Keppel Infrastructure Trust - DBS Research 2026-02-04: Can Core Distributable Income Rebound In 2026?

• Keppel Infra Trust's DPU of 3.94 cents for FY25 was in line with expectations, with 2H25 DPU of 1.97 cents at par h-o-h and FY25 DPU representing 1% y-o-y growth overall. This maintains Keppel Infra Trust’s impressive track record of steady and growing distributions irrespective of market cycles.
• - Read this at SGinvestors.io -

FY25 increase in distributable income supported by divestment gains.

• The key metric – distributable income (DI) – surged by 24.4% y-o-y to S$249.5mil in FY25, underpinned by robust contributions from the Energy Transition and Distribution & Storage segments plus S$49m divestment gains.
  • - Read this at SGinvestors.io -
  • The German Solar Portfolio also posted higher revenues following full deployment.
  • Ixom maintained strong operational performance, with growth in 2026 likely to be boosted by the acquisition of Hilditch base oils business.
  • Ventura's results were also in line, driven by consistent service reliability.
• However, the Environmental Services segment faced headwinds, with DI declining notably due to lower contributions from Senoko asset post-concession expiry and EMK's operational challenges, including pricing constraints and one-off refinancing costs.
• Going forward, it will be important to note the evolution of DI without divestment gains or other such one offs.

What to look for in 2026?

• Read more at SGinvestors.io.

Suvro SARKAR DBS Group Research | https://www.dbs.com/insightsdirect/ 2026-02-04

---

---

---