Keppel (BN4) Q4 2025 earnings summary

Executive summary

• Net profit excluding non-core and discontinued operations rose 39% year-on-year to SGD 1.1 billion in FY2025, with all segments contributing higher profits and robust returns to shareholders and LPs.

• Asset monetization reached SGD 2.9 billion in 2025, totaling SGD 14.5 billion since October 2020, with SGD 1.6 billion completed in 2025.

• Funds under management (FUM) grew to SGD 95 billion, on track for SGD 100 billion by end-2026.

• Total shareholder return reached 58.5% in 2025, supported by strong performance, distributions, and share buybacks.

• Ordinary and special dividends increased, with total FY25 dividend at SGD 0.47 per share, 38% higher than FY24.

Financial highlights

• Net profit for FY2025 was SGD 789 million, down from SGD 940 million in FY2024, mainly due to a SGD 222 million accounting loss from the proposed M1 telco sale.

• Excluding non-core and discontinued operations, net profit was SGD 1.1 billion, up from SGD 793 million in FY2024.

• Recurring income from asset management and operations rose 21% year-on-year to SGD 941 million.

• Free cash inflow was SGD 611 million, compared to SGD 901 million in FY2024.

• Return on equity (ROE) for core operations improved to 18.7% from 14.9% in FY2024.

Outlook and guidance

• FUM target of SGD 100 billion by end-2026 and SGD 200 billion by 2030, with strong fundraising momentum and a robust deal pipeline.

• Monetization of non-core portfolio (SGD 13.5 billion) targeted for substantial completion by 2030.

• On track to achieve SGD 120 million annual cost savings by end-2026.

• Special dividends to be paid out at 10%-15% of completed asset monetization value annually.

• No forward earnings guidance provided, but growth expected from FUM expansion and strong operating performance.