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Annual Report 2025 outlines the company’s growth momentum as a global asset manager and operator. It highlights 2025 performance across Infrastructure, Real Estate, and Connectivity, supported by structural tailwinds in energy transition, digitalisation, AI, and sustainable urban development. Key figures cover net profit, dividends, funds under management, earnings per share, return on equity, asset management fees, recurring income, leverage, and asset management net profit, alongside a view of governance, risk management, and investor-facing 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were Keppel’s key financial results highlighted for FY 2025?","Question",{"text":109,"@type":110},"The report presents net profit, dividends per share, funds under management, earnings per share, return on equity, asset management fees, recurring income, net debt to EBITDA, and asset management net profit, with year-on-year comparisons versus FY 2024.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"Which business sectors supported Keppel’s platform growth in 2025?",{"text":114,"@type":110},"Keppel states it grew its platform across Infrastructure, Real Estate, and Connectivity, supported by structural tailwinds in the energy transition, digitalisation, AI, and sustainable urban development.",{"name":116,"@type":107,"acceptedAnswer":117},"How does the report describe Keppel’s operating and investment lifecycle?",{"text":118,"@type":110},"It explains operations across the full investment lifecycle, from fundraising and deployment to asset development, operations, and value crystalisation, emphasizing an integrated ecosystem and active management.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},569498,1792092377,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":136,"language":137,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":138,"faqs":139,"seo_title":140,"seo_description":61,"update_tm":141,"read_time":142},962090893776,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","Growing  \nMomentum  \nAnnual Report 2025  \n| OVERVIEW |  |\n| --- | --- |\n| Key Figures | 4 |\n| Financial Highlights | 5 |\n| Chairman’s Statement | 6 |\n| Interview with the CEO | 10 |\n| Message from the CIO\u003Cbr>Vision 2030 in Action | 16 |\n| — Highlights of Achievements in 2025 | 18 |\n| — Focus Areas in 2026 | 21 |\n| Enabling AI and Embedding AI | 22 |\n| Board of Directors | 28 |\n| Boards of Directors of |  |\n| Listed REITs & Business Trust | 31 |\n| Senior Management | 32 |\n| Our Business Model | 34 |\n| PERFORMANCE REVIEW |  |\n| Operating & Market Review |  |\n| — Fund Management and Investment Platforms | 36 |\n| — Infrastructure | 40 |\n| — Connectivity | 44 |\n| — Real Estate | 48 |\n| Financial Review | 50 |\n| Corporate Structure | 61 |\n\n\n| FINANCIAL REPORT\u003Cbr>Directors’ Statement Independent Auditor’s Report Balance Sheets\u003Cbr>Consolidated Profit or Loss Account Consolidated Statement of\u003Cbr>Comprehensive Income\u003Cbr>Consolidated Statement of Changes in Equity/\u003Cbr>Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Financial Statements Significant Subsidiaries, Associated Companies and Joint Ventures | 118\u003Cbr>124\u003Cbr>132\u003Cbr>133\u003Cbr>134\u003Cbr>135\u003Cbr>138\u003Cbr>142\u003Cbr>222 |\n| --- | --- |\n\nOTHER INFORMATION  \nInterested Person Transactions 231  \nKey Executives 232  \nMajor Properties 238  \nGroup Five-Year Performance 243  \nValue-Added Statements 244  \nShare Performance 245  \nShareholding Statistics 246  \nNotice of Annual General Meeting  \nand Closure of Books 247  \nCorporate Information 253  \nFinancial Calendar 254  \nGOVERNANCE  \nSustainability Framework 62  \nInvestor Relations 66  \nCorporate Governance at a Glance 68  \nCorporate Governance 70  \nRisk Management 106  \nBeyond Regulatory Compliance 112  \n~~ ~~ Growing  \nMomentum    \nKeppel is advancing its growth as a global asset manager and operator. By integrating capital formation with development and operating capabilities, we offer  \ndifferentiated opportunities and enhance the  \nperformance of assets across their lifecycles.  \nIn 2025, we grew our platform across Infrastructure, Real Estate and Connectivity – sectors supported  \nby structural tailwinds in the energy transition, digitalisation, AI, and sustainable urban development.  \nAs we scale our asset-light platform, recurring  \nincome grows, capital is allocated with discipline,  \nand earnings visibility strengthens, building  \nmomentum across our business.  \n~~ ~~ Scaling  \nPerformance    \nWe operate across the full investment lifecycle from  \nfundraising and deployment to asset development,  \noperations and value crystalisation.  \nOur portfolio of alternative real assets provides essential energy, environmental and digital infrastructure solutions, generating resilient cash flows across market cycles, while advancing decarbonisation and digitalisation.  \nOur integrated ecosystem creates operational alpha, enabling us to originate and secure opportunities early as well as enhance performance through active management.  \nWe are not simply creating assets. We are scaling performance through disciplined execution and deep operational capabilities.  \n2 KEPPEL LTD. Annual Report 2025 3  \nOVERVIEW  \nKey Figures  \nPERFORMANCE OF THE NEW KEPPEL  \n\n| NET PROFIT1\u003Cbr>$1.1b\u003Cbr>Increased 39% from $793 million in FY 2024.\u003Cbr>All three business segments achieved higher year-on-year profits. Including the non-core portfolio2 and discontinued operations3, net profit was $789 million in FY 2025, 16% lower than $940 million in FY 2024. |\n| --- |\n| TOTAL DIVIDEND PER SHARE\u003Cbr>$0.47\u003Cbr>38% higher than $0.34 for FY 2024.\u003Cbr>Comprises a proposed final cash dividend of $0.19 per share and an interim cash dividend of $0.15 per share based on earnings of the New Keppel, and a proposed special dividend from monetisation completed4 .\u003Cbr>The proposed special dividend comprises a cash dividend of $0.02 per share and dividend in-specie of 1 Keppel REIT unit for every 9 Keppel shares which is equivalent to approximately $0.11 per Keppel sh","cbCaiixgy95mdhVP","https://ap.wps.com/l/cbCaiixgy95mdhVP","pdf",15873504,245,"English","# Overview\n## Key Figures\n## Performance of the New Keppel\n# Performance Review\n## Operating & Market Review\n## Financial Review\n## Corporate Structure\n# Financial Report\n## Directors’ Statement\n## Independent Auditor’s Report\n## Balance Sheets\n## Consolidated Profit or Loss Account\n## Notes to the Financial Statements\n# Other Information\n## Interested Person Transactions\n## Key Executives\n## Major Properties\n## Shareholding Statistics\n## Notice of Annual General Meeting and Closure of Books\n# Governance\n## Sustainability Framework\n## Investor Relations\n## Corporate Governance at a Glance\n## Risk Management","[{\"question\":\"What were Keppel’s key financial results highlighted for FY 2025?\",\"answer\":\"The report presents net profit, dividends per share, funds under management, earnings per share, return on equity, asset management fees, recurring income, net debt to EBITDA, and asset management net profit, with year-on-year comparisons versus FY 2024.\"},{\"question\":\"Which business sectors supported Keppel’s platform growth in 2025?\",\"answer\":\"Keppel states it grew its platform across Infrastructure, Real Estate, and Connectivity, supported by structural tailwinds in the energy transition, digitalisation, AI, and sustainable urban development.\"},{\"question\":\"How does the report describe Keppel’s operating and investment lifecycle?\",\"answer\":\"It explains operations across the full investment lifecycle, from fundraising and deployment to asset development, operations, and value crystalisation, emphasizing an integrated ecosystem and active management.\"}]","Growing Momentum - Annual Report 2025 | PDF",1791876077,86]