吉宝（原吉宝企业）

Growing

Momentum

Annual Report 2025

OVERVIEW

Key Figures

4

Financial Highlights

5

Chairman’s Statement

6

Interview with the CEO

10

Message from the CIO

16

Vision 2030 in Action

— Highlights of Achievements in 2025

18

— Focus Areas in 2026

21

Enabling AI and Embedding AI

22

Board of Directors

28

Boards of Directors of

Listed REITs & Business Trust

31

Senior Management

32

Our Business Model

34

PERFORMANCE REVIEW

Operating & Market Review

— Fund Management and Investment Platforms 36

— Infrastructure

40

— Connectivity

44

— Real Estate

48

Financial Review

50

Corporate Structure

61

GOVERNANCE

Sustainability Framework

62

Investor Relations

66

Corporate Governance at a Glance

68

Corporate Governance

70

Risk Management

106

Beyond Regulatory Compliance

112

FINANCIAL REPORT

Directors’ Statement

118

Independent Auditor’s Report

124

Balance Sheets

132

Consolidated Profit or Loss Account

133

Consolidated Statement of

Comprehensive Income

134

Consolidated Statement of Changes in Equity/

Statement of Changes in Equity

135

Consolidated Statement of Cash Flows

138

Notes to the Financial Statements

142

Significant Subsidiaries, Associated

Companies and Joint Ventures

222

OTHER INFORMATION

Interested Person Transactions

231

Key Executives

232

Major Properties

238

Group Five-Year Performance

243

Value-Added Statements

244

Share Performance

245

Shareholding Statistics

246

Notice of Annual General Meeting

and Closure of Books

247

Corporate Information

253

Financial Calendar

254

Keppel is advancing its growth as a global asset manager

and operator. By integrating capital formation with

development and operating capabilities, we offer

differentiated opportunities and enhance the

performance of assets across their lifecycles.

In 2025, we grew our platform across Infrastructure,

Real Estate and Connectivity – sectors supported

by structural tailwinds in the energy transition,

digitalisation, AI, and sustainable urban development.

As we scale our asset-light platform, recurring

income grows, capital is allocated with discipline,

and earnings visibility strengthens, building

momentum across our business.

Growing

Momentum

Our 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.

Our integrated ecosystem creates operational alpha,

enabling us to originate and secure opportunities early as

well as enhance performance through active management.

We are not simply creating assets. We are scaling

performance through disciplined execution and deep

operational capabilities.

Scaling

Performance

We operate across the full investment lifecycle from

fundraising and deployment to asset development,

operations and value crystalisation.

3

Annual Report 2025

2

KEPPEL LTD.

Note: The New Keppel excludes the Non-Core Portfolio for Divestment and Discontinued Operations.

1 In FY 2025, in line with its sharpened business focus and an asset-light model under Vision 2030, Keppel identified a portfolio of non-core assets which are

not aligned with its strategy and will be divested over time. This Non-Core Portfolio for Divestment (non-core portfolio) is reported as a separate segment to

provide greater clarity on Keppel’s financial performance as an asset-light global asset manager and operator. Arising from this change in reportable segments

(Note 37 of the financial statements), segment information for the prior financial year ended 31 December 2024 has been restated to reflect the change.

Net Profit, Earnings per Share (EPS), Recurring Income, Return on Equity (ROE) and Net Debt to EBITDA stated herein (the New Keppel) exclude Non-Core Portfolio

for Divestment and discontinued operations, with comparatives restated accordingly.

2 Non-Core Portfolio for Divestment comprises mainly legacy offshore & marine (O&M) assets, residential landbank, selected property developments and

investment properties, hospitality and logistics assets, associated cash and receivables, and other non-core investments that are not aligned with Keppel’s strategic

focus as an asset-light global asset manager and operator. Legacy O&M assets comprise Seatrium shares, the legacy rigs, Floatel, KrisEnergy and Dyna-Mac.

3 In accordance with SFRS(I) 5 Non-current Assets Held for Sale and Discontinued Operations, the performance of M1 and its subsidiaries, excluding the technology

solutions & services business and other carved out assets (M1 Telco), are presented as discontinued operations for the financial period, with comparative

information re-presented accordingly.

4 Refers to monetisation deals, announced in or before 2025, but were completed in 2025 based on their announced gross values.

5 The dividend in-specie of one Keppel REIT unit for every nine Keppel shares held is equivalent to approximately $0.11 per Keppel share based on Keppel’s issued

share capital of 1,801,659,827 shares (excluding treasury shares) as at 31 December 2025 and Keppel REIT’s closing market price of $0.98 per unit on 3 February 2026.

6 ROE (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.

7 Net debt to EBITDA (the New Keppel): net debt is defined as net debt of the Group less net debt attributable to Non-Core Portfolio for Divestment, while EBITDA

refers to profit before depreciation, amortisation, net interest expense and tax (i.e. including share of results of associated companies and joint ventures), excluding

P&L effects from Non-Core Portfolio for Divestment.

PERFORMANCE OF THE NEW KEPPEL

NET PROFIT1

EARNINGS PER SHARE1

RECURRING INCOME1

$1.1b

$0.61

$941m

Increased 39% from $793 million

in FY 2024.

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.

Increased from FY 2024’s

$0.44 per share.

Net profit of approximately $1.1 billion

for FY 2025 translated to an EPS of

$0.61. Including the non-core portfolio2

and discontinued operations3,

EPS was $0.44 in FY 2025, as

compared to $0.52 in FY 2024.

Up 21% from $779 million in FY 2024.

Recurring income was underpinned

by stronger performance from asset

management and operations.

TOTAL DIVIDEND PER SHARE

RETURN ON EQUITY1,6

NET DEBT TO EBITDA1,7

$0.47

18.7%

2.0x

38% higher than $0.34 for FY 2024.

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.

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 share5.

Higher than 14.9% for FY 20242.

Including the non-core portfolio2

and discontinued operations3, ROE

was lower at 7.4% in FY 2025, as

compared to 8.9% in FY 2024.

Lower than 2.3x at end-2024.

Supported by increase in EBITDA and

lower net debt. Lower net debt is

mainly due to operating cash inflows,

divestment proceeds and dividends

received during the year, partly offset

by investments in sponsor stakes

and co-investments, acquisitions

and capital expenditure, as well as

dividend payments and share

buybacks during the year. Including

the non-core portfolio2 and

discontinued operations3, net debt

to EBITDA was 5.1x as at end-2025,

compared to 5.9x as at end-2024.

FUNDS UNDER MANAGEMENT8

ASSET MANAGEMENT FEES9

ASSET MANAGEMENT NET PROFIT

$95b

$453m

$189m

8% higher than $88 billion at end-2024.

Driven by active fundraising by our

private funds, together with portfolio

expansion across our listed real

estate and infrastructure trusts.

Increased 4% from $436 million

in FY 2024.

15% higher than $165 million

in FY 2024.

4

KEPPEL LTD.

Key Figures

OVERVIEW

8 Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested Funds Under Management (FUM).

9 Includes 100% fees from subsidiary managers, joint ventures and associated entities, as well as share of fees based on shareholding stake in associate with

which Keppel has strategic alliance. Also includes asset management, transaction and advisory fees on sponsor stakes and co-investments (including for funds

which are wholly owned).

10 EBITDA refers to profit before depreciation, amortisation, net interest expense and tax (i.e. including share of results of associated companies and joint ventures).

11 FY 2025 Free Cash Flow (FCF) includes approximately $235 million 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 balance sheet. FY 2024 FCF includes $1.07 billion of cash consolidated on obtaining control over Rigco Holding Pte. Ltd. following

the completion of a selective capital reduction exercise.

12 Share price is based on the last transacted price as at 31 December 2025 and 2024 respectively.

13 Total shareholder return of Keppel Ltd. shares over a 1‑year period. Source: Bloomberg, Keppel Ltd. over a 1-year period.

2025

2024

% Change

For the year ($ million)

Revenue – Continuing operations

5,983

5,784

3

Profit

Operating – Continuing operations

1,122

1,145

-2

EBITDA10 – Continuing operations

1,791

1,451

23

Before tax – Continuing operations

1,316

1,044

26

Net profit – Continuing operations

1,016

787

29

Net profit – Discontinued operations

(227)

153

n.m.f.

Net profit – Continuing and discontinued operations

789

940

-16

Net profit – excluding non-core portfolio and discontinued operations

1,100

793

39

Operating cash flow

662

200

231

Free cash flow11

611

901

-32

Per share ($)

Earnings

0.44

0.52

-17

Earnings – excluding non-core portfolio and discontinued operations

0.61

0.44

37

Net assets

5.81

5.95

-2

Net tangible assets

5.58

5.12

9

At year end ($ million)

Shareholders’ funds

10,463

10,754

-3

Perpetual securities

402

402

0

Non-controlling interests

321

270

19

Total equity

11,186

11,426

-2

Net debt

9,127

9,771

-7

Net debt to EBITDA (times)

5.1

5.9

-14

Net debt to EBITDA7 – excluding non-core portfolio and discontinued operations

(times)

2.0

2.3

-13

Return on shareholders’ funds (%)

Net profit

7.4

8.9

-17

Net profit – excluding non-core portfolio and discontinued operations6

18.7

14.9

26

Shareholders’ value

Distribution (cents per share)

Interim cash dividend

15

15

–

Final cash dividend

19

19

–

Special dividends (cash & dividend in-specie5)

13

–

n.m.f.

Total distribution

47

34

38

Share price ($)12

10.35

6.84

51

Total shareholder return (%)13

58.5

2.0

>500

n.m.f. denotes no meaningful figure.

HALF-YEARLY RESULTS ($ million)

2025

2024

1H

2H

Total

1H

2H

Total

Revenue – Continuing operations

2,671

3,312

5,983

2,822

2,962

5,784

Operating profit – Continuing operations

601

521

1,122

468

677

1,145

EBITDA10 – Continuing operations

769

1,022

1,791

595

856

1,451

Profit before tax – Continuing operations

525

791

1,316

399

645

1,044

Attributable profit – Continuing operations

371

645

1,016

280

507

787

Attributable profit – Discontinued operations

7

(234)

(227)

24

129

153

Attributable profit – Continuing and discontinued operations

378

411

789

304

636

940

Attributable profit – excluding non-core portfolio and discontinued operations

424

676

1,100

321

472

793

Earnings per share (cents) – Continuing and discontinued operations

20.8

22.7

43.5

16.9

35.4

52.3

Earnings per share (cents) – excluding non-core portfolio and

discontinued operations

23.4

37.2

60.6

17.9

26.3

44.2

5

Annual Report 2025

Financial Highlights

OVERVIEW

In 2025, Keppel delivered a total shareholder return of

58.5%, supported by strong performance, distributions

and a re-rating of the Company that reflects the market’s

increasing recognition of our transformation and

growth strategy.

DANNY TEOH, Chairman

Beyond the headline earnings, both

income quality and returns of the

New Keppel continued to strengthen.

Recurring income from asset

management5 and operations6 grew

21% yoy to $941 million in FY 2025,

reinforcing the stability of our earnings

base. Return on Equity7 of the

New Keppel rose to 18.7% in FY 2025,

up from 14.9% in FY 2024, while Net Debt

to EBITDA8 improved to 2.0x as at

end-2025, compared to 2.3x a year ago.

During the year, we remained

laser-focused on optimising both the

pace of divestment and exit value of our

assets. We announced the monetisation

of about $2.9 billion in assets in 2025,

including the proposed sale of M1’s

telco business, which is pending

regulatory approval9. As at end-2025,

our total asset monetisation announced

since October 2020 had reached

about $14.5 billion10, with $1.6 billion11

completed in 2025. Looking ahead,

we will continue to work towards

substantially monetising our non-core

clarity on the Company’s progress in

transformation, we have distinguished

the earnings of the New Keppel from the

$13.5 billion2 portfolio of non-core assets

that are no longer aligned with our

strategy and will be divested over time.

In FY 2025, the New Keppel’s net profit

surged 39% year on year (yoy) to

$1.1 billion, supported by broad-based

earnings growth across Infrastructure,

Real Estate and Connectivity. Our

Infrastructure Division achieved

record profit of $703 million3 despite

moderating spark spreads, reflecting

the resilience of its integrated power

business and growing contributions

from decarbonisation and

sustainability solutions.

Including the non-core assets and

discontinued operations, overall net

profit for FY 2025 was $789 million,

compared with $940 million in

FY 2024, mainly due to a $222 million4

accounting loss arising from the

proposed sale of M1’s telco business.

portfolio by the end of 2030. The value

unlocked from monetisation will put

us in good stead to fund the New

Keppel’s growth, reduce debt and

also return capital to shareholders.

CREATING VALUE FOR SHAREHOLDERS

In 2025, Keppel delivered a total

shareholder return of 58.5%12, supported

by strong performance, distributions

and a re-rating of the Company that

reflects the market’s increasing

recognition of our transformation

and growth strategy.

In appreciation of the support of

our shareholders, the Board has

proposed a final ordinary cash

dividend of $0.19 per share, bringing

the full-year ordinary cash dividend

to $0.34 per share. This represents

a payout ratio of approximately

56% of the New Keppel’s net profit

for FY 2025.

In addition, we aim to pay special

dividends of 10-15% of the gross value

of monetisation transactions completed

during the financial year. The actual

percentage each year would depend

on the Company’s growth needs and

cash generated. Given the $1.6 billion

of asset monetisation completed in

Growing

Momentum

1 The New Keppel refers to Keppel excluding Non-Core Portfolio for Divestment (non-core portfolio) and Discontinued Operations. Non-core portfolio comprises

mainly legacy offshore & marine (O&M) assets, residential landbank, selected property developments and investment properties, hospitality and logistics

assets, associated cash and receivables, and other non-core investments that are not aligned with Keppel’s strategic focus as an asset-light global asset

manager and operator. Legacy O&M assets comprise Seatrium shares, the legacy rigs, Floatel, KrisEnergy and Dyna-Mac.

2 Refers to gross asset carrying value as at 31 December 2025.

3 Refers to recurring income from Infrastructure Division, and includes returns (net of attributable financing costs) from sponsor stakes (in listed and private

funds) and co-investments amounting to $53 million in FY 2025 (FY 2024: -$44 million).

4 The accounting loss is net of cessation of the depreciation, amortisation and equity accounting for the relevant assets classified under disposal group held for

sale as at 31 December 2025. The actual loss at completion will depend on the sale consideration which is subject to post-completion adjustments and the

carrying value of Keppel’s effective interest in M1 Telco at the date of completion.

5 Includes asset management, transaction and advisory fees on sponsor stakes and co-investments (including for funds which are wholly owned).

6 Includes returns (net of attributable financing costs) from sponsor stakes (in listed and private funds) and co-investments.

7 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.

8 Net debt is defined as net debt of the Group less net debt attributable to the non-core portfolio, while EBITDA refers to profit before depreciation, amortisation, net

interest expense and tax (i.e. including share of results of associated companies and joint ventures), excluding P&L effects from the non-core portfolio.

9 As at the latest practicable date on 2 March 2026.

10 This includes the $4.7 billion Keppel Offshore & Marine divestment in 2023, including the Sembcorp Marine (now Seatrium) shares, which were distributed or held in the

segregated account, at $2.30 per share (or $0.115 per share prior to the share consolidation undertaken by Seatrium in 2023; $0.115 was the last traded price of

the shares on the first market day immediately following the date of the combination) and the $0.5 billion cash component.

11 Refers to the monetisation deals, announced in or before 2025, but completed in 2025 based on their announced gross values.

12 Source: Bloomberg

DEAR SHAREHOLDERS,

2025 marked a year of strong progress

for Keppel. Amidst a turbulent and

uncertain global backdrop, set against

geopolitical tensions and economic

volatility, we remained focused on

advancing Keppel’s growth as a global

asset manager and operator.

Since announcing the Company’s

strategic transformation in May 2023,

we have steadily accelerated the growth

of the New Keppel1 – sharpening our

focus, strengthening our asset-light

model and growing recurring income.

Our goal is clear: to deliver strong

returns to our Limited Partners (LPs)

and shareholders, while creating real

assets and solutions that address the

world’s pressing needs, from sustainable

development to the growing demand

for digital connectivity.

DELIVERING STRONG PERFORMANCE

Keppel delivered a strong set of

results in FY 2025. To provide greater

6

7

Annual Report 2025

KEPPEL LTD.

Chairman’s Statement

OVERVIEW

People are the cornerstone of our business, and we remain focused on deepening staff engagement.

Around 91% of Keppelites indicated that they are proud to work for Keppel and support our

transformation – a powerful testament to the culture we are building.

Our Infrastructure Division achieved record profit despite moderating spark spreads, reflecting the resilience of its integrated power business and growing

contributions from decarbonisation and sustainability solutions.

disciplined execution. The 600 MW

hydrogen-compatible Keppel Sakra

Cogen Plant, with fully contracted

capacity3 for 2026 and 2027, will

further strengthen recurring income

when it achieves generation

readiness in 1H 2026. At the same

time, our decarbonisation and

sustainability solutions business

has scaled meaningfully, with

EBITDA rising 32% yoy to $130 million,

surpassing our earlier projection

of $100 million in 2025, and a

fast-growing contract backlog of about

$7.1 billion, providing good earnings

visibility over the next 10–15 years.

Our Connectivity Division positions

Keppel at the forefront of digitalisation

and AI infrastructure. During the

year, we expanded our data centre

powerbank4 in the Asia Pacific to

over 1.0 GW, including through

securing a prime site near Melbourne

earmarked for a future 720 MW AI

data centre campus. This strengthens

our ability to deliver shovel-ready

capacity in key markets. When fully

activated, the over 1.0 GW powerbank

has the potential to translate into

approximately $10 billion of data

centre FUM over time.

funds and disciplined portfolio

expansion within our listed REITs and

infrastructure trust, which together

added $10.1 billion of new FUM during

the year. In Europe, Aermont Capital

continued to perform well and has

begun marketing Fund VI, with first

close targeted in 1H 2026.

With a deal flow pipeline of $33 billion

across Infrastructure, Real Estate and

Connectivity, we see a strong runway

to deploy capital and expand our

asset management income.

With energy and digital infrastructure

projects around the world growing

larger and more capital intensive,

Keppel’s integrated ecosystem enables

us to originate, develop and scale them

alongside institutional investors, thus

growing our business and extending

our reach beyond the limits of our

balance sheet.

Infrastructure continues to be a steady,

and currently the largest, pillar of

earnings in Keppel’s operating platform.

Our integrated power business

delivered resilient earnings despite

softer market conditions, supported

by long-term contracted capacity and

Meanwhile, the Bifrost Cable System

(Bifrost) commenced commercial traffic

flow in December 2025, with its first

two fibre pairs already committed to

customers and contributing to earnings.

In January 2026, we signed a binding

term sheet for an additional fibre pair,

reflecting continued demand for this

landmark, high-capacity trans-Pacific

cable system. Over its 25-year operating

life, Bifrost is expected to generate

durable recurring income from

operation and maintenance, in line

with Keppel’s business model.

Alongside Infrastructure and

Connectivity, our Real Estate Division

continues to advance its Real Estate-

as-a-Service strategy, contributing to

sustainable development and recurring

income for Keppel, while supporting

our private funds in delivering strong

risk-adjusted returns to LPs.

ANCHORED ON SUSTAINABILITY

Keppel is committed to sustainability,

which is at the core of how we create

value. Our sustainability performance

continues to be recognised both in

Singapore and internationally. Keppel

was conferred the Impact Enterprise

of the Year for Large Enterprises at

the Sustainability Impact Awards

2025, presented by The Business

Times and UOB, and was also named

the Apex Winner in the Sustainable

Solutions category of the Singapore

Apex Corporate Sustainability Awards

2025, presented by the UN Global

Compact Network Singapore.

We retained our MSCI AAA ESG

rating and remained in the Dow Jones

Best-in-Class World and Asia-Pacific

Indices, among others. We were also

named for the second consecutive

year as one of the World’s Most

Sustainable Companies by TIME

Magazine and Statista in 2025.

People are the cornerstone of our

business, and we remain focused

on deepening staff engagement.

Our 2025 Employee Engagement

Survey recorded a strong engagement

score of 88%, four percentage points

higher yoy, and higher than Mercer’s

global norm of 81%. Around 91% of

Keppelites indicated that they are

proud to work for Keppel and support

our transformation – a powerful

testament to the culture we are building.

We also believe in doing good while

doing well. In 2025, Keppel invested

about $4.2 million in social investment

spending and industry advancement,

including about $2.5 million disbursed

in Singapore through Keppel Care

Foundation. Keppelites also served

the community actively, contributing

more than 11,800 hours of volunteer

service around the world.

ACKNOWLEDGEMENTS

As the Company has announced,

I will be retiring from the Board

on 17 April 2026, following the

upcoming Annual General Meeting.

I am pleased that Mr Piyush Gupta,

currently Deputy Chairman,

will succeed myself as Chairman.

Piyush is a highly-regarded business

leader with deep experience in

driving business and digital

transformation. Since joining the

Board in July 2025, he has contributed

valuable counsel in refining and

advancing Keppel’s strategy. I am

confident that Keppel will scale new

heights as it continues to progress

with focus and discipline under

his chairmanship.

It has been a privilege to serve as

Chairman of Keppel, one of Singapore’s

flagship companies, over the past

five years, and as a Director of its

Board for more than 15 years. This

period has encompassed some of the

most significant chapters in Keppel’s

journey as the Company exited its

offshore and marine business, shed

its conglomerate structure and

repositioned itself as an asset-light

global asset manager and operator.

I would like to thank my fellow

directors for their steadfast service

and guidance, and our management

team and Keppelites for their

professionalism and commitment to

deliver on Keppel’s transformation.

I am also grateful to our LPs,

shareholders and stakeholders

for their support and confidence

in Keppel over the years.

While the international global

environment remains complex,

Keppel’s direction is clear.

With a focused strategy, disciplined

capital management, as well as

strong leadership and governance,

I am confident that Keppel is

well-positioned to continue

delivering sustainable solutions

and value to our stakeholders

in the years ahead.

Yours sincerely,

DANNY TEOH

Chairman

2 March 2026

FY 2025, the Board has proposed a

special dividend of approximately

$0.13 per share, comprising $0.02 per

share in cash and one Keppel REIT unit

for every nine Keppel shares held,

which is equivalent to about $0.11 per

share1 based on Keppel REIT’s closing

price of $0.98 on 3 February 2026.

Including the interim cash dividend of

$0.15 per share paid in August 2025,

the total dividend for FY 2025 amounts

to approximately $0.47 per share,

which is 38% higher yoy.

GROWING AS AN ASSET MANAGER

AND OPERATOR

During the year, Keppel continued

to strengthen its performance and

capabilities as a global asset manager

and operator for alternative real assets.

Funds under Management2 (FUM)

grew to $95 billion as at end-2025, up

from $88 billion a year ago, keeping us

firmly on track to reach $100 billion

by end-2026, if not earlier. Reflecting

the encouraging progress, asset

management net profit rose 15% yoy

to $189 million in FY 2025.

This growth was driven by active

fundraising across our private

1 Based on Keppel’s issued share capital of 1,801,659,827 shares (excluding treasury shares) as at 31 December 2025.

2 Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested FUM.

3 After factoring in required market reserves.

4 Capacity for future data centre development.

8

9

Annual Report 2025

KEPPEL LTD.

Chairman’s Statement

OVERVIEW

The management team and I look

forward to working closely with

Mr Piyush Gupta as he assumes

the role of Chairman, to build

on this strong progress and

growing momentum.

Q How is Keppel thinking about

the next phase of growth for its

asset management business?

A 2025 was a year of strong traction

for our asset management business.

Over the past five years, both our

FUM and asset management fees7

have grown at a compounded rate

of about 20% annually, reflecting

a business that is scaling with

increasing momentum.

How we look at reaching $200 billion

in FUM by end-2030 is grounded

in the way asset management

platforms grow. Scale is earned

through performance. Take

Aermont Capital for example.

They raised about €2 billion

in equity for Fund IV and then

another €3.8 billion for Fund V.

They are now in the market for

Fund VI, which is expected to be

bigger than preceding vintages.

Over time, this creates a flywheel

effect. Strong performance attracts

repeat capital, and larger funds

will in turn allow us to originate

and execute higher-value and

more complex transactions.

Strong execution remains very

important as it reinforces our track

record as a trusted investment

partner. As allocations to areas

such as the energy transition and

digital infrastructure increase, we

are seeing more global LPs initiate

conversations with us, reflecting

growing recognition of Keppel’s

track record and integrated

ecosystem, which allows us to

Examples such as the Bifrost Cable

System and the Keppel Sakra

Cogen Plant demonstrate how

proprietary assets, funded through

our private funds, can deliver

attractive returns to our Limited

Partners (LPs), while generating

recurring income for Keppel over

many years through asset

management and operations and

maintenance fees.

We also accelerated monetisation,

announcing $2.9 billion4 of

divestments in 2025 and bringing

total monetisation since October

2020 to about $14.5 billion5.

By placing clear markers along

our transformation journey,

including linking special dividends

to completed monetisation, we

reinforce management’s discipline

and focus, and send a clear signal

to the market on our commitment

to monetise the non-core portfolio

and to reward shareholders

from a part of the proceeds

from monetisation.

In 2025, we delivered a total

shareholder return6 of 58.5%,

compared to the Straits Times

Index’s 28.8%, reflecting stronger

performance and growing market

recognition of our progress.

I would like to take this

opportunity to express my deep

appreciation to Mr Danny Teoh,

who will be retiring from Keppel’s

Board after the Company’s Annual

General Meeting on 17 April 2026.

During his 15 years of service on

the Board, and particularly over

the past five years as Chairman,

Danny provided steady leadership,

wise counsel and strong support

for the management, without which

the Company’s transformation

would not have been possible.

As we enter the third year of the New Keppel, our strategy

is clear, the Company is scaling and our culture is strong.

I am confident the foundations are in place for Keppel

to continue progressing onwards and upwards.

LOH CHIN HUA, Chief Executive Officer

Q Keppel has undergone significant

transformation in recent years.

How would you describe where

the New Keppel stands today?

A Over the past two years, we have

reshaped Keppel from an industrial

conglomerate into a focused,

asset-light global asset manager

and operator. In 2025, we reinforced

the shift by clearly distinguishing

the earnings of the New Keppel

from the non-core portfolio1 of

assets. This bifurcation enhances

transparency and brings the

New Keppel’s earnings into clear

focus, as we continue monetising

the old portfolio that no longer

fits with our strategy, and unlock

capital that can be used to

fund growth, reduce debt and

reward shareholders.

This is not just a narrative, but a

well-performing business model.

In FY 2025, the New Keppel

delivered net profit of $1.1 billion,

up 39% year on year (yoy), with

strong contributions across all

segments. Recurring income rose

21% to $941 million, and Return on

Equity2 improved to 18.7% from

14.9% a year ago. All our engines

are firing – from raising and

deploying capital to executing

complex projects and operating

assets profitably at scale.

Our Funds under Management3

(FUM) grew to $95 billion by

end-2025, putting us well on track

to exceed $100 billion in 2026, and

progress towards $200 billion by

2030. Growing FUM does more than

provide asset management income

– it also enables us to create

interconnected value chains

across Infrastructure, Real Estate

and Connectivity, unleashing

synergies in our ecosystem.

1 The New Keppel refers to Keppel excluding Non-Core Portfolio for Divestment (non-core portfolio) which comprises mainly legacy offshore & marine (O&M) assets,

residential landbank, selected property developments and investment properties, hospitality and logistics assets, associated cash and receivables, and other

non-core investments that are not aligned with Keppel’s strategic focus as an asset-light global asset manager and operator. Legacy O&M assets comprise

Seatrium shares, the legacy rigs, Floatel, KrisEnergy and Dyna-Mac.

