Annual Report 2024-2025 (10945KB) (sats annual report 2025)

Sustaining Growth, Creating Value

SATS LTD. Annual Report FY2025

‌Contents

Sustaining Growth, Creating Value 01

SATS Story 02

SATS Business Strategy 04

Key Business Metrics 06

Key Sustainability Metrics 08

Powering the Winds of Trade 10

Elevating the Travel Experience 12

Fuelling the World with Culinary Excellence 14

Chairman and PCEO Statement 16

Geographical Presence 22

Operational Statistics 24

Board of Directors 26

Group Management Board 34

Operations Review Gateway Services 40

Operations Review Food Solutions 48

Sustainability 52

People 58

Five-Year Group Financial 62

and Operational Summary

Financial Review 64

Financial Calendar 69

Corporate Governance Report 70

Financial Statements 117

Additional Information 216

Information on Shareholdings 218

Glossary of Capitalised Terms 220

Notice of Annual General Meeting 221

Additional Information on Directors 230

Seeking Re-election Proxy Form Corporate Information

Sustaining Growth, Creating Value

SATS' flightpath to growth and value empowers us to connect the world together through trade, travel, and taste. Powered by our commitment to service excellence and innovation, we aspire to build an unrivalled global network.

Powering Trade

Travel Taste

SATS Ltd. ANNUAL REPORT FY2025 01

‌SATS

Story

W H O W E A R E



We are one of the world's largest providers of air cargo handling services and Asia's leading airline caterer with approximately 55,000 employees, sustaining growth and creating value in over 225 locations and 27 countries across the world. These cover trade routes responsible for more than 50% of global air cargo volume.

A P P ROXI M ATE LY

OV E R ACRO SS

Employees

Locations

Countries

O U R PE O PL E VA LU E S

SATS is a Singapore-

01

headquartered

multinational company with a workforce spanning the Asia-Pacific,

Americas, Europe, Middle 02

East, and Africa. We are on a multi-year journey to build and sustain a global organisational culture,

anchored on our 03

People Values.

04

For more details on

how our People Values are embedded within the company

▶

See "Corporate

Governance Report" 05

pages 70-116

Safety

Customer Focus

Respect

Excellence

Teamwork

The safety and well-being of our team members, customers, and stakeholders are paramount. We prioritise a culture of safety, adhering to rigorous protocols and best practices to ensure a secure environment for all.

Our customers are at the heart of everything we do. We are committed to understanding their needs,

exceeding their expectations, and delivering exceptional experiences that build lasting partnerships.

We value diversity, inclusion, and mutual respect.

We treat everyone with dignity and empathy, fostering an environment where all individuals feel valued, heard, and empowered to succeed.

We strive for excellence in all that we do. From the services we provide to the relationships we cultivate,

we pursue the highest standards of quality, innovation, and continuous improvement. A spirit of excellence inspires and motivates us to continuously improve, bringing the best out of everyone.

Collaboration is the cornerstone of our success.

We recognise the collective strength of our team and embrace a spirit of collaboration, communication, and support to achieve our common goals.

02 SUSTAINING GROWTH, CREATING VALUE 03

O U R S TA K E H OL DE R S

O UR PUR P O SE

Powering a connected world of trade, travel, and taste.

O U R V I S I O N



The world's leading aviation solutions provider, powered by our service excellence, agile

innovation, and global network.

SATS Ltd. ANNUAL REPORT FY2025

‌SATS Business Strategy

STEPS IN OUR JOURNEY

KEY PILLARS GOALS

01

In partnership with Kuehne+Nagel, we launched a pilot program at Frankfurt Airport to streamline cargo handling and import clearance processes. Through this, cargo is delivered directly to warehouses, eliminating truck wait times and reducing clearance times.

Our strategic partnership with Mitsui combines Mitsui's extensive retail and distribution network with SATS' operational capabilities to drive innovation, expand market presence, and unlock

Global Leadership in Air Cargo Handling

Support Growth

of Customers Across Our Network

Service & Product Innovation

• We remain committed to supporting the needs of our global customers.

  By refining our operating model, we will offer a streamlined approach for our

  clients to engage with our services across the SATS network.

