Keppel Ltd. · SGX:BN4
Keppel — Keppel REIT — FY2025 Earnings Presentation
40 slides from Keppel's earnings presentation, Feb 4, 2026
Slide 1: Second Half & Full Year 2025 Financial Results
Second Half & Full Year 2025 Financial Results 4 February 2026
Slide 2: Content
Content 1. FY 2025 Key Highlights – Pg 3 4. Market Review – Pg 25 2. Financial Highlights 5. Additional Information – Pg 6 – Pg 31 3. Portfolio Review – Pg 13 2 BLUE STREET, SYDNEY 2
Slide 3: FY 2025 Review, Focus for FY 2026
FY 2025 Review, Focus for FY 2026 2025 Efforts Strategic Sydney, 19 Dec 2025: 1 acquisitions and strong operating performance 75% Interest in Top Ryde City Shopping Centre 2 Acquisitions to contribute in 2026 2026 Focus Singapore, 31 Dec 2025: Additional One-Third 3 Drive organic growth Interest in
Slide 4: FY 2025 Key Highlights
FY 2025 Key Highlights Share of Results DI from Operations NPI of Associates and Joint $215.9m Ventures(1) $192.4m (1.1%) y-o-y +6.9% y-o-y $124.6m $215.9m +13.3% y-o-y $194.5m $192.4m $206.8m $201.9m $124.6m $110.0m 6.3% • The Singapore portfolio y-o-y remained a key contributor to the overall perf
Slide 5: FY 2025 Key Highlights
FY 2025 Key Highlights High Portfolio Strong Long Proactive Committed Occupancy Rental Reversion Portfolio WALE(1) Leasing Strategy $ 96.7% 11.5% 4.4 >1.7msf years vs 96.3% as at vs 4.7 years as at of leases committed 30 Sep 2025 30 Sep 2025 in FY 2025 Note: Above information includes contribution f
Slide 6: Financial Highlights
02 Financial KEPPEL BAY TOWER, SINGAPORE Highlights 6
Slide 7: Continued Strong Performance in 2H 2025
Continued Strong Performance in 2H 2025 • Property Income and NPI increased mainly due to higher occupancy at 2 Blue Street and higher contributions from Ocean Financial Centre • Share of results of associates and joint ventures increased due mainly to higher contributions from Singapore assets and
Slide 8: Sustained Robust Performance in FY 2025
Sustained Robust Performance in FY 2025 • Property Income and NPI increased due mainly to contribution from 255 George Street and higher occupancy at 2 Blue Street • Share of results of associates and joint ventures increased due mainly to higher contributions from Singapore assets and lower borrowi
Slide 9: Distribution Timetable
Distribution Timetable DPU for FY 2025: 5.23 cents Distribution Distribution 1H 2025 2H 2025 Period per Unit 1H 2025 Distribution Advanced Distribution 17 Oct to (1 Jan to 30 Jun) (1 Jul to 16 Oct) 17 October to 31 Dec 2.72 cents 1.63 cents 31 December 0.88 cents 0.88 cents Paid on 15 Sep 2025 Paid
Slide 10: Healthy Balance Sheet
Healthy Balance Sheet As at 31 Dec 2025 As at 31 Dec 2024 +/(-) (1) Deposited Properties $11,845m $9,643m 22.8% Total Assets $9,979m $8,458m 18.0% (2) Borrowings $5,668m $3,973m 42.7% Total Liabilities $3,972m $2,816m 41.0% Unitholders’ Funds $5,124m $4,891m 4.8% Adjusted NAV per Unit(3) $1.27 $1.24
Slide 11: Disciplined Capital Management
Disciplined Capital Management • AUD, KRW and JPY denominated loans formed ~14%, ~2% and ~2% of total borrowings(1) respectively • Sustainability-focused funding constituted 67% of total borrowings(1). Excluding the equity bridge loans (EBL) obtained to preliminarily fund the acquisition of an addit
Slide 12: Well-Spread Debt Maturity Profile
Well-Spread Debt Maturity Profile • For the loans and MTN due in 2026, aside from the equity bridge loans, ~27% will be due in 1H 2026 and the remaining ~73% in 2H 2026. On 20 January 2026, the equity bridge loans were repaid in full with proceeds from the preferential offering • In various stages f
Slide 13: Portfolio Review
03 Portfolio OCEAN FINANCIAL CENTRE, SINGAPORE Review 13
Slide 14: Diversified Portfolio of Prime Commercial Assets in Asia Pacific
Diversified Portfolio of Prime Commercial Assets in Asia Pacific $11.7b portfolio of prime quality assets anchored across different markets enhance income stability and long-term growth opportunities T Tower, Seoul KR Ginza II, Tokyo 99.4% Interest Japan 98.5% Interest Occ: 100.0% South Korea Occ: 1
