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Powering Al - driven growth Mr Loh Chin Hua CEO Investor Day , 12 August 2026 Keppel
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Keppel today: global asset manager & operator We operate across the full investment lifecycle from fundraising and deployment to asset development, operations and value crystallisation. Funds under Management as at Jul 2026 $106B The New Keppel’s net profit for 1H26 $530M 15% The New Keppel’s annualised ROE in 1H26 2 Achieved 2026 monetisation target with c.$2.1B announced YTD; clear pathway to monetise legacy rigs.
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3 Fast-scaling asset management business Accelerating Keppel’s growth with greater scale, a stronger track record and growing LP and investor confidence. Funds under Management $200B End-2030 A new inflection point $25B 2016 $106B Jul 2026 Target
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Generating alpha through operational expertise Originating proprietary investment opportunities through deep engineering and project management capabilities. Bifrost Cable System c.30% expected IRR Data Centre Campus >50% IRR Sakra Cogen Plant c.15% expected IRR Building multiple income streams as an asset manager, sponsor, co-investor and operator. Note: IRR refers to the internal rate of return attributable to the private funds/co-investors. 4
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5 Twin flywheels for value creation AI amplifies the asset management and operating flywheels, creating a virtuous cycle of value creation. Operator Asset Manager
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A structural growth opportunity Sources: (USD); iMcKinsey; iiIEA Energy & AI (2025); iiiTeleGeography. 6 data centre investment the world needs by 2030 to meet AI demandi $5.2T 2X electricity demand from data centres worldwide by 2030ii $16B of new subsea cables entering service from 2026–2029iii AI is driving multi-trillion-dollar investments across energy and digital infrastructure that powers the AI economy.
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Power Delivering reliable, lower-carbon energy solutions for AI infrastructure. Data Centres Developing and operating AI-ready digital infrastructure. 7 A distinctive market position Keppel has built synergistic capabilities across energy and digital infrastructure to capture opportunities arising from AI-driven growth. Subsea Cables Building and operating digital connectivity systems linking major AI and cloud hubs.
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8 Well placed to scale $29B $12B >1.0 GW in APAC 1.9 GW and growing Access to power-constrained markets Deal flow pipeline Backed by a robust pipeline, diverse sources of capital and deep operating expertise, Keppel is well placed to drive future growth across energy and digital infrastructure. Dry powder DC powerbank Power portfolio Opportunities Note: Deal flow pipeline and dry powder relate to Infrastructure, including Keppel Offshore Fund, and Connectivity strategies as at Jul 2026.
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An integrated ecosystem powering AI-driven growth 9 Together, these integrated capabilities reinforce one another to create differentiated opportunities and long-term value. AI infrastructure Hyperscale data centre campuses and parks Integrated utilities Advanced cooling systems AI-driven thermal management Multi-layered smart grids Reliable power Advanced, hydrogen-compatible power plants Renewable energy imports Future energy solutions Low-carbon energy and infrastructure solutions Digital connectivity Subsea cables Capital solutions Private funds and listed evergreen REITs and Trust
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Keppel in 2030 and beyond AI-enabled global asset manager & operator delivering scalable growth through energy and digital infrastructure solutions. 10 Driving asset-light growth with $13.7B ii Non-Core Portfolio targeted to be substantially monetised. i Assuming ~50bps Fee-to-FUM ratio. ii Total gross asset value as at end-Jun 2026 and includes 84% effective interest in M1’s telco business. $200B Target Funds under Management of earnings expected from infrastructure solutions supporting AI >70% $1B Potential asset management feesi
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Fund Management & Investment Ms Christina Tan CEO, Fund Management & CIO Investor Day, 12 August 2026
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Keppel is at an inflection point 13 Note: Internal Rate of Return and Equity Multiple are based on divested deals by private growth equity funds since 2002. Please refer to glossary for definitions of terms used. 13 STRUCTURAL DEMAND DRIVING PERFORMANCE FUM today IRR Equity multiple Global asset manager & operator Originate • Invest • Operate • Scale • Recycle STRUCTURAL DEMAND INTEGRATED ECOSYSTEM DRIVING PERFORMANCE Energy Infrastructure Reliable, low-carbon energy solutions FUM today IRR Equity multiple Digital Infrastructure AI-ready data centres, subsea connectivity $106b 20% 2.1x
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14 i Assuming ~50bps Fee-to-FUM ratio. FUM target: $200b As at Jul 2026 By end-2030 FUM: $106b Asset management fee potentiali: $1b New FUM added YTD $13.5b Infrastructure & Connectivity strategies 55% Key growth drivers: • Drive growth of flagship funds • Expand with Aermont as European platform • Harness strategic M&A opportunities Amplifying growth in asset management Surpassed end-2026 $100b FUM target ahead of schedule.
