Keppel Ltd. · SGX:BN4
Keppel — Keppel Corp Ltd Ord — FY2025 Earnings Presentation
58 slides from Keppel's earnings presentation, Feb 5, 2026
Slide 1: 2H & FY 2025 Financial Results
2H & FY 2025 Financial Results 5 February 2026
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: Highlights of 2025
Highlights of 2025 New Keppel performed strongly in 2025 • Net profiti soared 39% yoy to $1.1b • Improvements across all business segments, with record earnings by Infrastructure Division • FUMii grew yoy from $88b to $95b as at end-2025; Asset Management net profit rose 15% yoy to $189m in FY25 Ann
Slide 5: Delivered strong performance in FY 2025
Delivered strong performance in FY 2025 The New Keppel New Keppel’s net profit (excluding Non-Core Portfolio for Divestmenti and Discontinued Operationsii) • Net profit surged 39% yoy to $1.1b in FY25, bolstered by higher 39% $1,100m contributions from all three segments 175 $793m 273 • Recurring in
Slide 6: Robust returns
Robust returns We will continue driving capital-efficient growth by lightening the balance sheet, optimising costs and improving overall returns. Return on Equity Net Debt to EBITDA Cost Savings 18.7% 2.0x $98m p.a. ROEi for New Keppel rose to Net debt to EBITDAii for New Cumulative run-rate cost sa
Slide 7: Advancing asset-light strategy
Advancing asset-light strategy We have made significant progress in unlocking and redeploying capital, and will work towards substantially monetising our $13.5bi Non-Core Portfolio by 2030. $1.3bii from proposed sale of M1’s telco Asset monetisation business, pending regulatory approval by IMDA anno
Slide 8: Delivering strong shareholder value
Delivering strong shareholder value Robust TSR of 58.5% in 2025, more than double STI’s 28.8%i. The New Keppel’s ordinary cash dividends: FY25 total dividend • Interim cash dividend paid: $0.15/share Paying out 56% of the New ~$0.47/share • Proposed final cash dividend: $0.19/share Keppel’s net prof
Slide 9: Growing momentum in asset management
Growing momentum in asset management We have delivered strong annual growth in FUM and asset management fees over the past five years, driving FUM towards $200b by 2030. Funds under managementi Asset management feesii 21% 20% CAGR $95b CAGR $453m $88b $436m 13 80 $50b $55b $267m $283m $42b 62 $233m
Slide 10: Trusted partner for global institutional capital
Trusted partner for global institutional capital Investor type Source of capital by geography Pension Sovereign Funds: Wealth 49.2% Funds: North 32.1% Europe: America: 30.3% Middle 25.2% East: Asia 15.5% Pacific: Financial 29.0% Institutions: 6.2% Endowments: Others: 5.6% 6.9% © Keppel Note: The per
Slide 11: Driving capital formation across portfolios
Driving capital formation across portfolios Acquisitions in 2025 $10.1b new FUM in 2025 i $11.4b • $6.8b FUM raised by private funds • $3.3b FUM accretion from real estate and digital Divestments in 2025 infrastructure acquisitions by listed REITs and infrastructure trust $2.9b Funds in active capit
Slide 12: Delivering record earnings in Infrastructure
Delivering record earnings in Infrastructure Our Infrastructure Division achieved strong growth in net profit and EBITDA. Recurring income Integrated Power Business EBITDA from Infrastructure Divisioni $661m in FY25 51% Remained resilient yoy, against softening spark spreads CAGR $703m $619m Decarbo
Slide 13: Seizing opportunities, realising growth
Seizing opportunities, realising growth Resilient earnings from Integrated Power Business underpinned by long-term contracts and new capacity 67% of power capacityi 600 MW hydrogen-ready Keppel contracted for three Sakra Cogen Plant to start years & above, providing operations in 1H26; capacity full
Slide 14: Powering the AI wave through digital infrastructure
Powering the AI wave through digital infrastructure We are contributing to the AI wave through data centres, subsea cables, clean energy and investment solutions. Data centre portfolio’s Turbocharging DC FUM growth gross power capacityi with strategic powerbanking (39 DCs as at end-2025) 23% Powerba
Slide 15: Harnessing opportunities in digital connectivity
Harnessing opportunities in digital connectivity Bifrost Cable System The world’s first subsea cable system directly linking Singapore to the west coast of USA via Indonesia, commenced commercial traffic flow in Dec 2025 Contributions from first two fibre pairs recognised in FY25 Signed binding term
