Keppel Infrastructure Trust (A7RU) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 Total Asset FFO rose 14.8% YoY to S$293.7m; DI excluding divestment gains increased 12.3% to S$140.1m.

• Acquisitions in KMC and German Solar Portfolio II expanded contracted income; YTD total return to unitholders was 12.0%.

Financial highlights

• Total Asset DI rose 8.2% YoY to S$210.7m after debt repayment and debt-funded maintenance capex.

• Reported DI fell 17.0% to S$140.1m from S$168.9m, which included S$49.0m of divestment gains in 9M 2025; excluding gains, DI grew 12.3%.

• Total Asset FFO growth reflected Energy Transition and Distribution & Storage contributions and new Digital Infrastructure income, partly offset by Environmental Services.

Outlook and guidance

• FY 2026 refinancing needs are met; discussions are underway for FY 2027 maturities. Future acquisitions are expected to use capital recycling proceeds, debt headroom and cash.

• AGPC transport volumes and distributions are expected to recover when the conflict is resolved; lower distributions net of debt servicing are expected in the interim.

• German Solar Portfolio II final closing is expected in 2Q 2027; the acquisition adds contracted income from residential PV systems.

• Priorities include margin improvement, operational efficiency, accretive acquisitions and sustainable distributions to unitholders.