Keppel Infrastructure Trust (A7RU) Q3 2024 TU earnings summary

Executive summary

• Operating performance in 3Q 2024 was driven by new acquisitions and the resumption of KMC distributions, with defensive cash flows from a diversified portfolio of critical assets.

• Portfolio growth was supported by active management, value creation, and a focus on the energy transition, including the divestment of Philippine Coastal.

Financial highlights

• 9M 2024 distributable income (DI) was $106.1m, down from $266.1m in 9M 2023, which included a $131.2m special distribution.

• Adjusted 9M 2024 DI was $124.0m, 11.2% lower year-over-year after accounting for one-offs and timing differences.

• Positive $20.8m contribution from new acquisitions was offset by lower contributions from Senoko WTE ($6.4m) and City Energy ($9.3m), and higher growth capex of $20.2m.

Outlook and guidance

• Well-positioned for continued growth with a strong platform, active portfolio management, and a healthy balance sheet.

• Strategic focus on lower carbon energy transition and accretive acquisitions following the divestment of Philippine Coastal.