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.
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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.
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  • 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?

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2025-04-23 Keppel Infrastructure Trust - Resetting Expectations; Downgrade To HOLD..

Price targets by 2 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