• Our strong track record will be reinforced through implementation of standardised processes and metrics so that customers can have a consistent, quality experience globally.

• We are co-developing tailored services across various verticals - from freight forwarding to time-critical and multi-modal logistics - to address evolving customer needs and strengthen key partnerships within the air cargo community.

new business opportunities.

Footprint Expansion • We aim to broaden and deepen our presence in new and existing markets to support

our growth as a market leader in air cargo handling, and to continually improve our network offering for our airline customers.

In January 2025, Air India awarded

11 renewals and 14 new contracts to SATS

and WFS after a global tender process, in a vote of confidence in our network and world-class service delivery.

In April 2025, we began the rollout of PULSE in Singapore and Asia Pacific. PULSE is a unified reporting system that enhances safety, standardises reporting, and supports proactive

risk management across the Group, and is already operational across the Americas and EMEAA.

Flagship Hub and Innovation Lighthouse

02

03

Leading Provider of Aviation

Food solutions in APAC and Middle East

Expand Hub Handling Capacity and Capability

Expand and Scale Aviation Catering Presence

Resilience through Synergistic Non-Aviation Catering

• We continue to leverage our scale and expertise to reinforce Changi Airport's

  position as a key hub. As our flagship hub, Singapore will be a testbed for new solutions to deliver best-in-class hub handling efficiency and service quality.

• We will grow our aviation catering business across the Asia-Pacific and Middle East, through targeted expansion and utilisation of Fresh Frozen Meals (FFM), to capture aviation meal volume growth in the region. We will leverage our global culinary offerings, class-leading production capabilities, and logistics expertise to scale and expand our reach.

• As a market leader in institutional catering in Singapore, we continue to deepen capabilities and optimise operations to support our clients. Globally, we will leverage strategic partnerships to drive increased utilisation in our production network in synergistic non-aviation product categories.

We have continued to invest in footprint growth globally, through the opening of new terminals in

Market-leading Commercial and Operational Capabilities

We are empowering our global commercial teams with data-driven insights, and will continue to focus on optimising operations for cost-efficiency, speed, and reliability to deliver differentiated value.

KEY ENABLERS

Advanced Technology Leveraging Intelligent and Autonomous Solutions

We are continually innovating, testing the use of artificial intelligence, robotics, and autonomous solutions to enhance productivity. We are also developing applications to further optimise operational workflows and processes to be deployed across our network.

existing stations such as JFK, and acquisition of additional cargo handling facilities at AMS.

We will invest more than $250M to upgrade infrastructure at our Singapore Hub (SG Hub). This includes renewal and expansion of our ground support equipment (GSE) fleet, as well as upgrades to our airfreight terminals to increase handling throughput.

We continue to develop our core Fresh Frozen Meals assets such as in SATS Food Solutions Thailand (SFST), where expansion is underway to increase capacity to 108,000 meals per day by end of 2025.

04 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 05

For more detailed information, please refer to page 62

‌Key Business Metrics

Revenue EBITDA1 SoAJV2

PATMI3

Staff costs per employee & revenue per employee

FY2021 FY2022 FY2023

FY2024

FY2025

$ 5,821.1M $ 1,036.2M $ 114.3M $ 243.8M

FY2024 $ 5,149.6M FY2024 $ 780.6M FY2024 $ 110.0M FY2024 $ 56.4M

$ 74,749

$ 103,725

$ 112,057

$ 104,628

Operating statistics4

Revenue

$ 110,867

$ 55,461

$ 54,169

$ 41,217

$ 46,236

$ 27,307

per Employee

Staff Costs6 per Employee

CARGO/MAIL PROCESSED

9.0M

(tonnes)

GROSS MEALS PRODUCED

107.5M

FLIGHTS HANDLED

634.6K

SHIP CALLS HANDLED

261

Average number of employees

12,977

11,345

15,691

49,218

52,505

FY2024 7.8M FY2024 96.3M

FY2024 599.6K

FY2024 309

FY2021

FY2022

FY2023

FY2024 FY2025

Gross debt/ EBITDA(+SoAJV)

Net debt/ EBITDA(+SoAJV)

Return on equity

Earnings per share (Basic) Dividend per share

Net asset value per share

3.7times

1.53 times

FY2024 1.60 times

$ (48.2)M

FY2023 0.59 times

$ (99.9)M

$ (41.7)M

FY2022 0.46 times

$ 27.1M

FY2021 0.51 times

06 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 07

Please refer to SATS Sustainability Report FY2025 for more information on our initiatives and progress and to SATS ESG DataBook FY2025 for all metrics.

