Core Viewpoint - Crude oil prices have surpassed US$100, but Keppel Corporation's focus has shifted away from the offshore and marine (O&M) industry, which is now considered a legacy business [1][4][17] Business Evolution - Keppel's results were historically correlated with oil prices, with O&M contributing 61% of total revenue and 32% of net profit in 2015 [2] - The company experienced a significant decline in revenue and net profit in 2016, with a 34% drop in revenue and a 49% fall in net profit [3] - Keppel's strategic decision to move away from the oil business has been reinforced by the merger of its O&M assets with Sembcorp Marine, forming Seatrium [4] Financial Snapshot - Keppel's current share price is S$12.30, reflecting an 82% increase over the past year, driven by its non-legacy business performance [9] - In 2025, net profit from New Keppel reached S$1.1 billion, with the infrastructure segment contributing S$803 million (73%) [10] - The company paid out total dividends of S$0.47 per share in 2025, a 38% increase from 2024, resulting in a distribution yield of 3.8% [11] Growth Drivers Beyond Oil - Keppel aims to achieve S$200 billion in funds under management (FUM) by 2030, with FUM at S$95 billion by the end of 2025, requiring a compound annual growth rate of around 16% [12] - The company is actively raising capital for various funds and has made strategic acquisitions, such as a 50% stake in Aermont Capital [13] - Future growth will be driven by segments like digitalisation and AI, rather than oil prices [14]

Financial Performance - GAAP Net loss was $376 million for the first quarter[16] - GAAP Net loss attributable to Bridge Investment Group Holdings Inc was $122 million for the first quarter[16] - Loss per share of Class A common stock - basic and diluted was $037 for the first quarter, partially attributed to approximately $170 million in transaction costs related to the Merger Agreement[16] - Distributable Earnings ("DE") of the Operating Company decreased 47% to $170 million[17] from $322 million[17] year-over-year - After-tax DE per share decreased 47% to $009[17] from $017[17] year-over-year Assets Under Management (AUM) - Gross AUM increased 3% year-over-year to $494 billion[17] from $480 billion[17] - Fee-Earning AUM remained unchanged year-over-year at $220 billion[17] - Capital Raised increased 4% year-over-year to $02 billion[17] from $02 billion[17] - Capital Deployed increased 73% year-over-year to $06 billion[17] from $03 billion[17] Revenue - Total Revenue decreased 6% year-over-year to $963 million[17] from $1028 million[17] - Fee Related Revenues decreased from $793 million[25] to $726 million[25]