Keppel (BN4) Q3 2025 earnings summary

Executive summary

• Net profit rose over 25% year-over-year in 9M25, with all business segments—Infrastructure, Real Estate, and Connectivity—achieving earnings growth.

• Recurring income increased nearly 15% year-over-year in 9M25, driven by higher asset management and operating income.

• Including discontinued operations, overall net profit was over 5% higher year-over-year, despite an accounting loss from the proposed divestment of M1's telco business.

• Non-Core Portfolio for Divestment returned to profitability, reversing a net loss from the previous year.

Financial highlights

• Private funds raised $6.7b in FUM in 9M25, with new acquisitions by REITs and infrastructure trust to add another $1.4b.

• $2.4b in asset monetisation announced in 9M25, including the proposed divestment of M1's telco business.

• $617m returned to shareholders through cash dividends and $92.6m in share buybacks in 9M25.

• Total monetisation since Oct 2020 reached $14.0b.

• Asset management fees were steady at $299m for 9M25.

Outlook and guidance

• Targeting year-over-year EBITDA growth in 2025, supported by strong integrated power business and growing decarbonisation & sustainability solutions.

• 600 MW Keppel Sakra Cogen Plant to start operations in 1H26, with capacity substantially contracted.

• Aermont Fund VI first close expected around 1Q26.

• Targeting over $500m in additional asset monetisation deals in the coming months.

• Committed to a steady and sustainable dividend strategy, with payouts based on annual net profit and additional rewards from asset monetisation proceeds.