The Directors of Keppel Infrastructure Fund Management Pte. Ltd., as Trustee-Manager of Keppel Infrastructure Trust, are pleased to provide the key business and operational updates of Keppel Infrastructure Trust for the first quarter of 2024. 

• KIT’s Adjusted EBITDA increased by 3.8% year-on-year to $130.7 million, supported by contributions from the Keppel Merlimau Cogen Plant (KMC) and the addition of the German Solar Portfolio to the KIT portfolio. 
• The KIT portfolio continues to deliver strong operational performance across its businesses and assets and is largely insulated from inflation and higher costs due to cost pass-through mechanisms and availability-based models. 
• The Trustee-Manager remains focus on growth and value creation. In 1Q 2024 alone, the Trustee-Manager has announced/completed transactions that will potentially add 0.62 cents to KIT’s FY 2023 ordinary Distributions per Unit (DPU), coming from KMC, Ventura and the German Solar Portfolio, translating to a significant accretion of over 16% based on FY 2023’s pro forma DPU. 
• The lower Distributable Income (DI) is due largely to timing differences as well as one-offs. After adjusting for these, 1Q 2024 would see an increase of 29% year-on-year to $66.8m, contributed by: 
  • higher contributions from our investment in the Aramco Gas Pipelines Company, as well as the addition of the German Solar Portfolio and the resumption of DI contribution from KMC.  
  • DI from the Environmental Services segment remained stable; 
  • In the Distribution and Storage segment, (i) Philippine Coastal’s DI contribution would be higher after adjusting for growth capex and the upfront financing costs amounting to $3.3m; (ii) Ixom’s DI were impacted by higher finance costs, capex and opex, but these can be passed through to consumers over time, given Ixom’s price-setting ability with its market leading position. Operationally, Ixom’s performance remained strong supported by its manufactured chemicals and dairy segments.