Keppel Ltd. 9M 2025 Business Update Presentation Slides

Keppel Ltd. 9M 2025 Business Update Presentation Slides

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  9M 2025 Business Update 30October 2025
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  © Keppel 2 Drivingexecution with strong results • New Keppeli achieved over 25% earnings growth yoy in 9M25, with improvements across all segments • Overall net profit rose over 5% yoy in 9M 2025, even after including accounting loss from proposed divestment of M1’s telco business, with Non-Core Portfolio for Divestment returning to profitability • Raised FUM of $6.7b in 9M25 across private funds; latest acquisitions by REITs and infrastructure trustii to add another $1.4b to FUM progressively • Advancing asset monetisation with about $2.4b announced in 9M25 including the proposed divestment of M1’s telco business • Delivering shareholder value in 9M25, the Company: • Returned $617m to shareholders through cash dividends • Repurchased $92.6m worth of shares under $500m Share Buyback Programme • Announces that dividend payout will be based on New Keppel’s annual net profit. In addition, part of cash unlocked from asset monetisation will be used to reward shareholders i New Keppel excludes the Non-Core Portfolio for Divestment and Discontinued Operations ii Comprises the acquisitions of Tokyo Data Centre 3 by Keppel DC REIT (expected completion by end-2025), Top Ryde City Shopping Centre by Keppel REIT (expected completion by 1Q26) and Global Marine Group by Keppel Infrastructure Trust alongside Keppel Infrastructure Fund. Note: Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested Funds under Management (FUM).
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  3 © Keppel • 9M25net profit rose by over 25% yoy backed by earnings growth across all three segments • Recurring income grew by close to 15% yoy in 9M25, driven by higher contributions from both asset management and operating income Overall net profit The New Keppel (excluding Non-Core Portfolio for Divestmenti and Discontinued Operationsii) Robust performance in 9M 2025 i 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. ii In accordance with SFRS(I) 5 Non-current Assets Held for Sale and Discontinued Operations, the performance of M1 and its subsidiaries, excluding the ICT Services business and other carved out assets (“M1 Telco”) are presented as discontinued operations for the financial period, with comparative information re-presented accordingly. • Overall net profit was over 5% higher yoy in 9M25, even after including accounting loss from proposed divestment of M1’s telco business, with Non-Core Portfolio for Divestment returning to profitability
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  Advancing asset monetisation ©Keppel 4 Asset monetisation in 9M25 $2.4b Targeting another >$500m of deals over the next few months Crystallising value for Keppel Asia Infrastructure Fund Divestment of 800 Super values the company at total enterprise value of >$600m Achieving over 3 years: • 20% EBITDA growth since acquisition • Realising mid-teens IRR and capital gains amounting to half of invested capital • Keppel’s 40.5% effective stake being monetised at $184m i This includes 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. ii Computed based on estimated divestment proceeds and net debt to be deconsolidated. The actual monetisation amount is subject to completion adjustments and the net debt at date of completion. Total monetisation since Oct 2020 $14.0b Including $4.7bi Keppel O&M divestment in 2023 and $1.3bii from proposed sale of M1’s telco business announced in Aug 2025 Includes latest announced transactions regarding M1’s telco business and 800 Super
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  Accelerating momentum infundraising © Keppel 5 i Comprises the acquisitions of Tokyo Data Centre 3 by Keppel DC REIT (expected completion by end-2025), Top Ryde City Shopping Centre by Keppel REIT (expected completion by 1Q26) and Global Marine Group by Keppel Infrastructure Trust alongside Keppel Infrastructure Fund. ii 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. Note: Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested Funds under Management (FUM). Aermont started marketing Fund VI; first close expected around 1Q26 Potential FUM accretion from latest real estate and digital infrastructure acquisitions by listed REITs and infrastructure trusti $2.7b Equity raised in 9M25 $7.6b Acquisitions & divestments in 9M25 $299m Asset management feesii in 9M25 Education Asset Fund II SUR strategy Data Centre Fund III Private Credit Fund III Infrastructure Fund $6.7b FUM raised by private funds in 9M25 $1.4b
