Keppel Infrastructure Trust (A7RU) H2 2025 earnings summary

Executive summary

• Achieved a 24% year-on-year increase in distributable income (DI) to SGD 249.5 million for FY 2025, with total unitholder return exceeding 17% and a stable DPU of SGD 0.0394, implying an 8% yield.

• Portfolio anchored by essential infrastructure assets in Energy Transition, Environmental Services, Distribution & Storage, and Digital Infrastructure, with AUM at SGD 9.1 billion as of 31 Dec 2025.

• Expanded into digital infrastructure with the acquisition of a 46.7% interest in GMG, contributing to portfolio diversification.

• Strategic focus on capital recycling, disciplined acquisitions, and maintaining resilient cash flows, with SGD 300 million unlocked from divestments and SGD 120 million deployed for the GMG acquisition.

• Recognized for excellence with multiple awards, including highest return to shareholders over three years.

Financial highlights

• DI for FY 2025 rose 24% year-on-year to SGD 249.5 million; DI before corporate cost was SGD 349.1 million.

• Gross revenue for FY 2025 was SGD 2,036 million, with group EBITDA at SGD 492.7 million.

• Recognized divestment gains of SGD 49 million from the sale of interests in Philippine Coastal and Ventura.

• Asset DI before corporate cost for 2H 2025 was SGD 199 million, up 21% year-on-year.

• FFO reached SGD 326 million, up from SGD 277.8 million in FY 2024.

Outlook and guidance

• Focused on accretive acquisitions in Energy Transition, Digital Infrastructure, and Environmental Solutions, leveraging SGD 180 million in divestment proceeds and healthy debt headroom.

• DI and DPU continuity targeted through organic and inorganic growth, with annualized GMG contribution expected in FY 2026.

• FY 2026 capex guidance includes SGD 26 million growth capex for City Energy and SGD 52 million for Ixom.

• Monitoring market for early refinancing opportunities amid favorable interest rate environment; no increase in refinancing cost expected for Ixom.