Keppel DC (AJBU) Q3 2025 earnings summary

Executive summary

• Distributable income for 9M 2025 rose 55.5% year-over-year to $195.3 million, with DPU up 8.8% to 7.67 cents, reflecting strong portfolio performance and recent acquisitions.

• Assets under management reached approximately $5.7 billion, with a stable portfolio occupancy of 95.8% and a healthy WALE of 6.7 years.

• Strategic acquisitions included Tokyo Data Centre 3 and full interests in Keppel DC Singapore 7 & 8, while divestment of non-core assets is underway.

Financial highlights

• Gross revenue increased 37.7% year-over-year to $322.4 million for 9M 2025, while net property income grew 42.2% to $280.2 million.

• Finance income rose 23.3% to $12.1 million, and finance costs declined 6.4% to $36.4 million, supporting higher distributable income.

• Adjusted DPU (excluding impact of Preferential Offering) was 7.872 cents, up 11.7% year-over-year.

Outlook and guidance

• Sustained global digital infrastructure demand is projected, with data centre demand expected to reach 100 GW by 2027, driven by cloud and AI workloads.

• Easing global financial conditions and improved growth forecasts support continued expansion, especially in Asia Pacific.