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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Keppel Infrastructure Trust
Keppel Infrastructure Trust (A7RU) investor relations material
Keppel Infrastructure Trust Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor presentation summary11 Nov, 2026
Strategy and portfolio
AUM of S$9.43bn across 15 essential businesses and assets in more than 10 mature economies; focus on developed markets and long-term infrastructure demand.
Portfolio spans energy transition, environmental services, distribution and storage, and digital infrastructure; renewable capacity reached 1.5GW after the German Solar Portfolio II acquisition.
Investment criteria include essential services, durable and growing cash flows, high barriers to entry, total-return potential, and yield accretion; target cash yield of 7–8% for core-plus assets.
Secular tailwinds include decarbonisation, urbanisation, circular-economy demand and digitalisation, including investment needs linked to AI.
Growth and value creation
Total return since trading commenced in 2015 was 96.0% through 31 Dec 2025, versus ~61% for the FSTREI Index, assuming dividends were reinvested.
Portfolio DI CAGR was 8.5% from 2018 to 2025, following adoption of an active-management model in 2019.
Value-creation initiatives focus on organic growth, bolt-on acquisitions, new revenue streams, productivity, cost optimisation and portfolio reviews.
FY 2021–FY 2025 EBITDA growth: City Energy 95% and Ixom 58%; PCSPC EBITDA grew 85% over FY 2021–FY 2024 before its 2025 divestment.
Strategic priorities include strengthening Australian platforms through acquisitions and pursuing operational improvements across locally managed essential-service businesses.
9M 2026 financial highlights
Total Asset FFO rose 14.8% YoY to S$293.7mn, led by Energy Transition and Distribution & Storage, with a Digital Infrastructure contribution; Environmental Services partly offset growth.
Total Asset DI increased 8.2% YoY to S$210.7mn after debt repayment and debt-funded maintenance capex; lower corporate expenses also supported DI growth.
DI before divestment gains rose 12.3% YoY to S$140.1mn; reported DI was S$140.1mn versus S$168.9mn in 9M 2025, down 17.0% including the prior-period divestment gain.
YTD total return to unitholders was 12.0% for 9M 2026, assuming dividends were reinvested.
S$301mn of net proceeds from the 2025 PCSPC and partial Ventura divestments were fully deployed into accretive assets.
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Latest events from Keppel Infrastructure Trust
- Q1 distributable income rose 65.5% to $73.9m as portfolio contributions strengthened.A7RU
Q1 2023 TU - 1H DI rose 51.8%, while debt amortisation remains a constraint on distributions.A7RUH1 2023
- 9M DI rose 93.2% as portfolio growth funded a 2.33-cent special distribution.A7RUQ3 2023 TU
- Record DI and EBITDA, 6.19-cent DPU and expansion into German residential solar.A7RUH2 2023
- Underlying DI rose 12.3% as acquisitions lifted FFO, despite reported DI falling on prior-year gains.A7RUQ3 2026 TU
- Resilient infrastructure portfolio achieved 136% decade return and 13% YTD growth in 1H 2026.A7RUCorporate presentation
- Adjusted distributable income rose 2.1% year-on-year, with AUM at SGD 8.8 billion and DPU up 1%.A7RUH1 2024
- FFO up 10.3% to SGD 282m, adjusted DI up 4.3%, and AUM rose 22% to SGD 9b.A7RUH2 2024
- Distributable income rose 31.2% YoY to SGD 119.4m, with DPU up 1% and gearing at 39.3%.A7RUH1 2025
Next Keppel Infrastructure Trust earnings date
H2 20262 Feb, 2027
Keppel Infrastructure Trust
Next Keppel Infrastructure Trust earnings date
H2 20262 Feb, 2027
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