Slide 1: 9M 2025 Business Update
9M 2025 Business Update 30 October 2025
Slide 2: Driving execution with strong results
Driving execution with strong results • New Keppeli achieved over 25% earnings growth yoy in 9M25, with improvements across all segments • Overall net profit rose over 5% yoy in 9M 2025, even after including accounting loss from proposed divestment of M1’s telco business, with Non-Core Portfolio for
Slide 3: Robust performance in 9M 2025
Robust performance in 9M 2025 The New Keppel (excluding Non-Core Portfolio for Divestmenti and Discontinued Operationsii) • 9M25 net profit rose by over 25% yoy backed by earnings growth across all three segments • Recurring income grew by close to 15% yoy in 9M25, driven by higher contributions fro
Slide 4: Advancing asset monetisation
Advancing asset monetisation Asset monetisation in 9M25 Crystallising value for Keppel Asia Infrastructure Fund $2.4b Divestment of 800 Super values the company at total enterprise value of >$600m Includes latest announced transactions Achieving over 3 years: regarding M1’s telco business and 800 Su
Slide 5: Accelerating momentum in fundraising
Accelerating momentum in fundraising $6.7b FUM raised by private funds in 9M25 Asset management feesii in 9M25 $299m Equity raised in 9M25 Infrastructure Private Credit SUR strategy Education Asset Data Centre Fund Fund III Fund II Fund III $2.7b Potential FUM accretion from latest real estate and d
Slide 6: Laser-focused on reliable execution
Laser-focused on reliable execution Targeting yoy EBITDA growth in 2025, underpinned by strong earnings from the integrated power business and growing contributions from decarbonisation & sustainability solutions. Integrated Power Business Decarbonisation & Sustainability Solutions Expanding capacit
Slide 7: Boosting competitive edge in digital connectivity
Boosting competitive edge in digital connectivity Developing proprietary assets with private funds, Building strategic partnerships with in line with Keppel’s asset-light model leading cloud & tech players • Driving cloud and AI transformation with leading Bifrost Cable System partners across the co
Slide 8: Proposed divestment of M1's telco business
Proposed divestment of M1’s telco business Keppel to unlock close to $1b in cash i • Aims to complete the Proposed Transaction by year-end, subject to regulatory approval by Singapore’s Infocomm Media Development Authority • Liberty Wireless’ mobile virtual network arrangements with M1 - Outcome of
Slide 9: Delivering strong returns to shareholders
Delivering strong returns to shareholders Committed to a steady and sustainable dividend strategy that reflects the earnings performance of the New Keppel. As Keppel’s earnings profile becomes increasingly stable and recurring, the Company aims to provide shareholders with consistent and steadily gr
Slide 10: Building a stronger, more resilient Keppel
Building a stronger, more resilient Keppel Keppel has delivered strong performance in 9M25, underpinned by solid earnings growth and continued momentum in asset monetisation The market increasingly recognises Keppel as a global asset manager & operator and has started re-rating the Company as we exe
Slide 11: Appendix
Appendix 11
Slide 12: Infrastructure Division updates
Infrastructure Division updates Integrated power business Decarbonisation & sustainability solutions • Progressing on FEED study for renewable energy • Strong tender pipelines across waste, water, EaaS of import from Indonesia’s Riau Islands, advancing circa. $11b under pursuit development of cross-
Slide 13: Real Estate Division updates
Real Estate Division updates As of end-Sep 2025 • Monetised about $830m of real estate Residential landbank Units % assets in 9M25 Singapore 100 1% • Implementing Sustainable Urban Renewal China 14,750 49% solutions across 4 projects with Vietnam 6,937 23% combined asset value of $1.3bi Indonesia 4,
Slide 14: Connectivity Division updates
Connectivity Division updates As of end-Sep 2025 Data centre portfolio Owned by Keppel DC REIT Owned/Developed by Keppel & private fundsi Geographical presence Asia Pacific, Europe Asia Pacific, Europe No of assets 25 14 Attributable lettable area 2,721,198 sq ft 1,883,612 sq ft Valuation ~$5.7bii $
Slide 15: Asset monetisation programme
Asset monetisation programme Announced since the start of asset monetisation Asset Country Value ($m) programme in Oct 2020 22.6% stake in Saigon Centre Phase 3 Vietnam 98 Period Value ($m) 42% stake in Palm City Vietnam 141 2020 1,238 29.5% stake in Keppel Philippines Holdings Inc Philippines 11 20
Slide 16: 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