Singapore Airlines Ltd. · SGX:C6L
Singapore Airlines — FY2025/26 Earnings Presentation
59 slides from Singapore Airlines's earnings presentation, May 15, 2026
Slide 1: SIA Group Analyst/Media Briefing FY25/26 Results
SIA Group Analyst/Media Briefing FY25/26 Results (Ended 31 March 2026) 15 May 2026 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 sourc
Slide 2: Presentation by Chief Financial Officer Ms Tan JoAnn
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 FY25/26
Group Financial Results Key Highlights for FY25/26 FY25/26 operating profit was $2,375 million, 39.0% higher than last year Record Revenue Total Expenditure 20,522 million 18,148 million +5.0% YoY +1.8% YoY Pax Flown Revenue Cargo Revenue Net Fuel Cost Non-Fuel Cost 16,666 million 2,167 million 5,02
Slide 4: Key Results of the Group's Main Companies
Key Results of the Group’s Main Companies Better/ 2H 2H Better/ FY25/26 FY24/25 (Worse) FY25/26 FY24/25 (Worse) ($’M) ($’M) (%) ($’M) ($’M) (%) Full-service carrier Operating Profit 2,306 1,669 38.2 1,466 883 66.0 Low-cost carrier Operating Profit 56 36 55.6 95 29 227.6 Operating Profit 29 15 93.3 1
Slide 5: Group Operating Statistics - Passenger Capacity
Group Operating Statistics FY25/26: Passenger capacity up 3.4%, Cargo capacity up 1.4%. Overall Capacity rose 2.5% Passenger Airlines Capacity SIA ASK Scoot ASK Group ASK FY25/26 (YoY) FY25/26 (YoY) FY25/26 (YoY) +2.0% +8.4% +3.4% 2H (YoY) 2H (YoY) 2H (YoY) +1.2% +13.5% +3.7% Slide 5 The copyright i
Slide 6: Group Operating Statistics - Cargo and Overall Capacity
Group Operating Statistics FY25/26: Passenger capacity up 3.4%, Cargo capacity up 1.4%. Overall Capacity rose 2.5% Cargo Capacity and Overall Capacity Cargo CTK Group Overall CTK FY25/26 (YoY) FY25/26 (YoY) +1.4% +2.5% 2H (YoY) 2H (YoY) 0% (Rounded) +2.2% Slide 6 The copyright in this material (othe
Slide 7: Group Financial Results
Group Financial Results The Group achieved a record 2H operating profit. Full-year operating profit rose 39%. Better/ Better/ 2H 2H Better/ Better/ FY25/26 FY24/25 (Worse) (Worse) FY25/26 FY24/25 (Worse) (Worse) ($’M) ($’M) ($’M) (%) ($’M) ($’M) ($’M) (%) Total Revenue 20,522 19,540 982 5.0 10,847 1
Slide 8: Group Revenue
Group Revenue Record Group revenue on the back of sustained travel demand and higher passenger yields Record Group Revenue ($'M) Quarterly Record Revenue Revenue for Full Year and 2H 5,506.2 5,218.6 5,340.6 4,718.4 4,779.0 4,823.8 4,790.4 4,884.8 FY25/26 613.7 580.6 515.1 $20,522.0M 540.5 561.6 496.