Women in Board

36%

Women in Senior Positions

26%

08 09

R ENE WA B L E EN ERGY

27%

LO W- E M I S S I O N V E H I C L E ( L E V )

SO C I A L

G E NDE R D I V E R SI T Y

88%

G LO B A L E M PLOY E E

E N G AGE M E N T S C OR E

G OV E RNA N C E

36%

ESG

A S SE S SE D S TR ATEG I C S U PPLI E R S

85%

E M PLOY E E S

WH O C O MPL E T E D A B AC T R AIN IN G

SATS Ltd. ANNUAL REPORT FY2025

Key Sustainability Metrics

EN V I RO N M EN T

S AT S G RO U P F Y 2 02 5 S C O PE 1 , 2 A N D 3 E M I S S I O N S

tCO2e

Scope 1

240,351

Scope 2

75,914

Scope 3

971,620

19%

6%

75%

F Y 2025 TOTA L EM I S SI O NS

1,287,885 tCO e

2

F Y 2 02 5 S C O PE 1 A N D 2 E M I S S I O N S

S I NGA PO R E VS OV E RSE AS

GATE WAY VS FO O D

45%

38%

tCO2e tCO2e

Singapore

143,090

Gateway

120,679

Overseas

173,175

Food

195,586

Total Group

316,265

Total Group

316,265

55% 62%

E VOLUTI O N SI NCE 2020 ( A BSO LUTE A N D I NTENSIT Y )

tCO e

tCO2e/

2

550,000

$1M

150

440,000

120

330,000

90

220,000

60

110,000

30

0

0

SUSTAINING GROWTH, CREATING VALUE

‌Bengaluru, India Kempegowda

International Airport

A palette of specialised cargo undergoing an X-ray as part of the security screening process.

Powering the Winds of Trade

Leveraging our extensive network and cargo handling capability, we support global supply chains by enabling the fast, secure

movement of high-value, time-sensitive goods

to drive efficient, reliable trade across the world.

10 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 11

‌New York, United States John F. Kennedy

International Airport

A WFS service staff assists

a passenger at JFK International Airport which handled 145.9 million passengers in 2024.

Elevating the Travel Experience

By integrating real-time data from multiple sources to orchestrate complex ground handling operations, we optimise efficiency and enhance coordination across the travel journey.

12 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 13

‌Hamburg, Germany World Travel Catering &

Onboard Services Expo 2025

An Executive Chef showcases SATS' latest aviation culinary offerings.

Fuelling the World with Culinary Excellence

We will scale our culinary innovations and optimise capacity in our network of production facilities to bring high-quality, nutritious, authentic-tasting, globally popular Asian

food in different formats to key markets.

14 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 15

DEAR SHAREHOLDERS,

from left to right

I RV I NG TA N

Chairman

K E RRY MOK

President &

Chief Executive Officer

Global trade over the past year has been defined by rising geopolitical tensions and policy uncertainty. Events such as the crisis in the Red Sea and shifting global tariff policies from the United States have sparked industry-wide concerns and supply chain uncertainties. Despite these challenges, the SATS Group has continued to focus on executing our strategy, growing steadily through contract renewals and new commercial wins.

YE A R - O N -YE A R G RO W T H

CA RG O H A N D LE D

+15.1%

AV I AT I O N M E A LS S E RV ED

+21.1%

from FY2024

16 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 17

Chairman and PCEO Statement

In FY2025, SATS recorded growth across our cargo, ground handling and food solutions businesses.

According to the International Air Transport Association (IATA), global passenger traffic and air cargo tonnage reported year-on-year growth of 10.4% and 11.3%, respectively. SATS outperformed industry averages, with aviation meals served increasing by 21.1% and cargo handled growing by 15.1%. These results reflect the benefit and strength of our global network, and the value we have delivered to our ecosystem partners.