Slide 16: Conclusion
Conclusion • New Keppel delivered strong performance in FY25, underpinned by solid earnings growth and continued momentum in asset monetisation • Rewarding shareholders: Ordinary dividends based on the New Keppel’s performance and special dividends based on 10-15% of asset monetisation completed in
Slide 17: Financial highlights
02 Financial highlights 17
Slide 18: Overview of FY25 results
Overview of FY25 results • Net profit was $789m, 16% lower than FY24 of $940m Net profit • ROE decreased to 7.4% from 8.9% in FY24 16% • Net debt to EBITDA decreased to 5.1x from end-Dec 2024 of 5.9x $940m $789m 153 • Free cash inflow of $611mi in FY25 vs $901mi in FY24 1,100 • Excluding Non-Core Po
Slide 19: Overview of FY25 results
Overview of FY25 results (excluding for Divestmenti & Discontinued Operationsii) Net profit by segment • Net profit increased 39% yoy to $1.1b • All three segments achieved higher profits 39% $1,100m 175 • ROEiii improved to 18.7% from 14.9% in FY24 $793m 273 149 107 • Net debt to EBITDAiv was 2.0x
Slide 20: Horizontal reporting
Horizontal reporting (excluding Non-Core Portfolio for Divestmenti & Discontinued Operationsii) Net profit by segment • Recurring income 21% higher at $941m: stronger performances from both asset management and operating 39% $1,100m • Valuation: higher fair value gains from investment properties & i
Slide 21: FY 2025 net profit (horizontal reporting)
FY 2025 net profit (horizontal reporting) ($’m) Asset Managementi Operatingii Valuation Capital recycling Net profit Infrastructure 46 703 54 – 803 73% Real Estate 93 14 146 20 273 25% Connectivity 50 35 6 84 175 16% Corporate activitiesiii (151) (14%) New Keppel 189 752 206 104 1,100 100% Non-Core
Slide 22: Segmental results – Infrastructure
Segmental results – Infrastructure • Net profit was $803m, 18% higher than FY24 of $678m Infrastructure net profit • Absence of performance fees and transaction advisory fees, as well as lower acquisition fees, partly offset by divestment fees, higher management 18% fees and lower costs in FY25 $803
Slide 23: Segmental results – Real Estate
Segmental results – Real Estate • Net profit was $273m, 155% higher than FY24 of $107m Real Estate net profit • Higher acquisition fees from Keppel REIT’s acquisitions and higher asset management fees following first close of KEAF II, higher contribution from Aermont, as well as lower costs and inte
Slide 24: Segmental results – Connectivity
Segmental results – Connectivity • Net profit was $175m, 17% higher than FY24 of $149m Connectivity net profit • Higher asset management revenue following the acquisition of two assets by Keppel DC REIT and first close of DC Fund III in Dec 2024, and carried interest 17% earned from Alpha Data Centr
Slide 25: Segmental results – Non-Core Portfolio for Divestment
Segmental results – Non-Core Portfolio for Divestmenti • Net loss of $84m, compared to net loss of $6m in FY24 Net profit/(loss) • Legacy O&Mii: net loss in FY25 due to interest costs attributable to legacy rigs & impairment of fixed assets, partly offset by fair value gain on ($6m) Seatrium shares
Slide 26: Appendices - Operational updates
03 Appendices -Operational updates 26
Slide 27: Fund management platform
Fund management platform Funds Under Managementi Asset Management Feesii Dry powder: $24b or c.25% of FUM FY25 Fee-to-FUM: 48bps 8% 4% $95b $453m $88b $436m 13 10 55 80 59 62 273 294 19 20 108 79 As at end-2024 As at end-2025 FY24 FY25 Infrastructure Real Estate Connectivity Infrastructure Real Esta
Slide 28: List of REITs/Trust
List of REITs/Trust As at end-2025 Market value Market No of Keppel’s No Listed REITs/Trust FUM Geographic presence of Keppel’s capitalisation assets stake stake Singapore, Australia, 1 Keppel REIT $3.9b $11.7b 14 37.3% $1,458m South Korea, Japan Singapore, Australia, China, Malaysia, Germany, 2 Kep
Slide 29: List of private funds
List of private funds As at end-2025 Carrying value of No Funds / SMAs Vintage FUMi Keppel sponsor stakesii Infrastructure 1 Keppel Asia Infra Fund (KAIF) 2020 2 Keppel Infrastructure Fund* 2025 3 Keppel Core Infrastructure Fund* 2025 $11.1b $677m 4 Keppel Private Credit Fund 2015 5 Keppel Private C
Slide 30: List of private funds (Cont.)