Slide 9: Group Operating Statistics - Passenger
Group Operating Statistics - Passenger 2H FY25/26: Group PLF improved 0.8%pts, while RASK rose by 4.4% vs same period last year FY25/26 RASK: 9.1¢/ask (+1.1% YoY) PLF (%) RASK PLF: 87.7% (+1.1%pts YoY) (₵/ask) 9.6 9.5 100 10 8.9 FY19/20 Group RASK 8 (7.5¢/ask) 90 6 87.5 87.7 86.4 FY19/20 Group PLF (
Slide 10: SIA and Scoot Operating Statistics - Passenger
SIA and Scoot Operating Statistics - Passenger Robust travel demand, especially in 2H FY25/26, supported year-on-year RASK improvement for FSC and LCC FSC: SIA Operating Statistics LCC: Scoot Operating Statistics PLF (%) FY25/26 RASK FY25/26 RASK RASK: 10.0¢/ask PLF (%) RASK: 6.0¢/ask (₵/ask) (₵/ask
Slide 11: Group Operating Statistics - Cargo
Group Operating Statistics - Cargo 2H FY25/26: Cargo loads increased, while yields remained under pressure FY25/26 Yield: 35.2¢/ltk Cargo Yield CLF (%) CLF: 56.3% (₵/ltk) 100 40 36.1 35.0 35.1 FY19/20 Yield 80 30 (30.5¢/ltk) FY19/20 CLF 60 20 (59.3%) 56.3 55.9 53.3 40 10 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 12: Group Expenditure
Group Expenditure FY25/26: Total expenditure 1.8% higher, from capacity growth and inflationary pressure, partially offset by lower net fuel cost Group Expenditure ($'M) 4,589.7 4,539.2 4,714.3 4,453.6 4,560.9 4,248.2 4,385.9 4,486.4 FY25/26 $18,147.5M 2,877.9 3,094.0 3,277.3 3,196.0 3,123.9 3,201.1
Slide 13: Group Expenditure
Group Expenditure FY25/26 Depreciation & Leased Handling Charges Aircraft Charges $1,519M $2,470M Passenger Costs (+$129M, +9.3%) (+$130M, +5.6%) Staff Costs $1,024M $3,928M (+$42M, +4.3%) (+$163M, +4.3%) 13.6% 8.4% 21.6% Landing, Parking & 5.6% Overflying Charges $990M 5.5% (+$81M, +8.9%) 4.6% Airc
Slide 14: Net Fuel Cost and Fuel Hedging
Net Fuel Cost and Fuel Hedging FY25/26: Lower net fuel cost due to lower full-year average fuel price, hedging gain and depreciation of USD against SGD Group Fuel Cost Analysis ($'M) +220.5 -309.8 5,385.5 -87.9 Higher -183.4 -$360.6M volume uplift Lower weighted average fuel price Higher hedging (-6
Slide 15: Fuel Hedging Status as of 1 May 2026
Fuel Hedging Status as of 1 May 2026 Fuel hedging program in place to enable a level of fuel price certainty, for a proportion of fuel cost Group Fuel Hedging Position Brent MOPS Average Hedged Price Brent MOPS 14% (USD/BBL) 17% 28% Q1 68 82 Q2 67 93 18% FY26/27 Q3 66 108 35% 29% Q4 65 100 22% 1%
Slide 16: Group Operating Profit
Group Operating Profit FY25/26: Stronger operating profit driven mainly by higher passenger revenue growth and lower net fuel cost Record 2H Group Operating Profit ($'M) Operating Profit 791.9 779.7 FY25/26 628.9 $2,374.5M YoY 470.2 $665.4M 404.5 398.4 (+38.9%) 325.4 284.6 2H FY25/26 $1,571.6M 2H (Y
Slide 17: Group Operating Profit (YoY progression)
Group Operating Profit (YoY progression) FY25/26: Stronger operating profit driven mainly by higher passenger revenue growth and lower net fuel cost Group Operating Profit ($'M) Higher Higher depreciation & +360.6 staff costs leased aircraft charges Higher handling charges +817.3 -45.4 +118.8 Others
Slide 18: Group Net Profit
Group Net Profit FY25/26: Net profit decline mainly due to absence of prior year one-off accounting gain, coupled with share of full year losses from Air India Group Net Profit ($'M) 1,626.0 FY25/26 1,097.9 $1,184.0M One-off non-cash YoY accounting gain on disposal $1,594.0M of Vistara (-57.4%) 451.
Slide 19: Group Net Profit (YoY progression)
Group Net Profit (YoY progression) FY25/26: Net profit decline mainly due to absence of prior year one-off accounting gain, coupled with share of full year losses from Air India Group Net Profit ($'M) 2,778.0 Losses from associated companies vs gain +665.4 last year Net interest -$1,594.0M expense v
Slide 20: Group Financial Position
Group Financial Position Strong balance sheet As at As at 31 March 2026 31 March 2025 Total assets ($’M) 43,412.7 43,086.8 Total debt ($’M) 10,644.7 12,914.3 Total cash and bank balances ($’M) 7,931.2 8,257.1 Fixed deposits (placed for tenors longer than 12 months) ($’M) 1,689.8 1,781.1 Total liabil
Slide 21: Group Financial Results
Group Financial Results FY25/26 FY24/25 Earnings Per Share (cents) - Basic R3 38.4 89.3 - Diluted R4 38.2 85.3 EBITDA ($’M) R5 4,493.4 5,741.3 EBITDA margin (%) R6 21.9 29.4 After excluding the one-off $1.1 billion gain on disposal of Vistara in FY24/25 EBITDA ($’M) 4,493.4 4,643.4 EBITDA margin (%)
Slide 22: Dividends
Dividends Special dividend package of 10 cents per share, reflecting the SIA Group’s strong financial position FY25/26 Ordinary Dividend Per Share (cents) - Interim Ordinary Dividend (Paid earlier in Dec-25) 5.0 - Final Ordinary Dividend (Proposed) 22.0 Special Dividend Per Share (cents) - Interim S
Slide 23: Group Operating Fleet Development
Group Operating Fleet Development The Group’s operating fleet is expected to expand to 224 by the end of FY2026/27 Operating Fleet As at 31 March 2026 In Out As at 31 March 2027 SIA 777-300ER 22 -1R1 21 A380-800 12 12 A350-900 65 65 787-10 28 28 737-8 21 +5R2 26 747-400F 7 7 Total 155 +5 -1 159 Scoo
Slide 24: Projected Group Capital Expenditure
Projected Group Capital Expenditure Projected Capital Expenditure FY26/27 FY27/28 FY28/29 FY29/30 FY30/31 ($’M) Aircraft 2,900 4,100 4,000 3,100 1,500 Others 900 400 300 200 200 Total 3,800 4,500 4,300 3,300 1,700 Slide 24 The copyright in this material (other than in respect of information from ext
Slide 25: Presentation by Chief Executive Officer Mr Goh Choon Phong
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 n
Slide 26: Strategic Investments & Initiatives; Challenges and Opportunities; Well-Positioned
1 Strategic Investments & Initiatives 2 Challenges and Opportunities 3 Well-Positioned for the Future Slide 26 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 inf
Slide 27: The Three Pillars of Our Brand Promise
The Three Pillars of Our Brand Promise We continue to strengthen the three pillars of our brand promise to deliver a world-class end-to-end customer experience Product Service Network Leadership Excellence Connectivity Slide 27 The copyright in this material (other than in respect of information fro
Slide 28: Product Leadership
Product Leadership Continuous investment in product and service offerings to deliver a world-class customer experience SilverKris Business Class In-Flight Entertainment Food & Beverage Lounges Cabin Product & Connectivity Offerings • First Class SilverKris lounge • 1-2-1 seat configuration for • Sea
Slide 29: Product Leadership: Upcoming Travel Experience Upgrades
Product Leadership Continuous investment in product and service offerings to deliver a world-class customer experience UPCOMING ALL-NEW TRAVEL EXPERIENCE UPGRADES SilverKris Business Class In-Flight Entertainment Food & Beverage Lounges Cabin Product & Connectivity Offerings • First Class SilverKris
Slide 30: Service Excellence
Service Excellence Unwavering commitment to world-class customer service that sets the industry standard • Comprehensive cabin crew training, communications, and engagement programmes keep them motivated, engaged, and resilient • New initiatives to elevate the ground experience for premium customers
Slide 31: Network Connectivity
Network Connectivity The SIA Group’s network offers customers more choice, and strengthens Singapore’s position as an aviation hub Number of Destinations: 134 (↑ 5% YoY) Weekly Frequency: 1,880 (↑ 9% YoY) Passengers carried: 42.43M (↑ 8% YoY) The Americas 5 points Europe 14 points +2 points North As
Slide 32: Network Connectivity: Air Partnerships Strategy
