Slide 1: 1H 2026 Financial Results
1H 2026 Financial Results 30 July 2026
Slide 2: Content
Content 01 02 03 Address Financial Appendices by CEO highlights Information in this presentation should be read in conjunction with the glossary contained herein. © Keppel 2
Slide 3: Address by CEO
01 Address by CEO 3
Slide 4: Growing the New Keppel
Growing the New Keppel We delivered strong earnings growth for the New Keppel and achieved our FUM target ahead of schedule. The New Keppel’s Net Profit Funds under Management Asset Monetisation (YTD) $530m $106b c.$1.7b Increased significantly by FUM at end-Jul 2026 surpassed the Advancing towards
Slide 5: Robust earnings growth
Robust earnings growth The New Keppel’s net profit increased significantly by 25% yoy • Recurring income: $467m in 1H26, 13% higher than $414m in 1H25 25% • Sponsor stakes & co-investments (SSCI): $530m Contributed $175m to earnings, significantly higher than $424m $18m in 1H25 349 SSCI reported sep
Slide 6: Improved financial position
Improved financial position Total free cash flow swung from outflow to inflow Rewarding shareholders Including: 1H26 interim cash dividend: $0.15/share, $570m • Operating activities $97m unchanged yoy • Investing activities $473m Share buyback: 34.2 million shares worth ($48m) $356m repurchased sinc
Slide 7: Accelerating asset monetisation
Accelerating asset monetisation Working towards substantially monetising our $13.7bi Non-Core Portfolio by 2030. Property assets: Announced monetisation: $473m including assets across Singapore and the region c.$1.7b YTD advancing towards Legacy rigs: 2026 target of $2-3b c.$1.2b from monetising six
Slide 8: Reached a new inflection point with over $100b FUM
Reached a new inflection point with over $100b FUM Accelerating the growth of Keppel’s asset management business with greater scale, a stronger track record and growing investor confidence. ➜ FUM surpassed $100b year-end target, ➜ Driving further growth ➜ FUM target: ahead of schedule • Drive growth
Slide 9: Integrated ecosystem for digital infrastructure
Integrated ecosystem for digital infrastructure Keppel’s integrated ecosystem has become a key differentiator, boosting our fundraising efforts and supporting the next phase of growth. Global asset manager with deep cross-value chain capabilities Originate Create alphas Offer LP access differentiate
Slide 10: Powering AI-driven growth sustainably
Powering AI-driven growth sustainably We are supporting the growing energy needs of AI and digitalisation, while creating a stable flow of differentiated investment opportunities. Proprietary projects across energy transition & infrastructure Decarbonisation Keppel Sakra Cogen Plant Singapore’s firs
Slide 11: Delivering critical digital infrastructure and solutions
Delivering critical digital infrastructure and solutions AI-ready data centres & technology solutions Subsea cable systems Reliable, low-carbon energy integrated with Bifrost Cable System: 5 fibre pairs fully commercialised cooling and water solutions enables AI-ready hyperscale DCs such as Keppel D
Slide 12: Creating value through asset-light growth
Creating value through asset-light growth Hanoi Centre Keppel’s first retail mall in Hanoi, opened in Jul 2026 Demonstrates Keppel's asset-light model Harnessing operating capabilities to create scalable investment opportunities Master lease agreement, without Repositioned asset through active Creat
Slide 13: Update on M1
Update on M1 • Continue to explore consolidation opportunities needed for Singapore’s telco sector • In the meantime, we are focused on strengthening M1’s performance and value Three-year plan to raise productivity & structurally reset cost base: Positioning M1 to capture the full upside from future
Slide 14: Conclusion
Conclusion The New Keppel delivered strong performance with significant contributions from Infrastructure Division and SSCI Scaled asset management platform, with FUM surpassing $100b Strong progress in asset monetisation, with clear pathway to monetisation of legacy rigs Well positioned to capture
Slide 15: Financial highlights
02 Financial highlights 15
Slide 16: Overview of 1H26 results
