Media release (mrel 1 keppel ltd 2h25 fy25 financial statements)

Media Release

Keppel Ltd.

1 HarbourFront Avenue Level 2 Keppel Bay Tower Singapore 098632

T +65 6270 6666 keppel.com

UEN 196800351N

Keppel's Financial Results for FY 2025

• The New Keppel's1 earnings soar 39% year on year to $1.1 billion in FY 2025:

  • All three business segments improved on performance, with Infrastructure contributing the largest share of profits.

  • Recurring income grew 21% yoy to $941 million in FY 2025.

  • Return on Equity2 increased to 18.7% in FY 2025, up from 14.9% in FY 2024.

• Growing as a global asset manager:

  • Funds under Management3 grew 8% yoy to $95 billion as at end-2025.

  • Asset Management net profit rose 15% yoy to $189 million in FY 2025.

• Strong progress in asset monetisation:

  • Announced $2.9 billion of asset monetisation4 deals in 2025; total asset monetisation announced since October 2020 reached $14.5 billion5 at end-2025.

• Rewarding shareholders:

  • Ordinary dividends based on the New Keppel's performance.

  • Special dividends based on 10-15% of gross value of asset monetisation completed in the financial year6.

• Proposed total FY 2025 distribution of approx. 47 cents per Keppel share, up 38% from FY 2024, comprising:
  • Ordinary cash dividends of 34 cts/share: Proposed final cash dividend of

    19 cts/share, on top of interim cash dividend of 15 cts/share paid in August 2025.

  • Special dividend of approx. 13 cts/share: Comprises cash of 2 cts/share, and dividend in-specie of 1 Keppel REIT unit for every 9 Keppel shares held, which is equivalent to approx. 11 cts/share7 based on Keppel REIT's closing market price of

$0.98 on 3 February 2026.

‌1 The New Keppel excludes the Non-Core Portfolio for Divestment and Discontinued Operations.

‌2 Return on Equity of New Keppel refers to the return generated on the average shareholders' funds of New Keppel, i.e. excluding equity that is attributable to the Non-Core Portfolio.

‌3 Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested Funds under Management.‌

4 Based on announced transactions.

‌5 This includes the $4.7b Keppel O&M divestment in 2023, including the Sembcorp Marine (now Seatrium) shares, which were distributed or held in the segregated account, at $2.30 per share (or $0.115 per share prior to the share consolidation undertaken by Seatrium in 2023; $0.115 was the last traded price of the shares on the first market day immediately following the date of the combination) and the $0.5b cash component.

‌6 Refers to the monetisation deals, announced in or before the relevant financial year, but completed in the relevant financial year based on their announced gross values.

‌7 The dividend in-specie of one Keppel REIT unit for every nine Keppel shares held is equivalent to approximately

11 cents per Keppel share based on Keppel's issued share capital of 1,801,659,827 shares (excluding treasury shares) as at 31 December 2025 and Keppel REIT's closing market price of $0.98 per unit on 3 February 2026.

Singapore, 5 February 2026 - Global asset manager and operator Keppel Ltd. (Keppel) reported a net profit of $1.1 billion for the New Keppel for the full year ended 31 December 2025, 39% higher than the $793 million for FY 2024, excluding the Non-Core Portfolio for Divestment8 and Discontinued Operations9. The New Keppel's strong performance in FY 2025 was driven by higher profits from all three business segments, with Infrastructure accounting for the largest share of earnings, bolstered by resilient results in the integrated power business, despite softening spark spreads, and stronger growth from decarbonisation and sustainability solutions.

Underpinned by higher profits from asset management and operations, recurring income grew to $941 million in FY 2025, an increase of 21% over $779 million in FY 2024. Reflecting the strong pivot to an asset-light model, the New Keppel achieved a high Return on Equity (ROE) of 18.7% in FY 2025, increasing from 14.9% in FY 2024, while its Net Debt to EBITDA10 improved to a healthy 2.0x as at end-2025, compared to 2.3x a year ago.

Including the Non-Core Portfolio for Divestment and Discontinued Operations, the overall net profit for FY 2025 was $789 million, compared with $940 million for FY 2024, mainly due to the accounting loss of $222 million11 arising from the proposed sale of M1's telco business, which is pending regulatory approval.

Since the start of 2023, Keppel has achieved $98 million in annual run-rate cost savings, and is on track to reach $120 million by end-2026. With an expanding base of recurring income and continued progress in asset monetisation, the Company generated free cash inflow of $611 million12 in 2025.

In his speech announcing Keppel's full-year results, Mr Loh Chin Hua, CEO of Keppel, highlighted how the New Keppel has built strong foundations and is well-positioned to deliver digital and low-carbon solutions that the world needs, as well as strong returns to its Limited Partners (LPs) and shareholders.

‌8 Non-Core Portfolio for Divestment comprises mainly legacy offshore & marine assets, residential landbank, selected property developments and investment properties, hospitality and logistics assets, associated cash and receivables, and other non-core investments that are not aligned with Keppel's strategic focus as an asset-light global asset manager and operator.

‌9 In accordance with SFRS(I) 5 Non-current Assets Held for Sale and Discontinued Operations, the performance of M1 and its subsidiaries, excluding the technology solutions and services business and other carved out assets ("M1 Telco") are presented as discontinued operations for the financial period, with comparative information re-presented accordingly.

‌10 Net debt is defined as net debt of the Group less net debt attributable to Non-Core Portfolio for Divestment, while EBITDA refers to last twelve months (LTM) profit before depreciation, amortisation, net interest expense and tax, excluding P&L effects from Non-Core Portfolio for Divestment.‌

11 The accounting loss is net of cessation of the depreciation, amortisation and equity accounting for the relevant assets classified under disposal group held for sale as at 31 December 2025. The actual loss at completion will depend on the sale consideration which is subject to post-Completion adjustments and the carrying value of Keppel's effective interest in M1 Telco at the date of completion.

‌12 FY25 FCF includes approximately $235m financing component funded via bank borrowing in connection with the acquisition of Global Marine Group ("GMG"), which is presented as cash inflow from financing activities in the financial statements. The inclusion herein is for better understanding of the FCF. Following the completion of Keppel Infrastructure Trust's subscription of a 46.7% equity stake in GMG on 25 November 2025, the bank borrowing has been deconsolidated from the Group's balance sheet. FY24 includes $1.07b of cash consolidated on obtaining control over Rigco Holding Pte Ltd. following the completion of a selective capital reduction exercise.

Mr Loh said, "The New Keppel performed strongly in 2025, surpassing $1 billion in net profit, and achieving a high ROE of 18.7%. Keppel today is well-positioned as a global asset manager and operator to create value for our LPs and shareholders by providing energy and connectivity solutions amidst increasing digitalisation and the AI wave, with new power generation capacity and an expanding data centre powerbank of over 1.0 GW in the Asia Pacific. As we execute our strategy, the market increasingly recognises Keppel's transformation, which is being reflected in the continued re-rating of the Company."

