- Keppel Infra Trust’s 9M25 distributable income (DI) jumped 59.2% y-o-y to S$168.9m; stripping out the effect of divestment gains from earlier sales of Philippine Coastal and a partial stake in Ventura, DI would have grown 13% y-o-y.
Segmental performance was a mixed bag.
Energy Transition segment
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- Despite some positives such as the recovery of wind speeds at Borkum Riffgrund 2 (BKR2) and higher contribution from City Energy, power prices remained under pressure in Sweden, weighing on revenue performance at the Onshore Windfarm portfolio, while FFO from Aramco Gas Pipelines Company (AGPC) was also lower y-o-y due to higher interest costs post-refinancing.
Environmental Services segment
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- Eco Management Korea (EMK) continued to turn in negative FFO of S$3.4m for the period due to slow recovery in the landfill business, while lower nominal contributions from the Senoko Waste-to-Energy (WTE) Plant after the extension of its concession was a drag on the performance of the Singapore Waste and Water assets.
Distribution & Storage segment
- Finally, the Distribution & Storage segment bucked the trend, posting a 29.9% y-o-y increase in 9M25 FFO to S$66.4m, as the loss of contribution from Philippine Coastal was more than offset by the acquisition of Ventura and improved EBITDA performance at Ixom.
Net gearing improved further.
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