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Deploying capital across infrastructure bottlenecks Keppel's capital and operating ecosystem 15 ✓Keppel Infrastructure Fund series Backed by private funds and listed evergreen REITs and Trust, Keppel’s integrated capital ecosystem enables us to deploy and recycle capital across energy and digital infrastructure. ✓Keppel Data Centre Fund series ✓Keppel DC REIT AI-enabling infrastructure AI-ready data centres ✓Keppel Infrastructure Trust Subsea Cable Systems Global Marine Group 720 MW powerbank in Australia Keppel Sakra Cogen 2.0 GW solar PV plants with BESS Dry powder $12b for Infrastructure & Connectivity strategies Note: Dry powder relates to Infrastructure, including Keppel Offshore Fund, and Connectivity strategies as at Jul 2026.
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Keppel Offshore Fund: From legacy assets to new investment platform 16 Legacy rigs Keppel to divest up to 10 rigs for c.$3.7b over 2026-2028i,iii New capital raised US$1.5b capital committed by Apollo c.$3.9bi,ii Keppel Offshore Fund Keppel: Investment Manager & Limited Partner Apollo: Limited Partner Unlocking substantial cash for Keppel c.$1.9bi,iii to be received over time Expanding FUM & income streams Advisory fees, recurring management fees and share of distributions The transaction will improve Keppel’s gearing, unlock capital for re-investment and rewarding shareholders. Harnessing our platform capabilities in fund management & investment: Note: Completion of the transaction is subject to various conditions precedent including the consent (where required) of rele vant parties and the receipt of applicable regulatory approvals. i Subject to certain conditions being met including, among others, the purchase price of the additional four rigs falling wit hin an agreed price range for each such rig. ii Uninvested capital commitments on a non-leveraged basis. iii Including the right to opt-out from divestment for any of the four remaining rigs.
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Delivering multiple sources of income through our business model 17 Operating Platform • Develop proprietary assets • Create alphas through deep operating expertise Operating Platform profit in 1H26: $349m Sponsor Stakes & Co-Investments • Expand earnings & cash flows • Align interests with LPs and investors SSCI profit in 1H26: $175m Asset Management • Grow recurring asset management fees Asset management profit in 1H26: $72m
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Scenario analysis & simulations Hold/sell analysis 18 Fund Management & Investment Platforms Ivy & Investor IQ Tools to help deliver stronger LP engagement outcomes across funds and turbocharge fundraising Tellus & Duet Research assistants to support surfacing of opportunities including early deal screening for off-market opportunities AlphaCore & KAI Investment assistants to assess deals and support decision-making AI tools expanded to portfolio companies Empower portfolio companies with Keppel’s proprietary AI tools and capabilities AI-enabled global asset manager
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Keppel in 2030 and beyond AI-enabled global asset manager & operator delivering scalable growth through energy and digital infrastructure solutions. 19 i Assuming ~50bps Fee-to-FUM ratio. ii Total gross asset value as at end-Jun 2026 and includes 84% effective interest in M1’s telco business. Driving asset-light growth with $13.7B ii Non-Core Portfolio targeted to be substantially monetised. $200B Target Funds under Management of earnings expected from infrastructure solutions supporting AI >70% $1B Potential asset management feesi
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Infrastructure Ms Cindy Lim CEO, Infrastructure Investor Day, 12 August 2026
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Infrastructure shift AI and decarbonisation are reshaping infrastructure demand • Power & cooling growth fuelled by AI • More resilient, sustainable infrastructure needed • Integrated energy solutions required at scale 22
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Integrated Power Business Enabling the Twin Transition 600 MW capacity increase High-efficiency generation Low-carbon energy such as hydrogen, ammonia and bioLNG Regional power importation $356m Power capacity increased by 45% to 1,900 MW; 43% of power capacity contracted for 3 years and above 1H26 EBITDA Increased 9% YoY 23
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Decarbonisation & Sustainable Solutions Enabling & Embedding AI $70m 1H26 EBITDA Increased slightly YoY $8b long-term contracts over 10-15 years; trailing twelve months book-to-bill ratio of 3.7x Integrated utilities solutions for data centre campuses AI-driven cooling efficiency Scalable, modular decarbonisation solutions Infrastructure-intelligence, operations nerve centre 24
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AI differentiation x scaling effect Faster, better and smarter real asset development and lifecycle operation Engineering Development Contracts & Commercial Lifecycle Operations Project Execution Becoming an AI-native global asset manager and operator 25
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One integrated solution, compounding returns 26
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Real Estate Mr Louis Lim CEO, Real Estate Investor Day, 12 August 2026
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Labour Displacement AI automates cognitive & junior knowledge work. “ Up to 30% of hours worked could be automated by 2030 — McKinsey Quality Concentration Sensor-run, healthy, efficient, adaptable assets win. “ Prime +49M vs non-prime - 170M sq ft absorbed since 2020 — CBRE Geographic & Sector Reallocation AI shifts where demand lands. “ Capital flows follow the map of AI infrastructure — IMF Value Re-basing Buildings become data- generating operating systems. “ Capital markets are repricing assets on ecosystem positioning — BCG Four structural forces move where value sits — and tee up what becomes worth owning. AI restructures demand for real estate 29
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Grade A Office FAVOURED AI concentrates demand into prime KREIT Education / PBSA FAVOURED AI literacy and student housing resilience KEAF II Living/Co-living/Build-to-Rent FAVOURED Demographics and housing undersupply AU Co living · China C-REIT Logistics / Industrial SELECTIVE Automation-ready Grade A wins KSURF · JP Logistics Retail SELECTIVE Luxury and experiential KSURF · KREIT Secondary Office REVIEW Flight to quality pressures demand Repositioning under review AI is expected to impact asset classes differently, creating varying opportunities, resilience, and disruption risks. What AI favours across current portfolio 30
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OPERATE operating data × AIINVEST AI sharpens both arms — and the loop that only an asset manager and operator can close compounds faster. AI accelerates the twin flywheel Source Underwrite Invest Manage & Divest Fund, Sponsor Stakes & Co- Investment Assets Third-party Projects • Real Estate as a Service 3 – 4% p.a. – BCG’s estimate of the additional return on assets available from systematic, AI-enabled optimisation 31
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EMBEDDING AI as Assistant AI tools inside workflows Proprietary data foundation ACCELERATING AI as Partner AI-native investment & fundraising AI-native AM & operations INTELLIGENT AI-Native Platform Self-learning RE intelligence network A disciplined, phased evolution of how we invest, what we own, and the capabilities we build. Embedding AI and accelerating towards intelligent AI-native RE 32
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AI-enabled care monitoring and wellness personalisation raise resident outcomes. Senior Living Real-time performance analytics and scenario modelling drive portfolio decisions. Asset Management AI-matched tenant sourcing and dynamic pricing sharpen deal velocity and terms. AI-driven predictive maintenance and smart building diagnostics cut downtime and costs. Leasing Technical Services Footfall analytics and AI-driven tenant mix optimisation lift asset productivity. Retail REaaS BUSINESS LINES AI-optimised master planning and carbon modelling accelerate low-carbon precincts. Sustainable Urban Renewal REAL ESTATE CAPABILITIES Leveraging AI to augment Real Estate capabilities and REaaS businesses. AI in action across real estate 33
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AI-native OS Data foundation Operating alpha Turn operating data into an asset MOVE 3 · THE MODEL AdaptabilityOperating data AI-readiness Redefine how we underwrite MOVE 2 · CRITERIA Logistics Living Office Own where AI concentrates value MOVE 1 · CAPITAL RE-imagining Real Estate – Three Immediate Moves 34
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Connectivity Mr Manjot Singh Mann CEO, Connectivity & Chief Digital Officer Investor Day, 12 August 2026
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37 Keppel, an integral part of the AI ecosystem “AI is a five-layer cake.” - Jensen Huang Developing proprietary AI apps, and providing AI solutions to ecosystem Building the physical infrastructure with DCs and subsea networks Providing energy solutions across a range of situations