2 Return on Equity 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.

3 Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested FUM.

4 This includes the proposed sale of M1’s telco business.

5 This includes the $4.7 billion Keppel Offshore & Marine divestment in 2023, including the Sembcorp Marine (now Seatrium) shares, which were distributed or held

in the segregated account, at $2.30 per share (or $0.115 per share prior to the share consolidation undertaken by Seatrium in 2023; $0.115 was the last traded price of

the shares on the first market day immediately following the date of the combination) and the $0.5 billion cash component.

6 Source: Bloomberg

7 Includes 100% fees from subsidiary managers, joint ventures and associated entities, as well as share of fees based on shareholding stake in associate with

which Keppel has strategic alliance. Also includes asset management, transaction and advisory fees on sponsor stakes and co-investments (including for funds

which are wholly owned).

Driving

Performance

10

11

Annual Report 2025

KEPPEL LTD.

OVERVIEW

Interview with the CEO

create and scale opportunities

alongside LPs and customers in

ways that not many international

asset managers can match.

Looking ahead, we will continue to

grow organically through disciplined

capital formation. At the same time,

we will also explore inorganic

opportunities that can enhance our

platform capabilities and broaden

our investment strategies, especially

in the infrastructure spectrum.

Q What underpins the Infrastructure

Segment’s strong performance,

and how do you view its

growth trajectory?

A Our Infrastructure Segment has

performed strongly and remains

the New Keppel’s largest earnings

pillar, underpinned by commercial

discipline and operational depth,

providing long-term contracted

cashflows and good earnings

visibility. In FY 2025, the operating

division delivered record recurring

earnings of $703 million1. Our

integrated power business remained

resilient despite softer spark spreads,

with 67% of generation capacity2

contracted for three years and

above, reflecting robust contracting

and strong execution.

Very importantly, we are positioning

ourselves ahead of the energy

transition. Our hydrogen-compatible

Keppel Sakra Cogen Plant is slated

to achieve generation readiness

in 1H 2026, and is fully contracted

for 2026 and 2027 after factoring

in the required market reserves.

Meanwhile, decarbonisation and

sustainability solutions have also

delivered significant growth and

To create strong competitive advantage, Keppel will not only

enable AI infrastructure, but also be an AI-enabled asset manager.

bolstered revenue under long-term

contracts, which more than

doubled over the past four years

to $7.1 billion3 as at end-2025.

Looking ahead, demand for reliable

power, cleaner energy and grid

decarbonisation will continue to

expand, particularly with the rise

in digitalisation and AI. Our early

positioning in expanding generation

capacity, cross-border renewable

energy imports and low carbon

energy vectors gives us strategic

relevance in the energy transition

and also strengthens Keppel’s

ability to support power-intensive

sectors, such as digital infrastructure.

Q How has Keppel positioned itself

to capture long-term growth

from the increasing convergence

between the energy transition

and digital infrastructure?

A Digitalisation and AI are reshaping

infrastructure demand. The next

phase of growth will require

integrated solutions that combine

compute, energy and connectivity

at scale. We believe AI adoption

is still in its early innings, and the

infrastructure required will become

increasingly complex as well as

energy- and capital-intensive. Keppel

has positioned itself early across

the digital infrastructure value chain

– through cleaner energy, data

centres, subsea connectivity and

multi-faceted investment solutions

from private funds to listed real

estate or infrastructure trusts.

Our approach has been to secure

critical enablers ahead of demand,

such as access to power, land and

fibre in key datahubs, and commit

capital through our private funds

when customer visibility is clear.

Our powerbanking strategy for

data centres, for example, reduces

execution risk, supports disciplined

scaling under our asset-light

model and builds a pipeline of

assets to support FUM growth.

In 2025, we also commenced

commercial traffic on the Bifrost

Cable System, expanded our AI-ready

capabilities and grew our Asia Pacific

data centre powerbank4 to over

1.0 GW. We are also preparing to

develop our floating data centre

project in 1H 2026. Together with

our growing technology solutions

and services business, these

initiatives strengthen Keppel’s

ability to serve hyperscalers and

enterprises across the value chain.

Q AI is transforming sectors and the

global economy. What does this

mean for Keppel as a company?

A AI is probably the most impactful

force since the Industrial Revolution.

It is fundamentally reshaping how we

work, invest and operate. At Keppel,

we see our role in two dimensions

– enabling AI and embedding AI.

As an ecosystem player, we

enable AI by providing the critical

infrastructure it requires. These are

capital-intensive developments, and

scaling them requires substantial

institutional capital. Our asset-light

model allows us to mobilise funds

raised from our LPs, alongside our

sponsor capital and co-investments,

to deliver infrastructure at scale.

In this way, Keppel supports the

growth of AI while reinforcing our

asset management platform.

At the same time, we are embedding

AI within our enterprise. We have

developed AI agents across our

fund management, investment

and operating platforms that

merge our experience and industry

know-how with AI to create use cases.

Our in-house AI agents provide

actionable investment insights,

and also support the design and

operation of complex infrastructure

and data centre projects.

To fully harness AI’s potential,

and create strong competitive

advantage, Keppel will not only

enable AI infrastructure, but also

be an AI-enabled asset manager.

Q Can you share about Keppel’s

goals for asset monetisation

and the progress made?

A Monetisation is integral to our

transformation into a focused,

asset-light global asset manager

and operator. At the outset, our

objectives have been to lighten

our balance sheet, unlocking

capital for growth, to reduce debt

and reward shareholders.

Since October 2020, we have

announced about $14.5 billion

in asset monetisation. Amidst

volatile market conditions, we have

continued monetising assets, even

in challenging markets such as

China and Myanmar. Notably, in

2025, we were able to unlock value

from our landbank in North Island

in Tianjin, which created significant

value uplift, notwithstanding

the difficult market conditions.

In early 2025, we also established

an Accelerating Monetisation Task

Force to sharpen coordination and

execution across the Company.

A significant milestone was the

proposed sale of M1’s telco

business to Simba announced in

August 2025, which will simplify

our business and advance our

strategy as an asset-light global

asset manager and operator. The

transaction is pending regulatory

approval5, and when completed,

is expected to unlock about

$1.3 billion6 from our balance

sheet, with close to $1.0 billion7 to

be received by Keppel in cash.

Looking ahead, we have another

$13.5 billion8 of non-core assets

as at end-2025 that we aim to

divest substantially by 2030.

We are committed to this goal

and will continue to execute with

discipline and clarity of purpose.

1 Includes returns (net of attributable financing costs) from sponsor stakes (in listed and private funds) and co-investments amounting to $53 million in

FY 2025 (FY 2024: -$44 million).

2 As at end-2025; based on Keppel’s existing generation capacity.

3 Revenues to be earned over 10–15 years.

4 Capacity for future data centre development.

5 As at the latest practicable date on 2 March 2026.

6 Computed based on estimated divestment proceeds and net debt to be deconsolidated as of date of transaction announcement. The actual monetisation

amount is subject to post-completion adjustments and the net debt at date of completion.

7 Subject to post-completion adjustments and the net debt of M1’s telco business at date of completion.

8 Refers to gross asset carrying value as at 31 December 2025.

Keppel has positioned itself early across the digital infrastructure value chain – through cleaner energy, data centres, subsea connectivity and multi-faceted

investment solutions from private funds to listed real estate or infrastructure trusts.

STRONG NEW KEPPEL

EARNINGS GROWTH

39%

Increase yoy to a net profit

of $1.1 billion in FY 2025

ROBUST MONETISATION

$14.5b

Announced since the

start of the monetisation

programme in October 2020

12

13

Annual Report 2025

KEPPEL LTD.

OVERVIEW

Interview with the CEO

Q What are your thoughts about

balancing the needs between

funding growth, reducing debt

and rewarding shareholders?

A As the New Keppel scales, we will

not be relying primarily on our

balance sheet to fund expansion.

Growth will be driven alongside

third-party capital through our

private funds, enabling us to

undertake larger and more

capital-intensive projects than our

balance sheet alone can support.

As sponsor and General Partner,

we typically co-invest about 10–15%

alongside our LPs. As FUM grows, the

capital required for our sponsor

stakes and co-investments will also

grow. At the same time, capital is

also being returned to us in the

form of distributions. As an LP,

we received over $400 million1 in

distributions from our funds in

FY 2025. As our asset management

platform scales, this effect becomes

more substantial and will help

fund future investments as well as

dividends of the New Keppel.

In addition, we have set a 10–15%

payout ratio on the gross value

of completed monetisation for the

financial year. This further allows

us to share the fruits of our

monetisation programme with

shareholders, while retaining

flexibility to respond to market

opportunities as well as reduce

leverage through the remaining

capital unlocked.

Q How do you think about

leadership continuity and

the culture at Keppel? Has it

changed as Keppel transformed?

A Keppel’s transformation has never

been about specific individuals.

It has always been a collective

effort across the Board,

management and our different

teams. Over the past few years,

we have strengthened our

leadership bench, sharpened

governance and embedded

disciplined capital management

across the Company. Succession

planning is carefully thought out

and ongoing at every level, with

the aim of building an enduring

company with operational depth

and the right talents.

While our business has evolved,

the core values and strengths that

define Keppel have remained

unchanged, including the tenacity

and willingness to reinvent ourselves

to stay relevant across cycles. These

values, which we now articulate as

ACT – Agile, Can Do and Trusted –

underpin our progress as a global

asset manager and operator, and

will guide us as we continue our

growth momentum.

Keppel’s culture is anchored by our

purpose of “creating solutions for

a sustainable future”. We operate

in sectors critical to the energy

transition, digital connectivity and

sustainable urban development.

This resonates with Keppelites,

with the Company registering a

strong engagement score of 88%

in our 2025 Employee Engagement

Survey, four percentage points

higher yoy. 91% of employees also

indicated that they are proud to

work for Keppel and support

our transformation.

As we enter the third year of the

New Keppel, our strategy is clear,

the Company is scaling and our

culture is strong. I am confident the

foundations are in place for Keppel

to continue progressing onwards

and upwards in the years ahead.

Keppel’s proprietary assets

funded through our private

funds, such as the Keppel Sakra

Cogen Plant (in picture), can

deliver attractive returns to our

LPs while generating recurring

income for Keppel over many years

through asset management

and operations.

As the New Keppel scales, we will not be relying primarily on our

balance sheet to fund expansion. Growth will be driven alongside

third-party capital through our private funds, enabling us to

undertake larger and more capital-intensive projects.

Keppel’s transformation is driven by a collective effort across the Board, management and our

different teams.

1 Includes return of capital and return on capital from the private funds.

14

KEPPEL LTD.

15

Annual Report 2025

OVERVIEW

Interview with the CEO

Investors favour managers who combine investment discipline

with execution capabilities. This is where Keppel’s advantage

lies, in our ability to create opportunities within our ecosystem,

structure scalable solutions and deliver our projects well.

CHRISTINA TAN, Chief Investment Officer

Message

from the CIO

As at end-2025, our Sustainable

Urban Renewal strategy’s total FUM

scaled to about $4.1 billion, while

Keppel Education Asset Fund II

reached about $2.6 billion in FUM.

In Connectivity, Keppel Data Centre

Fund III continues to gain traction

with LPs, growing its FUM to about

$2.7 billion as at end-2025.

Today, we are working with a growing

base of pension funds, sovereign wealth

funds and financial institutions

across the world, and are increasingly

sought out for differentiated real asset

strategies. A significant milestone

in 2025 was our collaboration with

AIIB, which aims to mobilise up

to US$1.5 billion for sustainable

infrastructure investments across

the Asia Pacific.

We are also strengthening our platform

capabilities by embedding digital

and AI tools across our investment

and operating processes. At our

annual flagship innovation forum,

Keppel NEXT 2025, we showcased

in-house AI agents which support deal

evaluation, portfolio analytics and

risk management, sharpening insights

and accelerating decision-making.

Amidst global volatility, private real

assets continue to provide stability

in institutional portfolios. Capital

is increasingly being redeployed to

Asia, where structural demand for

energy transition, urbanisation and

digitalisation solutions remains

strong. As a Singapore-headquartered

firm with deep operating experience

in the Asia Pacific, Keppel is well-

positioned at the centre of these

secular trends.

In a more selective capital environment,

investors favour managers who

combine investment discipline with

execution capabilities. This is where

Keppel’s advantage lies, in our

ability to create opportunities within

our ecosystem, structure scalable

solutions and deliver our projects

well. The expansion of our Asia Pacific

Despite a challenging international

environment, we continued to build

on our momentum in 2025 with

increasing institutional recognition

for Keppel’s unique integrated asset

manager-operator model. Global

Limited Partners (LPs) continued

allocating capital across the energy

transition, digital infrastructure and

sustainable urban renewal – strategies

where our operational know-how and

asset management capabilities have

delivered value across market cycles.

During the year, fundraising and

portfolio expansion across our private

funds, REITs and infrastructure trust

added $10.1 billion of new Funds

under Management1 (FUM). We

completed $11.4 billion of acquisitions

and $2.9 billion of divestments

through active portfolio management

and disciplined capital recycling.

By end-2025, our total FUM reached

$95 billion and asset management

fees2 grew to $453 million, both

compounding at about 20% annually

over the past five years. With a

$33 billion deal pipeline, two-thirds

in infrastructure and connectivity, we

are well-positioned to scale further.

Across our flagship private funds,

we advanced fundraising, deployment

and value realisation, growing in both

track record and scale. Keppel Asia

Infrastructure Fund announced the

divestment of 800 Super at over

$600 million, based on 100% of

800 Super’s enterprise value, with an

expected mid-teen Internal Rate of

Return and gains equivalent to about

half the capital invested for LPs upon

divestment completion. Meanwhile,

Keppel Infrastructure Fund acquired

one of the world’s largest subsea

cable solution providers, Global

Marine Group. With up to US$125 million

in capital from Asian Infrastructure

Investment Bank (AIIB) secured in

February 2026, Keppel Private Credit

Fund III’s FUM has grown to about

$725 million, of which close to half has

been deployed across infrastructure-

linked opportunities in the Asia Pacific.

RANKED AMONG GLOBAL

ASSET MANAGERS

4th largest

IPE Real Assets’ Top 100

Infrastructure Managers

in the Asia Pacific by

Assets Under Management;

Ranked 23rd largest globally

GROWING ASSET

MANAGEMENT FEES

20%

Compounded annual growth

rate over the past five years

1 Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested FUM.

2 Includes 100% fees from subsidiary managers, joint ventures and associated entities, as well as share of fees based on shareholding stake in associate with which

Keppel has strategic alliance. Also includes asset management, transaction and advisory fees on sponsor stakes and co-investments (including for funds which

are wholly owned).

3 Capacity for future data centre development.

data centre powerbank3 to over

1.0 GW, with the potential to translate

into approximately $10 billion of data

centre FUM, illustrates how we secure

upstream opportunities to fuel

growth. Together with proprietary assets

such as the Keppel Sakra Cogen Plant

and the Bifrost Cable System, these

projects demonstrate our ability to

generate stable, long-term income

streams across our portfolios.

I would like to thank our LPs and

shareholders for the trust and

confidence as we continue to grow

the Company, delivering strong

returns and supporting the transition

to a greener, more connected world.

Yours sincerely,

CHRISTINA TAN

Chief Investment Officer

2 March 2026

16

17

Annual Report 2025

KEPPEL LTD.

OVERVIEW

Message from the CIO

Connectivity

• Expanded data centre portfolio by 23% to over

800 MW in gross power capacity6.

• Secured a conditional 10-year land lease extension

for the two data centres at Keppel Data Centre

Campus, generating additional divestment gains.

• Secured 720 MW of powerbank7 near Melbourne,

expanding Keppel’s powerbank to over 1.0 GW, which

has the potential to translate to approximately

$10 billion in FUM when fully activated.

• Progressed work on Floating Data Centre; targeting

to start construction in 1H 2026.

• Bifrost Cable System commenced commercial

traffic flow in 2025; signed term sheet for granting

an Indefeasible Right of Use for a third fibre pair

in January 2026.

DRIVING ASSET MONETISATION

• Announced asset monetisation of $14.5 billion8

since 4Q 2020, with $2.9 billion announced

in 2025, including the proposed sale of M1’s

telco business.

• Completed $1.6 billion9 of monetisation deals.

• Announced aim to pay out 10–15% of the gross

value of asset monetisation transactions

completed in the financial year as special

dividends, until the monetisation programme

is completed.

ACHIEVING SYNERGY CAPTURE

• Attained $98 million in run-rate cost savings,

cumulative since start of 2023; on track to

achieve $120 million run-rate savings target by

end-2026.

BUILDING A TECH- AND AI-ENABLED COMPANY

• Built and operationalised the Keppel AI platform,

which unifies organisational workflows and

institutionalises data-driven sense-making

at scale.

• Deployed specialised agentic workflows

and models, enhancing investment analysis

and decision-making, infrastructure project

intelligence and prediction of potential

data centre failures.

1 Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested FUM.

2 EBITDA is defined market as profit before depreciation, amortisation, net interest expense and tax (i.e. including share of results of associated companies and

joint ventures).

3 As at end-2025; based on Keppel’s existing generation capacity.

4 After factoring in market reserves requirements.

5 IWMF stands for integrated waste management facility.

6 Includes projects under development.

7 Capacity for future data centre development.

8 This includes the $4.7 billion Keppel Offshore & Marine divestment in 2023, including the Sembcorp Marine (now Seatrium) shares, which were distributed or held

in the segregated account, at $2.30 per share (or $0.115 per share prior to the share consolidation undertaken by Seatrium in 2023; $0.115 was the last traded

price of the shares on the first market day immediately following the date of the combination) and the $0.5 billion cash component.

9 Refers to the monetisation deals, announced in or before 2025, but completed in 2025 based on their announced gross values.

10 Including Non-Core Portfolio for Divestment and Discontinued Operations, net profit was $789 million in FY 2025, compared to $940 million in FY 2024.

11 Net debt is defined as net debt of the Group less net debt attributable to the Non-Core Portfolio for Divestment (non-core portfolio), while EBITDA refers to profit

before depreciation, amortisation, net interest expense and tax (i.e. including share of results of associated companies and joint ventures), excluding P&L effects from

the Non-Core Portfolio for Divestment. Including the Non-Core Portfolio and Discontinued Operations, the net debt to EBITDA was 5.1x as at end-2025, compared to 5.9x

as at end-2024.

12 Refers to return generated on the average shareholders’ funds of the New Keppel, i.e. excluding equity that is attributable to the Non-Core Portfolio. Including

the Non-Core Portfolio for Divestment and Discontinued Operations, Return on Equity was 7.4% in FY 2025, compared to 8.9% in FY 2024.

13 The dividend in-specie of one Keppel REIT unit for every nine Keppel shares held is equivalent to approximately 11 cents per Keppel share based on Keppel’s issued

share capital of 1,801,659,827 shares (excluding treasury shares) as at 31 December 2025 and Keppel REIT’s closing market price of $0.98 per unit on 3 February 2026.

Accelerate

Business Growth

1

NEW KEPPEL NET PROFIT10

$1,100m

39% higher than $793 million in FY 2024

NEW KEPPEL RECURRING INCOME

$941m

up 21% from $779 million in FY 2024

NEW KEPPEL NET DEBT TO EBITDA11

2.0x

as at end-2025, lower than 2.3x at end-2024

NEW KEPPEL RETURN ON EQUITY12

18.7%

compared to 14.9% in FY 2024

TOTAL DIVIDEND

~47 cts

per share, comprising 34 cents ordinary cash

dividend and special dividend of 2 cents

per share and 1 Keppel REIT unit for every

9 Keppel shares held13

SCALING UP AS AN ASSET MANAGER AND OPERATOR

• Achieved Funds under Management1 (FUM) of

$95 billion by end-2025, 8% higher year on year (yoy).

• Completed $11.4 billion of acquisitions and $2.9 billion

of divestments.

• Grew asset management net profit to $189 million,

15% higher yoy.

• Scaled flagship funds: Total FUM grew to about

$4.1 billion for Sustainable Urban Renewal strategy,

about $2.6 billion for Keppel Education Asset Fund II,

and about $2.7 billion for Keppel Data Centre Fund III

as at end-2025.

Infrastructure

• Delivered record high net profit and EBITDA2.

• Resilient contracted power capacity with 67%3 locked

in for three years or more; Keppel Sakra Cogen Plant

planned for generation readiness in 1H 2026, and fully

contracted4 for 2026 and 2027.

• Completed high-efficiency upgrades at Keppel Merlimau

Cogen Plant.

• Hong Kong IWMF5 and Tuas Nexus IWMF were 95% and

81% completed respectively.

• Over $7.1 billion of long-term contracts from decarbonisation

and sustainability solutions (DSS), with revenues to be

earned over 10–15 years.

• Achieved $130 million EBITDA2 from DSS, surpassing the

projection of $100 million.

Real Estate

• Achieved $98 million in total Real Estate-as-a-Service

revenue including urban solutions, such as sustainable

urban renewal, retail and senior living.

• Announced monetisation of $1.3 billion of real estate

assets in Singapore, China, India and Vietnam.

• Completed Keppel South Central in Singapore.

• Launched senior living facility in Jinan, Shandong;

expanding footprint into Foshan, Guangdong.

Highlights of

Achievements

in 2025

Keppel made strong strides

forward in 2025 as a global

asset manager and operator.

Drive Financial

Performance

2

18

19

Annual Report 2025

KEPPEL LTD.

OVERVIEW

Vision 2030 in Action

Develop

Our People

DEMONSTRATE STRONG

EMPLOYEE ENGAGEMENT AND

EMPLOYER RECOGNITION

• Achieved strong engagement

score of 88%, above Mercer’s

global average. 91% of staff

indicated that they are proud

to work for Keppel and support

the Company’s transformation.

• Named one of the Best

Employers Asia-Pacific 2026 by

the Financial Times and Statista,

for the second consecutive year.

• Certified by Top Employers

Institute as a Top Employer

in Singapore and China, since

2020 and 2023 respectively.

• Met target of 20 learning hours

per employee on average.

STRENGTHEN TALENT BENCH TO

ENHANCE SUCCESSION PLANNING

• Built a strong pipeline of

potential successors for

critical positions.

Enhance Governance,

Compliance, Risk

Management and Safety

GOVERNANCE

• Augmented Board’s skills,

knowledge and experience with

appointment of independent

Deputy Chairman.

• Introduced new minimum

shareholding requirement for

Non-Executive Directors.

• Ranked 2nd in the Singapore

Governance and Transparency

Index 2025 – General Category.

COMPLIANCE AND

RISK MANAGEMENT

• Continued to enhance

and embed the revamped

Enterprise Risk Management

framework across Keppel,

strengthening risk governance

and decision making.

• Achieved zero major adverse

risk management and

compliance events.

• Safeguarded Keppel’s

information and technology

assets by strengthening

governance and controls,

with no major cybersecurity

incidents in 2025.

• Uplifted cyber resilience

through proactive defensive

measures, alongside continued

elevation of cyber readiness

and culture.

SAFETY

• Achieved zero fatalities across

global operations1, for the third

consecutive year.

• Received two Workplace Safety

and Health awards.

Champion

Sustainability

WORK TOWARDS ESG GOALS,

INCLUDING CARBON EMISSIONS

REDUCTION TARGETS2

• Continued to reduce Scope 1

and 2 emissions compared to

2020 base year and yoy.

• Retained MSCI AAA ESG rating

and remained in the Dow Jones

Best-In-Class World and Asia

Pacific Indices.

• Named one of the World’s

Most Sustainable Companies by

TIME Magazine and Statista for

the second consecutive year.

MAKE A POSITIVE IMPACT ON

THE COMMUNITY

Volunteers

• More than 11,800 hours of

community service, exceeding

target of 10,000 hours.

Social Investments &

Industry Advancement

• $4.2 million contributed to

social investment spending and

industry advancement.

1 This refers to entities and assets operated by Keppel.

2 Further details will be provided in Keppel’s Sustainability Report to be published in May 2026.

3 Refers to gross asset carrying value as at 31 December 2025.

3

4

5

Focus Areas in 2026

Accelerate Growth as a Leading

Global Asset Manager and Operator

Accelerate

Asset Monetisation

• Work towards FUM

targets of $100 billion

by end-2026 and

$200 billion by 2030.

• Drive operational

excellence across

segments.

• Aim to substantially

monetise $13.5 billion3

non-core portfolio

by 2030.

Develop

Our People

• Sustain and deepen

quality of employee

engagement.

• Continually assess and

build talent capabilities.

• Enhance business

continuity through robust

succession planning.

Champion

Sustainability

• Work towards ESG goals,

including long-term

carbon emissions

reduction targets.

• Make a positive impact

on the community.

Drive Financial

Performance

• Achieve Vision 2030

financial targets.

• Further grow recurring

income.

• Aim to attain $120 million

in run-rate cost savings

from synergy capture

by end-2026, cumulative

from start of 2023.

Enhance

Governance,

Compliance,

Risk Management

and Safety

• Ensure strong governance,

risk management,

compliance, controls

and safety standards.

• Continue to execute

Zero Fatality Strategy.

20

21

Annual Report 2025

KEPPEL LTD.

OVERVIEW

Vision 2030 in Action

At Keppel, AI is a force multiplier and a strategic enabler as well as a

business opportunity. We enable the growth of AI through providing

supporting solutions such as cleaner energy, data centres, and subsea

cable connectivity, as well as investment solutions.

Within the Company, our AI strategy is built around three core goals:

achieving efficiency gains, sharpening decision making, and enhancing

operational capabilities. Going beyond strategic aspirations, these

goals are grounded in tangible use cases that align with our dual role

as both an asset manager and operator.

We are also embedding AI into our enterprise, by merging our experience

and industry know-how with AI to create agents that deliver real-world

results, such as providing actionable investment insights or assisting

us in the design and operation of complex infrastructure.

Enabling AI and

Embedding AI

23

Annual Report 2025

22

KEPPEL LTD.

OVERVIEW

Enabling AI and Embedding AI

In 2025, the Keppel NEXT forum

brought together an international

audience of Limited Partners (LPs),

thought leaders and technology

experts to explore emerging trends

and technologies shaping the future

of investment and enterprise. From

agentic AI to quantum-safe networks,

the event highlighted how innovation

is being applied to address real-world

challenges and unlock new

investment opportunities.

Keppel NEXT is supported by the

Keppel Technology Advisory Panel

(KTAP), comprising global thought

leaders and business veterans from

key industries relevant to Keppel.

TECHNOLOGY AS A CATALYST

FOR GROWTH

In his opening address at Keppel NEXT,

our CEO, Mr Loh Chin Hua, emphasised

that while Keppel’s business model

has evolved, we continue to leverage

our deep engineering and operating

capabilities to deliver innovative

solutions for customers and strong

value for LPs.

This includes Keppel’s journey

with AI, which began with small-scale

experiments but accelerated in early

2024 when we made the decision to

apply AI at the enterprise level.

Today, with support from various

partners, Keppel is incubating, testing

and scaling AI and machine learning

across the fund management,

investment and operating platforms.

INVESTING IN A WORLD OF DISRUPTION

At a panel discussion titled “Investing

amidst uncertainty and disruption”,

moderated by Mr Chua Kee Lock,

Chairman of KTAP, seasoned investors

shared insights on navigating a volatile

global landscape. The panel featured

Dr Jeffrey Jaensubhakij, Advisor and

former Group CIO of GIC; Ms Jenny Lee,

Senior Managing Partner of Granite Asia;

and Mr Gilles Chow, MD, Head of Real

Estate Asia Pacific at CPP Investments.

