Singapore Airlines Ltd. · SGX:C6L
Singapore Airlines — H1 FY2025/26 Earnings Presentation
46 slides from Singapore Airlines's earnings presentation, Nov 14, 2025
Slide 1: SIA Group Analyst/Media Briefing 1H FY25/26 Results
SIA Group Analyst/Media Briefing 1H FY25/26 Results (Ended 30 September 2025) 14 November 2025 The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from ex
Slide 2: Presentation by Chief Financial Officer
PRESENTATION BY: Chief Financial Officer Ms. Tan JoAnn The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be
Slide 3: Group Financial Results: Key Highlights for 1H FY25/26
Group Financial Results Key Highlights for 1H FY25/26 Strong 1H operating profit at $802.9 million, 0.9% higher than last year Group revenue is a 1H record. Air travel demand remained strong, resulting in passenger traffic growth of 4.6%, higher than capacity increase. Yields declined 2.9% due to
Slide 4: Key Results for the Main Companies of the Group
Key Results for the Main Companies of the Group 1H 1H Better/ Q2 Q2 Better/ FY25/26 FY24/25 (Worse) FY25/26 FY24/25 (Worse) ($’M) ($’M) (%) ($’M) ($’M) (%) Full-service carrier Operating Profit 840.2 785.9 6.9 416.0 317.5 31.0 Low-cost carrier Operating Profit/(Loss) (39.0) 6.8 n.m. (22.5) 4.2 n.m.
Slide 5: Group Operating Statistics
Group Operating Statistics 1H FY25/26: Overall capacity rose by 2.9% with pax capacity up 3.0% and cargo capacity up 2.8% Passenger Airlines Capacity SIA ASK Scoot ASK Group ASK 1H FY25/26 (YoY) 1H FY25/26 (YoY) 1H FY25/26 (YoY) +2.9% +3.2% +3.0% Q2 (YoY) Q2 (YoY) Q2 (YoY) +1.6% +6.4% +2.6% Slide 5
Slide 6: Group Operating Statistics
Group Operating Statistics 1H FY25/26: Overall capacity rose by 2.9% with pax capacity up 3.0% and cargo capacity up 2.8% Cargo Capacity and Overall Capacity Cargo CTK Group Overall CTK 1H FY25/26 (YoY) 1H FY25/26 (YoY) +2.8% +2.9% Q2 (YoY) Q2 (YoY) +1.4% +2.2% Slide 6 The copyright in this material
Slide 7: Group Financial Results
Group Financial Results 1H 1H Better/ Better/ Q2 Q2 Better/ Better/ FY25/26 FY24/25 (Worse) (Worse) FY25/26 FY24/25 (Worse) (Worse) ($’M) ($’M) ($’M) (%) ($’M) ($’M) ($’M) (%) Total Revenue 9,675.2 9,497.4 177.8 1.9 4,884.8 4,779.0 105.8 2.2 Total Expenditure 8,872.3 8,701.8 (170.5) (2.0) 4,486.4 4,
Slide 8: Group Revenue
Group Revenue 1H FY25/26: Robust passenger demand contributed to a record 1H Group revenue Group Revenue ($'M) Record Quarterly Revenue 1H FY25/26 5,218.6 4,884.8 $9,675.2M 4,718.4 4,779.0 4,823.8 4,790.4 613.7 540.5 561.6 496.4 530.5 540.6 YoY $177.8M (+1.9%) 4,235.0 3,945.6 3,924.3 3,828.0 3,839.9
Slide 9: Group Operating Statistics - Passenger
Group Operating Statistics - Passenger 1H FY25/26: Group pax load factor came in at 87.7%, 1.3 percentage points higher than last year 1H FY25/26 RASK: 8.7¢/ask PLF: 87.7% RASK PLF (%) Q2 FY25/26 (₵/ask) RASK: 8.6¢/ask PLF: 87.9% 100 10 8.7 8.7 8.6 FY19/20 Group RASK 8 (7.5¢/ask) 90 6 87.6 87.9 85.8
Slide 10: SIA and Scoot Operating Statistics - Passenger
SIA and Scoot Operating Statistics - Passenger Q2 FY25/26: SIA’s RASK stayed flat against last year while Scoot’s RASK saw a decline FSC: SIA Operating Statistics LCC: Scoot Operating Statistics 1H FY25/26 1H FY25/26 RASK: 9.5¢/ask RASK: 5.5¢/ask PLF: 86.7% PLF: 91.5% RASK PLF (%) PLF (%) RASK Q2 FY
Slide 11: Group Operating Statistics - Cargo
Group Operating Statistics - Cargo 1H FY25/26: Cargo growth trailed capacity increase, while yields saw a YoY decline due to competitive pressure 1H FY25/26 Yield: 34.7¢/ltk CLF: 56.5% CLF (%) Cargo Yield Q2 FY25/26 (₵/ltk) 100 Yield: 35.0¢/ltk CLF: 56.2% 36.2 40 34.5 35.0 80 FY19/20 Yield (30.5¢/lt
Slide 12: Group Expenditure
