Sats Ltd · SGX:S58
Sats — Q4 FY2026 Earnings Presentation
22 slides from Sats's earnings presentation, May 25, 2026
Slide 1: 4Q FY26 Business update
<Public> 4Q FY26 Business update 25 May 2026 <Public>
Slide 2: Forward Looking Statement - Important Note
<Public> Forward Looking Statement - Important Note This document may contain forward-looking statements. These statements are based on management’s current expectations, beliefs, and assumptions about future events, prevailing economic and market conditions and are subject to uncertainties and risk
Slide 3: 4Q Key Performance Highlights
<Public> 4Q Key Performance Highlights Highlights (YoY): Full-year revenue reached a record S$6.35B, up 9.0% • Cargo outperformed IATA for the 10 consecutive quarter; APAC and EMEAA growth offset tariff-related softness in Americas • Continued strong contract wins and renewals, including EVA Air in
Slide 4: Commercial & Operational Updates: Delivering on Our Strategy
<Public> 4Q Commercial & Operational Updates Delivering on Our Strategy New Wins M&A and Food Technology People with Key Partners Infrastructure Solutions and AI and Awards Renewed our cargo Completed the Launched a Completed a successful Named Top Employer in handling partnership with acquisition o
Slide 5: 4Q Key Business Drivers
<Public> Subsidaries 100% AJVs 4Q Key Business Drivers 4Q Seasonal cargo softness; YoY growth sustained despite geopolitical disruptions Cargo Tonnage Flights Meals Served Meals Served Number of (tonnes) Handled (Aviation) (Non-Aviation) Employees1 YoY % YTD 9.7M ▲ 7.0% 655.0K ▲ 3.2% 68.3M ▲ 4.1% 42
Slide 6: Cargo Performance
<Public> 4Q Cargo Performance YoY growth by quarters vs IATA SATS (tonnes) Adjusted for comparability IATA (CTK) 19.7% Outpaced IATA for 10 16.8% consecutive 15.3% quarters • Cargo volumes +4.7% YoY, outperforming IATA 13.3% 11.5% for the 10th consecutive quarter (+7.9% after 9.4% 9.8% 9.2% 10.2% ad
Slide 7: FY26 Resilient Amid Uncertainty
<Public> FY26 Resilient Amid Uncertainty Record full-year revenue underpinned by scale and diversification FY25 FY26 Tariff escalations These results reflect deliberate action and the onset of the Middle-East Revenue S$5.8bn S$6.3bn 9.0% conflict tested the global aviation EBITDA We strengthened cap
Slide 8: Financial Summary
<Public> 4Q Financial Summary Financials (in SGD millions) Performance Highlights All references are on 4Q YoY basis, unless stated otherwise. Group YoY 4Q FY26 4Q FY25 $ % • The Middle East conflict, which escalated in the final month of the Revenue 1,621.9 1,476.7 145.2 9.8 quarter, weighed on rev
Slide 9: Revenue by Business Segment
<Public> 4Q Revenue by Business Segment Change (S$’M) 4Q FY26 4Q FY25 $ % By Business By Region By Business Cargo 808.8 746.0 62.9 8.4 +145 M +145 M Ground 468.6 399.6 69.0 17.3 1,622 1,622 Gateway Services 1,277.4 1,145.6 131.9 11.5 1,477 1,477 37% Aviation 233.3 229.0 4.3 1.9 50% Singapore 35% Non
Slide 10: Key Financial Metrics
<Public> 4Q Key Financial Metrics Balance sheet, ROE and EPS all improved Ratios Key Financial Metrics Moody’s targets --- “+” indicates with SoAJV Variance Profitability: (S$’M) 4Q26 4Q25 $ % EBITDA margin (%) EBIT margin (%) PATMI margin (%) Revenue 1,621.9 1,476.7 145.2 ▲ 9.8% 17.4 16.5 7.3 3.1 6
Slide 11: FY26 Cash Flow
