Keppel Ltd. · SGX:BN4
Keppel — Keppel Infrastructure Trust — Phillip Securities Webinar (November 2025)
42 slides from Keppel's conference presentation, Nov 6, 2025
Slide 1: Phillip Securities Webinar
Phillip Securities Webinar 6 November 2025
Slide 2: Outline
Outline 3Q 2025 Highlights 3 3Q 2025 Business Updates 7 3Q 2025 Finance and Capital Management 11 Proposed Investment in Global Marine Group 15 Key Investment Highlights 18 EGM Timetable 26 Additional Information 29 Awards and Accreditations1: 1. Keppel Infrastructure Fund Management Pte. Ltd. is a
Slide 3: 3Q 2025 Highlights
3Q 2025 Highlights Global Marine Group
Slide 4: 9M 2025 Highlights
9M 2025 Highlights Growth and strategic capital recycling driving higher DI Increase in Healthy Balance Sheet Strategic Capital Recycling Distributable Income (DI) (as at 30 September 2025) Higher contribution from CE, Ixom and Ventura, boosted by divestment gains $301m +59.2% $168.9m 38% 13.1x Inte
Slide 5: 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 South Korea, 5% E
Slide 6: 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: $8.7b3 as at 30 Sep 2025 Expansion into 1st solar transportation Feb 2022 investment infrastructure Expansion Acquired 49% stake in Ara
Slide 7: Business Updates
Business Updates Ixom
Slide 8: Business Updates: Energy Transition
Business Updates: Energy Transition Supports the transition to a low-carbon economy and furthers KIT’s decarbonisation roadmap Funds from Operations ($m) City Energy ▪ City Energy recorded higher YoY town gas volume and service income for 9M 2025 and fuel cost over-recovery. (12.0%) 174.3 153.4 Tran
Slide 9: Business Updates: Environmental Services
Business Updates: Environmental Services Provides the essential services that protect human health and safeguard the environment Funds from Operations ($m) Eco Management Korea Holdings (EMK) ▪ Incineration business maintained stable performance in 3Q. Lower FFO mainly due to decline in the landfill
Slide 10: Business Updates: Distribution & Storage
Business Updates: Distribution & Storage Supporting and driving economic growth Funds from Operations ($m) Ixom ▪ Continued strong performance due to better margins achieved at the chemical manufacturing and distribution businesses. 29.9% 66.4 ▪ FFO performance was 60% higher YoY driven by higher EB
Slide 11: Finance and Capital Management
Finance and Capital Management German Solar Portfolio
Slide 12: 9M 2025 Distributable Income (DI)
9M 2025 Distributable Income (DI) Contribution from acquisitions and capital recycling. Higher DI from City Energy and Ixom $’000 9M 2025 9M 2024 +/(-) % Remarks Lower contribution from Renewables and Transition Assets, partially offset by Energy Transition 81,436 109,933 (25.9) higher contribution
Slide 13: Balance Sheet
Balance Sheet Building a strong balance sheet to support growth Balance Sheet ($’m) 30 Sep 2025 31 Dec 2024 Cash 624 457 Borrowings 2,986 2,989 77% Net debt 2,362 2,532 Fixed and Hedged Debt1 Total assets 6,213 6,270 Total liabilities 4,341 4,262 71% Net Debt / EBITDA 4.6x2 5.1x3 Foreign currency di
Slide 14: Capital Management
Capital Management Well-spread debt maturity profile with healthy capital management metrics ▪ Healthy net gearing level of 38.0% and obtained new S$75m multi-currency revolving credit facility. ▪ Approximately $530m of undrawn facilities, providing KIT the financial flexibility for growth and fundi
Slide 15: Proposed Investment in Global Marine Group
Proposed Investment in Global Marine Group Global Marine Group
Slide 16: Transaction Overview
Transaction Overview ▪ Proposed acquisition by KIT of c.46.7% interest in Global Marine Group (“GMG”) from Keppel Infrastructure Fund (“KIF”) ▪ The Total Investment Amount of approximately US$91.7 million comprises the Subscription Consideration1 of approximately US$86.6 million, which does not incl
Slide 17: Overview of Global Marine Group