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  Laser-focused on reliableexecution © Keppel 6 600 MW Keppel Sakra Cogen Plant to start operations in 1H26; capacity substantially contracted Hong Kong IWMF 93% completed, 15-year O&M will contribute to recurring income from 2026 Tuas Nexus IWMF 79% completed, approaching Testing & Commissioning phase 67% of power capacityi contracted for 3 years & above $6.8b of revenue under long-term contract to be earned over 10-15 years Targeting yoy EBITDA growth in 2025, underpinned by strong earnings from the integrated power business and growing contributions from decarbonisation & sustainability solutions. 2022 2023 2024 Sep 2025 $6.0b $4.3b $3.3b $6.8b 2.1x i As at end-Sep 2025; based on Keppel’s existing generation capacity. Note: IWMF stands for integrated waste management facility. >10 years 15% 3-10 years 52% 1-3 years 27% <1 year 6% Integrated Power Business Expanding capacity and future-proofing energy transition Decarbonisation & Sustainability Solutions Differentiated by technology, design & engineering, operations & maintenance, project management
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  Boosting competitive edgein digital connectivity © Keppel 7 • 20,000 km subsea cable system achieved RFS status on 1 Oct 2025 • Recognition of IRU for first two fibre pairs and annual O&M fees commencing in 4Q25 • Completed EIA, pending issuance of construction permit • Targeting to start construction in 1Q26 and complete in 2028 Note: RFS stands for Ready for Service; IRU stands for Indefeasible Rights of Use; EIA stands for Environmental Impact Assessment Building strategic partnerships with leading cloud & tech players Developing proprietary assets with private funds, in line with Keppel’s asset-light model Bifrost Cable System Floating Data Centre Growing ICT Services business • Building ICT Services into a growth engine through transformation, service expansion and synergies with Keppel’s integrated ecosystem • Expanding footprint in ASEAN’s fast-growing digital economy with hybrid multi-cloud, connectivity and digital transformation solutions • Driving cloud and AI transformation with leading partners across the connectivity value chain, such as AWS, Dell, Google, Microsoft and NVIDIA
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  • Aims tocomplete the Proposed Transaction by year-end, subject to regulatory approval by Singapore’s Infocomm Media Development Authority • Liberty Wireless’ mobile virtual network arrangements with M1 - Outcome of the legal proceedings not expected to adversely affect or delay the completion of the Proposed Transaction 8 Keppel to unlock close to $1bin cashi Proposed divestment of M1’s telco business © Keppel i The final amount is subject to completion adjustments.
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  will be usedto reward shareholders. Delivering strong returns to shareholders © Keppel 9 i Includes the distributions in-specie of Sembcorp Marine (now Seatrium) shares worth $2.19/share and Keppel REIT units worth $0.167/share in FY23. Capital return to shareholders Robust TSR (Annualised return: 1 Jan 2022 - 30 Sep 2025) 38.0% 14.5% Keppel STI Source: Bloomberg 643 581 608 617 4,139 2022 2023 2024 9M25 Cash dividends Distributions in-specie $643m $4,721m $608m $617m i $6.6b Returned to shareholders via cash/in-specie distributions since the start of 2022 $92.6m 10.9 million shares worth $92.6m repurchased by end-Sep, since launch of $500m Share Buyback Programme on 31 Jul 2025 Committed to a steady and sustainable dividend strategy that reflects the earnings performance of the New Keppel. As Keppel’s earnings profile becomes increasingly stable and recurring, the Company aims to provide shareholders with consistent and steadily growing cash returns, while maintaining prudent capital allocation to support growth and an efficient capital structure. In addition, part of the cash unlocked from asset monetisation will be used to reward shareholders.
