FY 2025 Annual Report

Annual Report 2025

VISION

To be the preferred infrastructure business trust, serving as the trusted partner to our stakeholders.

MISSION

Delivering value to investors by building a global well-diversified portfolio of sustainable businesses and assets in the infrastructure sector.

Environmental Services 27

Distribution & Storage 31

Digital Infrastructure 34

Financial Review 35

Investor Relations 38

Unit Price Performance 40

Significant Events in 2025 41

SUSTAINABILITY REPORT

Sustainability Framework and Highlights 43

Letter to Stakeholders 44

About This Report 47

Approach to Sustainability 48

Environmental Stewardship 59

Responsible Business 70

People and Community 76

GRI Content Index 86

IFRS S2 Content Index 89

OTHER INFORMATION

Statistics of Unitholdings 234

Financial Calendar 235

Corporate Information 236

Notice of Annual General Meeting 237

Proxy Form

Keppel Infrastructure Trust leverages a portfolio of essential businesses and assets to deliver sustainable, impactful solutions.

With a disciplined investment approach that captures opportunities in the resilient infrastructure sector, we align with secular

megatrends to enhance sustainable innovation.

We are harnessing momentum through prudent capital management to generate robust and sustainable returns for Unitholders.

Capacity to treat

>35%

of Singapore's municipal incinerable waste

Processing

>421,000 m3/day

more than 20% of

Singapore's water supply

Renewables exposure

~1,300 MW

of renewable energy

capacity in Europe

City Energy

1.6 million m3/day capacity

Sole producer and retailer of piped town gas in Singapore with

>910,000 residential, commercial and industrial customers

Go by City Energy

~5,000 EV charging lots

Exclusive rights secured to extend electric vehicle (EV) charging services in private residential and mixed developments in Singapore

• Keppel Seghers Ulu Pandan NEWater Plant

• SingSpring Desalination Plant

• Keppel Marina East Desalination Plant

>421,000 m3/day

Water processing capacity

• Senoko Waste-to-Energy Plant

• Keppel Seghers Tuas Waste-to-Energy Plant

• Eco Management Korea

>3,500 tonnes/day

Waste incineration capacity in Singapore and

South Korea; Eco Management Korea owns

a landfill in Yeongnam

Energy Transition Environmental Services

Keppel Merlimau Cogen Plant

~1,300 MW

Power generation capacity supplying >10% of Singapore's electricity needs

Wind Farms Portfolio

With combined

Aramco Gas Pipelines Company

20-year

Lease-and-leaseback agreement supports the energy transition of the Saudi economy

German Solar Portfolio

529 MW

Ventura

>950 buses

The largest bus operator in Victoria, Australia, providing essential transport services in Melbourne

Ixom

Key local manufacturer and distributor

Of liquefied chlorine gas for water treatment in Australia, as well as supplier and distributor of key industrial and specialty chemicals in Australia and New Zealand

Distribution & Storage

740 MW capacity

Comprising four wind farms in Sweden and Norway and an offshore wind farm located in the North Sea off the coast of Germany

combined capacity

Across Germany with

~55,000 bundled solar

photovoltaic (PV) systems

Global Marine Group

Leading independent solutions provider

Operating six specialised vessels servicing the global subsea cable maintenance and installation market

Digital Infrastructure

2 KEPPEL INFRASTRUCTURE TRUST Annual Report 2025 3

Strategic Direction

Positioned to Capture Long-term Demand Driven by Secular Trends

1 Essential Infrastructure

Focus on essential infrastructure assets and businesses that provide stable cash flows with potential for long-term growth

2 Developed Geographies

Target assets and platforms in markets with developed legal and regulatory frameworks in Asia Pacific and Europe

Vertical Capabilities

Leverage Keppel's ecosystem and operating expertise as well as investing with an Environmental, Social and Governance (ESG) mindset

3 Invest in Sectors with

Rapid Urbanisation

Urban population growth drives demand for utilities, transportation and essential product distribution; emphasis on circular economy

Digitalisation and Growing AI Adoption

Global expansion in artificial intelligence (AI) underpins projected investment growth in fibre connectivity,

data centres, power generation and grid infrastructure

SECULAR TRENDS

Energy Transition and Climate Change

Decarbonisation initiatives drive investment in energy transition and other green infrastructure

STRATEGIES FOR SUSTAINED EARNINGS

Disciplined Investment and Capital Recycling to Build a Resilient Portfolio

Invest-divest-reinvest approach with discipline to build a resilient portfolio of essential assets and businesses with good cash flow in sectors where long term demand is underpinned by secular tailwinds

Execute planned growth strategies and optimisation initiatives. Leverage Keppel and local partner competencies to strengthen operating cash flows

Execute capital management priorities to deliver

stable distributions while supporting long term growth objectives

Sustainable Distribution Per Unit and Growth in Total Unitholder Return

Focus on delivering sustainable distributions and higher value to Unitholders

CAPITAL MANAGEMENT PRIORITIES

Cash Flow Growth

Drive revenue growth and operational cost efficiencies, thereby increasing cash flow

Liquidity

Ensure liquidity through capital recycling to unlock capital; complete refinancing ahead of debt maturity

Financing Cost & Optimal Risk-adjusted Returns

Manage average portfolio financing cost; maintain optimal levels of financial hedges to reduce volatility to portfolio

Capital Recycling

Realise mature assets and redeploy capital to Distribution Per Unit (DPU) accretive acquisitions or to reduce debt

Financial Flexibility; Balanced Capital Structure

Pursue accretive acquisitions through mixture of internal cash, debt, equity and capital for redeployment

Financial Highlights1

GROUP EBITDA ($ million) FUNDS FROM OPERATIONS ($ million)

2021

2022

2023

2024

2025

317.6

402.0

463.7

491.8

492.7

2021

2022

2023

2024

2025

198.8

232.3

255.7

277.8

326.1

DISTRIBUTABLE INCOME ($ million) DISTRIBUTION PER UNIT ($ cents)

2021

2022

2023

2024

2025

192.2

222.5

316.8

200.6

249.5

2021

2022

2023

2024

2025

3.78

3.82

6.197

3.90

3.94

1 The financial statements of Keppel Infrastructure Trust have been prepared in accordance with the historical cost basis, except as disclosed in the material accounting policy information and are drawn up in accordance with Singapore Financial Reporting Standards (International). Please refer to Note 2 in the Notes to Financial Statements for more detail.

2 Group EBITDA is calculated as profit before tax, excluding interest income, finance costs, depreciation and amortisation expenses. The reported EBITDA is before distribution to perpetual securities holders and excluding effects of any fair value changes of investments, impairment, unrealised foreign exchange differences and one-off transaction items.

3 FFO is calculated as profit after tax adjusted for reduction in concession/lease receivables, transaction costs, non-cash interest and current cash tax, maintenance capital expenditure, non-cash adjustments and non-controlling interests adjustments.

4 DI is FFO less mandatory debt repayment and other charges, credits or adjustments as deemed appropriate by the Trustee-Manager for the relevant period.

5 Based on Unit closing price of $0.49 and $0.45 on the last trading days of FY 2025 and FY 2024, respectively.

6 Based on net asset value before hedging and translation reserves.

7 DPU in FY 2023 was 3.86 cents, excluding a special distribution of 2.33 cents.

Corporate Profile

Keppel Infrastructure Trust (KIT) is the largest SGX-listed Infrastructure Business Trust1 since its trading commencement in 2015, externally managed by Keppel Infrastructure Fund Management Pte. Ltd. (the "Trustee-Manager") and sponsored by Keppel, a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity.

The Trustee-Manager strives to build a strong portfolio of essential businesses and assets in the infrastructure sector to underpin the long-term growth of distributions to KIT's investors and contribute to a sustainable future.

KIT's portfolio of businesses and assets serves a diverse group of global stakeholders and customers comprising

government agencies, multinational corporations, commercial and industrial enterprises, and retail consumers across Asia Pacific, Europe and the Middle East. Its Singapore-based portfolio comprises essential businesses spanning town gas production and retailing, waste treatment, water treatment and desalination. Its overseas assets include essential infrastructure assets and businesses in manufacturing and distribution of chlorine and specialty chemicals, transportation services, subsea cable solutions as well as renewables.

The Trustee-Manager executes active asset management and capital management activities alongside sustainability management, guided by robust corporate and sustainability governance frameworks to deliver long-term value for stakeholders.