Delivering strong performance in FY 2025

Asset management: Funds under Management (FUM) grew 8% year on year (yoy) to $95 billion as at end-2025, driven by strong progress in fundraising and investments, which added $10.1 billion of new FUM during the year, while asset management fees13 increased 4% yoy to $453 million. In FY 2025, asset management delivered a net profit of $189 million, up 15% yoy, supporting strong recurring income growth.

Asset monetisation: Keppel announced about $2.9 billion in divestments in 2025, raising the cumulative total to about $14.5 billion since its asset monetisation programme began in October 2020. In 2025, transactions amounting to about $1.6 billion in gross monetisation value 14 were completed. The Company remains focused on optimising the speed of divestment and exit value of assets in its Non-Core Portfolio for Divestment, which had a carrying value of $13.5 billion15 as at end-2025.

Recurring income: Keppel strengthened the quality of its earnings significantly, expanding its recurring income by 21% yoy to $941 million in FY 2025, bolstered by stronger contributions from both asset management and operations.

Shareholder returns: Keppel achieved a Total Shareholder Return of 58.5%16 in 2025, outperforming the Straits Times Index's 28.8%. Since the launch of Keppel's

$500 million Share Buyback Programme on 31 July 2025, the Company had repurchased

$116 million worth of Keppel shares as of 31 December 2025.

Rewarding shareholders

Reflecting Keppel's commitment to a steady and sustainable dividend strategy, the Company will pay ordinary dividends based on the New Keppel's performance. In addition, it aims to pay out special dividends based on 10-15% of the gross value of asset monetisation transactions completed in the financial year, until the Company's monetisation programme is completed. The actual percentage will depend on the Company's growth

‌13 Includes 100% fees from subsidiary managers, joint ventures and associated entities, as well as share of fees based on shareholding stake in associate with which Keppel has strategic alliance. Also includes asset management, transaction and advisory fees on sponsor stakes and co-investments (including for funds which are wholly owned).

‌14 This refers to the monetisation deals, announced in or before 2025, but were completed in 2025 based on their announced gross values.

‌15 Refers to gross asset carrying value as at 31 December 2025.

‌16 Source: Bloomberg.

plans as well as cash generated.

In appreciation of the support and confidence of Keppel shareholders, the Board has proposed a final ordinary cash dividend of 19 cents per share for FY 2025, to be paid to shareholders on 8 May 2026, after approval at the Company's annual general meeting. Including the interim cash dividend of 15 cents per share paid to shareholders in August 2025, the total ordinary cash dividend for FY 2025 will be 34 cents per share, representing a 56% payout ratio on New Keppel's FY 2025 net profit.

Considering the strong progress in monetisation achieved, the Board has further proposed a special dividend amounting to approximately 13 cents per share, comprising 2 cents per share in cash, and one Keppel REIT unit for every nine Keppel shares held, which is equivalent to approximately 11 cents per share based on Keppel REIT's closing market price of $0.98 on 3 February 2026. This special dividend proposed is based on 15% of the completed monetisation of $1.6 billion for FY 2025.

In all, Keppel shareholders will be receiving total dividends of approximately 47 cents per share for FY 2025, up 38% from FY 2024, representing a yield of approximately 4.3% based on Keppel's closing share price of $10.95 on 4 February 2026.

- END -

For more information, please contact:

Ivana Chua (Ms) Managing Director

Corporate Communications Keppel Ltd.

DID: (65) 6413 6436

Email: ivana.chua@keppel.com

About Keppel Ltd.

Keppel Ltd. (SGX:BN4) is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity. Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts.

ADDENDUM

Business highlights

In FY 2025, recurring income from the Infrastructure Division reached $703 million, the highest on record to date. EBITDA for its integrated power business remained resilient yoy at $661 million in FY 2025, despite softening spark spreads. As at end-December 2025, about 67% of the Division's contracted power generation capacity17 was locked in for three years and above, providing good earnings visibility. Further earnings growth is expected in the next few years with new power capacity coming onstream, including the 600 MW Keppel Sakra Cogen Plant, which is expected to commence operations in 1H 2026, and whose capacity has been fully contracted for 2026 and 2027 after factoring in the required market reserves.

The Infrastructure Division's decarbonisation and sustainability solutions business performed strongly in FY 2025 with an EBITDA of $130 million, rising 32% yoy, and surpassing its initial projection of $100 million in 2025. The Division has successfully built an asset-light and fast-scaling new engine, underpinned by long-term contracts, which will bolster recurring income, in addition to earnings from the integrated power business. As at end-December 2025, its long-term contracts for decarbonisation and sustainability solutions had reached $7.1 billion, representing a 2.2-fold increase over the four-year period since 2022.

The Real Estate Division continued its pivot into an asset-light solutions provider, contributing to the creation of high-quality assets that deliver both strong sustainability performance as well as robust investment returns. To this end, the Division announced the monetisation of about $1.3 billion of real estate assets and achieved total Real Estate-as-a-Service revenue of $98 million in FY 2025.

The Connectivity Division is unlocking opportunities in digital infrastructure with innovative and sustainable solutions such as the Floating Data Centre, which it targets to commence construction in 1H 2026 when the construction permit is received. The divestment of the first two data centres in the AI-ready, hyperscale Keppel Data Centre Campus to Keppel DC REIT was completed in 2025 with the securing of a 10-year land lease extension for the Campus.

Positioning ahead for the fast-growing digitalisation and AI megatrend, the Connectivity Division is investing upstream to secure early and exclusive access to power, water, and fibre connectivity at strategic sites in key datahubs. In January 2026, the Division secured a 720 MW powerbank18 for an AI data centre campus near Melbourne, Australia that would expand its powerbank to over 1.0 GW. This growing powerbank of over 1.0 GW would further strengthen the Company's growth runway over the next few years, with the potential to add approximately $10 billion to Keppel's data centre FUM when fully activated.

‌17 Based on Keppel's existing generation capacity.

‌18 Powerbank refers to capacity for future data centre development.

Meanwhile, the Bifrost Cable System (Bifrost) started carrying commercial traffic in December 2025. Contributions from the first two fibre pairs committed to customers were recognised following the flow of commercial traffic, while a binding term sheet for granting an Indefeasible Right of Use for another fibre pair was signed in January 2026. With an average of about $200 million in operations and maintenance fees to be recognised per fibre pair over 25 years, Bifrost bolsters Keppel's long-term stable and recurring income. The Connectivity Division will also continue to grow its technology solutions and services business, which, together with its digital infrastructure expertise, enables Keppel to participate in the full value chain, serving both hyperscalers and enterprises.

Unless explicitly indicated otherwise, all monetary values denoted as '$' within this media release are to be interpreted as referring to Singapore dollars.

