Keppel Infrastructure Trust (A7RU) Q1 2025 TU earnings summary

Executive summary

• 1Q 2025 distributable income rose 27.7% year-over-year to $65.0m, driven by new acquisitions and strategic capital recycling, but adjusted distributable income fell 31.9% to $45.5m after one-off items.

• Portfolio AUM reached $8.7b as of 31 Mar 2025, with pro forma AUM of $9.0b including the pending Global Marine Group acquisition.

• Completed the sale of Philippine Coastal and redeployed proceeds into yield-accretive acquisitions.

• Proposed acquisition of a 46.7% stake in Global Marine Group, a leading subsea cable service provider, expected to be highly DPU-accretive and establish a presence in digital infrastructure.

Financial highlights

• 1Q 2025 distributable income: $65.0m (+27.7% YoY); adjusted DI: $45.5m (-31.9% YoY).

• Distribution & Storage segment DI up 49.8% YoY; Energy Transition and Environmental Services segments saw declines of 21.9% and 68.8% YoY, respectively.

• Portfolio performance supported by new acquisitions, with Ventura and Keppel Marina East Desalination Plant contributing for the first time.

• Gain on divestment of Philippine Coastal: $21.7m.

Outlook and guidance

• Anticipates robust growth in energy transition and digital infrastructure sectors.

• New dropdown of Crystal Rig (49.1 MW) in the UK expected in 2H 2025, with commercial operations in 1H 2026.

• Continued focus on value creation through portfolio optimisation and asset recycling.