Sats Ltd · SGX:S58
Sats — Q2 FY2026 Earnings Presentation
21 slides from Sats's earnings presentation, Nov 13, 2025
Slide 1: 2Q FY26 Results
<Public> 2Q FY26 Results 13 November 2025 <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: SATS: Leading global provider of aviation solutions
<Public> SATS: Leading global provider of aviation solutions • Global Leader in Air Cargo Handling • Strategic Hub Handler at Changi Airport Singapore • Superior capabilities and services and sustainable operating model for the future • Asia’s Leading Aviation Food Caterer Where we are heading – On
Slide 4: Key Performance Highlights
<Public> Key Performance Highlights Solid 2Q performance, with some volume benefit from tariff-driven customer front-loading • YoY growth across all key lines of business • Cargo outperformed IATA for 8th straight quarter; APAC and EMEAA growth offset tariff-driven decline in Americas • Continued ne
Slide 5: Commercial & Operational updates: Delivering on Our Strategy
<Public> Commercial & Operational updates: Delivering on Our Strategy Marina Bay Cruise SATS Food Solutions SATS has topped the Continued New Wins with Centre Singapore Hub Handler of the unveils defence Singapore Governance Key Customers (MBCCS) completes Future unveiled logistics capability at and
Slide 6: Group: Key Business Drivers
<Public> Group: Key Business Drivers Subsidaries 100% AJVs YoY growth across all key lines of business Cargo Tonnage Flights Meals Served Meals Served Number of in Tonnes (YTD) Handled (YTD) (Aviation) (YTD) (Non-Aviation) (YTD) Employees1 (average) 4.8M 319.4K 33.9M 21.4M 54.5K YoY % YoY % YoY % Yo
Slide 7: Cargo Tonnage
<Public> Cargo Tonnage SATS continues to outpace industry trend over 8 consecutive quarters underscoring our resilience YoY growth by quarters vs IATA SATS (tonnes) Adjusted for comparability^ IATA (CTK) 19.0% 16.1% 14.9% • Cargo volume +7.1% year-on-year in 2Q FY26, 13.3% outperforming IATA global
Slide 8: Financial Summary – 2Q FY26
<Public> Financial Summary – 2Q FY26 Performance Highlights Operational All references are on 2Q YoY basis, unless stated otherwise. 2QFY26 2.4M 160.6K 17.6M YTD 4.8M 319.4K 33.9M Cargo tonnage Flights handled Aviation meals • $1.57B revenue +8.4%, driven by volume growth in cargo volume (+7.1%) and
Slide 9: Revenue by Business Segment
<Public> Revenue by Business Segment (S$’M) 2Q FY26 2Q FY25 Change % By Business By Business By Region Cargo 811.6 710.0 14% +121 M +121 M Ground 404.0 387.8 4% 1,572 1,572 Gateway Services 1,215.6 1,097.8 11% 1,451 1,451 35% Aviation 239.4 238.3 0% 52% Singapore 37% Non-Aviation 117.1 114.5 2% Carg
Slide 10: 2Q FY26 Highlights
<Public> 2Q FY26 Highlights Group continues to reap benefits of operating leverage with cargo and aviation meal volume growth Change $'M 2Q FY26 2Q FY25 $ % Revenue 1,572.1 1,450.7 121.4 8.4 • $1.57B Group revenue +8.4% driven by cargo - Gateway 1,215.6 1,097.8 117.8 10.7 tonnage at 2.4M (+7.1%), fl
Slide 11: 2Q Key Financial Metrics
