Keppel Infrastructure Trust (A7RU) Investor presentation summary

Strategy and portfolio

• AUM of S$9.43bn across 15 essential businesses and assets in more than 10 mature economies; focus on developed markets and long-term infrastructure demand.

• Portfolio spans energy transition, environmental services, distribution and storage, and digital infrastructure; renewable capacity reached 1.5GW after the German Solar Portfolio II acquisition.

• Investment criteria include essential services, durable and growing cash flows, high barriers to entry, total-return potential, and yield accretion; target cash yield of 7–8% for core-plus assets.

• Secular tailwinds include decarbonisation, urbanisation, circular-economy demand and digitalisation, including investment needs linked to AI.

Growth and value creation

• Total return since trading commenced in 2015 was 96.0% through 31 Dec 2025, versus ~61% for the FSTREI Index, assuming dividends were reinvested.

• Portfolio DI CAGR was 8.5% from 2018 to 2025, following adoption of an active-management model in 2019.

• Value-creation initiatives focus on organic growth, bolt-on acquisitions, new revenue streams, productivity, cost optimisation and portfolio reviews.

• FY 2021–FY 2025 EBITDA growth: City Energy 95% and Ixom 58%; PCSPC EBITDA grew 85% over FY 2021–FY 2024 before its 2025 divestment.

• Strategic priorities include strengthening Australian platforms through acquisitions and pursuing operational improvements across locally managed essential-service businesses.

9M 2026 financial highlights

• Total Asset FFO rose 14.8% YoY to S$293.7mn, led by Energy Transition and Distribution & Storage, with a Digital Infrastructure contribution; Environmental Services partly offset growth.

• Total Asset DI increased 8.2% YoY to S$210.7mn after debt repayment and debt-funded maintenance capex; lower corporate expenses also supported DI growth.

• DI before divestment gains rose 12.3% YoY to S$140.1mn; reported DI was S$140.1mn versus S$168.9mn in 9M 2025, down 17.0% including the prior-period divestment gain.

• YTD total return to unitholders was 12.0% for 9M 2026, assuming dividends were reinvested.

• S$301mn of net proceeds from the 2025 PCSPC and partial Ventura divestments were fully deployed into accretive assets.