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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.Q2 2025 earnings summary31 Jul, 2025
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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Frequently asked questions
Keppel Limited is a conglomerate based in Singapore with a diverse portfolio focusing on property, infrastructure, and asset management. Established in 1968, Keppel has evolved from its origins in the Keppel Shipyard and offshore and marine activities to become a global asset manager and operator. The company is recognized for its expertise in delivering sustainability-related solutions across various sectors including renewables, clean energy, sustainable urban renewal, and digital connectivity. Keppel operates internationally, with a presence in over 20 countries, and is involved in sectors ranging from environmental engineering, power generation, and gas infrastructure development to property development, investment, and logistics. Keppel is headquartered in Singapore and its shares are listed on the Singapore Exchange.
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