- Limited financials were provided, except that the 9M25 core net profit rose over 25% y-o-y. The growth rate is in line with 1H25 core net profit that climbed 29% y-o-y to S$444mil (excluding connectivity). More importantly, Keppel's 9M25 recurring net profit (asset management and operating income excl. corporate) rose 15% y-o-y, faster than the 7% in 1H25.
- - Read this at SGinvestors.io -
- Equity raised 9M25 was S$2.7bn, a massive jump from 9M24 S$0.7bn. 3Q25 equity raised was S$0.8bn. Assets monetised jumped by S$1.47bn (M1 S$1.28bn; 800 Super: S$0.18bn) in 3Q25 (1H25 S$915mil).
The Positive
Recurring earnings growth.
- - Read this at SGinvestors.io -
- Decarbonisation and sustainability solution order book jumped 26% y-o-y to S$6.8bn, primarily from more projects in integrated waste-to-energy solutions.
Accelerating the asset management franchise.
- Read more at SGinvestors.io.