Co Reg No. 196800351N

(Incorporated in the Republic of Singapore)

CONTENTS

Page

CONDENSED CONSOLIDATED PROFIT OR LOSS ACCOUNT 1

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE 3

INCOME

CONDENSED CONSOLIDATED BALANCE SHEETS 5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN 7

EQUITY/STATEMENTS OF CHANGES IN EQUITY

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 10

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL 15

STATEMENTS

OTHER INFORMATION

• AUDIT 49

• AUDITORS' REPORT 49

• REVIEW OF GROUP PERFORMANCE 49

• VARIANCE FROM FORECAST STATEMENT 52

• PROSPECTS 52

• DIVIDEND 55

• INTERESTED PERSON TRANSACTIONS 57

• REPORT OF PERSONS OCCUPYING MANAGERIAL POSITIONS 59

  WHO ARE RELATED TO A DIRECTOR, CHIEF EXECUTIVE OFFICER OR SUBSTANTIAL SHAREHOLDER

• CONFIRMATION THAT THE ISSUER HAS PROCURED 59

UNDERTAKINGS FROM ALL ITS DIRECTORS AND EXECUTIVE OFFICERS (IN THE FORMAT SET OUT IN APPENDIX 7.7) UNDER RULE 720(1)

# On 11 August 2025, the Company, through its subsidiaries, entered into a share purchase agreement to divest M1 and its subsidiaries, excluding Technology Solutions & Services business formerly known as information and communications technology (ICT) business) and other carved out assets ("M1 Telco") to Simba Telecom Pte. Ltd. ("Simba") ("Proposed Transaction"). In accordance with SFRS(I) 5 Non-current Assets Held for Sale and Discontinued Operations, the performance of M1 Telco, as a separate reportable operating segment, excluding certain out-of-scope assets, are presented as discontinued operations for the period, with comparative information re-presented accordingly. Refer to Note 14 for further details.

n.m.f. - No Meaningful Figure

1. Materials, subcontracts and other costs decreased for the current year mainly attributable to Infrastructure segment, which was in line with lower revenue from the segment.

2. Staff costs increased for the current year mainly due to consolidation of entities acquired during the year, and higher headcount from Connectivity to support growth.

3. Higher depreciation and amortisation was mainly attributed to consolidation of Rigco Holding Pte. Ltd. and from Connectivity Segment.

4. Investment income for the current year was lower mainly due to absence of distributions and dividend income received by Non-Core Portfolio for Divestment segment in FY2024.

5. Higher interest income for the current year was mainly attributable to the interest earned on the cash of Rigco Holding Pte. Ltd. which was consolidated on 31 December 2024.

6. Higher interest expense was mainly attributable to lower capitalisation of interest costs for certain projects and higher average gross borrowings, partly offset by lower average cost of funds.

7. Higher share of results from associated companies and joint ventures for the current year was mainly due to higher share of profits from Infrastructure, Real Estate and Connectivity segments, partly offset by lower share of profits from Non-Core Portfolio for Divestment segment.

8. Taxation expenses for the current year were higher mainly due to higher taxable profits in Infrastructure, Connectivity and Non-Core Portfolio for Divestment segments.

9. Earnings per ordinary share

* Comparatives for earnings per ordinary shares and the weighted number of shares on a basic and fully diluted basis have been restated to align with the current year's computation.

Second Half Full Year

2025

$'000

2024#

$'000

+/-

%

2025

$'000

2024#

$'000

+/-

%

Profit for the period / year 368,201 660,257 -44.2 741,454 974,214 -23.9 Items that may be reclassified subsequently

to profit or loss account:

Cash flow hedges

• Fair value changes arising during the period

  / year, net of tax 132,029 (32,654) n.m.f. (12,151) 89,940 n.m.f. (i)

• Realised and transferred to profit or loss

  account (153,790) (43,075) +257.0 (134,362) (84,804) +58.4 (ii)

  Foreign exchange translation

• Exchange differences arising during the

  period / year 34,914 16,943 +106.1 (196,763) (39,180) +402.2 (iii)

• Realised and transferred to profit or loss

  account 70,428 19,228 +266.3 80,578 18,745 +329.9

  Share of other comprehensive income of

  associated companies and joint ventures
  - Cash flow hedges	(2,248)	(29,132)	-92.3	(21,941)	(25,816)	-15.0
  - Foreign exchange translation 26,632 (22,172) n.m.f. (108,901) (39,581) +175.1
  107,965		(90,862)	n.m.f.	(393,540)	(80,696)	+387.7

  Items that will not be reclassified subsequently to profit or loss account:

  Financial assets, at FVOCI

• Fair value changes arising during the period

  / year 93,323 (30,112) n.m.f. 21,557 (71,560) n.m.f. (iv)

  Foreign exchange translation

• Exchange differences arising during the

  period / year 3,513 (2,497) n.m.f. (3,939) (3,074) +28.1 (iii)

  Share of other comprehensive income of associated companies and joint ventures

• Financial assets, at FVOCI (577) 502 n.m.f. (482) 635 n.m.f.

1. Fair value differences were mainly due to the hedging differential on interest rate swaps, forward exchange contracts and fuel oil forward contracts.

2. These represented cash flow hedges, which were transferred to profit or loss account upon realisation.

3. These exchange differences arose from the translation of financial statements of foreign operations whose functional currencies are different from that of the Group's presentation currency as well as from the translation of foreign currency loans that form part of the Group's net investment in foreign operations. The translation losses in the current year arose largely from the weakening of foreign currencies, such as United States Dollar, Renminbi, Indonesian Rupiah and Vietnamese Dong against Singapore dollar.

   The translation losses in the prior year arose largely from weakening of foreign currencies, such as Vietnamese Dong and Renminbi against Singapore dollar.

4. Fair value changes were attributable to movements in prices of financial assets measured at fair value with fair value changes recognised in other comprehensive income.

1. Net asset value

   	Group			Company
   	2025	2024	+/-%	2025	2024	+/-%
   Net asset value per ordinary share *	$5.81	$5.95	-2.4	$4.19	$4.24	-1.2
   Net tangible asset per ordinary share *	$5.58	$5.12	+9.0	$4.19	$4.24	-1.2

   * Based on share capital of 1,801,659,827 ordinary shares (excluding treasury shares) as at the end of the financial year (31 December 2024: 1,806,104,213 ordinary shares (excluding treasury shares)).

2. Balance sheet analysis

   Following the announcement on 11 August 2025 and in accordance with SFRS(I) 5 Non-current Assets Held for Sale and Discontinued Operations, the assets and liabilities related to M1 Limited, excluding Technology Solutions & Services business (formerly known as information and communications technology (ICT) business) and other carved out assets ("M1 Telco"), had been presented in the balance sheet as "Disposal group classified as held for sale" and "Liabilities directly associated with disposal group classified as held for sale" as at 31 December 2025. Refer to Note 14 for further details.

   Group shareholders' funds decreased by $0.29 billion to $10.46 billion as at 31 December 2025. The decrease was mainly attributable to share buyback programme, payment of final dividend of

   19.0 cents per share in respect of financial year 2024, payment of interim dividend of 15.0 cents per share in respect of the half year ended 30 June 2025, foreign exchange translation losses and decrease in fair value on cash flow hedges, partly offset by retained profits for the year.