The discussion explored how investors

are adapting to economic instability,

geopolitical tensions and rapid

technological shifts. While market

sentiment remains cautiously optimistic,

risks such as unsustainable fiscal

policies and trade disruptions are

prompting a shift in strategy. Companies

are prioritising cash flow, supply chain

resilience and domestic market strength,

with technology – especially AI – enabling

leaner teams to scale efficiently.

Deglobalisation, regionalisation

and climate adaptation are reshaping

investment decisions, making

diversification and risk management

more critical than ever. The consensus

was clear – success in today’s

environment requires agility, selectivity,

and a readiness to embrace new

models and technologies.

A PLATFORM FOR PARTNERSHIP

AND PROGRESS

Keppel NEXT 2025 highlighted

Keppel’s ongoing journey as a

technology-forward asset manager

and operator, focused on delivering

value through innovation.

For LPs and collaborators, Keppel NEXT

has become a valuable platform to

exchange insights, discuss practical

solutions and uncover a new wave of

generational investment opportunities.

Guests experienced a virtual reality tour of Keppel’s pioneering floating data centre project.

ASSET MANAGEMENT

Since the launch of Keppel’s proprietary generative AI

applications, Alpha and Duet, which focused on deal

evaluation and research respectively, the tools have

analysed over 50,000 companies and answered more than

17,000 questions.

Alpha accelerates investment deal evaluation by up to

four times. It processes a wide range of document formats

– PDFs, spreadsheets, presentations, and notes – building

a comprehensive knowledge base of transactions. By

integrating with Duet, Alpha gains access to deep market

analysis, sector insights, and company-level research,

enabling more informed and timely evaluations by the

investment teams.

Our investment teams can interact with Alpha through

smart questions and answers, instantly retrieving insights

from deal documents and market research. Alpha can also

auto-generate draft investment presentations, giving our

investment teams a head start.

Unlike many in the industry, we go beyond mainstream

sources of information, by layering on our own

proprietary operating data and alternative datasets

which are continuously produced through AI and cloud

computing. This expanded data surface can help uncover

high-value insights.

rollouts underway, Athena acts as a “black swan detector”,

predicting rare but high-impact failures like cooling

system breakdowns before they occur. Using signal

processing and artificial intelligence – covering vibration,

sound, and higher order harmonics – Athena identifies

early warning signs and highlights them to data centre

operators, helping extend maintenance cycles without

increasing risk, reducing costs while enhancing reliability.

Another innovation, Agent9D, is being designed to

work alongside project managers to improve complex

project execution. It identifies chokepoints and potential

delays in different project workstreams before they

escalate, and suggests preemptive action. Agent9D also

optimises resources in real time, adapting to changes

during project execution. The targeted results: up to

30% improvement in timely project delivery and a 50%

reduction in site changes – translating to real savings

in time and cost.

OPERATIONS

Keppel’s AI innovation goes beyond speed – it is about doing

things differently. We have developed the Keppel AI platform

(KAI) – Keppel’s proprietary AI operating system that

enhances workflows, collaboration and decision making.

KAI integrates multiple AI models – including ChatGPT,

Claude and Gemini – to improve research and avoid blind

spots. It enables the creation of AI agents that think like

experts, trained on proprietary data and subject matter

expertise. These agents evaluate opportunities using both

qualitative and quantitative reasoning, offer real-time

recommendations, and collaborate like digital co-workers.

KAI can enhance processes, such as Know-Your-Customer

and client onboarding.

In Keppel’s Connectivity Division, another AI solution, the

Athena system, is already transforming data centre

operations. Currently deployed in one facility with more

Keppel NEXT is our annual flagship innovation forum, showcasing

Keppel’s ongoing transformation into an AI- and technology-enabled

global asset manager and operator.

Keppel has advanced from conceptualisation of AI solutions to

the organisation-wide adoption of a live enterprise ecosystem

and platform.

Operationalising AI

KEPPEL TECHNOLOGY

ADVISORY PANEL

KTAP supports Keppel’s innovation

ecosystem by providing an

outside-in perspective on the

rapidly evolving global technology

landscape. The panel provides

input and guidance on technology

foresight and innovation across

our business, enriching Keppel’s

collaboration within global

innovation ecosystems.

KTAP is chaired by Mr Chua Kee

Lock, Group President & CEO of

Vertex Holdings, and comprises

Dr Romain Debarre, Managing

Director of the Kearney Energy

Transition Institute and a

Partner in Kearney’s Energy &

Process Industries Practice;

Professor Cheong Koon Hean,

Chairman of the Ministry of

National Development’s Centre

for Liveable Cities Advisory Panel

and Singapore University of

Technology and Design’s

Lee Kuan Yew Centre for

Innovative Cities; and

Mr Christian Belady, Senior

Advisor to Digital Bridge.

From accelerating deal evaluations to predicting operational risks, Keppel

is developing and deploying AI in practical, high-impact ways that deliver

real-world results.

24

25

Annual Report 2025

KEPPEL LTD.

OVERVIEW

Enabling AI and Embedding AI

Ecosystem Player in

Digital Infrastructure

Digitalisation and AI are fuelling the global demand for compute power, which

relies on an interconnected network of data centres, subsea cables, and power

and cooling infrastructure. Keppel’s integrated ecosystem for digital infrastructure

connects multiple pools of capital with deep operating capabilities, allowing us to

mobilise funding for large-scale, capital-intensive projects in an asset-light manner.

This distinctive competitive advantage enables us to deliver compelling solutions to

our customers and strong returns for our Limited Partners and shareholders.

GLOBAL TRENDS

AI-driven growth requires significant infrastructure investments, opening up diverse

opportunities for Keppel as an integrated ecosystem player.

US$1.3t

2x

US$6.7t

3x

Projected investments

in renewable energy

generation in the

Asia Pacific from 2020

to 20303

Growth in global demand

for electricity by 2050

compared to 2023, driven

by transportation and

data centre sectors4

Capex needed for

data centres to keep

pace with the global 

demand for compute

power by 20304

Global demand growth

for data centre capacity

by 2030 from 2025, with

70% of total demand

coming from AI workloads4

Data

centre

Data

centre

Cable

landing

station

Cable

landing

station

Renewables

and clean

energy

Subsea cable

operations and

maintenance

Subsea cable

system

District

cooling

plant

Water

treatment

plant

Hydrogen-

compatible

CCGT plant

Enterprise

customers

1 As at end-2025; includes completed projects and those under development.

2 Capacity for future data centre development.

3 Source: Wood Mackenzie (2021).

4 Source: McKinsey & Co (2025).

Cooling

We develop and operate

energy-efficient cooling solutions,

including district cooling systems

for major business parks and

industrial estates as well as solutions

for individual buildings.

Power and Clean Energy

Our proven capabilities span

the generation, importation

and retailing of power, including

developing and operating critical

energy infrastructure. We are

expanding cross-border renewable

energy imports and low carbon

energy vectors, strengthening

Keppel’s ability to support power-

intensive sectors, such as digital

infrastructure.

Data Centres

Keppel is a leading data centre

developer and operator with over

20 years’ experience across the

Asia Pacific and Europe. We have a

portfolio of 39 data centres with over

800 MW of gross power capacity1, which

is further augmented by an Asia Pacific

powerbank2 of over 1.0 GW that helps

to accelerate time to market.

Multiple Capital Pools

We can mobilise multiple pools of

investment capital from our private

funds, co-investors, Keppel’s balance

sheet, and listed real estate and

infrastructure trusts.

Subsea Cable

Connectivity

We have established capabilities in

the subsea cable value chain, as joint

build partner of the Bifrost Cable

System and an investor in Global

Marine Group, a world-leading subsea

cable installation and maintenance

solutions provider.

Technology Solutions

and Services

We provide technology solutions and

services, such as hybrid multi-cloud

and intelligent edge, which together

with our digital infrastructure expertise,

enable Keppel to participate in

the full value chain, serving both

hyperscalers and enterprises.

26

27

Annual Report 2025

KEPPEL LTD.

OVERVIEW

Enabling AI and Embedding AI

DANNY TEOH, 70

Chairman

Non-Executive and

Non-Independent Director

Date of first appointment as a director:

1 October 2010

Date of last re-election as a director:

21 April 2023

Length of service as a director

(as at 31 December 2025):

15 years 3 months

Board Committee(s) served on:

Nominating Committee (Member);

Remuneration Committee (Member);

Board Sustainability and Safety Committee (Member)

Academic & Professional Qualification(s):

Member of the Institute of Singapore Chartered Accountants;

Qualified as a Member of the Institute of Chartered Accountants,

England & Wales

Present Directorships (as at 1 January 2026):

Listed companies

Nil

Other principal directorships

Nil

Major Appointments (other than abovementioned directorships):

Nil

Past Directorships held over the preceding

5 years (from 1 January 2021 to 31 December 2025):

DBS Bank (Taiwan) Ltd; M1 Limited

Others:

Former Managing Partner, KPMG LLP, Singapore; Past member of

KPMG’s International Board and Council; Former Head of Audit and

Risk Advisory Services and Head of Financial Services, KPMG LLP

N

R

SS

N

R

SS

PIYUSH GUPTA, 66

Deputy Chairman

Non-Executive and

Independent Director

Date of first appointment as a director:

1 July 2025

Date of last re-election as a director:

N.A.

Length of service as a director (as at 31 December 2025):

6 months

Board Committee(s) served on:

Nominating Committee (Member); Renumeration Committee

(Member); Board Sustainability and Safety Committee (Member)

Academic & Professional Qualification(s):

Bachelor of Arts (Honours) in Economics, St. Stephen’s College,

Delhi University, India; Post Graduate Diploma in Management,

Indian Institute of Management, Ahmedabad, India

Present Directorships (as at 1 January 2026):

Listed companies

Nil

Other principal directorships

Mandai Park Holdings Pte Ltd

Major Appointments (other than abovementioned directorships):

Temasek International Advisors Pte. Ltd. (Chairman, India); Singapore

Management University (Chairman of Board of Trustees); National

Research Foundation, Singapore (Board Member); Lee Kuan Yew Exchange

Fellowship (Board Member); Council of Presidential Advisers (Alternate

Member); Indian Business-leaders Roundtable under Singapore Indian

Development Association (SINDA) (Managing Council Member); SG Her

Empowerment Limited (Special Adviser); SGH Future Health Roundtable

Advisory Council (Member); Singapore Indian Development Association

(SINDA) (Term Trustee); BirdLife International, UK (Co Chairman, Global

Advisory Group); Campaign for Nature (Global Steering Committee Member)

Past Directorships held over the preceding 5 years

(from 1 January 2021 to 31 December 2025):

Verified Impact Exchange Holdings Pte. Ltd. (Director); Advisory Council

on the Ethical Use of Artificial Intelligence (AI) and Data Singapore

(Council Member); Bretton Woods Committee, USA (Member, Advisory

Council); Council for Board Diversity, Singapore (Council Member);

Enterprise Singapore (Board Member); Institute of International Finance,

Washington (Vice Chairman); McKinsey Advisory Council (Council Member);

World Business Council for Sustainable Development, Switzerland (Vice

Chairman, Executive Committee); DBS Group Holdings Ltd. (CEO & Director);

DBS Bank Ltd. (CEO & Director); DBS Bank (Hong Kong) Limited (Vice

Chairman); The Association of Banks in Singapore (Chairman); The Institute

of Banking & Finance, Singapore (Vice Chairman); Dr Goh Keng Swee

Scholarship Fund (Deputy Chairman); Mastercard Asia Pacific Advisory

Board (Board Member); CNBC ESG Network, USA (Member); International

Business Leaders’ Advisory Council for the Mayor of Shanghai (IBLAC)

(Council Member); Ministry of Trade and Industry Singapore – Future

Economy Advisory Panel (Member)

Others:

Nil

Remuneration Committee

R

Board Risk Committee

BR

Board Sustainability

and Safety Committee

SS

Board Committees

Nominating Committee

N

Audit Committee

A

28

KEPPEL LTD.

OVERVIEW

Board of Directors

LOH CHIN HUA, 64

Executive Director and

Chief Executive Officer

Date of first appointment as a director:

1 January 2014

Date of last re-election as a director:

21 April 2025

Length of service as a director

(as at 31 December 2025):

12 years

Board Committee(s) served on:

Board Sustainability and Safety Committee

(Member)

Academic & Professional Qualification(s):

Bachelor in Property Administration,

Auckland University; Presidential Key

Executive MBA, Pepperdine University;

CFA® charterholder

Present Directorships (as at 1 January 2026):

Listed companies

Nil

Other principal directorships

Keppel Management Ltd. (Chairman);

Keppel Infrastructure Holdings Pte. Ltd.

(Chairman); Keppel Capital Holdings Pte. Ltd.

(Chairman); Keppel Care Foundation Limited;

M1 Limited (Chairman)

Major Appointments (other than

abovementioned directorships):

Urban Redevelopment Authority

(Board Member)

Past Directorships held over the preceding

5 years (from 1 January 2021 to

31 December 2025):

Various companies under Keppel; Singapore

Economic Development Board (Board

Member); EDB Investments Pte Ltd

(Board Member); National University of

Singapore (Member of Board of Trustees)

Others:

Nil

SS

SHIRISH APTE, 73

Non-Executive and

Lead Independent Director

Date of first appointment as a director:

1 July 2021

Date of last re-election as a director:

21 April 2025

Length of service as a director

(as at 31 December 2025):

4 years 6 months

Board Committee(s) served on:

Nominating Committee (Chairman);

Board Risk Committee (Chairman);

Remuneration Committee (Member)

Academic & Professional Qualification(s):

Qualified as a Member of the Institute of

Chartered Accountants in England and Wales;

Member of the Institute of Chartered

Accountants, India

Present Directorships (as at 1 January 2026):

Listed companies

Standard Chartered PLC, London

Other principal directorships

Singapore Life Holdings Pte. Ltd.;

Hillhouse Investment Management Ltd.

Major Appointments (other than

abovementioned directorships):

Nil

Past Directorships held over the preceding

5 years (from 1 January 2021 to

31 December 2025):

IHH Healthcare Berhad, Malaysia; Acibadem

Healthcare, Turkey; Integrated Hospitals and

Healthcare Bhd; Clifford Capital Holdings

Pte Ltd; Clifford Capital Pte Ltd; Fortis

Healthcare Limited, India; Pierfront Capital

Mezzanine Fund Pte Ltd; Pierfront Capital

Fund Management Pte. Ltd.; KP Management

(GL) Pte. Ltd.; KPCF Investments Pte. Ltd.;

Commonwealth Bank of Australia; Fullerton

India Credit Company Limited, India;

Keppel Infrastructure Holdings Pte. Ltd.;

Singlife Financial Advisers Pte. Ltd.

Others:

Nil

R

BR

N

THAM SAI CHOY, 66

Non-Executive and

Independent Director

Date of first appointment as a director:

1 November 2019

Date of last re-election as a director:

21 April 2025

Length of service as a director

(as at 31 December 2025):

6 years 2 months

Board Committee(s) served on:

Audit Committee (Chairman);

Nominating Committee (Member);

Board Risk Committee (Member)

Academic & Professional Qualification(s):

Bachelor of Arts (Honours) in Economics,

University of Leeds, United Kingdom;

Fellow of the Institute of Singapore

Chartered Accountants and the Institute of

Chartered Accountants in England and Wales

Present Directorships (as at 1 January 2026):

Listed companies

DBS Group Holdings Limited

Other principal directorships

DBS Bank Ltd.; DBS Bank (China) Limited;

DBS Foundation Ltd; EM Services Pte Ltd

(Chairman); Singapore International

Arbitration Centre

Major Appointments (other than

abovementioned directorships):

Mount Alvernia Hospital (Board Member)

Past Directorships held over the preceding

5 years (from 1 January 2021 to

31 December 2025):

Accounting and Corporate Regulatory

Authority; Keppel Offshore & Marine Ltd;

Nanyang Polytechnic (Board Member)

Others:

Nil

A

BR

N

29

Annual Report 2025

OLIVIER BLUM, 55

Non-Executive and

Independent Director

Date of first appointment as a director:

1 May 2022

Date of last re-election as a director:

21 April 2023

Length of service as a director

(as at 31 December 2025):

3 years 8 months

Board Committee(s) served on:

Board Sustainability and

Safety Committee (Chairman);

Nominating Committee (Member)

Academic & Professional Qualification(s):

Master Business Administration and

General Management, Grenoble Business

School (GEM), France

Present Directorships (as at 1 January 2026):

Listed companies

Nil

Other principal directorships

Nil

Major Appointments (other than

abovementioned directorships):

Schneider Electric (Chief Executive Officer)

Past Directorships held over the preceding

5 years (from 1 January 2021 to

31 December 2025):

Delta Dore, France; Aveva Group PLC,

United Kingdom; Luminous Power

Technologies (P) Ltd, India (Chairman)

Others:

Nil

JIMMY NG, 61

Non-Executive and

Independent Director

Date of first appointment as a director:

1 May 2022

Date of last re-election as a director:

21 April 2023

Length of service as a director

(as at 31 December 2025):

3 years 8 months

Board Committee(s) served on:

Audit Committee (Member);

Board Risk Committee (Member)

Academic & Professional Qualification(s):

Bachelor of Science Degree in Information

Systems, National University of Singapore;

Masters in Business Administration,

Nanyang Technological University

Present Directorships (as at 1 January 2026):

Listed companies

Nil

Other principal directorships

NTUC FairPrice Co-operative Limited

(Board Member); FFMC Holdings Pte. Ltd.

(Director); Fullerton Fund Management

Company Ltd. (Director)

Major Appointments (other than

abovementioned directorships):

The Institute of Bank and Finance

Singapore’s (IBF) Technology and

Operations Workgroup (Chairperson)

Past Directorships held over the preceding

5 years (from 1 January 2021 to

31 December 2025):

Singapore Clearing House Pte Ltd;

Evolve Digitech Pte Ltd

Others:

Nil

A

BR

N

SS

PENNY GOH, 73

Non-Executive and

Independent Director

Date of first appointment as a director:

2 January 2020

Date of last re-election as a director:

19 April 2024

Length of service as a director

(as at 31 December 2025):

6 years

Board Committee(s) served on:

Remuneration Committee (Chairman);

Audit Committee (Member);

Board Risk Committee (Member)

Academic & Professional Qualification(s):

Bachelor of Law (Honours),

University of Singapore

Present Directorships (as at 1 January 2026):

Listed companies

Nil

Other principal directorships

HSBC Bank (Singapore) Limited;

Singapore Totalisator Board

Major Appointments (other than

abovementioned directorships):

Allen & Gledhill LLP (Senior Adviser)

Past Directorships held over the preceding

5 years (from 1 January 2021 to

31 December 2025):

Keppel REIT Management Limited

(the Manager of Keppel REIT);

Keppel Management Ltd.

Others:

Former Co-Chairman and Senior Partner

of Allen & Gledhill LLP

R

A

BR

30

KEPPEL LTD.

OVERVIEW

Board of Directors

ANG WAN CHING, 59

Non-Executive and

Independent Director

Date of first appointment as a director:

1 July 2023

Date of last re-election as a director:

19 April 2024

Length of service as a director

(as at 31 December 2025):

2 years 6 months

Board Committee(s) served on:

Audit Committee (Member);

Board Risk Committee (Member)

Academic & Professional Qualification(s):

Bachelor of Arts (First Class Honours)

in Philosophy, Politics and Economics,

University of Oxford; Masters of Business

Administration (Dean’s List), INSEAD (France)

Present Directorships (as at 1 January 2026):

Listed companies

Nil

Other principal directorships

AS Beteiligungen und

Vermögensverwaltungs GmbH (Germany);

Bavaria Industries

Group AG (Germany)

Major Appointments (other than

abovementioned directorships):

Montana Capital Partners AG (Switzerland)

(Member of Investment Committee)

Past Directorships held over the preceding

5 years (from 1 January 2021 to

31 December 2025):

HQ Holding GmbH & Co KG (Germany);

HQ Capital GmbH & Co KG (Germany)

Others:

Nil

A

BR

KEPPEL REIT MANAGEMENT (Manager of Keppel REIT)

Tan Swee Yiow

Chairman

Ian Roderick Mackie

Lead Independent Director

Alan Rupert Nisbet

Independent Director

Christina Tan

Chief Executive Officer,

Fund Management and

Chief Investment Officer, Keppel

Mervyn Fong

Independent Director

Carol Anne Tan

Independent Director

KEPPEL DC REIT MANAGEMENT (Manager of Keppel DC REIT)

Christina Tan

Chairman

Chief Executive Officer,

Fund Management and

Chief Investment Officer, Keppel

Low Huan Ping

Lead Independent Director

Yeo Siew Eng

Independent Director

Andrew Tan

Independent Director

Thomas Pang Thieng Hwi

Senior Managing Director,

CEO’s Office, Keppel

KEPPEL INFRASTRUCTURE FUND MANAGEMENT

(Trustee-Manager of Keppel Infrastructure Trust)

Daniel Cuthbert Ee Hock Huat

Chairman

Susan Chong Suk Shien

Founder & Chief Executive Officer,

Greenphyto Pte Ltd

Adrian Chan

Independent Director

Ng Kin Sze

Independent Director

Eng Chin Chin

Independent Director

Christina Tan

Chief Executive Officer,

Fund Management and

Chief Investment Officer, Keppel

Khor Poh Hwa

Independent Director

KORE US REIT MANAGEMENT (Manager of KORE US REIT)

Peter McMillan III

Chairman

Co-founder,

Pacific Oak Capital Advisors LLC

Lawrence Sperling

Lead Independent Director

Roger Tay Puay Cheng

Independent Director

Kenneth Tan Jhu Hwa

Independent Director

Sharon Wortmann

Independent Director

Bridget Lee

Chief Investment Officer,

Real Estate, Keppel

Boards of Directors of

Listed REITs & Business Trust

31

Annual Report 2025

KEPPEL

Loh Chin Hua

Chief Executive Officer

Christina Tan

Chief Executive Officer, Fund Management

Chief Investment Officer

Kevin Chng

Chief Financial Officer

Louis Lim

Chief Executive Officer, Real Estate

Cindy Lim

Chief Executive Officer, Infrastructure

Manjot Singh Mann

Chief Executive Officer, Connectivity

Chief Digital Officer

Jopy Chiang

Deputy Chief Investment Officer

Thomas Pang

Senior Managing Director, CEO’s Office

(Appointment till 31 March 2026)

Francois van Raemdonck

Managing Director & Head,

Transformation & Innovation

Yeo Meng Hin

Chief Human Resource Officer

Ho Tong Yen

Chief Sustainability Officer

Managing Director & Head,

Corporate Communications

Tok Soo Hwa

Deputy Chief Financial Officer

Tay Guan Chew

Managing Director & Head, Tax

Jason Chin

Managing Director & Head,

Information Technology

Martin Ling

Managing Director & Head, Cyber Security

Aw Boon Tiong

Managing Director & Head, Treasury

Loh Kee Huat

Managing Director & Head,

Health, Safety & Environment

Managing Director & Head,

Risk & Compliance

Karen Teo

Company Secretary

Managing Director & Head,

Legal & Corporate Secretariat

Magdalene Tan

Director & Head, Internal Audit

Eric Goh

Chief Representative, China

Chief Executive Officer, China

Fund Management

Joseph Low

Chief Representative, Vietnam

President, Vietnam Real Estate

Chief Executive Officer, Retail, Real Estate

Ho Kiam Kheong

Chief Representative,

Middle East & South Asia

Robert Sung

Chief Representative, Korea

Chief Executive Officer, Korea

Keppel Investment Management

Teo Eng Cheong

Chief Executive Officer

Sino-Singapore Tianjin Eco-City

Investment and Development

FUND MANAGEMENT AND INVESTMENT

Jopy Chiang

Chief Investment Officer, Infrastructure

Bridget Lee

Chief Investment Officer, Real Estate

Lee Hui Fang

Deputy Chief Investment Officer, Data Centres

Ang Sock Cheng

Chief Operating Officer

Chua Hsien Yang

Chief Executive Officer,

Keppel REIT

Loh Hwee Long

Chief Executive Officer,

Keppel DC REIT

Kevin Neo

Chief Executive Officer,

Keppel Infrastructure Trust

David Snyder

Chief Executive Officer,

KORE US REIT

Carina Lim

Chief Executive Officer,

Keppel Education Asset Funds

Yang Qianru

Chief Executive Officer,

Keppel Data Centre Funds

Stephane Delatte

Chief Executive Officer,

Keppel Private Credit Funds

Karsten Simpson

Head, Australia

Kenichi Negishi

Head, Japan

32

KEPPEL LTD.

OVERVIEW

Senior Management

INFRASTRUCTURE

Tan Boon Leng

Managing Director, Projects

Janice Bong

Managing Director, Power & Renewables

Jackson Goh

Managing Director, Environment

Chua Yong Hwee

Managing Director, Energy Nexus

Poh Tiong Keng

Executive Director, Cooling-as-a-Service

REAL ESTATE

Wong Liang Kit

President, China

Chief Executive Officer, Urban Solutions

Kai Hsiao

Chief Executive Officer,

Healthcare & Senior Living

Nathaniel Farouz

Chief Executive Officer,

Senior Living Asia & Sindora Living

Allen Tan

President, Indonesia & Regional Investments

William Tan

Managing Director,

Property Development & Operations, China

Albert Foo

Managing Director,

Property Development & Operations, Singapore

Lee Leong Seng

Executive Vice President,

Property Development, Vietnam

Balasubramanya C J

Senior Vice President,

Property Development, India

CONNECTIVITY

Wong Wai Meng

Chief Executive Officer, Data Centres

Jonathan Sim

Managing Director (North Asia), Data Centres

Managing Director (Major Deals),

Data Centres

Jimmy Tan

Managing Director (Operations),

Data Centres

Loo Tong Mun

President, Networks

Andrew Cheng

Chief Executive Officer, AsiaPac Technology

Lee Kok Chew

Chief Operating Officer, Connectivity

Denis Seek

Chief Technology Officer, Connectivity

Henry Chang

Managing Director, Digital Services &

Partnerships, Connectivity

(Effective 1 January 2026)

UNIONS

Leong Chuan Yee

President

Keppel Employees Union

Muhammad Marzuqi Bin Rahmat

General Secretary

Keppel Employees Union

Thoe Kok Song

General Treasurer

Keppel Employees Union

Michael Wong Khong Suan

President

Singapore Industrial &

Services Employees’ Union

Richard Sim

General Secretary

Singapore Industrial &

Services Employees’ Union

Desmond Tan

Executive Secretary

Singapore Industrial &

Services Employees’ Union

Aerman Bin Abdul Rahman

President

Union of Power & Gas Employees

Abdul Samad Bin Abdul Wahab

General Secretary

Union of Power & Gas Employees

Felix Ong

Executive Secretary

Union of Power & Gas Employees

33

Annual Report 2025

DRIVING OPERATIONAL ALPHAS AND

RECURRING INCOME GROWTH

Keppel Sakra Cogen Plant

Keppel Sakra Cogen Plant is a 600 MW hydrogen-

compatible power facility developed by Keppel and

is a key proprietary asset within our infrastructure

private fund. With the plant expected to achieve

generation readiness in 1H 2026, Keppel will earn

recurring income from the production and sale of

power, as well as O&M and asset management.

