Keppel Infrastructure Trust’s 9M distributable income falls 17% to S$140.1 million

[SINGAPORE] Keppel Infrastructure Trust (KIT) on Tuesday (Oct 27) reported a distributable income of S$140.1 million for the first nine months of 2026, down 17 per cent from S$168.9 million in the year-ago period.

The decline in distributable income comes from the absence of S$44.1 million in divestment gains recorded in the previous year. Excluding the divestment gains, the trust’s distributable income rose 12.3 per cent from S$124.8 million in the year-ago period.

Total funds from operations grew 14.8 per cent on the year to S$293.7 million, from S$255.8 million.

The trust attributed the increase to higher contributions from the energy transition and distribution and storage segments, as well as contributions from the digital infrastructure segment.

A weaker environmental services segment partially offset the gains.

The funds from operations in the energy transition segment stood at S$176.6 million, a 15.1 per cent increase from S$153.5 million in 9M FY2025.

The trust attributed the increase in contributions from the energy transition segment to the recent acquisitions in Keppel Merlimau Cogen (KMC) and German Solar Portfolio II.

The distribution and storage segment’s funds from operations stood at S$76.5 million, up 15.3 per cent from S$66.4 million in the year-ago period.

Meanwhile, the digital infrastructure segment contributed S$11.9 million to funds from operations in 9M FY2026. This segment did not contribute to the funds in the previous corresponding period.

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Environmental services saw a 20.1 per cent decline in funds from operations to S$28.7 million, from S$36 million in the year-ago period.

Net debt stood at S$2.9 billion as at Sep 30, up from S$2.5 billion at end-2025, while cash balance stood at S$535 million, down from S$719 million at Dec 31, 2025.

Net gearing stood at 46 per cent, an increase from 38.7 per cent at end-December.

The trust attributed the increased net gearing to lower cash balances following distributions paid, as well as the deployment of capital for the acquisition of an additional stake in KMC and German Solar Portfolio II.

Units of KIT closed 1 per cent or S$0.005 higher at S$0.495 on Monday.