Keppel Ltd. · SGX:BN4
Keppel — Keppel REIT — H1 2025 Earnings Presentation
34 slides from Keppel's earnings presentation, Jul 30, 2025
Slide 1: 1H 2025 Financial Results
1H 2025 Financial Results 30 July 2025
Slide 2: Content
Content 1. 1H 2025 Key Highlights – Pg 3 4. Market Review – Pg 19 2. Financial Highlights 5. Additional Information – Pg 5 – Pg 24 3. Portfolio Review – Pg 11 2 BLUE STREET, SYDNEY 2
Slide 3: 1H 2025 Key Highlights
1H 2025 Key Highlights NPI DI from Operations DPU $108.3m $95.5m 2.72 cents +11.8% y-o-y (1.4%) y-o-y For 1H 2025 $108.3m $96.9m $95.5m $102.7m $96.8m 5.9% • Strong performance y-o-y driven by operational strength and contribution from 255 1H 2024 1H 2025 1H 2024 1H 2025 1H 2025 George Street (If mg
Slide 4: 1H 2025 Key Highlights
1H 2025 Key Highlights High Portfolio Strong Long Proactive Committed Occupancy Rental Reversion Portfolio WALE(1) Leasing Strategy $ 95.9% 12.3% 4.8 >1.1msf years vs 96.0% as at vs 4.7 years as at of leases committed 31 Mar 2025 31 Mar 2025 in 1H 2025 © Keppel REIT 1. Based on attributable committe
Slide 5: Financial Highlights
02 Financial KEPPEL BAY TOWER, SINGAPORE Highlights 5
Slide 6: Continued Strong Performance Underpinned by Robust Operations and Contribution from 255 George Street
Continued Strong Performance Underpinned by Robust Operations and Contribution from 255 George Street • 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 increased due mainly to higher rentals at
Slide 7: Distribution Timetable
Distribution Timetable ONE RAFFLES QUAY, SINGAPORE Distribution Period 1 January to 30 June 2025 Distribution per Unit 2.72 cents Key Dates Ex-Date: 6 Aug 2025 Record Date: 7 Aug 2025 Payment Date: 15 Sep 2025 © Keppel REIT 7
Slide 8: Healthy Balance Sheet
Healthy Balance Sheet As at 30 Jun 2025 As at 31 Dec 2024 +/(-) Deposited Properties(1) $9,610m $9,643m (0.3%) Total Assets $8,348m $8,458m (1.3%) Borrowings(2) $4,005m $3,973m 0.8% Total Liabilities $2,807m $2,816m (0.3%) Unitholders’ Funds $4,792m $4,891m (2.0%) Adjusted NAV per Unit(3) $1.21 $1.2
Slide 9: Disciplined Capital Management
Disciplined Capital Management • AUD, KRW and JPY denominated loans formed ~17%, ~3% and ~2% of total borrowings(1) respectively • Sustainability-focused funding constituted 84% of total borrowings(1) As at 30 Jun 2025 Weighted Average Cost of Debt 3.51% p.a. Aggregate Leverage 41.7% Weighted Averag
Slide 10: Well-Spread Debt Maturity Profile
Well-Spread Debt Maturity Profile • Refinanced loans which matured in 1H 2025 at lower margins • No significant borrowings maturing for the remainder of 2025 Debt Maturity Profile (As at 30 Jun 2025) Bank loan: 27% 13m Bank loan: 19% 22% 150m 17m 16% 35m 16% 903m 187m 200m 644m 882m 522m 225m Bank l
Slide 11: Portfolio Review
03 Portfolio OCEAN FINANCIAL CENTRE, SINGAPORE Review 11
Slide 12: Diversified Portfolio of Prime Commercial Assets in Asia Pacific
Diversified Portfolio of Prime Commercial Assets in Asia Pacific $9.4b portfolio of prime quality assets anchored across different markets enhance income stability and long-term growth opportunities T Tower, Seoul 99.4% Interest Japan KR Ginza II, Tokyo South Korea 98.5% Interest Occ: 98.5% 3.0% 0.9
