Sats Ltd · SGX:S58
Sats — FY2025 Earnings Presentation
27 slides from Sats's earnings presentation, May 23, 2025
Slide 1: FY25 Results
<Public> FY25 Results 23 May 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 4Q & FY25 Key Highlights
<Public> SATS 4Q & FY25 Key Highlights 4Q FY25 FY25 Revenue improved by 10.4% to S$1.48B, S$5,821.1M 4Q Net Profit grew 1 Revenue driven by continued growth in both (+13.0% YoY) gateway and food business S$6.0M (or 18.3% YoY) to EBITDA increased by 16.8% to S$38.7M 2 EBITDA S$257.5M, with margin exp
Slide 4: New Client Acquisitions
<Restricted> <Public> New Client 26 JUN 2024 Acquisitions 15 APR 2025 6 AUG 2024 Singapore Airlines CARGO HANDLING 18 APR 2024 Emirates Turkish Airlines CARGO HANDLING 6 FEB 2025 GROUND HANDLING Scandinavian Airlines CARGO HANDLING LONDON, GATWICK, UK DHL Air Capacity Sales FRANKFURT, GERMANY CARGO
Slide 5: Commercial & Operational updates
<Public> Commercial & Operational updates Strategic Investment Expansion of Marina Completion of New Culinary Offerings Top Honours at the in SG Hub Bay Cruise Centre Amsterdam at the World Travel PAX Awards Singapore Acquisition Catering & Onboard Services Expo Modernising SG Hub’s Commencing MBCCS
Slide 6: We have achieved integration synergies of c. S$103M EBITDA, well above our target
<Public> We have achieved integration synergies of c. S$103M EBITDA, well above our target Synergies secured (S$’M) Commercial Operational Financial & Fiscal 68 162 40 68 S$103M 23 (EBITDA synergy) 93 5 28 35 Total synergies accomplished in 12 FY25 => c. S$162M inclusive of group 53 58 financial and
Slide 7: Executive Summary – 4Q and FY25
<Public> Executive Summary – 4Q and FY25 REVENUE EBITDA EBIT SoAJV PATMI FY25 $5,821.1M $1,036.2M $475.7M $114.3M $243.8M ▲ 13.0% YoY (margin: 17.8%) (margin: 8.2%) (margin: 4.2%) 4Q FY25 $1,476.7M $257.5M $108.3M $21.4M $38.7M ▲ 10.4% YoY (margin: 17.4%) (margin: 7.3%) (margin: 2.6%) FY25 Segmental
Slide 8: Operating statistics: Positive amid seasonal demand
<Public> Operating statistics: Positive amid seasonal demand Current Period Prior Period Flights Cargo Tonnage Meals Served Meals Served Number of Year-to-date (YoY comparison) Handled In Tonnes (Aviation) (Non-Aviation) Employees +5.8% +15.1% +21.1% +12.4% -0.7% 100% 110% 635K 9.0M 65.6M 55.1K 600K
Slide 9: Key Financial Metrics – At a Glance
<Public> Key Financial Metrics – At a Glance Ratios Financial Metrics Profitability: EBITDA margin (%) EBIT margin (%) PATMI margin (%) $'M FY24 FY25 Growth % EBITDA 780.7 1,036.2 32.7% 15.2 17.8 8.2 4.2 EBITDA (AL1) 346.7 570.3 64.5% 4.7 1.1 EBITDA+ 890.6 1,150.5 29.2% FY24 FY25 FY24 FY25 FY24 FY25
Slide 10: Revenue by business segment
<Public> Revenue by business segment By Business Revenue FY25 FY24 Change % +672 M 5,821 By Business 5,150 Cargo 2,922.6 2,542.8 15% Ground 1,546.8 1,498.4 3% 50% Gateway Services 4,469.4 4,041.2 11% Cargo 49% Aviation 918.2 730.5 26% By Region Non-Aviation 433.2 377.4 15% Food Solutions 1,351.4 1,1
Slide 11: 4Q FY25 Highlights
<Public> 4Q FY25 Highlights Change $'M 4Q FY25 4Q FY24 $ % Revenue 1,476.7 1,337.7 139.0 10.4 - Food 331.1 297.3 33.8 11.4 Group revenue increased due to continued business volume - Gateway 1,145.6 1,040.4 105.2 10.1 growth and rate improvements. Opex (ex-D&A) (1,219.2) (1,117.3) (101.9) (9.1) Highe
Slide 12: FY25 Highlights
<Public> FY25 Highlights Change $'M FY25 FY24 $ % Revenue 5,821.1 5,149.6 671.5 13.0 Group revenue increased driven by growth in business volumes and - Food 1,351.4 1,107.9 243.4 22.0 contributions from an expanded network of operations. - Gateway 4,469.7 4,041.6 428.1 10.6 Food solutions growth was
Slide 13: Quarterly Trending
<Public> Quarterly Trending Revenue +139.0M EBITDA +37.1M (+16.8%) (+10.4%) QoQ QoQ 265.7 263.9 257.5 249.1 -6.4M 1,450.7 1,523.3 1,476.7 -46.6M 212.4 220.4 (-2%) 1,271.2 1,354.1 1,337.7 1,370.4 192.8 1,186.6 (-3%) 155.0 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
Slide 14: FY25 PATMI
<Public> FY25 PATMI Waterfall presentation of P&L by nature Other costs Subcontracting services S$’M 5,821.1 Employment cost 6.6% Premises, 4.7% utilities and (3,161.7) maintenance 6.6% (248.6) 2.3% Licence fees 10.2% Raw materials (545.4) 59.1% and supplies 10.5% (123.3) Depreciation and amortisati
Slide 15: Group Cash Flow
<Public> Group Cash Flow ($'M) FY25 FY24 Change $ Improving Cash Flow Position Operating Cashflow ($’M) Operating cashflow 891.1 512.1 379.0 891 Lease payment (441.1) (374.7) (66.4) Operating cashflow after lease payment 450.0 137.4 312.6 +379 512 Other net cash (outflow) / inflow (22.4) 110.3 (132.
Slide 16: Cash Flow trending
<Public> Cash Flow trending 4Q Operating CF and FCF improved YoY by S$86M and S$37M respectively $’M Operating CF FCF (before lease payment) FCF 350 316 275 264 265 208 172 172 155 131 126 119 139 53 40 35 45 45 (10) (1) (11) (98) (89) (122) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 FCF (before lease
Slide 17: Group Financial Position: Mar25
<Public> Group Financial Position: Mar25 Total Assets ($’M) Total Liabilities ($’M) Total Equity ($’M) Total Debts ($’M) Net Debt / EBITDA+ (x) +193M +403M +152M +209M -0.8x 6,114 8,883 4,092 4,244 3.9 2,769 5,921 2,538 Borrowings 2,712 3.1 8,480 2,560 Lease 1,706 1,380 liabilities Mar24 Mar25 Mar24
Slide 18: Outlook
<Public> Outlook 18 <Public>
Slide 19: Outlook
<Public> Outlook In an environment of heightened uncertainty due to tariffs, we are proactively monitoring developments and supporting our clients and ecosystem partners as they evaluate and adjust to alternative routing strategies, providing flexibility and continuity through our global network and
Slide 20: Outlook (cont’d)
<Public> Outlook (cont’d) “We achieved profitable growth across our business segments in FY25, consistently surpassing industry growth rates. In a time of uncertainty, this performance is a testament to our resilient business model, anchored by a global network with leading, diverse service offering
Slide 21: Appendix
<Public> Appendix 21 <Public>
Slide 22: Operating Statistics
<Public> Operating Statistics 4Q FY25 3Q FY25 QoQ (%) 4Q FY24 YoY (%) FY25 FY24 YoY (%) Flights Handled ('000) 157.8 161.2 -2.1 149.4 5.6 634.6 599.6 5.8 - APAC 84.3 85.1 -0.9 75.8 11.2 331.2 301.0 10.0 - EMEAA 7.4 7.9 -6.4 9.7 -23.8 31.6 45.3 -30.3 - Americas 66.1 68.3 -3.2 63.9 3.4 271.8 253.3 7.3
Slide 23: Group Segmented P&L – 4Q FY25
<Public> Group Segmented P&L – 4Q FY25 Food Gateway 4Q FY25 4Q FY25 Others Solutions Services Total Revenue 331.1 1,145.6 0.0 1,476.7 EBITDA 40.6 199.6 17.3 257.5 EBITDA (%) 12.3% 17.4% n.m. 17.4% EBIT profit / (loss) 27.4 65.2 15.7 108.3 EBIT (%) 8.3% 5.7% n.m. 7.3% Share of results of Associates/J
Slide 24: Group Segmented P&L – FY25
<Public> Group Segmented P&L – FY25 Food Gateway FY25 FY25 Others Solutions Services Total Revenue 1,351.4 4,469.4 0.3 5,821.1 EBITDA 175.7 866.7 (6.2) 1,036.2 EBITDA (%) 13.0% 19.4% n.m. 17.8% EBIT profit / (loss) 121.4 367.0 (12.7) 475.7 EBIT (%) 9.0% 8.2% n.m. 8.2% Share of results of Associates/
Slide 25: Key Business Drivers – Cargo Tonnage
<Public> Key Business Drivers – Cargo Tonnage Year-to-date (YoY comparison) YoY growth by quarters vs IATA SATS IATA +15.1% 20.1% 9.0M 19.0% 7.8M 16.1% +5.7 ppt 14.9% +9.0% 13.6% +4.6 ppt 13.3% 11.0% 1.5M 1.7M +6.9 ppt 11.5% SG Group 8.3% 7.6% 8.0% +8.5 ppt Quarter (QoQ comparison) 0.9% 2.5% +11.0%
Slide 26: Key Business Drivers – Flights handled
<Public> Key Business Drivers – Flights handled Year-to-date (YoY comparison) YoY growth by quarters vs IATA Americas (Flights handled) IATA - Americas (RPK) +5.8% 13.6% 635K 600K 11.8% 11.3% 10.4% 8.5% 8.7% 7.5% 6.5% +5.9 ppt 6.0% 7.1% +5.1 ppt 3.4% +7.1% 5.3% 5.4% +4.1 ppt 3.6% +3.7 ppt 155K 166K
Slide 27: Evolving Cargo Terminal Operations
<Public> Evolving Cargo Terminal Operations Traditionally, SATS+WFS worked with airlines to manage the loading and unloading of cargo from aircraft, while freight forwarders collect the cargo for sorting and scanning at their own facilities—resulting in multiple handovers, increased transit time, re