Network Connectivity: Air Partnerships Strategy Win-win airline partnerships deliver greater choice and benefits for customers Key Developments in FY2025/26 SIA Group has ~130 airline Garuda Indonesia (GA) partners, including 35 codeshare partners, connecting customers to • JV commenced Aug 2025 cov
Slide 33: KrisFlyer Ecosystem
KrisFlyer Ecosystem Evolution into a global, lifestyle-centric rewards programme delivers greater value for the Group 11.8M SGD1.6B members programme globally revenue ↑ 15% YoY ↑ 13% YoY KrisFlyer deepens engagement across the SIA Group, increasing ecosystem stickiness and unlocking new revenue stre
Slide 34: Sustainability
Sustainability The SIA Group is firmly committed to achieving net zero carbon emissions from its operations by 2050 SIA Group’s decarbonisation strategy is aligned with IATA’s Four-Pillar Strategy New Operational Offsets and Carbon Sustainable Aviation Technology Efficiencies Capture Fuel (SAF) • Op
Slide 35: Corporate Social Responsibility
Corporate Social Responsibility Meaningful and long-term impact in the communities we serve by harnessing the strengths of our business Giving Back to the Communities We Serve Flagship Programmes Humanitarian Causes SG60 SI A Cares 2025 fundraising campaign Supported international emergency relief r
Slide 36: Air India: Strategy & Challenges
Air India Middle East GenAI . Conflict . Strategy & Challenges Impact & Opportunities Adoption & Scaling Slide 36 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
Slide 37: Air India: Strategy & Challenges
Air India Middle East GenAI . Conflict . Strategy & Challenges Impact & Opportunities Adoption & Scaling Slide 37 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
Slide 38: Air India: India's Growth Potential
Air India Enables direct participation in India’s high-growth domestic and international markets, across full-service and low-cost segments Beyond a Single, Singapore-Centric Hub India’s Potential Projected to become the 3rd largest economy by 2030/2031 Without a domestic market, investing in a seco
Slide 39: Air India: Investment in the Air India Group
Air India Investment in the Air India Group Our direct participation in India’s growth was announced in 2013 Air India and Vistara Merger 2024 onwards First Vistara International Flight 6 Aug 2019 Launch of Vistara Airlines 9 Jan 2015 Incorporation of TATA SIA Airlines Limited • Inaugural internatio
Slide 40: Air India: Challenges Faced
Air India Challenges faced by Air India KEY INDUSTRY-WIDE CHALLENGES Supply Chain Middle East Disruptions Conflict Delays to fleet renewal High fuel costs, and cabin retrofit disrupted flight routes, programme loss of key market 1 Voluntary safety pause was lifted from Oct 2025 Slide 40 The copyrigh
Slide 41: Air India: Challenges Faced
Air India Challenges faced by Air India Supply Chain Middle East Disruptions Conflict Delays to fleet renewal High fuel costs, and cabin retrofit disrupted flight routes, programme loss of key market Pakistani AI171 Depreciation of Airspace Closure Crash INR vs. USD Flight route disruption, Capacity
Slide 42: Air India: Transformation Progress
Air India Notwithstanding, Air India continued to make tangible progress in its multi-year transformation programme Fleet & Network Product & Operations & People & Growth Services Customer Metrics Organisation • 600 aircraft on order, including 30 • New global food menu and • Reduced heavy-maintenan
Slide 43: Air India: Significant Transformation
Air India Significant transformation across training, in-flight product & services, and lounges, amongst others… Note: images from Air India Newsroom and public sources Slide 43 The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines
Slide 44: Air India: Significant Transformation
Air India Significant transformation across training, in-flight product & services, and lounges, amongst others… Note: images from Air India Newsroom and public sources Slide 44 The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines
Slide 45: Air India: Tangible Improvements and Recognition
Air India Demonstrating tangible improvements, with recognition from customers and the industry Net Promoter Score Passenger complaints declined improved from -19 in Dec from 2.53 per 1,000 passengers 2023 to >30 in Mar 2026 in mid-2023 to 0.9 in Mar 2026 Recognised as the Most Mobile app rated Impr
