Keppel Infrastructure Trust - OCBC Investment Research 2025-04-22: Distributable Income Boosted By One-off Divestment Gain

• Reported 1Q25 distributable income grew 27.7% y-o-y to S$65.0m. However, Keppel Infrastructure Trust's 1Q25 adjusted distributable income slipped 31.9% y-o-y to S$45.5m, after adjusting for one-offs (i.e. 1Q25: gain on divestment of Philippine Coastal; 1Q24: growth CAPEX and upfront financing fee at Philippine Coastal, as well as performance fees),
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FFO from the Energy Transition segment fell 15.8% y-o-y to S$61.6m.

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• Meanwhile, performance from City Energy was relatively stable, with fuel cost under-recovery partially offset by revenue growth.
• Aramco Gas Pipelines Company (AGPC) saw lower y-o-y throughput during the quarter, though this remained above the minimum volume commitment.

FFO from the Environmental Services segment fell 42.7% y-o-y to S$12.9m.

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Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-10-30 Keppel Infrastructure Trust - A Mixed Report Card With DI Growth Boosted By Divestments Gain.

Previous report by OCBC:
2025-07-30 Keppel Infrastructure Trust - Stable Overall Results Pending Foray Into Digital Infrastructure.

Price targets by other brokers at Keppel Infra Trust Target Prices.

Listing of research reports at Keppel Infra Trust Analyst Reports.

Relevant links:
Keppel Infra Trust Share Price History,
Keppel Infra Trust Announcements,
Keppel Infra Trust Dividend Payout Dates & Corporate Actions,
Keppel Infra Trust News