Overview of 1H26 results • Net profit was $155m, 59% lower than 1H25 of $378m Net profit • Annualised ROE decreased to 3.6% from 7.2% in 1H25 59% $378m $155m • Net debt to EBITDA increased to 6.7x from end-Dec 2025 of 5.8x • Free cash inflow of $570m in 1H 2026 vs outflow of $48m in 1H25 530 424 • E
Slide 17: Segmental results – Non-Core Portfolio for Divestment
Segmental results – Non-Core Portfolio for Divestment • Net loss of $375m in 1H26 Non-Core net loss • Legacy O&M: net loss in 1H26 due to rig impairments, including recycling of foreign currency translation loss, net of write-backs ($46m) in cost provisions, interest costs attributable to legacy rig
Slide 18: Overview of 1H26 results – New Keppel
Overview of 1H26 results – New Keppel (excluding Non-Core Portfolio for Divestment) Net profit by segment • Net profit increased 25% yoy to $530m 25% • Excluding loss from dividend in-specie of KREIT units (DIS loss), all three segments are profitable, with higher earnings from $530m Infrastructure
Slide 19: Horizontal reporting
Horizontal reporting (excluding Non-Core Portfolio for Divestment) Net profit Net profit • Recurring income: 13% higher at $467m 25% $530m 25% $530m • Fund Management & Investment: $247m $424m 129 $424m net profit, more than doubled 1H25 led 80 349 by SSCI 405 414 467 175 18 • Operating Platform: $3
Slide 20: 1H 2026 net profit by segment (horizontal reporting)
1H 2026 net profit by segment (horizontal reporting) Fund Management & Investment Operating Platform Net Profit ($’m) Asset Management Investing (SSCI) Infrastructure 21 178 339 538 102% - Operational 21 27 339 387 - Valuation & Divestment – 151 – 151 Real Estate 36 (58)i 3 (19) (4%) - Operational 3
Slide 21: Segmental results – Infrastructure
Segmental results – Infrastructure • Net profit was $538m, 55% higher than 1H25 of $346m Infrastructure net profit • Asset Management: Higher asset management fee revenue and acquisition fees, 55% partly offset by higher costs and absence of divestment fees $538m • SSCI: Gains from disposals of part
Slide 22: Segmental results – Real Estate
Segmental results – Real Estate • Net loss of $19m, compared to 1H25 net profit of $98m. Excluding DIS loss, Real Estate net profit segment was profitable at $32m $98m • Asset Management: Lower contribution from Aermont arising from change in 61 Fund V fee basis as it reaches end of investment perio
Slide 23: Segmental results – Connectivity
Segmental results – Connectivity Connectivity net profit • Net profit was $77m, 54% higher than 1H25 of $50m • Asset Management: Higher management fee revenue following acquisitions by 54% $77m Keppel DC REIT & fund raised by Keppel DC Fund III, partly offset by higher costs 7 $50m • SSCI: Gains fro
Slide 24: Appendices - Operational updates
03 Appendices -Operational updates 24
Slide 25: Fund management platform
Fund management platform FUM reached $106b as at end-Jul 2026, exceeding the $100b target ahead of schedule. Funds under Management Asset Management Fees Dry powder: $15b as at Jun 2026 1H26 annualised Fee-to-FUM: 47bps $13b $200m $93b $195m $91b 27 31 12 15 FUM raised across Infrastructure, Real Es
Slide 26: Trusted partner for global institutional capital
Trusted partner for global institutional capital Investor type Source of capital by geography Pension Sovereign Funds: Wealth 48.5% Funds: 31.5% North Europe: America: 29.9% Middle 24.9% East: Asia 15.3% Pacific: Financial Institutions: 29.9% 7.4% Endowments: Others: 5.5% 7.1% © Keppel Note: The per
Slide 27: List of REITs/Trust
List of REITs/Trust As at end-Jun 2026 Listed Market No of Keppel’s Market value of No FUM Geographic presence REITs/Trust capitalisation assets stake Keppel’s stake Singapore, Australia, 1 Keppel REIT $4.3b $11.8b 14 33.6% $1,434m South Korea, Japan Singapore, Australia, China, Malaysia, Germany, I
Slide 28: List of private funds
List of private funds As at end-Jun 2026 Carrying value of Keppel’s No Funds / SMAs Vintage FUMi sponsor stakes & co-investmentsii Infrastructure 1 Keppel Asia Infra Fund (KAIF) 2020 2 Keppel Infrastructure Fund* 2025 3 Keppel Private Credit Fund 2015 $9.8b $1,180m 4 Keppel Private Credit Fund II 20
Slide 29: List of private funds (Cont.)