Slide 15: Performance Breakdown by Geography
Performance Breakdown by Geography Singapore Portfolio North Asia Portfolio FY 2025 262.0 FY 2025 14.2 Attributable NPI(1) Attributable NPI(1) 3.2% 2.9% (S$m) (S$m) FY 2024 254.6 FY 2024 14.6 4Q 2025 96.5 4Q 2025 100.0 Committed Occupancy Committed Occupancy (%) (%) 3Q 2025 96.3 3Q 2025 100.0 Austra
Slide 16: FY 2025 Portfolio Performance
FY 2025 Portfolio Performance (By Attributable Committed Gross Rent) Leases Committed by Geography(1) Leases Committed by Type(1) As at 31 Dec 2025 Australia, 96.7% New, Singapore, By 12.0% By 29.2% 84.1% Attributable Attributable Committed Renewal, Committed Portfolio committed Gross Rent 63.6% Gro
Slide 17: Well-Staggered Lease Expiry Profile
Well-Staggered Lease Expiry Profile • Average signing rent for Singapore office leases(1) concluded in FY 2025 was $12.91 psf pm, supported by healthy demand from diverse sectors for prime office space • Average rent of expiring leases for Singapore office leases(2) (psf pm): $12.14 in 2026, $11.45
Slide 18: Established and Diversified Tenant Base
Established and Diversified Tenant Base (By Attributable Committed Gross Rent) • Keppel REIT has a diversified tenant base of 694(1) • Top 10 tenants contribute 29.5% of attributable tenants, many of which are established blue-chip committed gross rent corporations and government agencies Top 10 Ten
Slide 19: Singapore Portfolio Valuations
Singapore Portfolio Valuations Valuation based on 31 Dec 2024 31 Dec 2025 Variance 31 Dec 2025 Cap Rate (%) attributable interest S$ S$ S$ % Ocean Financial Centre 2,168.5m 2,301.1m 132.6m 6.1 S$3,254 psf 3.40 (79.9% interest) Towers 1 & 2, and 1,917.7m 107.7m 6.0 S$3,353 psf 3.15(2) Marina Bay Fina
Slide 20: Australia Portfolio Valuations
Australia Portfolio Valuations Valuation based on Local Currency (A$) Variance S$ Variance 31 Dec 2025 Cap Rate (%) attributable interest 31 Dec 2024 31 Dec 2025 A$ % 31 Dec 2024 31 Dec 2025 S$ % 255 George Street(1) A$19,268 367.5m 375.0m 7.5m 2.0 323.4m 318.5m (4.9m) (1.5) 6.38 (50% interest) psm
Slide 21: North Asia & Total Portfolio Valuations
North Asia & Total Portfolio Valuations Valuation based on Local Currency (KRW/JPY) Variance S$ Variance attributable 31 Dec 2025 Cap Rate (%) interest 31 Dec 2024 31 Dec 2025 KRW/JPY % 31 Dec 2024 31 Dec 2025 S$ % T Tower(1) KRW KRW KRW 305.4b KRW 6.6b 2.2 280.9m 269.7m (11.2m) (4.0) 4.30 (99.4% in
Slide 22: Enhancement Works at 8 Exhibition Street
Enhancement Works at 8 Exhibition Street After: Before Larger New Facilities • An upgraded and larger bespoke end-of-trip facility to meet tenants’ needs for more premium amenities • Launched in October 2025 for tenant use © Keppel REIT 22
Slide 23: ESG Activities in 4Q 2025
ESG Activities in 4Q 2025 Held at Keppel Bay Tower, Keppel REIT and the building’s property management team jointly hosted the annual festive event, Grant Marina Bay Financial Centre Ocean Financial Centre’s a Christmas Wish. Tower 3 achieved the BCA building façade was Green Mark Platinum Super ill
Slide 24: Continued Focus on ESG Excellence to Attract Quality Tenants
Continued Focus on ESG Excellence to Attract Quality Tenants ESG Benchmarks • MSCI ESG Rating maintained at ‘A’ • ISS Governance Risk Rating maintained at lowest risk level of “1” and ESG Corporate Rating maintained at “Prime” Sustainability- status Focused Funding • Global Real Estate Sustainabilit
Slide 25: Market Review
04 Market ONE RAFFLES QUAY, SINGAPORE Review 25
Slide 26: Singapore Office Market
Singapore Office Market • Core CBD (Grade A) office rents increased to $12.30 psf pm with occupancy in CBD Core (Grade A) increased to 95.5% in 4Q 2025 Core CBD (Grade A) Occupancy and Rent Demand and Supply (million sf) 2.1 0.8 0.8 0.5 0.6 0.5 0.4 0.5 95.5% 95.8% 96.5% 95.5% 0.2 0.2 0.1 $15 95.1% 9
Slide 27: Australia Office Market
