Keppel Infrastructure Trust - OCBC Research 2026-05-14: A Tree That Bends But Doesn’t Break

• Keppel Infra Trust reported an 18.2% y-o-y increase in 1Q26 distributable income to S$53.7m (-17.3% y-o-y including a divestment gain recognised in 1Q25). Growth was broad-based.

A strong start to the year.

• - Read this at SGinvestors.io -

• For the Environmental Services segment, distributable income grew 8.9% y-o-y to S$7.1m, as higher distributable income from the waste and water assets in Singapore (+11.3% y-o-y) in the absence of extension CAPEX at Senoko WTE more than offset lower distributable income from Eco Management Korea (-37.9% y-o-y) where pricing constraints in the landfill business persist.

• - Read this at SGinvestors.io -

• The only detractor was the Distribution & Storage segment, where distributable income fell 9.7% y-o-y to S$21.3m. This was largely driven by Ventura, because of a reduced stake in the business as well as the funding of maintenance CAPEX with funds from operations (FFO) this past quarter versus debt in FY25.

• Ventura is looking to close the acquisition of Crown Coaches in 2Q26, which would expand its presence in the private bus chartering segment in Victoria, Australia.

Increasing exposure to a quality asset to strengthen portfolio resilience.

• Read more at SGinvestors.io.

Ada Lim OCBC Group Research | https://www.iocbc.com/ 2026-05-14

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