Keppel Infrastructure Trust (A7RU) H1 2025 earnings summary

Executive summary

• Distributable income for 1H 2025 rose 31.2% year-on-year to SGD 119.4 million, driven by higher contributions from City Energy, Ixom, Ventura, and gains from the divestment of Philippine Coastal.

• Declared distribution per unit (DPU) of 1.97 cents, up 1% year-on-year.

• Strategic capital recycling included the sale of a 24.62% stake in Ventura and the completed divestment of Philippine Coastal, generating SGD 301 million in proceeds.

• Proposed SGD 122.3 million investment in Global Marine Group (GMG) to enter the digital infrastructure segment, expected to be DPU accretive and subject to regulatory and unitholder approval.

• Assets under management reached SGD 8.7 billion as of 30 June 2025.

Financial highlights

• Group EBITDA increased 5.9% to SGD 236.6 million year-over-year; distributable income for 1H 2025 reached SGD 119.4 million, up 31.2% year-on-year.

• DPU for 1H 2025 was 1.97 cents, a 1% increase year-on-year, with payment scheduled for 13 August 2025.

• Net gearing stood at 39.3% as of 30 June 2025; net debt to EBITDA at 4.6x.

• Interest coverage ratio improved to 11.9x; weighted average cost of debt increased to 4.79%.

• Approximately 80% of loans are fixed or hedged; SGD 565 million in undrawn loan facilities available.

Outlook and guidance

• Strong investor appetite for infrastructure assets expected to continue, supported by trends in decarbonization, digitalization, and urbanization.

• Energy transition sector projected to see robust growth, with global investment needs averaging US$5.6 trillion annually to 2030.

• Digital infrastructure, especially submarine cables, expected to grow at a 6.3% CAGR to USD 56.9 billion by 2035.

• Focus remains on disciplined capital recycling and sustainable, steady distributions.

• Commitment to achieve net zero Scope 1 and 2 emissions by 2050 and 2 GW renewables capacity by 2030.