Keppel Infrastructure Trust (A7RU) Q3 2025 TU earnings summary

Executive summary

• Distributable Income (DI) for 9M 2025 rose 59.1% year-over-year to $168.9m, driven by higher contributions from City Energy, Ixom, Ventura, and divestment gains from Philippine Coastal and Ventura.

• Portfolio AUM reached $8.7b as of 30 Sep 2025, reflecting growth from new acquisitions and value creation initiatives.

• Strategic capital recycling generated $301m in divestment proceeds, with $119m redeployed and $182m earmarked for yield-accretive opportunities.

• Proposed acquisition of a 46.7% stake in Global Marine Group marks entry into digital infrastructure, pending unitholder approval.

Financial highlights

• Net gearing improved to 38% as of 30 Sep 2025, down from 40.4% at end-2024, supported by divestment proceeds.

• Interest coverage ratio increased to 13.1x from 7.0x year-end 2024.

• Weighted average debt maturity stands at 3.1 years, with 77% of debt fixed or hedged.

• Foreign currency distributions hedged at 71%.

Outlook and guidance

• Remaining $182m of divestment proceeds to be deployed into yield-accretive investments.

• Capex plan for 2025 includes $17m for Energy Transition, $8m for Environmental Services, and $70m for Distribution & Storage in maintenance capex, plus $26m, $8m, and $31m respectively for growth capex.

• Focus on sustainable growth, digital infrastructure expansion, and decarbonisation initiatives.