Overview of Global Marine Group ▪ One of the world’s largest independent subsea cable solutions providers with highly predictable and defensive cash flows ▪ Headquartered in the United Kingdom, GMG provides mission-critical maintenance and installation services for subsea cable infrastructure ▪ c.80
Slide 18: Key Investment Highlights
Key Investment Highlights Global Marine Group
Slide 19: Key Investment Highlights
Key Investment Highlights Strategic investment underpinned by strong fundamentals 1 Strong market fundamentals with favourable demand and supply dynamics 2 Market-leading positions across a complementary suite of subsea services 3 Recurring revenue from long-term contracts with cost pass-through 4 H
Slide 20: Strong Market Fundamentals with Favourable Demand and Supply Dynamics
1. Strong Market Fundamentals with Favourable Demand and Supply Dynamics 1 Global structural themes are driving industry tailwinds … 2 … leading to the expected growth of … Global Installed Subsea Cable Base Length (units: thousands km) Fast-growing cloud spending / adoption due to 6% efficiencies a
Slide 21: Market-leading Positions Across a Complementary Suite of Subsea Services
2. Market-leading Positions Across a Complementary Suite of Subsea Services ▪ Scale and Operational Excellence: GMG has collectively installed >320,000 km and maintains >450,000 km of subsea cables globally ▪ Operational Versatility: capabilities in shallow and deep-water environments and spanning d
Slide 22: Recurring Revenue from Long-term Contracts with Cost Pass-through
3. Recurring Revenue from Long-term Contracts with Cost Pass-through Maintenance Zone Contracts Charter Contracts Contracted revenue base ▪ Long-term agreements for a period of 5–7 years with risk ▪ Contracts provide for defined annual payments sharing across consortium members regardless of actual
Slide 23: High Barriers to Entry and Strong Customer Relationships
4. High Barriers to Entry and Strong Customer Relationships High Barriers to Entry GMG Positioning Fostered strong customer relationships in existing maintenance zones, underscoring its reputation for reliability and proven ability to renew maintenance contracts Full-service solution with 6 Signific
Slide 24: Accretive Acquisition; Entry into Digital Infrastructure Segment
5. Accretive Acquisition that Strengthens Portfolio Resiliency and Diversification; Entry into Digital Infrastructure Segment Aligned with KIT’s Investment Focus The Proposed Transaction, together with the Future Capital Injection, are expected to: Mark KIT’s entry into Establish KIT’s a new busines
Slide 25: Leveraging Keppel's Deep Operating Capabilities in the Connectivity Space
6. Leveraging Keppel’s Deep Operating Capabilities in the Connectivity Space Leverage Keppel’s operational expertise and industry know-how in the connectivity space ▪ DC development and solutions ▪ Subsea cables development / ▪ Pre-installation consultancy ▪ UJ toolkit R&D, sales, training ▪ Operati
Slide 26: EGM Timetable
EGM Timetable Global Marine Group
Slide 27: Extraordinary General Meeting (EGM) – Indicative Timetable
Extraordinary General Meeting (EGM) – Indicative Timetable Approval sought for Ordinary Resolutions 1 and 2: Independent Financial Adviser (“IFA”) 1. To approve the entry into and carrying out of the Proposed Transaction and all PrimePartners Corporate Finance Pte. Ltd. transactions contemplated und
Slide 28: Thank You
Thank You www.kepinfratrust.com Connect with us on: City Energy
Slide 29: Additional Information
Additional Information ▪ KIT’s Distributable Income Information ▪ Debt Amortisation Summary ▪ Overview of Post-Completion Transaction Structure ▪ Overview of KIT ▪ Portfolio Overview ▪ Commitment to Sustainability
Slide 30: 9M 2025 Distributable Income (DI)