Slide 13: Performance Breakdown by Geography
Performance Breakdown by Geography Singapore Portfolio North Asia Portfolio 1H 2025 131.7 1H 2025 7.5 Attributable NPI(1) 3.1% Attributable NPI(1) (S$m) (S$m) 7.0% 1H 2024 127.7 1H 2024 7.0 2Q 2025 96.9 2Q 2025 98.7 Committed Occupancy Committed Occupancy (%) (%) 1Q 2025 96.8 1Q 2025 98.7 Australia
Slide 14: 1H 2025 Portfolio Performance
1H 2025 Portfolio Performance (By Attributable Committed Gross Rent) Leases Committed by Geography(1) Leases Committed by Type(1) As at 30 Jun 2025 Rent Review, Australia, Singapore, 87.1% By Attributable 10.7% By Attributable 10.6% 95.9% Committed Renewal, Committed Portfolio committed Gross Rent 6
Slide 15: Well-Staggered Lease Expiry Profile
Well-Staggered Lease Expiry Profile (By Attributable Committed Gross Rent) • Average signing rent for Singapore office leases(1) concluded in 1H 2025 was $12.77 psf pm, supported by healthy demand from diverse sectors for prime office space • Average rent of expiring leases for Singapore office leas
Slide 16: Established and Diversified Tenant Base
Established and Diversified Tenant Base (By Attributable Committed Gross Rent) • Keppel REIT has a diversified tenant base of 494(1) • Top 10 tenants contribute 30.4% of attributable tenants, many of which are established blue-chip committed gross rent corporations Top 10 Tenants Tenant Business Sec
Slide 17: Leasing Updates at Ocean Financial Centre and 255 George Street
Leasing Updates at Ocean Financial Centre and 255 George Street Ocean Financial Centre 255 George Street Backfilled >73% of space returned by an Completed 4 fitted suites which were fully anchor tenant committed within 6 months Achieved strong double-digit reversion Achieved rental rates above under
Slide 18: ESG Activities in 2Q 2025
ESG Activities in 2Q 2025 As part of i Light Singapore 2025, Ocean Financial Centre illuminated In collaboration with the On 22 May 2025, as part of Go its façade in red for the 'Light Wash' Department of Justice, David Green SG Campaign, volunteers initiative and participated in the Malcolm Justice
Slide 19: Market Review
MARINA BAY FINANCIAL CENTRE, SINGAPORE 04 Market Review 19
Slide 20: Singapore Office Market
Singapore Office Market • Average core CBD Grade A office rents increased to $12.10 psf pm with average occupancy in CBD Core (Grade A) increased to 94.7% in 2Q 2025 Grade A Rent and Core CBD (Grade A) Occupancy Demand and Supply (million sf) 1.0 0.8 0.8 0.5 0.6 0.5 0.6 95.5% 95.8% 96.5% 95.1% 94.1%
Slide 21: Australia Office Market
Australia Office Market 1,800 88.6% 85.3% 84.1% 83.6% 83.9% 84.2% 100% 84.0% 83.6% 84.0% Sydney CBD 1,500 80% North Sydney 1200 79.9% 76.7% 82.1% 100% 90% 80% 1,200 1,038 1,048 70% 919 955 993 60% 900 651 670 693 671 675 661 60% 900 885 50% Prime Grade 600 40% Prime Grade 600 40% 30% 300 20% occupan
Slide 22: Seoul Office Market
Seoul Office Market • CBD Grade A vacancy remains low with occupancy at 95.6% in 2Q 2025 CBD Grade A Rent and Occupancy 97.0% 98.5% 96.6% 97.0% 95.6% 200,000 100% 89.2% 160,000 145,742 148,574 152,138 80% 133,152 121,356 120,000 60% 98,926 80,000 40% 40,000 20% 0 0% 4Q21 4Q22 4Q23 4Q24 1Q25 2Q25 T T
