Keppel DC (AJBU) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 distributable income rose 16.7% YoY to $228.0m; DPU increased 11.7% to 8.571 cents on an enlarged unit base.

• Tokyo Data Centre 4 & 5 acquisition completed on 1 Oct 2026, adding growth potential and lifting contracted power capacity to ~97%.

Financial highlights

• 9M 2026 gross revenue increased 13.3% YoY to $365.3m; property expenses rose 14.9% to $48.5m and NPI grew 13.1% to $316.8m.

• Finance costs increased 28.1% to $46.7m, partly offset by finance income of $11.4m, down 6.2% YoY.

• DI growth reflected stronger operations, acquisitions and higher effective interests in Keppel DC Singapore 3 & 4; finance costs and the enlarged unit base were offsets.

Outlook and guidance

• Gore Hill Data Centre revenue is expected to more than double when new contracts commence from end-2026, with further upside potential.

• Keppel DC Singapore 8 asset enhancement works are on track for completion in 2H 2027; portfolio growth levers include repositioning, power intensification, redevelopment and capital recycling.

• Tokyo Data Centre 4 & 5 have ~2.8% average annual rent escalations and in-place rents more than 30% under-rented.