Keppel BN4

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Financials

Keppel Annual Report 2025

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Financial Highlights — for the year, per share, year-end, return and shareholder distributions

26 metrics

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Financial Highlights — for the year, per share, year-end, return and shareholder distributions from Keppel Annual Report 2025
Metric / unit	2025Group; as reported; definitions in source notes	2024Group; as reported; definitions in source notes	2025% Change (2025 vs 2024)	Source
For the year ($ million)
Revenue – Continuing operations$ million	5,983	5,784	3	PDF p. 6
Profit
Operating – Continuing operations$ million	1,122	1,145	-2	PDF p. 6
EBITDA10 – Continuing operations$ million	1,791	1,451	23	PDF p. 6
Before tax – Continuing operations$ million	1,316	1,044	26	PDF p. 6
Net profit – Continuing operations$ million	1,016	787	29	PDF p. 6
Net profit – Continuing and discontinued operations$ million	789	940	-16	PDF p. 6
Net profit – excluding non-core portfolio and discontinued operations$ million	1,100	793	39	PDF p. 6
For the year
Operating cash flow$ million	662	200	231	PDF p. 6
Free cash flow11$ million	611	901	-32	PDF p. 6
Per share ($)
Earnings$ per share	0.44	0.52	-17	PDF p. 6
Earnings – excluding non-core portfolio and discontinued operations$ per share	0.61	0.44	37	PDF p. 6
Net assets$ per share	5.81	5.95	-2	PDF p. 6
Net tangible assets$ per share	5.58	5.12	9	PDF p. 6
At year end ($ million)
Shareholders’ funds$ million	10,463	10,754	-3	PDF p. 6
Perpetual securities$ million	402	402	0	PDF p. 6
Non-controlling interests$ million	321	270	19	PDF p. 6
Total equity$ million	11,186	11,426	-2	PDF p. 6
Net debt$ million	9,127	9,771	-7	PDF p. 6
At year end
Net debt to EBITDA (times)times	5.1	5.9	-14	PDF p. 6
Net debt to EBITDA7 – excluding non-core portfolio and discontinued operations (times)times	2.0	2.3	-13	PDF p. 6
Return on shareholders’ funds (%)
Net profit%	7.4	8.9	-17	PDF p. 6
Net profit – excluding non-core portfolio and discontinued operations6%	18.7	14.9	26	PDF p. 6
Shareholders’ value; Distribution (cents per share)
Interim cash dividendcents per share	15	15	–	PDF p. 6
Final cash dividendcents per share	19	19	–	PDF p. 6
Total distributioncents per share	47	34	38	PDF p. 6
Shareholders’ value
Share price ($)12$	10.35	6.84	51	PDF p. 6

Definitions & sources

Original report: PDF p. 6 ↗

n.m.f. denotes no meaningful figure.

Table notes printed on page 6: 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.

Printed change column retained as printed and scoped to 2025 vs 2024. Definitions and significant comparison context: page 6 states n.m.f. denotes no meaningful figure. At year end, the two net debt to EBITDA measures are reported and the latter excludes non-core portfolio and discontinued operations. FCF notes specify the included financing components and the 2024 consolidation.

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.

n.m.f. denotes no meaningful figure. 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.

The third comparison column gives percentage change for 2025 versus 2024; row units apply to the two annual amount columns. Qualified n.m.f. and >500 changes remain in the source notes of their respective rows.

Balance Sheets

50 metrics

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Balance Sheets from Keppel Annual Report 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Equity
Share capital$’000	1,305,668	1,305,668	1,305,668	1,305,668	PDF p. 120
Treasury shares$’000	(153,693)	(96,082)	(153,693)	(96,082)	PDF p. 120
Reserves$’000	9,310,617	9,544,611	6,392,326	6,447,016	PDF p. 120
Share capital & reserves$’000	10,462,592	10,754,197	7,544,301	7,656,602	PDF p. 120
Perpetual securities$’000	401,521	401,521	401,521	401,521	PDF p. 120
Non–controlling interests$’000	322,067	269,943	–	–	PDF p. 120
Total equity$’000	11,186,180	11,425,661	7,945,822	8,058,123	PDF p. 120
Non-current assets
Fixed assets$’000	3,680,730	4,236,095	924	1,779	PDF p. 120
Investment properties$’000	4,868,629	5,331,793	–	–	PDF p. 120
Right-of-use assets$’000	172,645	215,723	1,435	4,923	PDF p. 120
Intangibles$’000	408,417	1,501,570	–	–	PDF p. 120
Subsidiaries$’000	–	–	7,578,905	7,933,797	PDF p. 120
Associated companies and joint ventures$’000	7,605,122	7,114,144	–	–	PDF p. 120
Investments$’000	1,738,224	1,744,887	20,211	17,483	PDF p. 120
Deferred tax assets$’000	89,059	85,219	–	–	PDF p. 120
Derivative assets$’000	44,754	93,837	33,709	81,007	PDF p. 120
Contract assets$’000	1,623	17,030	–	–	PDF p. 120
Long term assets$’000	715,787	698,959	131,830	182,100	PDF p. 120
Non-current assets subtotal
Subtotal$’000	19,324,990	21,039,257	7,767,014	8,221,089	PDF p. 120
Current assets
Stocks$’000	1,098,617	1,923,662	–	–	PDF p. 120
Contract assets$’000	238,614	349,126	–	–	PDF p. 120
Current assets: Amounts due from
– subsidiaries$’000	–	–	10,489,321	9,068,794	PDF p. 120
– associated companies and joint ventures$’000	463,824	258,517	150	80	PDF p. 120
Current assets
Debtors$’000	1,473,466	1,624,727	47,303	28,361	PDF p. 120
Derivative assets$’000	4,582	10,450	1,456	3,087	PDF p. 120
Short term investments$’000	112,126	151,082	94,159	147,895	PDF p. 120
Bank balances, deposits & cash$’000	2,309,407	2,301,533	6,138	274,831	PDF p. 120
Current assets subtotal
Subtotal$’000	5,700,636	6,619,097	10,638,527	9,523,048	PDF p. 120
Current assets
Disposal group and assets classified as held for sale$’000	2,062,191	–	–	–	PDF p. 120
Current assets subtotal
Subtotal$’000	7,762,827	6,619,097	10,638,527	9,523,048	PDF p. 120
Current liabilities
Creditors$’000	2,383,827	2,730,241	95,055	95,514	PDF p. 120
Derivative liabilities$’000	40,897	64,851	9,793	52,658	PDF p. 120
Contract liabilities$’000	83,652	49,821	–	–	PDF p. 120
Provisions$’000	120,174	138,420	–	–	PDF p. 120
Current liabilities: Amounts due to
– subsidiaries$’000	–	–	241,471	184,010	PDF p. 120
– associated companies and joint ventures$’000	169,582	94,999	2,237	472	PDF p. 120
Current liabilities
Term loans$’000	1,906,467	1,389,004	1,457,963	1,098,473	PDF p. 120
Lease liabilities$’000	12,632	37,615	1,062	4,188	PDF p. 120
Taxation$’000	242,891	266,093	4,357	9,900	PDF p. 120
Current liabilities subtotal
Subtotal$’000	4,960,122	4,771,044	1,811,938	1,445,215	PDF p. 120
Current liabilities
Liabilities directly associated with disposal group and assets classified as held for sale$’000	818,592	–	–	–	PDF p. 120
Current liabilities subtotal
Subtotal$’000	5,778,714	4,771,044	1,811,938	1,445,215	PDF p. 120
Net current assets
Net current assets$’000	1,984,113	1,848,053	8,826,589	8,077,833	PDF p. 120
Non-current liabilities
Term loans$’000	9,409,036	10,509,001	8,493,628	8,161,900	PDF p. 120
Lease liabilities$’000	107,826	136,528	–	781	PDF p. 120
Deferred tax liabilities$’000	323,529	419,607	198	333	PDF p. 120
Derivative liabilities$’000	161,564	63,694	125,799	49,629	PDF p. 120
Other non–current liabilities$’000	120,968	332,819	28,156	28,156	PDF p. 120
Non-current liabilities subtotal
Subtotal$’000	10,122,923	11,461,649	8,647,781	8,240,799	PDF p. 120
Net assets
Net assets$’000	11,186,180	11,425,661	7,945,822	8,058,123	PDF p. 120

Definitions & sources

Original report: PDF p. 120 ↗

Balance sheets are dated 31 December 2025. Monetary units are $’000 as printed in the statement header. The source page presents Group and Company columns together; values are ordered Group 2025, Group 2024, Company 2025, Company 2024.

The page heading states “The accompanying notes form an integral part of these financial statements.” No additional statement footnotes appear on this page.

Consolidated Profit or Loss Account

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Consolidated Profit or Loss Account from Keppel Annual Report 2025
Metric / unit	2025Group, continuing and discontinued operations	2024Group, comparative re-presented for discontinued operation	Source
Continuing operations
Revenue$’000	5,982,987	5,784,058	PDF p. 121
Materials, subcontract and other costs$’000	(4,237,364)	(4,304,734)	PDF p. 121
Staff costs$’000	(629,232)	(592,870)	PDF p. 121
Depreciation and amortisation$’000	(170,483)	(85,220)	PDF p. 121
Expected credit loss on financial assets$’000	(11,102)	(8,162)	PDF p. 121
Other operating income – net$’000	187,715	352,576	PDF p. 121
Operating profit$’000	1,122,521	1,145,648	PDF p. 121
Investment income$’000	40,734	60,637	PDF p. 121
Interest income$’000	117,332	81,889	PDF p. 121
Interest expenses$’000	(420,819)	(402,388)	PDF p. 121
Share of results of associated companies and joint ventures$’000	457,520	158,621	PDF p. 121
Profit before tax$’000	1,317,288	1,044,407	PDF p. 121
Taxation$’000	(305,687)	(231,038)	PDF p. 121
Profit from continuing operations for the year$’000	1,011,601	813,369	PDF p. 121
Discontinued operations
Profit/(loss) from discontinued operations, net of tax$’000	(270,147)	160,845	PDF p. 121
Total operations
Profit for the year$’000	741,454	974,214	PDF p. 121
Attributable to shareholders of the Company
– from continuing operations$’000	1,016,287	787,818	PDF p. 121
– from discontinued operations$’000	(227,779)	152,334	PDF p. 121
Attributable to shareholders of the Company subtotal
Subtotal$’000	788,508	940,152	PDF p. 121
Attributable
Perpetual securities holders$’000	11,600	11,568	PDF p. 121
Non-controlling interests$’000	(58,654)	22,494	PDF p. 121
Attributable subtotal
Subtotal$’000	741,454	974,214	PDF p. 121
Earnings per ordinary share
– basiccents per ordinary share	43.5	52.3	PDF p. 121
– dilutedcents per ordinary share	43.1	51.7	PDF p. 121
Earnings per ordinary share – Continuing operations
– basiccents per ordinary share	56.0	43.8	PDF p. 121
– dilutedcents per ordinary share	55.6	43.4	PDF p. 121

Definitions & sources

Original report: PDF p. 121 ↗

2024 comparative information has been re-presented due to a discontinued operation (Note 38). Earnings-per-share amounts are printed in cents.

Consolidated Statement of Comprehensive Income

20 metrics

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Consolidated Statement of Comprehensive Income from Keppel Annual Report 2025
Metric / unit	2025Group	2024Group; re-presented comparison	Source
Total comprehensive income
Profit for the year$’000	741,454	974,214	PDF p. 122
Items that may be reclassified subsequently to profit or loss account: Cash flow hedges
– Fair value changes arising during the year, net of tax$’000	(220,043)	89,940	PDF p. 122
– Realised and transferred to profit or loss account$’000	73,530	(84,804)	PDF p. 122
Items that may be reclassified subsequently to profit or loss account: Foreign exchange translation
– Exchange differences arising during the year$’000	(196,763)	(39,180)	PDF p. 122
– Realised and transferred to profit or loss account$’000	80,578	18,745	PDF p. 122
Items that may be reclassified subsequently to profit or loss account: Share of other comprehensive income of associated companies and joint ventures
– Cash flow hedges$’000	(21,941)	(25,816)	PDF p. 122
– Foreign exchange translation$’000	(108,901)	(39,581)	PDF p. 122
Items that may be reclassified subtotal
Subtotal$’000	(393,540)	(80,696)	PDF p. 122
Items that will not be reclassified subsequently to profit or loss account: Financial assets, at FVOCI
– Fair value changes arising during the year$’000	21,557	(71,560)	PDF p. 122
Items that will not be reclassified subsequently to profit or loss account: Foreign exchange translation
– Exchange differences arising during the year$’000	(3,939)	(3,074)	PDF p. 122
Items that will not be reclassified subsequently to profit or loss account: Share of other comprehensive income of associated companies and joint ventures
– Financial assets, at FVOCI$’000	(482)	635	PDF p. 122
Items that will not be reclassified subtotal
Subtotal$’000	17,136	(73,999)	PDF p. 122
Other comprehensive income
Other comprehensive loss for the year, net of tax$’000	(376,404)	(154,695)	PDF p. 122
Total comprehensive income
Total comprehensive income for the year$’000	365,050	819,519	PDF p. 122
Attributable to shareholders of the Company
– from continuing operations$’000	643,786	680,445	PDF p. 122
– from discontinued operations$’000	(227,779)	108,106	PDF p. 122
Attributable to shareholders of the Company subtotal
Subtotal$’000	416,007	788,551	PDF p. 122
Attributable
Perpetual securities holders$’000	11,600	11,568	PDF p. 122
Non-controlling interests$’000	(62,557)	19,400	PDF p. 122
Attributable subtotal
Subtotal$’000	365,050	819,519	PDF p. 122

Definitions & sources

Original report: PDF p. 122 ↗

2024 comparative information is marked with an asterisk and the printed footnote reads: “* Comparative information has been re-presented due to a discontinued operation (Note 38).”

The statement heading says “The accompanying notes form an integral part of these financial statements.”

Net profit – Discontinued operations

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Net profit – Discontinued operations from Keppel Annual Report 2025
Metric / unit	20252025	20242024	Source
Profit
Net profit – Discontinued operations$ million	(227)	153	PDF p. 6

Definitions & sources

Original report: PDF p. 6 ↗

n.m.f. denotes no meaningful figure.

The report's third-column change is printed as n.m.f..

Printed percentage change (2025 vs 2024): n.m.f..

Special dividends (cash & dividend in-specie5)

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Special dividends (cash & dividend in-specie5) from Keppel Annual Report 2025
Metric / unit	20252025	20242024	Source
Shareholders’ value; Distribution (cents per share)
Special dividends (cash & dividend in-specie5)cents per share	13	–	PDF p. 6

Definitions & sources

Original report: PDF p. 6 ↗

n.m.f. denotes no meaningful figure.

The report's third-column change is printed as n.m.f..

Printed percentage change (2025 vs 2024): n.m.f..

Total shareholder return (%)13

1 metrics

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Total shareholder return (%)13 from Keppel Annual Report 2025
Metric / unit	20252025	20242024	Source
Shareholders’ value
Total shareholder return (%)13%	58.5	2.0	PDF p. 6

Definitions & sources

Original report: PDF p. 6 ↗

n.m.f. denotes no meaningful figure.

The report's third-column change is printed as >500.

Printed percentage change (2025 vs 2024): >500.

Group Five-Year Performance — selected profit or loss, balance sheet, per-share data and financial ratios

13 metrics

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Group Five-Year Performance — selected profit or loss, balance sheet, per-share data and financial ratios from Keppel Annual Report 2025
Metric / unit	2021Group	2022Group	2023Group	2024Group	2025Group	Source
Selected Profit or Loss Account Data ($ million)
Revenue$ million	6,611	6,620	6,967	5,784	5,983	PDF p. 231
Operating profit$ million	1,129	565	1,076	1,145	1,122	PDF p. 231
Profit before tax$ million	1,611	1,095	1,213	1,044	1,316	PDF p. 231
Net profit from Continuing Operations$ million	1,248	839	885	787	1,016	PDF p. 231
Net profit from Discontinued Operations$ million	(225)	88	3,182	153	(227)	PDF p. 231
Net profit attributable to shareholders of the Company$ million	1,023	927	4,067	940	789	PDF p. 231
Per Share
Earnings (cents) (Note 1)cents	56	52	228	52	44	PDF p. 231
Total distribution (cents)cents	33	33	270	34	47	PDF p. 231
Net assets ($)$ per share	6.41	6.38	5.85	5.95	5.81	PDF p. 231
Net tangible assets ($)$ per share	5.53	5.49	4.98	5.12	5.58	PDF p. 231
Financial Ratios
Return on shareholders’ funds (%) (Note 2) – continuing operations%	11.1	7.3	8.2	7.5	9.6	PDF p. 231
Return on shareholders’ funds (%) (Note 2)%	9.1	8.1	37.9	8.9	7.4	PDF p. 231
Dividend cover (times)times	1.7	1.6	0.9	1.5	0.9	PDF p. 231

Definitions & sources

Original report: PDF p. 231 ↗

All five-year summary table footnotes printed on page 231: # On 27 February 2023 and 28 February 2023, the Asset Co Transaction and the Proposed Combination (Note 38 of FY 2024 audited financial statements) were completed respectively. Consequent to the completion, in accordance with SFRS(I) 5 Non-current Assets Held for Sale and Discontinued Operations, the performance of Keppel O&M, as a separate reportable operating segment, excluding certain out-of-scope assets, for the period from 1 January to 28 February 2023 and the gain arising from the Proposed Combination, and the comparative financial year ended 31 December 2022 and 31 December 2021, were reported as discontinued operations. * Following the share purchase agreement announced on 11 August 2025 (Note 38) and 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 year ended 31 December 2025 and comparative period 31 December 2024. There is no re-presentation of comparatives for financial years prior to FY 2024. In addition, FY 2025’s net profit from discontinued operations includes write-down of the Seatrium indemnity claim receivable and FY 2024’s net profit from discontinued operations includes the write-back of certain cost provisions made in 2023 pursuant to the Proposed Combination, as well as the recognition of claim against Seatrium Limited in respect of certain liabilities pursuant to an agreement in connection with the Proposed Combination respectively. ^ Numbers are for continuing operations. ~ FY 2023 includes the dividend in-specie of Seatrium shares and Keppel REIT units which are equivalent to approximately 236 cents. FY 2025 includes 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. Notes: 1. Earnings per share are calculated based on the Group net profit for the year and the weighted average number of shares in issue during the year. 2. In calculating return on shareholders' funds, average shareholders' funds has been used.

Group Five-Year Performance — Selected Balance Sheet Data

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Group Five-Year Performance — Selected Balance Sheet Data from Keppel Annual Report 2025
Metric / unit	2021Group	2022Group	2023Group	2024Group	2025Group	Source
Selected Balance Sheet Data ($ million)
Fixed assets, investment properties & right-of-use assets$ million	6,830	5,501	5,781	9,784	8,723	PDF p. 231
Associated companies, joint ventures and investments$ million	7,525	8,324	8,474	9,010	9,455	PDF p. 231
Notes receivables, stocks, debtors, cash, long term assets & other assets$ million	15,851	6,146	10,687	7,362	6,440	PDF p. 231
Disposal group and assets classified as held for sale$ million	528	9,530	362	–	2,062	PDF p. 231
Intangibles$ million	1,589	1,564	1,534	1,502	408	PDF p. 231
Total assets$ million	32,323	31,065	26,838	27,658	27,088	PDF p. 231
Selected Balance Sheet Data ($ million); Less:
Creditors and other current liabilities$ million	7,049	3,522	3,372	3,344	3,041	PDF p. 231
Liabilities directly associated with disposal group and assets classified as held for sale$ million	38	4,224	307	–	819	PDF p. 231
Term loans & lease liabilities$ million	12,017	10,380	11,139	12,072	11,436	PDF p. 231
Other non-current liabilities$ million	778	1,026	1,003	816	606	PDF p. 231
Selected Balance Sheet Data ($ million)
Net assets$ million	12,441	11,913	11,017	11,426	11,186	PDF p. 231
Share capital & reserves$ million	11,655	11,178	10,307	10,754	10,463	PDF p. 231
Perpetual securities$ million	401	401	402	402	402	PDF p. 231
Non-controlling interests$ million	385	334	308	270	321	PDF p. 231
Total equity$ million	12,441	11,913	11,017	11,426	11,186	PDF p. 231

Definitions & sources

Original report: PDF p. 231 ↗

Header markers # and * and row markers ^ and ~ are footnote markers; see physical page 231 for definitions.

Share Performance — per-share data and ratios

14 metrics

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Share Performance — per-share data and ratios from Keppel Annual Report 2025
Metric / unit	2021Group	2022Group	2023Group	2024Group	2025Group	Source
Share Price ($)*
Share Price ($)* — Last transacted (Note 3)$	5.12	7.26	7.07	6.84	10.35	PDF p. 233
High$	5.76	7.72	7.27	7.45	10.38	PDF p. 233
Low$	4.81	5.06	4.45	5.76	5.61	PDF p. 233
Volume weighted average (Note 2)$	5.30	6.64	6.02	6.69	7.90	PDF p. 233
Per Share
Earnings (cents) (Note 1)cents	56.2	52.1	227.6	52.3	43.5	PDF p. 233
Earnings – Continuing operations (cents) (Note 1)cents	–	47.2	49.5	43.8	56.0	PDF p. 233
Total distribution (cents)cents	33	33	270	34	47	PDF p. 233
Distribution yield (%) (Note 2)%	6.2	5.0	44.8	5.1	5.9	PDF p. 233
Price earnings ratio (Note 2)ratio	9.4	14.1	12.2	15.3	14.1	PDF p. 233
Net tangible assets (NTA) backing ($)$ per share	5.53	5.49	4.98	5.12	5.58	PDF p. 233
At Year End
Share price ($)$	5.12	7.26	7.07	6.84	10.35	PDF p. 233
Distribution yield (%) (Note 3)%	6.4	4.5	38.1	5.0	4.5	PDF p. 233
Price earnings ratio (Note 3)ratio	9.1	15.4	14.3	15.6	18.5	PDF p. 233
Price to NTA ratio (Note 3)ratio	0.9	1.3	1.4	1.3	1.9	PDF p. 233

Definitions & sources

Original report: PDF p. 233 ↗

Share Performance notes printed on page 233: 1. Earnings per share are calculated based on the Group net profit for the year and the weighted average number of shares in issue during the year. 2. Volume weighted average share price is used in calculating distribution yield and price earnings ratio. 3. Last transacted share price is used in calculating distribution yield, price earnings ratio and price to NTA ratio. * Historical share prices are not adjusted for special dividends, capital distribution and dividend in-specie. ^ For FY 2025, FY 2024, FY 2023 and FY 2022, Price earnings ratio is computed using Price over Earnings per Share from Continuing Operations.

