Keppel Ltd. (BN4) said on Oct, 30 2025 that earnings for its “New Keppel” platform rose more than 25 percent year-on-year for the nine months ended Sep, 30 2025, supported by higher contributions from the Infrastructure, Real Estate and Connectivity divisions.

The group’s total net profit for the period increased by over 5 percent year-on-year after accounting for an estimated 222 million Singapore dollars non-cash loss linked to the proposed divestment of M1’s telco business.

Since initiating its asset-monetisation programme in Oct, 2020, Keppel has generated about 14 billion Singapore dollars of proceeds, including 2.4 billion Singapore dollars year-to-date 2025. Management targets a further 500 million Singapore dollars of disposals “in the next few months”.

The company’s private funds raised 6.7 billion Singapore dollars in new capital in the first nine months, while its listed REITs and business trust announced deals that will add another 1.4 billion Singapore dollars of prospective funds under management.

Keppel confirmed that the sale of M1’s telco business to Simba is expected to close by end-2025, unlocking almost 1 billion Singapore dollars in cash. The group’s integrated power unit remains “strong”, with about two-thirds of current generation capacity contracted for at least three years and the 600 MW Sakra Cogen plant due online in 1H 2026.

Under its 500 million Singapore dollars share-buyback mandate launched on Jul, 31 2025, Keppel has repurchased 92.6 million Singapore dollars of shares to date. From Jan, 2022 to Sep, 2025 the company returned 6.6 billion Singapore dollars to shareholders through cash and in-specie distributions.

Management reiterated its intention to link ordinary dividends to the recurring earnings of New Keppel and to allocate a portion of future monetisation proceeds to additional shareholder payouts, subject to board approval.