Slide 23: Tokyo Office Market
Tokyo Office Market • Occupancy in Tokyo central 5 wards continues to be high in 2Q 2025 for Grade A office at 97.6% and Grade B office at 98.2% Tokyo Central 5 Wards Grade A Rent and Occupancy Tokyo Central 5 Wards Grade B Rent and Occupancy 100.0% 97.8% 97.4% 97.7% 98.2% 30,00 .0% 96.5% 97.2% 97.5
Slide 24: Additional Information
2 BLUE STREET, SYDNEY 05 Additional Information 24
Slide 25: Continued Focus on ESG Excellence to Attract Quality Tenants
Continued Focus on ESG Excellence to Attract Quality Tenants Sustainable ESG Benchmarks and Future Ready Portfolio Sustainability with • MSCI ESG Rating ESGatExcellence maintained ‘A’ Focused Funding • ISS Governance Risk Rating maintained at lowest risk level of “1” and ESG Corporate Rating maintai
Slide 26: Attributable NPI by Property
Attributable NPI by Property 1H 2025 1H 2024 % % $’000 $’000 Breakdown of Attributable NPI Ocean Financial Centre 36,773 19.1 37,841 21.0 by Geography (For 1H 2025) Marina Bay Financial Centre 56,711 29.5 53,814 29.9 One Raffles Quay 23,040 12.0 22,568 12.5 Keppel Bay Tower 15,188 7.9 13,524 7.5 Sin
Slide 27: Portfolio Information: Singapore
Portfolio Information: Singapore As at Marina Bay Financial Ocean Financial Centre One Raffles Quay Keppel Bay Tower 30 Jun 2025 Centre(4) Attributable NLA 696,506 sf 1,017,542 sf 442,486 sf 386,224 sf Ownership 79.9% 33.3% 33.3% 100.0% The Executive Centre, DBS Bank, TikTok, Keppel, Principal tenan
Slide 28: Portfolio Information: Australia, South Korea & Japan
Portfolio Information: Australia, South Korea & Japan As at 8 Chifley Pinnacle Office 8 Exhibition Victoria Police David Malcolm 255 George 2 Blue Street, T Tower, KR Ginza II, 30 Jun 2025 Square, Park, Street(3), Centre, Justice Centre, Street, Sydney Sydney Seoul Tokyo Sydney Sydney Melbourne Melb
Slide 29: 1H 2025 Portfolio Performance
1H 2025 Portfolio Performance (By Attributable Committed NLA) As at 30 Jun 2025: Leases Committed by Geography (1) Leases Committed by Type (1) Rent Review, 8.9% 95.9% By Portfolio committed By Australia, Singapore, Attributable New, occupancy Attributable 25.5% Renewal, 70.7% Committed 24.7% Commit
Slide 30: Established and Diversified Tenant Base
Established and Diversified Tenant Base (By Attributable Committed NLA) • Keppel REIT has a diversified tenant base of 494(1) • Top 10 tenants occupy 35.5% of attributable committed tenants, many of which are established blue-chip NLA corporations Top 10 Tenants Tenant Business Sector % State of Vic
Slide 31: 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 through strategic acquisitions and divestments Portfolio • Provide income stability and long-term capital appreciation of portfolio, anchored Opti
Slide 32: Well-Executed Portfolio Optimisation Strategy
Well-Executed Portfolio Optimisation Strategy Expanded footprint Expanded footprint to Australia: to Japan: Expanded footprint 77 King Street (100%), Sydney, and KR Ginza II (98.5%), to South Korea: 275 George Street (50%), Brisbane Tokyo Acquired T Tower (99.4%), Seoul - David Acquired Malcolm Acqu
Slide 33: Thank you
Thank you 33
Slide 34: 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