List of private funds (Cont.) As at end-Jun 2026 Carrying value of Keppel’s No Funds / SMAs Vintage FUMi sponsor stakes & co-investmentsii Real Estate 1 Keppel Asia Macro Trends Fund III, IV Since 2016 2 Keppel SUR Strategy* 2025 3 RE Separate Mandate Accounts Since 2017 4 Keppel Education Asset Fun
Slide 30: Infrastructure Division updates
Infrastructure Division updates Power Portfolio Mixi Decarbonisation & Integrated Power Business 14% Sustainable Solutions 15% $356m $70m 29% 1H26 EBITDA grew 9% yoy, with KSC’s 52% 1H26 EBITDA increased 1-month contribution offsetting softer spark slightly yoy spreads and ME conflict-related cost i
Slide 31: Infrastructure Division updates
Infrastructure Division updates Decarbonisation & Sustainable Solutions Long-term contracts providing revenue visibility over 10-15 years 3.7x $15b Book-to-bill ratio Pipeline of bids, tenders & (trailing twelve months) proprietary developments 2.4x $8.0b $7.1b $6.0b Updates on IWMFi projects: $4.3b
Slide 32: Real Estate Division updates
Real Estate Division updates As at end-Jun 2026 • Announced $473m of real estate Residential landbank Units % monetisation across Singapore and Singapore 92 1% region in YTD 2026 China 13,736 43% Vietnam 10,109 32% • Achieved $36m in total Real Indonesia 4,430 14% Estate-as-a-Service revenue in 1H26
Slide 33: Connectivity Division updates
Connectivity Division updates Keppel has a premier portfolio of 37 data centres across Asia Pacific and Europe, with a gross power capacity of 840 MWi. As at end-Jun 2026 • Floating Data Centre project construction in progress Owned by Keppel DC Owned/Developed by Data centre portfolio REIT Keppel &
Slide 34: Asset monetisation programme
Asset monetisation programme Announced since the start of asset monetisation Asset monetisation announced in YTD 2026 Country Value ($m) programme in Oct 2020 Period Value ($m) 86.83% stake in Keppel Philippines Properties, Inc. Philippines 10 2020 1,238 i12 Katong Singapore 372 2021 1,666 Rigco’s s
Slide 35: Appendices - Additional financial information
03 Appendices -Additional financial information 35
Slide 36: Financial highlights
Financial highlights $m 1H26 1H25 % Change Revenue 3,807 3,057 25 Operating Profit 174 617 (72) EBITDA 619 850 (27) Profit Before Tax 263 539 (51) Net Profit 155 378 (59) EPS (cents) 8.5 20.8 (59) © Keppel 36
Slide 37: Recurring income
Recurring income Recurring income by source Recurring income by segment 13% 13% $467m $467m $414m $414m 44 24 36 41 347 325 349 387 18 48 71 72 1H25 1H26 1H25 1H26 Asset Management Investing (SSCI) - Operational Infrastructure Real Estate Connectivity Operating Platform - Operational © Keppel 37
Slide 38: Infrastructure Segment
Infrastructure Segment $m 1H26 1H25 % Change Revenue 2,544 2,007 27 Operating Profit 551 386 43 EBITDA 631 424 49 Profit Before Tax 615 407 51 Net Profit 538 346 55 © Keppel 38
Slide 39: Real Estate Segment
Real Estate Segment $m 1H26 1H25 % Change Revenue 97 95 2 Operating Profit (31) 101 n.m.f. EBITDA 29 170 (83) Profit Before Tax (10) 119 n.m.f. Net Profit (19) 98 n.m.f. © Keppel n.m.f. denotes No Meaningful Figure 39
