Keppel Ltd. 1H 2026 Financial Results: Robust Growth Amidst Strategic Transformation

Keppel Ltd. released its financial results for the first half of 2026, demonstrating strong performance in its core businesses, accelerated asset monetisation, and a proactive shift towards an asset-light model. The company also surpassed key targets ahead of schedule, notably achieving over \$100 billion in Funds Under Management (FUM). Below is a structured analysis of the results, management commentary, and strategic developments.

Key Financial Metrics

Segment Performance

• Infrastructure: Net profit increased 55% YoY to \$538m, driven by higher asset management fees, disposal gains, and the commercial operation of Keppel Sakra Cogen Plant. EBITDA grew 49% YoY.
• Real Estate: Segment posted a net loss of \$19m, compared to a \$98m profit in 1H25. Excluding a one-off dividend in-specie (DIS) loss, the segment was profitable at \$32m. Lower contributions from Aermont and absence of gains from asset disposals affected results.
• Connectivity: Net profit rose 54% YoY to \$77m, supported by higher management fees and increased contributions from data centre and technology solutions.
• Non-Core Portfolio for Divestment: This segment incurred a net loss of \$375m, largely due to impairments on legacy offshore & marine (O&M) rigs and fair value losses on investments.

Asset Monetisation and Fundraising

• Asset monetisation announced year-to-date reached \$1.7b, advancing toward the 2026 target of \$2–3b. Key monetisation includes six legacy rigs (\$1.2b) and property assets (\$473m).
• Asset management platform grew significantly, with institutional capital from pension funds, sovereign wealth funds, and financial institutions across North America, Asia Pacific, Europe, and the Middle East.
• Share buyback program saw 34.2 million shares repurchased (\$356m value) since July 2025.

Chairman’s Statement

“We delivered strong earnings growth for the New Keppel and achieved our FUM target ahead of schedule. Deepening track record in digital and energy infrastructure supporting AI-driven growth. Bifrost’s five fibre pairs fully commercialised and Singapore’s first hydrogen-compatible Keppel Sakra Cogen Plant now operational. FUM at end-Jul 2026 surpassed the \$100b target, ahead of schedule.” The statement is positive, emphasizing robust earnings, achievement of strategic milestones, and expansion in infrastructure and digital assets.

Exceptional Items and Strategic Actions

• Impairments on legacy O&M rigs and associated translation losses resulted in significant one-off expenses.
• Restructuring efforts continue to focus on asset-light growth, repositioning assets, and deepening operational capabilities.
• Ongoing initiatives at M1 to structurally reset cost base and productivity, targeting \$70m annual cost savings by 2028.

Dividend and Shareholder Rewards

• Interim cash dividend maintained at \$0.15 per share.
• Share buybacks rewarded shareholders and supported share price.

Historical Performance Trends

• Keppel has consistently increased its FUM, achieving over \$100b ahead of schedule, with plans to reach \$200b by 2030.
• Recurring income rose 13% YoY to \$467m, reflecting growth in core asset management and operational platforms.

Outlook and Conclusion

Keppel Ltd. appears well-positioned for continued structural growth in power and digital infrastructure. The company’s asset management platform is gaining scale and credibility, while asset monetisation and operational improvements are unlocking significant value. Despite one-off losses from legacy asset impairments, recurring earnings and free cash flow have improved, and shareholder rewards remain robust.

Recommendation for Current Holders: Hold. The company is executing its transformation, growing FUM, and maintaining dividends. With improving core metrics and positive outlook, holding Keppel shares is justified for those seeking exposure to scalable infrastructure and digital assets.

Recommendation for New Investors: Consider buying on dips. Keppel is expanding its asset management business, monetising legacy assets, and driving recurring income. It offers strong long-term structural growth potential, particularly as it advances towards its \$200b FUM target.

Disclaimer: The above recommendations are based strictly on disclosed financial results and strategic commentary. Please conduct further research or seek professional advice before making investment decisions.

凯宝有限公司2026年上半年财报分析：战略转型带动强劲增长

凯宝有限公司公布了2026年上半年财务业绩，显示其核心业务表现强劲，资产变现加速，并积极向轻资产模式转型。公司还提前实现了关键目标，尤其是管理资产（FUM）突破1000亿新币。以下是财报结果、管理层评论及战略发展的结构化分析。

主要财务指标

分部表现

• 基础设施：净利润同比增长55%至\$538百万，主要受资产管理费、处置收益和Keppel Sakra Cogen电厂商业运营推动。EBITDA同比增长49%。
• 房地产：本期净亏损\$19百万，去年同期盈利\$98百万。剔除一次性分派损失（DIS），本分部盈利为\$32百万。Aermont贡献减少及资产处置收益缺失影响业绩。
• 连接性：净利润同比增长54%至\$77百万，得益于管理费提升及数据中心与技术解决方案贡献增加。
• 待变现非核心资产：净亏损\$375百万，主要源于旧海洋工程资产减值及投资公允价值损失。

资产变现与募资

• 年初至今已宣布资产变现达\$1.7亿，向2026年目标\$20–30亿迈进。核心变现包括六台旧海洋工程钻井平台（\$12亿）及房地产资产（\$473百万）。
• 资产管理平台显著扩大，来自全球各地机构资本，包括养老基金、主权基金和金融机构。
• 自2025年7月以来回购3420万股，价值\$356百万。

董事长声明

“我们为新凯宝实现了强劲的盈利增长，并提前完成了FUM目标。深化数字和能源基础设施的业绩，支持AI驱动增长。Bifrost五条光纤对接商业化，新加坡首个氢兼容Keppel Sakra Cogen电厂投入运营。FUM于2026年7月已超越年终\$100亿目标。”声明积极，强调盈利能力、战略里程碑的实现，以及在基础设施和数字资产领域的扩展。

特殊项目与战略举措

• 旧海洋工程资产减值及相关汇兑损失导致一次性费用。
• 持续转型，聚焦轻资产增长，资产重组及运营能力深化。
• M1持续提高生产力与结构性降本，目标2028年实现每年节省\$70百万。

分红与股东回报

• 中期股息维持每股\$0.15。
• 股权回购提升股东回报并支撑股价。

历史业绩趋势

• 凯宝管理资产持续增长，提前实现\$100亿目标，2030年目标\$200亿。
• 经常性收入同比增长13%至\$467百万，反映核心资产管理及运营平台扩张。

展望与结论

凯宝有限公司在能源和数字基础设施领域结构性增长前景良好。资产管理平台获得规模与信誉，资产变现和运营改进释放巨大价值。尽管旧资产减值导致一次性亏损，经常性盈利和自由现金流改善，股东回报稳定。

持股投资者建议：建议持有。公司正在执行转型，管理资产增长，分红稳定。核心指标改善及积极展望，适合寻求可扩展基础设施和数字资产的投资者继续持有。

未持股投资者建议：建议关注并在低位时买入。凯宝正在扩展资产管理业务，变现旧资产，推动经常性收入增长。长期结构性成长潜力强，特别是向\$200亿管理资产目标迈进。

免责声明：以上建议仅基于已披露财务结果及战略评论，请在投资前进一步调研或咨询专业人士。

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