   Group total assets were $27.09 billion as at 31 December 2025, $0.57 billion lower than the previous year end. This was mainly attributable to decrease in fixed assets, investment properties and intangible assets, partly offset by further investments in associated companies and joint ventures.

   Group total liabilities of $15.90 billion as at 31 December 2025 were $0.33 billion lower than the previous year end. This was largely attributable to the net repayment of term loans and a reduction in other non-current liabilities and amount owed to creditors.

   Group net debt decreased by $0.64 billion to $9.13 billion as at 31 December 2025 mainly due to operating cash inflows, dividends received and proceeds from divestments completed during the year, partly offset by dividend payments, share buybacks, investments in associated companies and joint ventures as well as additions of fixed assets and investment properties. Total equity decreased by $0.24 billion mainly due to a decrease in shareholders' funds as explained above. As a result, group net gearing ratio as at 31 December 2025 was 82%, a decrease from 86% as at 31 December 2024.

   CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the year ended 31 December 2025

   Attributable to owners of the Company

   Foreign

   	Share	Treasury	Capital	Revenue	Exchange Translation	Share Capital &	Perpetual	Non- controlling	Total
   Group	Capital	Shares	Reserves*	Reserves	Account	Reserves	Securities	Interests	Equity
   2025	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000

   As at 1 January 2025 1,305,668 (96,082) 45,003 10,337,915 (838,307) 10,754,197 401,521 269,943 11,425,661

   Total comprehensive income for the year
   Profit for the year Other comprehensive	- - -	788,508	-	788,508	11,600	(58,654)	741,454
   income **	- - (147,415)	-	(225,086)	(372,501)	-	(3,903)	(376,404)
   Total comprehensive
   income for the year	- - (147,415)	788,508	(225,086)	416,007	11,600	(62,557)	365,050

   Transactions with owners, recognised directly in equity

   Contributions by and distributions to owners

   -	-	-	(616,954)	-	(616,954)	-	-	(616,954)
   -	-	43,496	-	-	43,496	-	-	43,496
   -	-	-	-	-	-	-	(18,798)	(18,798)
   -	(115,995)	-	-	-	(115,995)	-	-	(115,995)
   -	58,384	(58,384)	-	-	-	-	-	-
   -	-	9,755	(9,755)	-	-	-	-	-
   -	-	-	-	-	-	-	87,239	87,239
   -	-	-	-	-	-	(11,600)	-	(11,600)
   -	-	(7,990)	(200)	-	(8,190)	-	7,424	(766)
   -	(57,611)	(13,123)	(626,909)	-	(697,643)	(11,600)	75,865	(633,378)
   -	-	-	-	-	-	-	7,855	7,855
   -	-	(12,883)	-	-	(12,883)	-	12,454	(429)
   -	-	-	-	-	-	-	17,949	17,949
   -	-	2,674	(2,075)	2,315	2,914	-	558	3,472
   -	-	(10,209)	(2,075)	2,315	(9,969)	-	38,816	28,847
   -	(57,611)	(23,332)	(628,984)	2,315	(707,612)	(11,600)	114,681	(604,531)
   1,305,668	(153,693)	(125,744)	10,497,439	(1,061,078)	10,462,592	401,521	322,067	11,186,180

   Dividends paid

   Share-based payment Dividend paid to

   non-controlling shareholders Purchase of treasury shares

   Treasury shares reissued pursuant to share plans

   Transfer to revenue reserves Contribution by non-controlling shareholders Distribution paid to perpetual securities holders

   Other adjustments Total contributions by and distributions to owners

   Changes in ownership interests in subsidiaries Acquisition of subsidiary Acquisition of additional

   interest in subsidiaries Disposal of interest in subsidiaries

   Dilution of interest in subsidiary without loss of control

   Total change in ownership interests in subsidiaries

   Total transactions with owners

   As at 31 December 2025

   * Includes share plans reserve, fair value reserve, hedging reserve, bonus issue by subsidiaries and other reserves.

   ** Details of other comprehensive income have been included in the condensed consolidated statement of comprehensive income.

   Attributable to owners of the Company

   Foreign

   	Share	Treasury	Capital	Revenue	Exchange Translation	Share Capital &	Perpetual	Non- controlling	Total
   Group	Capital	Shares	Reserves*	Reserves	Account	Reserves	Securities	Interests	Equity
   2024	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000

   As at 1 January 2024 1,305,668 (387,316) 196,079 9,971,301 (778,291) 10,307,441 401,521 307,598 11,016,560

   Total comprehensive income for the year

   Profit for the year	- -	-	940,152	-	940,152	11,568	22,494	974,214
   Other comprehensive income **	- -	(91,585)	-	(60,016)	(151,601)	-	(3,094)	(154,695)
   Total comprehensive income for the year	- -	(91,585)	940,152	(60,016)	788,551	11,568	19,400	819,519

   Transactions with owners, recognised directly in equity

   Contributions by and distributions to owners

   - -	-	(608,092)	- (608,092)	-	-	(608,092)
   - -	51,940	-	- 51,940	-	-	51,940
   - -	-	-	- -	-	(26,425)	(26,425)
   - 82,843	(82,843)	-	- -	-	-	-
   - 208,391	6,031	-	- 214,422	-	-	214,422
   - -	(34,554)	34,554	- -	-	-	-
   - -	-	-	- -	-	14,421	14,421
   - -	-	-	- -	(11,568)	-	(11,568)
   - -	(65)	-	- (65)	-	119	54
   - 291,234	(59,491)	(573,538)	- (341,795)	(11,568)	(11,885)	(365,248)

   Dividends paid

   Share-based payment Dividend paid to

   non-controlling Treasury shares reissued pursuant to share plans

   Treasury shares reissued pursuant to acquisition

   Transfer to revenue reserves Contribution by non-controlling shareholders Distribution paid to perpetual securities holders

   Contributions to defined benefits plans

   Total contributions by and distributions to owners

   Changes in ownership interests in subsidiaries Disposal of interest in

   subsidiaries	- - - - - - -							(45,170)	(45,170)
   Total change in ownership interests in subsidiaries	- - - - - - -							(45,170)	(45,170)
   Total transactions with
   owners	-	291,234	(59,491)	(573,538)	-	(341,795)	(11,568)	(57,055)	(410,418)
   As at 31 December 2024	1,305,668	(96,082)	45,003	10,337,915	(838,307)	10,754,197	401,521	269,943	11,425,661

   * Includes share plans reserve, fair value reserve, hedging reserve, bonus issue by subsidiaries and other reserves.

   ** Details of other comprehensive income have been included in the condensed consolidated statement of comprehensive income.

