Keppel Infrastructure Trust (A7RU) H2 2024 earnings summary

Executive summary

• Achieved strong FY2024 results with FFO up 10.3% to SGD 282 million and adjusted DI up 4.3% year-on-year, driven by new acquisitions and portfolio expansion.

• AUM grew by 22% to SGD 9 billion, reflecting portfolio expansion and value creation initiatives.

• Record EBITDA achieved at Ixom, City Energy, and Philippine Coastal, supported by accretive investments and operational improvements.

• DPU for FY2024 was SGD 0.039 (3.90 cents), a 1% increase year-on-year, excluding special distributions.

Financial highlights

• FY2024 DI was SGD 203.7 million, down from SGD 316.8 million in FY2023 due to a special distribution in the prior year.

• Adjusted FY2024 DI (excluding one-offs) was SGD 218.7 million, 4.3% higher year-on-year.

• FFO for FY2024 reached SGD 282 million, up 10.3% year-on-year.

• 2H2024 distributable income (after adjustments) was SGD 108.9 million, up 14.7% from 2H2023.

• Asset DI for FY2024 was SGD 319.4 million, up 4.9% year-on-year, mainly from new acquisitions and KMC DI resumption.

Outlook and guidance

• Maintenance CapEx for 2025 is expected to be higher than 2024, with catch-up CapEx at Ixom and bus replacements at Ventura.

• Growth CapEx will increase, focusing on plant life extension, solar, EV, and capacity expansion.

• Management expects to continue growing DPU by 1–2% annually and emphasizes FFO as the key sustainability metric.

• Acquisition pipeline remains active, with disciplined approach to new deals.

• Well-positioned for continued growth with a resilient and diversified portfolio, supported by secular trends in energy transition, urbanisation, and digitalisation.