Keppel Ltd. · SGX:BN4
Keppel — Investor Day (May 2025)
49 slides from Keppel's investor day presentation, May 27, 2025
Slide 1: Building a global champion
Building a global champion Mr Loh Chin Hua CEO, Keppel Ltd. Investor Day, 27 May 2025
Slide 2: Keppel today
Keppel today A global asset manager & operator, seizing opportunities from megatrends in the energy transition, urbanisation and digitalisation. Fast-tracking FUM growth Accelerating monetisation Driving capital efficiency $88b $200b $7b $10-12b $6b about 51% of $11.7b in shareholders’ End-2024 By 2
Slide 3: Driving growth and delivering returns
Driving growth and delivering returns We deliver strong returns to shareholders and limited partners, by harnessing our deep operating expertise to provide essential solutions for the world. Robust earnings High-quality income Strong dividends Steady growth in net profiti over past 3 years 70-80% >6
Slide 4: 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 5: Strategic exposure to infrastructure and connectivity
…with strategic exposure to infrastructure and connectivity, among the fastest growing sectors over the next decade ✓ 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 I
Slide 6: 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 7: Our momentum in asset management is growing
Our momentum in asset management is growing Growth in FUM and AM fees 250 2000 Driving FUM towards $200b by 2030 Target: • Focus on organic fundraising for flagship funds 15% $200b 1800 200 6-year CAGR from 1600 • Expand with Aermont Capital as European platform organic growth 1400 • Strategic co-in
Slide 8: Strong recurring earnings anchored by fee-based income and long-term operating contracts
Strong recurring earnings are anchored by fee-based income and long-term operating contracts Recurring income as a percentage of net profiti $766m Asset management income, from managing private funds and listed REITs/Trust 2.6x Operating income, underpinned mainly by 72% of long-term contracts inclu
Slide 9: Accelerated pathways to asset monetisation
Accelerated pathways to asset monetisation have been paved to reach $10-12b target by end-2026 New fund for legacy O&M assetsi • Established Keppel Offshore Infrastructure Fund, with a target fund size of $4.5b, to which Asset Co will be transferred $3-5b • Initial focus to build steady cash flow fr
Slide 10: Focused on delivering strong shareholder returns
Focused on delivering strong shareholder returns Strong dividend track record Robust TSR (per share) (3-year annualised return: 2022-2024) $2.70 34.8% 2.36 $0.33 $0.34 0.18 0.19 0.19 11.9% 0.15 0.15 0.15 FY22 FY23 FY24 STI Keppel Interim cash Final cash In-specie i Source: Bloomberg © Keppel i Inclu
Slide 11: Investing in a rising global champion
Investing in a rising global champion Proven asset manager with deep operating expertise, trusted by global LPs and customers Distinct competitive edge as an ecosystem partner for digital infrastructure Strong traction in fundraising propelling growth in asset management fees Growing recurring incom
Slide 12: Thank you
Thank you
Slide 13: 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
Slide 14: Fund Management & Investment
Fund Management & Investment Ms Christina Tan CEO, Fund Management & CIO Investor Day, 27 May 2025
Slide 15: Growing momentum as a global asset manager and trusted partner to LPs
Growing momentum as a global asset manager and trusted partner to LPs 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 Infras
Slide 16: Keppel's flagship funds capturing demand for alternative real assets
Keppel’s flagship funds are capturing demand for alternative real assets supported by megatrends Strategies in alternative real assets Infrastructure Real Estate Connectivity Flagship funds KDCF III, Core Infrastructure Fund Series Infrastructure Fund Series Education Asset Fund Series Data Centre F
Slide 17: 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 18: 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 19: LP-first mindset & strong track record
LP-first mindset Innovation Operational & strong track & technology & development record expertise © Keppel 19
Slide 20: Infrastructure
Infrastructure Ms Cindy Lim CEO, Infrastructure Investor Day, 27 May 2025
Slide 21: Driving growth and profitability
Driving growth and profitability Seizing business opportunities Target doubling Operations & Developing zero- and capacity of flagship Maintenance low carbon solutions, integrated power services including including hydrogen, business to 3 GW retrofit and ammonia, BESS and by 2030 life-extension CCUS
Slide 22: Focused on operational excellence and long-term earnings visibility
Focused on operational excellence and long-term earnings visibility Grew recurring income Achieved robust performance of power capacityi contracted for 66% three years & above, ensuring $673m Largest earnings contributor: Infrastructure segment’s profit cash flow visibility FY24 net profit has grown
Slide 23: Flagship integrated power business: strong competitive edge
Flagship integrated power business: strong competitive edge and future-proof solutions Delivering stable EBITDA of $500-$650m p.a. Keppel Sakra Cogen Plant Keppel Merlimau Cogen Plant Power importation • Singapore’s first hydrogen-ready gas turbine; • Extended capacity tolling and O&M services • Awa
Slide 24: Unlocking infrastructure-like earnings from decarbonisation and sustainability solutions
Unlocking infrastructure-like earnings from decarbonisation and sustainability solutions Defensive against economic cycles; inflation-linked upside 1.9x $6.0b $6.3b Hong Kong IWMFi : >90% Energy-as-a-Service: Strong constructed; 15-year O&M contract book-to-bill across cooling, $4.3b to commence on
Slide 25: Real Estate
Real Estate Mr Louis Lim CEO, Real Estate Investor Day, 27 May 2025
Slide 26: Global real estate trends continue
Notwithstanding unfolding geopolitics, global real estate trends continue… 2 Sustainability/ Shift to living Back to office climate action e.g. co-living Rising Adoption of AI/ Aging population construction cost technology © Keppel 26
Slide 27: We continued to make headway on urban renewal
We continued to make headway on urban renewal Implementing SUR solutions across 5 projects Test-bedded 15 SUR solutions; with a combined asset value of $1.7bi developed implementation playbook Chiller Plant Cooling Tower Smart Building Systems Water Systems Controls Sample solutions rolled out acros
Slide 28: Keppel South Central, new benchmark for modern workspaces
Keppel South Central, new benchmark for Level 33 Rooftop Double-Storey modern workspaces Restaurant & Bar Social spaces for drinks, dining, Levels 20 to 31 (High Zone) socialising and networking with Grade A Private Offices 360-degree views of the city and inspiring sea views. 650,000 sf 5G-enabled
Slide 29: We fully acquired Watermark Retirement Communities in the US
We fully acquired Watermark Retirement Communities in the US, and are growing our presence in China Acquired Remaining 50% of Watermark Platform Stabilising Flagship Community in Nanjing Fully-owned OpCo with national footprint as of Mar 2025 Encouraging unit occupancy growth and resident engagement
Slide 30: Strong collaboration across real estate value chain
Strong collaboration across real estate value chain and alignment with global asset manager model Supporting the funds with our Aligning Real Estate Segment with deep operating capabilities global asset manager business model KSURF KEAF Existing Fund raising/ Asset Fund Investments Operations manage
Slide 31: Connectivity
Connectivity Mr Manjot Singh Mann CEO, Connectivity & CEO, M1 Investor Day, 27 May 2025
Slide 32: Powering expansion in AI-ready data centres
Powering expansion in AI-ready data centres Global demand for DC capacity Keppel’s DC portfolio Keppel is investing upstream could more than triple by 2030 (gross power capacityi) to turbocharge growth 1.8x >500 MW Powerbank secured in Asia 1.2 GW Gigawatts 650 MW ✓ Gaining early access to strategic
Slide 33: World class connectivity solutions backed by proven operator expertise
Keppel’s world class connectivity solutions backed by decades of proven operator expertise Leading-edge DCs Subsea cable systems • End-to-end value chain: designing, • Bifrost: largest capacity high-speed building and operating DCs transmission cable and subsea • Enabling the future of AI through co
Slide 34: Partnering with leading cloud players and tech companies