Disciplined Investment and Capital Recycling

Sustainability

Proactive Asset Management

Active Capital Management

With sustainability at the core of its strategy, the Trustee-Manager will continue to grow and actively manage Keppel Infrastructure Trust's portfolio.

1 By enterprise value as at 31 December 2025.

Trust Structure

81.8%

18.2%

Global Marine Group9

46.7%

Ixom

100%

Ventura8

73.1%

Trust Deed

1 Kindle Energy Pte. Ltd. and Keppel Energy Pte. Ltd. hold 39% and 10% equity interest in Keppel Merlimau Cogen Plant respectively.

2 Part of a global consortium that acquired a 49% stake in Aramco Gas Pipelines Company (AGPC). KIT holds a minority and non-controlling interest in AGPC.

3 Jointly invested with Keppel Renewable Investments Pte. Ltd., Kommunal Landspensjonskasse and MEAG MUNICH ERGO AssetManagement GmbH to acquire a 49% stake in a diversified portfolio of operating onshore wind farms in Norway and Sweden from Fred. Olsen Renewables AS (FORAS); FORAS holds the remaining 51% interest.

4 Jointly invested with Keppel Renewable Investments Pte. Ltd. to acquire a 25% stake in a German offshore wind farm. Ørsted Wind Power A/S and Gulf International Holding Pte. Ltd. hold the remaining interests with 50% and 25% stakes respectively.

5 Joint investment with Equitix European II Holdco B S.àr.l., Equitix MA 22 Capital Eurobond Ltd. and Connectia Infrastructure Holdings S.àr.l to acquire a 90% stake in the German Solar Portfolio, pursuant to which KIT indirectly holds 45% effective interest. Enpal B.V. holds the remaining 10% interest.

6 While Keppel Infrastructure Holdings Pte. Ltd. holds the remaining 50% equity interest, KIT is entitled to the entire economic benefit from Keppel Marina East Desalination Plant.

7 Jointly invested with Keppel entities, with Keppel Asia Infrastructure Fund LP and Keppel EnServices Investment Pte. Ltd. holding 30% and 18% interests respectively.

8 24.6% interest is held by private investment funds managed by Samsung Asset Management. The other 2.3% interest is held by Millview Manor Pty. Ltd., the trustee for the Andrew Cornwall Family Settlement, which is a Trust under which the beneficiaries are family members of Andrew Cornwall.

9 53.3% interest is held by Pangea Midco Pte. Ltd., whereby 87.5% is indirectly held by Keppel Infrastructure Fund, LP (KIF) and 12.5% held by a co-investor of KIF.

OVERVIEW

Our Presence

Norway & Sweden

United Kingdom

Germany

South Korea

Kingdom of Saudi Arabia

Keppel Infrastructure Trust is the largest SGX-listed Infrastructure Business Trust1 underpinned by a diversified portfolio of essential businesses and assets across four segments, namely Energy Transition,

Environmental Services, Distribution & Storage

and Digital Infrastructure.

Singapore

Australia

ASSETS UNDER MANAGEMENT2

$9.1b

BUSINESSES AND ASSETS2

15

New Zealand

1 By enterprise value as at 31 December 2025.

2 Assets under management as at 31 December 2025 is based on independent valuation conducted by Deloitte & Touche Financial Advisory Services Pte Ltd and PricewaterhouseCoopers Advisory Services Pte Ltd (except for Global Marine Group which is based on the enterprise value at acquisition). Represents KIT's economic interests in the enterprise value of its investments plus cash held at the Trust.

ASSETS UNDER MANAGEMENT BY SEGMENTS2 (%)

as at 31 December 2025

Energy Transition

Environmental Services Distribution & Storage Digital Infrastructure

57.0

9.0

31.0

3.0

ENERGY TRANSITION

Singapore

• City Energy

• Keppel Merlimau Cogen Plant

  Germany

• Borkum Riffgrund 2

• German Solar Portfolio

  Norway & Sweden

• European Onshore Wind Platform

  Kingdom of Saudi Arabia

• Aramco Gas Pipelines Company

  ENVIRONMENTAL SERVICES

  Singapore

• Senoko Waste-to-Energy (WTE) Plant

• Keppel Seghers Tuas WTE Plant

• Keppel Seghers Ulu Pandan NEWater Plant

• SingSpring Desalination Plant

• Keppel Marina East Desalination Plant

  South Korea

• Eco Management Korea

  DISTRIBUTION & STORAGE

  Australia & New Zealand

• Ixom

• Ventura

  DIGITAL INFRASTRUCTURE

  United Kingdom

• Global Marine Group

OVERVIEW

Chairman's Statement

DANIEL EE, Chairman

DEAR UNITHOLDERS,

On behalf of the Board and management of the Trustee-Manager, I am pleased to present the Annual Report of Keppel Infrastructure Trust (KIT) for the financial year ended 31 December 2025 (FY 2025).

2025 marked the 10th anniversary of KIT's formation through the combination of K-Green Trust and CitySpring Infrastructure Trust. Since the combination, KIT has delivered total Unitholder return of 96%. Building on a combined infrastructure investment and management track record of over 18 years, KIT continues to grow through active acquisitions and value creation, anchored by its essential businesses and assets in developed markets across four segments - Energy Transition, Environmental Services, Distribution & Storage and Digital Infrastructure.

The Trustee-Manager's active portfolio management approach and defensive cash flows from its portfolio has allowed the Trust to successfully navigate significant market disruptions such as the COVID-19 pandemic.

STRONG PERFORMANCE IN FY 2025

In FY 2025, the Distributable Income (DI) for KIT was $249.5 million, up 24.4% year-on-year. The higher

DI was driven mainly by increased

contributions from City Energy, Ixom and Ventura, and included a cash surplus from Aramco Gas Pipelines Company (AGPC), which was substantially used for debt repayment at the Trust level.

Distribution Per Unit (DPU) to Unitholders remained stable at 3.94 cents, representing a yield of 8% based on the year end closing price of 49 cents, and translating into a total Unitholder return of 17.2% in 2025.

KIT's assets under management (AUM) increased to $9.1 billion as at 31 December 2025. The Trustee-Manager

continued to add value to the Trust, having unlocked over $300 million in net proceeds from capital recycling and deployed $120 million to acquire a 46.7% interest in Global Marine Group (GMG), marking KIT's entry into the Digital Infrastructure segment.

As at 31 December 2025, the gearing levels and interest coverage ratio for the Trust remained healthy at 39% and 7.6x respectively. With remaining net proceeds of about $180 million and ample debt headroom, the

Trust is well positioned with the financial flexibility to undertake further accretive acquisitions.

On the ESG front, the Trustee-Manager continued with its sustainability efforts across the portfolio, having met all targets for the year across the three pillars of its sustainability framework - Environmental Stewardship,

Responsible Business and People and Community. In addition, KIT achieved an 'A' rating in the MSCI ESG Ratings assessment, in recognition of the strong management of financial and industry-relevant ESG risks

and opportunities.

KIT received two industry awards last year, namely, the Overall Sector Winner and the top performer in shareholder returns over the past three years at The Edge Singapore Billion Club Awards 2025, and

the Singapore-Australia Business Alliance Award 2025 at the AustCham Singapore Business Awards 2025.

These achievements respectively

reflect KIT's disciplined focus on long-term value creation for Unitholders and its significant

contributions towards advancing sustainable infrastructure that support communities in Australia.

ENHANCED PORTFOLIO FOR GROWTH AND RESILIENCE

The Trustee-Manager has continued to advance its value creation

and asset recycling strategies, with initiatives across key portfolio

10 KEPPEL INFRASTRUCTURE TRUST Annual Report 2025 11

OVERVIEW

Chairman's Statement

businesses such as City Energy and Ixom driving a steady increase in their DI contributions over time.

KIT divested Philippine Coastal Storage and Pipeline Corporation on 20 March 2025, having grown the asset EBITDA by more than 80% through the successful execution of portfolio optimisation strategies since the platform's acquisition

in 2021. Aggregated with the sale of a partial stake in Ventura in

August 2025, both transactions yielded net proceeds of $301 million for

re-deployment into accretive assets or businesses with stable cash flow.

KIT's DI continues to be anchored by essential businesses and assets in developed markets across its four segments. FY 2025 saw stable operations for KIT's assets and businesses in the Energy Transition segment. Funds from Operations (FFO) for the segment increased

to $283 million, and the DI post-debt repayment and add-backs of debt-funded capital expenditure increased to $187 million. FFO for the Environmental Services segment was $46 million, and the DI post-debt repayment and add-backs of debt-funded capital expenditure amounted to $44 million. FFO

for the Distribution & Storage segment increased to $99 million, and the DI post debt repayment and add-backs of debt-funded capital expenditure increased

to $116 million.