List of private funds (Cont.) As at end-2025 Carrying value of No Funds / SMAs Vintage FUMi Keppel sponsor stakesii 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 5 Keppel Educati
Slide 31: Infrastructure Division updates
Infrastructure Division updates • 67% of power capacityi contracted • Decarbonisation & Sustainability for three years and above Solutions: • Robust book-to-bill ratio, secured 19% 15% marquee projects in Singapore and Southeast Asia • Embarking on joint development of one of Asia's first commercial
Slide 32: Real Estate Division updates
Real Estate Division updates As at end-Dec 2025 • Announced monetisation of $1.3b Residential landbank Units % of real estate assets in FY25 Singapore 97 1% • Achieved $98m in total Real China 14,433 46% Estate-as-a-Service revenue in FY25 Vietnam 8,577 27% Indonesia 4,440 14% India 3,694 12% Sino-S
Slide 33: Connectivity Division updates
Connectivity Division updates As at end-Dec 2025 • Keppel Data Centre Campus, Singapore • Secured 10-year land lease extension Data centre Owned by Keppel Owned/Developed by portfolio DC REIT Keppel & private fundsi • Completed divestment of first two DCs to Keppel DC REIT Geographical Asia Pacific,
Slide 34: Connectivity Division updates: Technology solutions & services
Connectivity Division updates: Technology solutions & services • Regional technology solutions and services provider with core focus on Singapore, EBITDA for FY25 Malaysia and Vietnam: • Hybrid Multi-Cloud • Data Centre Modernisation $37m • Intelligent Edge • Digitalisation & AI Services • Network &
Slide 35: Asset monetisation programme
Asset monetisation programme Announced since the start of asset monetisation Asset monetisation announced in 2025 Country Value ($m) programme in Oct 2020 22.6% stake in Saigon Centre Phase 3 Vietnam 98 Period Value ($m) 42% stake in Palm City Vietnam 141 29.5% stake in Keppel Philippines Holdings I
Slide 36: Appendices - Additional financial information
03 Appendices -Additional financial information 36
Slide 37: Financial highlights
Financial highlights $m 2H25 2H24 % Change FY25 FY24 % Change Revenue 3,312 2,962 12 5,983 5,784 3 Operating Profit 521 677 (23) 1,122 1,145 (2) EBITDAi 1,022 856 19 1,791 1,451 23 Profit Before Tax 791 645 23 1,316 1,044 26 Profit from Continuing Operations 645 507 27 1,016 787 29 Profit from Disco
Slide 38: Recurring income
Recurring income Recurring income by source Recurring income by segment 21% 21% $941m $941m $779m $779m 85 107 60 31 752 614 688 749 165 189 FY24 FY25 FY24 FY25 i Asset Management Operating Income Infrastructure Real Estate Connectivity © Keppel i Includes asset management, transaction and advisory
Slide 39: Infrastructure Segment
Infrastructure Segment $m 2H25 2H24 % Change FY25 FY24 % Change Revenue 2,147 2,321 (7) 4,154 4,597 (10) Operating Profit 406 328 24 792 744 6 EBITDAi 541 370 46 965 812 19 Profit Before Tax 518 363 43 925 792 17 Net Profit 457 313 46 803 678 18 i EBITDA refers to profit before depreciation, amortis
Slide 40: Real Estate Segment
Real Estate Segment $m 2H25 2H24 % Change FY25 FY24 % Change Revenue 126 78 62 221 144 53 Operating Profit 25 211 (88) 126 211 (40) EBITDAi 239 264 (9) 409 302 35 Profit Before Tax 211 204 3 330 193 71 Net Profit 175 127 38 273 107 155 © Keppel i EBITDA refers to profit before depreciation, amortisa
Slide 41: Connectivity Segment
Connectivity Segment $m 2H25 2H24 % Change FY25 FY24 % Change Revenue 600 300 100 953 548 74 Operating Profit 64 100 (36) 110 118 (7) EBITDAi 162 130 25 242 192 26 Profit Before Tax 143 116 23 206 169 22 Net Profit 125 103 21 175 149 17 i EBITDA refers to profit before depreciation, amortisation, ne
Slide 42: Non-Core Portfolio for Divestment Segment
Non-Core Portfolio for Divestmenti Segment $m 2H25 2H24 % Change FY25 FY24 % Change Revenue 469 285 65 705 541 30 Operating Profit 94 118 (20) 220 206 7 EBITDAii 143 167 (14) 291 269 8 Profit Before Tax 2 41 (95) (9) 24 n.m.f. Net Profit (31) 35 n.m.f. (84) (6) >+500 i Non-Core Portfolio for Divestm
Slide 43: Non-Core Portfolio for Divestment
Non-Core Portfolio for Divestmenti • Non-Core Portfolio for Divestment carrying value as at FY25 was $13.5b Non-Core Portfolio for Divestmenti • 60% comprises Property related assets, followed by 36% Legacy offshore $0.6b & marine (O&M) assets and 4% Investment & Others (4%) • Property related asset
