Keppel Infrastructure Trust (A7RU) Q1 2026 TU earnings summary

Executive summary

• Delivered sustainable performance in 1Q 2026, driven by earnings resilience, capital discipline, and strategic growth initiatives.

• Distributable income (DI) excluding divestment gain rose 18.2% year-over-year to S$53.7 million.

• Strong balance sheet with S$9.1 billion in assets under management and 15 essential assets and businesses.

• Completed divestment of Philippine Coastal and committed S$128.1 million for a follow-on acquisition in KMC.

Financial highlights

• Total distributable income for 1Q 2026 was S$53.7 million, up 18.2% year-over-year excluding divestment gain.

• Asset-level DI increased 13% year-over-year to S$78 million.

• Net gearing increased to 41.9% from 38.7% at end-2025, mainly due to reduced cash balance.

• Interest coverage ratio improved to 8.6x from 7.6x at end-2025.

• Weighted average cost of debt remained stable at 4.4%.

Outlook and guidance

• Portfolio cash flow remains resilient amid ongoing Middle East conflict, with most assets outside the region and limited direct exposure.

• Cost pass-through mechanisms in place for most segments, though timing lags may impact short-term results.

• Key priorities include disciplined investment, capital recycling, operational excellence, and sustainable distributions.

• FY 2026 refinancing needs fully secured; future acquisitions to be funded by capital recycling and debt headroom.