Keppel (BN4) Investor presentation summary

Strategic transformation and growth

• Transitioned to a global asset manager and operator, managing $106B in funds as of July 2026, with a target of $200B by 2030.

• Achieved 2026 monetisation target with approximately $2.1B announced year-to-date and a clear plan to monetise legacy rigs.

• Annualised ROE reached 15% in 1H26, with net profit of $530M for the same period.

• Asset-light growth strategy focuses on divesting a $13.7B non-core portfolio by 2030.

Asset management and operational expertise

• Fast-scaling asset management business, surpassing the $100B FUM target ahead of schedule, with $13.5B new FUM added YTD.

• Multiple income streams generated as asset manager, sponsor, co-investor, and operator, with proprietary deal access and risk assessment advantages.

• Delivered $72M in asset management profit and $349M in operating platform profit in 1H26.

• Notable IRRs: Bifrost Cable System (~30%), Data Centre Campus (>50%), Sakra Cogen Plant (~15%).

AI-driven value creation and market positioning

• AI amplifies asset management and operational flywheels, creating a virtuous cycle for value creation.

• AI tools (Ivy, Investor IQ, AlphaCore, KAI) enhance LP engagement, deal screening, and investment decision-making.

• Positioned to capture multi-trillion-dollar opportunities in energy and digital infrastructure driven by AI demand.

• Integrated ecosystem spans reliable power, data centres, subsea cables, and capital solutions.