Keppel (BN4) Investor presentation summary

Strategic vision and growth trajectory

• Aims to become a global asset manager and operator, leveraging megatrends in energy transition, urbanisation, and digitalisation.

• Targets $200b in funds under management (FUM) by 2030, with accelerated monetisation and capital efficiency.

• Focuses on recurring income, fee-based earnings, and long-term operating contracts for stable returns.

• Proven track record with over 20 years in asset management and an average IRR of 20% across deals since 2002.

• Strategic exposure to infrastructure and connectivity, including hydrogen-ready power plants and hyperscale data centres.

Asset management and fund growth

• FUM grew from $37b in 2020 to $88b in 2024, with a 25% CAGR in asset management fees.

• Expanded asset classes from real estate to infrastructure, connectivity, and private credit, with a global presence.

• Flagship funds secured $2b in commitments, contributing $4.9b in FUM, with further capital raises planned.

• Strategic partnership with Aermont Capital expands European platform and investor base.

• Roadmap to $200b FUM includes scaling flagship platforms, proprietary deal origination, and leveraging technology.

Infrastructure and sustainability initiatives

• Doubling integrated power business capacity to 3 GW by 2030, focusing on hydrogen, ammonia, BESS, and CCUS.

• $11b+ project pipeline and $6.3b in long-term contracts locked in for 10-15 years.

• Keppel Sakra Cogen Plant, Singapore’s first hydrogen-ready plant, to commence operations in 1H 2026.

• Hong Kong IWMF and Energy-as-a-Service initiatives expected to contribute >$100m EBITDA annually from 2025.

• Co-investing with private funds and recycling capital to maximise shareholder returns.