<Public> 2Q Key Financial Metrics Better earnings and debt repayment meets Moody's leverage targets Key Financial Metrics Ratios Moody’s targets --- “+” indicates with SoAJV Profitability: $'M 2Q26 2Q25 Var % EBITDA margin (%) EBIT margin (%) PATMI margin (%) Revenue 1,572.1 1,450.7 ▲ 8.4% 18.3 19.6
Slide 12: Group: Cash Flow Statement
<Public> Group: Cash Flow Statement FCF improved $51.7M YoY driven by strong operational performance and better working capital management Quarterly trend: $'M YTD FY26 YTD FY25 var Operating CF after lease FCF Operating Cash Flow 356.8 225.4 131.4 Lease payment (233.8) (182.5) (51.3) 230.3 Operatin
Slide 13: Outlook
<Public> Outlook <Public> 13
Slide 14: Company outlook
<Public> Company outlook Cargo Ground handling Food • Broader cargo trends remain • Asia-Pacific remains the fastest- • Positive outlook driven by strong supportive with some Q2 inventory growing region with passenger passenger growth out of Asia, front-loading ahead of tariff changes traffic expect
Slide 15: Financial Goals & Ratios
<Restricted> Financial Goals & Ratios Profitability EBITDA(1) EBIT Margin SoAJV PATMI Margin Margin Run-rate FY29 Target >20% >10% >S$150m >5.0% 1H FY26 18.9% 9.2% S$109.5m * 4.9% FY25 17.8% 8.2% S$115m 4.2% FY24 15.2% 4.7% S$110m 1.1% * 1H26 SoAJV run-rate computed using LTM Progressing Towards Cap
Slide 16: Appendix A
<Public> Appendix A <Public> 16
Slide 17: Operating Statistics
<Public> Operating Statistics 2Q FY26 1Q FY26 QoQ (%) 2Q FY25 YoY (%) Flights Handled ('000) 160.6 158.8 1.2 160.8 -0.1 - APAC 88.7 87.7 1.2 82.8 7.2 - EMEAA 3.6 3.4 5.3 8.2 -56.2 - Americas 68.3 67.7 0.9 69.8 -2.1 Cargo/Mail Processed ('000 tonnes) 2,381.9 2,379.3 0.1 2,223.1 7.1 - APAC 726.0 704.0
Slide 18: Group Segmented P&L – 2Q FY26
<Public> Group Segmented P&L – 2Q FY26 2Q FY26 Food Gateway Food + Gateway Others Total S$’M Solutions Services Revenue 356.5 1,215.6 1,572.1 0.0 1,572.1 EBITDA 50.7 268.1 318.8 (11.4) 307.4 EBITDA (%) 14.2% 22.1% 20.3% n.m. 19.6% EBIT profit / (loss) 38.2 132.2 170.4 (13.0) 157.4 EBIT (%) 10.7% 10.
Slide 19: Group: Quarterly trending
<Public> Group: Quarterly trending S$’M Revenue EBIT YTDFY26 YTDFY25 YTDFY26 YTDFY25 3,078.5 2,821.1 ▲ 9% 282.6 240.1 ▲ 18% +121.4M +30.2M (+8%) QoQ (+24%) QoQ 1,450.7 1,523.3 1,476.7 1,506.3 1,572.1 +65.8M 157.4 1,370.4 127.2 127.3 125.2 +32.2M (+4%) 112.9 (+26%) 108.3 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26
Slide 20: 1H FY26 Highlights
<Public> 1H FY26 Highlights Steady growth amid continued volatility to global trade flows Change S$'M 1H FY26 1H FY25 $ % Revenue 3,078.5 2,821.1 257.4 9.1 - Gateway 2,393.6 2,157.3 236.3 11.0 - Food 684.8 663.6 21.2 3.2 • $3.08B revenue +9.1% driven by cargo tonnage at 4.8M (+8.7%), flights handled
Slide 21: 1HFY26 PATMI
<Public> 1HFY26 PATMI Waterfall presentation of P&L by nature Other Costs S$’M Subcontracting services 6.1% 3,200 Employment cost Premises, 5.2% utilities and 3,100 3,078.5 maintenance 6.5% (1,657.8) 2.4% Licence fees 1,400 (144.0) 1,300 9.9% Raw materials and supplies 1,200 59.3% (277.6) 1,100 10.7