Australia Office Market 1,800 88.6% 85.3% 84.1% 83.6% 83.9% 84.2% 85.5% 85.6% 100% 84.0% 84.0% Sydney CBD 1,500 80% North Sydney 1200 79.9% 76.7% 82.1% 83.6% 83.5% 72.4% 100% 90% 80% 1,200 1,038 1,048 1,067 1,084 70% 919 955 993 60% 900 651 670 693 671 675 661 660 673 60% 900 885 50% Prime Grade 600
Slide 28: Australia Retail Market
Australia Retail Market Nov 2025 Seasonally Adjusted | billions 2018 2019 2022 2023 2024 YTD Discretionary Household Spending A$426 A$424 A$518 A$562 A$573 A$545 Non-Discretionary Household Spending A$233 A$237 A$274 A$296 A$310 A$300 Total Household Spending A$658 A$661 A$792 A$858 A$883 A$845 Tota
Slide 29: Seoul Office Market
Seoul Office Market • CBD Grade A occupancy remained flat at 91.5% in 4Q 2025 CBD Grade A Rent and Occupancy 97.0% 98.5% 96.6% 97.0% 95.6% 200,000 89.2% 91.5% 91.5% 100.0% 90.0% 152,869 155,026 160,000 145,742 148,574 152,138 80.0% 133,152 70.0% 121,356 120,000 60.0% 98,926 50.0% 80,000 40.0% 30.0%
Slide 30: Tokyo Office Market
Tokyo Office Market • Occupancy in Tokyo central 5 wards continues to be high in 4Q 2025 for Grade A office at 99.3% and Grade B office at 98.5% Tokyo Central 5 Wards Grade A Rent and Occupancy Tokyo Central 5 Wards Grade B Rent and Occupancy 99.1% 99.3% 97.8% 97.4% 97.7% 98.2% 98.0% 98.5% 97.5% 97.
Slide 31: Additional Information
05 Additional 2 BLUE STREET, SYDNEY Information 31
Slide 32: Portfolio Information: Singapore
Portfolio Information: Singapore As at Ocean Financial Centre Marina Bay Financial Centre(4) One Raffles Quay Keppel Bay Tower 31 Dec 2025 Attributable NLA 695,996 sf 1,460,852 sf 442,464 sf 386,224 sf Ownership 79.9% 33.3%(5), 66.7%(6) 33.3% 100.0% The Executive Centre, DBS Bank, TikTok, Keppel, Pr
Slide 33: Portfolio Information: Australia, South Korea & Japan
Portfolio Information: Australia, South Korea & Japan As at 8 Chifley 2 Blue Pinnacle Top Ryde City 8 Exhibition Victoria David Malcolm 255 George T Tower, KR Ginza II, 31 Dec 2025 Square, Street, Office Park, Shopping Street , Police Centre, Justice Centre, (3) Street, Sydney Seoul Tokyo Sydney Syd
Slide 34: Attributable NPI by Property
Attributable NPI by Property FY 2025 FY 2024 % % $’000 $’000 Breakdown of Attributable NPI Ocean Financial Centre 75,664 19.9 75,180 20.4 by Geography Marina Bay Financial Centre 112,295 29.4 107,186 29.1 (For FY 2025) One Raffles Quay 46,275 12.1 45,249 12.3 Singapore, 68.6% Keppel Bay Tower 27,807
Slide 35: FY 2025 Portfolio Performance
FY 2025 Portfolio Performance (By Attributable Committed NLA) Leases Committed by Geography (1) Leases Committed by Type (1) As at 31 Dec 2025: 96.7% Rent Review, 5.7% By Attributable New, 30.6% Portfolio committed Singapore, Australia, Renewal, Committed 66.7% By occupancy 26.4% 63.7% NLA Attributa
Slide 36: Established and Diversified Tenant Base
Established and Diversified Tenant Base (By Attributable Committed NLA) • Keppel REIT has a diversified tenant base of 694(1) • Top 10 tenants occupy 31.7% of attributable committed tenants, many of which are established blue-chip NLA corporations Top 10 Tenants Tenant Business Sector % State of Vic
Slide 37: Committed to Delivering Stable Income & Sustainable Returns
Committed to Delivering Stable Income & Sustainable Returns Portfolio Optimisation • Improve yield by enhancing Keppel REIT’s portfolio of quality assets Portfolio through strategic acquisitions and divestments Optimisation • Provide income stability and long-term capital appreciation of portfolio,
Slide 38: Well-Executed Portfolio Optimisation Strategy
Well-Executed Portfolio Optimisation Strategy Acquired Acquired Top Ryde City Acquired - Pinnacle Office Park (100%), Shopping Centre Listed on SGX Victoria Police Centre (50%), Sydney (75%), Sydney >$600m Acquired Melbourne - Keppel Bay Tower (100%), Portfolio Value - 8 Chifley Square (50%), Sydney
Slide 39: Thank you
Thank you 39
Slide 40: Important Notice
Important Notice IMPORTANT NOTICE: The past performance of Keppel REIT is not necessarily indicative of its future performance. Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking” statements due to a number of risks, uncertain