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EarningsQ2 2026 Earnings Report
KPELY Q2 2026 EPS Results
Actual EPS$0.13
Consensus EPS$0.33
Beat/MissMissed by -$0.19
One Year Ago EPS$0.37
KPELY Q2 2026 Revenue Results
Actual Revenue$2.98B
Expected Revenue$2.06B
Beat/MissBeat by +$923.30M
YoY Revenue Growth+29.04%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
KPELY Upcoming Earnings
Keppel's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
KPELY Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a constructive transformation narrative: core (new Keppel) businesses are delivering stronger recurring income, significant FUM growth, substantial SSCI contributions and improved cash generation, while clear monetization plans and operational milestones (Sakra Cogen, Bifrost) support future earnings. These positives are partially offset by sizeable legacy noncore losses, rig impairments and higher consolidated leverage which depress headline profits and ROE. Management has a defined pathway to monetize noncore assets and is deploying scale in asset management, suggesting the near‑term negatives are largely legacy‑related and being actively managed.Company Guidance
New Keppel Net Profit Growth (Excluding Noncore)
New Keppel net profit of SGD 530 million in 1H2026, up 25% year‑on‑year (from SGD 424 million), driven by sponsor stakes/co‑investments and higher recurring income.
Funds Under Management Surpassed Target
FUM reached SGD 106 billion in July 2026, exceeding the end‑2026 target of SGD 100 billion ahead of schedule — an important inflection for asset management scale and fee income.
Recurring Income Expansion
Recurring income rose 13% year‑on‑year to SGD 467 million in 1H2026, reflecting stronger asset management and operating platform cash flows.
SSCI (Sponsor Stakes & Co‑Investments) Jump
Profit from SSCI increased to SGD 175 million in 1H2026 (from SGD 18 million in 1H2025), a very large increase in contribution from sponsor stakes and co‑investments.
Strong Free Cash Flow Turnaround
Group free cash flow swung from an outflow of SGD 48 million in 1H2025 to an inflow of SGD 570 million in 1H2026 (improvement of ~SGD 618 million), underpinned by higher divestment proceeds.
Successful Asset Monetization Progress and Fund Commitment
YTD asset monetization of ~SGD 1.7 billion announced; as at end‑June ~SGD 560 million realized. Secured a USD 1.5 billion commitment from Apollo to the Keppel Offshore Fund enabling monetization pathway for up to SGD 3.7 billion of legacy rigs.
Key Operating Milestones — Power & Digital
Keppel Sakra Cogen (600 MW, hydrogen‑compatible) commenced operations (increasing generation capacity by ~45%) and Bifrost subsea cable fully commercialized; both now contributing to recurring income.
Segmental Earnings Strength
Infrastructure segment net profit of SGD 538 million, up 55% year‑on‑year; Connectivity net profit SGD 77 million, up 54% year‑on‑year; Asset Management net profit SGD 247 million (more than double prior year).
Asset Management Fee Momentum & Fund Activity
Generated SGD 200 million of asset management fees in 1H2026; completed SGD 3.1 billion of acquisitions and SGD 2.4 billion of divestments across private funds and listed vehicles; large July fundraising (SGD 13.5 billion total raise activity) will boost fees going forward.
Recurring Cost Savings and AI Adoption
Over SGD 100 million in recurring annual run‑rate cost savings from streamlining and AI initiatives; AI being embedded across investment, asset management and operations to improve margins and originate revenue.
Interim Dividend Maintained
Board declared interim cash dividend of SGD 0.15 per share for 1H2026, unchanged from prior year.
KPELY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed