Keppel (BN4) Investor Presentation summary

Strategic transformation and growth

• Underwent major transformation in 2023, shifting from a conglomerate to a global asset manager and operator, unlocking $9.4b in value for shareholders over time.

• Exceeded asset monetisation targets, with over $5.5b announced since Oct 2020 and a goal of $10–$12b by end-2026.

• Achieved highest profit of $4,067m in 2023, with total shareholder return of 61.1% over 55 years.

• Completed divestment of O&M business and strategic acquisition of Aermont Capital, expanding into Europe.

Earnings and recurring income

• Recurring income grew 54% year-on-year, now making up 88% of net profit from continuing operations in FY23.

• Infrastructure earnings underpin the shift away from lumpy EPC and development profits.

• Recurring income reached $773m in FY23, with strong contributions from asset management and infrastructure.

Asset management and fund growth

• Operates 19 active private funds and plans to launch 3 new funds in 2024 focused on data centres, education assets, and private credit.

• Flagship funds include Keppel Data Centre Fund Series and Keppel Sustainable Urban Renewal Fund, which achieved first close in April 2024.

• Partnering with Mitsui Fudosan on data centre opportunities in Japan and Southeast Asia.