We are staying ahead by partnering with leading cloud players and tech companies at a global scale Strategic collaboration on connectivity, renewable energy and GenAI solutions worldwide Global asset manager & operator World-leading cloud service provider Access to Leveraging potential AWS deals Kep
Slide 35: Thank you
Thank you phhabha ne eee tne & Pore Peyyyyyy7 i wwe mann NAY YY LISI YYY PREY PAPAL poe aanenet’. e661 rr rity i eiroe ie
Slide 36: 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
Slide 37: Riding the Digitalisation & AI Wave
Riding the Digitalisation & AI Wave Mr Wong Wai Meng CEO, Data Centres Investor Day, 27 May 2025
Slide 38: Current data centre landscape
Current data centre landscape Rising AI market boosts New AI innovations hyperscalers’ demand levelling playing field Growth of AI factories and Evolving US tariffs on demand for larger, faster trade policies & AI chip & higher density DCs restrictions Evolving emphasis Strong demand growth on susta
Slide 39: Accelerated computing and GenAI workloads present trillion-dollar opportunities
Accelerated computing and GenAI workloads present trillion-dollar opportunitites Growth of AI factories and Rising AI market boosts Evolving emphasis demand for larger, faster hyperscalers’ demand on sustainability & higher density DCs c. 28% CAGR of hyperscaler market < 1.3 Targeted PUE • Key polic
Slide 40: Re-distribution of GPU AI workload, with growth opportunities in Asia Pacific
Re-distribution of GPU AI workload geographically, with growth opportunities in Asia Pacific Evolving US tariffs New AI innovations Strong demand growth on trade policies levelling playing field of DCs in Asia Pacific & AI chip restrictions • Adoption of DeepSeek AI models by • Influence of US tarif
Slide 41: Keppel is fuelling growth via strategic expansion
Keppel is fuelling growth via strategic expansion Established footprint across Asia Pacific and Europe; highly targeted approach focused on high growth markets with strong customer demand from the US and Chinese hyperscalers Asia Pacific’s attractive Keppel’s expansion strategies DC growth fundament
Slide 42: Keppel's best-in-class DC platform with full-spectrum capabilities
Keppel’s best-in-class DC platform with full-spectrum capabilities Experienced and trusted DC operator Proven track record • First pure-play private data centre fund series in APAC; • >20 years of experience in developing and operating DCs in third vintage with Keppel DC Fund III • Supported by loca
Slide 43: Keppel's growing portfolio of AI-ready hyperscale DCs
Keppel’s growing portfolio of AI-ready hyperscale DCs Gross power capacityi DC FUMii expansion potential near-term growth, • Strong demand for DC funds with US$580m first close for >500 MW fuelled by dry powder from DC Fund III and co-investments DC Fund III, translating into new FUM of close to S$2
Slide 44: Enabling the future of AI through greener data centre concepts
Enabling the future of AI through more advanced and greener data centre concepts Floating Data Centre DataPark+ Concept Sustainable Data Centre Campus • Visionary innovation that alleviates land, water • 1 GW nearshore net-zero DC campus concept • Tropical DC methodologies to reduce energy and energ
Slide 45: Subsea cables, a vital link in the value chain
Subsea cables, a vital link in the value chain Subsea cable market Key Drivers US$7.1b Global submarine communication cable market size by 2034 at 6.2% CAGR from 2024 to 20341 AI and cloud Global Demand for US$547m computing adoption expansion more bandwidth Submarine cable system market AI-ready DC
Slide 46: A trusted partner to investors seeking digital infrastructure opportunities
A trusted partner to investors seeking opportunities in digital infrastructure Bifrost Cable System New submarine cable opportunities First subsea fibre optic cable Pursuing opportunities for two more cable systems with over system directly connecting 30 fibre pairs connecting Southeast Asia to the
Slide 47: Strategic digital infrastructure ecosystem partner
Strategic digital infrastructure ecosystem partner Keppel’s Integrated Ecosystem Funded by multiple capital pools including private funds and listed REIT & Trust Renewables & clean energy Cable landing station Cable landing Subsea cable station operations & maintenance Water treatment Hydrogen-ready
Slide 48: Thank you
Thank you
Slide 49: 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