Slide 40: Connectivity Segment
Connectivity Segment $m 1H26 1H25 % Change Revenue 682 353 93 Operating Profit 32 46 (30) EBITDA 111 81 37 Profit Before Tax 91 63 44 Net Profit 77 50 54 © Keppel 40
Slide 41: Non-Core Portfolio for Divestment Segment
Non-Core Portfolio for Divestment Segment $m 1H26 1H25 % Change Revenue 518 626 (17) Operating Profit (327) 142 n.m.f. EBITDA (107) 228 n.m.f. Profit Before Tax (382) 3 n.m.f. Net Profit (375) (46) >+500 © Keppel n.m.f. denotes No Meaningful Figure. 41
Slide 42: Non-Core Portfolio for Divestment
Non-Core Portfolio for Divestment • Non-Core Portfolio for Divestment carrying value as at 1H26 Non-Core Portfolio for Divestment was $13.7b • 53% comprises Property related assets, followed by 31% Legacy $2.2b offshore & marine (O&M) assets and 16% Investments, M1 Telco (16%) & Others • Property re
Slide 43: Net profit by segment
Net profit by segment $m 1H26 1H25 % Change Infrastructure 538 346 55 Real Estate (19) 98 n.m.f. Connectivity 77 50 54 Corporate Activities (66) (70) (6) Subtotal 530 424 25 Non-Core Portfolio for Divestment (375) (46) >+500 Total 155 378 (59) © Keppel n.m.f. denotes No Meaningful Figure 43
Slide 44: 1H 2025 net profit by segment (horizontal reporting)
1H 2025 net profit by segment (horizontal reporting) Fund Management & Investment Operating Platform Net Profit ($’m) Asset Management Investing (SSCI) Infrastructure 16 4 326 346 82% - Operational 16 7 326 349 - Valuation & Divestment – (3) – (3) Real Estate 41 (4) 61 98 23% - Operational 41 (4) 4
Slide 45: Free cash flow
Free cash flow 1H26 1H25 New Non-Core New Non-Core $m Total Total Keppel Portfolio Keppel Portfolio Operating profit 501 (327) 174 475 142 617 Depreciation & other non-cash items 22 357 379 (85) (151) (236) Working capital changes (160) (44) (204) (65) 214 149 Interest & tax paid (126) (126) (252) (
Slide 46: Appendices - Additional Real Estate information
03 Appendices -Additional Real Estate information 46
Slide 47: Residential Landbank
Residential Landbank As at end-Jun 2026 Remaining Remaining Total GFA Total Units Units Project Stake Tenure Units Area (sf) Units Launched Sold For Sale For Sale (sf) Singapore 19 Nassim* 100% 99-yr 99,629 101 101 93 8 4,970 Keppel Bay Plot 6 100% 99-yr 226,044 84 - - 84 220,054 325,673 185 101 93
Slide 48: Residential Landbank (Cont.)
Residential Landbank (Cont.) As at end-Jun 2026 Remaining Remaining Total GFA Total Units Units Project Location Stake Units Area (sm) Units Launched Sold For Sale For Sale (sm) China Waterfront Residences 100% 339,292 1,401 1,401 1,390 11 4,086 Wuxi Seasons Residences 100% 368,782 2,904 2,904 2,482
Slide 49: Residential Launch Readiness
Residential Launch Readiness As at end-Jun 2026 Units Ready to Launch Project Location 2H 2026 2027 2028 Vietnam Saigon Sports City Velona - - 604 Riviera Point ^ Phase 2 - 437 - Celesta ^ Celesta Rise - - 12 HCMC Celesta Heights - 600 152 Celesta Gold 400 38 - Celesta Avenue 2 - - Gladia By The Wat
Slide 50: Residential Launch Readiness (Cont.)
