Keppel Infrastructure Trust (KIT) posted a net profit of S$82.7 million for the year ended Dec 31 2025, a 40.0 % year-on-year increase, bolstered by higher earnings from its Australian bus operator Ventura, chemicals distributor Ixom and fair-value gains on its stake in Aramco Gas Pipelines Company.
Earnings per unit came in at 1.53 Singapore cents, up from 1.06 cents a year earlier. KIT declared a cash distribution of 1.97 cents per unit for the second half, payable on Feb 20 2026 to unitholders on the register at the close of business on Feb 11 2026. The latest payout compares with 1.95 cents for the corresponding period last year.
Full-year revenue grew 2.9 % to S$2.28 billion. The Distribution & Storage segment—home to Ixom and Ventura—generated S$1.45 billion, up 9.9 % YoY, as Ventura contributed a full 12-month period and Ixom benefited from resilient demand for industrial and water-treatment chemicals. Energy Transition revenue edged up 1.5 % to S$612.2 million on higher town-gas sales at City Energy. Environmental Services revenue fell 26.4 % to S$212.5 million following the absence of one-off income from the extension of Senoko Waste-to-Energy’s concession booked in FY 2024 and lower landfill volumes at South Korea’s EMK.
By profitability, Distribution & Storage delivered pre-tax earnings of S$135.1 million (FY 2024: S$86.5 million), offsetting a S$26.9 million pre-tax loss in Environmental Services. Energy Transition contributed S$88.8 million, while the newly added Digital Infrastructure segment, comprising subsea-cable specialist Global Marine Group, reported a small pre-tax loss of S$1.9 million. Corporate costs totalled S$79.7 million.
Headwinds during the year included a S$38.5 million non-cash impairment on the offshore wind-farm investment BKR2 and lower contributions from EMK. These were outweighed by a S$30.0 million fair-value gain on KIT’s 20-year gas-pipeline lease with Aramco and a S$21.7 million gain from the disposal of Philippine Coastal Storage & Pipeline Corporation.
Strategic moves in FY 2025 featured the S$234 million acquisition of a 46.7 % stake in Global Marine Group, the completion of a five-stage investment in a German residential solar portfolio, and Ixom’s purchase of Australian chemicals distributor Hilditch for about S$80 million. The Trust also trimmed its stake in Ventura, realising S$110.6 million in proceeds.
Looking ahead, KIT expects steady demand for its essential services, citing population growth in Australia and New Zealand, stable town-gas consumption in Singapore and favourable supply–demand dynamics for subsea-cable vessels. The manager said it will continue its “invest-divest-reinvest” discipline, focus on extending concessions for Singapore’s water and waste assets, and explore refinancing options for S$330 million of Trust-level borrowings due within 12 months.