Keppel Ltd (OTCPK:KPELY)

Half Year 2026 Keppel Ltd Earnings Call Transcript

Jul 29, 2026 / 02:00 AM GMT

Release Date Price: $18.29 (-0.22%)

Transcript

Key Points

Positve

Keppel Ltd (KPELF) delivered a strong net profit of $530 million in the first half of 2026, up 25% year-on-year, driven by strong contributions from sponsor stakes and co-investments.
The company surpassed its end-2026 target of $100 billion in funds under management (FUM) ahead of schedule, reaching $106 billion in July 2026.
Recurring income expanded by 13% year-on-year to $467 million, supported by stable performance from asset management and higher contributions from operations.
Keppel Ltd (KPELF) achieved key operating milestones, including the full commercialization of the Bifrost cable system and the commencement of operations at the Keppel-Sakra Cogen Plant, Singapore's first hydrogen-compatible power plant.
The company secured a $1.5 billion commitment from Apollo for the Keppel Offshore Fund, creating a clear pathway to monetize up to $3.7 billion of legacy rigs and generating cash proceeds of about $611 million in 2026.

Negative

The non-core portfolio recorded a net loss of $375 million in the first half of 2026, primarily due to impairments on legacy rigs and interest costs.
Overall net profit for the period was only $155 million, down 59% year-on-year, due to accounting losses from the non-core portfolio.
Net debt to EBITDA for the overall company increased to 6.7 times as of end-June 2026, up from 5.8 times at end-December 2025.
The real estate segment recorded a net loss of $19 million in the first half of 2026, compared to a net profit of $98 million in the prior year, due to lower divestment gains and fair value losses.
The termination of the M1 Telco sale led to the release of suspended depreciation and amortization, contributing to a net loss of $65 million from investments, M1 Telco, and others.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

KPLM.SI - Keppel Ltd
Half Year 2026 Keppel Ltd Earnings Call
Jul 30, 2026 / 02:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, ladies and gentlemen. Welcome to the conference for Capital Limited's first half financial results for 2026.

We have on the panel this morning, from your left, Mr. Manjot Singh Man, CEO, Connectivity and CEO, M1 Mr. Louis Lim, CEO, Real Estate Ms. Christina Tan, CEO, Fund Management and Chief Investment Officer.

Mr. Loh Chin Hua, CEO Mr. Kevin Cheng, CFO and Ms. Cindy Lim, CEO, Infrastructure.

We will begin the session with presentations by CEO Mr. Loh Chin Hua and CFO Mr. Kevin Cheng, followed by the question-and-answer session. Mr. Loh, please.

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Unidentified_2 [2]
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