Keppel Infrastructure Trust (A7RU) H2 2024 earnings summary

Executive summary

• Achieved strong FY 2024 results with FFO up 10.3% to SGD 282 million and adjusted DI up 4.3% year-on-year to SGD 218.7 million, driven by new acquisitions and record EBITDA at Ixom, City Energy, and Philippine Coastal.

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

• DPU for FY 2024 was SGD 0.039 (3.90 cents), a 1% increase year-on-year, excluding the prior year's special distribution.

Financial highlights

• FY 2024 DI was SGD 203.7 million, down from SGD 316.8 million in FY 2023 due to a special distribution in the prior year; adjusted FY 2024 DI was SGD 218.7 million, up 4.3% year-on-year.

• Asset DI for FY 2024 was SGD 319.4 million, up 4.9% year-on-year, mainly from new acquisitions and KMC DI resumption.

• Net gearing increased to 40.9% as of December 2024, with 72.9% of loans fixed/hedged.

• Interest coverage ratio at 7.0x; weighted average cost of debt at 4.51%.

Outlook and guidance

• Maintenance CapEx for 2025 is expected to be higher, with catch-up CapEx at Ixom and bus replacements at Ventura; growth CapEx will focus 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 and fifth closing of German Solar Portfolio expected by 1Q 2025.