   STATEMENTS OF CHANGES IN EQUITY For the year ended 31 December 2025

   Attributable to owners of the Company

   Share Capital	Treasury Shares	Capital Reserves*	Revenue Reserves	Capital & Reserves	Perpetual Securities	Total
   $'000	$'000	$'000	$'000	$'000	$'000	$'000
   1,305,668	(96,082)	162,295	6,284,721	7,656,602	401,521	8,058,123
   -	-	-	574,425	574,425	11,600	586,025
   -	-	2,727	-	2,727	-	2,727
   -	-	2,727	574,425	577,152	11,600	588,752
   -	-	-	(616,954)	(616,954)	-	(616,954)
   -	-	43,496	-	43,496	-	43,496
   -	(115,995)	-	-	(115,995)	-	(115,995)
   -	58,384	(58,384)	-	-	-	-
   -	-	-	-	-	(11,600)	(11,600)

   Share

   Company 2025

   As at 1 January 2025

   Total comprehensive income for the year

   Profit for the year

   Other comprehensive income Total comprehensive income for the year

   Transactions with owners, recognised directly in equity Dividends paid

   Share-based payment Purchase of treasury shares Treasury shares reissued pursuant to share plans Distribution paid to perpetual securities holders

   Total transactions with owners - (57,611) (14,888) (616,954) (689,453) (11,600) (701,053)

   As at 31 December 2025 1,305,668 (153,693) 150,134 6,242,192 7,544,301 401,521 7,945,822

   2024

   1,305,668	(387,316)	187,697	6,157,804	7,263,853	401,521	7,665,374
   -	-	-	735,009	735,009	11,568	746,577
   -	-	(530)	-	(530)	-	(530)
   -	-	(530)	735,009	734,479	11,568	746,047
   -	-	-	(608,092)	(608,092)	-	(608,092)
   -	-	51,940	-	51,940	-	51,940
   -	82,843	(82,843)	-	-	-	-
   -	208,391	6,031	-	214,422	-	214,422
   -	-	-	-	-	(11,568)	(11,568)
   -	291,234	(24,872)	(608,092)	(341,730)	(11,568)	(353,298)
   1,305,668	(96,082)	162,295	6,284,721	7,656,602	401,521	8,058,123

   As at 1 January 2024

   Total comprehensive income for the year

   Profit for the year

   Other comprehensive income Total comprehensive income for the year

   Transactions with owners, recognised directly in equity Dividends paid

   Share-based payment Treasury shares reissued pursuant to share plans Treasury shares reissued pursuant to acquisition Distribution paid to perpetual securities holders

   Total transactions with owners As at 31 December 2024

   * Includes share plans reserve, fair value reserve, hedging reserve and other reserves.

   CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
   For the year ended 31 December 2025
   		Full Year
   		2025	2024
   	Note	$'000	$'000
   OPERATING ACTIVITIES
   Operating profit		864,789	1,323,313
   Adjustments:
   Depreciation and amortisation		244,308	207,516
   Share-based payment expenses		45,684	53,906
   Gain on sale of fixed assets and investment properties		(896)	(7,799)
   Gain on disposal of subsidiaries	B	(140,959)	(116,458)
   Gain on disposal of a business		-	(2,301)
   Gain on disposal of associated companies and joint ventures		(84,608)	(1,251)
   Gain from sale of interests in associated companies and joint
   ventures Provision of impairment of right-of-use assets, intangible assets		(32,201)	(443)
   and fixed assets	334,762		25,032
   Impairment of joint ventures	37,119		17,970
   Fair value loss/(gain) on investment properties	30,264		(342,344)
   Gain from change in interest in associated companies	(6,149)		(37,604)
   Fair value gain on investments, associated companies and joint
   ventures	(45,198)		(58,383)
   Net fair value loss on notes receivables	-		19,162
   Gain from reclassification of associated company to investment
   carried at fair value through profit or loss	-		(12,711)

   Fair value gain on remeasurement of previously held interest

   upon acquisition of a subsidiary (6,629) -Fair value (gain)/loss on remeasurement of remaining interest in

   a joint venture		(169,180)	17,430
   Remeasurement loss on assets held for sale	B	26,005	-
   Unrealised foreign exchange differences		(131,913)	12,115
   Operational cash flow before changes in working capital		965,198	1,097,150
   Working capital changes:
   Stocks		373,709	198,091
   Contract assets		58,328	49,605
   Debtors		(74,901)	(116,363)
   Creditors		(115,124)	(281,233)
   Contract liabilities		37,799	(116,731)
   Trade amount due from associated companies and joint
   ventures		2,075	13,425
   		1,247,084	843,944
   Interest received		117,332	81,889
   Interest paid		(430,493)	(409,406)
   Net income taxes paid, net of refunds received		(272,375)	(316,084)
   Net cash from operating activities		661,548	200,343

   INVESTING ACTIVITIES Full Year 2025 $'000

   2024

   $'000

   Acquisition of subsidiaries A (459,094) 940,201 Acquisition and further investment in associated companies

   and joint ventures (599,120) (399,130)

   Acquisition of fixed assets, investment properties, intangible

   assets and investments (513,879) (611,418)

   Disposal of subsidiaries B 496,375 (27,175)

   Disposal of a business - 2,002

   Proceeds from disposal of fixed assets, investment properties,

   and investments 157,867 128,710

   Proceeds from disposal of associated companies and joint

   ventures and return of capital 219,836 287,367 Amounts due to associated companies and joint ventures,

   and other advances/deposits		(35,379)	(48,814)
   Repayment received from notes receivables		-	71,288
   Deposit received from divestment of a subsidiary		9,364	7,472
   Dividends received from investments, associated companies
   and joint ventures		438,018	350,431
   Net cash (used in)/from investing activities		(286,012)	700,934
   FINANCING ACTIVITIES
   Acquisition of additional interest in subsidiaries		2,485	-
   Proceeds from non-controlling shareholders of subsidiaries		87,797	14,421
   Proceeds from term loans		7,009,978	4,960,280
   Repayment of term loans		(6,708,457)	(4,217,338)
   Principal element of lease payments		(80,004)	(40,019)
   Dividend paid to shareholders of the Company		(616,954)	(608,092)
   Dividend paid to non-controlling shareholders of subsidiaries		(18,798)	(26,425)
   Net advances from non-controlling shareholders of certain
   subsidiaries and other parties		125,076	65,345
   Distribution to perpetual securities holders		(11,600)	(11,568)
   Purchase of treasury shares		(115,995)	-
   Net cash (used in)/from financing activities		(326,472)	136,604
   Net increase in cash and cash equivalents		49,064	1,037,881
   Cash and cash equivalents as at beginning of year		2,291,009	1,265,091
   Effects of exchange rate changes on the balance of cash
   held in foreign currencies		(23,173)	(11,963)
   Cash and cash equivalents as at end of year	C	2,316,900	2,291,009

   NOTES TO CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
   1. Acquisition of subsidiaries

      During the financial year, net assets of subsidiaries acquired at their fair values were as follows:

