Overview Key strengths Key risks Predictable cash flow, underpinned by mostly regulated assets with a strong regulatory framework. Sizable increase in capital expenditure (capex) likely to result in negative free operating cash flow. Monopoly over Singapore's power transmission and distribution (T&D) networks. Higher spending in new markets and business segments could increase execution and regulatory risks. Significant financial flexibility and headroom with modest leverage. Earnings and geographical concentration in Singapore, partly mitigated by investments in regulated Australian T&D assets. The company could have a robust ratio of funds from operations (FFO) to debt of 80%-85% in fiscal 2025 and 40%-50% in fiscal 2026-2027. Its debt-to-EBITDA ratio could also remain below 2.0x in fiscal 2025-2027. These ratios provide headroom to our
