Keppel Ltd. · SGX:BN4
Keppel — Keppel Infrastructure Trust — H1 2025 Earnings Presentation
35 slides from Keppel's earnings presentation, Jul 29, 2025
Slide 1: 1H 2025 Financial Results
1H 2025 Financial Results 29 July 2025
Slide 2: Outline
Outline 1H 2025 Highlights 3 Business Updates 7 Finance and Capital Management 11 Additional Information 18 Awards and Accreditations1: 1. Keppel Infrastructure Fund Management Pte. Ltd. is a signatory to the United Nations-supported Principles for Responsible Investment, under the membership of Kep
Slide 3: 1H 2025 Highlights
1H 2025 Highlights Ventura
Slide 4: 1H 2025 Highlights
1H 2025 Highlights Active value creation driving higher DI and enhanced cash flow resilience Increase in Distributable Income Strategic Capital Recycling and Capturing Value Uplift Driven by higher contribution from City Energy, Ixom, Ventura and divestment ($m) $109m $192m Sale of 24.62% Sale of Ph
Slide 5: Voluntary Independent Portfolio Valuation
Voluntary Independent Portfolio Valuation Portfolio AUM of $8.7b1 with new acquisitions and value creation initiatives A resilient and diversified portfolio AUM ($) By Business and Assets By Geography Australia and Energy New Zealand Singapore, 24% Transition, 28% 62% $8.7b1 $8.7b1 Korea, 5% Europe,
Slide 6: Driving Portfolio Growth through Acquisitions and Value Creation
Driving Portfolio Growth through Acquisitions and Value Creation Strategic capital recycling for long term cash flow resilience 2019 - 2021 2022 2023 2024 2025 AUM: $8.7b3 as at 30 June 2025 Expansion into 1st solar transportation Feb 2022 investment infrastructure Expansion Acquired 49% stake in Ar
Slide 7: Business Updates
Business Updates Ixom
Slide 8: Business Updates: Energy Transition
Business Updates: Energy Transition Supports the transition to a low-carbon economy and furthers KIT’s decarbonisation roadmap City Energy Funds from Operations ($m) ▪ City Energy recorded higher YoY town gas volume and service income for 1H 2025 and fuel cost over-recovery. ▪ Launch of energy-effic
Slide 9: Business Updates: Environmental Services
Business Updates: Environmental Services Provides the essential services that protect human health and safeguard the environment Funds from Operations ($m) Eco Management Korea Holdings (EMK) 40.8 ▪ Maintained full utilisation of incineration capacity. (37.0%) ▪ As part of plans to lower operating c
Slide 10: Business Updates: Distribution & Storage
Business Updates: Distribution & Storage Supporting and driving economic growth Funds from Operations ($m) Ixom ▪ Continued to deliver stable performance in 1H 2025 driven by the chemical 39.1 3.8% 40.6 manufacturing and distribution business in Australia and New Zealand and robust growth in the Bit
Slide 11: Finance and Capital Management
Finance and Capital Management German Solar Portfolio
Slide 12: Distribution Details
Distribution Details DPU growth of 1% YoY Distribution Per Unit (cents) Distribution Period 1 January 2025 to 30 June 2025 1.95 +1% 1.97 Distribution for the Period 1.97 Cents 1.95 Distribution Timetable Ex-Date : 5 August 2025 Record Date : 6 August 2025 1H 2024 1H 2025 Payment Date : 13 August 202
Slide 13: 1H 2025 Distributable Income (DI)
1H 2025 Distributable Income (DI) Contribution from acquisitions and capital recycling. Higher DI from City Energy and Ixom $’000 1H 2025 1H 2024 +/(-) % Remarks Lower mainly due to lower contribution from renewables and transition assets, Energy Transition 65,111 83,653 (22.2) partially offset by h
Slide 14: Balance Sheet
Balance Sheet Building a strong balance sheet to support growth Balance Sheet ($’m) 30 Jun 2025 31 Dec 2024 Cash 514 457 80% Fixed and Borrowings 2,890 2,989 Hedged Debt1 Net debt 2,376 2,532 Total assets 6,043 6,270 67% Total liabilities 4,138 4,262 Foreign currency distributions hedged Net Debt /
Slide 15: Capital Management
Capital Management Well-spread debt maturity profile with healthy capital management metrics ▪ Pending redeployment to fund yield-accretive acquisitions, the divestment proceeds from Philippine Coastal were mainly utilised to repay existing loan facilities. ▪ As at 30 Jun 2025, KIT maintained a heal
Slide 16: Market Outlook
Market Outlook Driving sustainable growth through investments in critical infrastructure assets and businesses that provide essential products/services Looking ahead, the energy The trends in the Infrastructure supporting Demand for digital transition sector is poised infrastructure industry the cir
Slide 17: Thank You
Thank You www.kepinfratrust.com Connect with us on: City Energy
Slide 18: Additional Information
Additional Information ▪ Overview of KIT ▪ Portfolio Overview ▪ KIT’s Distributable Income Information ▪ Strategic Capital Recycling ▪ Proposed Acquisition of Global Marine Group ▪ Commitment to Sustainability
Slide 19: Largest SGX-listed Infrastructure Business Trust