      	Full Year
      	2025	2024
      	$'000	$'000
      Fixed assets	253,746	3,283,008
      Investment properties	133,441	345,590
      Right-of-use assets	874	-
      Intangibles	113,901	-
      Associated companies and joint ventures	13,034	3,212
      Investments	12,013	-
      Stocks	19,068	52,673
      Debtors and other assets	117,254	30,995
      Bank balances and cash	36,227	1,088,911
      Creditors and other liabilities	(164,918)	(128,907)
      Provisions	-	(100,903)
      Borrowings and lease liabilities	(234,141)	(182,394)

      Current and deferred taxation (5,063) (24,988) Total identifiable net assets at fair value 295,436 4,367,197

      Non-controlling interests consolidated (7,855) -

      Amount previously accounted for as associated companies or joint

      ventures (59,406) -

      Goodwill on consolidation 268,730 -Total purchase consideration 496,905 4,367,197 Less: Non-cash purchase consideration - (4,218,487) Less: Proceeds payable (1,584) -

      Less: Bank balances and cash acquired (36,227) (1,088,911)

      Cash outflow/(inflow) on acquisition 459,094 (940,201)

      During the year, acquisition of subsidiaries relates to the acquisitions of 100% stake in Global Marine Group, 70% stake in ADG National Investment and Technology Development Corp ("ADG"), remaining 50% stake of Watermark Retirement Communities LLC, ("WRC") and 50% stake of certain affiliates of WRC (collectively known as "Watermark Platform") and 100% stake in Silverio Developers Pte Ltd.

      In 2024, acquisitions relate to the completion of a selective capital reduction ("SCR") undertaken by Rigco Holding Pte. Ltd. ("Rigco"), acquisition of 100% interest in RMZ Infinity (Chennai) Private Limited ("RICPL"), Bogor DC Investment Pte. Ltd. ("Bogor DC") and Dubnium DC Pte. Ltd. ("Dubnium DC").

   2. Disposal of subsidiaries

      During the financial year, the book values of net assets of subsidiaries disposed were as follows:

      Full Year
      	2025	2024
      	$'000	$'000
      Fixed assets	(304,961)	(16,017)
      Investment properties	(368,739)	(264,075)
      Right-of-use assets	(11,337)	-
      Intangibles	(190,595)	-
      Associated companies and joint ventures	(397,537)	-
      Stocks	(501,898)	-
      Debtors and other assets	(193,605)	(2,221)
      Amount due to associated companies and joint ventures	(3,437)	-
      Bank balances and cash	(68,361)	(49,169)
      Disposal group classified as held for sale	-	(365,613)
      Creditors and other liabilities	749,122	910
      Borrowings and lease liabilities	481,466	-
      Liabilities directly associated with disposal group classified as held for
      sale	-	377,769
      Current and deferred taxation	28,611	47,664
      Non-controlling interests deconsolidated	(17,949)	45,170
      Goodwill deconsolidated (84,410) -
      Net assets disposed	(883,630)	(225,582)
      Net gain on disposal	(140,959)	(8,352)
      Remeasurement loss on assets held for sale	26,005	-
      Amount accounted for as an associated company	495,325	192,425
      Realisation of cashflow hedge reserve	(2,976)	(12,156)
      Realisation of foreign currency translation reserve (78,936) (5,841)
      Sale proceeds	(585,171)	(59,506)
      Less: Bank balances and cash disposed	68,361	49,169
      Less: Proceeds receivable	-	41,213
      Less: Deferred proceeds received	(8,976)	(3,701)
      Less: Withholding tax 29,411 -

      Cash (inflow)/outflow on disposal (496,375) 27,175

      During the year, disposal of subsidiaries relates to divestment of Keppel Prince Engineering Pty Ltd, partial divestment of 30% equity stake in Tianjin Fulong Property Development Co., Ltd ("Fulong") which resulted in a loss of control of Fulong, partial divestment of 70% equity stake in Saigon Sports City, 100% equity stake in Chennai Business Tower Private Limited and the deemed disposal of Global Marine Group and Cloud Alpha Pte. Ltd.

      In connection with the divestment of Fulong, Fulong has extended an interest-bearing loan to the buyer. As at 31 December 2025, the carrying amount of the loan receivable, measured at fair value through profit or loss, was approximately $74.2 million (RMB 402.7 million) and is recorded under Long Term Assets in the condensed consolidated balance sheet. As the fair value is determined based on a combination of adjusted appraised net asset value method and discounted cash flow method, the loan receivable is categorised within Level 3 of the fair value hierarchy (Note 12).

      In 2024, disposal of subsidiaries relates to the divestment of Keppel Digi Pte. Ltd., disposal of Marina East Water Pte. Ltd. ("MEW") as well as the change in effective interest in Keppel Land Watco-IV Company Limited, and Keppel Land Watco-V Company Limited to 68%. The Group also received deferred proceeds from the disposal of Willowville Pte Ltd in 2023. Included in net gain on disposal in 2024 is a non-cash writeback of $108,106,000 arising from certain cost provisions and claim receivable (Note 14).

   3. Cash and cash equivalents

      Cash and cash equivalents consist of cash on hand and balances with banks. Cash and cash equivalents in the condensed consolidated statement of cash flows comprise the following balance sheet amounts:

      	2025 $'000	2024 $'000
      Bank balances, deposits and cash Disposal group classified as held for sale - bank balances, deposits &	2,309,407	2,026,782
      cash (Note 14)	7,945	-

      Amounts held under a segregated account in relation to the proceeds

      from sale of the Retained Consideration Shares (Note 3) - 274,751

      2,317,352 2,301,533

      Amounts held under escrow accounts for overseas acquisition of land,

      payment of construction cost, claims and other liabilities (452) (10,524)

      2,316,900 2,291,009
   4. Cash flow analysis

Full Year

Net cash from operating activities was $662 million as compared to $200 million in the prior year mainly due to lower working capital requirements and lower income tax paid.

Net cash used in investing activities was $286 million. This was mainly due to investments and capex of $1,572 million, partly offset by divestments and dividend income of $1,321 million.

Net cash used in financing activities was $326 million. This was mainly attributable to the net drawdown of term loans of $302 million, partly offset by dividends of $636 million paid to shareholders of the Company and non-controlling shareholders of subsidiaries and purchase of treasury shares of $116 million.

1. MATERIAL ACCOUNTING POLICY INFORMATION
   1. Basis of Preparation

      The condensed consolidated interim financial statements as at and for the six months and full year ended 31 December 2025 have been prepared in accordance with Singapore Financial Reporting Standards (International) 1-34 Interim Financial Reporting (SFRS(I) 1-34). This condensed consolidated interim financial statements do not include all the disclosures included in the Group's financial report. Accordingly, this report should be read in conjunction with the Group's Annual Report for the financial year ended 31 December 2024 and any public announcements made by Keppel Ltd. during the interim reporting period.

