Keppel Ltd. · SGX:BN4
Keppel — Shareholder Meeting (April 2026)
15 slides from Keppel's shareholder meeting presentation, Apr 17, 2026
Slide 1: Annual General Meeting
Annual General Meeting Presentation by Mr Loh Chin Hua, CEO 17 April 2026
Slide 2: 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 • B
Slide 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 added 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 capita
Slide 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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