Sats Ltd · SGX:S58
Sats — Q3 FY2026 Earnings Presentation
20 slides from Sats's earnings presentation, Feb 27, 2026
Slide 1: 3Q FY26 Results
<Public> 3Q FY26 Results 27 February 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: Key Performance Highlights
<Public> Key Performance Highlights Solid 3Q performance, with record cargo volume driven by seasonal peak demand • YoY growth across all key lines of business • Cargo outperformed IATA for 9th straight quarter; APAC and EMEAA growth more than offset tariff and de minimis impact in Americas • Contin
Slide 4: Commercial & Operational updates: Delivering on Our Strategy
<Public> Commercial & Operational updates: Delivering on Our Strategy New multi-year inflight AI-enabled Control New Wins with Key Infrastructure catering contract with Tower to strengthen SG Employer Recognition Partners Reinvestment Turkish Airlines Food Security We secured new cargo and SATS TFK
Slide 5: Group: Key Business Drivers
<Public> Group: Key Business Drivers Subsidaries 100% AJVs Q3 Peak sets new record high Cargo tonnage Cargo Tonnage Flights Meals Served Meals Served Number of in Tonnes Handled (Aviation) (Non-Aviation) Employees1 7.3M 480.5K 50.9M 32.0M 54.9K YoY % YTD YTD ▲ 8.2% ▲ 0.8% ▲ 3.6% ▼ 0.6% average ▲ 6.6
Slide 6: Cargo Tonnage
<Public> Cargo Tonnage SATS continues to outpace industry trend over 9 consecutive quarters underscoring our resilience YoY growth by quarters vs IATA SATS (tonnes) Adjusted for comparability^ IATA (CTK) 19.0% • Cargo volume +7.3% year-on-year in 3Q FY26, 16.1% 14.9% 13.3% outperforming IATA global
Slide 7: Financial Summary – 3Q FY26
<Public> Financial Summary – 3Q FY26 Operational Performance Highlights All references are on 3Q YoY basis, unless stated otherwise. 3QFY26 2.5M 161.1K 17.0M YTD 7.3M 480.5K 50.9M Cargo tonnage Flights handled Aviation meals • $1.65B revenue +8.0%, driven by volume growth in cargo volume (+7.3%) and
Slide 8: Revenue by Business Segment
<Public> Revenue by Business Segment (S$’M) 3Q FY26 3Q FY25 Change % By Business By Business By Region Cargo 865.3 771.3 12% +122 M +122 M Ground 417.6 395.2 6% 1,645 1,645 Gateway Services 1,282.9 1,166.5 10% 1,523 1,523 34% Aviation 237.7 235.0 1% Singapore 35% 53% Non-Aviation 124.3 121.7 2% Carg
Slide 9: 3Q FY26 Highlights
<Public> 3Q FY26 Highlights Group continues to benefit from operating leverage with cargo and meal volume growth Change $'M 3Q FY26 3Q FY25 $ % Revenue 1,645.1 1,523.3 121.8 8.0 • $1.65B Group revenue +8.0% driven mainly by Opex (ex-D&A) (1,347.5) (1,259.4) (88.1) (7.0) gateway services with cargo v
Slide 10: 3Q Key Financial Metrics
<Public> 3Q Key Financial Metrics Leverage ratios within Moody's targets, supported by continued debt reduction and earnings growth Ratios Key Financial Metrics Moody’s targets --- “+” indicates with SoAJV Profitability: $'M 3Q26 3Q25 Var % EBITDA margin (%) EBIT margin (%) PATMI margin (%) Revenue
Slide 11: Group: Cash Flow Statement
<Public> Group: Cash Flow Statement FCF decreased by $56.7M YoY driven by higher capital expenditure and lease payments for facility expansions and refurbishments Quarterly trend: $'M YTD FY26 YTD FY25 var Operating CF after lease FCF Operating Cash Flow 582.5 541.1 41.4 Lease payment (353.6) (321.4
Slide 12: Outlook
<Public> Outlook <Public> 12
Slide 13: Company outlook
<Public> Company outlook Cargo Ground handling Food • Cargo demand expected to moderate • Passenger volumes are expected to be • Seasonal moderation anticipated in in 4Q, reflecting traditional seasonality seasonally lower in 4Q 4Q following typical January- • Overall cargo trends remain • Asia-Paci
Slide 14: 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% 9M FY26 18.6% 9.2% S$114m * 5.0% FY25 17.8% 8.2% S$115m 4.2% FY24 15.2% 4.7% S$110m 1.1% * 9M26 computed using LTM Progressing Towards Capital Management our FY20
Slide 15: Appendix A
<Public> Appendix A <Public> 15
Slide 16: Operating Statistics
<Public> Operating Statistics 3Q FY26 3Q FY25 YoY (%) YTD FY26 YTD FY25 YoY (%) Cargo/Mail Processed 2,547.1 2,374.8 7.3 7,308.4 6,753.1 8.2 ('000 tonnes) - APAC 778.1 703.3 10.6 2,208.2 2,042.3 8.1 - EMEAA 1,064.3 914.6 16.4 3,084.7 2,595.5 18.8 - Americas 704.7 756.9 -6.9 2,015.5 2,115.3 -4.7 Flig
Slide 17: Group Segmented P&L – 3Q FY26
<Public> Group Segmented P&L – 3Q FY26 3Q FY26 Food Gateway Food + Gateway Others Total S$’M Solutions Services Revenue 362.0 1,282.9 1,644.9 0.1 1,645.1 EBITDA 43.4 251.5 294.9 2.7 297.7 EBITDA (%) 12.0% 19.6% 17.9% n.m. 18.1% EBIT profit / (loss) 30.5 119.5 150.0 1.3 151.3 EBIT (%) 8.4% 9.3% 9.1%
Slide 18: Group Segmented P&L – 9M FY26
<Public> Group Segmented P&L – 9M FY26 9M FY26 Food Gateway Food + Gateway Others Total S$’M Solutions Services Revenue 1,046.8 3,676.5 4,723.3 0.3 4,723.6 EBITDA 135.3 755.8 891.1 (12.3) 878.9 EBITDA (%) 12.9% 20.6% 18.9% n.m. 18.6% EBIT profit / (loss) 97.2 353.6 450.8 (16.8) 433.9 EBIT (%) 9.3% 9
Slide 19: Group: Quarterly trending
<Public> Group: Quarterly trending Revenue EBIT YTDFY26 YTDFY25 YTDFY26 YTDFY25 4,723.6 4,344.4 ▲ 8.7% 433.9 367.4 ▲ 18.1% +121.8M +24.0M (+8%) (+19%) QoQ QoQ 1,523.3 1,572.1 1,645.1 +73.0M 157.4 151.3 -6.0M 1,450.7 1,476.7 1,506.3 1,370.4 (+5%) 127.2 127.3 125.2 (-4%) 112.9 108.3 1Q25 2Q25 3Q25 4Q2
Slide 20: 9M FY26 Highlights
<Public> 9M FY26 Highlights Steady growth amid continued volatility in global trade flows Change S$'M 9M FY26 9M FY25 $ % Revenue 4,723.6 4,344.4 379.2 8.7 - Gateway 3,676.5 3,323.8 352.7 10.6 - Food 1,046.8 1,020.3 26.5 2.6 • $4.7B revenue +8.7% driven by cargo tonnage at 7.3M (+8.2%), flights hand