Material Increase in Distributable Income (DI)
FY2025 DI of approximately $249.5 million (reported ~ $250M), up ~24% year-on-year; asset DI before corporate cost of $349.1 million.
Strong Unit Distribution and Yield
Declared full-year DPU of $0.0394 (H2 DPU $0.0197) with an implied yield of 8% based on year-end unit price of $0.49; total unitholder return of over 17% for FY2025.
Substantial AUM and Portfolio Scale
Assets under management of approximately $9.1 billion as at 31 Dec 2025, anchored in essential infrastructure across energy transition, environmental services, distribution & storage and digital infrastructure.
Successful Capital Recycling and Deployment
Unlocked over $300 million in net proceeds from asset divestments, deployed ~$120 million to acquire GMG (digital infrastructure), with ~$180 million of divestment proceeds remaining for redeployment.
Healthy Balance Sheet Metrics
Net gearing at ~39% and interest coverage ratio of 7.6x; consolidated debt ~ $3.2 billion; weighted average cost of debt lowered year-on-year (group 4.4%, trust 3.4%); ~72% of total borrowings hedged and ~73% of foreign income hedged.
Strong Performance from Key Business Units
Ixom FFO of $71 million, up 42% year-on-year; German solar portfolio FFO SGD 46 million, up 18% year-on-year; City Energy achieved higher FFO (~$62 million) and now represents a much larger share of portfolio DI vs 2018.
Accretive New Entry into Digital Infrastructure
Completed GMG acquisition (25 Nov 2025) and received ~SGD1 million contribution (~1 month) in FY2025; management expects the FY2026 DI run-rate to broadly annualize that contribution and to debt-fund maintenance CapEx.
Operational Resilience and Awards
Maintained stable operations across concessions (e.g., Singapore concession assets aggregated ~$52 million contribution) and received external recognition (Edge Singapore Billion Club Awards 2025 and AustCham Australia Business Alliance Award 2025).
One-off Capital Management Gain Recognized and Deployed
Recognized a divestment/divestment-related gain (cited ~$49–51 million region) from asset sales and hedge unwinds; proceeds were used to pay down trust-level debt to improve financial flexibility.
ESG Progress
Met FY2025 ESG targets across environmental stewardship, responsible business and people & community; achieved an MSCI ESG rating of A.