In Digital Infrastructure, global demand for subsea cable connectivity continues to be driven by strong structural tailwinds especially with the rising adoption of artificial intelligence (AI) globally. KIT's acquisition of a 46.7% interest in Global Marine Group (GMG) allows it to establish a foothold in the subsea cable market and capitalise on the

positive demand and supply dynamics in the subsea services industry.

GMG is one of the world's largest independent subsea cable solutions providers with highly predictable and defensive cash flows, backed by long-term maintenance zone

contracts and charter contracts with a broad base of top-tier customers.

STRATEGIES FOR SUSTAINED EARNINGS

KIT's portfolio is well-positioned to capture opportunities from the long-term structural trends of

energy transition, rapid urbanisation, digitalisation and growing AI adoption.

The focus will continue to be on essential infrastructure assets and platforms that provide stable cash flows and potential for long-term growth, located in developed markets in APAC and Europe where strong legal and regulatory frameworks are in place, in sectors where operational

DISCIPLINED INVESTMENT TRACK RECORD

DISTRIBUTABLE INCOME

($'000) 360

300

240

180

120

60

0

Total

FY 2018

141 -

-

141

FY 2019

153

36 -189

FY 2020

158

68 -226

FY 2021

133

59 -192

FY 2022

144

79 -223

FY 2023

108

110

99

317

FY 2024

90

111 -201

FY 2025

81

169 -250

• Achieved growth in DI and stronger quality of earnings through acquisition and value creation initiatives, replacing declining income from concession expiries.

1 FY 2018 KIT portfolio comprised City Energy, Keppel Merlimau Cogen Plant, Senoko and Tuas Waste-to-Energy Plant, Ulu Pandan NEWater Plant and Singspring Desalination Plant.

2 DI is defined as funds from operations less mandatory debt repayment and other charges, credits or adjustments as deemed appropriate by the Trustee-Manager.

expertise lie either in the wider Keppel ecosystem or in partnering experienced local teams on the ground.

The Trustee-Manager will continue to evaluate KIT's portfolio on an ongoing basis to recycle capital from divested assets for redeployment into accretive assets or businesses with stable

cash flow.

Cash flow stability for the portfolio remains a key priority, and in the next stage of value creation for KIT, the Trustee-Manager will press on with its proven capital recycling approach to (i) invest, divest and reinvest with discipline to build a resilient portfolio with strong underlying cash flows,

(ii) strengthen the operating cash flows for existing assets and businesses by driving value creation initiatives and capitalising on sector-specific growth drivers and (iii) employ active capital management to support sustainable distributions and continued growth in Unitholder returns.

This entails working closely with the respective operating teams from the evergreen businesses, namely City Energy, Ixom, Ventura,

Eco Management Korea and GMG, to execute the planned growth strategies to enhance operating earnings.

IN APPRECIATION

I will be stepping down as Chairman of the Trustee-Manager on 29 April 2026 following the upcoming Annual General Meeting, and am pleased that

Mr Khor Poh Hwa, Independent Director and member of the Nominating and Remuneration Committee and Investment Committee will be succeeding me as Chairman.

As the first Chairman of the Trustee-Manager from 11 February 2010 to

1 May 2015, Poh Hwa played a significant role in the formative years of K-Green Trust before it was combined with CitySpring Infrastructure Trust. Since rejoining the Board in July 2024,

Poh Hwa has further strengthened the Board with his deep experience

in infrastructure, gained over three decades. I am confident that the Board and leadership team will continue to deliver sustainable

growth and value to our Unitholders under his chairmanship.

It has been a privilege to serve first as independent director then as Chairman during a transformative decade for the Trust. We navigated a global pandemic, heightened geopolitical tensions, shifting macroeconomic conditions and volatile markets while steadily expanding and strengthening our

portfolio. Through disciplined capital allocation, prudent risk management and an unwavering commitment to sustainable value creation, the Trust has grown both in scale and cash flow resilience, delivering strong total returns to Unitholders.

On behalf of the Board and management, I would like to thank our Unitholders, customers, and business partners

for your continued support for KIT. I would also like to express my sincere appreciation to my fellow Board members, the management team, and all employees for

their unwavering dedication and contributions always with a Can Do spirit. I am proud of the strong foundation we have built and

am confident that the Board

and leadership team will continue to advance the Trust's strategic priorities with clarity and discipline, positioning KIT for long-term growth

and stability as it delivers sustainable value to our Unitholders.

Yours sincerely,

DANIEL CUTHBERT EE HOCK HUAT

Chairman

17 March 2026

Annual Report 2025 13

OVERVIEW

The Board and Management of Keppel Infrastructure Fund Management Pte. Ltd., as Trustee-Manager of Keppel Infrastructure Trust, are fully committed to

HIGHLIGHTS

upholding good corporate governance standards. BOARD

CORPORATE GOVERNANCE POLICIES

The Trustee-Manager adopts the Code of Corporate Governance 2018 issued by the Monetary Authority of Singapore on 6 August 2018,

as amended from time to time (the "2018 Code") as its benchmark for

corporate governance policies and practices. The Trustee-Manager

is pleased to share that Keppel Infrastructure Trust (KIT) has complied with the principles of the 2018 Code and complied in all material aspects with the provisions and practices in the 2018 Code. Where there are deviations from the provisions of the 2018 Code, appropriate explanations have

been provided in this Annual Report. Please refer to pages 200 to 230 for

BOARD COMPOSITION DASHBOARD

TENURE

<3 years 3-6 years >6 years

INDEPENDENCE

Independent Directors

Non-Independent Directors

BOARD GENDER DIVERSITY

Female Male

AGE PROFILE

50-59 years

60-69 years

Independent Chairman

Approximately 43% Female Directors

more information on the corporate governance policies of KIT and the

Trustee-Manager.

RISK MANAGEMENT AND INTERNAL CONTROLS

Identifying and managing risks is central to the business of KIT and to protecting our Unitholders' interests and value. KIT is committed to a balanced approach to risk management to optimise returns, while

taking into consideration business risks, including sustainability-related risks. The macroeconomic, market and business risks and respective mitigating measures reviewed by the Board include, but are not limited to, the following categories of risks: investment and divestment, financial, operational, health and safety, regulatory compliance, climate change and cybersecurity.

HOW KEPPEL INFRASTRUCTURE TRUST COMPLIES

WITH THE CORPORATE GOVERNANCE CODE

ATTENDANCE TABLE

Board Meetings

Attended

Audit and Risk Committee Meetings Attended

Nominating and Remuneration Committee Meetings Attended

Board Environmental,

Social and Governance Committee Meetings Attended

70-79 years

Investment Committee Meetings Attended

Unitholder Meeting(s) Attended

Board Competencies

• Accounting

• Finance

• Business/Entrepreneurship

• Corporate Finance

• Corporate Governance

Page

1. Board Matters 200

2. Remuneration Report 209

3. Accountability and Audit 213

4. Unitholder Rights, Conduct of Unitholder Meeting(s) and Engagement with Unitholders and Stakeholders 217

5. Policies

Daniel Cuthbert Ee Hock Huat 7 4 2 - 2 2

Mark Andrew Yeo Kah Chong1 2 1 2 - - 1

• Digital Technology

• Human Resource

• Industry Knowledge

• Legal

• Mergers & Acquisitions

  Directors' and Key Management Personnel Remuneration Policy 210

  Insider Trading and Dealing in Securities Policies 219

  Whistle-Blower Policy 226

  Khor Poh Hwa2	7	-	1	2	2	2
  Eng Chin Chin3	6	3	-	2	-	2

  • Risk Management

  • Strategic Planning

  No. of Meetings held in FY 2025 7 4 2 4 2 2

  1 Mr Mark Andrew Yeo Kah Chong stepped down as Non-Executive Independent Director on 15 April 2025 and accordingly, ceased to be the Chairman of the Audit and Risk Committee and member of the Nominating and Remuneration Committee with effect from 15 April 2025. Mr Mark Andrew Yeo Kah Chong had attended all the Board, Audit and Risk Committee and Nominating and Remuneration Committee meetings held prior to 15 April 2025.