Group Expenditure 1H FY25/26: Total expenditure grew 2.0%, driven by capacity growth and inflationary pressure, partially offset by lower net fuel cost Group Expenditure ($'M) 1H FY25/26 4,589.7 4,248.2 4,453.6 4,539.2 4,385.9 4,486.4 $8,872.3M YoY 3,094.0 3,277.3 3,196.0 3,123.9 3,201.1 $170.5M 2,8
Slide 13: Group Expenditure
Group Expenditure 1H FY25/26 Handling Charges Depreciation & Leased Passenger Costs $740.2M Aircraft Charges $508.0M (+$56.2M, +8.2%) $1,214.7M (+$28.0M, +5.8%) (+$91.0M, +8.1%) Staff Costs $1,839.9M (-$15.1M, -0.8%) Landing, Parking & 13.7% 8.3% Overflying Charges 5.7% $485.7M (+$45.5M, +10.3%) 20.
Slide 14: Net Fuel Cost and Fuel Hedging
Net Fuel Cost and Fuel Hedging 1H FY25/26: Net fuel cost lower by 6.7% on lower fuel prices and favourable exchange rate, partially offset by higher volume uplift Group Fuel Cost Analysis ($'M) +129.8 -369.8 2,729.9 Higher +142.9 -85.5 -$182.6M volume uplift 2,547.3 (-6.7%) Weakening of Lower weight
Slide 15: Fuel Hedging Status as of 1 November 2025
Fuel Hedging Status as of 1 November 2025 Opportunistic long-term hedges to extend the hedge profile up to 5 years Group Fuel Hedging Position Brent MOPS 3% Average 9% Hedged Price Brent MOPS (USD/BBL) 15% Q3 66 87 FY25/26 13% Q4 69 85 46% 38% Q1 69 82 26% 21% FY26/27 Q2 69 82 21% 2H 66 79 7% 3% F
Slide 16: Group Operating Profit
Group Operating Profit 1H FY25/26: Operating profit came in 0.9% higher than last year Group Operating Profit ($'M) 628.9 1H FY25/26 $802.9M 470.2 404.5 398.4 YoY 325.4 $7.3M 284.6 (+0.9%) Q2 (YoY) $73.0M (+22.4%) Q1 Q2 Q3 Q4 Q1 Q2 FY24/25 FY25/26 Slide 16 The copyright in this material (other than
Slide 17: Group Operating Profit (YoY progression)
Group Operating Profit (YoY progression) Higher operating profit largely driven by higher pax flown revenue and lower net fuel cost Group Operating Profit ($'M) Higher depreciation & leased aircraft Higher +182.6 charges Higher handling Lower cargo charges LPO +118.4 revenue charges -91.0 Others 795
Slide 18: Group Net Profit
Group Net Profit Group Net Profit ($'M) 1,626.0 1,097.9 1H FY25/26 $238.5M One-off non-cash accounting gain YoY on disposal of Vistara $503.5M (-67.9%) 451.7 290.3 528.1 410.0 Q2 (YoY) 186.1 $237.9M 52.4 (-81.9%) Q1 Q2 Q3 Q4 Q1 Q2 FY24/25 FY25/26 Slide 18 The copyright in this material (other than i
Slide 19: Group Net Profit (YoY progression)
Group Net Profit (YoY progression) Net Profit dampened by share of losses of associated companies, notably from Air India, and swing from interest income to interest expense Group Net Profit ($'M) Net interest expense vs net interest income Share of losses of +7.3 last year associated 742.0 companie
Slide 20: Group Financial Position
Group Financial Position As at As at 30 September 2025 31 March 2025 Total assets ($’M) 40,659.9 43,086.8 Total debt ($’M) 10,874.8 12,914.3 Total cash and bank balances ($’M) 6,447.0 8,257.1 Fixed deposits (placed for tenors longer than 12 months) ($’M) 2,060.2 1,781.1 Total liabilities ($’M) 24,72
Slide 21: Proposed Capital Return Plan
Proposed Capital Return Plan The Company plans to return capital to shareholders via a special dividend package of 10 cents per share annually over three financial years, amounting to about $0.9 billion over the three years, reflecting the SIA Group’s strong financial position. As the first payment
Slide 22: Group Financial Results
Group Financial Results Interim dividend of 5 cents per share and interim special dividend of 3 cents per share to be paid on 23 December 2025 1H FY25/26 Earnings Per Share (cents) - Basic R4 7.9 - Diluted R5 7.9 EBITDA ($’M) R6 1,855.2 EBITDA margin (%) R7 19.2 Interim Dividend Per Share (cents) 5.