Residential Launch Readiness (Cont.) As at end-Jun 2026 Units Ready to Launch Project Location 2H 2026 2027 2028 China Waterfront Residences 11 - - Wuxi Seasons Residences 200 379 - North Island Site (UPED) 615 440 371 North Island Site (Mixed-use Devt) Tianjin 500 719 1,072 Waterfront Residences II
Slide 51: Expected Completion for Launched Projects
Expected Completion for Launched Projects As at end-Jun 2026 Total Units Launched as Units Sold as Units Remaining Expected Projects/Phases Launched Location Units at end-Jun 2026 at end-Jun 2026 as at end-Jun 2026 Completion China North Island Site (UPED Plot 84a-01) 1,157 1,157 771 386 2H2027 Nort
Slide 52: Expected Completion for Upcoming Projects
Expected Completion for Upcoming Projects As at end-Jun 2026 No. of Units Expected to be Completed Projects/Phases to be launched Location 2H 2026 2027 2028 Vietnam Celesta Heights - - 752 Celesta Gold HCMC - 438 - Gladia (High-rise) - 616 - Estiva Charm (landed) - 109 - Estiva Villa (landed) Hanoi
Slide 53: Commercial Projects - Under Development
Commercial Projects - Under Development As at end-Jun 2026 Expected Projects under Development Location Stake GFA (sm) Development Cost ^ Completion China Seasons City Tianjin 100% 80,300 TBC TBC Vietnam 92,370 (Office) 99,370 (Retail) Empire City HCMC 40% US$859m 2029 23,950 (Hotel) 32,320 (Service
Slide 54: Commercial Projects - Completed
Commercial Projects - Completed As at end-Jun 2026 Key Completed Projects Location Stake GFA (sm) Net Lettable Area (sm) Completion Singapore Keppel South Central Singapore 100% 60,370 48,500 2025 China Trinity Tower 30% 70,000 48,600 2015 International Bund Gateway 29.8% 74,130 62,010 2018 K Plaza
Slide 55: Sino-Singapore Tianjin Eco-City
Sino-Singapore Tianjin Eco-City Selling Price Sales Value Land Area GFA Plot Date Plot Ratio Based on Land Area Based on GFA (RMB’m) (Hectare) (sm) (RMB’m/hectare) (RMB/sm) Recent residential land sales Plot 56di Oct 2025 316 5.31 1.1 58,400 60 5,416 Plot 49 Jun 2024 167 2.00 1.5 30,005 83 5,566 Plo
Slide 56: Glossary
Glossary (Information in this presentation should be read in conjunction with this glossary.) Term Definition Asset Fees for providing management and other services to funds, listed REITs and Trust. Such fees include acquisition fee, management fee, Management Fees divestment fee and carry. It is ba
Slide 57: Glossary (Cont.)
Glossary (Cont.) (Information in this presentation should be read in conjunction with this glossary.) Term Definition Data Centre Portfolio’s Includes projects under development. Gross Power Capacity Data Centre Powerbank Capacity available for future data centre development. Dry Powder Gross value
Slide 58: Glossary (Cont.)
Glossary (Cont.) (Information in this presentation should be read in conjunction with this glossary.) Term Definition Horizontal Net profit analysis based on the New Keppel business model and nature of income. Reporting (HoR) Fund Management & Investment Operating Platform Asset Management Investing
Slide 59: Glossary (Cont.)
Glossary (Cont.) (Information in this presentation should be read in conjunction with this glossary.) Term Definition Legacy O&M Assets The legacy rigs held by the Rigco group, Seatrium shares, Floatel, and KrisEnergy. Net Debt to EBITDA Net debt is defined as borrowings and lease liabilities less c
Slide 60: 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