  2 Mr Khor Poh Hwa ceased to be a member of the Board Environmental, Social and Governance (ESG) Committee and was concurrently appointed as a member of the Nominating and Remuneration Committee and Investment Committee with effect from 20 February 2025. Mr Khor Poh Hwa had attended all the relevant Board, Nominating and Remuneration Committee, Investment Committee and Board ESG Committee meetings held in FY 2025.

  3 Ms Eng Chin Chin was appointed as Non-Executive Independent Director and a member of the Audit and Risk Committee and Board ESG Committee with effect from 20 February

  2025. Ms Eng Chin Chin had attended all the Board, Audit and Risk Committee and Board ESG Committee meetings held in FY 2025 following her appointment on 20 February 2025.

• Sustainability and Renewable Energy

Board of Directors

Board Committees

A

Audit and Risk Committee

Nominating and Remuneration Committee Board Environmental,

Social and Governance Committee Investment Committee

N A I

DANIEL CUTHBERT EE HOCK HUAT, 73

Non-Executive Chairman and Independent Director

Date of first appointment:

18 May 2015

Date of last re-endorsement:

17 April 2023

Length of service

(as at 31 December 2025):

10 years 8 months

SUSAN CHONG SUK SHIEN, 56

Independent Director

Date of first appointment:

5 March 2021

Date of last re-endorsement:

23 April 2024

Length of service

(as at 31 December 2025):

4 years 10 months

BE

Board Committee(s) served on: Nominating and Remuneration Committee (Chairman);

Audit and Risk Committee (Member); Investment Committee (Member)

Academic & Professional Qualification(s): Bachelor of Science (Systems Engineering) (First Class Honours), University of Bath, UK; Master of Science (Industrial Engineering), National University of Singapore

Present Directorships (as at 1 January 2026):

Listed entities

Keppel Infrastructure Fund Management Pte Ltd (the Trustee-Manager of

Keppel Infrastructure Trust); Olive Tree Estates Limited;

Capitaland Ascendas REIT Management Limited (the Manager of Capitaland Ascendas REIT);

Tye Soon Limited

Other principal directorships

Singapore Mediation Centre

Major Appointments (other than directorships):

Investment Committee Member,

Keppel Asia Infra Fund (GP) Pte. Ltd. and Keppel Infra Fund GP Pte. Ltd.

Past Directorships held over the preceding 5 years (from 1 January 2021 to

31 December 2025):

Nil

Others:

Nil

Board Committee(s) served on: Board Environmental, Social and Governance Committee (Chairman)

Academic & Professional Qualification(s): Harvard Business School Owner/ President Management Programme;

Executive Master of Business Administration, National University of Singapore

Present Directorships (as at 1 January 2026):

Listed entities

Keppel Infrastructure Fund Management Pte. Ltd. (the Trustee-Manager of

Keppel Infrastructure Trust)

Other principal directorships SkillsFuture Singapore Agency (SSG); Greenphyto Pte Ltd;

Arber Pte Ltd; Learning Gateway Ltd

Major Appointments (other than directorships): Founder & Chief Executive Officer, Greenphyto Pte Ltd;

Chairman, Board of Governors (BOG), UOB-SMU Asian Enterprise Institute; Chairman, Learning Gateway Ltd

Past Directorships held over the preceding 5 years (from 1 January 2021 to

31 December 2025):

Singapore Gardens by the Bay;

Ministry of the Environment & Water Resources, National Environment Agency (NEA); Singapore Institute of Management (SIM) Group Limited;

Singapore Business Federation Foundation

Others:

Nil

SS

A BE

ADRIAN CHAN PENGEE, 61

Independent Director

Date of first appointment:

1 October 2022

Date of last endorsement:

17 April 2023

Length of service

(as at 31 December 2025):

3 years 3 months

Board Committee(s) served on:

Audit and Risk Committee (Chairman); Board Environmental, Social and Governance Committee (Member)

Academic & Professional Qualification(s):

LLB (Honours), National University of Singapore

Present Directorships (as at 1 January 2026):

Listed entities

Keppel Infrastructure Fund Management Pte. Ltd. (the Trustee-Manager of

Keppel Infrastructure Trust); Hong Fok Corporation Limited; First REIT Management Limited; Food Empire Holdings Limited; TeleChoice International Limited; HC Surgical Specialists Limited

Other principal directorships

Singapore Institute of Directors

Major Appointments (other than directorships): Senior Partner and Head of Corporate Department, Lee & Lee;

Member, Legal Service Commission

Past Directorships held over the preceding 5 years (from 1 January 2021 to

31 December 2025):

AEM Holdings Ltd.;

CapitaLand Ascendas REIT Management Limited (f.k.a. Ascendas Funds Management (S) Limited);

Best World International Limited; Yoma Strategic Holdings Ltd.

Others:

Nil

NG KIN SZE, 69

Independent Director

Date of first appointment:

1 June 2023

Date of last endorsement:

23 April 2024

Length of service

(as at 31 December 2025):

2 years 7 months

Board Committee(s) served on: Investment Committee (Member); Board Environmental, Social and Governance Committee (Member)

Academic & Professional Qualification(s): Bachelor of Engineering (Civil) First Class Honours, University of Auckland, New Zealand; Master of Science (Civil Engineering), National University of Singapore;

Master of Business Administration, INSEAD, France;

Chartered Financial Analyst, Institute of Chartered Financial Analysts, United States

Present Directorships (as at 1 January 2026):

Listed entities

Keppel Infrastructure Fund Management Pte. Ltd. (the Trustee-Manager of

Keppel Infrastructure Trust)

Other principal directorships

Nil

Major Appointments (other than directorships):

Private Equity Advisor to the

Fullerton Fund Management Company Ltd; Investment Committee Member,

Keppel Asia Infra Fund (GP) Pte. Ltd. and Keppel Infra Fund GP Pte. Ltd.

Past Directorships held over the preceding 5 years (from 1 January 2021 to

31 December 2025):

Nil

Others:

Nil

CHRISTINA TAN HUA MUI, 60

Non-Executive Director

Date of first appointment:

15 September 2016

Date of last re-endorsement:

15 April 2025

Length of service

(as at 31 December 2025):

9 years 4 months

Board Committee(s) served on: Investment Committee (Chairman); Nominating and Remuneration Committee (Member)

Academic & Professional Qualification(s): Bachelor of Accountancy (Honours), National University of Singapore;

CFA® Charterholder

Present Directorships (as at 1 January 2026):

Listed entities

Keppel Infrastructure Fund Management Pte. Ltd. (the Trustee-Manager of

Keppel Infrastructure Trust);

Keppel DC REIT Management Pte. Ltd. (the manager of Keppel DC REIT); Keppel REIT Management Limited (the manager of Keppel REIT)

Other principal directorships Keppel Capital Holdings Pte. Ltd.; Keppel Fund Management Limited

Major Appointments (other than directorships): Chief Executive Officer, Fund Management and Chief Investment Officer, Keppel Ltd.

Past Directorships held over the preceding 5 years (from 1 January 2021 to

31 December 2025):

Various subsidiaries and associated companies of Keppel Fund Management Limited and funds managed by

Keppel Fund Management Limited

Others:

Nil

Board of Directors

N I

KHOR POH HWA, 76

Independent Director

Date of first appointment:

1 July 2024

Date of last endorsement:

15 April 2025

Length of service

(as at 31 December 2025):

1 year 6 months

Board Committee(s) served on: Nominating and Remuneration Committee (Member); Investment Committee (Member)

Academic & Professional Qualification(s):

Bachelor of Engineering (Civil), University of Singapore

Master of Science (Civil Engineering), National University of Singapore

Present Directorships (as at 1 January 2026):

Listed entities

Keppel Infrastructure Fund Management Pte. Ltd. (the Trustee-Manager of Keppel Infrastructure Trust)

Other principal directorships Keppel Sakra Cogen Pte Ltd; Harmony Holdco Pte Ltd; Jilin Food Zone Pte Ltd;

Sino-Singapore Jilin Food Zone Development and Management Co., Ltd

Major Appointments (other than directorships):

Nil

Past Directorships held over the preceding 5 years (from 1 January 2021 to

31 December 2025):

Hock Lian Seng Holdings Limited

Others:

Nil

ENG CHIN CHIN, 62

SS

Independent Director

Date of first appointment:

20 February 2025

Date of last endorsement:

15 April 2025

Length of service

(as at 31 December 2025):

10 months

Board Committee(s) served on: Audit and Risk Committee (Member); Board Environmental, Social and Governance Committee (Member)

Academic & Professional Qualification(s):

Bachelor of Accountancy, National University of Singapore

Present Directorships (as at 1 January 2026):

Listed entities

Keppel Infrastructure Fund Management Pte. Ltd. (the Trustee-Manager of

Keppel Infrastructure Trust); M&C REIT Management Limited (the manager of CDL Hospitality Real Estate Investment Trust);

M&C Business Trust Management Limited (the trustee-manager of CDL Hospitality Business Trust);

NTT DC REIT Manager Pte. Ltd. (the manager of NTT DC REIT)

Other principal directorships Olam Agri Holdings Limited; Mediacorp Pte. Ltd.