Slide 23: Group Operating Fleet Development
Group Operating Fleet Development The Group expects to end the financial year with 218 aircraft in the operating fleet Operating Fleet As at 30 September 2025 In Out As at 31 March 2026 SIA 777-300ER 22 22 A380-800 12 12 A350-900 65 65 787-10 26 +2R1 28 737-800 NG 1 -1R2 0 737-8 19 +2R3 21 747-400F
Slide 24: Projected Group Capital Expenditure
Projected Group Capital Expenditure Projected Capital Expenditure FY25/26 FY26/27 FY27/28 FY28/29 FY29/30 ($’M) Aircraft 2,900 4,000 3,600 3,400 2,700 Others 600 700 500 400 300 Total 3,500 4,700 4,100 3,800 3,000 Slide 24 The copyright in this material (other than in respect of information from ext
Slide 25: Presentation by Chief Executive Officer
PRESENTATION BY: Chief Executive Officer Mr. Goh Choon Phong The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may
Slide 26: Our Strong Foundations; Three Pillars of our Brand Promise; Well-Positioned for the Future
1 Our Strong Foundations 2 The Three Pillars of our Brand Promise 3 Well-Positioned for the Future The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information fro
Slide 27: Risks and Challenges Facing the Aviation Industry
Risks and Challenges Facing the Aviation Industry These challenges are industry-wide and not unique to the SIA Group Intensifying Supply Chain Cost Competition Disruptions Inflation Geopolitical Macroeconomic Climate Tensions Volatility Change Slide 27 The copyright in this material (other than in r
Slide 28: Our Strong Foundations
Our Strong Foundations We are well-positioned to navigate these challenges with our strong foundations Financial Digital Talented Strength Capabilities People Slide 28 The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Sing
Slide 29: Strong Foundations: Financial Strength
Strong Foundations: Financial Strength The SIA Group’s balance sheet remains among the strongest in the industry Strong Liquidity Strong Balance Sheet S$6.4B S$2.1B S$3.3B 0.70 Cash balance Fixed deposits (placed Committed lines of Debt-to-Equity Ratio as at 30 Sep 2025 for tenors >12 mths) credit,
Slide 30: Strong Foundations: Digital Capabilities
Strong Foundations: Digital Capabilities Our continued investments in digital capabilities drive business outcomes for the SIA Group Business Outcomes Personalised Optimised Productive Revenue Services and Offers Operations Workforce Generation for Customers Digital Strategy Cultivate a Build digita
Slide 31: Strong Foundations: Digital Capabilities – GenAI Use Cases
Strong Foundations: Digital Capabilities – GenAI Use Cases Integrate responsible AI across operations to transform our business and strengthen competitive advantage Total Use Cases: 329 (+22%) Completed: 91 (+30%) Use Cases: 66 Completed: 12 Use Cases: 120 Completed: 35 Use Cases: 143 Completed: 44
Slide 32: Strong Foundations: Talented People
Strong Foundations: Talented People Building a future-ready workforce through training, innovation and continuous transformation Workforce Upskilling Workplace Culture Transformation & Tools • Investment in upskilling • Cultivate mindset that • Provide right tools and programmes to ensure staff embr
Slide 33: Strong Foundations: Talented People
Strong Foundations: Talented People Conferred the SkillsFuture 10th Anniversary Honours award on 7 November 2025 “ SIA demonstrates an unwavering commitment to workforce development by empowering its people to learn and grow through continuous upskilling and reskilling, access to learning resources
Slide 34: The Three Pillars of our Brand Promise
The Three Pillars of our Brand Promise We continue to invest in strategic initiatives and strengthen the three pillars of our brand promise Product Service Network Leadership Excellence Connectivity Slide 34 The copyright in this material (other than in respect of information from external sources)