Keppel Data Centre Campus

Keppel Data Centre Campus is an AI-ready hyperscale

campus in Singapore. The construction of the first

two buildings was funded by Keppel’s Alpha Data

Centre Fund (ADCF) and its co-investors and joint

venture partner. The buildings, when completed, were

divested to Keppel DC REIT, generating an Internal

Rate of Return of about 50% for Keppel and ADCF,

and a 7% distribution accretion for the REIT. The third

building will be developed with Keppel Data Centre

Funds II and III, with Keppel providing long-term

operating services for the entire campus.

Bifrost Cable System

Bifrost Cable System is a high-capacity trans-Pacific

subsea cable connecting Southeast Asia and

North America, engineered to support AI workloads and

cloud-native platforms. Keppel and its private fund

co-investors jointly own five fibre pairs. Commercial

operations commenced in December 2025, with

contributions from the first two committed fibre

pairs recognised at the end of 2025. In January 2026,

Keppel signed a binding term sheet with a global

telecommunications company for another fibre pair.

Across all five fibre pairs, the potential long-term

O&M fees – averaging about $200 million revenue

per pair over 25 years – will provide stable recurring

income for Keppel.

NEW KEPPEL RETURN ON EQUITY1

18.7%

In FY 2025; compared to 14.9% in FY 2024

RECURRING INCOME2

$941m

In FY 2025; increased 21% year on year

1 Return on Equity 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.

2 Net profit from asset management and operations.

3 Includes amortisation of intangibles from business

acquisitions.

As a global asset manager and operator, we

originate, invest in and operate alternative

real assets across Infrastructure, Real Estate

and Connectivity, aligned with megatrends

such as the energy transition, digitalisation

and AI and sustainable urban development.

Our horizontally-integrated ecosystem –

spanning Fund Management, Investment

and Operations – enables value creation

across asset lifecycles, from capital

deployment to development, operations

and monetisation. By partnering investors

and through disciplined capital recycling,

we scale Funds under Management and

recurring income in a capital-efficient

manner, enabling growth without relying

just on our own balance sheet.

Asset Management

Operating

Valuation3

Capital Recycling

• Management fees

• Performance fees

• Transaction fees

• Advisory fees

• Carried interest

• Solutions and services across

energy, environmental and digital

infrastructure, and real estate

• Operations & maintenance (O&M)

of assets

• Sponsor stakes and co-investments

• Share of asset valuations arising

from our ownership, sponsor

stakes and co-investments

• Share of asset divestments arising

from our ownership, sponsor

stakes and co-investments

We earn recurring asset management fees from

managing private funds and listed real estate and

infrastructure trusts.

We provide many essential solutions

and services through operating

assets across Infrastructure, Real

Estate and Connectivity, supported

by long-term contracts. We align

interests with our Limited Partners

and investors through sponsor stakes

and co-investments in such assets.

As sponsor, asset owner or investor,

we recognise fair value changes on

the assets and investments which

are revalued periodically.

We create and crystalise value from

our assets, unlocking capital, which

can be recycled into other growth

investments with a disciplined

asset-light approach, and used to

reduce debt and reward shareholders.

The New Keppel is an integrated global asset manager

and operator well-positioned for scalable, capital-

efficient growth anchored by recurring income.

34

35

Annual Report 2025

KEPPEL LTD.

OVERVIEW

Our Business Model

Fund

Management

and Investment

Platforms

In 2025, institutional capital continued

to gravitate towards alternative

real asset managers with the

ability to originate differentiated

opportunities and operate assets

through market cycles. Amid market

volatility and persistent inflationary

pressures, institutional investors

increasingly seek platforms that

combine capital discipline with deep

operational capabilities.

Capital is also being progressively

redeployed towards Asia, supported

by strong structural demand for energy

transition and digital infrastructure

solutions. Keppel’s longstanding

presence in the Asia Pacific, coupled

with our expertise across the energy

transition, digital and AI infrastructure,

and sustainable urban renewal,

positions us strongly to connect

international capital with rising

regional opportunities.

Our asset management platform

has scaled significantly over the past

five years. During this period, both

Funds under Management1 (FUM)

and asset management fees2 have

compounded at about 20% annually,

reflecting growing capital formation,

the launch of successive fund

vintages and disciplined deployment.

In 2025, we added approximately

$10.1 billion of new FUM. We also

deployed $11.4 billion into high-

conviction investments and completed

$2.9 billion of divestments.

As at end-2025, our FUM had increased

to $95 billion, from $88 billion at

end-2024. Asset management fees rose

4% year on year to $453 million and

net profit from asset management

grew 15% year on year to $189 million.

Looking ahead, we will reinforce our

growth momentum by continuing to

FUNDS UNDER

MANAGEMENT1

$95b

ASSET MANAGEMENT

NET PROFIT

$189m

1 Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to

project fully-invested FUM.

2 Includes 100% fees from subsidiary managers, joint ventures and associated entities, as well as share of

fees based on shareholding stake in associate with which Keppel has strategic alliance. Also includes

asset management, transaction and advisory fees on sponsor stakes and co-investments (including for

funds which are wholly owned).

3 The percentages are based on capital commitments received from 2023–2025.

Keppel connects investors with alternative

real assets through diverse fund products and

solutions across the capital stack, tailored to a

broad spectrum of risk-return profiles.

Pension funds

Sovereign wealth funds

Financial institutions

Endowments

Others

Total

49.2

32.1

6.2

5.6

6.9

100.0

INVESTOR TYPE3 (%)

SOURCE OF CAPITAL BY GEOGRAPHY3 (%)

Europe

Asia Pacific

North America

Middle East

Total

30.3

29.0

25.2

15.5

100.0

37

Annual Report 2025

expand our product suite through

successive fund vintages and

complementary strategies, and

deepening relationships with

global institutional investors.

INFRASTRUCTURE

Infrastructure remains a core allocation

for institutional investors seeking

resilience and inflation protection,

particularly across the Asia Pacific

where energy transition and

digitalisation trends are driving

strong demand growth. We are

capitalising on this demand by

creating and investing in strategic

assets, from power and renewables

and water treatment to digital

infrastructure, offering Limited

Partners (LPs) access to a diverse

range of alternative real assets

across the risk-return spectrum.

In 2025, Keppel Infrastructure Fund and

its co-investor, together with SGX-listed

Keppel Infrastructure Trust, acquired

a 100% stake in Global Marine Group,

a leading subsea cable solutions

provider. The transaction strengthens

Keppel’s position within the digital

infrastructure value chain and reflects

our ability to scale by leveraging

multiple pools of capital while delivering

value to diverse stakeholder groups.

We continued to expand our

renewables and energy transition

capabilities, while realising value

through active portfolio management.

In 2025, Keppel and Keppel Asia

Infrastructure Fund (KAIF) completed

the acquisition of the remaining

49% stake in Cleantech Renewable

Assets. During the year, Keppel

and KAIF announced the divestment

of our combined 80% interest in

800 Super Holdings (800 Super).

Over a three-year holding period,

we achieved 20% EBITDA growth,

leveraging Keppel’s infrastructure

expertise which had helped to

enhance and derisk 800 Super’s

operations. The proposed transaction

marks KAIF’s first divestment and

values 800 Super at an enterprise

value (EV) of over $600 million based

on 100% of 800 Super’s EV, with an

expected Internal Rate of Return in

the mid-teens.

In 2025, Keppel entered into a

Strategic Partnership Agreement

with the Asian Infrastructure

Investment Bank (AIIB) to mobilise

up to US$1.5 billion into sustainable

infrastructure projects across

the Asia Pacific over five years.

In February 2026, AIIB marked its

first investment under the agreement

with a US$75 million commitment

to Keppel Private Credit Fund III

(KPCF III), alongside a co-investment

sleeve of up to US$50 million,

bringing KPCF III’s total FUM to

about $725 million.

The continued expansion of

our infrastructure platform was

recognised in IPE Real Assets’

Top 100 Infrastructure Managers

list, where Keppel was ranked

fourth-largest in the Asia Pacific

by Assets Under Management (AUM)

and 23rd largest globally by AUM.

CONNECTIVITY

Digital infrastructure is one of the

fastest-growing segments within

alternative real assets, driven

by cloud adoption, rising data

consumption and accelerating AI

deployment. In the Asia Pacific,

the digital economy continues

to expand rapidly, supported

by hyperscale investment and

enterprise digitalisation.

Keppel has been an early mover

in this sector, having established

the Asia Pacific’s first pure-play

private data centre fund strategy

and its first listed data centre REIT.

With over two decades of operating

experience, we manage and

operate 39 data centres across

the Asia Pacific and Europe,

representing more than 800 MW

of gross power capacity, including

projects under development.

Keppel’s digital infrastructure

capabilities extend beyond data

centres and include subsea cable and

energy assets as well. Our integrated

role as an asset manager and operator

strengthens our ability to originate

and scale quality digital assets for

both customers and capital partners.

The third vintage of our flagship

Keppel Data Centre Fund (KDCF)

series continues to gain strong

traction with global institutional

FLAGSHIP PRIVATE FUNDS CAPTURE DEMAND FOR ALTERNATIVE REAL ASSETS UNDERPINNED BY MACRO TRENDS

Private Credit

Fund Series

Core

Infrastructure

Fund Series

Sustainable

Urban Renewal

Strategy

Education Asset

Fund Series

Infrastructure

Fund Series

Data Centre

Fund Series

Debt

Core

Core+

Value Add/Opportunistic

1 Capacity for future data centre development.

38

KEPPEL LTD.

PERFORMANCE REVIEW

Operating & Market Review

Fund Management and Investment Platforms

investors, growing its FUM to about

$2.7 billion as at end-2025.

To fuel growth of our data centre FUM,

we are building long-term data centre

development capacity through Keppel’s

growing powerbank1 of over 1.0 GW

in gross power capacity. By locking

in land and power ahead of demand,

we create proprietary development

pipelines that can be scaled into

attractive data centre assets for our

funds, providing a visible pathway for

further potential FUM expansion of

approximately $10 billion over time.

REAL ESTATE

Alongside digital infrastructure,

sustainable urbanisation remains a

defining secular trend driving capital

allocation across the Asia Pacific. Our

real estate strategies are focused on

sectors supported by urbanisation,

demographic shifts and the transition

to more sustainable cities.

Our Sustainable Urban Renewal (SUR)

strategy exemplifies this approach.

Leveraging Keppel’s SUR expertise,

we enhance and reposition existing

assets through decarbonisation

and operational improvements,

unlocking value while contributing

to improving environmental

performance. During the year, we

scaled our SUR strategy’s total FUM

to about $4.1 billion and expanded

the portfolio with acquisitions in

Singapore, Sydney and Osaka.

Private funds are increasingly

allocating capital to education assets,

supported by structural macro trends

such as rising wealth, urbanisation,

and a growing middle class. In the

Asia Pacific in particular, where

access to quality education is widely

regarded as vital for social mobility,

demand for education-related

assets continues to outpace supply,

creating significant opportunities

for value creation.

Our Keppel Education Asset Fund

(KEAF) series focus on value-add

investments in select education-

related assets and facilities across

the Asia Pacific. During the year,

KEAF I expanded its portfolio

with the acquisition of the city

campus of Charles Sturt University in

Sydney. Building on firm foundations,

our second vintage, KEAF II, secured

capital commitments from new

and existing LPs, including a large

European pension fund and an Asian

sovereign wealth fund, bringing its

FUM to about $2.6 billion. As its

maiden investment, KEAF II acquired

an 80% stake in a purpose-built

student accommodation facility in

Auckland, New Zealand, in 1Q 2026.

LOOKING AHEAD

Demand for energy transition, digital

infrastructure and sustainable urban

development solutions continues

to drive capital deployment across

the Asia Pacific. Delivering outcomes

in these sectors requires disciplined

execution and deep operating expertise.

By mobilising capital and connecting

investors with critical real assets

that support these structural needs,

we create operational alpha through

proprietary origination and active

asset management, delivering

strong returns to both our LPs and

shareholders while reinforcing our

growth momentum.

Keppel is well-positioned as a global asset manager and operator to create value for our Limited Partners and shareholders by providing energy and

connectivity solutions amidst increasing digitalisation and the AI wave.

39

Annual Report 2025

Infrastructure

40

KEPPEL LTD.

PERFORMANCE REVIEW

Operating & Market Review

As the global energy transition

continues, demand for reliable power,

cleaner energy and grid decarbonisation

continues to rise, alongside growing

needs for resilient digital infrastructure.

Against this backdrop, Keppel

develops and operates essential

energy and environmental assets

that support energy security and

sustainable development.

In 2025, we advanced our integrated

power and decarbonisation

platforms, strengthening recurring

income visibility and long-term

contracted revenues. By combining

deep operational capabilities with

the ability to mobilise investment

capital, we have built a scalable,

asset-light infrastructure platform

aligned with our role as a global

asset manager and operator.

INTEGRATED POWER BUSINESS

Our integrated power business,

spanning power generation, low carbon

electricity importation and retailing,

supported by gas and utilities

capabilities, enables us to deliver

reliable and low carbon energy

solutions across the value chain.

In Singapore, we manage a 1.9 GW

power generation portfolio, comprising

the 1.3 GW Keppel Merlimau Cogen

Plant (KMC) and the soon to be

completed 600 MW Keppel Sakra

Cogen Plant (KSC). Approximately

67% of the generation fleet’s

contracted capacity2 has been

secured for three years and above,

providing good earnings visibility.

In 2025, we completed the

high-efficiency upgrade of the

second turbine at KMC, enhancing the

plant’s performance and efficiency.

Meanwhile, KSC, Singapore’s

first hydrogen-compatible and

most advanced cogeneration facility,

achieved commissioning readiness

in 2025 and is on track to achieve

generation readiness in 1H 2026.

With its capacity fully contracted for

2026 and 2027, after factoring in the

required market reserves, KSC will

contribute to Keppel’s recurring

income when operational.

In line with our asset-light model,

KSC and KMC sit within the private

fund and listed trust platforms

managed and sponsored by Keppel.

We retain minority co-investment

stakes in both assets. These

proprietary assets support our

offering of competitive energy

solutions to customers, while

generating long-term recurring

income from asset management

and operations for Keppel.

Keppel is a pioneer in electricity

importation in Singapore and was

licensed to import up to 200 MW

under the Lao PDR-Thailand-Malaysia-

Singapore Power Integration Project

Phase 2. We have also obtained a

FUNDS UNDER

MANAGEMENT1

$20b

LONG-TERM CONTRACTS

$7.1b

of long-term contracts for

decarbonisation and

sustainability solutions,

with revenues to be earned

over 10–15 years

POWER CAPACITY

~67%

contracted2 for three years

and above

Keppel delivers essential infrastructure solutions across

power, clean energy, renewables, and decarbonisation

that support sustainable development.

1 Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to

project fully-invested Funds under Management.

2 As at end-2025; based on Keppel’s existing generation capacity.

41

Annual Report 2025

conditional license to import

300 MW of solar power from

Indonesia, supported by up to

2–2.5 GW of solar photovoltaics

and 5 GWh of battery energy

storage upstream.

Looking ahead, we target

to expand our footprint in

clean power. During the year,

a Keppel-led consortium

was selected to conduct the

front-end engineering and design

study for a 55–65 MW ammonia

power project on Jurong Island.

Memoranda of Understanding (MOUs)

were signed with the Japan Bank

for International Cooperation

to explore the development of

a clean energy supply chain

in Asia, and with ENGIE Energy

Marketing Singapore and Siemens

Energy to advance low carbon

and efficient power solutions

in the region.

DECARBONISATION AND

SUSTAINABILITY SOLUTIONS

Keppel provides end-to-end

decarbonisation and sustainability

solutions – spanning Energy-as-a-

Service (EaaS), waste-to-energy (WTE)

and water treatment solutions. In

2025, this business generated EBITDA

of $130 million, a 32% year-on-year

increase, while its long-term supply

contracts reached $7.1 billion1 as at

end-2025, more than doubling over

the past four years.

Building on its strong growth

momentum, our Infrastructure

Division is pursuing a tender pipeline

of more than $15 billion of such

projects in Asia.

Energy-as-a-Service

Keppel drives the adoption of

cleaner energy solutions through its

EaaS model, offering cooling, smart

energy management, distributed

solar photovoltaics, and electric

vehicle charging on a cost-effective

subscription basis.

In Singapore, we are collaborating

with JTC Corporation to interconnect

district cooling systems across

Fusionopolis, Biopolis and Mediapolis

to form Singapore’s first fully-

integrated and largest chilled-water

thermal grid. We are also providing

Cooling-as-a-Service for mixed-use

developments, commercial buildings

and malls in Singapore, with a

growing portfolio of over 21,000

refrigeration tonnes (RT) of retail

cooling capacity secured in 2025.

Regionally, we secured district

cooling contracts for Thailand’s

Chaeng Watthana Government

Complex Zone A & B of up to 25,000 RT,

and expanded our footprint in India

with cooling solutions for Grade-A

commercial developments in

In 2025, we completed the high-efficiency upgrade of the second turbine at KMC, enhancing the plant’s performance and efficiency.

1 Revenues to be earned over 10–15 years.

2 Calculated based on the abatement of 220,000 tonnes of CO2 per year at baseload, over a 30-year economic useful life, with adherence to good utility practices

and original equipment manufacturer’s recommended life-cycle maintenance regime.

42

KEPPEL LTD.

PERFORMANCE REVIEW

Operating & Market Review

Infrastructure

The Keppel Sakra Cogen Plant (KSC) is a 600 MW state-of-the-art,

advanced combined cycle gas turbine power plant.

Set to achieve generation readiness in 1H 2026, KSC will be the first

hydrogen-compatible power plant in Singapore, featuring top-tier

energy efficiency and performance – such as reduced emissions

and increased operational flexibility. KSC will generate significantly

less carbon dioxide (CO2) than the emissions of Singapore’s average

operating efficiency for the equivalent power generated using

natural gas, abating over six million tonnes of CO2 over its useful

life2. Initially fuelled by natural gas, KSC is also built to be compatible

with fuels containing up to 30% hydrogen by volume, and has the

capability of shifting to run entirely on hydrogen.

With this addition, Keppel will boost its generation capacity by

almost 50%, reaching 1.9 GW and positioning the Company to

support Singapore’s energy security and plans to decarbonise

the country’s power sector.

Singapore’s first

hydrogen-compatible

power plant

Delhi National Capital Region and

Chennai totalling more than 13,500 RT.

We marked a new market entry into

the Philippines through a 4,400 RT

Cooling-as-a-Service project for a large

shopping mall in Metro Manila, secured

in partnership with Johnson Controls.

Environment

Keppel delivers integrated

environmental solutions, with expertise

spanning design, engineering,

technology provision, and the

development and operation of waste

and water management facilities. Our

WTE technology has been successfully

implemented in Asia and Europe,

providing efficient methods for waste

management and energy recovery.

During the year, we continued to make

progress across our environmental

infrastructure portfolio. The Hong Kong

Integrated Waste Management Facility

(IWMF) reached 95% completion

by end-2025 and includes a 15-year

operations and maintenance contract

commencing 2026. In Singapore,

Tuas Nexus IWMF was 81% completed

as at end-2025 and is moving towards

testing and commissioning.

Sustainability Solutions

In January 2026, Keppel’s Infrastructure

Division and Aster signed an MOU to

jointly assess the development of

one of Asia’s first commercial-scale

Ethanol-to-Jet Sustainable Aviation

Fuel facilities on Jurong Island. Our

Infrastructure Division also signed

an MOU with JTC Corporation in

2025 to advance low carbon energy

infrastructure on Jurong Island,

supporting Singapore’s energy

transition and the development of a

700 MW low carbon data centre park.

As infrastructure projects increase

in scale, complexity and capital

intensity, Keppel’s asset-light model

enables the Company to mobilise

capital across its private and

listed vehicles to undertake the

development of critical energy and

environmental assets, as well as

explore solutions for emerging

low-carbon energy vectors in a

disciplined, asset-light manner.

43

Annual Report 2025

Connectivity

44

KEPPEL LTD.

PERFORMANCE REVIEW

Operating & Market Review

As digitalisation and AI accelerate,

demand for high-performance,

energy-efficient digital infrastructure

continues to grow. Hyperscalers are

deploying larger and more compute-

intensive facilities, driving structural

demand for advanced data centres,

resilient subsea connectivity and

stable, low-carbon power.

Keppel is positioning itself to capture

this AI-driven growth, with an integrated

digital infrastructure ecosystem

combining our fund management

and investment expertise with deep

operational capabilities in data centres,

subsea cable connectivity, energy

and low carbon power as well as

cooling and technology solutions.

Our ecosystem is reinforced by strategic

partnerships with global cloud and

technology leaders, such as Amazon

Web Services, Dell and Nvidia, some of

whom are also customers, providing

visibility into capacity demand and

enabling Keppel to scale alongside

their growth. Together, our integrated

ecosystem and partnerships

strengthen Keppel’s ability to scale

and deliver end-to-end, future-ready

digital infrastructure solutions.

DATA CENTRES

Keppel brings over 20 years of

deep expertise and experience in

designing, developing, and operating

data centres across the Asia Pacific

and Europe. We maintain strong

relationships with international

hyperscalers, and continue to deliver

capacity aligned with evolving AI and

high-density compute requirements.

Access to third-party capital through

our sponsored private and listed

platforms supports the disciplined

development and scaling of these

digital infrastructure assets.

FUNDS UNDER

MANAGEMENT1

$13b

TOTAL GROSS

POWER CAPACITY2

>800 MW

in 39 data centres across

the Asia Pacific and Europe

POWERBANK3

>1.0 GW

secured in key datahubs in

the Asia Pacific

Keppel provides sustainable digital infrastructure

that connects people, businesses and countries

in the digital economy.

Keppel’s integrated ecosystem for digital infrastructure combines fund management and investment

expertise with deep operational capabilities. (In picture: A data centre cooling system at the Keppel

Data Centre Campus.)

1 Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to

project fully-invested FUM.

2 Includes projects under development.

3 Capacity for future data centre development.

45

Annual Report 2025

In 2025, we announced first close of

the third vintage of our flagship

Keppel Data Centre Fund, growing its

Funds under Management1 (FUM) to

about $2.7 billion as at year-end. The

expanded FUM enables Keppel to

pursue larger, more complex AI-ready

projects at scale, while enhancing

recurring earnings through fund

management fees, development,

advisory and operations and

maintenance fees, alongside

our sponsorship and selective

co-investment stakes.

Together with our private funds, we

are developing leading-edge, AI-ready

hyperscale data centres in Singapore,

Taiwan and Tokyo, including the third

building in the Keppel Data Centre

Campus in Singapore. During the year,

we secured a conditional 10-year land

lease extension for the Keppel Data

Centre Campus from 2040 to 2050,

after divesting the first two data

centres in the campus to Keppel DC

REIT in 2024.

Through Aermont Capital, our

50%-owned European platform, we

are also expanding our presence in

Europe. Aermont’s Fund V completed

the acquisition of Nabiax, Spain’s

leading data centre group and

hyperscaler platform, increasing

our portfolio under management

to 39 data centres with gross power

capacity exceeding 800 MW, including

projects under development.

Leveraging our integrated ecosystem,

we are advancing more sustainable

digital infrastructure solutions,

including the first-of-its-kind Floating

Data Centre. We completed the

Environmental Impact Assessment for

the project in 2025, and expect to start

construction in 1H 2026, with completion

targeted by 2028. The 25 MW project,

funded by Keppel Data Centre Fund II

and committed to a global hyperscaler,

demonstrates a practical and scalable

approach to addressing land, energy

and water constraints often faced by

data centres.

We are also investing upstream to

secure early access to strategic sites

with power, water, and fibre connectivity

in key datahubs. In January 2026, we

secured a 720 MW powerbank2 near

Melbourne for the potential deployment

of an AI data centre campus.

SUBSEA CABLE SYSTEMS

In 2025, we completed the Bifrost Cable

System (Bifrost). After securing its

landing license from the United States

Federal Communications Commission

and achieving Ready-for-Service

status earlier in 2025, the Bifrost

started carrying commercial traffic

flow in December 2025.

Spanning over 20,000km, the Bifrost

is the world’s first subsea cable system

directly linking Singapore to the

west coast of the USA via Indonesia

through the Java Sea and Celebes Sea.

Designed to support AI workloads,

cloud-native platforms, and real-time

digital services, it delivers round-trip

latency of just under 165 milliseconds

between Singapore and the USA –

up to 10 milliseconds faster than

many existing systems – and adds

more than 240 terabits per second

of new capacity across the Pacific,

enhancing the resilience of a key

digital corridor.

Keppel owns five fibre pairs in the

Bifrost together with our private fund

co-investors. The first two fibre pairs

have been committed to customers,

and in January 2026, we signed

a binding term sheet granting a

25-year Indefeasible Right of Use

for the third fibre pair to a global

telecommunications company.

We continue to engage potential

customers such as hyperscalers,

telecommunications companies

and enterprise customers on the

remaining capacity.

The Bifrost underscores Keppel’s

ability to originate, develop

and operate large-scale digital

infrastructure assets. Building on

this momentum, we are exploring

two other cable systems with over

30 fibre pairs connecting Southeast

Asia to the rest of Asia and beyond.

Enhancing our capabilities in subsea

cable systems, Keppel Infrastructure

Fund and Keppel Infrastructure Trust

acquired Global Marine Group (GMG)

in 2025. As one of the world’s largest

independent subsea cable solutions

providers, servicing approximately 31%

of the global maintained cable length,

GMG supports Keppel’s ecosystem

strategy and our growth ambitions

in the subsea cable business.

The Bifrost started carrying commercial traffic flow in December 2025.

46

KEPPEL LTD.

PERFORMANCE REVIEW

Operating & Market Review

Connectivity

1 Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested FUM.

2 Capacity for future data centre development.

3 As at the latest practicable date on 2 March 2026.

4 Comprise secured contracts and the pipeline of contracts from long-term recurring customers.

M1

In August 2025, we announced

the proposed divestment of

M1’s telco business to Simba

Telecom, bringing together

two of Singapore’s agile and

digitally-driven telcos with strong

track records for innovation. The

proposed divestment is pending

regulatory approval3.

Growing Powerbank

Powerbanking is a key enabler of Keppel’s data

centre strategy, providing a scalable pipeline of

development-ready sites in key growth markets.

Our powerbank strategy involves securing strategic

sites early, locking in access to critical inputs such

as power, land, water and fibre connectivity, which

enables us to progress planning approvals and

utility arrangements in advance. This reduces

execution risk and shortens time to market once

customer demand crystallises, particularly from

hyperscalers and AI-driven workloads.

In January 2026, we secured rights to lease a

123-hectare contiguous site within the proposed

Gippsland Renewable Energy Zone near Melbourne,

Australia, anchoring a future 720 MW AI-ready data

centre campus. Located at a major electricity node

with potential for dedicated transmission connections,

the site is zoned to allow data centre development

and benefits from existing water infrastructure and

proximity to intercity dark fibre networks. Active

discussions are underway with hyperscalers and

neocloud providers regarding the capacity.

With more than 1.0 GW of gross power capacity

secured across the Asia Pacific, Keppel’s powerbank

has the potential to translate into approximately

$10 billion of data centre FUM when fully activated,

reinforcing the Company’s long-term growth

runway in AI-driven digital infrastructure.

Keppel will retain M1’s technology

solutions and services business,

which has grown its EBITDA at a

compounded annual growth rate of

43% since FY 2018, driven by robust

demand for its information and

communications technology services,

hybrid multi-cloud offerings, as well

as infrastructure and application

modernisation services to help

enterprise customers with their

digital transformation. As at end-2025,

the business had $1.5 billion4 of

contracts to be delivered over the

next five years. The integration of

the business with Keppel’s digital

connectivity ecosystem allows us

to leverage synergies to serve both

hyperscalers and enterprises in

the value chain.

