Keppel Ltd. · SGX:BN4
Keppel — Keppel Infrastructure Trust — UBS OneASEAN Summit 2025
33 slides from Keppel's conference presentation, Mar 3, 2025
Slide 1: UBS OneASEAN Summit
UBS OneASEAN Summit 3 March 2025
Slide 2: Important Notice
Important Notice NOT FOR DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY IN OR INTO THE 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, and should not b
Slide 3: Outline
Outline Overview 4 FY 2024 Highlights 10 Business Updates 16 Financial and Capital Management 20 Commitment to Sustainability 26 Additional Information 29 Awards and Accreditations1: 1. Keppel Infrastructure Fund Management Pte. Ltd. is a signatory to the United Nations-supported Principles for Resp
Slide 4: Overview
Overview European Onshore Wind Platform
Slide 5: Largest SGX-listed Infrastructure Business Trust
Largest SGX-listed Infrastructure Business Trust1 Providing exposure to the resilient and growing global infrastructure sector S$9.0b AUM2 Essential >10 mature economies Portfolio of scale providing global businesses and assets Focused on investment grade jurisdictions with well-developed regulatory
Slide 6: Leveraging on the Sustainable Infrastructure Theme
Leveraging on the Sustainable Infrastructure Theme Secular growth trends driving investment in KIT’s key business segments Secular Growth Trends KIT’s Business Segments Energy Transition Energy Rapid Digitalisation Transition Urbanisation Digital Distribution Sustainable & Storage Infrastructure Dec
Slide 7: Optimising Portfolio Through Value Creation
Optimising Portfolio Through Value Creation Unlocking value of evergreen portfolio by asset recycling 1 Acquisition Leveraged to secular growth trends 1 1 Growth and 2 and/or aligned with sponsor Value Creation Keppel’s operational expertise Driving portfolio performance with Acquisition Value Expec
Slide 8: Drawing on Keppel's Deep Engineering and Operating Capabilities
Drawing on Keppel’s Deep Engineering and Operating Capabilities Operator-oriented DNA: Strong emphasis on value-adding and active management Energy Infrastructure Environmental Infrastructure Connectivity Global Developer of Singapore’s 1st independent Water Reuse & Wastewater Solutions 35 data
Slide 9: Market Outlook
Market Outlook Infrastructure: Driving Sustainable Development 1 2 3 The trends in the infrastructure Looking ahead, the energy transition Infrastructure supporting the circular industry are very strong, even amid the sector is poised to experience robust economy will remain crucial market turmoil g
Slide 10: FY 2024 Highlights
FY 2024 Highlights Ventura
Slide 11: FY 2024 Highlights
FY 2024 Highlights Strong performance supported by new acquisitions and steady portfolio performance Increase in Distributable Income1 Continued Portfolio Growth Growth from Value Creation ($m) 218.7 $9.0b AUM2 Ixom 209.7 +22% YoY +4.3% City Energy Philippine Coastal Storage 2023 2024 & Pipeline Cor
Slide 12: Expansion Across KIT's Business Segments in FY 2024
Expansion Across KIT’s Business Segments in FY 2024 Accretive acquisitions with stable cashflows supporting long-term growth Energy Transition Environmental Services Distribution and Storage German Solar Portfolio1 Keppel Marina East Ventura Desalination Plant2 Singapore’s first and only dual-mode
Slide 13: 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 A$130.2m1 + 54% A$200.3m1 Pursue bolt-on opportunities Leverage on strategic
Slide 14: Driving Portfolio Growth through Acquisitions and Value Creation
Driving Portfolio Growth through Acquisitions and Value Creation Well-positioned for growth Expand into transportation infrastructure 2023-2024 milestones Acquisition of Ventura Made 1st solar investment German Solar Portfolio Jun 2024 Dec 2024 Jan 2024 Concession and CTA extensions Dec 2023 Dec 202
Slide 15: Voluntary Independent Portfolio Valuation
Voluntary Independent Portfolio Valuation Portfolio AUM of $9.0b1 with new acquisitions and value creation initiatives Y-o-y AUM growth of 22% driven by new acquisitions and growth in existing businesses A resilient and diversified portfolio AUM (S$) By Business and Assets By Geography Australia and
Slide 16: Business Updates
Business Updates Ixom
Slide 17: Business Updates: Energy Transition
Business Updates: Energy Transition Supports the transition to a low-carbon economy and furthers KIT’s decarbonisation roadmap Funds from Operations ($m) City Energy Achieved record EBITDA of $85.3m, driven by strong contribution from City-OG 11.7% and installation & contract services income 239.2
Slide 18: Business Updates: Environmental Services
Business Updates: Environmental Services Provides the essential services that protect human health and safeguard the environment Funds from Operations ($m) Eco Management Korea Holdings (EMK) Maintained high availability and full utilisation of incineration capacity Renewed steam contract in Jan
Slide 19: Business Updates: Distribution & Storage
Business Updates: Distribution & Storage Supporting and driving economic growth Ixom Funds from Operations ($m) Record EBITDA of A$200.3m1 on strong contributions from the Water, Dairy and Industrial sectors on continued robust demand from customers. FY 2024 FFO was 10.5% lower YoY due to higher i
Slide 20: Financial and Capital Management
Financial and Capital Management City Energy
Slide 21: FY 2024 Distributable Income (DI) (1/2)
FY 2024 Distributable Income (DI) (1/2) Contribution from new acquisitions and resumption of KMC DI S$’000 FY 2024 FY 2023 +/(-) % Remarks1 Energy Transition 150,381 147,706 1.8 Lower fuel cost over-recovery due to timing of fuel cost passthrough (-$7.0m) net of stronger - City Energy 50,994 52,730
Slide 22: FY 2024 Distributable Income (DI) (2/2)
FY 2024 Distributable Income (DI) (2/2) Contribution from new acquisitions and resumption of KMC DI S$’000 FY 2024 FY 2023 +/(-) % Remarks1 Energy Transition 150,381 147,706 1.8 Please refer to slide 17 for the variance analysis. Environmental Services 69,968 83,728 (16.4) Please refer to slide 17 f
Slide 23: Balance Sheet
Balance Sheet Building a strong balance sheet to support growth Balance Sheet (S$’m) 31 Dec 2024 31 Dec 2023 Cash 457 483 72.9% Fixed and Borrowings 2,989 2,717 Hedged Debt1 Net debt 2,532 2,234 Total assets 6,186 5,617 71.0% Total liabilities 4,208 3,828 Foreign currency distributions hedged Net De
Slide 24: Capital Management
Capital Management Well-spread debt maturity profile with healthy capital management metrics Issued $200m in perpetual securities and $200m via a placement in 3Q 2024 to fully repay the acquisition term loan utilised to partially fund the acquisition of Ventura. Obtained $75m multi-currency revo
Slide 25: Capex Plan for 2025
Capex Plan for 2025 Supporting KIT’s sustainable long-term growth Maintenance Capex Growth Capex • Capital expenditure to sustain the historical revenue and • Value accretive capital expenditure which will drive value profitability as well as for HSE and regulation purposes upside to existing portfo
Slide 26: Commitment to Sustainability
Commitment to Sustainability Borkum Riffgrund 2
Slide 27: ESG Performance Highlights
ESG Performance Highlights Environmental Stewardship Responsible Business People and Community Aligned reporting with the Dedicated Board ESG Committee Dedicated >1,100 volunteering hours recommendations of the Taskforce to support outreach efforts in on Climate-related Financial 1 conjuncti
Slide 28: Thank You
Thank You www.kepinfratrust.com Connect with us on: Borkum Riffgrund 2
Slide 29: Additional Information
Additional Information Portfolio Overview Debt Amortisation Summary
Slide 30: Portfolio Overview: Energy Transition
Portfolio Overview as at 31 Dec 2024 Total Assets1 Description Customer Revenue model (S$’m) Sole producer and retailer of piped town gas; expanded Fixed margin per unit of gas sold, > 909,000 commercial and residential City Energy into LPG business, as well as with fuel and electricity costs custom
Slide 31: Portfolio Overview: Environmental Services
Portfolio Overview as at 31 Dec 2024 Total Assets1 Description Customer Revenue model (S$’m) NEA, Singapore government agency - Waste-to-energy plant with 2,310 Senoko WTE concession until 2027 with option for Fixed payments for availability of tonnes/day waste incineration Plant up to 1-year extens
Slide 32: Portfolio Overview: Distribution & Storage
Portfolio Overview as at 31 Dec 2024 Total Assets1 Description Customer Revenue model (S$’m) Manufacturer and distributor of Over 17,000 business and municipal Payments from customers for Distribution & Storage water treatment chemicals, Ixom customers, and over 35,000 retail delivery of products an
Slide 33: Debt Amortisation Summary
Debt Amortisation Summary Amortisation Period Amortisation Method Debt Maturity Energy Transition Keppel Merlimau Cogen Semi-annually in Jun and Dec Step up amortisation May 2039 BKR2 Semi-annually in Jun and Dec Sculpted Jun 2028 Comprises various tranches with approximately Dec 2037 – German Solar
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