Singapore, Feb 4, 2026, 15:40 SGT — Regular session
Keppel Ltd (SGX:BN4) shares climbed 0.46% to S$10.94 by 3:19 p.m. in Singapore on Wednesday. The stock had added 1.3% on Tuesday, though it dropped 1.6% on Monday.
Keppel’s infrastructure arm announced it has landed around S$600 million in new contracts, covering proprietary tech, engineering, and operation-and-maintenance services across both brownfield upgrades and greenfield projects. These latest wins push the division’s backlog for long-term decarbonisation and sustainability contracts past S$7.1 billion, with revenue expected over the next 10 to 15 years. Cindy Lim, the division’s CEO, highlighted the deals as proof of the “growing traction of our integrated Solutions-as-a-Service model.” The Edge Singapore
Keppel is set to release its second-half and full-year 2025 results before markets open on Thursday, Feb 5, according to a company notice. Investors will focus on management’s outlook for contract wins and the potential growth in recurring service income.
Keppel has struck a deal with state industrial developer JTC to link Fusionopolis 2A with its Biopolis and Mediapolis district cooling plants, creating what it calls Singapore’s first fully integrated chilled-water thermal grid. The company also announced cooling-as-a-service contracts in Singapore, adding over 21,000 refrigeration tonnes of capacity. New district cooling ventures are underway in Thailand (25,000 refrigeration tonnes) and India (more than 13,500 refrigeration tonnes), while a collaboration with Johnson Controls will deliver a 4,400 refrigeration-tonne project in Metro Manila. Keppel says these recent contracts won’t significantly affect net tangible asset per share or earnings per share this financial year.
Book-to-bill tracks orders received against the revenue logged in the same period, offering a fast snapshot of whether the order book is growing. Cooling-as-a-service works on a similar model: instead of buying and running the equipment, customers pay a fee for the cooling itself.
Equity investors focus on visibility. Long-term service contracts may smooth earnings swings, but that depends on projects kicking off as scheduled and margins staying firm.
Contract announcements don’t always boost near-term profits. Greenfield projects often strain cash flow when construction falls behind schedule, and long-term contracts can keep earnings stagnant despite growing backlogs.
All eyes are now on Thursday’s earnings. Any tweak to guidance, an altered dividend, or a surge in contracted revenue might sway the stock more than the contracts themselves.
Keppel notified the exchange it plans to publish its results for the year ending Dec 31, 2025, on Feb 5. Investors will be watching closely for updates on contract wins in its decarbonisation division, which could drive the next move in the stock.