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38 Hyperscalers are demanding more from digital infrastructure Scale Access Performance & Resilience Data Centres Subsea Cables Revenue and cost per MW efficiency Continuous inference Increasingly stringent sustainability & compliance standards Next-gen super computing platforms Contiguous MW blocks and reliable, lower-carbon power at scale Constraints from limited land, power, water and other resources Strong data demand growth More AI and digital hubs Greater control over deployment timelines, route selection and diversity for network resilience
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39 Keppel’s diverse capabilities address multiple constraints Capital solutions to fund developments Subsea cables providing route diversity and reliability Faster deployment with powerbank in key DC hubs Strategic access to power, low- carbon energy & off-grid options Advanced cooling solutions including liquid cooling Seizing opportunities & creating operating edge with AI ATHENA Predictive Maintenance AI TELLUS Geospatial Site Intelligence KAI Strategic Bid Intelligence
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40 Scaling AI infrastructure in an asset-light manner Harnessing the whole of Keppel’s capabilities, across Infrastructure, Real Estate and Connectivity to create value. 720 MW powerbank in Australia Secure Lock in attractive sites via capital-efficient structures Activate Get site ready-to-build; with power, water and connectivity secured Develop Deploy capital from private funds and co-investments with strong customer demand signals Harvest Divest and crystallise value from stabilised assets
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41 Data lake (KDX) Clean, governed data Common tech infrastructure Shared and secured platform Digitalised work Streamlined Life of X workflows Key digital enablers for Keppel The foundation laid years ago allows for the scalable embedding of AI across Keppel.
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Thank you
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43 Glossary Term Definition Asset Management Fees Fees for providing management and other services to funds, listed REITs and Trust. Such fees include acquisition fee, management fee, divestment fee and carry. It is based on 100% fees from subsidiary managers, joint ventures and associated entities, annualised fees for platform/asset acquired during the year, as well as share of fees based on shareholding stake in associate with which Keppel has strategic alliance. It includes fees on sponsor stakes and co-investments, including for funds which are wholly owned by Keppel. It is calculated based on gross asset management fees before rebates: 100% for platforms that Keppel owns ≥50% stake, and pro-rata by ownership for <50% stake. Asset Management Net Profit The aggregate post-tax net profit generated by all Keppel fund management platforms for the relevant reporting period, excluding any gains or returns attributable to Keppel’s equity stake in the REITs/Trust and Sponsor’s stake in its invested funds. Asset Monetisation Announced Monetisation deals that are announced but may not have been completed. Refers to the gross consideration value from such sales and net debt that is deconsolidated from Keppel’s balance sheet as a result. Asset Monetisation Completed & Realised Asset monetisation deals completed and realised during the relevant financial period. Amount is based on the net cash consideration received from such sales and net debt that is deconsolidated from Keppel's balance sheet as a result. Book-to-bill ratio New decarbonisation and sustainable solutions contracts secured divided by amount of orders fulfilled for the same period. Capital Commitment The capital that investors (Limited Partners) have committed to a private fund or Separately Managed Account (SMA) under the terms of its Limited Partnership Agreement (LPA). This commitment is pledged upfront but drawn down over time through capital calls. Capital Called and Held (CCAH) The total amount of actual investor capital called and retained by the funds or SMAs for investments and fund operation, calculated as the aggregate of all capital calls made to investors, net of any return of capital and capital that had been permanently written off/down. Capital Deployed Refers to the enterprise value, purchase price, gross asset value or total development cost of new investments. Capital Raised Capital committed by investors for private funds and equity raised by the listed REITs and Trust. Carried Interest (Carry) A performance-based fee payable to the General Partner (GP) of private funds or separately managed accounts (SMAs), or their designated affiliates. It is calculated as a percentage, typically 20% of the investment returns, upon the fund achieving a return above the benchmark or hurdle IRR specified in the corresponding Limited Partnership Agreement (LPA). (Information in this presentation should be read in conjunction with this glossary.)