47

Annual Report 2025

Real Estate

48

KEPPEL LTD.

PERFORMANCE REVIEW

Operating & Market Review

The Real Estate Division continued to

execute an asset-light strategy, focusing

on providing Real Estate-as-a-Service

solutions that bring in fee-based

income, such as from sustainable

urban renewal (SUR) and senior living,

while divesting non-core assets.

In 2025, we announced the monetisation

of $1.3 billion in commercial and

residential projects in Singapore,

China, India and Vietnam, bringing

total monetisation of real estate

assets to $4.9 billion since the start

of the programme in October 2020.

Key real estate projects monetised in

2025 include One Paramount in India

and a 42% stake in Palm City in Vietnam.

Despite a challenging real estate

market in China, we continued to

significantly derisk our landbank

exposure in 2025, divesting a

30% stake in Tianjin Fulong.

SUSTAINABLE URBAN RENEWAL

Amid the structural shift towards

green and sustainable real estate,

investors and occupiers are

prioritising outcomes-based

sustainability – seeking assets

not only with green certifications

but which can also deliver

tangible, verifiable performance

in energy efficiency and carbon

emissions reduction.

Keppel’s threefold SUR strategy

demonstrates that sustainability

and value creation go hand in hand.

First, the strategy emphasises carbon

avoidance through adaptive reuse

and targeted retrofits, rather than

demolition and full redevelopment,

thereby avoiding embodied carbon

emissions. Second, Keppel deploys

a suite of SUR solutions to enhance

operational performance over time,

delivering energy and cost

efficiencies while contributing to

the appreciation of building value.

Third, the strategy focuses on

circularity by extending the carbon

content through the use of recycled

or recyclable materials.

During the year, we implemented

our SUR solutions as part of the

asset enhancement initiatives for

selected assets held by our private

funds and in our Non-Core Portfolio.

For example, at the more than

40‑year‑old INNO88 Tower in Seoul,

Keppel integrated sustainability

features such as high-performance

façades, energy-efficient cooling

and heating systems, smart lighting,

indoor air quality monitoring, as well

as intelligent building controls to

enhance operational efficiency. The

project achieved a 26% increase in

gross floor area and is on track to

deliver a 30% reduction in energy

consumption, translating into annual

cost savings of approximately

$1.2 million.

At Keppel South Central, we also

incorporated our solutions as part of

the asset’s new-build design to achieve

strong sustainability and commercial

outcomes. The development similarly

targets more than 30% improvement

in energy efficiency compared to a

conventional baseline, underscoring

how applying SUR principles to

new builds can position assets for

long-term, future-ready performance.

SENIOR LIVING

In China, Sindora Living launched

a new 500-bed community in Jinan,

Shandong, where it provides

management services to the local

government, which owns and

developed the project. Sindora

Living is also the preferred partner

appointed by several insurance

companies to provide comprehensive

senior care services, and has launched

a sales experience centre in Foshan,

Guangdong, for an upcoming 400-bed

1 Gross asset value of investments and uninvested capital commitments on a leveraged basis is used to project fully-invested Funds under Management.

Keppel provides innovative Real Estate-as-a-Service

solutions with a focus on sustainable urban renewal.

community in partnership with

Ping’an Insurance Group.

The level of interest and take-up

rate at our maiden Nanjing facility

continued to grow, and we have

welcomed more than 160 long-term

stayers and 500 short-term stayers

by end-2025, since the official opening

in May 2024. Keppel is currently working

with partners to launch senior living

facilities in other parts of China.

SSTEC

Keppel leads the Singapore consortium,

which works with its Chinese partner to

guide the joint venture, Sino-Singapore

Tianjin Eco-City Investment and

Development Co., Ltd. (SSTEC), in its

role as master developer of the Sino-

Singapore Tianjin Eco-City (Eco-City).

During the year, despite challenging

market conditions, SSTEC sold a

residential and commercial mixed-use

plot and two industrial plots, as well

as homes in various residential projects.

SSTEC is also developing the Green

Innovation Park, the Eco-City’s new

business district for green innovation

and the low carbon economy. The

Eco-City continues to mature, and as

at end-2025, has welcomed more than

210,000 residents.

FUNDS UNDER

MANAGEMENT1

$62b

ANNOUNCED ASSET

MONETISATION

$1.3b

of assets in Singapore,

China, India and Vietnam

49

Annual Report 2025

Financial

Review

50

KEPPEL LTD.

PERFORMANCE REVIEW

KEY PERFORMANCE INDICATORS

2025

$ million

2025 vs 2024

% +/(-)

2024

$ million

Revenue1

5,983

3

5,784

Net profit

789

(16)

940

Net profit excluding

non-core portfolio2 and

discontinued operations3

1,100

39

793

Earnings per Share

44 cts

(17)

52 cts

Earnings per Share excluding

non-core portfolio2 and

discontinued operations3

61 cts

37

44 cts

Return on Equity

7.4%

(17)

8.9%

Return on Equity4 excluding

non-core portfolio2 and

discontinued operations3

18.7%

26

14.9%

Operating cash flow

662

231

200

Free cash flow5

611

(32)

901

Total dividend per share6

47 cts

38

34 cts

Total ordinary cash dividend per share

34 cts

–

34 cts

1 Revenue from continuing operations.

2 Non-Core Portfolio for Divestment comprises mainly legacy offshore & marine assets, residential landbank, selected property developments and investment

properties, hospitality and logistics assets, associated cash and receivables, and other non-core investments that are not aligned with Keppel’s strategic focus

as an asset-light global asset manager and operator. Legacy offshore & marine assets comprise Seatrium shares, the legacy rigs, Floatel, KrisEnergy and Dyna-Mac.

3 In accordance with SFRS(I) 5 Non-current Assets Held for Sale and Discontinued Operations, the performance of M1 and its subsidiaries, excluding the technology

solutions & services business and other carved out assets (M1 Telco), are presented as discontinued operations for the financial period, with comparative

information re-presented accordingly.

4 Return on Equity of the New Keppel (refers to Keppel excluding the Non-Core Portfolio for Divestment and Discontinued Operations) 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.

5 FY 2025 free cash flow (FCF) includes approximately $235 million 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 balance sheet. FY 2024 FCF includes $1.07 billion of cash consolidated on obtaining control over Rigco Holding Pte. Ltd. following

the completion of a selective capital reduction exercise.

6 FY 2025 includes proposed special dividend comprising 2 cents cash per share and dividend in-specie of one Keppel REIT unit for every nine Keppel shares held,

which is equivalent to approximately $0.11 per Keppel share based on Keppel’s issued share capital of 1,801,659,827 shares (excluding treasury shares) as at

31 December 2025 and Keppel REIT’s closing market price of $0.98 per unit on 3 February 2026.

Net profit of the New Keppel surged 39% year on

year to $1.1 billion, as compared to $793 million

for 2024, bolstered by higher contributions from

all three business segments.

OVERVIEW

With its sharpened business focus

and an asset-light model under

Vision 2030, Keppel identified a

portfolio of non-core assets in 2025,

which are not aligned with its

strategy and will be divested over

time. This Non-Core Portfolio for

Divestment2 (non-core portfolio) is

reported as a separate segment to

provide greater clarity on Keppel’s

financial performance as an

asset-light global asset manager and

operator. Arising from this change

in reportable segments, segment

information for the prior financial

year ended 31 December 2024 has

been restated to reflect the change.

The financial performance and

ratios of the “New Keppel” exclude

effects of the non-core portfolio2 and

discontinued operations3.

Keppel achieved a net profit of

$789 million in 2025, as compared

to $940 million in 2024. Excluding the

non-core portfolio2 and discontinued

operations3, net profit of the

New Keppel was $1.1 billion,

significantly higher as compared

to $793 million for 2024. All three

business segments achieved higher

year-on-year (yoy) profits, with

Infrastructure continuing to be

the largest contributor, followed

by Real Estate and Connectivity.

During the year, the non-core

portfolio’s2 net loss of $84 million

mainly arose from interest costs

attributable to legacy offshore and

marine (O&M) assets and fair value

losses on investments, partly offset

by gains from divestments in

property-related non-core assets.

The discontinued operation’s3 net loss

of $227 million in 2025 mainly arose

from a loss on remeasurement of M1’s

telco business, net of cessation of

depreciation and amortisation,

following the classification of

M1 Telco as a disposal group.

The full-year performance of the

New Keppel translated to earnings

per share of 61 cents, as compared

to 44 cents in 2024. Correspondingly,

Return on Equity4 (ROE) of the

New Keppel was 18.7% as compared

to 14.9% in 2024.

51

Annual Report 2025

Free cash inflow1 was $611 million

in 2025 as compared to the free

cash inflow of $901 million in

2024, as 2024 benefitted from the

consolidation of Asset Co’s cash

balances of about $1.07 billion.

Excluding cash balances from

Asset Co, free cash flow improved

yoy by $780 million driven by stronger

cash inflows from operating activities

as a result of lower working capital

requirements, as well as higher

divestment proceeds and dividends

received. These were partly offset

by higher investments and capex

during the year. Net debt to EBITDA2

of Keppel and the New Keppel

improved to 5.1x and 2.0x as at

end-2025, compared to 5.9x and

2.3x respectively as at end-2024,

supported by an increase in EBITDA

and a lower net debt.

The total dividends for FY 2025

would be approximately 47 cents per

Keppel share, higher than the total

dividends for FY 2024. This comprises

a proposed final cash dividend of

19 cents per share and an interim

cash dividend of 15 cents per share

paid in the third quarter of 2025,

and a proposed special dividend

comprising cash dividend of 2 cents

per share and dividend in-specie

of 1 Keppel REIT unit for every

9 Keppel shares which is equivalent

to approximately 11 cents per share3.

MULTIPLE INCOME STREAMS

Net profit for 2025 was supported

by positive contributions from all

income streams. Better performance

from asset management4 and

operations5 translated into higher

recurring income of $941 million for

2025, as compared to $779 million in

the preceding year.

The New Keppel also recorded higher

valuation and capital recycling gains

during the year arising from higher

fair values on investment properties

and investments, as well as divestment

gains from Real Estate and Connectivity.

Net loss from Corporate Activities

was higher than that in 2024 mainly

due to lower tax provision write-back.

MULTIPLE INCOME STREAMS ($ million)

1,500

1,200

900

600

300

0

-300

-600

2024

2025

Asset Management1

Operating2

Valuation

Capital Recycling

Corporate Activities

Net Profit

189

752

206

104

(151)

1,100

165

614

146

9

(141)

793

1 Includes asset management, transaction and advisory fees on sponsor stakes and co-investments

(including for funds which are wholly owned).

2 Refers to recurring income from operations, including from the sale of gas, electricity and utilities;

leasing and managing properties; technology solutions and services; as well as investment income and

share of recurring operating results of associated companies and joint ventures.

1 FY 2025 free cash flow (FCF) includes approximately $235 million 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 balance sheet. FY 2024 FCF includes $1.07 billion of cash consolidated on obtaining control over Rigco Holding Pte. Ltd. following

the completion of a selective capital reduction exercise.

2 Net debt to EBITDA (New Keppel): net debt is defined as net debt of the Group less net debt attributable to the Non-Core Portfolio for Divestment, while EBITDA

refers to profit before depreciation, amortisation, net interest expense and tax (i.e. including share of results of associated companies and joint ventures),

excluding P&L effects from the Non-Core Portfolio for Divestment and Discontinued Operations.

3 FY 2025 includes proposed special dividend comprising 2 cents cash per share and dividend in-specie of one Keppel REIT unit for every nine Keppel shares held,

which is equivalent to approximately $0.11 per Keppel share based on Keppel’s issued share capital of 1,801,659,827 shares (excluding treasury shares) as at

31 December 2025 and Keppel REIT’s closing market price of $0.98 per unit on 3 February 2026.

4 Includes asset management, transaction and advisory fees on sponsor stakes and co-investments (including for funds which are wholly owned).

5 Refers to recurring income from operations, including from the sale of gas, electricity and utilities; leasing and managing properties; technology solutions

and services; as well as investment income and share of recurring operating results of associated companies and joint ventures.

Better performance from asset management and operations

translated into recurring income of $941 million for 2025,

21% higher compared to $779 million in the preceding year.

52

KEPPEL LTD.

PERFORMANCE REVIEW

Financial Review

Marina Bay Financial Centre Tower 3.

REVENUE1 ($ million)

6,000

5,000

4,000

3,000

2,000

1,000

0

-1,000

Non-Core

Portfolio

2024

2025

541

705

Corporate

Activities2

Connectivity

Real Estate

(46)

(50)

548

953

144

221

Infrastructure

4,597

4,154

1 Numbers are for continuing operations.

2 Includes elimination.

SEGMENT PERFORMANCE

Revenue from continuing operations

of $5,983 million was $199 million or

3% higher than that in 2024.

Revenue from the Infrastructure

segment decreased by $443 million

or 10% to $4,154 million. The segment

recorded lower revenue from the

integrated power business as a result

of lower wholesale prices, as well as

lower revenue from decarbonisation

and sustainability solutions. These were

partly offset by the consolidation of

revenue from Global Marine Group

which was acquired in March 2025.

Asset management fee revenue

was lower yoy as 2024 benefited

from transaction advisory fees on

co-investments, higher acquisition fees

in relation to Keppel Infrastructure

Trust’s (KIT) acquisitions in Germany

and Australia, and performance fees

from KIT. The negative variance was

partly offset by higher management

fees from KIT and from private funds

following the first close by Keppel

Private Credit Fund III in 4Q 2024,

fund raise by Keppel Infrastructure

Fund and the setting up of the Keppel

Offshore Infrastructure Fund in 2025.

Revenue from the Real Estate

segment increased by $77 million

to $221 million largely due to the

consolidation of a senior living

operator in the United States since

March 2025, as well as higher fees

from the urban solutions and

sustainable urban renewal businesses.

Asset management recorded higher

acquisition fees mainly in relation

to Keppel REIT’s acquisition of an

additional one-third interest in

Marina Bay Financial Centre Tower 3

and a regional mall in Sydney. There

were also higher management fees

earned during the year following the

first close of Keppel Education Asset

Fund II in April 2025.

53

Annual Report 2025

recorded in 2024. The stronger

performance was mainly due to

the higher contributions from

decarbonisation and sustainability

solutions, and from sponsor stakes

and co-investments. These were

partly offset by lower contributions

from the integrated power business

as a result of lower contracted

spread, as well as a decrease in asset

management net profit from lower

revenue as mentioned earlier.

The Real Estate segment achieved a

net profit of $273 million as compared

to $107 million last year. The better

performance was on the back of

higher fair value gain from investment

properties, better performance from

sponsor stakes and co-investments,

as well as higher gain from partial

divestment of Saigon Centre Phase 3

project in Vietnam. Asset management

net profit improved yoy with higher

contribution from Aermont Capital S.à r.l

following the completion of the Phase 1

acquisition in April 2024, higher asset

management fee revenue (as mentioned

above), as well as lower costs and net

interest expense.

The Connectivity segment recorded a

net profit of $175 million which was

$26 million higher than that in 2024.

During the year, the segment recognised

gains on the sale of two fibre pairs with

the Bifrost Cable System achieving

ready-for-service status in October

2025, gain from the receipt of final

payment in relation to the lease

extension and divestment of

two hyperscale data centres to

Keppel DC REIT, as well as an increase

in asset management net profit from

higher revenue as mentioned above.

These were partly offset by lower

contributions from sponsor stakes.

OPERATING PROFIT/(LOSS)1 ($ million)

1,200

1,000

800

600

400

200

0

-200

Non-Core

Portfolio

2024

2025

206

220

Corporate

Activities2

Connectivity

Real Estate

(134)

(126)

118

110

211

126

Infrastructure

744

792

1 Numbers are for continuing operations.

2 Includes elimination.

NET PROFIT/(LOSS) ($ million)

1,000

800

600

400

200

0

-200

-400

Discontinued

Operations

2024

2025

153

(227)

Non-Core

Portfolio

Corporate

Activities

Connectivity

(6)

(84)

(141)

(151)

149

175

Real Estate

107

273

Infrastructure

678

803

Revenue from the Connectivity

segment increased by $405 million to

$953 million. The data centre business

recorded higher facility management

revenue partly offset by lower project

management revenue, and higher asset

management fee revenue following

the acquisition of two assets by

Keppel DC REIT and first close of Keppel

Data Centre Fund III, as well as the

recognition of carried interest arising

from the performance achieved by

Alpha Data Centre Fund. The segment

also consolidated revenue from ADG

National Investment and Technology

Development Corp which was acquired

in April 2025.

Revenue from the Non-Core Portfolio

for Divestment1 increased by

$164 million to $705 million, mainly

due to higher revenues from property

trading projects in China and Vietnam

as a result of a higher number of units

handed over during the year, partly

offset by Singapore due to a lower

number of residential units sold.

Net profit from continuing operations

in 2025 was $1,016 million, 29% or

$229 million higher than $787 million

in 2024. Excluding net loss from

the non-core portfolio1, net profit

from the New Keppel rose by 39% or

$307 million yoy to $1,100 million.

The Infrastructure segment registered

a net profit of $803 million in 2025,

which was $125 million or 18% higher

than the $678 million net profit

1 Non-Core Portfolio for Divestment comprises

mainly legacy offshore & marine assets,

residential landbank, selected property

developments and investment properties,

hospitality and logistics assets, associated cash

and receivables, and other non-core

investments that are not aligned with Keppel’s

strategic focus as an asset-light global asset

manager and operator. Legacy offshore &

marine assets comprise Seatrium shares, the

legacy rigs, Floatel, KrisEnergy and Dyna-Mac.

2 In accordance with SFRS(I) 5 Non-current Assets

Held for Sale and Discontinued Operations, the

performance of M1 and its subsidiaries,

excluding the technology solutions & services

business and other carved out assets (M1 Telco),

are presented as discontinued operations for

the financial period, with comparative

information re-presented accordingly.

54

KEPPEL LTD.

PERFORMANCE REVIEW

Financial Review

EBITDA1,2 ($ million)

1,200

1,000

800

600

400

200

0

-200

Non-Core

Portfolio

2024

2025

269

291

Corporate

Activities3

Connectivity

Real Estate

(124)

(116)

192

242

302

409

Infrastructure

812

965

1 Numbers are for continuing operations.

2 EBITDA refers to profit before depreciation, amortisation, net interest expense and tax (i.e. including

share of results of associated companies and joint ventures).

3 Includes elimination.

Net loss from Corporate Activities

of $151 million as compared to

$141 million last year was mainly due

to lower tax provision write-backs.

Net loss from the non-core portfolio1

was $84 million as compared to

$6 million in 2024. The segment

recorded fair value losses from

investment properties and investments

in 2025, as compared to fair value gains

in 2024. Contributions from property

trading projects in China and Singapore

and property investment were lower

yoy. These were partly offset by gains

recorded in 2025 from the disposal

of a property development project

in Vietnam, partial divestment of

a property development project

located in Tianjin Eco-City’s Northern

District in China, partial divestment

of an integrated township project in

Vietnam, as well as the disposal of

Computer Generated Solutions, Inc

in the United States. The legacy O&M

assets recorded lower net loss

mainly due to fair value gain on

Seatrium shares as compared to

fair value loss in 2024 and share of

profit from an associated company

as compared to share of loss in

2024, which were partly offset by

impairments of fixed assets,

stocks and receivables.

Engineers at the Keppel Marina East Desalination Plant.

Keppel’s taxation increased mainly

due to higher taxable gains arising

from the disposal gains from the

non-core portfolio1, as well as higher

taxable profits from the Infrastructure

and Connectivity segments. Taking

into account income tax expenses,

non-controlling interests and profit

attributable to holders of perpetual

securities, the Group’s net profit from

continuing operations attributable to

shareholders for 2025 was $1,016 million,

while the New Keppel’s net profit was

$1,100 million, excluding the net loss

from the non-core portfolio1. Including

discontinued operations2, the Group’s

net profit attributable to shareholders

was $789 million, as compared to

$940 million in 2024.

The net loss from discontinued

operations2 in 2025 mainly pertained

55

Annual Report 2025

to a loss on remeasurement of

M1 Telco as a disposal group to its

fair value less costs to sell, net of

the cessation of the depreciation,

amortisation and equity accounting

for the relevant assets classified

under the disposal group held for

sale, amounting to approximately

$222 million, partly offset by the

full-year contributions from M1’s

telco business. The net profit from

discontinued operations1 in 2024

relates to the full-year performance

from M1’s telco business, the write-back

of certain cost provisions made in

2023 pursuant to the Combination

Transaction (combination between

Keppel Offshore & Marine and

Sembcorp Marine) that was completed

on 28 February 2023, as well as the

recognition of claim receivable

against Seatrium Limited in respect

of certain liabilities pursuant to an

agreement in connection with the

Combination Transaction.

ROE was 7.4%, compared to 8.9% in the

previous year. Excluding the non-core

portfolio2 and discontinued operations1,

ROE3 of the New Keppel was 18.7% as

compared to 14.9% in the preceding year.

Taking into account Keppel’s

strong performance, and to reward

shareholders for their confidence in

Keppel, the Company will be distributing

total dividends of approximately

47 cents per share for FY 2025,

comprising a proposed final cash

dividend of 19 cents per share, the

interim cash dividend of 15 cents per

share distributed in the third quarter of

2025 and a proposed special dividend

comprising cash dividend of 2 cents

per share and dividend in-specie of

one Keppel REIT unit for every nine

Return on Equity of the New Keppel was 18.7%, as compared to

14.9% in FY 2024.

ROE & DIVIDEND

%

cents

56

48

40

32

24

16

8

0

280

240

200

160

120

80

40

0

2024

8.9

34

15

2023

37.9

2702

15

2022

2021

9.1

33

12

8.1

33

15

ROE1 (%)

Full Year Dividend (cents)

Interim Dividend (cents)

2025

7.4

473

15

1

Excluding the Non-Core Portfolio for Divestment and Discontinued Operations, ROE of the New Keppel

for FY 2025 and FY 2024 were 18.7% and 14.9% respectively.

2

Includes dividends in-specie of Sembcorp Marine (now Seatrium) shares worth $2.19/share and

Keppel REIT units worth $0.167/share in FY 2023.

3

Includes proposed special dividend of 2 cents cash per share and dividend in-specie of one Keppel REIT

unit for every nine Keppel shares held, which is equivalent to approximately $0.11 per Keppel share based

on Keppel’s issued share capital of 1,801,659,827 shares (excluding treasury shares) as at 31 December

2025 and Keppel REIT’s closing market price of $0.98 per unit on 3 February 2026).

1

Numbers are for continuing operations.

PROFIT/(LOSS) BEFORE TAX1 ($ million)

1,200

1,000

800

600

400

200

0

-200

Non-Core

Portfolio

2024

2025

24

(9)

Corporate

Activities

Connectivity

Real Estate

(134)

(136)

169

206

193

330

Infrastructure

792

925

1 In accordance with SFRS(I) 5 Non-current Assets Held for Sale and Discontinued Operations, the performance of M1 and its subsidiaries, excluding the technology

solutions & services business and other carved out assets (M1 Telco), are presented as discontinued operations for the financial period, with comparative

information re-presented accordingly.

2 Non-Core Portfolio for Divestment comprises mainly legacy offshore & marine assets, residential landbank, selected property developments and investment

properties, hospitality and logistics assets, associated cash and receivables, and other non-core investments that are not aligned with Keppel’s strategic focus

as an asset-light global asset manager and operator. Legacy offshore & marine assets comprise Seatrium shares, the legacy rigs, Floatel, KrisEnergy and Dyna-Mac.

3 Return on Equity of the New Keppel (refers to Keppel excluding the Non-Core Portfolio for Divestment and Discontinued Operations) 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.

4 FY 2025 includes proposed special dividend comprising 2 cents cash per share and dividend in-specie of one Keppel REIT unit for every nine Keppel shares held,

which is equivalent to approximately $0.11 per Keppel share based on Keppel’s issued share capital of 1,801,659,827 shares (excluding treasury shares) as at

31 December 2025 and Keppel REIT’s closing market price of $0.98 per unit on 3 February 2026.

56

KEPPEL LTD.

PERFORMANCE REVIEW

Financial Review

TOTAL LIABILITIES OWED AND CAPITAL INVESTED ($ million)

28,000

24,000

20,000

16,000

12,000

8,000

4,000

0

2024

2025

Shareholders’ funds

Perpetual securities

Non-controlling interests

Creditors

Contract liabilities

Term loans

Lease liabilities

Other liabilities

Liabilities directly associated with disposal group

and assets classified as held for sale

Total

10,463

402

321

3,239

84

11,316

120

324

819

27,088

10,754

402

270

3,690

50

11,898

174

420

–

27,658

TOTAL ASSETS OWNED ($ million)

28,000

24,000

20,000

16,000

12,000

8,000

4,000

0

2024

2025

Fixed assets

Investment properties

Right-of-use assets

Associated companies, joint ventures & investments

Stocks

Contract assets

Debtors & others

Bank balances, deposits & cash

Disposal group and assets classified as held for sale

Total

3,681

4,869

173

9,455

1,099

240

3,200

2,309

2,062

27,088

4,236

5,332

216

9,010

1,924

366

4,272

2,302

–

27,658

Keppel shares which is equivalent to

approximately 11 cents per share4. On

a per share basis, this translates into

a gross yield of 4.5% on Keppel’s share

price of $10.35 as at 31 December 2025.

FINANCIAL POSITION

Following the announcement on

11 August 2025 and in accordance with

SFRS(I) 5 Non-current Assets Held for

Sale and Discontinued Operations,

the assets and liabilities related to

M1 Limited, excluding the Technology

Solutions & Services business

(formerly known as information and

communications technology (ICT)

business) and other carved out

assets (M1 Telco), had been presented

in the balance sheet as “Disposal

group classified as held for sale” and

“Liabilities directly associated with

disposal group classified as held for

sale” as at 31 December 2025.

Shareholders’ funds decreased by

$0.29 billion to $10.46 billion as at

31 December 2025. The decrease was

mainly attributable to the share

buyback programme, payment of final

dividend of 19 cents per share in respect

of FY 2024, payment of interim dividend

of 15 cents per share in respect of the

half year ended 30 June 2025, foreign

exchange translation losses and

decrease in fair value on cash flow

hedges, partly offset by retained

profits for the year.

Total assets were $27.09 billion as at

31 December 2025, $0.57 billion lower

than the previous year-end. This was

mainly attributable to decrease in

fixed assets, investment properties

and intangible assets, partly offset by

further investments in associated

companies and joint ventures.

Management also took into

consideration climate-related issues

and there was no material impact on

Keppel’s financial reporting in FY 2025.

Total liabilities of $15.90 billion as at

31 December 2025 were $0.33 billion

lower than the previous year-end.

This was largely attributable to the

net repayment of term loans and

a reduction in other non-current

liabilities and amount owed to creditors.

Net debt decreased by $0.64 billion

to $9.13 billion as at 31 December 2025

mainly due to operating cash inflows,

dividends received and proceeds

from divestments completed during

the year, partly offset by dividend

payments, share buybacks, investments

in associated companies and joint

ventures as well as additions

of fixed assets and investment

properties. Total equity decreased

by $0.24 billion mainly due to a

decrease in shareholders’ funds as

explained above.