Slide 44: Net profit by segment
Net profit by segment $m 2H25 2H24 % Change FY25 FY24 % Change Infrastructure 457 313 46 803 678 18 Real Estate 175 127 38 273 107 155 Connectivity 125 103 21 175 149 17 Corporate Activities (81) (71) 14 (151) (141) 7 Subtotal 676 472 43 1,100 793 39 Non-Core Portfolio for (31) 35 n.m.f. (84) (6) >5
Slide 45: FY 2024 net profit (horizontal reporting)
FY 2024 net profit (horizontal reporting) ($’m) Asset Capital Managementi Operatingii Valuation recycling Net profit Infrastructure 69 619 (4) (6) 678 85% Real Estate 62 (31) 66 10 107 14% Connectivity 34 26 84 5 149 19% Corporate activitiesiii (141) (18%) New Keppel 165 614 146 9 793 100% Non-Core
Slide 46: Free cash flow
Free cash flow FY25 FY24 Non-Core Portfolioii & $m New Keppel Total Total Discontinued Operationsiii Operating profit 902 (37) 865 1,323 Depreciation & other non-cash items (13) 113 100 (226) Working capital changes (8) 291 283 (253) Interest & tax paid (299) (287) (586) (644) Net cash from/(used in
Slide 47: Appendices - Additional Real Estate information
03 Appendices -Additional Real Estate information 47
Slide 48: Residential Landbank - Singapore
Residential Landbank - Singapore As of end-Dec 2025 Remaining Remaining Total GFA Total Units Units Project Stake Tenure Units Area (sf) Units Launched Sold For Sale For Sale (sf) 19 Nassim* 100% 99-yr 99,629 101 101 88 13 3,272 Keppel Bay Plot 6 100% 99-yr 226,044 84 - - 84 220,054 Total 325,673 18
Slide 49: Residential Landbank - China
Residential Landbank - China As of end-Dec 2025 Remaining Remaining Total GFA Total Units Units Project Location Stake Units Area (sm) Units Launched Sold For Sale For Sale (sm) Waterfront Residences 100% 339,292 1,401 1,401 1,387 14 4,976 Wuxi Seasons Residences 100% 368,782 2,904 2,904 2,325 579 6
Slide 50: Residential Landbank - Other Overseas
Residential Landbank - Other Overseas As of end-Dec 2025 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 30% 778,472 4,895 - - 4,895 444,403 Empire City 40% 666,224 2,348 1,396 1,118 1,230 18
Slide 51: Residential Launch Readiness – China
Residential Launch Readiness – China As of end-Dec 2025 Units Ready to Launch Project Location 2026 2027 2028 Waterfront Residences 14 - - Wuxi Seasons Residences 217 362 - North Island Site (UPED) 640 504 284 North Island Site (Mixed-use Devt) Tianjin 673 900 834 Waterfront Residences II 45 49 - To
Slide 52: Residential Launch Readiness – Other Overseas
Residential Launch Readiness – Other Overseas As of end-Dec 2025 Units Ready to Launch Project Location 2026 2027 2028 Vietnam Saigon Sports City Velona - - 604 Riviera Point ^ The Infiniti 2 - - Phase 2 - 437 - Celesta ^ HCMC Celesta Rise - - 12 Celesta Heights - 752 - Celesta Gold 400 54 - Gladia
Slide 53: Expected Completion for Launched Projects
Expected Completion for Launched Projects As of end-Dec 2025 Total Units Launched as Units Sold as Units Remaining Expected Projects/Phases Launched Location Units at end-Dec 2025 at end-Dec 2025 as at end-Dec 2025 Completion China North Island Site (UPED Plot 84a-01) 1,157 1,157 460 697 2H2027 Nort
Slide 54: Expected Completion for Upcoming Projects
Expected Completion for Upcoming Projects As of end-Dec 2025 No. of Units Expected to be Completed Projects/Phases to be launched Location 2026 2027 2028 Vietnam Celesta Heights - - 752 Celesta Gold HCMC - 454 - Gladia (High-rise) - 616 - Total - 1,070 752 © Keppel 54
Slide 55: Commercial Projects - Under Development
Commercial Projects - Under Development As of end-Dec 2025 Expected Projects under Development Location Stake GFA (sm) Development Cost ^ Completion China Seasons City Tianjin 100% 80,300 TBC TBC Vietnam 92,370 (Office) 99,370 (Retail) Empire City HCMC 40% US$859m 2029 23,950 (Hotel) 32,320 (Service
Slide 56: Commercial Projects - Completed
Commercial Projects - Completed As of end-Dec 2025 Key Completed Projects Location Stake GFA (sm) Net Lettable Area (sm) Completion Singapore I12 Katong 100% 27,140 19,690 2011 * Singapore Keppel South Central 100% 60,370 48,500 2025 China Trinity Tower 30% 70,000 48,600 2015 International Bund Gate
Slide 57: 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 56di Oct 2025 316 5.31 1.1 58,400 60 5,416 Plot 49 Jun 2024 167 2.00 1.5 30,005 83 5,566 Plo
Slide 58: 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