Largest SGX-listed Infrastructure Business Trust1 Providing exposure to the resilient and growing global infrastructure sector $8.7b AUM Essential >10 mature economies Portfolio of scale providing global businesses and assets Focused on investment grade jurisdictions with well-developed regulatory f
Slide 20: Leveraging on the Sustainable Infrastructure Theme
Leveraging on the Sustainable Infrastructure Theme Secular growth trends driving investments in KIT’s key business segments Secular Growth Trends KIT’s Business Segments Energy Transition Energy Digitalisation Rapid Transition and Urbanisation Climate Change Distribution Sustainable Digital & Storag
Slide 21: 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 ▪ Developer of Singapore’s 1st independent Water Reuse & Wastewater Solutions ▪ 34 data centres
Slide 22: Optimising Portfolio Through Value Creation
Optimising Portfolio Through Value Creation Unlocking value of evergreen portfolio by asset recycling 1 Acquisition 1n 1 Growth and Leveraged to secular growth trends Va tio 2 Gr e Cr and/or aligned with sponsor Keppel’s Value Creation ow eation lu i operational expertise uis Driving portfolio perfo
Slide 23: Capex Plan for 2025
Capex Plan for 20251 Supporting KIT’s sustainable long-term growth Maintenance Capex Growth Capex • Capital expenditure to sustain the historical revenue and • Value accretive capital expenditure which will drive value upside profitability as well as for HSE and regulation purposes to existing portf
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 ✓ Pursue bolt-on opportunities A$130.2m1 + 54% A$200.3m1 ✓ Leverage on strategic
Slide 25: Energy Transition Portfolio Overview
Portfolio Overview as at 30 Jun 2025 Total Assets1 Description Customer Revenue model ($’m) Sole producer and retailer of piped town gas; expanded into Fixed margin per unit of gas sold, > 910,000 commercial and residential City Energy LPG business, as well as EV with fuel and electricity costs cust
Slide 26: Environmental Services Portfolio Overview
Portfolio Overview as at 30 Jun 2025 Total Assets1 Description Customer Revenue model ($’m) NEA, Singapore government agency - Waste-to-energy plant with 2,310 Senoko WTE concession until 2027 with option for Fixed payments for availability of tonnes/day waste incineration Plant concession up to 1-y
Slide 27: Distribution & Storage Portfolio Overview
Portfolio Overview as at 30 Jun 2025 Total Assets1 Description Customer Revenue model ($’m) Distribution & Storage Manufacturer and distributor of water Payments from customers for treatment chemicals, industrial and Various end markets across four Ixom delivery of products and provision specialty c
Slide 28: 1H 2025 Distributable Income (DI)
1H 2025 Distributable Income (DI) $’000 1H 2025 1H 2024 +/(-) % Remarks1 Energy Transition 65,111 83,653 (22.2) Fuel cost over-recovery and higher town gas volume (+$4.4m), higher service income - City Energy 30,101 20,987 43.4 (+$3.0m) and lower operating expenses (+$1.7m). - Transition Assets Due
Slide 29: 1H 2025 Distributable Income
1H 2025 Distributable Income Energy Environmental Distribution & Note: $'000 Corporate1 Group 1. Comprises Trust expenses and distribution Transition Services Storage paid/payable to perpetual securities holders, management fees and financing costs. Profit after tax 14,573 (17,301) 72,504 (12,407) 5
Slide 30: 1H 2024 Distributable Income
1H 2024 Distributable Income $'000 Energy Environmental Distribution & Corporate1 Group Transition Services Storage Note: 1. Comprises Trust expenses and Profit after tax (18,445) (20,888) 28,392 (17,064) (28,005) distribution paid/payable to perpetual securities holders, management fees and financi
Slide 31: Enhancing KIT's Financial Strength and Agility
Enhancing KIT’s Financial Strength and Agility Strategic divestments to capture value-accretive opportunities KIT to divest 24.62% stake in Entire equity KIT sold its entire equity Ventura to private investment 24.62% stake stake interest of 50% to affiliates of funds managed by Samsung divestment i
Slide 32: 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 33: 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 recurring Value-added, long-term Regional shor
Slide 34: Advancing a Sustainable Future
Advancing a Sustainable Future Environmental Stewardship Responsible Business People and Community Emissions Reduction Target MSCI ESG Ratings Diversity and Inclusion 1 Net Zero ‘A’ rating 37.5% Scope 1 and 2 greenhouse gas (GHG) achieved in the MSCI ESG Ratings female Board representation, above th
Slide 35: Important Notice
Important Notice The information contained in this presentation is for information purposes only and does not constitute or form part of, and should not be construed as, any offer or invitation to sell or issue or any solicitation of any offer or invitation to purchase or subscribe for any units (“U
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