57

Annual Report 2025

CASH FLOW

2025

$ million

2025 vs 2024

+/(-)

2024

$ million

Operating profit

865

(458)

1,323

Depreciation, amortisation & other non-cash items

100

326

(226)

Cash flow provided by operations before changes in working capital

965

(132)

1,097

Working capital changes

283

536

(253)

Interest receipt and payment & tax paid

(586)

58

(644)

Net cash from operating activities

662

462

200

Investments & capital expenditure

(1,337)

(1,267)

(70)

Divestments

883

413

470

Dividend income

438

88

350

Advance (to)/from associated companies, joint ventures and joint venture partner

(35)

14

(49)

Net cash (used in)/from investing activities

(51)

(752)

701

Free cash flow^

611

(290)

901

Dividend paid to shareholders of the Company & subsidiaries

(636)

(1)

(635)

^ FY 2025 free cash flow (FCF) includes approximately $235 million 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 balance sheet. FY 2024 FCF includes $1.07 billion of cash consolidated on obtaining control over Rigco Holding Pte. Ltd. following

the completion of a selective capital reduction exercise.

Keppel’s Total Shareholder Return was 58.5% in 2025,

29.7 percentage points above the benchmark Straits

Times Index’s 28.8%.

TOTAL SHAREHOLDER RETURN1

Keppel’s Total Shareholder Return

(TSR) was 58.5% in 2025, 29.7

percentage points above the

benchmark Straits Times Index’s (STI)

TSR of 28.8%. Keppel’s 10-year

annualised TSR was 14.2%, higher

than STI’s 9.3%.

CASH FLOW

Free cash inflow2 was $611 million in

2025 as compared to the free cash

inflow of $901 million in 2024. Net

cash from operating activities was

higher at $662 million as compared to

$200 million in the prior period

mainly due to lower working capital

requirements. Net cash used in

investing activities was $51 million in

2025, as compared to net cash from

investing activities of $701 million in

2024. This was mainly due to cash

balances of about $1.07 billion

consolidated upon obtaining control

of Rigco Holding Pte. Ltd. in 2024,

higher investments and capital

expenditure, partly offset by higher

Keppel

STI

58.5

28.8

TOTAL SHAREHOLDER RETURN (%)

70

60

50

40

30

20

10

0

-10

-20

-30

2025

49.3

8.4

(1.5)

13.6

(18.6)

(8.1)

18.5

9.4

(16.4)

(6.5)

30.9

22.0

(6.3)

3.8

61.1

4.7

2018

2017

2019

2016

2020

2022

2021

2023

2.0

23.5

2024

10-year annualised TSR as at 2025

Keppel

14.2%

STI

9.3%

Source: Bloomberg

58

KEPPEL LTD.

PERFORMANCE REVIEW

Financial Review

BORROWINGS’ MATURITY1 (%)

11

6

27

22

17

17

100

>5 Years

4–5 Years

3–4 Years

2–3 Years

1–2 Years

<1 Year

Total

with the balance secured by

properties and other assets.

Secured borrowings are mainly for

financing of investment properties

and property development projects.

The net book value of properties

and assets pledged/mortgaged to

financial institutions amounted to

$2.03 billion (2024: $2.50 billion).

Fixed rate borrowings5 constituted

58% (2024: 63%) of total borrowings

after taking into account the effect

of derivative financial instruments.

Excluding notional hedge amount

relating to highly probable future

borrowings, Keppel has cross

currency swap and interest rate

swap agreements with a notional

amount totalling $5,723 million

whereby it receives foreign currency

fixed rates and variable rates equal

to USD SOFR and EURIBOR (in the

case of the cross currency swaps)

and variable rates equal to SORA,

divestment proceeds and dividends

received. Proceeds from divestments

completed during the year included

the divestment of non-core assets,

which are part of Keppel’s asset

monetisation programme. In 2025,

Keppel’s investments included

acquisitions of Global Marine Group

and Silverio Developers Pte Ltd,

investments in sponsor stakes

and co-investments, and the final

payment for the Phase 1 acquisition of

Aermont Capital S.à r.l. Excluding cash

balances from Asset Co, free cash

flows have improved by $780 million.

Free cash inflow for the New Keppel

in FY 2025 was $177 million. In line

with our focus on growing recurring

income, the New Keppel generated

healthy cash inflows from operating

activities. Cash inflows from operating

activities, divestment proceeds and

dividends received were reinvested

to fund investments in sponsor

stakes as well as acquisitions and

capital expenditure.

Total distribution to shareholders of

the Company and non-controlling

shareholders of subsidiaries for the

year amounted to $636 million.

BORROWINGS3

Keppel’s borrowings comprise money

market loans, term loans, project

finance loans, as well as medium- and

long-term bonds. Total borrowings

excluding lease liabilities as at the

end of 2025 were $11.3 billion (2024:

$11.9 billion). At the end of 2025, 17%

(2024: 12%) of Keppel’s borrowings were

repayable within one year with the

balance largely repayable more than

two years later. As at the end of 2025,

Keppel’s Net debt to EBITDA4 was

5.1x (2024: 5.9x), while the New Keppel’s

Net debt to EBITDA was 2.0x (2024: 2.3x).

Unsecured borrowings constituted

92% (2024: 91%) of total borrowings,

1 Source: Bloomberg

2 FY 2025 free cash flow (FCF) includes approximately $235 million 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 balance sheet. FY 2024 FCF includes $1.07 billion of cash consolidated on obtaining control over Rigco Holding Pte. Ltd. following

the completion of a selective capital reduction exercise.

3 Borrowings exclude lease liabilities.

4 Net debt to EBITDA (the New Keppel): net debt is defined as net debt of the Group less net debt attributable to the Non-Core Portfolio for Divestment, while

EBITDA refers to profit before depreciation, amortisation, net interest expense and tax (i.e. including share of results of associated companies and joint

ventures), excluding P&L effects from the Non-Core Portfolio for Divestment and Discontinued Operations.

5 Excludes perpetual securities which have been accounted for as equity. Including perpetual securities, fixed rate borrowings would be 60% (2024: 65%).

OVERALL NET DEBT TO EBITDA

$ million

No. of times

10,500

9,000

7,500

6,000

4,500

3,000

1,500

0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0

2024^

9,771

1,647

5.9

Net Debt

EBITDA

Net Debt to EBITDA

2025

9,127

1,791

5.1

NEW KEPPEL NET DEBT TO EBITDA1

$ million

No. of times

10,500

9,000

7,500

6,000

4,500

3,000

1,500

0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0

2024^

3,189

1,377

2.3

Net Debt

EBITDA

Net Debt to EBITDA

2025

2,968

1,500

2.0

1

Net debt to EBITDA (the New Keppel): net debt is defined as net debt of the Group less net debt attributable

to Non-Core Portfolio for Divestment, while EBITDA refers to profit before depreciation, amortisation,

net interest expense and tax (i.e. including share of results of associated companies and joint ventures),

excluding P&L effects from the Non-Core Portfolio for Divestment and Discontinued Operations.

^ 2024 net debt and EBITDA includes M1 Telco.

1

Borrowings exclude lease liabilities.

59

Annual Report 2025

FINANCIAL CAPACITY

$ million

Remarks

Cash held in Treasury

450

19% of total cash of $2.31 billion

Available credit facilities

6,033

Credit facilities of $8.18 billion, of which $2.15 billion was utilised

Total

6,483

paper and debt capital market

programmes. Funding of working

capital requirements, capital

expenditure and investment needs

was made through a mix of money

market loans, term loans, project

finance loans, as well as medium-

and long-term bonds.

As at the end of 2025, total

available credit facilities, including

cash held in Treasury and bank

guarantee facilities, amounted to

$6.48 billion (2024: $7.33 billion).

CRITICAL ACCOUNTING

JUDGMENTS & ESTIMATES

Keppel’s material accounting policy

information is discussed in more

detail in the notes to the financial

statements. The preparation of

financial statements requires

management to exercise its judgments

in the process of applying the

accounting policies. It also requires

the use of accounting estimates and

assumptions which affect the reported

amounts of assets, liabilities, income

and expenses. Critical accounting

judgments and estimates are described

in Note 2.25 to the financial statements.

structure to maximise return

for shareholders.

Capital Structure

Total equity at the end of 2025

was $11.19 billion as compared

to $11.43 billion as at the end of

2024. Keppel was in a net debt

(including lease liabilities) position

of $9,127 million as at the end of 2025,

which was below the $9,771 million

as at the end of 2024.

During the year, 13,220,000 shares

were bought back and held as

treasury shares. The Company

transferred 8,775,614 treasury shares

to employees upon vesting of shares

released under the Keppel Share

Plans. As at the end of the year,

the Company had 18,897,940 treasury

shares. Except for the transfer stated,

there was no other sale, transfer,

disposal, cancellation and/or use

of treasury shares during the year.

Financial Resources

Keppel maintains adequate cash

reserves as well as sufficient undrawn

money market facilities, committed

revolving credit facilities, commercial

USD SOFR and EURIBOR (in the case

of interest rate swaps) and pays fixed

rates of between 0.89% and 3.75%

on the notional amount. Details of

these derivative financial instruments

are disclosed in the notes to the

financial statements.

Singapore dollar borrowings

represented 57% (2024: 59%) of

total borrowings after taking into

account the effect of derivative

financial instruments. The balance

was mainly in US dollars. Foreign

currency borrowings were drawn

to hedge against Keppel’s overseas

investments and receivables that

were denominated in foreign currencies.

The weighted average tenor of Keppel’s

borrowings, including perpetual

securities, was about three years at

the end of 2025 and at the end of

2024, with an average cost of funds of

3.19% at the end of 2025 as compared

to 3.68% at the end of 2024.

CAPITAL STRUCTURE &

FINANCIAL RESOURCES

Keppel maintains a strong balance

sheet and an efficient capital

SECURED/UNSECURED BORROWINGS (%)

8

92

100

Secured

Unsecured

Total

FIXED1/FLOATING BORROWINGS (%)

58

42

100

Fixed1

Floating

Total

BORROWINGS BY CURRENCY (%)

57

30

13

100

SGD

USD

Others

Total

1 Excludes perpetual securities which have been accounted for as equity. Including perpetual securities,

fixed rate borrowings would be 60%.

60

KEPPEL LTD.

PERFORMANCE REVIEW

Financial Review

Investment Platform

Business Segments

Infrastructure

Real Estate

Connectivity

Keppel Credit Fund Management

Keppel DC REIT Management

Keppel Fund Management

Keppel Infrastructure Fund Management

Aermont Capital S.à r.l

Keppel REIT Management

KORE US REIT Management

Prime US REIT Management

Private Fund Managers

Listed REITs & Business Trust Managers

Centralised Functions

Keppel

Operating Platform

Fund Management Platform

61

Annual Report 2025

Corporate Structure

PERFORMANCE REVIEW

ENVIRONMENTAL

STEWARDSHIP

We are committed to combatting

climate change, improving

resource efficiency and reducing

our environmental impact.

We are providing solutions for

a sustainable future, such as

clean energy, decarbonisation

solutions and sustainable

urban renewal.

We have set quantitative targets

to reduce our carbon emissions,

reduce water and waste intensity,

increase renewable energy

utilisation and grow our portfolio

of renewable energy assets.

We are monitoring the latest

developments in climate change

and taking steps to manage

climate-related risks and seize

opportunities by providing

solutions that contribute to

climate action.

We have also developed

a Climate Transition Plan,

outlining our plans to build

climate resilience and

contribute to climate

mitigation and adaptation.

RESPONSIBLE

BUSINESS

The long-term sustainability of

our business is driven at the

highest level of the organisation

through a strong and effective

board, good corporate

governance and prudent risk

management, including the

evaluation of ESG risks.

As a global asset manager and

operator, we are committed to

responsible investment. We are

also driving innovation across

the Company and leveraging

technology and our asset-light

model to invest in and create

solutions that contribute to

a sustainable future, while

generating value for our

investors and Limited Partners.

We are also working closely

with stakeholders in our

value chain to enhance their

sustainability performance.

PEOPLE AND

COMMUNITY

People are the cornerstone

of our business. We are

committed to diversity,

employee well-being, workplace

health and safety, and investing

in the training and development

of our employees to help them

reach their full potential.

We strive to create value and

uplift communities wherever we

operate. We support initiatives

that contribute to protecting

the environment, promoting

education and caring for the

underprivileged, with the

goal of building a sustainable

future together.

We have committed to

contribute up to 1% of Keppel’s

recurring income to worthy

causes. In 2025, Keppel invested

about $4.2 million in social

investment spending and

industry advancement, including

about $2.5 million disbursed in

Singapore through Keppel Care

Foundation, the Company’s

philanthropic arm. Keppel

Volunteers around the world

also contributed more than

11,800 hours of community

service in 2025.

We are committed to environmental stewardship,

responsible business practices, and investing in

people and communities wherever we operate.

OUR STRATEGY

Keppel has a two-pronged sustainability strategy of running our business sustainably, and making

sustainability our business by investing in and creating solutions that contribute to global

sustainable development and decarbonisation efforts.

Our approach to sustainability is underpinned by the three pillars of (i) Environmental Stewardship,

(ii) Responsible Business, and (iii) People and Community, which address the environmental,

social and governance (ESG) aspects of sustainability.

How we create value for our stakeholders

62

KEPPEL LTD.

Sustainability Framework

GOVERNANCE

Sustainability Working Committee, comprising heads of

centralised functions and representatives from Keppel’s

platforms and divisions, which monitors and executes the

Company’s sustainability efforts.

MATERIAL ESG FACTORS

In 2025, Keppel conducted a comprehensive assessment

of material ESG factors, applying the double materiality

approach, and taking into consideration the Company’s

transformation into a global asset manager and operator.

The five material ESG factors identified and which have

been approved by Keppel’s Board are as follows:

• Climate Action and Environmental Management

• Corporate Governance and Risk Management

• Health and Safety

• Human Capital Management

• Supply Chain Management

Further details will be provided in Keppel’s Sustainability

Report 2025 to be published in May 2026.

SUSTAINABILITY GOVERNANCE

The Board and management of Keppel are committed to

sustainability, which is at the core of the Company’s strategy.

The Board and management consider sustainability issues

in the Company’s business and strategy, determine

the material ESG factors and oversee the management

and monitoring of the material ESG factors.

Sustainability-related topics, including environmental and

climate change issues, as well as social and governance

aspects, are regularly discussed by the Board, which

meets six times a year, and as warranted by circumstances.

The Board Sustainability and Safety Committee provides

greater focus on sustainability matters, while the

Management Executive Committee oversees Keppel’s

strategy and performance, including sustainability issues.

The Chief Sustainability Officer (CSO) coordinates and

drives Keppel’s sustainability efforts. The CSO chairs the

SUSTAINABILITY MANAGEMENT STRUCTURE

Board Level

Maintains oversight over

sustainability issues

Management

Executive Committee

Platforms and

Divisions Level

Monitors and

executes Keppel’s

sustainability efforts

Executive Level

Oversees Keppel’s

strategy and performance,

including sustainability and

climate-related issues

Sustainability

Working Committee

Chaired by Keppel’s CEO, and includes the CIO, CFO,

CEOs of Keppel’s platforms and divisions, CSO and

selected members of senior management.

Board Sustainability and

Safety Committee (BSSC)

Board of Directors

Sustainability has been included in the agenda of quarterly Board meetings.

Set up in 2022 to provide greater focus on sustainability matters.

Chaired by Keppel’s CSO and comprises heads of centralised functions and

representatives from Keppel’s platforms and divisions.

Material ESG Factors

Supply

Chain

Management

Climate

Action and

Environmental

Management

Health

and

Safety

Corporate

Governance

and Risk

Management

Human

Capital

Management

Loh Chin Hua

Member

Danny Teoh

Member

Olivier Blum1

Chairman

Piyush Gupta2

Member

1 Appointed BSSC Chairman on 21 April 2025.

2 Appointed on 1 July 2025.

63

Annual Report 2025

CONTRIBUTING TO SUSTAINABLE DEVELOPMENT

As a company committed to sustainability, Keppel contributes, both directly and indirectly, towards the United Nations

Sustainable Development Goals (SDGs). We have identified 10 SDGs which represent Keppel’s most significant impacts on

the sustainable development agenda. They include areas where Keppel is making the most positive impacts on the SDGs,

as well as areas where we have a responsibility to prevent and mitigate potential negative impacts.

We publish sustainability reports annually, and the next report will be published in May 2026. Our sustainability reports draw on international standards of

reporting, including the Global Reporting Initiative Standards, and are externally assured. The reports are also aligned with sustainability reporting requirements

by the Singapore Exchange.

For more information, view our Sustainability Report on our website at www.keppel.com

MATERIAL ESG FACTORS

ENVIRONMENTAL STEWARDSHIP

CLIMATE ACTION AND

ENVIRONMENTAL

MANAGEMENT

Run Our Business Sustainably and Make Sustainability Our Business

• Committed to both running our business sustainably, with various environmental

and climate targets, and making sustainability our business through investing in and

creating solutions that contribute to a sustainable future.

• Set environmental targets, including the following:

–  Halve Scope 1 and 2 carbon emissions by 2030 from 2020 base year, and achieve

net zero Scope 1 and 2 emissions by 2050. We also track and disclose all categories

of Scope 3 emissions which are relevant to Keppel.

– Grow renewable energy portfolio to 7 GW by 2030. We have announced renewables

projects with a total capacity of 4.7 GW as at end-2025, including battery energy

storage systems.

– Aim for at least 50% of electricity use within our operations to be from renewable

energy sources by 2025, with a view to reach 100% by 2030.

– Reduce sector-specific water and waste intensity for operating divisions by 2030

from 2023 base year.

• Will be making climate-related disclosures aligned with the Singapore Exchange (SGX)

Sustainability Reporting Guide, including the application of the International Financial

Reporting Standards (IFRS) Sustainability Disclosure Standards, where relevant, in

Keppel’s Sustainability Report 2025, to be published in May 2026.

RESPONSIBLE BUSINESS

CORPORATE GOVERNANCE

AND RISK MANAGEMENT

Enhance Governance, Compliance and Risk Management

• Committed to ensuring strong corporate governance and compliance, robust risk

management, including management of sustainability-related risks, as well as

maintaining high standards of ethical business conduct, including zero tolerance for

fraud, bribery, and corruption.

• Continued risk-based implementation of ISO 37001 Anti-Bribery Management System

for in-scope entities within Keppel’s operating divisions.

• Adopted Board Gender Diversity Policy, aiming to have approximately 30% of the

Board comprise female directors by 2030.

• Maintained a proactive approach to identifying thematic and emerging risks.

• Continued to monitor and manage climate-related physical and transition risks.

• Monitored cybersecurity threat landscape and managed risks to safeguard Keppel’s

information and technology assets from cybersecurity incidents.

• Implemented Cyber Culture Programme to raise awareness of cyber risks.

64

KEPPEL LTD.

Sustainability Framework

GOVERNANCE

RESPONSIBLE BUSINESS

SUPPLY CHAIN

MANAGEMENT

Build a Resilient, Responsible and Diversified Supply Chain

• Integrated sustainability criteria in the selection, monitoring and evaluation of

suppliers and engaged suppliers to adopt sustainable and responsible business

practices, to minimise social and environmental impacts as well as manage risks

across our supply chains.

• All suppliers are selected in accordance with our requisition and purchasing policies

and screened based on ESG criteria.

• Enhanced sustainability performance within our supply chain, through the adoption of

green procurement guidelines and provision of in-house training for Keppel’s procurement

staff and relevant employees on supplier ESG screening and assessment processes.

• Continued collaboration with UN Global Compact Network Singapore to provide carbon

management training for our suppliers from Small and Medium Enterprises in 2025.

PEOPLE AND COMMUNITY

HUMAN CAPITAL

MANAGEMENT

Develop Future-ready and Engaged Workforce

• Committed to building a highly trained and diverse workforce led by people-centric

leaders, providing meaningful work, caring for employees’ health and well-being,

as well as upholding fair employment practices.

• Achieved strong engagement score of 88%, a four-point increase from 2024.

HEALTH AND SAFETY

Continually Enhance Safety Performance

• Committed to creating a safe and healthy work environment, building a proactive

safety culture through targeted HSE initiatives and continually improving health and

safety standards across our operations.

• Introduced HIRA+, a streamlined and targeted approach to manage high impact risk

activities by sharpening frontline engagement.

• Achieved zero fatalities across our global operations1 in 2025.

1 This refers to entities and assets operated by Keppel.

RECOGNITION FOR SUSTAINABILITY

Dow Jones

Best-in-Class Indices

Dow Jones Best-In-Class

World Index

Dow Jones Best-In-Class

Asia Pacific Index

MSCI ACWI Index

MSCI World Selection Index

FTSE4Good Index

iEdge Singapore

Low Carbon Index

iEdge-OCBC Singapore Low Carbon

Select 40 Capped Index

World’s Most Sustainable

Companies 2025

TIME Magazine

and Statista

Sustainability

Impact Awards 2025

Impact Enterprise of

the Year for Large Enterprises

Singapore Apex Corporate

Sustainability Awards

Apex Winner in the

Sustainable Solutions category

65

Annual Report 2025

In 2025, we deepened our engagement

with shareholders and the wider

investment community. Our investor

relations focus remained on timely,

transparent and balanced disclosure,

clearly articulating our strategy,

execution progress and outcomes, while

ensuring good access to information

across the investment community.

STAKEHOLDER ENGAGEMENT

Keppel maintains a proactive and

comprehensive investor engagement

programme, using multiple

communications channels to

support informed investment

decisions and a clear understanding

of our transformation journey.

During the year, we had over 300

engagements with institutional

investors across Singapore and key

international markets. These included

site visits, one-on-one and group

meetings, as well as participation in

investor conferences and roadshows.

We also held our annual Investor Day

in collaboration with Citigroup,

attracting more than 40 institutional

investors. Our senior management’s

video presentations were subsequently

published on our corporate website,

extending our reach to a broader

international investor base.

As at 10 February 2026, institutions

formed 55.4% of our shareholder

base, while retail investors accounted

for the remaining 44.6%. Shareholders

in Singapore held approximately

52.8% of our issued capital, while

those in the rest of Asia held 5.6%,

North America 22.0% and Europe

17.2%. In 2025, significant growth in

investor holdings was seen in Europe

and North America, driven by various

investors expanding their positions.

Keppel is currently covered by

14 sell-side research houses, who

provide regular analysis and insights

to the investment community. We

actively engage our sell-side analysts

to enhance their understanding of

SHAREHOLDING BY INVESTORS (%)

as at 10 February 2026

Institutions

Retail

Total

55.4

44.6

100.0

Keppel’s asset-light strategy, operating

model, and long-term drivers of value

creation. In 2025, we continued to

enhance our communication with

the investment community, including

introducing the bifurcation of our

reporting of the New Keppel and the

Non-Core Portfolio to provide greater

transparency on the Company’s

performance. In February 2026,

Keppel also announced proposed

special dividends based on 10–15% of

the gross value of asset monetisation

completed in the financial year.

In 2025, we convened our

Annual General Meeting (AGM), which

provided a platform to engage our

shareholders. Shareholders were

invited to submit questions in advance,

with written responses to substantial

questions published on SGXNet and

our website ahead of the meeting.

During the AGM, the Board addressed

all questions raised by shareholders.

Following the meeting, presentation

materials, voting results, and meeting

minutes were promptly made

available on SGXNet and our website.

Keppel also places strong emphasis on

engagement with retail shareholders.

At the annual briefing organised by

the Securities Investors Association

(Singapore) (SIAS), our Chief Executive

Officer, Chief Investment Officer and

Chief Financial Officer engaged with

over 100 retail shareholders, providing

updates on Keppel’s strategic priorities

and transformation progress. As a

longstanding sponsor of the SIAS

Investor Education Programme,

Keppel’s continued support enables

more than 2,800 retail shareholders

to benefit from complimentary SIAS

memberships each year.

INVESTOR RELATIONS RESOURCES

Keppel is committed to timely and fair

disclosure. All announcements of

material information are released via

SGXNet in accordance with listing

requirements and published on the

Company’s corporate website

We build trust and deliver value through disciplined

and transparent engagement with shareholders and

the global investment community.

SHAREHOLDING BY GEOGRAPHY1 (%)

as at 10 February 2026

Singapore

Asia (excluding Singapore)

Europe

North America

Others

Total

52.8

5.6

17.2

22.0

2.4

100.0

1 Excludes shareholdings below the analysis

threshold, which make up 38% of the

shareholder base.

66

KEPPEL LTD.

GOVERNANCE

Investor Relations

immediately thereafter, ensuring equal

access for investors. In addition, the

Company publishes media releases on

its website to provide regular updates

on its strategy, operations and progress.

In 2025, Keppel conducted media and

analyst briefings on its half-yearly

results, which were made publicly

accessible through live webcasts.

We also organised media and analyst

teleconferences for our voluntary

1Q and 9M business updates, reinforcing

ongoing engagement beyond statutory

reporting periods. Recordings of

webcasts, management speeches and

presentation materials were promptly

uploaded on our website on the same

day the results and business updates

were released via SGXNet. Transcripts of

the question-and-answer sessions

were also published on SGXNet and

on our website before the start of the

next trading day.

Our interactive, mobile-friendly

website (www.keppel.com) serves as a

comprehensive investor information

platform, providing access to

announcements, financial results,

business updates, annual reports,

investor presentations, as well as stock

and dividend information. Shareholders

and investors may subscribe to email

alerts or contact our Investor Relations

team via a dedicated email address

(investor.relations@keppel.com) or

through the contact number listed on

our website.

INVESTOR RELATIONS CALENDAR

The following key events were held in 2025 to engage shareholders, investors and analysts:

Q4

9M 2025 business

update teleconference

for media and analysts

Post-business

update meetings with

investors hosted by

CGS and JPMorgan

Morgan Stanley

24th Annual

Asia Pacific Summit

Q2

57th AGM

1Q 2025 business update

teleconference for

media and analysts

Post-business update

meeting with investors

hosted by Goldman Sachs

Investor Day hosted

by Citigroup

Non-deal roadshow to

London hosted by HSBC

Q3

1H 2025 results conference

and live webcast

Post-results meeting with

investors hosted by HSBC

Annual briefing for retail

shareholders hosted

by SIAS

Citi’s 2025 ASEAN C-Suite

Corporate Day

CLSA 32nd Investors’

Forum 2025

Q1

2H & FY 2024 results

conference and

live webcast

Post-results meeting

with investors hosted

by Citigroup

Goldman Sachs

APAC Data Center

Corporate Day

HSBC Global

Investment Summit

In 2025, Keppel strengthened the market’s understanding of its

transformation and model for value creation. The introduction of

separate reporting for the New Keppel and the $14.4 billion Non-Core

Portfolio at the 1H 2025 results enhanced transparency on the Company’s

performance, earnings quality and opportunities for asset monetisation.

During the year, several sell-side research houses refined their valuation

approaches to distinguish between the New Keppel and the Non-Core

Portfolio, with analysts increasingly applying growth-oriented valuation

parameters to the New Keppel. This was reflected in consensus target

prices, which rose from an average of about $8.17 at the start of 2025 to

$11.08 by year-end.

Keppel also delivered a total shareholder return of 58.5%1 in 2025,

reflecting both share price performance and dividends paid. These

outcomes were supported by continued execution of Keppel’s strategy

as a global asset manager and operator, alongside disciplined capital

management and transparent communication.

Enhancing

Communication

1 Source: Bloomberg

67

Annual Report 2025

BOARD COMPOSITION

DASHBOARD

The Board and management of Keppel firmly

believe that a strong commitment to good corporate

governance is essential to the sustainability of

Keppel’s business and performance.

