Keppel Ltd (BN4) said during its Feb, 05 2026 results webcast that it completed about 1.6 billion Singapore dollars of non-core asset monetisations in FY 2025 and will distribute a special dividend equal to 10 %–15 % of the gross value of assets completed in each financial year.

For FY 2025 this translates into a special dividend of 13 Singapore cents per share, of which 11 cents is an in-specie distribution of Keppel REIT units. Chief Executive Officer Loh Chin Hua added that the group’s share-buyback programme has so far utilised roughly 116 million Singapore dollars and will continue subject to blackout rules and market conditions.

Keppel’s remaining Non-Core Portfolio for Divestment stands at about 13.5 billion Singapore dollars, targeted to be “substantially monetised” by 2030, though the company does not provide annual divestment guidance given the lumpy nature of such transactions.

Within Infrastructure, 67 % of the combined capacity of Keppel Merlimau Cogen Plant and the soon-to-be-commissioned Keppel Sakra Cogen Plant is already contracted for three years or longer.

The decarbonisation and sustainability solutions business holds a contracted backlog of 7.1 billion Singapore dollars, with a weighted tenure of 10.2 years and a current book-to-bill ratio of 3.6 times.

On capital recycling, management reiterated no immediate plans to distribute additional units of its listed REITs and trusts as special dividends.

The company remains open to monetising the Keppel Sakra Cogen Plant through funds or other vehicles once commissioning is completed in 1H 2026. Separately, Keppel confirmed that Chairman Danny Teoh will retire after the Annual General Meeting on Apr, 17 2026, to be succeeded by Piyush Gupta as non-executive Chairman and Independent Director.

The sale of a controlling stake in telecom subsidiary M1, announced in Aug, 2025, is awaiting regulatory approval; any proceeds realised on completion will be included in the 2026 monetisation base for calculating next year’s special dividend.