   2. Changes in Accounting Policies

      The accounting policies adopted by the Group in the preparation of the condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group's Annual Report for the financial year ended 31 December 2024, except for the adoption of new and revised standards effective as of 1 January 2025.

      The adoption of new or amended SFRS(I)s, SFRS(I) Interpretations and amendments to SFRS(I)s did not have any significant impact on the condensed consolidated interim financial statements of the Group.

   3. Critical Accounting Judgments and Estimates

      The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements as at and for the year ended 31 December 2024.

      The key assumptions, applied by management as at and for the year ended 31 December 2025, concerning the future and other key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities, are as follows:

      1. Revaluation of investment properties

         The Group carries its investment properties at fair value with changes in fair value being recognised in the profit or loss account, determined annually by independent professional valuers on the highest and best use basis except for significant investment properties which are revalued on a half-yearly basis.

         For the purpose of the condensed consolidated interim financial statements for the year ended 31 December 2025, valuations were obtained from the valuers for the Group's investment properties, and the resultant fair value changes were recognised in the profit or loss account.

         In determining the fair values, the valuers have used valuation techniques which involve certain estimates. The key assumptions to determine the fair value of investment properties include market-corroborated capitalisation rate, price of comparable plots and properties, estimated construction cost to complete and discount rate.

         In relying on the valuation reports, management has exercised its judgment to ensure that the valuation methods and estimates are reflective of current market conditions.

         NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six months and full year ended 31 December 2025

      2. Revenue recognition and contract cost

         The Group recognises contract revenue over time for long-term construction contracts by reference to the proportion of contract costs incurred to-date to the estimated total contract costs. The stage of completion is measured in accordance with the Group's revenue recognition accounting policy as stated in the audited financial statements for the year ended 31 December 2025. When it is probable that the total contract costs will exceed the total contract revenue, the expected loss is recognised as an expense immediately.

         Significant assumptions are required in determining the stage of completion and significant judgment is required in the estimation of the proportion of the contract work completed for the contracts; and the estimation of total costs on the contracts, including contingencies that could arise from variations to original contract terms and claims. In making the assumption, the Group evaluates by relying on past experience, the work of engineers as well as quotations and references from other projects.

         Revenue from construction contracts is disclosed in Note 7.

      3. Fair value measurement of unquoted investments

         In determining the fair value of unquoted investment funds, the Group relies on the net asset values as reported in the latest available capital account statements provided by third-party fund managers.

         The fund managers measure the fair value of underlying investments of the funds based on:

         1. Last quoted bid price for all quoted investments; and

         2. Valuation technique for unquoted investments where there is no active market.

            Valuation techniques used by the third-party fund managers include using recent arm's length transactions between knowledgeable, willing parties (if available), reference to the current fair value of other instruments that are substantially the same, comparable company approach, discounted cash flow analyses, option pricing models, and latest round of fund raising.

            For other unquoted investments, the Group uses various valuation techniques including the income and market approaches to determine the fair value. The availability of observable inputs can vary from investment to investment. For certain investments classified under Level 3 of the fair value hierarchy, the valuation could be based on models or inputs that are less observable or unobservable in the market and the determination of the fair values requires significant judgement. Those estimated values do not necessarily represent the amounts that may be ultimately realised due to the occurrence of future events which could not be reasonably determined as at the balance sheet date.

            These unobservable inputs that require significant judgement have been disclosed in Note 12.

      4. Impairment of non-financial assets

         Determining whether the carrying value of a non-financial asset is impaired requires an estimation of the value in use of the cash-generating units ("CGU"s). This requires the Group to estimate the future cash flows expected from the CGUs and an appropriate discount rate in order to calculate the present value of the future cash flows. Management performed impairment tests on fixed assets, goodwill, investments in subsidiaries, investments in associated companies and joint ventures, and intangibles as at 31 December 2025.

         NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six months and full year ended 31 December 2025

      5. Valuation of rigs

As of 31 December 2025, rigs which comprises of fixed assets and stocks under work-in-progress amounted to approximately $3,119 million (2024: $3,283 million) and $49 million (2024: $53 million) respectively.

For the financial year ended 31 December 2025, impairment of fixed assets and provision for stocks amounted to approximately $25 million and $1 million respectively.

In assessing the value-in-use ("VIU") of rigs and net realisable value of stocks, management has considered the most likely outcome for the Group is to charter each asset out to work with an operator. The value of the asset on this basis would be based on an estimation of the VIU of the asset, i.e. through estimating the net present value of cash flows from operating the asset over the useful life of the asset.

Management has engaged an independent professional firm to assist in determination of the VIU and net realisable value as at 31 December 2025 based on the Discounted Cash Flow ("DCF") calculations that cover each class of rig assets. In addition to the independent professional firm responsible for calculation of the VIU and net realisable value, management has also engaged a separate industry expert to provide a view of the market outlook, assumptions and industry parameters which are used as inputs to the DCF model. Key inputs into the estimation of the VIU and net realisable value include dayrates, cost assumptions, utilisation rates, discount rates and estimated commencement of deployment of the assets. These inputs are subject to risk and uncertainty. The valuation of the rigs would decrease if the expected income from operating the rigs decline, or discount rates were higher, or the estimated commencement of deployment were delayed.

Carrying amounts of rigs

The valuation of the rigs based on the DCF calculations was most sensitive to discount rates, dayrates and the delay in estimated commencement of deployment. With all other variables held constant, the following demonstrates the sensitivity to a reasonably possible change in discount rates, dayrates and delay in estimated commencement of deployment on the fair value of rigs:

• Discount rates of 9.3% as computed by the independent professional advisor was used in the valuation as at 31 December 2025. A 1% increase in discount rate would lead to an additional impairment of approximately $257 million.

• A decrease in dayrates of US$5,000 per day across the entire assets' remaining useful life would lead to an additional impairment of approximately $58 million.

• A delay in commencement of deployment of 12 months would lead to an additional impairment of approximately $198 million.

Stocks

There are two Drilling Rig Units ("DRUs") that were built for Sete Brasil ("Sete") (which had filed for bankruptcy protection in 2016). Following the termination of engineering, procurement and construction ("EPC") contracts in 2021, the asset title of the two DRUs were split between a subsidiary of Rigco (previously under Keppel Offshore & Marine) and Sete. Rigco is currently working with Sete for Rigco's subsidiary to obtain full title of these assets and to procure the release of the mortgage on these assets.

In assessing the net realisable value of the two encumbered DRUs, management had considered possible outcomes, which included the option of repossessing the units, complete the construction and charter out to extract value from the uncompleted units and the option of abandonment.

The net realisable value of the DRUs was assessed with the following key assumptions, taking into consideration the likelihood and expected financial impact of the possible outcomes:

1. Regain clean title of the units, complete the construction and charter them out to another operator;

2. The future cost of construction of the units is not materially different from management's current estimation; and

3. In the case of abandonment, the costs of settling committed purchases are not materially different from management's current estimation.