Major Appointments (other than directorships):

Nil

Past Directorships held over the preceding 5 years (from 1 January 2021 to

31 December 2025):

Nil

Others:

Nil

OVERVIEW

The Trustee-Manager

KEVIN NEO, 45

Chief Executive Officer

Mr Kevin Neo was appointed Chief Executive Officer of the Trustee-Manager on 1 October 2023.

Mr Neo joined the Trustee-Manager in 2016 and was a senior member of the Trustee-Manager's investment team, leading several major investments (such as the acquisition of Ixom) and managing them thereafter, before he was appointed Deputy Chief Executive Officer of the Trustee-Manager in June 2023.

He has over 19 years of principal infrastructure and private equity investment, and corporate finance experience. He has invested across a wide range of infrastructure asset classes with over $10 billion of transaction and advisory experience in developed and emerging markets across Asia Pacific, Europe and the Middle East.

Before joining Keppel, he held mergers and acquisitions (M&A) advisory and investment positions in Samena Capital, PwC Corporate Finance and Singapore Power respectively.

Mr Neo holds a Bachelor of Business Administration from the National University of Singapore (NUS) and is a CFA® Charterholder. He received a scholarship from NUS and SembCorp Logistics in 2005.

Mr Neo's principal directorships include City Energy Pte Ltd (Chairman), One Eco Co., Ltd. (Chairman), Ventura Motors Pty Ltd (Chairman) and Ixom Holdings Pty Ltd.

RAYMOND BAY, 43

Chief Financial Officer

Mr Raymond Bay was appointed Chief Financial Officer of the Trustee-Manager with effect from 7 June 2024. He brings a cumulative 20 years of experience in

corporate finance and transaction advisory across debt and equity capital markets and investment banking.

He oversees the accounting and financial reporting, tax, capital raise, treasury management and compliance functions for the Trustee-Manager and KIT. Prior to his appointment, Mr Bay was Director, Transaction Advisory (Corporate Finance)

at Keppel Fund Management & Investment (Keppel), where he led capital raising and treasury management initiatives, including M&A funding strategies, for KIT and other listed entities within Keppel.

Before joining Keppel in 2018, Mr Bay held key positions in CIMB Investment Bank Malaysia and was subsequently seconded to Singapore to expand CIMB's debt capital market business.

Mr Bay holds a Masters Degree in Economics, Finance and Management from Bristol University, United Kingdom, and a First Class Honours, Bachelor of Accounting and Finance degree from Lancaster University, United Kingdom.

TAN JUN DA, 40

Director, Portfolio Management

Mr Tan joined the Trustee-Manager in 2025 as Director of Portfolio Management, where he is responsible for leading the

Group's portfolio strategy and optimisation efforts. In this role, he oversees portfolio construction, active portfolio management and capital allocation to ensure sustainable value creation and long-term growth for

KIT Unitholders.

He plays a key role in driving strategic initiatives including evaluating investment opportunities, enhancing asset performance and optimising risk-adjusted returns across the portfolio. Mr Tan also works closely with senior management on capital deployment strategies and portfolio rebalancing to strengthen the Group's financial resilience and competitive positioning.

Before joining Keppel, Mr Tan accumulated approximately 15 years of global investment experience in public and private markets, focusing on industrial, energy and carbon sectors. Mr Tan began his career at UOB

Kay Hian and later held various investment roles within Temasek Holdings.

Mr Tan holds a Bachelor of Business Administration from Nanyang Business School and is a CFA® charterholder.

OPERATIONS REVIEW

With a portfolio of critical businesses and assets, the Trustee-Manager is committed to achieving operational excellence, safeguarding public health and safety,

and achieving high levels of customer satisfaction.

ENVIRONMENTAL SERVICES

Essential infrastructure solutions that manage water, waste and environmental resources to protect public health and

the environment.

For more information, refer to pages 27 to 30

ENERGY TRANSITION

Supports the transition to a

low-carbon economy and furthering KIT's decarbonisation efforts.

For more information, refer to pages 23 to 26

DIGITAL INFRASTRUCTURE

Supports infrastructure investments

growth driven by accelerating global data consumption, rapid adoption of cloud infrastructure and AI.

For more information, refer to page 34

DISTRIBUTION & STORAGE

Critical infrastructure supporting economic activities.

For more information, refer to pages 31 to 33

OPERATIONS REVIEW

Portfolio Overview

The Trustee-Manager is committed to building and owning an optimal portfolio of stable assets and growth assets to achieve long-term growth in Distribution Per Unit.

The Trustee-Manager remained focused on growth and value creation, delivering strong operational performance across its businesses and assets. It also successfully executed its capital recycling

strategy and unlocked approximately

$300 million in net proceeds from the divestment of interests in Philippine Coastal Storage and

Pipeline Corporation (PCSPC) and a partial interest in Ventura. A portion of the net proceeds was redeployed into the acquisition of a 46.7% interest in Global Marine Group, one of the world's largest independent subsea cable solutions providers headquartered in the United Kingdom, providing mission-critical maintenance and

ASSETS UNDER MANAGEMENT BY SEGMENTS (%)

as at 31 December 2025

57.0

9.0

31.0

3.0

installation services for subsea cable

Total

$9.1 billion1

100.0

infrastructure. The transaction was completed on 25 November 2025 and marked KIT's entry into the Digital Infrastructure segment.

The fifth and final closing of the acquisition of a 45% stake in the German Solar Portfolio was completed in the first quarter of 2025. With this, the portfolio comprises approximately 55,000 bundled solar photovoltaic (PV) systems with a combined generation capacity of 529 MW.

The sale of the entire 50% equity stake in PCSPC was also completed in the first quarter, yielding divestment proceeds of approximately $192 million, at a gain of $21.7 million or 13%

over its net book value. Through the successful execution of asset optimisation initiatives, the EBITDA increased by over 80% over the investment period of about

three years from January 2021.

This was followed by the partial sale of a 24.6% stake in Ventura in the third quarter of the year, to private investment funds managed by Samsung Asset Management for

1 AUM as at 31 December 2025 is based on independent valuation conducted by

Deloitte & Touche Financial Advisory Services Pte Ltd and PricewaterhouseCoopers Advisory Services Pte Ltd (except for Global Marine Group which is based on the enterprise value at acquisition). Represents KIT's economic interests in the enterprise value of its investments plus cash held at the Trust.

A$130 million. The divestment yielded proceeds of approximately

$109 million, at a gain of $27.3 million or 33% over its net book value.

Post-completion, KIT continued to hold a 73.06% stake in Ventura.

The Trustee-Manager is committed to working with the Ventura management to strengthen and grow the business over time to generate stable, recurring and predictable cash flows for the Trust.

As at 31 December 2025, KIT's assets under management increased

1.1% year-on-year to $9.1 billion, anchored by essential businesses and assets in global developed markets across four segments, namely Energy Transition, Environmental Services, Distribution & Storage

and Digital Infrastructure.

Portfolio Overview

KEPPEL INFRASTRUCTURE TRUST PORTFOLIO

as at 31 December 2025

1 Keppel Seghers Ulu Pandan NEWater Plant has an overall capacity of 162,800 m3/day, of which 14,800 m3/day is undertaken by Keppel Seghers Engineering Singapore.

2 While Keppel Infrastructure Holdings Pte. Ltd. holds the remaining 50% equity interest, KIT is entitled to the entire economic benefit from KMEDP.

3 Ulu Pandan NEWater Plant has an overall capacity of 162,800 m3/day, of which 14,800 m3/day is undertaken by Keppel Seghers Engineering Singapore.

OPERATIONS REVIEW

Supports the transition to a low-carbon economy and furthering KIT's decarbonisation efforts.