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44 Glossary (Cont.) Term Definition Data Centre Portfolio’s Gross Power Capacity Includes projects under development. Data Centre Powerbank Capacity available for future data centre development. Dry Powder Gross value of investment capacity, calculated from the uninvested capital commitments of private funds, co-investments and separately managed accounts (SMAs), adjusted for their associated leverage. It represents the total deployable capital available for new investments, including both committed but not yet drawn investor capital and any additional borrowing capacity under fund-level leverage arrangements. Note that for development projects, as the capital calls are piece-meal, capital committed for the developments but not yet drawn will not be available for deployment into new deals and hence will not be included as part of Dry Powder computation. EBITDA Profit before depreciation, amortisation, net interest expense and tax i.e. it includes share of results of associates and joint ventures. Equity Multiple (for divested deals by private growth equity funds since 2002) Presented based on average of the equity multiple of investments divested by the private growth equity funds, weighted by each investment’s equity contribution. Fee-to-FUM Ratio Defined as annualised/full year Asset Management Fees divided by FUM at the end of the reporting period/financial year. Free Cash Flow Net cash from/used in operating activities and investing activities. 1H 2025 FCF includes approximately $218m financing component funded via bank borrowing in connection with the acquisition of Global Marine Group (“GMG”), which is presented as cash inflow from financing activities in the financial statements. The inclusion herein is for better understanding of the FCF. Following the completion of Keppel Infrastructure Trust’s subscription of a 46.7% equity stake in GMG on 25 November 2025, the bank borrowing has been deconsolidated from the Group’s FY 2025’s balance sheet. Funds under Management (FUM) Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested FUM. Leverage is defined as total debt over gross asset value. For the private funds, the typical leverage is not more than 60% on a portfolio basis. It includes 100% of FUM managed by subsidiary managers, joint ventures and associated entities, as well as share of FUM based on shareholding stake in associate with which Keppel has strategic alliance. FUM is reported in SGD based on closing exchange rates at the end of the reporting period. (Information in this presentation should be read in conjunction with this glossary.)
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45 Glossary (Cont.) Term Definition Horizontal Reporting (HoR) Net profit analysis based on the New Keppel business model and nature of income. * SSCI means Sponsor Stakes and Co-Investments and refers to Keppel’s sponsor stakes in and co-investments alongside with listed REITs/Trust, private funds and separately managed accounts that Keppel manages. a) Asset Management includes share of results of asset managers that Keppel own an equity stake e.g. share of results from Aermont. b) Fees are charged on sponsor stakes & co-investments (“SSCI”) (including on funds that are 100% owned by Keppel). The fee income is recorded under Asset Management, while the fee expenses are captured under Investing (SSCI) accordingly. c) Net profit contributions from SSCI (net of attributable financing costs) are presented based on the nature of underlying income stream. For example, share of operational results is presented under the Operational row (e.g. share of operating results from Keppel REIT), while share of fair value changes (e.g. share of Keppel REIT’s revaluation changes) or fair value changes of SSCI carried at fair value through P&L are presented under the Valuation & Divestment row. d) Corporate activities include overheads and financing costs which have not been attributed to segments. e) Recurring Income refers to net profit reported under the Operational row. (Information in this presentation should be read in conjunction with this glossary.) Fund Management & Investment Operating PlatformAsset Management Investing (SSCI*) Operational • Management • Performance • Carried interest • Transaction • Advisory • Operational results of SSCI • Sale of electricity, utilities, gas • Leasing & rental income • Project development & management • Operations & maintenance • Facility & property management • Technology solutions Valuation & Divestment • Valuation changes and divestment gain/loss from SSCI • Valuation changes and divestment gain/loss from non-SSCI related assets