Slide 46: Air India: Committed to Supporting Transformation
Air India We are committed to working closely with our partner, Tata Sons, to continue to support Air India’s transformation Slide 46 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 indepen
Slide 47: Middle East Conflict: Impact & Opportunities
Air India Middle East GenAI . Conflict . Strategy & Challenges Impact & Opportunities Adoption & Scaling Slide 47 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
Slide 48: Middle East Conflict: Impact on Aviation Industry
Middle East Conflict The Middle East conflict has had a significant impact on the aviation industry Jet fuel prices have more than Impact on airline operations: Cost pressures rising as doubled from pre-conflict levels, suppliers increase prices amid and are the single largest • Flight schedule adju
Slide 49: Middle East Conflict: Undermining Profitability
Middle East Conflict Undermining profitability, forcing airlines to cut network capacity Slide 49 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
Slide 50: Middle East Conflict: Proactive Response
Middle East Conflict The SIA Group’s proactive, nimble, and agile response to the Middle East conflict Weekly Oversight by the Management Committee OPERATIONS COMMERCIAL Swift, disciplined contingency planning for flight routings, with Increased airfares across the active fuel-supply monitoring and
Slide 51: Middle East Conflict: Growth Opportunities
Middle East Conflict We continue to actively find growth opportunities for the longer term despite a challenging operating environment Passenger Business • Capture demand on a sustained basis as customers seek reliable connectivity through Singapore. 2026 network changes include: • Scoot: launch of
Slide 52: Middle East Conflict: Strong Balance Sheet
Middle East Conflict Strong foundations allow us to effectively navigate the conflict and continue to pursue long-term growth opportunities Strong Digital Talented & Balance Sheet Capabilities Resilient People Slide 52 The copyright in this material (other than in respect of information from externa
Slide 53: GenAI Adoption & Scaling
Air India Middle East GenAI . Conflict . Strategy & Challenges Impact & Opportunities Adoption & Scaling Slide 53 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
Slide 54: Robust Digital Capabilities
Robust Digital Capabilities Our digital transformation in 2016 laid the foundation for AI capabilities that drive business outcomes Digital Strategy Cultivate a Build digital Strengthen tech Innovate through digital culture capabilities infrastructure collaboration Business Outcomes Personalised Opt
Slide 55: Robust Digital Capabilities: GenAI Blueprint
Robust Digital Capabilities Our GenAI Blueprint, formulated in 2023, guides how we harness rapid advances in AI Rapid Advancement of AI SIA Group GenAI Blueprint Implications 1 Business Value • Identify key focus areas to drive strategic advantage • AI will reshape how work gets done: from providing
Slide 56: Robust Digital Capabilities: People Empowered Using AI
Robust Digital Capabilities Our people are empowered to innovate and deliver value using AI AI Enablement Framework Across All Levels Management, Divisions, Departments, Individuals Learn & Know > Use & Adopt > Drive & Scale Equip employees with the Build the habit of applying AI in Turn adoption in
Slide 57: Robust Digital Capabilities: GenAI Use Cases
Robust Digital Capabilities We continue to unlock business value with GenAI capabilities SIA Group GenAI Use Cases (as of FY2025/26) Total: 550 (↑ 83% YoY) Completed: 140 (↑ 75% YoY) Customer & Revenue Gen Operational Efficiency Workforce Productivity ------------------------------------------------
Slide 58: We are Well-Positioned for the Future
We are Well-Positioned for the Future Portfolio & Multi-Hub New Revenue Partnerships Brand Sustainability Promise Financial Strength Digital Capabilities Talented People Slide 58 The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airline
Slide 59: 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