Keppel Ltd ANNUAL

Chairman's Statement

OVERVIEW Chairman’s Statement Following the acquisition of our decarbonise and mitigate the impact Following our asset monetisation RUNNING THE COMPANY 50% stake in Aermont Capital of climate change will drive demand efforts over the years, our landbank RESPONSIBLY (Aermont) last April, integration has for Keppel’s solutions, such as our in China has shrunk from $3.1 billion As we focus on growing the Company, been proceeding well. With Aermont renewable energy importation, in end-2017 to about $1.1 billion at the we are also committed to enhancing as our European platform, our waste-to-energy technology, and end of 2024, which is held at historical corporate governance, risk management geographical reach has expanded our Energy-as-a-Service solutions. costs1. We continue to pivot away and sustainability. In 2024, we adopted from mainly Asia Pacific to Europe. from a traditional developer model a Board Gender Diversity Policy to aim Both Keppel and Aermont will work Connectivity will also be a growth to focus on Real Estate-as-a-Service, to have at least two female directors, closely to expand our offerings sector, with digitalisation and including offering Sustainable Urban and 30% female representation on the in the European market. Generative AI driving demand Renewal solutions and consultancy Board by 2030. On the environmental for subsea cables, energy-efficient services for large-scale developments. aspects of ESG, we have set targets to We will also bring in world-class data centres and digital connectivity reduce carbon emissions, water and partners and collaborators to offer solutions. When the Bifrost Cable In line with our asset-light strategy, waste intensity, and our impact on better solutions across the value System is ready for service, expected we will continue to drive asset nature and biodiversity, as well as chain, as we had done in 2024 with in the second half of 2025, it will monetisation while derisking our increase the use of renewable energy. our Strategic Framework Agreement significantly enhance Singapore’s legacy O&M assets. These include with Amazon Web Services, to strategic position as Asia’s leading Asset Co’s rigs and our stake in We are honoured to retain our establish Keppel as a strategic digital hub and also support the Floatel, which were carried in our MSCI AAA ESG rating, remain in the ecosystem player. region’s fast-gr