SGX:BN4

Keppel Ltd. reported a resilient first-quarter 2026 performance, with slightly lower year-on-year net profit but improved cash flow and recurring income.

Earnings were supported by stronger contributions from Infrastructure and Connectivity, offset by weaker Real Estate performance and fair value losses. Recurring income rose modestly, while asset management fees increased 13% year-over-year to S$108 million, reflecting continued growth in its fund management business.

The company generated strong free cash inflows, reversing prior-year outflows, driven by operating performance and proceeds from investments and divestments. Keppel also announced S$385 million in asset monetisation year-to-date and targets S$2–3 billion in non-core asset sales for 2026.

Management highlighted solid fundraising momentum, with around S$2 billion in new investor commitments in advanced stages, and maintained a positive outlook despite global uncertainty, noting limited direct exposure to Middle East risks.
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Author
WS Investor 04-23-26
Keppel announced the divestment of its suburban retail mall i12 Katong in Singapore for approximately S$372 million, as part of its strategy to monetize non-core assets. The asset is being sold to Altallo Holdings, with the transaction expected to be completed in the second quarter of 2026.

The deal structure includes a nominal amount for the equity sale and the bulk of the consideration allocated to the repayment of a shareholder loan. Keppel stated that the pricing reflects a willing-buyer, willing-seller basis, taking into account the asset’s adjusted net value.

i12 Katong is a five-storey retail mall with high occupancy of around 96%, housing tenants such as supermarkets, cinemas, and fitness operators. The company emphasized that the sale follows a competitive bidding process and will unlock capital for reinvestment into higher-return opportunities, while also supporting debt reduction and shareholder returns.

Since launching its asset monetisation programme in 2020, Keppel has announced approximately S$14.9 billion in divestments. The company noted that this latest transaction is not expected to have a material impact on its earnings or net asset value for the current financial year.
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Global Finance News 04-22-26
Keppel REIT reported solid first-quarter 2026 performance, driven by higher rental reversions and improved occupancy across its key markets. The company said property income rose 14.4% year-on-year, while net property income increased 9.7%, supported by contributions from Top Ryde City Shopping Centre and stronger occupancy at Ocean Financial Centre.

The REIT also saw a 37.6% rise in its share of joint venture results, mainly due to its increased stake in Marina Bay Financial Centre Tower 3, alongside higher rental rates and lower borrowing costs.

Portfolio performance remained resilient, with occupancy at a high 97.1% and rental reversion for lease renewals reaching 17.2%. The weighted average lease expiry stood at around 4.4 years for the overall portfolio and 8.0 years for its top tenants, reflecting income stability.

Keppel REIT said the results highlight continued strength in its office portfolio and effective asset management strategy amid improving leasing conditions.
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Author
The Investor 04-21-26
the key business and operational updates of KORE US REIT for the first quarter of 2026.

(keppel.com)
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Author
The Investor 04-17-26
Keppel Ltd. has partnered with Midea Group to develop AI-enabled modular cooling solutions across Asia.

The collaboration combines Keppel’s Cooling-as-a-Service capabilities and digital platforms with Midea’s expertise in HVAC systems and intelligent building technologies. The companies aim to co-develop scalable, energy-efficient cooling systems that can be deployed across sectors such as data centers, industrial parks, and healthcare facilities.

The partnership also includes the creation of an AI-focused Centre of Excellence to support innovation and standardization, with the goal of improving operational efficiency, reducing carbon emissions, and accelerating the adoption of sustainable infrastructure solutions.
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WS Investor 04-13-26
Keppel Ltd. reported a strong set of results for FY 2025, with earnings for the “New Keppel” rising 39% year on year to $1.1 billion, driven by improved performance across all three business segments, led by Infrastructure. Recurring income increased 21% to $941 million, while return on equity rose to 18.7%, reflecting Keppel’s continued shift toward an asset-light global asset management and operating model. Funds under management grew 8% to $95 billion, and asset management net profit climbed 15% to $189 million. The group also announced $2.9 billion of asset monetisation deals in 2025, taking cumulative monetisation since 2020 to $14.5 billion.

Keppel proposed total FY 2025 distributions of around 47 cents per share, up 38% from the previous year, combining higher ordinary dividends and a special dividend linked to asset monetisation. Management highlighted strong positioning to benefit from digitalisation, AI-driven demand, and low-carbon infrastructure growth going forward.

Source: Keppel Ltd., February 5, 2026
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Global Finance News 02-07-26
Keppel REIT reported solid unaudited results for the second half and full year ended December 31, 2025, supported by resilient office demand and strong portfolio fundamentals. Net property income rose 6.9% year over year, while the share of results from associates and joint ventures increased 13.3%. The REIT achieved rental reversion of 11.5%, maintained high portfolio occupancy of 96.7%, and reported a portfolio weighted average lease expiry of about 4.4 years. Performance was driven largely by the Singapore portfolio, alongside completed acquisitions in Australia and Singapore that expanded Keppel REIT’s presence in core markets.

Source: Keppel REIT unaudited results announcement, February 4, 2026
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The Investor 02-04-26
Keppel announced it has secured about S$600 million in new contracts for decarbonisation and sustainability solutions, strengthening the visibility of long-term recurring income in its Infrastructure Division. The wins lifted Keppel’s backlog of long-term contracted revenue by S$1.1 billion to over S$7.1 billion as of end-2025, with revenues expected to be recognised over 10 to 15 years. Projects include large-scale district cooling and Cooling-as-a-Service developments across Singapore, Thailand, India, and the Philippines, supporting demand for energy-efficient and subscription-based infrastructure solutions. Keppel Ltd said the new contracts are not expected to have a material impact on net tangible asset value or earnings per share in the current financial year.

Source: Keppel press release
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Author
European Investor 02-03-26
Keppel Ltd. and Aster have agreed to jointly assess the development of one of Asia’s first commercial-scale Ethanol-to-Jet Sustainable Aviation Fuel facilities on Jurong Island, Singapore. The proposed plant would have a production capacity of up to 100,000 tonnes of SAF per year, subject to regulatory approvals and a final investment decision.

The partners will conduct Front-End Engineering Design studies to evaluate the technical configuration, capital costs, financing and offtake structures, following the completion of an initial feasibility study. The project aims to support Singapore’s national SAF targets and meet growing regional airline demand, while leveraging Jurong Island’s existing industrial infrastructure. Keppel said the development is not expected to have a material financial impact in the current financial year and aligns with Singapore’s ambition to become a leading SAF hub in Asia.
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Global Finance News 01-28-26
Keppel has signed a binding term sheet with a global telecommunications company to grant a 25-year Indefeasible Right of Use (IRU) for a fibre pair on the Bifrost subsea cable system. The definitive agreement, including operations and maintenance services, is targeted for completion in the second quarter of 2026.

The Bifrost system, which became ready for service in October 2025, is the world’s first subsea cable directly connecting Singapore to the US West Coast via Indonesia. Spanning more than 20,000 km, it is designed to support AI and cloud workloads, offering lower latency and over 240 Tbps of additional trans-Pacific capacity. Keppel said strong demand from global telcos and cloud players has driven improved pricing and confirms the strategic value of the asset.
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European Investor 01-23-26