COUNTRY OF ORIGIN/

NATIONALITY/CULTURAL

BACKGROUND

Singaporean

British

French

77.8%

11.1%

11.1%

RACE OR ETHNICITY

Chinese

Indian

Caucasian

66.7%

22.2%

11.1%

CORPORATE GOVERNANCE

Good corporate governance starts with a company’s Board of Directors,

who play a crucial role in ensuring transparency, accountability, optimal

performance, and good processes and practices in the company. Keppel’s

Board for FY 2025 was led by Chairman Mr Danny Teoh, who takes a leading

role and works with the other directors and senior management to set the right

ethical and behavioural tone in Keppel’s drive to achieve and maintain a

high standard of corporate governance. Mr Danny Teoh will be stepping

down from the Chairman role at the upcoming AGM and Mr Piyush Gupta

will, following re-election at the AGM, serve as Chairman of Keppel.

To assist the Board in the discharge of its oversight function, various board

committees, namely the Audit, Board Risk, Nominating, Remuneration,

and Board Sustainability and Safety Committees, have been constituted

with clear written terms of reference. All the board committees are

actively engaged and play an important role in ensuring good corporate

governance within Keppel.

RISK MANAGEMENT AND REGULATORY COMPLIANCE

Keppel adopts a balanced approach to risk management to optimise

returns while considering their impact on corporate sustainability.

Managing risks effectively is an integral part of the way in which Keppel

develops and executes its business strategies. It is grounded in the belief

that a balanced risk-reward methodology is the optimal approach. This

applies to all aspects of Keppel’s business, and particularly, its commitment

to environmental, social and governance issues and Keppel’s commitment

to deliver long-term value to our stakeholders. Keppel is guided by its core

values and code of conduct. Keppel will do business the right way and comply

with all applicable laws and regulations in whichever countries it operates.

Keppel strives to deliver outstanding performance, whilst maintaining the

highest ethical standards in line with applicable laws and regulations.

Corporate Governance

at a Glance

HOW THE COMPANY COMPLIES WITH THE 2018 CG CODE

Page

1. Board Matters

Board’s Conduct of Affairs

70

Board Composition and Succession Planning

75

Board Performance

80

2.

Remuneration Report

80

3.

Audit Committee

87

4. Risk Management and Internal Controls

89

5.

Shareholder Rights and Communication with Shareholders

91

HOW THE COMPANY UNDERTAKES WELL-CONSIDERED RISKS

AND ENSURES COMPLIANCE

1.

Risk Management

106

2.

Beyond Regulatory Compliance

112

BOARD HIGHLIGHTS

77.8%

Independent

directors

77.8%

With less than

nine years tenure

AGE

51–55 years

56–60 years

61–65 years

66–70 years

71–75 years

11.1%

11.1%

33.4%

22.2%

22.2%

68

69

Annual Report 2025

KEPPEL LTD.

GOVERNANCE

The Board and management of

Keppel firmly believe that a strong

commitment to good corporate

governance is essential to the

sustainability of Keppel’s business

and performance, and directors

must at all times act objectively in

the best interests of Keppel.

This report sets out an overview of

our corporate governance practices

and adherence to the principles of

the Code of Corporate Governance

2018 (the “2018 CG Code”), with

references to the accompanying

Practice Guidance.

BOARD’S CONDUCT OF AFFAIRS

Principle 1:

The company is headed by an effective

Board which is collectively responsible

and works with Management for the

long-term success of the company.

Principle 3:

There is a clear division of

responsibilities between the leadership

of the Board and management, and

no one individual has unfettered

powers of decision making.

Mr Danny Teoh is the Chairman of

the Company. He was appointed as

a non-executive and independent

Chairman with effect from 23 April

2021 and was re-designated as

non-executive and non-independent

Chairman with effect from 1 January

2022 in view of him having served for

more than nine years on the Board.

Mr Danny Teoh will be retiring by

rotation pursuant to the constitution

of the Company (“Constitution”) at

the upcoming Annual General Meeting

(“AGM”) of the Company and, although

eligible, is not seeking re-election.

Mr Piyush Gupta, who is currently the

Deputy Chairman of the Company, will

upon his re-election at the upcoming

AGM serve as Chairman of the Company.

Mr Gupta was appointed as a

non-executive and independent

director with effect from 1 July 2025.

The Chairman, with the assistance of

the Company Secretaries, schedules

meetings and prepares meeting

agenda to enable the Board to

perform its duties responsibly,

having regard to the flow of

Keppel’s operations. He further sets

guidelines on and monitors the flow

of information from management to

the Board to ensure that all material

information is provided in a timely

manner for the Board to make good

decisions. He also encourages

constructive relations between the

Board and management. At board

meetings, the Chairman encourages

full, frank and robust discussion from

all directors to ensure that the

debate benefits from a full range of

views in a challenging but collegial

manner. At general meetings, the

Chairman ensures constructive

dialogue between shareholders,

the Board and management. The

Chairman sets the right ethical and

behavioural tone and takes a leading

role in the Company’s drive to achieve

and maintain a high standard of

corporate governance with the

support from the directors, Company

Secretariat and management.

Mr Shirish Apte is the Lead Independent

Director of the Company. As Lead

Independent Director, Mr Apte supports

the current Chairman and Board to

ensure effective corporate governance

in managing the affairs of the Company,

provides leadership in situations

where the Chairman is conflicted and

facilitates communication between

the Board and shareholders or

other stakeholders of the Company

as necessary. He is also available to

shareholders and other stakeholders

of the Company where they believe

that their concerns previously

expressed to the Chairman or

management through the normal

channels may not have been

Keppel’s governance structure is as follows:

GOVERNANCE FRAMEWORK 2025

Audit

Committee

Internal

Audit

Nominating

Committee

Remuneration

Committee

Board Sustainability

and Safety Committee

Board Risk

Committee

Chairman

Chief

Executive Officer

Board

Cyber Security

Steering

Committee

Digital

Transformation

Steering

Committee

Technology

and Data Risk

Committee

Personal Data

Protection

Committee

Investments &

Major Projects

Action

Committee

Management

Committees

Central Finance

Committee

Business

Continuity

Management

Steering

Committee

Management

Executive

Committee

Connectivity

Segment

Committee

Real Estate

Segment

Committee

Centralised

Functions

Infrastructure

Segment

Committee

Sustainability

Working

Committee

Regulatory

Compliance

Management

Committee

Business

Continuity

Management

Working

Committee

Accelerating

Monetisation

Task Force

70

KEPPEL LTD.

Corporate Governance

GOVERNANCE

aims to boost effectiveness of

Keppel’s monetisation programme,

providing both impetus and

oversight in the monetisation

process, as well as regular

progress updates to MexCo

(defined below) and the Board are

kept informed through minutes of

meetings and regular updates;

3. Management Executive Committee

(“MexCo”), which brings together

the CEO and CFO of the Company,

the CEO and CIOs of Keppel’s

Fund Management and Investment

platforms, and the CEOs of Keppel’s

operating divisions (Real Estate,

Infrastructure and Connectivity),

and selected members of Keppel’s

senior management, to review,

deliberate and approve major

business, governance, organisation/

people, strategy and transformation,

and risk management related

decisions that impact Keppel or

a substantial part of Keppel, to

delegate their implementation to

specific groups or individuals; to

review and track progress of

previously approved decisions,

and oversee the development and

review of overarching compliance

policies and guidelines for Keppel.

MexCo also oversees sustainability

issues, including determining

Keppel’s policies and targets;

4. Segment Committees, which cover

management matters across the

Fund Management, Investment

and Operating platforms relating

to Real Estate, Infrastructure,

and Connectivity. The Segment

Committees were introduced

pursuant to Keppel’s transformation

from a conglomerate structure into

a cohesive horizontally integrated

structure. Matters discussed quarterly

at each Segment Committee

meeting include sustainability and

safety, risk and compliance, audit,

internal controls, financial-related

matters, business, operations and

strategy. The Segment Committees

report key issues and discussions

at these meetings to the Board;

5. Regulatory Compliance Management

Committee (“RCMC”), which

articulates Keppel’s commitment

to regulatory compliance, directs

and supports the development of

addressed adequately or appropriately.

He is also the chairman of the

Nominating Committee and the

Board Risk Committee, and a member

of the Remuneration Committee.

To assist the Board in the discharge

of its oversight function, various

board committees, namely the Audit,

Board Risk, Nominating, Remuneration,

and Board Sustainability and Safety

Committees, have been constituted

with clear written terms of reference.

All the board committees are actively

engaged and play an important

role in ensuring good corporate

governance within Keppel, and the

Board is kept updated on discussions

of the committees via circulation of

minutes and regular updates by the

respective chairmen of the committees

at board meetings. The terms of

reference of the respective committees

are reviewed on an annual basis, along

with the board committees’ structures

and membership, to ensure their

continued relevance and effectiveness.

The composition and terms of reference

of the respective board committees

setting out their responsibilities and

authority are in Appendix 1.

Mr Loh Chin Hua is the Chief

Executive Officer (“CEO”) of the

Company. He, assisted by the

management team, makes strategic

proposals to the Board and after

robust and constructive discussion

by the Board, executes the agreed

strategy, manages and develops

the business and implements the

Board’s decisions. He is supported

by committees that direct and guide

management on operational policies

and activities, which include:

1. Investments & Major Projects

Action Committee, which guides

Keppel in exercising a spirit of

enterprise as well as prudence to

earn optimal risk-adjusted returns

on invested capital for its chosen

lines of business, taking into

consideration the relevant risks

in a controlled manner;

2. Accelerating Monetisation Task Force,

guided by a Steering Committee,

which works with non-core asset

owners across Keppel to optimise

both speed and exit value of

these assets. This initiative

Keppel’s overarching compliance

policies and guidelines, and

facilitates the implementation and

sharing of compliance policies and

procedures. The RCMC is supported

by Risk & Compliance (“R&C”) to

oversee the development and review

of the compliance policies and

guidelines for Keppel, as well as

review the compliance training

and communication programmes.

Discussions on such matters also

take place as part of MexCo meetings;

6. Central Finance Committee, which

reviews, guides and monitors

financial policies and activities;

7. Digital Transformation Steering

Committee, which provides strategic

guidance and endorses technology

vision, initiatives and policies

including digitalisation and AI

initiatives to achieve alignment

and optimisation in achieving

business strategies;

8. Sustainability Working Committee,

which drives, coordinates and

monitors the execution of Keppel’s

sustainability efforts;

9. Cyber Security Steering Committee,

which guides Keppel’s overall

cybersecurity vision and strategy

and provides oversight on

cybersecurity risks and initiatives

to safeguard information assets

and interests;

10. Business Continuity Management

Steering Committee, which guides

the effective development and

implementation of a robust

business continuity plan and

ensures continuous improvement

to enhance Keppel’s operational

readiness through the review of

Business Continuity Management

(“BCM”) plans and exercises;

11. Business Continuity Management

Working Committee, which

supports the Business Continuity

Management Steering Committee

and coordinates with respective

Platform/Division/Centralised

Functions BCM coordinators in

developing detailed plans in

the prevention, preparedness,

response, continuity, and recovery

of critical business functions; and

71

Annual Report 2025

internal controls, risk management,

financial reporting and compliance,

and satisfy itself as to the

adequacy and effectiveness of

such processes;

•

be responsible for the governance

of risk and ensure that management

maintains a sound system of

risk management and internal

controls, to effectively monitor and

manage risks so as to safeguard

the interests of Keppel and its

stakeholders, and achieve an

appropriate balance between risks

and company performance; and

•

assume responsibility for

corporate governance and ensure

transparency and accountability

to key stakeholder groups.

The Company has also adopted

internal guidelines setting forth

matters that require Board approval.

Material items that require Board

approval include strategic directions,

annual budget, financial results and

dividend declaration. Further, all

transactions exceeding $150 million

require the approval of the Board.

For transactions between $30 million

and $150 million, the Investments &

Major Projects Action Committee

will determine if Board approval is

required, depending on the individual

considerations for each case.

Independent Judgment: The

Company’s directors are required to

exercise independent judgment in

the best interests of the Company.

Based on the result of the peer

assessment carried out by the

directors for FY 2025, all directors

have discharged this duty well.

Conflicts of Interest: Each director

must promptly disclose conflicts of

interest, whether direct or indirect,

in relation to any transaction or

proposed transaction. In this

connection, the Company has in place

a Directors’ Conflict of Interest Policy

to guide directors in identifying,

disclosing and managing situations of

actual or potential conflicts, as well

as situations which may be perceived

to be conflicts of interest. Every

director is required to promptly

disclose any conflict of interest,

whether direct or indirect, in

relation to a transaction or proposed

transaction with the Company as

soon as is practicable after the

relevant facts have come to his/her

knowledge, and recuse himself/

herself when the conflict-related

matter is discussed unless the

Board is of the opinion that his/her

presence and participation is

necessary to enhance the efficacy

of such discussion, and abstain from

voting in relation to conflict-related

matters. On an annual basis, each

director is also required to submit

details of his/her associates for the

purpose of monitoring interested

persons transactions.

Board Strategic Review: The

Board periodically reviews and

approves Keppel’s strategic plans.

An off-site Board strategy meeting

is organised annually for in-depth

discussions on Keppel’s strategy.

The offsite Board strategy meeting,

which includes directors as well as

senior management, includes a

review of the progress made,

deep-dive discussions on key

strategic issues, and alignment on

the strategic direction going forward.

It provides a good platform for the

non-executive directors to have a

deep understanding of Keppel and

its segments and get to know the

current and future leadership teams.

For FY 2025, the strategy meeting

focused on Keppel’s ongoing

transformation into a global asset

manager and operator. The meeting

engaged in substantive discussions

on Keppel’s strategic direction,

including a detailed review of

Keppel’s strategy, priorities, and

value creation plans overall and

for each of Keppel’s platform and

business segments. The session

also examined several organisation

wide matters, including people and

talent strategy, organisation and

operating models (aligning fund

management, investment and

operating activities), digitalisation

and AI, and sustainability,

reflecting Keppel’s commitment

to strengthening capabilities and

supporting long term value creation.

12. Personal Data Protection Committee,

which oversees and guides the

effective implementation of Keppel’s

personal data protection policy

and processes. The Committee

is supported by personal data

protection working teams from

the respective Platforms/Divisions

and the Centralised Functions.

BOARD MATTERS

The directors have equal responsibility

to oversee the business and

affairs of Keppel. Management is

responsible for day-to-day operation

and administration in accordance

with the policies and strategy set

by the Board.

Role: The principal functions of the

Board are to:

•

provide entrepreneurial leadership

and decide on matters in relation

to Keppel’s activities which are of

a significant nature, including

decisions on strategic directions

and guidelines and the approval

of plans concerning, as appropriate,

major investments and divestments;

•

oversee the business and affairs of

Keppel, establish, with management,

the strategies and financial

objectives to be implemented by

management (including appropriate

focus on value creation, innovation

and sustainability), monitor the

performance of management

and ensure that Keppel has the

necessary resources to meet its

strategic objectives;

•

set Keppel’s values, standards

(including ethical standards),

appropriate tone from the top

and desired organisational

culture, and put in place policies,

structures and mechanisms to

ensure such values, standards

and culture are complied with;

•

constructively challenge

management and hold them

accountable for performance

and ensure proper accountability

within Keppel;

•

oversee processes for evaluating

the adequacy and effectiveness of

72

KEPPEL LTD.

Corporate Governance

GOVERNANCE

ATTENDANCE

Board Committee Meetings

2025

Annual

General

Meeting

Board

Meetings

Audit

Nominating

Remuneration

Sustainability

and Safety

Risk

Danny Teoh

1

8

–

5

5

4

–

Piyush Gupta1

–

4 out of 5

–

2 out of 2

1 out of 1

1 out of 2

–

Loh Chin Hua

1

8

–

–

–

4

–

Shirish Apte

1

8

–

5

5

–

4

Teo Siong Seng2

1

2 out of 2

5

–

–

2 out of 2

–

Tham Sai Choy

1

8

5

5

–

–

4

Penny Goh

1

8

5

–

5

–

4

Olivier Blum3

1

5

–

4

–

3

–

Jimmy Ng

1

7

5

–

–

–

4

Ang Wan Ching

1

8

5

–

–

–

4

No. of Meetings Held

1

8

5

5

5

4

4

Notes:

1

Mr Piyush Gupta was appointed as a non-executive independent Director and Deputy Chairman of the Board and a member of the Nominating Committee, the

Remuneration Committee and the Board Sustainability & Safety Committee with effect from 1 July 2025.

2

Mr Teo Siong Seng ceased to be a non-executive and non-independent Director and Chairman of the Board Sustainability and Safety Committee with effect from

the conclusion of the AGM held in April 2025.

3

Mr Oliver Blum was appointed as the Chairman of the Board Sustainability and Safety Committee with effect from 21 April 2025.

Meetings: The Board meets six times a year and as warranted by particular circumstances. Board meetings are

scheduled, and the schedule is circulated to the directors prior to the start of the financial year, to allow directors

to plan ahead to attend such meetings so as to maximise participation. Telephonic attendance and conference via

audio-visual communication at board meetings are allowed under the Constitution. The attendance of each Board

member at the AGM and the board and board committee meetings held in FY 2025, are disclosed in the table below:

Barring unforeseen circumstances,

directors are expected to attend

all board and board committee

meetings. If a director was unable to

attend a board or board committee

meeting, he/she would still receive

all the papers and materials for

discussion at that meeting. He/she

would review them and advise the

Chairman and/or board committee

chairman of his/her views and

comments on the matters to be

discussed so that they may be

conveyed to other members at

the meeting.

Non-executive Directors’ (“NED”)

Meetings: NED meetings, chaired

by the Chairman, are held at the

end of each scheduled quarterly

board meeting without the presence

of management to discuss matters

such as board processes, risk and

compliance matters, succession

planning and leadership

development, and performance

management and remuneration

matters. Any relevant feedback is

shared and discussed with the CEO.

Independent Directors’ (“ID”)

Meetings: ID meetings, chaired by

the Lead Independent Director, are

held on a need-be basis after the

NEDs’ meetings at the end of

each scheduled quarterly board

meeting, without the presence of

any non-independent directors and

management. In FY 2025, ID meetings

were held twice, in February and July.

Relevant feedback was shared and

discussed with the Board Chairman.

Company Secretaries: The Company

Secretaries administer, attend and

prepare minutes of board proceedings.

They assist the Chairman to ensure

that board procedures (including

but not limited to assisting the

Chairman to ensure timely and

good information flow to the Board

and board committees, and between

senior management and the NEDs,

and facilitating orientation and

assisting in the professional

development of the directors) are

followed and regularly reviewed to

ensure effective functioning of the

Board, and that the Constitution and

relevant rules and regulations,

including requirements of the

Companies Act, Securities & Futures

Act and Listing Manual of the

Singapore Exchange Securities

Trading Limited (“SGX”) are complied

with. They also assist the Chairman

and the Board to implement and

strengthen corporate governance

practices and processes with a view

to enhancing long-term shareholder

value. They are also the primary

channel of communication between

the Company and the SGX.

The appointment and removal of the

Company Secretaries are subject to

the approval of the Board.

Access to Information: The Board

and management fully appreciate

that fundamental to good corporate

governance is an effective and robust

Board whose members engage in open

and constructive debate and challenge

management on its assumptions and

proposals, and that for this to happen,

the Board must be kept well informed

of Keppel’s business and affairs and be

73

Annual Report 2025

to becoming a global asset manager

and operator.

The Board also reviews the budget on

an annual basis, and any material

variance between the projections and

actual results would be disclosed and

explained. Management also provides

the Board members with management

accounts on a monthly basis and as

the Board may require from time to

time, to keep the Board informed,

on a balanced and understandable

basis, of Keppel’s performance,

financial position and prospects.

Orientation: A formal letter is sent to

newly appointed directors upon their

appointment explaining their roles,

duties, obligations and responsibilities

as a board director. All newly appointed

directors receive a director tool-kit and

undergo a comprehensive orientation

programme which includes management

presentations on Keppel’s business,

strategic plans and objectives, and

site visits as appropriate.

Training: Directors are provided with

continuing education in areas such as

directors’ duties and responsibilities,

corporate governance, risk

management, changes in financial

reporting standards, changes in the

Companies Act, continuing listing

obligations and industry-related

matters so as to update and refresh

themselves on matters that may affect

or enhance their performance as

board or board committee members.

Site visits are also conducted

periodically for directors to familiarise

themselves with the operations of the

various segments so as to enhance

their performance as board or board

committee members. All induction,

training and development costs are

at the Company’s expense.

In FY 2025, some directors attended

talks on topics relating to corporate

governance, directors’ duties,

sustainability, industry developments,

geopolitics, risk management,

workplace safety and health, AI and

digital transformation. E-training

was also conducted on Keppel’s

Code of Conduct and its policies

on anti-money laundering and

countering the financing of terrorism

and data privacy and protection.

All directors have also attended

sustainability training courses

mandated by Singapore Exchange

Regulation (“SGX RegCo”).

Each director was also invited

to participate in the annual

Keppel NEXT Conference, Keppel’s

flagship innovation event where

Keppel explored transformative

technologies to sharpen Keppel’s

edge as a global asset manager

and operator. At the 2025 edition,

management demonstrated how

Keppel’s proprietary digital tools

are being integrated across Keppel’s

businesses, from project evaluation

to engineering management, to

unlock value and drive competitive

advantage. Directors also heard from

prominent external speakers and

thought leaders across technologies

like Agentic AI and Quantum

Safe Computing, as well as incisive

panel discussions on topics such

as “Investing amidst uncertainty”.

Additionally, the event featured

seven exhibition booths showcasing

key initiatives like Keppel’s Digital

Connectivity Ecosystem and

innovative projects such as Keppel’s

AI platform. The event was attended

by a wider ecosystem of partners,

investors, regulators and analysts

alongside the board of directors

and key leadership teams across

the organisation.

Oversight of subsidiaries: Key issues

and discussions relating to the business

and other operational related matters

of the Company’s subsidiaries are

reported by each of Keppel’s

Real Estate, Infrastructure and

Connectivity Segment Committees,

to the Board. The CIO of Keppel, CIOs

of each of Keppel’s Fund Management

and Investment platforms, and CEOs

of each of Keppel’s Infrastructure,

Real Estate and Connectivity divisions

lead the update to the Board at such

knowledgeable about the industries

in which Keppel operates. Keppel has

therefore adopted initiatives to put in

place processes to ensure that the

NEDs are well supported by accurate,

complete and timely information, have

unrestricted access to management

and the Company Secretaries, and

have sufficient time and resources

to discharge their oversight function

effectively. Subject to the approval of

the Chairman, the directors, whether

as a group or individually, may seek

and obtain independent professional

advice to assist them in their duties,

at the expense of the Company.

As a general rule, board papers are

required to be distributed to the

directors at least seven days before the

board meeting so that the directors may

better understand the matters prior

to the board meeting and discussion

may be focused on questions that the

directors may have. Directors are

provided with tablet devices to facilitate

their access to and review of board

materials. However, sensitive matters

may be tabled at the meeting itself

and discussed. Managers who can

provide additional insights into the

matters at hand would be present

at the relevant time during the

board meeting.

The Board is briefed on prospective

deals and potential developments at

an early stage before formal board

approval is sought, and relevant

information on business initiatives,

industry developments and analyst

and press commentaries on matters

in relation to Keppel or the industries

in which it operates are circulated

to the directors from time to time.

Management is also expected to

provide the Board with accurate

information in a timely manner

concerning Keppel’s progress or

shortcomings in meeting its strategic

business objectives or financial

targets and other information

relevant to the strategic issues facing

Keppel. In this aspect, the Board is

regularly updated on new projects

and the progress of Keppel’s pivot

74

KEPPEL LTD.

Corporate Governance

GOVERNANCE

meetings. This allows for efficient

and coordinated decision making

while enabling the Board to maintain

appropriate oversight through the

adoption of a risk-based approach for

escalation of material or significant

matters, and leveraging the existing

risk management framework for

high-risk matters to be reported at

the Company’s board committees’

meetings, and where applicable,

Board meetings. The Board receives

summaries of these discussions prior

to each Board meeting. Minutes of

the discussions are also shared

promptly with the Board.

BOARD COMPOSITION AND

SUCCESSION PLANNING

Principle 2:

The Board has an appropriate level of

independence and diversity of thought

and background in its composition

to enable it to make decisions in the

best interests of the company.

Principle 4:

The Board has a formal and transparent

process for the appointment and

re-appointment of directors, taking

into account the need for progressive

renewal of the Board.

Nominating Committee

The Nominating Committee (“NC”)

comprises entirely NEDs, the majority

of whom (including the chairman of

the NC) are independent, namely:

•

Mr Shirish Apte

Independent Chairman

•

Mr Danny Teoh

Non-Executive and

Non-Independent Member

•

Mr Piyush Gupta

Independent Member

(from 1 July 2025)

•

Mr Olivier Blum

Independent Member

•

Mr Tham Sai Choy

Independent Member

The NC is responsible for making

recommendations to the Board on

board appointments, overseeing

where the appropriate composition

of the Board is continually under

review. In this regard, the Board

has put in place a formal process for

the renewal of the Board and the

selection of new directors so that

the experience of longer-serving

directors can be drawn upon while

tapping into new external perspectives

and insights which more recent

appointees bring to the Board’s

deliberation. The NC leads the

process and makes recommendation

to the Board on the appointment

of new directors and re-nomination

of directors.

the Board and senior management’s

succession and leadership

development plans and conducting

annual review of board diversity,

board size, board independence, and

directors’ commitments. The NC

meets four times a year and as

warranted by particular circumstances.

The detailed terms of reference of the

NC are disclosed on page 97 herein.

Board Succession Planning

The Board believes that orderly

succession and renewal are achieved

as a result of careful planning,

Process for appointment of new directors

Process for re-nomination of retiring Directors

a. NC reviews annually the balance and

mix of skills, knowledge, experience,

diversity of profiles and Board size

which would facilitate decision

making. In this review, the NC

would also take into account the

needs of Keppel, the collective

skills and competencies of the 

Board and service tenure spread

of the directors.

a. Pursuant to the Constitution, one-third

of the directors shall retire from office

at the Company’s annual general

meeting every year, and a director

appointed after the last annual

general meeting shall only hold office

until the next annual general meeting.

If eligible, these directors may submit

themselves for re-election.

b. In the light of such review and in

consultation with management, the NC

assesses if there is any inadequate

representation in respect of any of

those attributes and if so, determines

the role and the desirable competencies

for a particular appointment.

b. NC reviews each director’s eligibility,

contribution and performance (such as

attendance, preparedness, participation

and candour), with reference to the

results of the assessment of the

performance of the individual director

by his/her peers and his/her tenure.

c. The NC will in all cases take into

consideration the following objective

criteria identified as necessary for the

Board and board committees to

be effective:

i. Integrity

ii. Independent-mindedness

iii. Able to commit time and effort to carry

out duties and responsibilities effectively

iv. Track record of making good decisions

v. Experience in high-performing companies

vi. Financial literacy

c. NC makes recommendations to the Board

for approval.

d. External help (for example, external

search consultants) are used

periodically to source for potential

candidates. Directors and management

may also make recommendations.

e. NC meets with the shortlisted

candidate(s) to assess suitability and to

ensure that the candidate(s) is/are

aware of the expectations and the level

of commitment required.

f. NC makes recommendations to the

Board for approval.

75

Annual Report 2025

OBJECTIVE

To continue to optimise the size,

skill matrix and diversity of the Board,

considering the new Keppel direction

and strategy. This would include sourcing

for candidates with specialisations in

asset management and management

of large scale complex projects

across the Company’s domains, and

aiming to have approximately 30% of

the Board comprise female directors

by 2030, bearing in mind the

recommendations of Singapore’s

Council for Board Diversity.

In February 2026, a further review

of the skills, knowledge, talents,

experience and other aspects of

diversity that had been identified

to help accelerate Keppel’s

transformation to become a global

asset manager and operator, and for

succession planning purposes, was

undertaken. It was noted by the NC

that the focus of the Board diversity

objectives for the next rolling 3-year

period from FY 2026 to FY 2028

could be as shown on the right.

Objectives

Progress

To consider and align the optimum size and

skill matrix of the Board in light of Keppel’s

new business direction as a global asset manager

and operator, with a focus on candidates with

specialisations in asset management and

infrastructure know-how, while being mindful of

the various pertinent diversity factors such as

gender, age, race/ethnicity and nationality.

The NC, together with the Board, continued

to assess and consider potential candidates

with the relevant skills and experience,

against a variety of diversity factors, in the

course of 2025.

Mr Piyush Gupta was appointed to the Board

as Deputy Chairman and a Non-Executive

Independent Director in July 2025. The Board,

at the recommendation of the Nominating

Committee which had reviewed and

evaluated Mr Gupta’s leadership and

experience in driving business and digital

transformation, business acumen, skillsets,

knowledge, expertise and stature, was of the

view that Mr Gupta would be a suitable

addition to the Board as Keppel accelerates

its progress towards becoming a leading

global asset manager and operator.

The Board currently comprises two female

directors. Potential female candidates with

suitable skills and experience had also been

assessed and considered by the NC, together

with the Board, in FY 2025 as the Company

continues to work towards its aim of having

approximately 30% of the Board comprise

female directors by 2030.

Achievement of Qualitative and Measurable Quantitative Objectives Identified

Under the Board Diversity Policy for the Period FY 2025 to FY 2027, and Adoption

of New Rolling 3-year Board Diversity Objective for the Period FY 2026 to FY 2028

The objectives identified by the NC in February 2025 for the period FY 2025 to

FY 2027 were reviewed in February 2026. The progress towards achieving such

objectives as at the end of FY 2025 are set out below:

Annual Review of Board Diversity

Keppel recognises that diversity in

relation to composition of the Board

provides a range of perspectives,

insights and challenge needed to

support good decision making for the

benefit of Keppel, and is committed

to ensuring that the Board comprises

directors who, as a group, provide an

appropriate balance and mix of skills,

knowledge, experience, and other

aspects of diversity (such as gender,

age, race/ethnicity and nationality)

so as to promote the inclusion of

different perspectives and ideas,

mitigate against groupthink and

ensure that Keppel has the opportunity

to benefit from all available talent.

The final decision on the appointment

of directors would be based on

the objective criteria set by the

Board from time to time on the

recommendation of the NC after

having regard to the benefits of

diversity and the needs of the Board.

The Company has in place a Board

Diversity Policy that sets out the

framework and approach for the

Board to set its qualitative and

measurable quantitative objectives

for achieving diversity, and to

annually assess progress in

achieving these objectives. The

annual assessment is led by

the NC as part of the process for

appointment of new directors and

Board succession planning. To help

the NC identify gaps (if any) in skills,

knowledge, experience and other

aspects of diversity in the board

composition in any given year of

assessment, each member of the

Board is required to complete a

Board and Skills Diversity Matrix to

indicate which of the list of skills,

talents, knowledge, experience and

other aspects of diversity (identified

by the NC, and set out in the Board

and Skills Diversity Matrix, as being

able to contribute to Keppel’s

strategy and business) the Board

member possesses. The returns

from the Board members are then

consolidated into a single Board and

Skills Diversity Matrix to highlight the

Board’s current mix of skills, knowledge,

experience and other aspects of

diversity and gaps therein if any.

The Board will, taking into

consideration the recommendations

of the NC, review and agree annually

the qualitative and measurable

quantitative objectives for achieving

diversity on the Board.

76

KEPPEL LTD.

Corporate Governance

GOVERNANCE

TENURE (%)

44.5

33.3

22.2

100.0

0–4 years

5–9 years

Above 9 years

Total

66.7

22.2

11.1

100.0

Chinese

Indian

Caucasian

Total

RACE OR ETHNICITY (%)

11.1

11.1

33.4

22.2

22.2

100.0

51–55

56–60

61–65

66–70

71–75

Total

AGE (%)

COUNTRY OF ORIGIN, NATIONALITY OR

CULTURAL BACKGROUND (%)

77.8

11.1

11.1

100.0

Singaporean

French

British

Total

GENDER (%)

22.2

77.8

100.0

Female

Male

Total

Skills, Knowledge,

Talents and Experience

• Finance/Accounting

• Risk Management

• Sustainability

• Digital/Technology

• Mergers & Acquisitions

• Corporate Finance/Banking

and Finance Management

• Human Resource

• Legal

• Strategic Planning Experience

• Customer-based Experience

or Knowledge

• Industry Knowledge – Infrastructure

• Industry Knowledge – Real Estate

• Industry Knowledge – Connectivity

• Industry Knowledge – Asset Management

• International Perspective

• Regional Experience

• Renewable Energy

• Policy/Economics

• Business/Entrepreneurship

• Corporate Governance

• Transformation

Other Aspects of Diversity

77

Annual Report 2025

Retirements and Re-nomination

Pursuant to the Constitution, Board

members are subject to retirement

by rotation and, if eligible, may

submit themselves for re-election

at the AGM of the Company. For

the upcoming AGM, Mr Danny Teoh,

Mr Olivier Blum and Mr Jimmy Ng will

be retiring by rotation pursuant to

the Constitution. Mr Piyush Gupta,

having been appointed after the

AGM held in FY 2025, will also be

retiring at the upcoming AGM.

Mr Piyush Gupta, Mr Olivier Blum and

Mr Jimmy Ng, being eligible, will be

seeking re-election. Mr Danny Teoh,

although eligible, will not be seeking

re-election.

The NC has reviewed the

abovementioned directors’ eligibility,

contribution and performance, and

taking into account the results of the

recent peer assessment, is of the

view that the directors have given

sufficient time and attention to the

affairs of Keppel and have been able

to discharge their duties as directors

effectively. The Board, at the

recommendation of the NC, approved

the nomination of Mr Piyush Gupta,

Mr Olivier Blum and Mr Jimmy Ng for

re-election at the upcoming AGM.

Succession Planning for

Key Management Personnel

The NC reviews succession plans for

the CEO and other key management

personnel, taking into account

Keppel’s long-term strategy and

objectives, the orderly succession

of key management personnel,

and contingency planning for

preparedness against sudden and

unforeseen changes.

A Board Mentorship framework was

introduced in 2021 to support the

development of a new generation

of leaders, and subsequently

extended to a bigger group of

senior leaders. The objective was for

Board members to act as a sounding

board and provide seasoned counsel

and feedback to enable the new

leadership to perform their roles

more effectively. In addition, Keppel

offered executive education and

executive coaching to senior leaders

to support their development, as

part of continuing efforts to deepen

and widen its bench strength.

Annual Review of Board Independence

The NC determines on an annual

basis whether or not a director

is independent. In February 2026,

the NC carried out a review of

the independence of each director

based on the respective directors’

self-declaration in the Directors’

Independence Checklist and their

actual performance on the Board

and board committees, taking into

account the listing rules on the

circumstances in which a director

will not be deemed independent and

guidance in the 2018 CG Code as to

the circumstances in which a director

should not be deemed independent.

In this connection, the NC noted

that Mr Danny Teoh had served

more than nine years on the Board

and, consistent with the approach

taken since the re-designation of

Mr Teoh as non-executive and

non-independent Chairman with

effect from 1 January 2022, deemed

Mr Teoh as non-independent.

The NC deemed Mr Loh Chin Hua

as non-independent given his

executive role of CEO of the Company,

consistent with the approach taken

in previous years.

The NC noted that Mr Piyush Gupta

had declared his non-executive

chairmanship on Temasek International

Advisors Pte. Ltd. The NC considers

Mr Gupta independent of Temasek

as his appointment on Temasek

International Advisors Pte. Ltd. is

non-executive, advisory in nature

and he does not sit on this board

as a representative of Temasek and

does not take any instructions from

Temasek in acting as a non-executive

director. The NC also considered that

Mr Gupta had stepped down from

his role as the Chief Executive Officer

of DBS in March 2025, prior to his

appointment as Deputy Chairman

of Keppel in July 2025. As DBS is

a leading bank in Singapore and

Southeast Asia, it is not unexpected

that its services would be sought

by Keppel from time to time.

For good corporate governance,

Mr Gupta will recuse himself from

voting whenever there is any conflict

of interest. Taking these factors into

consideration, along with Mr Gupta’s

invaluable contributions to the

Board and board committees,

the NC unanimously agreed that

Mr Gupta had at all times exercised

independent judgment in the

best interests of Keppel in the

discharge of his director’s duties

and should therefore be deemed an

independent director.

The NC noted that Mr Tham Sai Choy

had declared his non-executive,

independent directorship on DBS

Group Holdings, DBS Bank Ltd.,

and DBS Bank (China) Limited, which

provide banking services to Keppel.

The NC considered that such interests

had already been declared to the

Board, and that Mr Tham would

abstain from voting whenever there

was potential conflict of interest.

The NC further considered that, as

DBS was a leading bank in Singapore

and Southeast Asia, it was not

unexpected that its services would be

sought by Keppel from time to time.

Taking these factors into consideration,

along with Mr Tham’s invaluable

contributions to the Board and board

committees, the NC unanimously

agreed that Mr Tham had at all times

exercised independent judgment in

the best interests of Keppel in the

discharge of his director’s duties

and should therefore continue to be

deemed an independent director.

The NC noted that Mrs Penny Goh is

a Senior Advisor of Allen & Gledhill

LLP (“A&G”) which provides legal

services to Keppel, and is also a

non-executive, independent director

and Chair of HSBC Bank Singapore

Limited. Mrs Goh had declared that

she does not hold a partnership

interest in A&G and is not involved

in the selection and appointment of

legal advisors of Keppel and does

not regard the business relationship

with A&G as something that could

affect her independent judgment.

Mrs Goh had also declared that she

is not involved in the selection and

appointment of financial institutions

for Keppel. The NC considered that

as A&G is one of the top law firms

in Singapore and HSBC Bank is also

a leading bank in Singapore and

Southeast Asia, it is not unexpected

that the services of A&G and HSBC

Bank would be sought by Keppel from

time to time. Taking these factors into

consideration, along with Mrs Goh’s

78

KEPPEL LTD.

Corporate Governance

GOVERNANCE

invaluable contributions to the

Board and board committees,

the NC unanimously agreed that

Mrs Goh had at all times exercised

independent judgment in the best

interests of Keppel in the discharge

of her director’s duties and should

therefore continue to be deemed an

independent director.

The NC noted that Mr Shirish Apte

had declared his non-executive,

independent directorship on Singapore

Life Holdings Pte. Ltd., Standard

Chartered PLC, London and Hillhouse

Investment Management Ltd.. The NC

considered that such interests had

already been declared to the Board,

and that Mr Shirish Apte would abstain

from voting whenever there was

potential conflict of interest. The NC

further considered that, as Standard

Chartered is a leading bank globally,

it is not unexpected that its services

would be sought by Keppel from time

to time. Noting Mr Shirish Apte’s

absence of relationship to Keppel

which could interfere or be perceived

to interfere with his independent

judgment, the absence of circumstances

which would deem him to be

non-independent, and his invaluable

contributions to the Board and board

committees, the NC unanimously

agreed that Mr Shirish Apte had at all

times exercised independent judgment

in the best interests of Keppel in the

discharge of his director’s duties and

should therefore continue to be

deemed an independent director.

The NC noted that Mr Jimmy Ng

currently does not hold any executive

nor advisory role in DBS. Mr Ng had

stepped down from an executive role

in DBS to an advisory role for the bank’s

artificial intelligence efforts in July

2025, and has since ceased to hold

this advisory role after 31 December

2025. These movements had been

made publicly known since February

2025. The NC considered these matters

and noted that even in the period

prior to July 2025, Mr Ng would abstain

from voting whenever there was

potential conflict of interest. The NC

further noted Mr Ng’s non-executive,

independent appointments on

companies which are subsidiaries

of Temasek. The NC considers Mr Ng

independent of Temasek as his

appointment on the boards of these

companies are non-executive in

nature and he is not involved in

the day-to-day conduct of these

businesses. In addition, he does

not sit on these boards as a

representative of Temasek and does

not take any instructions from Temasek

in acting as a non-executive director.

Taking these factors into consideration,

along with Mr Ng’s invaluable

contributions to the Board and board

committees, the NC unanimously

agreed that Mr Ng had at all times

exercised independent judgment in

the best interests of Keppel in the

discharge of his director’s duties

and should therefore continue to be

deemed an independent director.

The NC noted that Mr Olivier Blum

declared himself independent and

that he was the Chief Executive Officer

of Schneider Electric. The NC considered

that such interests had already

been declared to the Board, and that

Mr Blum would abstain from voting

whenever there was potential conflict

of interest. As a world leading energy

player, it is not unexpected that

Schneider Electric’s services would

be sought by Keppel from time to

time. The NC further noted Mr Blum’s

declaration that Schneider Electric is

a minor supplier of Keppel and that the

transaction value of all transactions

between Keppel and Schneider

Electric is not material and in any

event less than 1% of either Keppel’s

or Schneider Electric’s turnover.

Taking these factors into consideration,

along with Mr Blum’s invaluable

contributions to the Board and board

committees, the NC unanimously

agreed that Mr Blum had at all times

exercised independent judgment in

the best interests of Keppel in the

discharge of his director’s duties and

should therefore continue to be

deemed an independent director.

The NC noted that Ms Ang Wan Ching

had declared herself independent.

Noting Ms Ang’s absence of relationship

to Keppel which could interfere or

be perceived to interfere with her

independent judgment, the absence

of circumstances which would deem

her to be non-independent, and her

invaluable contributions to the Board

and board committees, the NC

unanimously agreed that Ms Ang had

at all times exercised independent

judgment in the best interests

of Keppel in the discharge of

her director’s duties and should

therefore continue to be deemed

an independent director.

Following the review, the NC was

of the view that Mr Piyush Gupta,

Mr Tham Sai Choy, Mrs Penny Goh,

Mr Shirish Apte, Mr Olivier Blum,

Mr Jimmy Ng and Ms Ang Wan Ching

should be deemed non-executive

and independent directors, while

Mr Danny Teoh should be deemed a

non-executive and non-independent

director. The Board has reviewed the

basis of the NC’s recommendations

and concurred with the assessment

of independence in respect of the

abovementioned directors. In view

of the above, the Board currently

comprises a majority of independent

directors, with a total of nine

directors, of whom seven are

independent. Taking into account

the independence and diversity of

the Board, the NC was of the view

that the Board has an appropriate

level of independence and diversity

of thought and background in its

composition to enable it to make

decisions in the best interests of

Keppel. However, the NC also noted

the need for ongoing assessment

and renewal of the Board to further

hone the relevant expertise and

experience of the Board which

would help drive Keppel’s strategy.

The NC continues to actively source

for candidates in this regard.

Annual Review of Board Size

The Board, in concurrence with the

NC, was of the view that a Board

size of nine directors would be

appropriate to facilitate effective

decision making, taking into

account the nature and scope

of the operations of Keppel, the

requirements of Keppel’s business

and the need to avoid undue

disruptions from changes to the

composition of the Board and board

committees. The NC will continue to

consider and review the optimum

Board size and skill matrix given

Keppel’s new business direction,

bearing in mind pertinent diversity

factors and succession planning

considerations. No individual or

small group of individuals dominate

the Board’s decision making.

79

Annual Report 2025

Board. The evaluation for FY 2025 was

conducted by the NC Chairman.

Formal Process and Performance

Criteria: The evaluation processes

and performance criteria applied

in the process are disclosed in

Appendix 1. The performance criteria

was similar to that adopted in

previous years.

Objectives and Benefits: The board

assessment exercise provides an

opportunity to obtain constructive

feedback from each director on

whether the Board’s procedures and

processes allow him/her to discharge

his/her duties effectively and the

changes which should be made to

enhance the effectiveness of the

Board and/or board committees.

The assessment exercise also helps

directors to focus on their key

responsibilities and allows for peer

review with a view to raising the

quality of Board members. It also

assists the NC in determining whether

to re-nominate directors who are due

for retirement at the next AGM, and

whether directors with multiple board

representations were nevertheless able

to and did adequately discharge their

duties as directors of the Company.

REMUNERATION REPORT

Principle 6:

The Board has a formal and

transparent procedure for developing

policies on director and executive

remuneration, and for fixing the

remuneration packages of individual

directors and key management

personnel. No director is involved in

deciding his or her own remuneration.

Principle 7:

The level and structure of remuneration

of the Board and key management

personnel are appropriate and

proportionate to the sustained

performance and value creation of

the company, taking into account the

strategic objectives of the company.

Principle 8:

The company is transparent on its

remuneration policies, level and

mix of remuneration, the procedure

for setting remuneration, and the

relationship between remuneration,

performance and value creation.

Annual Review of

Directors’ Commitments

The NC assesses annually whether a

director with other listed company

board representations and/or other

principal commitments is able to

and has been adequately carrying

out his/her duties as a director of

the Company. Instead of fixing a

maximum number of listed company

board representations and/or other

principal commitments that a director

may have, the NC assesses holistically

whether a director is able to and has

been adequately carrying out his/her

duties as a director of the Company,

taking into account the results of the

assessment of the effectiveness of

the individual director, the level of

commitment required of the director’s

listed company board representations

and/or other principal commitments,

and the director’s actual conduct and

participation on the Board and board

committees, including availability

and attendance at regular scheduled

meetings and ad hoc meetings. The NC

is of the view that such an assessment

is sufficiently robust to detect and

address, on a timely basis, any time

commitment issues that may hinder

the effectiveness of the directors.

The NC conducted an assessment in

February 2026 and was of the view

that each director has given sufficient

time and attention to the affairs of

Keppel and has been able to discharge

his/her duties as director effectively.

The NC noted that based on the

attendance of board and board

committee meetings during the year,

the directors were able to participate

in at least a substantial number of

such meetings to carry out their

duties. The NC also noted that, based

on the recent individual director

assessment for FY 2025, all the

directors performed well. The NC was

therefore satisfied that in FY 2025,

where a director had other listed

company board representations

and/or other principal commitments,

the director was able and had been

adequately carrying out his/her

duties as director of the Company.

Nominee Director Policy

At the recommendation of the NC, the

Board approved the adoption of the

Company’s Nominee Director Policy in

January 2009. For the purposes of the

policy, a “Nominee Director” is a

person who, at the request of the

Company, acts as director (whether

executive or non-executive) on the

board of another company or entity

(“Investee Company”) to oversee and

monitor the activities of the relevant

Investee Company so as to safeguard

the Company’s investment in the

company. The purpose of the policy

is to highlight certain obligations of

a person while acting in his/her capacity

as a Nominee Director. The policy also

sets out the internal process for the

appointment and resignation of a

Nominee Director. The policy is

reviewed and amended as required

to take into account current best

practices and changes in the law

and stock exchange requirements.

Alternate Director

The Company has no alternate

directors on the Board.

Key Information Regarding Directors

The following key information

regarding directors is set out in the

following pages of this Annual Report:

Pages 28 to 31: Academic and

professional qualifications, board

committees served on (as a member

or chairman), date of first appointment

as director, date of last re-election as

director, directorships or chairmanships

both present and past held over the

preceding five years in other companies

and other major appointments,

whether appointment is executive or

non-executive, whether considered

by the NC to be independent, and

details of their membership on board

committees; and

Page 120: Shareholding in the

Company and its subsidiaries.

BOARD PERFORMANCE

Principle 5:

The Board undertakes a formal annual

assessment of its effectiveness as a

whole, and that of each of its board

committees and individual directors.

The Board has implemented

formal processes for assessing the

effectiveness of the Board as a whole,

each of its board committees, and

the contribution by the Chairman and

peer assessment of the individual

directors to the effectiveness of the

80

KEPPEL LTD.

Corporate Governance

GOVERNANCE

DIRECTORS’ FEE STRUCTURE

Basic Fee (per annum)

Board Chairman

$750,000 (all-in)

Board Member

$120,000

Lead Independent Director

$24,000

Additional Fees for Membership

in Board Committees (per annum)

Chairman

Member

Audit Committee

$72,000

$48,000

Board Risk Committee

$67,000

$43,000

Remuneration Committee

$47,000

$31,000

Board Sustainability and Safety Committee

$47,000

$31,000

Nominating Committee

$44,000

$28,000

REMUNERATION COMMITTEE

The Remuneration Committee (“RC”)

comprises entirely non-executive

directors, the majority of whom

(including the chairman of the RC)

are independent, namely:

•

Mrs Penny Goh

Independent Chairman

•

Mr Danny Teoh

Non-Independent Member

•

Mr Shirish Apte

Independent Member

•

Mr Piyush Gupta

Independent Member

(from 1 July 2025)

The RC is responsible for ensuring a

formal and transparent procedure

for developing policies on director

and executive remuneration and

for determining the remuneration

packages of individual directors and

senior management. The RC assists

the Board to ensure that remuneration

policies and practices are sound in

that they are able to attract, retain

and motivate without being excessive,

thereby maximising shareholder

value. The RC recommends to the

Board, for endorsement, a framework

of remuneration (which covers all

aspects of remuneration including

directors’ fees, salaries, allowances,

bonuses, share-based incentives

and awards, benefits-in-kind and

termination payments) and the specific

remuneration packages for each

director and the key management

personnel. The RC also reviews the

remuneration of senior management

and administers the Keppel Restricted

Share Plan, Keppel Performance

Share Plan (the “Keppel RSP” and

“Keppel PSP”) and Keppel Carried

Interest Programme. The Keppel RSP

and the Keppel PSP (collectively, the

“Keppel Share Plans”) were approved

by shareholders at the AGM held on

2 June 2020. In addition, the RC reviews

Keppel’s obligations arising in the

event of termination of the executive

directors’ and key management

personnel’s contract of service,

to ensure that such contracts of

service contain fair and reasonable

termination clauses which are not

overly generous.

The detailed terms of reference of the

RC are disclosed on pages 97 to 98

herein.

Access to Expert Advice: The RC has

access to expert advice from external

remuneration consultants where

required. The RC regularly seeks views

from external remuneration consultant,

Willis Towers Watson, on market

practice and trends, and benchmarks

against comparable organisations.

The RC undertook a review of the

independence and objectivity of the

external remuneration consultants

through discussions with the external

remuneration consultants and

has confirmed that the external

remuneration consultants had no

relationships with the Company which

would affect their independence

and objectivity.

Policy in Respect of Non-executive

Directors’ Remuneration

Each NED’s remuneration comprises

a basic fee and an additional fee

for services performed on board

committees. The chairman of each

board committee is also paid a higher

fee compared with the members of

the respective committees in view

of the greater responsibility carried

by that office. The directors’ fee

structure is regularly benchmarked

with comparable listed companies to

ensure that their remuneration is fair

and appropriate.

The NEDs participated in additional

ad-hoc meetings with management

during the year and are not paid for

attending such meetings. Executive

directors are not paid directors’ fees.

The RC, in consultation with Willis

Towers Watson, conducted a review

of the NED fee structure in 2025. The

review took into account a variety of

factors, including prevailing market

practices and referencing fees

against comparable benchmarks

locally and globally, as well as the

roles and responsibilities of the

Board and board committees. The

revised directors’ fee structure will

take effect from FY 2026 and is set

out in the table below.

Shareholders’ approval for the payment

of directors’ fees will be sought at

each AGM. If approved, each NED

(including the Chairman) will receive

70% of his/her total directors’ fees

in cash (“Cash Component”) and

30% in the form of shares in the

Company. (“Remuneration Shares”)

(both amounts subject to adjustment

as described below). The Cash

Component is paid half-yearly

in arrears. The Remuneration Shares

are paid after the next AGM has

been held. The actual number of

Remuneration Shares to be purchased

from the market for delivery to the

respective NEDs will be determined

based on the volume-weighted average

price of a share on the SGX-ST over

the 10 trading days from (and including)

the day on which the shares are first

quoted ex-dividend after the date

of the AGM or, if the final dividend

resolution is not passed, over the

10 trading days immediately following

the date of the AGM (such applicable

period, the “VWAP Period”). The actual

number of Remuneration Shares will

be rounded down to the nearest

hundred and any residual balance will

be paid in cash. The Remuneration

Shares will be purchased from the

market as soon as practicable on

a date following the VWAP Period.

In the event such purchase date falls

81

Annual Report 2025

within a restricted period of trading,

the Remuneration Shares will be

purchased on the first trading day

immediately after the end of the

restricted period of trading. The

Remuneration Shares will rank

pari passu with the then existing

issued shares of the Company. Such

incorporation of an equity component

in the total remuneration of the NEDs

is intended to align the interests of the

NEDs with those of the shareholders’

and the long-term interests of

the Company. A NED who steps

down before the payment of the

Remuneration Shares will receive all

of his directors’ fees for that year

(calculated on a pro-rated basis,

where applicable) in cash.

With effect from FY 2026, a NED

is required to hold shares in the

Company worth at least one year

of the basic retainer fee for a Director

(currently $120,000) or the total number

of shares awarded under the above

policy, whichever is lower, at all times

during his or her Board tenure. This

encourages the alignment of the

interests of the NEDs with the

interests of shareholders.

The aggregate directors’ fees for NEDs

for FY 2026 are subject to shareholders’

approval at the forthcoming AGM. The

amount of directors’ fees has been

computed taking into consideration

the number of board committee

representations by the NEDs and

also caters for additional fees (if any)

which may be payable due to the

formation of additional board

Committees, or additional Board or

board Committee members being

appointed in the course of FY 2026.

In the event that the amount proposed

is insufficient, approval will be sought

at the next AGM before payments are

made to the NEDs for the shortfall

amount. The Chairman and the NEDs

will abstain from voting and will procure

their respective associates to abstain

from voting in respect of this resolution.

The RC is of the view that the

remuneration of NEDs is appropriate

to their level of contribution, taking

into account factors such as effort,

time spent and responsibilities, and

to attract, retain and motivate the

directors to provide good stewardship

of the Company.

Remuneration Policy in Respect

of Executive Director and Other

Key Management Personnel

The Company advocates a

performance-based remuneration

system that is highly flexible and

responsive to the external

environment and performance of

Keppel and individual employees,

and is aligned with shareholders’

and other stakeholders’ interests.

The RC periodically reviews

the Company’s scorecard and

remuneration structure to ensure

that it supports Keppel’s vision and

long-term strategy. In designing the

remuneration structure, the RC seeks

to ensure that the level and mix of

remuneration is competitive, relevant

and appropriate in finding a balance

between current versus long-term

remuneration, and between cash

versus equity incentive remuneration,

and appropriate to attract, retain

and motivate key management

personnel to successfully manage

Keppel for the longer term.

The total remuneration structure

reflects the following four

key objectives:

a. Shareholder Alignment:

To incorporate performance

measures that are aligned to

shareholders’ interests;

b. Long-term Orientation:

To motivate employees to drive

sustainable long-term growth;

c. Simplicity: To ensure that the

remuneration structure is easy

to understand and communicated

to stakeholders; and

d. Synergy: To facilitate talent

mobility and enhance

collaboration across Keppel.

The total remuneration structure

comprises three main components;

that is, annual fixed cash, annual

performance bonus and the Keppel

Share Plans. The annual fixed cash

component comprises the annual

basic salary plus any other fixed

allowances. The size of the Company’s

annual performance bonus pot is

Corporate Scorecard

Drivers

Vision 2030

Value Creation &

Transformation

Outcomes

Financial