Keppel (BN4) Q1 2025 earnings summary

Executive summary

• Net profit rose over 25% year-over-year in 1Q25, excluding legacy O&M assets, driven by strong recurring income and improved asset management performance.

• Recurring income exceeded 80% of net profit, excluding legacy O&M assets.

• Including legacy O&M, net profit more than doubled year-over-year due to lower losses.

• Asset management earnings and fees expanded, supported by Aermont Capital contributions.

• Fundraising momentum for flagship data centre and real estate funds remains strong, with FUM nearing $100b target by end-2026.

Financial highlights

• Asset management fees reached $96m in 1Q25, up 9% year-over-year.

• Equity raised in YTD 2025 totaled $1.6b, 3.5x higher than the same period last year.

• Acquisitions and divestments reached $2.7b YTD 2025, 2.5x higher year-over-year.

• Asset monetisation completed YTD 2025 totaled $347m, with $550m in advanced negotiations.

• Cumulative asset monetisation since Oct 2020 reached $7.2b.

Outlook and guidance

• Keppel is well positioned to navigate market volatility, with strong recurring income and diversified operations.

• Decarbonisation & Sustainability Solutions expected to contribute over $100m EBITDA annually from 2025.

• Keppel Sakra Cogen Plant on track for commercial operations in 1H 2026; Bifrost subsea cable to be ready for service in 2H 2025.

• Direct impact from US tariffs is limited, but global trade tensions pose indirect risks to supply chain costs and asset monetisation.