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  © Keppel 10 Buildinga stronger, more resilient Keppel Keppel has delivered strong performance in 9M25, underpinned by solid earnings growth and continued momentum in asset monetisation The market increasingly recognises Keppel as a global asset manager & operator and has started re-rating the Company as we execute our growth strategy Strong confidence in New Keppel’s growth trajectory and committed to total shareholder returns
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  Appendix 11
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  12 © Keppel Infrastructure Divisionupdates • Strong tender pipelines across waste, water, EaaS of circa. $11b under pursuit • Secured new EaaS contracts in China, India, the Philippines, Singapore, Thailand and Vietnam • Robust 9M25 book-to-bill ratio of about 3.5x • Expanding partnership with European associated company in renewables Integrated power business Decarbonisation & sustainability solutions • Progressing on FEED study for renewable energy import from Indonesia’s Riau Islands, advancing development of cross-border importation to unlock high-value, high-volume demand • Awarded by authorities to conduct FEED study for 55-65 MW end-to-end ammonia power generation, and feasibility studies on carbon capture & storage Keppel MET Renewables’ Ferrera Erbognone solar power plant in Italy Low- or zero-carbon ammonia solution on Jurong Island, Singapore
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  13 © Keppel i Assetvalues as at end-Sep 2025. ii ~39% of commercial GFA is under development. Real Estate Division updates Residential landbank Units % Singapore 100 1% China 14,750 49% Vietnam 6,937 23% Indonesia 4,448 15% India 3,817 12% TOTAL 30,052 100% Commercial portfolioii GFA (sm) % Singapore 87,510 6% China 538,070 34% Vietnam 401,210 26% India 241,399 15% Indonesia 153,800 10% Other SEA countries 103,100 7% South Korea 39,770 2% TOTAL 1,564,859 100% • Monetised about $830m of real estate assets in 9M25 • Implementing Sustainable Urban Renewal solutions across 4 projects with combined asset value of $1.3bi • Keppel South Central - nearly 50% of office space and retail units committed or in negotiation Sino-Singapore Tianjin Eco-City • SSTEC sold a residential and commercial mixed-use plot in Oct 2025 which will contribute a profit of about RMB40m to Keppel in 4Q25 As of end-Sep 2025
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  Data centre portfolioOwned by Keppel DC REIT Owned/Developed by Keppel & private fundsi Geographical presence Asia Pacific, Europe Asia Pacific, Europe No of assets 25 14 Attributable lettable area 2,721,198 sq ft 1,883,612 sq ft Valuation ~$5.7bii $2.6biii 14 © Keppel Connectivity Division updates As of end-Sep 2025 i Includes assets under Aermont Capital’s funds. ii Refers to assets under management. Includes the acquisition of Tokyo Data Centre 3 which is expected to complete by end-2025. iii Based on the latest valuations and ownership stakes in the respective projects.
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  © Keppel 15 PeriodValue ($m) 2020 1,238 2021 1,666 2022 1,515 2023 5,685iv 2024 1,525 9M25 2,387 TOTAL 14,016 Asset Country Value ($m) 22.6% stake in Saigon Centre Phase 3 Vietnam 98 42% stake in Palm City Vietnam 141 29.5% stake in Keppel Philippines Holdings Inc Philippines 11 30% stake in Tianjin Fulong China 93 20.5% stake in Computer Generated Solutions, Inc US 63 75.8% stake in Wanjiang Logistics Park China 17 One Paramounti India 379 Nam Long shares Vietnam 58 30% stake in residential project in Ho Chi Minh Cityi Vietnam 25 2.5% stake in Smartworks India 15 83.9% stake in M1’s telco business Singapore 1,288ii 40.5% effective stake in 800 Super Singapore 184 Othersiii - 15 9M25 2,387 Announced since the start of asset monetisation programme in Oct 2020 Asset monetisation programme i Proposed divestment is subject to completion/relevant approvals. ii Computed based on estimated divestment proceeds and net debt to be deconsolidated. The actual monetisation amount is subject to completion adjustments and the net debt at date of completion. iii Includes other non-core assets in Australia, China, Singapore and Thailand. iv Includes $4.7b from Keppel O&M divestment.
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  © Keppel 16 Disclaimer NOTFOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. THIS PRESENTATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL, SUBSCRIBE FOR OR BUY SECURITIES IN ANY JURISDICTION, INCLUDING IN THE UNITED STATES. This presentation is for information purposes only and does not have regard to your specific investment objectives, financial situation or your particular needs. Any information in this presentation is not to be construed as investment or financial advice and does not constitute an invitation, offer or solicitation of any offer to acquire, purchase or subscribe for securities or other financial instruments in Keppel Ltd. (“Keppel”). The past performance of Keppel is not indicative of the future performance of Keppel. You should exercise judgment in your own financial decisions. If in doubt, please consult with your professional advisers. Unless explicitly indicated otherwise, all monetary values denoted as ‘$’ within this presentation are to be interpreted as referring to Singapore dollars.