Slide 35: Product Leadership
Product Leadership Elevating our product and services offerings to continue to deliver a world-class travel experience 2025 Upgraded SilverKris Lounge in 2024 Brisbane Airport Opened brand new SilverKris Lounge Opened new First Class SilverKris in Perth Airport Lounge in Changi Airport Terminal 2 on
Slide 36: Product Leadership
Product Leadership Elevating our product and service offerings to continue delivering a world-class travel experience • With the retirement of the B737-800NG fleet in October 2025, SIA now offers full-flat Business Class beds and in-flight Wi-Fi Regional Business Class: B737-8 across the entire netw
Slide 37: Product Leadership
Product Leadership Elevating our product and service offerings to continue delivering a world-class travel experience • Investing S$1.1B to upgrade cabins on 34 A350-900LH and 7 A350-900ULR aircraft, delivering our new long-haul experience • Unveiling SIA’s all-new travel experience in 1H 2026 • Nex
Slide 38: Service Excellence
Service Excellence We are one of the world's most awarded airlines, recognised for our world-class service Most recently, we also won five awards at the Business Traveller Asia-Pacific Awards 2025 • Best Asia-Pacific Airline • Best Asia-Pacific First Class • Best Asia-Pacific Business Class • Best A
Slide 39: Service Excellence
Service Excellence Investing in best-in-class service for customers, embodied by our world-class crew and staff In-house AR training CEO Service Excellence capabilities and trials, Awards 2025 recognised enabling cabin crew to learn 86 individuals and teams in a safe, realistic for delivering except
Slide 40: Network Connectivity
Network Connectivity Our diversified network positions us well to respond to macroeconomic volatility SIA Group Capacity (ASK) for 1H FY25/26 10% 19% Group network is diversified 12% South West Pacific across the regions Europe North Asia South East Asia • The SIA Group’s diversified network West As
Slide 41: Network Connectivity: Group Portfolio Strategy
Network Connectivity: Group Portfolio Strategy Our portfolio strategy gives us the flexibility to serve more customer segments and markets SIA Group Network (Frequencies)* Total Weekly Frequency: 1,793 (TR comprises 35%) 52 TR-only destinations Europe 126 Flights Weekly (TR comprises 5%) 2 TR-only d
Slide 42: Network Connectivity: Air Partnerships Strategy
Network Connectivity: Air Partnerships Strategy Enhancing network connectivity to bring our customers anywhere in the world Partnerships allow us to: Diversify our network • Connectivity to >900 offline points of which >250 are codeshare destinations Densify our network • The SIA-Garuda Indonesia pa
Slide 43: Network Connectivity: Multi-Hub Strategy
Network Connectivity: Multi-Hub Strategy Enables the SIA Group to access new growth markets that complement existing network India’s Potential New Growth Markets Projected to become the 3rd largest economy by 2030/2031 Source: S&P India is now the world’s third-largest air transport market; passenge
Slide 44: Network Connectivity: Multi-Hub Strategy
Network Connectivity: Multi-Hub Strategy Our stake in the Air India Group enables our direct participation in the fast-growing Indian market Air India’s Multi-Year Transformation Programme Fleet and Network Growth Product and Customer Experience Currently past the halfway mark, Air India’s Transform
Slide 45: We are Well-Positioned for the Future
We are Well-Positioned for the Future Multi-Hub Portfolio & Partnerships New Revenue Brand Promise Sustainability Financial Strength Talented People Digital Capabilities Slide 45 The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airline
Slide 46: Thank You
Thank You The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republish
Singapore Airlines — H1 FY2025/26 Earnings Presentation on 6ix