• City Energy

• Keppel Merlimau Cogen Plant

• Aramco Gas Pipelines Company

• European Onshore Wind Platform

• Borkum Riffgrund 2

• German Solar Portfolio

DISTRIBUTABLE INCOME ($'000)

160,000

120,000

80,000

40,000

0

200,000

2024

2025

CITY ENERGY

Overview

As Singapore's sole producer and provider of piped town gas, City Energy continues to support the daily energy needs of more than 910,000 homes and businesses islandwide. Town gas is produced at Senoko Gas, the nation's only town gas plant, with a production capacity of 1.6 million m³ per day.

The facility operates three continuous reforming plants and five cyclic reforming plants, each capable of producing 200,000 m³ daily. Gas produced can be stored in two spherical gasholders or distributed through the national piped town

gas network to customers.

Alongside its core town gas operations, City Energy is strengthening infrastructure through equipment renewal, digital maintenance systems and trials of lower-carbon feedstock blends, supporting Singapore's energy

cross-border interoperability through new digital features. Sun City deepens its solar offerings for property developers and small and medium enterprises, while the Liquefied Petroleum Gas business undergoes further integration and modernisation to expand service capacity.

Together, these initiatives reinforce City Energy's mission to deliver reliable, safe and innovative energy solutions while advancing Singapore's transition toward a lower-carbon future.

Operating Review

City Energy contributed higher year-on-year Distributable Income (DI) of $63 million for FY 2025, reflecting stronger performance across its core operations.

In 2025, City Energy strengthened its core business with an increased market share in the residential gas

Total

50,994

36,971

40,974

2,302

8,001

7,321

146,563

63,303

26,669

82,097

1,425

2,154

11,677

187,325

transition. Its lifestyle sub-brand,

Life by City Energy, continues to expand smart home and Internet-of-Things solutions for households and businesses. Go by City Energy continues to grow its electric vehicle (EV) charging network across residential and commercial sites, enhancing

water heating addressable market to close to 20%, with potential for further growth. 96% of newly launched private developments had town gas access, of which 60% of units are equipped with gas water heaters. Total gas water heater sales in the residential market grew by about 55% year-on-year

to approximately 14,000 heaters. Under NEA's updated Mandatory Energy Labelling Scheme (MELS) framework, gas water heaters now carry a 4-tick rating. These heaters offer higher efficiency as compared to electric models - up to 80% lower carbon emissions and about $1,200 savings over the lifespan of the heater. City Energy's outreach to consumers through major media outlets helped raise market awareness on these advantages and consequent consumer take-ups.

In the commercial and industrial sector, growth was led by Food Manufacturing and Industrial customers despite challenges in F&B. Expansion of the town gas

network supported new developments such as Punggol Coast Mall and Geneo, while asset enhancement initiatives at City Square Mall, West Mall and Resorts World Sentosa added outlets. With tourism and population growth, City Energy remains cautiously optimistic to sustain 2026 town gas growth.

The Installation & Contract Services business achieved a 15% year-on-year increase in inspections, retaining

Town gas is produced by City Energy at Senoko Gasworks, Singapore's only town gas plant, with a production capacity of 1.6 million m3 per day.

its customer base while securing new accounts. Opportunities in Alterations and Additions (A&A) and rectification projects strengthened integrated offerings, which drove a threefold growth in private residential A&A for gas piping.

Go by City Energy secured exclusive rights to install EV charging points in approximately 5,000 car park lots

across 63 sites, of which 200 charging points have already been deployed. Go by City Energy also introduced the AutoCharge feature in the City Energy Go app, enhancing seamless

cross-border charging with access to 600 points in West Malaysia.

Among alternative businesses, Sun City tripled its asset base and built a commissioning pipeline of 5.8 MWp, while City-OG (joint venture with

Osaka Gas) secured its first boiler service customer.

City Energy advanced its hydrogen studies with Gentari, moving

from feasibility studies to a joint development on a potential pipeline from Malaysia, while also exploring alternative import pathways

for Singapore.

City Energy's commitment to safety was recognised at the 2025 Keppel Chairman's HSE Awards, with three accolades including the HSE Innovation Award (Bronze) and two HSE Excellence Awards.

ESG efforts continued with 100 volunteer hours, including packing 4,000 medical kits for dialysis patients, underscoring City Energy's dedication to community and sustainability.

KEPPEL MERLIMAU COGEN PLANT

Overview

Located on Jurong Island, KMC is a 1,300 MW combined cycle gas turbine generation facility.

Connected to Singapore's electricity transmission network, the plant provides electricity to the commercial and industrial sector in Singapore.

KMC was the first independent power project to enter the Singapore electricity market when the New Energy Market of Singapore was implemented in January 2003. The plant was constructed in two phases. Phase I has a generation capacity of 500 MW and commenced commercial operation in April 2007. The plant completed an expansion of another two power trains

of 400 MW each in March and July 2013 respectively.

KMC has a Capacity Tolling Agreement (CTA) with Keppel Electric till 30 June 2040. Under the terms of the CTA, KMC receives capacity payment based on plant availability from Keppel Electric. The capacity payment

is paid monthly regardless of the actual power production of the plant and does not vary with electricity demand. KMC has no tariff exposure to the Singapore wholesale electricity market and has no exposure to carbon taxes or fuel oil prices.

The CTA ensures long-term predictable cash flows for KMC, while allowing KMC's operating costs to be substantially passed through.

Operating Review

In 2025, the plant achieved a contractual availability of 100% with stable operations, excluding planned maintenance and outage allowances. KMC contributed a DI of $27 million for FY 2025.

Following an upgrade of a gas turbine unit in 2022, a second turbine upgrade was completed in June 2025, which enhanced the efficiency of KMC's overall plant operations, increased operational reliability and extended the major maintenance intervals.

With the completion of the upgrade, KMC's carbon emissions are expected to be lowered by at least 17,800 tCO2e per year, which is the equivalent of removing more than 5,400 internal combustion engine vehicles annually from the roads. In addition, with certain modifications, the upgraded turbine will also be able to co-fire hydrogen blended with natural gas as feedstock, enabling the plant

to further support Singapore's commitment to decarbonise the power sector.

ARAMCO GAS PIPELINES COMPANY

Overview

AGPC holds a 20-year lease-and-leaseback agreement commencing in 2022 with Saudi Arabian Oil

Company (Aramco) for usage rights of its gas pipeline network.

Aramco retains the legal title

to sole operational control of the pipeline assets, and its pipeline throughput is expected to increase in coming years, driven by increased industrial demand for oil-to-gas conversion, economic growth and favourable demographics.

Holding an indirect minority and non-controlling stake in AGPC, KIT receives quarterly tariff payments from Aramco backed

by a minimum volume commitment with built-in escalation.

Volumes were higher in FY 2025 compared to the prior year, underpinned by stronger demand. DI from AGPC of $82 million was higher in the year, inclusive

of a cash surplus of $51 million from the capital management of AGPC.

KMC provides electricity to the commercial and industrial sector in Singapore.

EUROPEAN ONSHORE WIND PLATFORM

Overview

The European Onshore Wind Platform comprises four operational onshore wind farms in the Nordics:

Lista in Norway, Högaliden, Fäbodliden and Fäbodliden II in Sweden, with a total capacity of 275 MW. The wind farms are operated by Fred Olsen Renewables AS (FORAS), one of

the largest independent renewable power producers in Northern Europe. To mitigate the risk of electricity price volatility, the Trustee-Manager exercises hedging policies to maintain cash flow stability.

The investment provides KIT and its co-investors with a five-year exclusive right to FORAS' eligible pipeline projects totalling over

1.1 GW across the Nordics and the the United Kingdom. These pipeline projects are in various stages

of development.

In 1H 2025, the Onshore Windfarm portfolio completed its first drop down project of Crystal Rig IV (49 MW) in Scotland, which is expected to commence commercial operations

in 1H 2026. The next dropdown of a 88 MW United Kingdom wind farm took place in 2026.

For FY 2025, DI contribution of

$1.4 million was lower than FY 2024, reflecting the impact of lower merchant prices notwithstanding stable production levels.

BORKUM RIFFGRUND 2

Overview

Fully operational since 2019, BKR2 is a 465 MW operating offshore wind farm located 59 km off the coast of Lower Saxony in the North Sea, Germany.

After being awarded an additional 26 MW of export capacity in 2023, an additional 5.5 MW was realised in 2024 through fully utilising the

current power mode of existing wind turbines. Technical implementation plans are being drawn up to utilise the remaining additional capacity to bring the overall operating capacity to 486 MW.