<Public> FY26 Cash Flow Operating cashflow strengthened; FCF tempered by higher Capex Quarterly trend: Operating CF after lease FCF (S$’M) FY26 FY25 var 331.6 Operating Cash Flow 1,030.2 891.1 139.1 Lease payment (469.7) (441.1) (28.6) 230.3 Operating cash flow after lease payment 560.5 450.0 110.5
Slide 12: Financial Goals & Ratios
<Public> Financial Goals & Ratios Profitability EBITDA EBIT Margin SoAJV PATMI Margin Margin Run-rate FY29 Target >20% >10% >S$150m >5.0% FY26 18.1% 8.6% S$115m 4.5% FY25 17.8% 8.2% S$114m 4.2% FY24 15.2% 4.7% S$110m 1.1% Progressing Towards Capital Management our FY2029 Ambitions ROE% Gross Debt /
Slide 13: Outlook
<Public> Outlook <Public> 13
Slide 14: Outlook
<Public> Outlook Navigating near-term uncertainty from a position of proven resilience Cargo Ground handling Food • Global cargo demand fell 4.8% in • Global passenger demand grew 2.1% in • Aviation demand expected to remain March*, though demand outside Gulf- March*, with international markets outs
Slide 15: Middle East conflict
<Public> Middle East conflict Assessing the implications of the evolving situation Immediate impact Current dynamics Forward scenarios Operations in Saudi Arabia and Energy price increases feeding through into Prolonged conflict could sustain higher Oman stations disrupted at the broader input cost
Slide 16: Appendix
<Public> Appendix <Public> 16
Slide 17: Operating Statistics
<Public> Operating Statistics 4Q FY26 4Q FY25 YoY (%) FY26 FY25 YoY (%) Cargo Processed ('000 tonnes) 2,346.4 2,241.3 4.7 9,654.8 9,026.7 7.0 - APAC 723.1 661.0 9.4 2,931.3 2,703.3 8.4 - EMEAA 983.6 901.2 9.1 4,068.3 3,529.1 15.3 - Americas 639.8 679.1 -5.8 2,655.3 2,794.3 -5.0 Flights Handled ('000
Slide 18: 4Q Group Segmented P&L
<Public> 4Q Group Segmented P&L 4Q FY26 Food Gateway Food + Gateway Others Total (S$’M) Solutions Services Revenue 344.3 1,277.4 1,621.7 0.2 1,621.9 EBITDA 35.0 240.7 275.7 (8.2) 267.5 EBITDA (%) 10.2% 18.8% 17.0% n.m. 16.5% EBIT profit / (loss) 21.7 97.0 118.7 (9.3) 109.4 EBIT (%) 6.3% 7.6% 7.3% n.
Slide 19: FY26 Group Segmented P&L
<Public> FY26 Group Segmented P&L FY26 Food Gateway Food + Gateway Others Total (S$’M) Solutions Services Revenue 1,391.1 4,953.9 6,345.0 0.5 6,345.5 EBITDA 170.3 996.5 1,166.8 (20.4) 1,146.4 EBITDA (%) 12.2% 20.1% 18.4% n.m. 18.1% EBIT profit / (loss) 118.9 450.6 569.5 (26.2) 543.3 EBIT (%) 8.5% 9.
Slide 20: Group: Quarterly trending
<Public> Group: Quarterly trending (in S$’M) Revenue EBIT FY26 FY25 FY26 FY25 6,345.5 5,821.1 ▲ 9.0% 543.3 475.7 ▲ 14.2% +145.2M +1.1M (+10%) (+1%) QoQ QoQ 1,523.3 1,572.1 1,645.1 1,621.9 -23.2M 157.4 151.3 1,450.7 1,476.7 1,506.3 1,370.4 (-1%) 127.2 127.3 125.2 -42.0M 112.9 108.3 109.4 (-28%) 1Q25
Slide 21: FY26 Highlights
<Public> FY26 Highlights Robust business growth despite volatility in global trade flows Change (S$’M) FY26 FY25 $ % Revenue 6,345.5 5,821.1 524.4 9.0 - Gateway 4,953.9 4,469.4 484.5 10.8 • $6.3B revenue +9.0% driven by robust growth in - Food 1,391.1 1,351.4 39.7 2.9 cargo volume (+7.0%) and flight
Slide 22: FY26 PATMI
<Public> FY26 PATMI Waterfall presentation of P&L by nature Other S$’M costs Subcontracting 6,345.5 services 7.2% Company premise, 4.8% utilities and (3,424.6) maintenance 6.2% Licence fees 2.5% 9.9% Cost of raw materials (277.5) and supplies Employment 59.0% cost (574.4) 10.4% Depreciation and (143