9M 2025 Distributable Income (DI) $’000 9M 2025 9M 2024 +/(-) % Remarks1 Energy Transition 81,436 109,933 (25.9) Fuel cost over-recovery and higher town gas volume (+$6.1m), higher service income - City Energy 43,454 34,585 25.6 (+$4.3m), partially offset by higher operating expenses (-$1.5m). - Tra
Slide 31: Debt Amortisation Summary
Debt Amortisation Summary Amortisation Period Amortisation Method Debt Maturity Energy Transition Keppel Merlimau Cogen Semi-annually Step up amortisation May 2039 BKR2 Semi-annually Sculpted Jun 2028 Comprises various tranches with approximately 90% of Dec 2037 – German Solar Portfolio Sculpted the
Slide 32: Overview of Post-Completion Transaction Structure
Overview of Post-Completion Transaction Structure1 KIF Co-Investor 87.5%2 12.5%2 MidCo 53.3% 46.7%2 JVCo 100%2 1. Simplified shareholding structure outlined. It is expected that KIT’s stake in JVCo will be indirectly held through an acquisition vehicle. 2. Indirect interest. 32
Slide 33: Largest SGX-listed Infrastructure Business Trust
Largest SGX-listed Infrastructure Business Trust1 Providing exposure to the resilient and growing global infrastructure sector $8.7b AUM Essential >10 mature economies Portfolio of scale providing global businesses and assets Focused on investment grade jurisdictions with well-developed regulatory f
Slide 34: Leveraging on the Sustainable Infrastructure Theme
Leveraging on the Sustainable Infrastructure Theme Secular growth trends driving investments in KIT’s key business segments Secular Growth Trends KIT’s Business Segments Energy Transition Energy Digitalisation Rapid Transition and Urbanisation Climate Change Distribution Sustainable Digital & Storag
Slide 35: Drawing on Keppel's Deep Engineering and Operating Capabilities
Drawing on Keppel’s Deep Engineering and Operating Capabilities Operator-oriented DNA: Strong emphasis on value-adding and active management Energy Infrastructure Environmental Infrastructure Connectivity ▪ Developer of Singapore’s 1st independent Water Reuse & Wastewater Solutions ▪ 34 data centres
Slide 36: Optimising Portfolio Through Value Creation
Optimising Portfolio Through Value Creation Unlocking value of evergreen portfolio by asset recycling 1 Acquisition 1n 1 Growth and Leveraged to secular growth trends Va tio 2 Gr e Cr and/or aligned with sponsor Keppel’s Value Creation ow eation lu i operational expertise uis Driving portfolio perfo
Slide 37: Capex Plan for 2025
Capex Plan for 20251 Supporting KIT’s sustainable long-term growth Maintenance Capex Growth Capex • Capital expenditure to sustain the historical revenue and • Value accretive capital expenditure which will drive value profitability as well as for HSE and regulation purposes upside to existing portf
Slide 38: Energy Transition Portfolio Overview
Portfolio Overview as at 30 Sep 2025 Total Assets1 Description Customer Revenue model ($’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 39: Environmental Services Portfolio Overview
Portfolio Overview as at 30 Sep 2025 Total Assets1 Description Customer Revenue model ($’m) NEA, Singapore government agency - Waste-to-energy plant with 2,310 Senoko WTE concession until 2027 with option for Fixed payments for availability of tonnes/day waste incineration Plant concession up to 1-y
Slide 40: Distribution & Storage Portfolio Overview
Portfolio Overview as at 30 Sep 2025 Total Assets1 Description Customer Revenue model ($’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 41: 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 1 Net Zero ‘A’ rating 37.5% Scope 1 and 2 greenhouse gas (GH
Slide 42: Important Notice
Important Notice The information contained in this presentation is for information purposes only and does not constitute or form part of, and should not be construed as, any offer or invitation to sell or issue or any solicitation of any offer or invitation to purchase or subscribe for any units (“U
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