Keppel’s continuing core business recorded close to 15% year-on-year net profit growth for the third quarter of 2026, supported by stronger contributions from its connectivity operations and steady infrastructure earnings. The company describes this continuing portfolio as “New Keppel”, excluding the non-core assets earmarked for divestment and discontinued operations. For the first nine months of 2026, net profit from this core portfolio increased by more than 20%, led by the infrastructure and connectivity segments.
Recurring income rose by more than 10% during the nine-month period. Keppel reported improvements across asset management, sponsor stakes and co-investments, and its operating platform. Asset management fees increased 18% to S$354 million, while the company added S$19.5 billion of new funds under management during the year to date. Net profit generated by its asset management platforms rose 30%, and earnings from sponsor stakes and co-investments increased to 2.9 times the year-earlier level.
The connectivity division includes Keppel’s data-centre portfolio and technology-solutions operations. The latter generated more than S$900 million in revenue during the nine-month period, with EBITDA increasing 110%. Keppel said its data-centre strategy remains focused on markets where power availability is constrained, an increasingly material consideration as AI-related computing requirements increase electricity and cooling demand.
Its infrastructure division also produced stronger year-on-year results. EBITDA from the integrated power business grew 7%, helped by contributions from the 600 MW Keppel Sakra Cogen Plant, which began operations in May. Keppel additionally announced approximately S$3.7 billion of non-core asset monetisation during 2026, exceeding its full-year S$2 billion to S$3 billion target. About S$940 million of transactions had been completed and realised by the end of September, with a further approximately S$600 million targeted for completion before year-end. Overall group net profit, including the non-core portfolio, rose 20% in the third quarter but declined 40% over nine months because of impairments and holding costs associated with remaining non-core assets.
