Keppel Ltd. · SGX:BN4
Keppel — Keppel Infrastructure Trust — Investor Presentation (October 2025)
34 slides from Keppel's investor presentation, October 2025
Slide 1: Investor Presentation
Investor Presentation October 2025
Slide 2: Important Notice
Important Notice NOT FOR DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, EUROPEAN ECONOMIC AREA, CANADA, JAPAN, MALAYSIA, THAILAND OR AUSTRALIA The information contained in this presentation is for information purposes only and does not constitute or form part of, a
Slide 3: Outline
Outline Overview 4 Strategic Capital Recycling 11 Growth and Value Creation 16 1H 2025 Financial Results 20 Additional Information 27 Awards and Accreditations1: 1. Keppel Infrastructure Fund Management Pte. Ltd. is a signatory to the United Nations-supported Principles for Responsible Investment, u
Slide 4: Overview
Overview German Solar Portfolio
Slide 5: 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 6: 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 7: Building the Infrastructural Foundation for a Sustainable Future
Building the Infrastructural Foundation for a Sustainable Future Supports energy transition, safeguards the environment and drives economic growth 7 1. The divestment of Philippine Coastal was completed on 20 March 2025. 7
Slide 8: 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 9: Optimising Portfolio Through Value Creation
Optimising Portfolio Through Value Creation Unlocking value of evergreen portfolio by asset recycling 1 Acquisition Leveraged to secular growth trends 1 1 Growth and 2 and/or aligned with sponsor Keppel’s Value Creation operational expertise Driving portfolio performance with Acquisition Value Keppe
Slide 10: 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 11: Strategic Capital Recycling
Strategic Capital Recycling Ventura
Slide 12: Enhancing KIT’s Financial Strength and Agility
Enhancing KIT’s Financial Strength and Agility Unlocking value through asset monetisation and reinvesting for resilient cash flow Strategic divestments to capture value-accretive opportunities KIT sold 24.62% stake in Entire equity KIT sold its entire equity Ventura to private investment 24.62% stak
Slide 13: Establishing KIT’s Entry into Digital Infrastructure
Establishing KIT’s Entry into Digital Infrastructure Redeployment of capital into a yield-accretive opportunity Proposed investment of $122.3m to acquire c.46.7% interest in Global Marine Group (GMG), a leading subsea cable service provider In demonstration of our strategic capital recycling, KIT
Slide 14: Highly Accretive Investment
Highly Accretive Investment Evergreen asset with highly predictable cash flows GMG offers a broad array of mission-critical maintenance, installation, and consultancy services globally. As a prominent subsea cable maintenance service provider responsible for 31% of global maintained cable length
Slide 15: GMG: Defensive Business with Highly Contracted Revenue
GMG: 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 short-haul Essential
Slide 16: Growth and Value Creation
Growth and Value Creation City Energy
Slide 17: 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$200.3m1 Leverage on strategic
Slide 18: Driving Sustainable Growth
Driving Sustainable Growth KIT focuses on investments in critical infrastructure assets and businesses that provide essential products/services Looking ahead, the energy The trends in the Infrastructure supporting Demand for digital transition sector is poised infrastructure industry the circular ec
Slide 19: Global Solutions: Drawing on Keppel’s Deep Engineering and Operating Capabilities
Drawing on Keppel’s Deep Engineering and Operating Capabilities Operator-oriented DNA: Strong emphasis on value-adding and active management Energy Infrastructure Environmental Infrastructure Connectivity Global Developer of Singapore’s 1st independent Water Reuse & Wastewater Solutions 34 data
Slide 20: 1H 2025 Financial Results
1H 2025 Financial Results Ixom
Slide 21: 1H 2025 Highlights
1H 2025 Highlights Active value creation driving higher DI and enhanced cash flow resilience Increase in Distributable Income Strategic Capital Recycling and Capturing Value Uplift Driven by higher contribution from City Energy, Ixom, Ventura and divestment ($m) $109m $192m Sale of 24.62% Sale of Ph
Slide 22: 1H 2025 Distributable Income (DI)
1H 2025 Distributable Income (DI) Contribution from acquisitions and capital recycling. Higher DI from City Energy and Ixom $’000 1H 2025 1H 2024 +/(-) % Remarks Lower mainly due to lower contribution from renewables and transition assets, Energy Transition 65,111 83,653 (22.2) partially offset by h
Slide 23: Balance Sheet
Balance Sheet Building a strong balance sheet to support growth Balance Sheet ($’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 24: 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 25: Advancing a Sustainable Future
Advancing a Sustainable Future Integral to the continued success of KIT and its ability to create value Environmental Stewardship Responsible Business People and Community Emissions Reduction Target MSCI ESG Ratings Diversity and Inclusion 37.5% 1 Net Zero ‘A’ rating Scope 1 and 2 greenhouse gas (GH
Slide 26: Thank You
Thank You www.kepinfratrust.com Connect with us on: Keppel Marina East Desalination Plant
Slide 27: Additional Information
Additional Information 1H 2025 Business Updates Portfolio Overview as at 30 Jun 2025 1H 2025 Distributable Income (DI)
Slide 28: 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 ($m) City Energy recorded higher YoY town gas volume and service income for 1H 2025 and fuel cost over-recovery. Launch of energy-effic
Slide 29: Business Updates: Environmental Services
Business Updates: Environmental Services Provides the essential services that protect human health and safeguard the environment Funds from Operations ($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 30: Business Updates: Distribution & Storage
Business Updates: Distribution & Storage Supporting and driving economic growth Funds from Operations ($m) Ixom Continued to deliver stable performance in 1H 2025 driven by the chemical 39.1 3.8% 40.6 manufacturing and distribution business in Australia and New Zealand and robust growth in the Bit
Slide 31: Portfolio Overview: Energy Transition
Portfolio Overview as at 30 Jun 2025 Total Assets1 Description Customer Revenue model ($’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 32: Portfolio Overview: Environmental Services
Portfolio Overview as at 30 Jun 2025 Total Assets1 Description Customer Revenue model ($’m) NEA, Singapore government agency - Waste-to-energy plant with 2,310 Senoko WTE concession until 2027 with option for Fixed payments for availability of tonnes/day waste incineration Plant concession up to 1-y
Slide 33: Portfolio Overview: Distribution & Storage
Portfolio Overview as at 30 Jun 2025 Total Assets1 Description Customer Revenue model ($’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 34: 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
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