Movements in the provision for impairment of associated companies and joint ventures are as follows:

The carrying amount of the Group's material associated companies and joint ventures, all of which are equity accounted for, are as follows:

The Phase 1 consideration balance for the acquisition of Aermont Capital S.à r.l, of approximately

$92 million (equivalent to €62 million) and was paid on 3 July 2025. Maximum consideration payable for Phase 2 of €575 million is expected to be paid on the completion of Phase 2 in 2028 and is disclosed in Note 9 as a capital commitment.

1. SHORT TERM INVESTMENTS

   As set out in Note 21 of the Company's audited financial statements in its FY 2024 Annual Report, there was an arrangement between the Company and Seatrium Limited ("Seatrium", formerly, Sembcorp Marine Ltd) whereby Seatrium shares ("Retained Consideration Shares") and its related cash were transferred to a segregated account, pursuant to the combination of Keppel Offshore & Marine Ltd ("KOM") and Seatrium ("Combination"). This arrangement was put in place for the purpose of satisfying identified contingent liabilities which Seatrium may have against the Company in connection with the Combination.

   On 11 April 2025, the Company announced there is no further liability in respect of the identified contingent liabilities, and that the Company and Seatrium have agreed that the segregated account arrangement shall terminate. As at 31 December 2025, the segregated account arrangement has been terminated.

2. INTANGIBLES

   During the privatisation of M1 Limited in 2019, the Group recognised a goodwill allocated to M1 Limited as a single cash-generating unit (CGU) amounted to $988 million. Arising from the Proposed Transaction as disclosed in Note 14, the goodwill has been attributed between M1 Telco and Technology Solutions & Services business (formerly known as information and communications technology (ICT) business) amounted to $790 million and $198 million respectively. Of which, goodwill attributable to M1 Telco was presented in the balance sheet as "Disposal group classified as held for sale".

   The recoverable amount of the Technology Solutions & Services business as a CGU was determined based on its value-in-use ("VIU") using a discounted cash flow model based on probability weighted cash flow projections by management covering a 5-year period, and cash flows beyond the 5-year period were extrapolated using a terminal growth rate of 2.0% premised on the estimated long term growth rate for the country where the CGU operates. Cash flows were discounted using a discount rate of 9.8% per annum. The recoverable amount was estimated to be higher than the carrying value of the CGU. Accordingly, no impairment of goodwill was recognised in 2025.

   The assessment of the VIU of the Technology Solutions & Services business as a CGU required significant judgment in estimating the cash flow projections, terminal growth rate and discount rate. The calculation of VIU for the CGU is sensitive to the terminal growth rate and discount rate applied:-

   • If the terminal growth rate were to decrease by 0.5% and holding all other variables constant, the recoverable amount would decrease, but would not result in impairment for the financial year ended 31 December 2025.

   • If the discount rate were to increase by 1% and holding all other variables constant, the recoverable amount would decrease, but would not result in impairment for the financial year ended 31 December 2025.

     NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six months and full year ended 31 December 2025
3. BORROWINGS AND LEASE LIABILITIES

   Due within one year	2025	Due after one year	Due within one year	2024	Due after one year
   $'000		$'000	$'000		$'000
   Keppel Medium Term Notes 200,000		1,021,697	726,109		1,220,111
   Medium Term Notes 279,963		-	-		279,873
   Bank and other loans - secured	31,737	817,610	230,902	801,865
   - unsecured	1,394,767	7,569,729	431,993	8,207,152
   Lease liabilities	12,632	107,826	37,615	136,528
   	1,919,099	9,516,862	1,426,619	10,645,529

   Group's borrowings, debt securities and lease liabilities

   Group

   Keppel Management Ltd.

   1. Amount repayable in one year or less, or on demand

      2025		2024
      Secured $'000	Unsecured $'000	Secured $'000	Unsecured $'000
      44,369	1,874,730	268,517	1,158,102

   2. Amount repayable after one year

      2025		2024
      Secured $'000	Unsecured $'000	Secured $'000	Unsecured $'000
      925,436	8,591,426	938,393	9,707,136

   3. Details of any collateral and securities

   Certain subsidiaries of the Company pledged their assets in order to obtain loans from financial institutions. The Group has mortgaged certain properties and assets of up to an aggregate amount of $2,036,102,000 (31 December 2024: $2,503,669,000) to banks for loan facilities. Included in secured borrowings as at 31 December 2025 are current lease liabilities of $12,632,000 (31 December 2024: $37,615,000) and non-current lease liabilities of

   $107,826,000 (31 December 2024: $136,528,000) which are secured over the right-of-use assets of $175,816,000 (31 December 2024: $215,723,000).

   The fair values of term loans for the Group are $11,303,513,000 (31 December 2024:

   $11,742,993,000).

   NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the six months and full year ended 31 December 2025
4. SHARE CAPITAL

Issued share capital and treasury shares

Treasury shares

During the year ended 31 December 2025, the Company transferred 8,775,614 (31 December 2024: 12,461,954) treasury shares to employees upon vesting of shares released under the Keppel Share Plans. There were 13,220,000 treasury shares purchased (31 December 2024: nil) during the year.

As at 31 December 2025, the number of treasury shares held by the Company represented 1.05% (31 December 2024: 0.80%) of the total number of issued shares (excluding treasury shares). Other than as disclosed above, there was no other sale, disposal, cancellation and/or other use of treasury shares during the year ended 31 December 2025.

Keppel Performance Share Plan - M1 Transformation Incentive Plan ("Keppel PSP-M1 TIP")

As at 31 December 2025, there were no contingent shares granted but not released (31 December 2024: 349,349) for Keppel PSP-M1 TIP.

Keppel Performance Share Plan 2020 ("Keppel PSP 2020")

As at 31 December 2025 the number of contingent shares granted but not released were 5,301,606 (31 December 2024: 5,677,720) for Keppel PSP 2020. Based on the achievement factor, the actual release of the awards in ordinary shares of the Company could range from zero to a maximum of 7,952,409 under Keppel PSP 2020.

Keppel PSP 2020 Transformation Incentive Plan ("Keppel PSP 2020-TIP")

As at 31 December 2025, the number of contingent shares granted but not released were 12,406,051 (31 December 2024: 12,806,451) for Keppel PSP 2020-TIP. Based on the achievement factor, the actual release of the awards in ordinary shares of the Company could range from zero to a maximum of 18,609,077 under Keppel PSP 2020-TIP.

Keppel Restricted Share Plan 2020 - Deferred Shares ("Keppel RSP 2020-Deferred Shares")

There are no contingent shares granted but not released as at 31 December 2025 and 31 December 2024. As at 31 December 2025, the number of awards released but not vested was 4,269,682 (31 December 2024: 5,617,240) for Keppel RSP 2020-Deferred Shares.

Movements in the number of shares under the Keppel PSP-M1 TIP, Keppel PSP 2020, Keppel PSP 2020-TIP and Keppel RSP 2020-Deferred Shares are as follows: