Keppel (BN4) H2 2025 earnings summary

Executive summary

• Net profit excluding non-core and discontinued operations rose 39% year-on-year to SGD 1.1 billion in FY2025, with all segments contributing higher profits.

• Achieved strong progress in 2025, transforming into a global asset manager and operator delivering robust returns to shareholders and LPs.

• Asset monetization reached SGD 2.9 billion in 2025, totaling SGD 14.5 billion since October 2020.

• Funds under management (FUM) grew to SGD 95 billion, up from SGD 88 billion a year ago, with asset management net profit up 15% to SGD 189 million.

• Total FY2025 dividends were SGD 0.47 per share, up 38% year-on-year, with share buybacks totaling SGD 116 million in 2H25.

Financial highlights

• FY2025 revenue increased 3% to SGD 5,983 million; EBITDA rose 23% to SGD 1,791 million.

• Net profit for FY2025 was SGD 789 million, down from SGD 940 million in FY2024, mainly due to a SGD 222 million accounting loss from the proposed M1 telco sale.

• Recurring income from asset management and operations rose 21% year-on-year to SGD 941 million.

• Free cash inflow was SGD 611 million, compared to SGD 901 million in FY2024, which had a one-off cash benefit.

• Return on equity (ROE) for core operations improved to 18.7% from 14.9% in FY2024.

Outlook and guidance

• Targeting FUM of SGD 100 billion by end-2026 and SGD 200 billion by 2030, with strong fundraising momentum and a robust deal pipeline.

• Monetization of non-core portfolio (SGD 13.5 billion) to be substantially completed by 2030.

• Special dividends to be paid out at 10%-15% of completed asset monetization value annually.

• Continued focus on recurring income growth, digital and AI capabilities, and asset-light expansion.

• On track to achieve SGD 120 million annual cost savings by end-2026.