Keppel Infrastructure Trust (A7RU) H2 2025 earnings summary

Executive summary

• Distributable income (DI) for FY 2025 rose 24.4% year-on-year to S$249.5 million, supported by strong performance in Energy Transition and Distribution & Storage segments, and disciplined capital recycling.

• Total unitholder return reached 17.2% for FY 2025, with a stable distribution per unit (DPU) of 3.94 Singapore cents, implying an 8% yield based on year-end unit price.

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

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

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

Financial highlights

• FY 2025 DI rose 24.4% year-on-year to S$249.5 million; DI before corporate cost was S$349.1 million.

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

• Divestment gains of S$49 million from the sale of interests in Philippine Coastal and Ventura.

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

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

Outlook and guidance

• Focused on disciplined investment, capital recycling, and operational excellence to sustain earnings and DPU, with annualized GMG contribution expected in FY 2026.

• Targeting growth in asset EBITDA over the next three years, with continued pursuit of accretive acquisitions in Energy Transition, Digital Infrastructure, and Environmental Solutions.

• FY 2026 capex guidance includes S$26 million for City Energy and S$52 million for Ixom.

• No increase in refinancing cost expected for Ixom; early refinancing for FY 2026 debt needs underway.

• Anticipates higher demand for private incineration facilities in Korea due to regulatory changes effective January 2026.