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Keppel (BN4) investor relations material
Keppel Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net profit rose 24–25% year-over-year to $378M–$431M in 1H 2025, driven by strong infrastructure and real estate gains, with recurring income up 7% to $444M.
Funds under management reached $91B, with $915M in asset monetization YTD and over $500M in potential divestments under negotiation.
Asset-light strategy and cost optimization initiatives, including Project Lean, delivered $88M in annual run-rate cost savings, targeting $120M by end-2026.
Announced $500M share buyback program and maintained interim dividend of $0.15 per share.
Focused on monetizing $14.4B non-core portfolio, with $915M divestments YTD and ongoing negotiations for $500M more.
Financial highlights
Net profit for H1 2025: $378M, up 24% year-over-year; new capital net profit: $431M, up 25%.
Annualized ROE for new capital: 15.4% (vs. 13.2% prior year); net debt/EBITDA: 2.4x.
Free cash outflow improved to $48M from $216M prior period, mainly due to positive working capital changes.
Asset management fees for H1: $195M; $1.9B equity raised and $6.5B in acquisitions/divestments YTD.
Group revenue declined 5% year-over-year to $3,057M in 1H 2025.
Outlook and guidance
On track to achieve Vision 2030 interim FUM and asset monetization targets by end-2026.
Targeting $200B FUM by 2030, with recurring income from asset management and long-term contracts.
Substantial monetization of non-core portfolio expected by 2030, enabling debt reduction and shareholder returns.
Infrastructure Division to expand power capacity, including a 600 MW plant in 1H 2026 and up to 500 MW of renewable imports from 2028.
Connectivity Division to grow data centre FUM from $12B to $19B in the near term.
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