The project lies next to the Wadden Sea, a UNESCO World Heritage site, making new wind farm development unlikely and thereby reducing potential

competition for wind resources.

The wind farm operates under

the German EEG 2014 (Erneuerbare-Energien-Gesetz-German Renewable Energy Sources Act) market premium mechanism, which offers an attractive Feed-in-Tariff and guaranteed floor price till 2038, providing strong cash flow visibility for the project.

The project also holds a 20-year power purchase agreement and

a 20-year operations and maintenance agreement (OMA) until 2038 with Ørsted, the world's largest developer of offshore wind power. The long-term OMA has a largely fixed operational cost base which provides significant cost certainty and cash flow visibility. Ørsted's 50% stake in BKR2 aligns its interest with investors.

In FY 2025, $2.1 million DI contribution from BKR2 was lower year-on-year.

Wind resources for the second half of 2025 have recovered compared to the same period last year, however production levels for FY 2025 were lower year-on-year.

GERMAN SOLAR PORTFOLIO

Overview

The German Solar Portfolio includes approximately 55,000 bundled solar photovoltaic (PV) systems across Germany with a combined generation capacity of 529 MW. The bundled PV solutions also include approximately 50,000 battery storage systems

and approximately 30,000 units of EV charging equipment.

These bundled solutions are

leased to households under 20-year agreements and will provide highly predictable cash flows to KIT,

which holds a 45% effective stake in the portfolio.

Post-acquisition, the monitoring and maintenance of the PV systems will continue to be handled by Enpal B.V., Germany's first green-tech unicorn, which is one of the largest residential solar installers and fastest-growing energy companies in Europe.

The German Solar Portfolio includes approximately 55,000 bundled PV systems, 50,000 battery storage systems and 30,000 units of EV charging equipment.

In FY 2025 the German Solar Portfolio contributed DI of $11.7 million after full deployment in the year, compared to partial deployment in FY 2024.

OPERATIONS REVIEW

Essential infrastructure solutions that manage water, waste and environmental resources to protect public health and the environment.

• Senoko WTE Plant

• Keppel Seghers Tuas WTE Plant

• Keppel Seghers

  Ulu Pandan NEWater Plant

• SingSpring Desalination Plant

• Keppel Marina East Desalination Plant

• Eco Management Korea

DISTRIBUTABLE INCOME ($'000)

80,000

60,000

40,000

20,000

0

SENOKO WTE PLANT AND

KEPPEL SEGHERS TUAS WTE PLANT

Overview

The Senoko Waste-to-Energy (WTE) and Keppel Seghers Tuas WTE plants have a combined capacity to treat more than 35% of Singapore's incinerable waste. Modern incineration plants can reduce the volume of refuse

by as much as 90%, significantly extending the lifespan of landfills. WTE plants also produce green energy and reduce reliance on fossil fuels. Waste incineration is carried out at the plants 24 hours a day throughout the year.

The Senoko WTE Plant is Singapore's third waste incineration plant,

and the only waste incineration plant located outside of Tuas serving the eastern, northern and central parts of Singapore. It is equipped with six incinerator-boiler units

and two condensing turbine-generators offering 56 MW of power generation capacity.

The Keppel Seghers Tuas WTE Plant is Singapore's fifth waste incineration plant and the first to be built under the Public-Private Partnership initiative of the National Environment

Agency, Singapore (NEA).

The plant incorporates Keppel Seghers' proprietary technologies such as air-cooled grate and

flue gas treatment systems and is the first waste incineration plant in Singapore showcasing proprietary WTE technology from a local company.

The Senoko WTE and Keppel Seghers Tuas WTE plants have long-term Incineration Services Agreements (ISA) with NEA for 15 years (from September 2009), and 25 years

(from November 2009) respectively. The majority of their income is from fixed capacity payments, which deliver stable cash flows

to the Trust.

In January 2024, the Senoko ISA was extended by three years to 2027 with an option to further extend for a year. Keppel Seghers, the environmental technology and engineering solutions unit of Keppel Ltd.'s Infrastructure Division, has been appointed to refurbish the key components of the Senoko WTE Plant to ensure safe and reliable operations. As part of the extension, the plant's operations and maintenance (O&M) service contract

with Keppel Seghers will also be extended in line with the concession extension. In December 2025, NEA exercised its option to extend the concession by a further 12 months

to 2028.

This extends the plant's operations beyond the expiry of its initial agreement with NEA, with a nominal contribution to DI.

Operating Review

In 2025, the Senoko WTE and Keppel Seghers Tuas WTE plants met all the required Performance and Customer Service Standards under the ISAs.

In addition to receiving full Fixed Capacity Payments from NEA for meeting their Contracted Incineration Capacity, the plants also received variable payments for refuse incineration services and incentives payments for electricity exported.

The Senoko WTE plant has consistently exceeded its contractual availability since the completion of retrofit

works in 1H 2025. The Senoko WTE and Keppel Seghers Tuas WTE plants also met other obligations under the ISA, namely Average Total Organic Content of bottom ash, Turnaround Time of refuse trucks and electricity generation.

KEPPEL SEGHERS ULU PANDAN NEWATER PLANT

Overview

KIT, through the Ulu Pandan Trust, owns the Keppel Seghers Ulu Pandan NEWater Plant, one of the largest NEWater plants in Singapore.

The Keppel Seghers Ulu Pandan NEWater Plant entered into a 20-year NEWater Agreement (NWA) with PUB, Singapore's National Water Agency, in March 2007, and is responsible

for meeting the water demands of Singapore's industrial and commercial sectors.

Ulu Pandan Trust's cash flows fluctuate with changes in power revenue received from PUB, which is regularly

adjusted to price changes in high-sulfur fuel oil, which does not always move in tandem with actual electricity cost price. To mitigate this risk, the Trustee-Manager takes measures

to hedge the electricity price to maintain stability in cash flows.

The plant features a solar photovoltaic system on its rooftops, which helps the plant to meet its power load, contributing to the national

effort to reduce dependency on non-renewable sources of energy.

The installed capacity of 1 MWp allows for a renewable energy generation equal to the total energy consumption of approximately 320 four-room households in Singapore annually.

The plant also generates and sells renewable energy certificates, benefiting the plant financially.

Operating Review

The Keppel Seghers Ulu Pandan NEWater Plant received its full availability payment in 2025 as the warranted capacity was greater than or equal to 162,800 m3 per day.

The plant also achieved 100% plant availability in 2025, while fulfilling other requirements under the NWA, including the required storage level, quality specifications of NEWater and residual waste produced.

SINGSPRING DESALINATION PLANT

Overview

SingSpring Trust, which is 100% owned by KIT, owns the SingSpring Desalination Plant. This is Singapore's first large-scale seawater desalination plant, with a supply capacity of 136,380 m3 of potable desalinated water per day, equivalent to the amount of water used by approximately 200,000 households daily.

The plant contributes to one of the Four National Taps in PUB's strategy to meet Singapore's water needs. The Four National Taps are

local catchment water, imported water from Johor, NEWater and desalinated

water. The plant continues to be an important facility that ensures sufficient water resources for

Singapore, especially during periods of low rainfall.

Located in Tuas, the plant utilises cost- and energy-efficient reverse osmosis technology. At the time of its completion, it was the largest membrane-based seawater desalination plant in the world with one of the largest reverse osmosis trains.

The plant also adopts an advanced energy recovery system, which improves its energy efficiency

and cost effectiveness. The plant undergoes periodic reviews and audits by both internal and external parties to ensure its operations and maintenance practices are in line with industry standards.

The plant ensures that both the quality and quantity of desalinated water it produces meet all the requirements under the Water Purchase Agreement (WPA) with PUB. It is committed to make available 100% of the plant's water capacity to PUB for the 20-year period of the WPA, commencing in December 2005.

The SingSpring Desalination Plant receives capacity payment from PUB for making available the full water capacity of the plant. The capacity payment is paid throughout the term of the WPA, regardless of whether the plant supplies any water to PUB and does not vary with the volume of water supplied. This ensures longterm and predictable cash flows for the plant.

Operating Review

The SingSpring Desalination Plant achieved 100% availability and met all contractual obligations under the WPA in 2025. The WPA had been extended by 3 years on 15 December 2025 to December 2028. The land lease is

due to end in 2033.