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46 Glossary (Cont.) Term Definition Internal Rate of Return (for divested deals by private growth equity funds since 2002) Presented based on average of the annualised internal rate of return of investments divested by the private growth equity funds, weighted by each investment’s equity contribution. Legacy O&M Assets The legacy rigs held by the Rigco group, Seatrium shares, Floatel, and KrisEnergy. Net Debt to EBITDA Net debt is defined as borrowings and lease liabilities less cash. See above for definition of EBITDA. Bifurcation into the New Keppel and Non-Core Portfolio for Divestment is based on entities and the debt associated with each of these segments follows the debt in the respective entities within the segments. Net debt to EBITDA of the New Keppel is computed based on the net debt of entities within the New Keppel and the EBITDA for the New Keppel. Vice versa for Non-Core Portfolio for Divestment. Non-Core Portfolio for Divestment Mainly the legacy O&M assets, residential landbank, selected property developments and investment properties, hospitality and logistics assets, associated cash and receivables, M1 Telco and other non-core investments that are not aligned with Keppel’s strategic focus as an asset-light global asset manager and operator. Metrics relating to the New Keppel exclude the effects of Non-Core Portfolio for Divestment and Discontinued Operations. ROE Net profit attributable to shareholders divided by average shareholders’ funds. ROE of the New Keppel refers to the return generated on the average shareholders’ funds of the New Keppel, i.e. excluding equity that is attributable to the Non-Core Portfolio for Divestment. Average shareholders’ funds is the simple average of shareholders’ funds at the start and end of the relevant financial period. Re-presented metrics Certain relevant prior year’s financials and ratios have been re-presented with M1 Telco classified as Non-Core Portfolio for Divestment (previously M1 Telco was Core in 1H 2025/Jun 2025 and Discontinued Operations for FY 2025/Dec 2025). Separately Managed Accounts (SMAs) Customized investment vehicles tailored for a single investor (or a small group of investors), with specific investment strategy and criteria. These mandates are typically subject to discretion and control by the underlying investor. SSCI Sponsor Stakes and Co-Investments. It refers to Keppel’s sponsor stakes in and co-investments alongside with listed REITs/Trust, private funds and separately managed accounts that Keppel manages. The New Keppel Excludes the Non-Core Portfolio for Divestment and Discontinued Operations. (Information in this presentation should be read in conjunction with this glossary.)
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47 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. THIS PRESENTATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL, SUBSCRIBE FOR OR BUY SECURITIES IN ANY JURISDICTION, INCLUDING IN THE UNITED STATES. This presentation is for information purposes only and does not have regard to your specific investment objectives, financial situation or your particular needs. Any information in this presentation is not to be construed as investment or financial advice and does not constitute an invitation, offer or solicitation of any offer to acquire, purchase or subscribe for securities or other financial instruments in Keppel Ltd. (“Keppel”). The past performance of Keppel is not indicative of the future performance of Keppel. You should exercise judgment in your own financial decisions. If in doubt, please consult with your professional advisers. This presentation contains certain forward-looking statements pertaining to Keppel’s future performance and strategy, which have been carefully prepared, based on credible methodologies and assumptions made on the basis of information known to Keppel as at the date of this presentation, and which Keppel believes are realistic and defensible as at the date of this presentation. However, forward-looking statements by their nature relate to an uncertain future, and the expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends can change as a result of many possible events, factors, uncertainties and risks, including the key risks described in Keppel’s Annual Report 2025 under “Risk Management”. Actual events or results may differ, perhaps materially, from those reflected or contemplated in such forward-looking statements. Past performance is no guarantee of future results. All forward-looking statements speak only as of the date of this presentation. Keppel does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date of this presentation except as required by law or other regulatory requirement. Certain images in this document are artist's impressions generated using artificial intelligence and are illustrative only; they do not depict actual assets, persons, or events. Unless explicitly indicated otherwise, all monetary values denoted as ‘$’ within this presentation are to be interpreted as referring to Singapore dollars. Disclaimer