Division updates
Connectivity Division updates As at end-Mar 2026 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 25 14 Attributable lettable area 2,727,535 sq ft 1,883,612 sq ft Valuation ~$6.3bii $
Slide 13: Asset monetisation programme
Asset monetisation programme Announced since the start of asset monetisation programme in Oct 2020 Asset monetisation announced Country Value ($m) in YTD 2026 Period Value ($m) 2020 1,238 86.83% stake in Keppel Philippines Philippines 10 2021 1,666 Properties, Inc. 2022 1,515 2023 i12 Katongiii Sing
Slide 14: 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 15: Glossary (Cont.)
Glossary (Cont.) (Information in this presentation should be read in conjunction with this glossary.) Term Definition Data Centre Includes projects under development. Portfolio’s Gross Power Capacity Data Centre Capacity available for future data centre development. Powerbank Discontinued In accorda
Slide 16: 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