1Q 2026 Business Update Media & Analysts Conference Call

Good morning, everyone. We have issued our media release and slides for our 1Q 2026 voluntary business update, which we will take as read. Let me highlight a few key points before we take questions. Keppel’s performance Amidst a challenging and volatile international environment, Keppel delivered resilient performance in 1Q 2026, with only a slight reduction in the net profit of the New Keppel i year on year (yoy). Both Infrastructure and Connectivity segments performed better in the first quarter of this year, while contributions from Real Estate were lower, as it had benefitted from higher valuation and divestment gains in 1Q 2025. The resilience was underpinned by recurring income which improved slightly yoy, with higher contributions from operations, and stable asset management net profitii. Including the Non-Core Portfolio for Divestmentiii and Discontinued Operationsiv, the overall net profit for 1Q 2026 was lower yoy, mainly due to fair value losses and lower gains from the monetisation of non-core assets. Importantly, the financial position of Keppel has improved, with a strong free cash inflow v in 1Q 2026 compared to an outflow in 1Q 2025. Both operating and investing activities recorded cash inflows compared to outflows in 1Q 2025. The majority of our investments under the New Keppel comprises sponsor stakes in Keppel’s private funds, REITs and Trust, as well as co-investments alongside them. This is part of our business model, and aligns our interests with those of our LPs. We receive distributions and divestment proceeds from such sponsor stakes and co-investments. Reflecting Keppel’s growth as a global asset manager, this inflow was almost three quarters of the amount received for FY 2025. Despite the uncertain environment, we continue to see good traction in both fundraising and asset monetisation. We are in the process of finalising about S$2 billion in LP commitments over the next few months, as investors find Keppel’s solutions and track record appealing. We also target to monetise S$2-S$3 billion of non-core assets this year. Unlocking value with an asset-light strategy We continued to make good progress in our asset monetisation programme. In the year to date 2026, we announced the monetisationvi of S$385 million in non-core assets, as well as completed and realised asset monetisation transactionsvii of about S$347 million. The divestment of M1-Telco is still pending regulatory approval, and we will provide an update when there are material developments. Separately, we have sold Keppel’s entire 5% stake in Seatrium as at 1 April 2026, realising a total value of S$430 million in cash, based on a weighted average price of S$2.52 per share viii, and S$1 million in dividends. As we continue to focus on substantially monetising our S$13.5 billion Non-Core Portfolioix by end-2030, Keppel will have the financial flexibility to fund growth, reduce debt and reward our shareholders. Fund Management & Investment In the first three months of 2026, Keppel generated S$108 million in asset management fees x, 13% higher than S$96 million in 1Q 2025 and added new FUMxi of about S$400 million. During the quarter, we completed about S$1.3 billion in acquisitions and another S$1.4 billion in divestments. We are also pursuing new deployment opportunities through a deal flow pipeline of about S$36 billion, more than half of which are in the Infrastructure and Connectivity segments. Looking ahead, the more inflationary environment is expected to sustain investor demand for real assets with steady cash flows that can serve as a hedge against inflation. This will continue to favour alternative real assets, which are aligned with long-term macrotrends such as the energy transition, digitalisation and the AI wave. These are areas which Keppel has deep expertise in. And as markets go through dislocations, we would be well-positioned to seize opportunities. Operating Platform Let me now share some updates from our Operating Platform. Our Infrastructure Division improved on its performance in 1Q 2026, supported by earnings from underlying operations and stronger contributions from sponsor stakes and co- investments. The integrated power business performed resiliently amidst softening spreads, with a slight decline in EBITDAxii in 1Q 2026. Looking ahead, we will position ourselves to secure long-term power sales, capturing opportunities availed by the tight supply-demand window before us. We also look forward to the Keppel Sakra Cogen Plant becoming generation-ready in 1H 2026 and contributing to our recurring income. Our Decarbonisation & Sustainability Solutions (DSS) business continues to see strong order win momentum, securing over S$700 million of new contracts in 1Q 2026. As at end-March 2026, total DSS contracts expanded to S$7.6 billion, providing 10 to 15 years of revenue visibility. In Real Estate, we have made good progress with the continued monetisation of our non-core assets. In the year to date, we have announced S$382 million in real estate divestments. In Connectivity, we have started construction of the Floating Data Centre project and will begin constructing Keppel DC SGP 9 in mid-2026. In Australia, we are actively engaging potential customers on AI data centre projects for our 720 MW powerbank xiii site near Melbourne. We are also in advanced discussions with customers on our remaining two Bifrost fibre pairs with contracts targeted to be signed in 1H 2026. The Middle East Conflict Let me now also briefly address the possible implications of the Middle East conflict on Keppel. Keppel’s direct exposure to the Middle East is limited and so far, our operations have not been directly impacted. We have also not seen any notable impact on fundraising and asset monetisation thus far. Our flagship funds continue to have good traction with LPs, including Middle East investors. As mentioned, we are also working on a promising pipeline of asset monetisation deals, with a target to monetise S$2-S$3 billion in 2026. However, with the conflict continuing, the second order effects in terms of the impact on gas supply, energy prices and the international economy bear close watching. Keppel’s gas supply is diversified. In addition, we have various mechanisms in place to shield our integrated power business from fuel cost fluctuations. These include fuel hedging as well as fuel cost pass-through, depending on the type of contracts. However, if there is a prolonged disruption to gas supply and an energy crunch, this could have broader impacts on energy security and the macroeconomic environment, which may in turn affect Keppel, including on fundraising and asset monetisation. We are monitoring the situation closely and will calibrate our response accordingly. Let me now open the floor to questions. Question & Answer session