Keppel Infrastructure Trust (A7RU) Corporate presentation summary

Overview and strategy

• Portfolio comprises essential infrastructure assets generating resilient, recurring cash flows across economic cycles, supported by long-term contracts and regulated frameworks.

• Assets span energy transition, environmental services, distribution & storage, and digital infrastructure, with significant presence in Singapore, Australia, and Europe.

• Achieved a total return of 136% over the last decade, with AUM of S$9.4bn as of June 2026 and a 13% YTD total return for 1H 2026.

• Investment criteria focus on essential service providers with high barriers to entry, defensive and growing cash flows, and yield accretion targets of 7-8% for core+ assets.

• Strategic focus on developed markets, leveraging expertise in energy transition, digital infrastructure, and environmental services, with an ESG mindset.

Transition to growth

• Shifted from a passive vehicle to a growth-oriented portfolio since 2019, achieving an 8.5% CAGR in distributable income (DI) from 2018-2025.

• Value creation through organic and inorganic growth, including bolt-on acquisitions and divestments, driving EBITDA growth in key businesses like City Energy, Ixom, and PCSPC.

• 1H 2026 distributable income remained resilient at S$101.1mn, with a 1.2% increase year-on-year, and a DPU of 1.99 cents.

• Total Asset FFO grew 14% year-on-year to S$200.5mn in 1H 2026, with strong contributions from energy transition and distribution & storage segments.

• Capital recycling deployed ~80% of net proceeds into accretive acquisitions, including Global Marine Group and a follow-on stake in KMC.

Capital management and financials

• Maintains prudent capital management with majority non-recourse debt, net gearing at 44.2%, and interest coverage ratio of 8.3x.

• Successfully refinanced all FY 2026 maturities, launched a S$200mn 7-year medium-term note, and secured additional credit facilities for financial flexibility.

• ~S$700mn dry powder available for debt-funded acquisitions, supporting future growth.

• Weighted average cost of debt at 4.5%, with 76.7% of debt fixed or hedged and average debt maturity of 3.5 years.