KEPPEL MARINA EAST DESALINATION PLANT

Overview

Located at Marina East, KMEDP is Singapore's fourth desalination plant and is the country's first and only large-scale, dual-mode plant which can treat both seawater and reservoir water.

The plant is wholly owned by Marina East Water Pte Ltd (MEW). Following the completion of the purchase of a 50% equity interest in MEW, Keppel Infrastructure Holdings Pte. Ltd. and KIT each hold a 50% joint-controlling equity interest in MEW, with KIT receiving the entire economic benefit from MEW.

Keppel was awarded a contract by PUB to Design, Build, Own and Operate (DBOO) KMEDP, with a

25-year concession from 2020 to 2045.

KMEDP commenced commercial operations in June 2020 and is capable of producing 137,000 m3 of fresh drinking water per day.

KMEDP receives capacity payment from PUB for making available the full water capacity of the plant. The capacity payment is paid throughout the term of the 25-year WPA and does not vary with the volume of water supplied. This ensures long-term and predictable cash flows for the plant.

KMEDP commenced commercial operations in June 2020 and is capable of producing 137,000 m3 of fresh drinking water per day.

For its outstanding design features and exceptional Active, Beautiful, Clean (ABC) standards, KMEDP became the first industrial plant in Singapore to be

awarded the ABC Waters Certification (Gold) by PUB in October 2019. KMEDP was also named "Desalination Plant of the Year" at the Global Water Awards 2021.

Operating Review

KMEDP achieved 100% availability and met all contractual obligations under the WPA in 2025.

ECO MANAGEMENT KOREA

Overview

EMK is a prominent player in

South Korea's circular economy, with diversified operations in solid waste recycling and the landfill sector. As South Korea's leading environmental solutions provider, EMK continues

to strengthen its position in alignment with the government's sustainability initiatives and growing environmental regulations.

KMEDP is Singapore's only large-scale, dual-mode plant which can treat both seawater and reservoir water.

Operating the third largest number of WTE plants with a combined incineration capacity of 419 tonnes per day, EMK generates over

1,800 tonnes of steam per day and operates four sludge drying facilities with a capacity of 260 tonnes per day.

EMK is also the largest waste oil refiner in South Korea with a capacity of 154 tonnes per day, and owns and manages a landfill in Yeongnam, which ranks the fifth largest in

the nation with a capacity of approximately 1.5 million m3.

EMK operates in key industrial regions across South Korea, including Ansan, Hwaseong, Cheongju, Iksan, Gyeongju and Ulsan, forming a robust

nationwide network. This strategic geographical presence enables EMK to provide comprehensive waste management solutions while supporting the sustainable development of major industrial complexes across the country.

Operating Review

The Trustee-Manager continues to drive sustainable growth and operational excellence across all business segments.

In 2025, EMK successfully refinanced its long-term debt facility, securing a larger loan quantum at lower interest rates, allowing refinancing proceeds and interest savings to be channeled towards growth initiatives.

The negative DI for EMK in FY 2025 was mainly attributable to pricing constraints in the landfill business and refinancing upfront fees.

EMK plans to grow its incineration capacity, which is running at

full utilisation.

It is exercising pricing discipline to preserve long-term value for its private landfill business.

During the year, the leadership bench was strengthened to focus on the core businesses of incineration and landfill, and execute on the following

business development initiatives:

• Incineration Business Enhancement: One of EMK's subsidiaries has completed the Environmental Impact Assessment for capacity expansion, with an additional subsidiary planning a similar expansion. Construction

  of the new facility is expected to commence in the second half of 2026.

• Landfill Business Development: To ensure long-term business continuity, EMK has secured

  additional land for future expansion (general waste licence to be obtained), and is in the process of obtaining designated licence for its existing land. This will enhance the profitability and service scope of its landfill operations.

  EMK operates the third largest number of WTE plants with a combined incineration capacity of 419 tonnes per day.

  Additionally, one of EMK's subsidiaries received an award from the Minister of Environment in recognition of

  its outstanding performance in wastewater management and greenhouse gas (GHG) emissions reduction. This recognition highlights EMK's operational excellence and commitment

  to environmental stewardship.

  OPERATIONS REVIEW

  Distribution & Storage

  Critical infrastructure supporting economic activities.

  
  
  

  • Ixom

  • Ventura

DISTRIBUTABLE INCOME ($'000)

90,000

60,000

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120,000

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2025

IXOM

Overview

Ixom plays a vital part in the lives of tens of millions of people every day as an established

and trusted industry leader in water treatment and chemical sourcing, manufacturing, storage and distribution. Headquartered

in Australia, Ixom's operations span four continents and ten countries including New Zealand, Southeast Asia, the United Kingdom and the United States.

Drawing on over 100 years of heritage, Ixom delivers products, services and solutions that keep communities safe. Ixom specialises in the delivery of source water and wastewater treatment solutions critical for ensuring clean water supply, as well as the supply

of essential chemical products, solutions and food ingredients.

Supported by over 1,300 people

pulp and paper, mining and metals, construction and water treatment.

Ixom manufactures chemicals at 36 production facilities and also operates one of the largest bulk

and packaged chemical distribution businesses in Australia and

New Zealand. Its unmatched combination of hard-to-replicate infrastructure assets is backed by a global network importing from 250 ports and 70 countries,

providing customers with a strong competitive advantage.

Ixom leverages its extensive global supply chain and in-house logistics capabilities to ensure the prompt delivery and distribution of its products, enabling it to continue

to meet the needs of its customers. In tandem, Ixom is solving customers' challenges while driving innovation.

In view of its unique value proposition, the scale of its critical

Ixom

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73,592

1 The Philippine Coastal Storage and Pipeline Corporation (PCSPC) was divested on 20 March 2025.

operating, including dairy, agriculture, power generation, food and beverage,

to its customers, its people and the communities in which it operates,

Distribution & Storage

with safety, integrity and reliability at its core.

Operating Review

Ixom delivered another year of record performance in 2025, supported by its core manufacturing and distribution businesses, a strong year in the New Zealand region,

and the addition of Hilditch's base oils and chemicals distribution businesses in 4Q 2025. For FY 2025, Ixom reported a DI of approximately

$74 million, up 14.8% year-on-year.

During 2025, Ixom enjoyed strong demand from its core markets, achieving year-on-year growth of 4% for Australia and New Zealand Water, 19% for New Zealand Dairy, 2% for Industrial Chemicals and 6% for Process Cleaning Solutions. Ixom's continued growth during this period, outpacing the general economy,

is testament to the resilience and strength of its business.

During the year, Ixom made focused maintenance capital investments into its core sites with a view to improve the long-term strength and capability of the business. Ixom also invested heavily in organic growth opportunities,

including expanding the Ixom Bitumen sites and further upgrades to its bulk liquid transport tankers in New Zealand. Ixom expects to see the benefit of its investments across the coming years.

During 2025, Ixom acquired Hilditch, a leading supplier and distributor

of chemicals in Australia, with strong expertise in base oil products. Hilditch's product portfolio and customer base are highly complementary to Ixom's existing operations, extending its reach into adjacent industrial sectors and unlocking new opportunities in automotive and industrial lubricants.

In addition, beyond the potential for revenue enhancement and cost optimisation synergies, the

acquisition reinforces Ixom's position as a market leader in chemical distribution and logistics across Australia and New Zealand by adding difficult-to-replace distribution assets in strategic locations.

Ixom progressed its commitment to long-term sustainability with the

creation of a dedicated Environmental Social and Governance (ESG) function, by combining the HSE, Quality and Sustainability teams. Following the

establishment of ESG targets in early 2025, Ixom advanced several key initiatives, such as assessing three regional sites for renewable energy options in Australia, developing

a water stewardship framework,

and introducing a management-level governance forum to oversee progress and ensure regular reporting against ESG objectives.

Ixom remains committed to being a trusted supplier by delivering excellence in quality and safety for all end users. In 2025, Ixom successfully completed its

ISO 9001:2015 recertification audit, reaffirming its robust Quality Management System. Select operations also maintain

Good Manufacturing Practice (GMP) certification and hold a Therapeutic Goods Administration

(TGA) license, alongside specialised accreditations such as Food Safety System Certification (FSSC) 22000, Feed Additive and PreMixture System (FAMI-QS), and Verband

der Automobilindustrie (VDA). These certifications and licenses reinforce trust and confidence across the diverse markets in which we operate.

The chemicals and products manufactured and distributed by Ixom are fundamental components that keep a wide range of industries operating.