Consolidated Statement of Cash Flows

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Consolidated Statement of Cash Flows from Keppel Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Cash flows
Operating profit$’000	864,789	1,323,313	PDF p. 126
Depreciation and amortisation$’000	244,308	207,516	PDF p. 126
Share-based payment expenses$’000	45,684	53,906	PDF p. 126
Gain on sale of fixed assets and investment properties$’000	(896)	(7,799)	PDF p. 126
Gain on disposal of subsidiaries$’000	(140,959)	(116,458)	PDF p. 126
Gain on disposal of a business$’000	–	(2,301)	PDF p. 126
Gain on disposal of associated companies and joint ventures$’000	(84,608)	(1,251)	PDF p. 126
Gain on sale of interests in associated companies and joint ventures$’000	(32,201)	(443)	PDF p. 126
Impairment/write-off of right-of-use assets, intangible assets and fixed assets$’000	334,762	25,032	PDF p. 126
Impairment of joint ventures$’000	37,119	17,970	PDF p. 126
Fair value (gain)/loss on investment properties$’000	30,264	(342,344)	PDF p. 126
Gain from change in interest in associated companies$’000	(6,149)	(37,604)	PDF p. 126
Fair value gain on investments, associated companies and joint ventures$’000	(45,198)	(58,383)	PDF p. 126
Net fair value loss on notes receivables$’000	–	19,162	PDF p. 126
Gain from reclassification of an associated company to investment carried at fair value through profit or loss$’000	–	(12,711)	PDF p. 126
Fair value gain on remeasurement of previously held interest upon acquisition of a subsidiary$’000	(6,629)	–	PDF p. 126
Fair value (gain)/loss on remeasurement of remaining interest in a joint venture$’000	(169,180)	17,430	PDF p. 126
Remeasurement loss on assets held for sale$’000	26,005	–	PDF p. 126
Unrealised foreign exchange differences$’000	(131,913)	12,115	PDF p. 126
Operational cash flow before changes in working capital$’000	965,198	1,097,150	PDF p. 126
Stocks$’000	373,709	198,091	PDF p. 126
Contract assets$’000	58,328	49,605	PDF p. 126
Debtors$’000	(74,901)	(116,363)	PDF p. 126
Creditors$’000	(115,124)	(281,233)	PDF p. 126
Contract liabilities$’000	37,799	(116,731)	PDF p. 126
Trade amount due from associated companies and joint ventures$’000	2,075	13,425	PDF p. 126
Interest received$’000	117,332	81,889	PDF p. 126
Interest paid$’000	(430,493)	(409,406)	PDF p. 126
Net income taxes paid, net of refunds received$’000	(272,375)	(316,084)	PDF p. 126
Net cash from operating activities$’000	661,548	200,343	PDF p. 126
Acquisition of subsidiaries$’000	(459,094)	940,201	PDF p. 126
Acquisition and further investment in associated companies and joint ventures$’000	(599,120)	(399,130)	PDF p. 126
Acquisition of fixed assets, investment properties, intangible assets and investments$’000	(513,879)	(611,418)	PDF p. 126
Disposal of subsidiaries$’000	496,375	(27,175)	PDF p. 126
Disposal of a business$’000	–	2,002	PDF p. 126
Proceeds from disposal of fixed assets, investment properties, and investments$’000	157,867	128,710	PDF p. 126
Proceeds from disposal of associated companies and joint ventures and return of capital$’000	219,836	287,367	PDF p. 126
Amounts due to associated companies, joint ventures and other advances/deposits$’000	(35,379)	(48,814)	PDF p. 126
Repayment received from notes receivables$’000	–	71,288	PDF p. 126
Deposit received from divestment of a subsidiary$’000	9,364	7,472	PDF p. 126
Dividends received from investments, associated companies and joint ventures$’000	438,018	350,431	PDF p. 126
Net cash (used in)/from investing activities$’000	(286,012)	700,934	PDF p. 126
Acquisition of additional interest in subsidiaries$’000	2,485	–	PDF p. 127
Proceeds from non-controlling shareholders of subsidiaries$’000	87,797	14,421	PDF p. 127
Proceeds from term loans$’000	7,009,978	4,960,280	PDF p. 127
Repayment of term loans$’000	(6,708,457)	(4,217,338)	PDF p. 127
Principal element of lease payments$’000	(80,004)	(40,019)	PDF p. 127
Dividend paid to shareholders of the Company$’000	(616,954)	(608,092)	PDF p. 127
Dividend paid to non-controlling shareholders of subsidiaries$’000	(18,798)	(26,425)	PDF p. 127
Net advances from non-controlling shareholders of certain subsidiaries and other parties$’000	125,076	65,345	PDF p. 127
Distribution to perpetual securities holders$’000	(11,600)	(11,568)	PDF p. 127
Purchase of treasury shares$’000	(115,995)	–	PDF p. 127
Net cash (used in)/from financing activities$’000	(326,472)	136,604	PDF p. 127
Net increase in cash and cash equivalents$’000	49,064	1,037,881	PDF p. 127
Cash and cash equivalents as at beginning of year$’000	2,291,009	1,265,091	PDF p. 127
Effects of exchange rate changes on the balance of cash held in foreign currencies$’000	(23,173)	(11,963)	PDF p. 127
Cash and cash equivalents as at end of year$’000	2,316,900	2,291,009	PDF p. 127

Definitions & sources

Original report: PDF p. 126 ↗ PDF p. 127 ↗

A and B refer to the acquisition/disposal notes on physical page 128. C refers to the cash and cash equivalents note.

Consolidated Statement of Changes in Equity

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Consolidated Statement of Changes in Equity from Keppel Annual Report 2025
Metric / unit	2025Share Capital	2025Treasury Shares	2025Capital Reserves	2025Revenue Reserves	2025Foreign Exchange Translation Account	2025Share Capital & Reserves	2025Perpetual Securities	2025Non-controlling Interests	2025Total Equity	Source
Opening balances
As at 1 January 2025$’000	1,305,668	(96,082)	45,003	10,337,915	(838,307)	10,754,197	401,521	269,943	11,425,661	PDF p. 123
Comprehensive income
Profit for the year$’000	–	–	–	788,508	–	788,508	11,600	(58,654)	741,454	PDF p. 123
Equity movements
Other comprehensive income*$’000	–	–	(147,415)	–	(225,086)	(372,501)	–	(3,903)	(376,404)	PDF p. 123
Total comprehensive income for the year$’000	–	–	(147,415)	788,508	(225,086)	416,007	11,600	(62,557)	365,050	PDF p. 123
Transactions with owners
Dividends paid (Note 32)$’000	–	–	–	(616,954)	–	(616,954)	–	–	(616,954)	PDF p. 123
Share-based payment$’000	–	–	43,496	–	–	43,496	–	–	43,496	PDF p. 123
Equity movements
Dividend paid to non-controlling shareholders$’000	–	–	–	–	–	–	–	(18,798)	(18,798)	PDF p. 123
Transactions with owners
Purchase of treasury shares$’000	–	(115,995)	–	–	–	(115,995)	–	–	(115,995)	PDF p. 123
Equity movements
Treasury shares reissued pursuant to share plans$’000	–	58,384	(58,384)	–	–	–	–	–	–	PDF p. 123
Transfer of statutory, capital and other reserves from revenue reserves$’000	–	–	9,755	(9,755)	–	–	–	–	–	PDF p. 123
Contribution by non-controlling shareholders$’000	–	–	–	–	–	–	–	87,239	87,239	PDF p. 123
Distribution paid to perpetual securities holders$’000	–	–	–	–	–	–	(11,600)	–	(11,600)	PDF p. 123
Other adjustments$’000	–	–	(7,990)	(200)	–	(8,190)	–	7,424	(766)	PDF p. 123
Total contributions by and distributions to owners$’000	–	(57,611)	(13,123)	(626,909)	–	(697,643)	(11,600)	75,865	(633,378)	PDF p. 123
Acquisition of subsidiary$’000	–	–	–	–	–	–	–	7,855	7,855	PDF p. 123
Acquisition of additional interest in subsidiaries$’000	–	–	(12,883)	–	–	(12,883)	–	12,454	(429)	PDF p. 123
Disposal of interest in subsidiaries$’000	–	–	–	–	–	–	–	17,949	17,949	PDF p. 123
Dilution of interest in subsidiary without loss of control$’000	–	–	2,674	(2,075)	2,315	2,914	–	558	3,472	PDF p. 123
Total change in ownership interests in subsidiaries$’000	–	–	(10,209)	(2,075)	2,315	(9,969)	–	38,816	28,847	PDF p. 123
Total transactions with owners$’000	–	(57,611)	(23,332)	(628,984)	2,315	(707,612)	(11,600)	114,681	(604,531)	PDF p. 123
Closing balances
As at 31 December 2025$’000	1,305,668	(153,693)	(125,744)	10,497,439	(1,061,078)	10,462,592	401,521	322,067	11,186,180	PDF p. 123

Definitions & sources

Original report: PDF p. 123 ↗

The asterisk following “Other comprehensive income” refers to the accompanying note on page 124 (Group statement) or the source financial statement note. Values are in $’000.

Consolidated Statement of Changes in Equity

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Consolidated Statement of Changes in Equity from Keppel Annual Report 2025
Metric / unit	2024Share Capital	2024Treasury Shares	2024Capital Reserves	2024Revenue Reserves	2024Foreign Exchange Translation Account	2024Share Capital & Reserves	2024Perpetual Securities	2024Non-controlling Interests	2024Total Equity	Source
Opening balances
As at 1 January 2024$’000	1,305,668	(387,316)	196,079	9,971,301	(778,291)	10,307,441	401,521	307,598	11,016,560	PDF p. 124
Comprehensive income
Profit for the year$’000	–	–	–	940,152	–	940,152	11,568	22,494	974,214	PDF p. 124
Equity movements
Other comprehensive income*$’000	–	–	(91,585)	–	(60,016)	(151,601)	–	(3,094)	(154,695)	PDF p. 124
Total comprehensive income for the year$’000	–	–	(91,585)	940,152	(60,016)	788,551	11,568	19,400	819,519	PDF p. 124
Transactions with owners
Dividends paid (Note 32)$’000	–	–	–	(608,092)	–	(608,092)	–	–	(608,092)	PDF p. 124
Share-based payment$’000	–	–	51,940	–	–	51,940	–	–	51,940	PDF p. 124
Equity movements
Dividend paid to non-controlling shareholders$’000	–	–	–	–	–	–	–	(26,425)	(26,425)	PDF p. 124
Treasury shares reissued pursuant to share plans$’000	–	82,843	(82,843)	–	–	–	–	–	–	PDF p. 124
Treasury shares reissued pursuant to acquisition (Note 12)$’000	–	208,391	6,031	–	–	214,422	–	–	214,422	PDF p. 124
Transfer to revenue reserves$’000	–	–	(34,554)	34,554	–	–	–	–	–	PDF p. 124
Contribution by non-controlling shareholders$’000	–	–	–	–	–	–	–	14,421	14,421	PDF p. 124
Distribution paid to perpetual securities holders$’000	–	–	–	–	–	–	(11,568)	–	(11,568)	PDF p. 124
Contributions to defined benefits plans$’000	–	–	(65)	–	–	(65)	–	119	54	PDF p. 124
Total contributions by and distributions to owners$’000	–	291,234	(59,491)	(573,538)	–	(341,795)	(11,568)	(11,885)	(365,248)	PDF p. 124
Disposal of interest in subsidiaries$’000	–	–	–	–	–	–	–	(45,170)	(45,170)	PDF p. 124
Total change in ownership interests in subsidiaries$’000	–	–	–	–	–	–	–	(45,170)	(45,170)	PDF p. 124
Total transactions with owners$’000	–	291,234	(59,491)	(573,538)	–	(341,795)	(11,568)	(57,055)	(410,418)	PDF p. 124
Closing balances
As at 31 December 2024$’000	1,305,668	(96,082)	45,003	10,337,915	(838,307)	10,754,197	401,521	269,943	11,425,661	PDF p. 124

Definitions & sources

Original report: PDF p. 124 ↗

The asterisk following “Other comprehensive income” refers to the accompanying note on page 124 (Group statement) or the source financial statement note. Values are in $’000.

Statement of Changes in Equity

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Statement of Changes in Equity from Keppel Annual Report 2025
Metric / unit	2025Share Capital	2025Treasury Shares	2025Capital Reserves	2025Revenue Reserves	2025Share Capital & Reserves	2025Perpetual Securities	2025Total Equity	Source
Opening balances
As at 1 January 2025$’000	1,305,668	(96,082)	162,295	6,284,721	7,656,602	401,521	8,058,123	PDF p. 125
Comprehensive income
Profit for the year$’000	–	–	–	574,425	574,425	11,600	586,025	PDF p. 125
Other comprehensive income$’000	–	–	2,727	–	2,727	–	2,727	PDF p. 125
Equity movements
Total comprehensive income for the year$’000	–	–	2,727	574,425	577,152	11,600	588,752	PDF p. 125
Transactions with owners
Dividends paid (Note 32)$’000	–	–	–	(616,954)	(616,954)	–	(616,954)	PDF p. 125
Share-based payment$’000	–	–	43,496	–	43,496	–	43,496	PDF p. 125
Purchase of treasury shares$’000	–	(115,995)	–	–	(115,995)	–	(115,995)	PDF p. 125
Equity movements
Treasury shares reissued pursuant to share plans$’000	–	58,384	(58,384)	–	–	–	–	PDF p. 125
Distribution paid to perpetual securities holders$’000	–	–	–	–	–	(11,600)	(11,600)	PDF p. 125
Transactions with owners
Total transactions with owners$’000	–	(57,611)	(14,888)	(616,954)	(689,453)	(11,600)	(701,053)	PDF p. 125
Closing balances
As at 31 December 2025$’000	1,305,668	(153,693)	150,134	6,242,192	7,544,301	401,521	7,945,822	PDF p. 125

Definitions & sources

Original report: PDF p. 125 ↗

The asterisk following “Other comprehensive income” refers to the accompanying note on page 124 (Group statement) or the source financial statement note. Values are in $’000.

Statement of Changes in Equity

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Statement of Changes in Equity from Keppel Annual Report 2025
Metric / unit	2024Share Capital	2024Treasury Shares	2024Capital Reserves	2024Revenue Reserves	2024Share Capital & Reserves	2024Perpetual Securities	2024Total Equity	Source
Opening balances
As at 1 January 2024$’000	1,305,668	(387,316)	187,697	6,157,804	7,263,853	401,521	7,665,374	PDF p. 125
Comprehensive income
Profit for the year$’000	–	–	–	735,009	735,009	11,568	746,577	PDF p. 125
Other comprehensive income$’000	–	–	(530)	–	(530)	–	(530)	PDF p. 125
Equity movements
Total comprehensive income for the year$’000	–	–	(530)	735,009	734,479	11,568	746,047	PDF p. 125
Transactions with owners
Dividends paid (Note 32)$’000	–	–	–	(608,092)	(608,092)	–	(608,092)	PDF p. 125
Share-based payment$’000	–	–	51,940	–	51,940	–	51,940	PDF p. 125
Equity movements
Treasury shares reissued pursuant to share plans$’000	–	82,843	(82,843)	–	–	–	–	PDF p. 125
Treasury shares reissued pursuant to acquisition (Note 12)$’000	–	208,391	6,031	–	214,422	–	214,422	PDF p. 125
Distribution paid to perpetual securities holders$’000	–	–	–	–	–	(11,568)	(11,568)	PDF p. 125
Transactions with owners
Total transactions with owners$’000	–	291,234	(24,872)	(608,092)	(341,730)	(11,568)	(353,298)	PDF p. 125
Closing balances
As at 31 December 2024$’000	1,305,668	(96,082)	162,295	6,284,721	7,656,602	401,521	8,058,123	PDF p. 125

Definitions & sources

Original report: PDF p. 125 ↗

The asterisk following “Other comprehensive income” refers to the accompanying note on page 124 (Group statement) or the source financial statement note. Values are in $’000.

Key Performance Indicators

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Key Performance Indicators from Keppel Annual Report 2025
Metric / unit	2025New Keppel	2025Change (%) 2025 vs 2024	2024New Keppel comparative	Source
Key performance indicators
Revenue$ million	5,983	3	5,784	PDF p. 40
Net profit$ million	789	(16)	940	PDF p. 40
Net profit excluding non-core portfolio and discontinued operations$ million	1,100	39	793	PDF p. 40
Earnings per Sharecents per share	44	(17)	52	PDF p. 40
Earnings per Share excluding non-core portfolio and discontinued operationscents per share	61	37	44	PDF p. 40
Return on Equity%	7.4	(17)	8.9	PDF p. 40
Return on Equity excluding non-core portfolio and discontinued operations%	18.7	26	14.9	PDF p. 40
Operating cash flow$ million	662	231	200	PDF p. 40
Free cash flow$ million	611	(32)	901	PDF p. 40
Total dividend per sharecents per share	47	38	34	PDF p. 40
Total ordinary cash dividend per sharecents per share	34	–	34	PDF p. 40

Definitions & sources

Original report: PDF p. 40 ↗

Financial indicators are for the New Keppel unless otherwise stated. The report says the New Keppel excludes the Non-Core Portfolio for Divestment and discontinued operations; 2024 comparatives were restated accordingly.

The report’s footnote 5 states FY2025 free cash flow includes approximately $235 million financing component funded via bank borrowing in connection with the acquisition of Global Marine Group; see physical page 40.

Value-Added Statements

25 metrics

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Value-Added Statements from Keppel Annual Report 2025
Metric / unit	2021Group; includes discontinued operations	2022Group; includes discontinued operations	2023Group; includes discontinued operations	2024Group; includes discontinued operations	2025Group; includes discontinued operations	Source
Value added from
Revenue earned$ million	8,625	9,419	7,597	6,601	6,752	PDF p. 232
Less: purchases of materials and services$ million	(6,603)	(7,527)	(5,491)	(4,737)	(4,683)	PDF p. 232
Gross value added from operation$ million	2,022	1,892	2,106	1,864	2,069	PDF p. 232
Interest and investment income$ million	221	225	153	143	158	PDF p. 232
Share of results of associated companies and joint ventures$ million	467	540	323	162	460	PDF p. 232
Other operating income/(expenses)^$ million	398	221	3,189	378	(227)	PDF p. 232
Total value added$ million	3,108	2,878	5,771	2,547	2,460	PDF p. 232
Distribution of Group’s value added
To employees in wages, salaries and benefits$ million	1,116	1,133	800	712	731	PDF p. 232
To government in taxation$ million	325	278	277	244	311	PDF p. 232
Interest on borrowings$ million	251	293	367	409	431	PDF p. 232
Distributions to our Perpetual Securities holders$ million	–	12	12	12	12	PDF p. 232
Dividends to our partners in subsidiaries$ million	11	33	16	26	19	PDF p. 232
Dividends to our shareholders$ million	346	643	4,721	608	617	PDF p. 232
Subtotal$ million	608	981	5,116	1,055	1,079	PDF p. 232
Total Distribution$ million	2,049	2,392	6,193	2,011	2,121	PDF p. 232
Balance retained in the business
Depreciation & amortisation$ million	406	242	221	208	244	PDF p. 232
Perpetual Securities holders$ million	3	–	–	–	–	PDF p. 232
Non-controlling interests share of profits in subsidiaries$ million	(27)	(38)	11	(4)	(77)	PDF p. 232
Retained profit for the year$ million	677	282	(654)	332	172	PDF p. 232
Subtotal$ million	1,059	486	(422)	536	339	PDF p. 232
Subtotal$ million	3,108	2,878	5,771	2,547	2,460	PDF p. 232
Average headcount (number)number	16,393	17,238	12,245	5,249	4,964	PDF p. 232
Productivity data
Value added per employee ($’000)$’000	190	167	471	485	496	PDF p. 232
Value added per dollar employment cost ($)$ per dollar employment cost	2.78	2.54	7.21	3.58	3.37	PDF p. 232
Value added per dollar sales ($)$ per dollar sales	0.36	0.31	0.76	0.39	0.36	PDF p. 232

Definitions & sources

Original report: PDF p. 232 ↗

Five-year years are printed 2021#, 2022#, 2023#, 2024#, 2025#. The # note states value-added includes Discontinued Operations and explains the 2023 transaction and M1 re-presentation; see physical page 232.

The ^ footnote after “Other operating income/(expenses)” is a marker, not a digit in the value. The source defines it on page 232.

Profit/(Loss) Before Tax by Division

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Profit/(Loss) Before Tax by Division from Keppel Annual Report 2025
Metric / unit	2024Group; continuing operations	2025Group; continuing operations	Source
Continuing operations
Infrastructure$ million	792	925	PDF p. 45
Real Estate$ million	193	330	PDF p. 45
Connectivity$ million	169	206	PDF p. 45
Corporate Activities$ million	(134)	(136)	PDF p. 45
Non-Core Portfolio$ million	24	(9)	PDF p. 45

Definitions & sources

Original report: PDF p. 45 ↗

Numbers are for continuing operations.

ROE & Dividend

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ROE & Dividend from Keppel Annual Report 2025
Metric / unit	2021Group; as reported	2022Group; as reported	2023Group; as reported	2024Group; as reported	2025Group; as reported	Source
As reported, includes distributions in specie
ROE¹ (%)%	9.1	8.1	37.9	8.9	7.4	PDF p. 45
Full Year Dividend (cents)cents per share	33	33	270	34	47	PDF p. 45
Interim Dividend (cents)cents per share	12	15	15	15	15	PDF p. 45

Definitions & sources

Original report: PDF p. 45 ↗

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).

Where the money comes from

Segment information

By business

Segment analysis 2025 by business segment (Note 37) 25 lines

Segment analysis 2025 by business segment (Note 37)
Item / unit	2025Infrastructure	2025Real Estate	2025Connectivity	2025Corporate Activities	2025Non-Core Portfolio for Divestment	2025Elimination	2025Total	Source
Revenue
External sales$'000	4,132,434	215,775	933,987	1,072	699,719	–	5,982,987	PDF p. 203
Inter-segment sales$'000	21,435	5,323	18,884	98,195	5,444	(149,281)	–	PDF p. 203
Total$'000	4,153,869	221,098	952,871	99,267	705,163	(149,281)	5,982,987	PDF p. 203
Segment Results
Operating profit$'000	792,046	126,476	110,121	(130,682)	220,222	4,338	1,122,521	PDF p. 203
Investment income$'000	35,661	1,048	177	362	3,486	–	40,734	PDF p. 203
Interest income$'000	71,384	24,839	9,961	743,542	52,176	(784,570)	117,332	PDF p. 203
Interest expenses$'000	(65,615)	(92,085)	(27,871)	(748,927)	(266,553)	780,232	(420,819)	PDF p. 203
Share of results of associated companies and joint ventures$'000	91,948	269,568	113,947	–	(17,943)	–	457,520	PDF p. 203
Profit/(loss) before tax$'000	925,424	329,846	206,335	(135,705)	(8,612)	–	1,317,288	PDF p. 203
Taxation$'000	(128,923)	(55,649)	(26,631)	(4,157)	(90,327)	–	(305,687)	PDF p. 203
Profit/(loss) from continuing operations for the year$'000	796,501	274,197	179,704	(139,862)	(98,939)	–	1,011,601	PDF p. 203
Attributable to
Shareholders of Company$'000	803,099	272,868	175,082	(151,462)	(83,300)	–	1,016,287	PDF p. 203
Perpetual securities holders$'000	–	–	–	11,600	–	–	11,600	PDF p. 203
Non-controlling interests$'000	(6,598)	1,329	4,622	–	(15,639)	–	(16,286)	PDF p. 203
External revenue from contracts with customers
– At a point in time$'000	220,361	20,993	622,365	–	357,080	–	1,220,799	PDF p. 203
– Over time$'000	3,912,073	148,012	306,838	1,072	258,114	–	4,626,109	PDF p. 203
Other sources of revenue$'000	–	46,770	4,784	–	84,525	–	136,079	PDF p. 203
Other Information
Segment assets*$'000	4,951,637	5,384,544	4,954,258	12,516,762	14,695,794	(15,415,178)	27,087,817	PDF p. 203
Segment liabilities*$'000	2,562,674	2,455,178	3,507,805	12,258,132	10,533,026	(15,415,178)	15,901,637	PDF p. 203
Net assets*$'000	2,388,963	2,929,366	1,446,453	258,630	4,162,768	–	11,186,180	PDF p. 203
Investment in associated companies and joint ventures$'000	1,354,872	4,067,236	1,050,255	–	1,132,759	–	7,605,122	PDF p. 203
Additions to non-current assets$'000	284,937	119,859	549,356	11,575	150,024	–	1,115,751	PDF p. 203
Depreciation and amortisation$'000	45,288	11,991	18,434	9,517	85,253	–	170,483	PDF p. 203
Impairment loss/(write-back) on non-financial assets$'000	(2,390)	37,119	1	19	54,577	–	89,326	PDF p. 203
Allowance for expected credit loss and bad debt written-off$'000	(68)	1,419	3,904	–	5,847	–	11,102	PDF p. 203

Notes

Units $'000. Segment assets, liabilities and net assets are inclusive of disposal group classified as held for sale. Pricing of inter-segment goods and services is at fair market value. Profit from discontinued operations, net of tax and NCI (227,779) and Profit for the year attributable to shareholders of the Company 788,508 are printed only in the Total column and are not extracted as rows. Segment information for 2024 restated for change in reportable segments.

Segment analysis 2024 (re-presented) by business segment (Note 37) 25 lines

Segment analysis 2024 (re-presented) by business segment (Note 37)
Item / unit	2024Infrastructure	2024Real Estate	2024Connectivity	2024Corporate Activities	2024Non-Core Portfolio for Divestment	2024Elimination	2024Total	Source
Revenue
External sales$'000	4,576,347	142,108	528,277	1,447	535,879	–	5,784,058	PDF p. 204
Inter-segment sales$'000	19,666	2,236	19,828	105,969	5,080	(152,779)	–	PDF p. 204
Total$'000	4,596,013	144,344	548,105	107,416	540,959	(152,779)	5,784,058	PDF p. 204
Segment Results
Operating profit$'000	744,285	211,338	118,512	(130,079)	205,499	(3,907)	1,145,648	PDF p. 204
Investment income$'000	36,979	2,014	371	722	20,551	–	60,637	PDF p. 204
Interest income$'000	73,855	3,690	13,207	794,696	85,107	(888,666)	81,889	PDF p. 204
Interest expenses$'000	(55,951)	(106,297)	(28,288)	(799,750)	(304,675)	892,573	(402,388)	PDF p. 204
Share of results of associated companies and joint ventures$'000	(7,236)	82,798	65,562	–	17,497	–	158,621	PDF p. 204
Profit/(loss) before tax$'000	791,932	193,543	169,364	(134,411)	23,979	–	1,044,407	PDF p. 204
Taxation$'000	(119,888)	(60,203)	(16,704)	5,358	(39,601)	–	(231,038)	PDF p. 204
Profit/(loss) from continuing operations for the year$'000	672,044	133,340	152,660	(129,053)	(15,622)	–	813,369	PDF p. 204
Attributable to
Shareholders of Company$'000	677,783	107,278	149,315	(140,663)	(5,895)	–	787,818	PDF p. 204
Perpetual securities holders$'000	–	–	–	11,568	–	–	11,568	PDF p. 204
Non-controlling interests$'000	(5,739)	26,062	3,345	42	(9,727)	–	13,983	PDF p. 204
External revenue from contracts with customers
– At a point in time$'000	28,683	1,440	289,284	–	162,186	–	481,593	PDF p. 204
– Over time$'000	4,547,664	88,805	235,398	1,447	313,663	–	5,186,977	PDF p. 204
Other sources of revenue$'000	–	51,863	3,595	–	60,030	–	115,488	PDF p. 204
Other Information
Segment assets$'000	4,826,844	5,337,598	4,560,815	11,437,013	16,873,778	(15,377,694)	27,658,354	PDF p. 204
Segment liabilities$'000	2,748,398	2,745,711	3,018,354	11,309,129	11,788,795	(15,377,694)	16,232,693	PDF p. 204
Net assets$'000	2,078,446	2,591,887	1,542,461	127,884	5,084,983	–	11,425,661	PDF p. 204
Investment in associated companies and joint ventures$'000	1,147,496	4,096,865	850,132	–	1,019,651	–	7,114,144	PDF p. 204
Additions to non-current assets$'000	149,912	227,121	288,955	324	260,142	–	926,454	PDF p. 204
Depreciation and amortisation$'000	37,285	6,132	7,162	8,619	26,022	–	85,220	PDF p. 204
Impairment loss on non-financial assets$'000	–	4,410	(140)	–	47,486	–	51,756	PDF p. 204
Allowance for expected credit loss and bad debt written-off$'000	5,156	23	(275)	–	3,258	–	8,162	PDF p. 204

Notes

Units $'000. 2024* comparative information has been re-presented due to a discontinued operation (Note 38). Profit from discontinued operations, net of tax and NCI 152,334 and Profit for the year attributable to shareholders of the Company 940,152 are printed only in the Total column and are not extracted as rows.

By geography

Geographical information 2025 (Note 37) 2 lines

Geographical information 2025 (Note 37)
Item / unit	2025Singapore	2025China/Hong Kong	2025Other Far East & ASEAN Countries	2025Other Countries	2025Elimination	2025Total	Source
Geographical information
External sales$'000	5,276,375	340,787	300,275	65,550	–	5,982,987	PDF p. 203
Non-current assets$'000	10,021,960	3,572,837	1,835,228	1,305,518	–	16,735,543	PDF p. 203

Notes

Units $'000. Other than Singapore, no single country accounted for 10% or more of the Group's revenue for the year ended 31 December 2025. Revenue of $1,178,022,000 is derived from a single external customer attributable to the Infrastructure segment.

Geographical information 2024 (re-presented) (Note 37) 2 lines

Geographical information 2024 (re-presented) (Note 37)
Item / unit	2024Singapore	2024China/Hong Kong	2024Other Far East & ASEAN Countries	2024Other Countries	2024Elimination	2024Total	Source
Geographical information
External sales*$'000	5,270,608	298,310	167,249	47,891	–	5,784,058	PDF p. 205
Non-current assets$'000	11,258,134	3,544,764	2,227,298	1,369,129	–	18,399,325	PDF p. 205

Notes

Units $'000. * Comparative information has been re-presented due to a discontinued operation (Note 38). Other than Singapore, no single country accounted for 10% or more of the Group's revenue for the year ended 31 December 2024. Revenue of $1,436,172,000 is derived from a single external customer attributable to the Infrastructure segment.

Debt

Borrowings

Term loans - Group and Company, due within/after one year

Term loans - Group and Company, due within/after one year — Group/Company
Item / unit	2025due within one year, $'000	2025due after one year, $'000	2024due within one year, $'000	2024due after one year, $'000	Source
GROUP
Keppel Medium Term Notes$'000	200,000	1,021,697	726,109	1,220,111	PDF p. 178
Keppel Management Ltd. Medium Term Notes$'000	279,963	–	–	279,873	PDF p. 178
GROUP - Bank and other loans
– secured$'000	31,737	817,610	230,902	801,865	PDF p. 178
– unsecured$'000	1,394,767	7,569,729	431,993	8,207,152	PDF p. 178
GROUP
Total term loans (Group)$'000	1,906,467	9,409,036	1,389,004	10,509,001	PDF p. 178
COMPANY
Keppel Medium Term Notes$'000	200,000	1,021,697	726,109	1,220,111	PDF p. 178
Unsecured bank loans$'000	1,257,963	7,471,931	372,364	6,941,789	PDF p. 178
Total term loans (Company)$'000	1,457,963	8,493,628	1,098,473	8,161,900	PDF p. 178

Notes

a. Notes under US$5,000,000,000 Multi-Currency MTN Programme by the Company amounted to $1,221,697,000 (2024: $1,946,220,000); denominated in SGD, EUR, USD and JPY, unsecured, variable and fixed rate notes due 2026 to 2042 (2024: 2025 to 2042), interest rates 0.99% to 4.00% (2024: 0.88% to 4.00%) p.a.

b. Notes under US$3,000,000,000 MTN Programme by Keppel Management Ltd. and Keppel Land Financial Services Pte. Ltd. amounted to $279,963,000 (2024: $279,873,000); SGD, unsecured fixed rate notes due 2026, interest 2.00% (2024: 2.00%).

c. Secured bank loans: $697,836,000 repayable 2035, 3.16% to 3.86%; $89,010,000 repayable 2029, 3.70% to 3.80%; $28,555,000 repayable 2033, 2.80% to 2.90%; other secured foreign currency loans $33,946,000 (2024: $40,154,000) repayable within one to three years (2024: one to two years), 4.14% to 10.36% (2024: 2.90% to 10.35%).

d. Group unsecured bank loans $8,964,496,000 (2024: $8,639,145,000): SGD $4,220,196,000 (2024: $3,961,455,000), foreign currency $4,744,300,000 (2024: $4,677,690,000); repayable within one to six years (2024: one to six years). SGD rates 1.33% to 3.72% (2024: 2.75% to 4.23%); foreign currency 1.15% to 9.80% (2024: 0.37% to 9.80%). Company unsecured bank loans $8,729,894,000 (2024: $7,314,153,000): SGD $4,200,197,000 (2024: $2,859,400,000), foreign currency $4,529,697,000 (2024: $4,454,753,000); SGD 1.33% to 3.72% (2024: 2.75% to 3.88%); foreign currency 1.15% to 5.50% (2024: 0.37% to 5.70%).

Group has mortgaged certain properties and assets up to $2,032,988,000 (2024: $2,503,669,000) to banks. Fair values of term loans: Group $11,303,513,000 (2024: $11,742,993,000); Company $9,939,870,000 (2024: $9,108,705,000).

Term loans due after one year - repayment profile

Term loans due after one year - repayment profile
Item / unit	2025Group, $'000	2024Group, $'000	2025Company, $'000	2024Company, $'000	Source
Years after year-end
After one but within two years$'000	1,923,305	2,588,776	1,817,757	1,798,370	PDF p. 179
After two but within five years$'000	6,231,918	6,676,399	6,070,598	5,764,739	PDF p. 179
After five years$'000	1,253,813	1,243,826	605,273	598,791	PDF p. 179
Total due after one year$'000	9,409,036	10,509,001	8,493,628	8,161,900	PDF p. 179

Notes

Covenants: gearing ratios must not exceed 3.0 times; or loan-to-value and debt service coverage ratios customary to project finance loans. Group and Company complied throughout the period.

Borrowing notes 7 tables

Balance Sheets - term loans and lease liabilities (current and non-current)

Balance Sheets - term loans and lease liabilities (current and non-current)
Item / unit	2025Group, $'000	2024Group, $'000	2025Company, $'000	2024Company, $'000	Source
Current liabilities
Term loans$'000	1,906,467	1,389,004	1,457,963	1,098,473	PDF p. 120
Lease liabilities$'000	12,632	37,615	1,062	4,188	PDF p. 120
Non-current liabilities
Term loans$'000	9,409,036	10,509,001	8,493,628	8,161,900	PDF p. 120
Lease liabilities$'000	107,826	136,528	–	781	PDF p. 120

Lease liabilities liquidity analysis (contractual undiscounted cash flows)

Lease liabilities liquidity analysis (contractual undiscounted cash flows)
Item / unit	2025Group, $'000	2024Group, $'000	2025Company, $'000	2024Company, $'000	Source
Lease liabilities maturity
Within one year$'000	18,860	42,379	1,030	4,061	PDF p. 159
Within one to two years$'000	23,780	30,440	34	1,093	PDF p. 159
Within two to five years$'000	27,722	38,881	–	35	PDF p. 159
After five years$'000	92,396	88,476	–	–	PDF p. 159
Total$'000	162,758	200,176	1,064	5,189	PDF p. 159

Liquidity risk - term loans contractual undiscounted cash flows

Liquidity risk - term loans contractual undiscounted cash flows — Group
Item / unit	2025within one year, $'000	2025within one to two years, $'000	2025within two to five years, $'000	2025after five years, $'000	Source
GROUP 2025
Term loans$'000	(2,698,658)	(2,199,749)	(6,630,280)	(1,506,660)	PDF p. 195

Notes

Based on contractual undiscounted cash inflows/(outflows). 2024 Group row on the same page: Term loans (1,869,539) (3,005:230) not extracted as separate columns here; see limitations.

Liquidity risk - term loans contractual undiscounted cash flows (Group 2024)

Liquidity risk - term loans contractual undiscounted cash flows (Group 2024) — Group
Item / unit	2024within one year, $'000	2024within one to two years, $'000	2024within two to five years, $'000	2024after five years, $'000	Source
GROUP 2024
Term loans$'000	(1,869,539)	(3,005,230)	(7,172,014)	(1,492,404)	PDF p. 195

Liquidity risk - term loans contractual undiscounted cash flows (Company)

Liquidity risk - term loans contractual undiscounted cash flows (Company) — Company
Item / unit	2025within one year, $'000	2025within one to two years, $'000	2025within two to five years, $'000	2025after five years, $'000	Source
COMPANY 2025
Term loans$'000	(1,768,185)	(2,062,020)	(6,386,973)	(748,168)	PDF p. 196

Notes

Company 2024 term loans row: (1,471,114) (2,135,117) (6,160,283) (759,306) – within one year / two years / five years / after five years.

Financial Review - borrowings profile (% of total, excluding lease liabilities)

Financial Review - borrowings profile (% of total, excluding lease liabilities)
Item / unit	2025Group, % of total borrowings	Source
Borrowings' maturity (%)
>5 Years%	11	PDF p. 48
4–5 Years%	6	PDF p. 48
3–4 Years%	27	PDF p. 48
2–3 Years%	22	PDF p. 48
1–2 Years%	17	PDF p. 48
<1 Year%	17	PDF p. 48

Notes

1 Borrowings exclude lease liabilities. Total borrowings excluding lease liabilities $11.3 billion (2024: $11.9 billion); 17% (2024: 12%) repayable within one year. Unsecured 92% (2024: 91%). Fixed rate 58% (2024: 63%); 60% (2024: 65%) including perpetual securities. Net book value of properties and assets pledged $2.03 billion (2024: $2.50 billion).

Financial Review - secured/unsecured, fixed/floating, currency (%)

Financial Review - secured/unsecured, fixed/floating, currency (%)
Item / unit	2025Group, % of total borrowings	Source
Secured/Unsecured borrowings (%)
Secured%	8	PDF p. 49
Unsecured%	92	PDF p. 49
Fixed/Floating borrowings (%)
Fixed%	58	PDF p. 49
Floating%	42	PDF p. 49
Borrowings by currency (%)
SGD%	57	PDF p. 49
USD%	30	PDF p. 49
Others%	13	PDF p. 49

Notes

Fixed excludes perpetual securities accounted for as equity; including them fixed rate would be 60%. Average cost of funds 3.19% at end of 2025 vs 3.68% at end of 2024; weighted average tenor about three years. Cross currency/interest rate swaps notional $5,723 million paying fixed rates of 0.89% to 3.75%.

Payout

Dividends & distributions

Dividends declared and proposed

Item	Value	Period / scope	Source
Interim cash dividend	15 cents per share	FY2025 distribution per share	PDF p. 6
Final cash dividend	19 cents per share	FY2025 distribution per share (proposed)	PDF p. 6
Special dividends (cash & dividend in-specie5)	13 cents per share	FY2025 distribution per share (proposed); FY2024 nil	PDF p. 6
Total distribution	47 cents per share	FY2025 total distribution per share; comparative FY2024 = 34; change 38%	PDF p. 6
Dividends	special cash dividend of 2 cents per share and dividend in-specie of 1 Keppel REIT unit for every 9 shares in the Company equivalent to approximately 11 cents per share	FY2025 proposed, subject to shareholder approval at AGM	PDF p. 184
Final cash dividend	A final cash dividend of 19 cents per share tax exempt one-tier (2024: final cash dividend of 19 cents per share tax exempt one-tier)	FY2025 and FY2024	PDF p. 184
Closure of Books	28 April 2026	Proposed FY2025 final and special dividend · As at 2026-04-28	PDF p. 238
Payment date of proposed final and special dividend	8 May 2026	Proposed FY2025 final and special dividend, if approved at AGM · As at 2026-05-08	PDF p. 238
Cash dividends paid	616,954 $'000	Group cash dividends paid in 2025 (2024: 608,092)	PDF p. 184

Dividend policy

Item	Value	Period / scope	Source
Special dividend policy	special dividends based on 10–15% of	Announced February 2026	PDF p. 55

Extracted from Keppel Annual Report 2025 and checked against the cited pages; see the original report for full context.

Auditor’s report

Audit & risk signals

Audit opinion

Item	Value	Period / scope	Source
Audit firm	PricewaterhouseCoopers LLP	Group	PDF p. 119
Engagement partner	Lam Hock Choon	Group	PDF p. 119
Our opinion	give a true and fair view	Group and Company	PDF p. 112

Key audit matters

Item	Value	Period / scope	Source
1. Impairment assessment of rigs	Impairment assessment of rigs	Group	PDF p. 113
2. Accounting for proposed sale of M1 Limited’s (“M1”) Telco	Accounting for proposed sale of M1 Limited’s (“M1”) Telco	Group	PDF p. 114
4. Valuation of properties held for sale	Valuation of properties held for sale	Group	PDF p. 116
5. Revenue recognition based on measurement of progress	Revenue recognition based on measurement of progress towards performance obligation	Group	PDF p. 117

Extracted from Keppel Annual Report 2025 and checked against the cited pages; see the original report for full context.

How to read these figures

Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.

Comparative figures follow Keppel Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.