The combined network of SATS and Worldwide Flight Services (WFS), now in its second year of integration, has contributed to the Group's resilience amid geopolitical changes. With operations in over 225 locations across 27 countries, and a diverse portfolio in cargo, ground handling and food solutions, SATS has been able to adapt and grow due to our global scale, skilled workforce, and strong business fundamentals.

Our FY2025 financial results highlight our network's strength and strong execution. Group revenue rose 13.0% to $5.8 billion and Profit After Tax

and Minority Interests (PATMI) increased from $56.4 million last year to $243.8 million this year. Additionally, our Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) margin improved from 15.2% to 17.8%, reaching $1.0 billion. Our efforts to restructure and optimise the Group's debt have contributed to stronger free cash flow, which grew from negative $48.2 million last year to

$228.3 million this year, reflecting

a focus on disciplined capital and debt management.

DIVIDEND

Based on the Group's performance in FY2025, the Board of Directors has recommended a final dividend of

3.5 cents per share. Including

the interim dividend of 1.5 cents paid in December 2024, the total dividend for FY2025 will amount to

5.0 cents per share. Subject to approval at the upcoming Annual General Meeting on 25 July 2025, the proposed dividend is scheduled to be paid on 15 August 2025.

A NEW BRAND IDENTITY

Two years ago, we acquired WFS to expand our global presence, strengthen our business resilience

while maintaining focus on our home market. This acquisition made SATS one of the largest air cargo handlers globally. We have progressed in integrating SATS and WFS and revealed a new brand identity symbolising unity and strength. The logo, with its double loop and 'to the power of' symbol, reflects our mission to empower trade, travel, and taste.

The WFS brand name will continue to be utilised in the Americas and EMEAA regions, recognising WFS' track record of safety, operational excellence, and strong customer relationships in these regions.

The new brand identity will be implemented progressively over the next three years.

In conjunction with our new

brand identity, we have refined the

SATS People Values to cultivate a cohesive, high-performance culture across our global network. New initiatives such as the Elevate leadership development programme, along with the global rollout of key engagement events

like Global Connect and the Global PCEO Awards, help drive strategic alignment, enhance employee engagement and celebrate excellence within our diverse workforce.

NETWORK BENEFITS

Expanding our global network has helped to drive growth. This,

paired with our commitment to safety and operational excellence, has enabled us to provide customers



Based on the Group's performance in FY2025, the Board of Directors has recommended a final dividend of 3.5 cents per share. Including the interim dividend of 1.5 cents paid in December 2024,

the total dividend for FY2025 will amount to 5.0 cents per share.

S U C C ESSFU L LY AC H I E V E D

RE V E NUE

+13%

PAT M I

+332%

with consistent and reliable service worldwide, positioning our Group as the ideal global partner for their cargo operations. Notably, we secured

the renewal of our 5-year contract with Singapore Airlines, extended

11 contracts with Air India, and signed 14 new contracts across the Americas, EMEAA, and Asia. We continued to strengthen our global partnership with Emirates SkyCargo, expanding our collaboration to 21 stations worldwide with the addition of a significant new cargo handling contract at Frankfurt Airport. Deepening our long-standing relationship with Cathay Cargo, we expanded our services to new stations at Portland International and Dallas Fort Worth International airports.

The new SATS logo on the facade of

Inflight Catering Centre 1 in Singapore.

▼

Our extensive global footprint continues to attract collaboration with leading industry players such as Kuehne+Nagel. Our network of stations aligns strategically with their operational hubs, enabling seamless cooperation across key locations

worldwide. This alignment, combined with our capability to provide end-

to-end visibility, enhances supply chain transparency and operational efficiency for our partners. For example, we have successfully launched time-critical Aircraft-on-Ground shipments in collaboration with Kuehne+Nagel in Singapore and are now evaluating opportunities to scale this solution to key strategic hubs across Europe and Asia.

STRATEGIC PARTNERSHIPS

We formed strategic partnerships to enhance food and cargo capabilities. We partnered with

Mitsui Co. Ltd. in four of our food subsidiaries: SATS Food Solutions India Private Limited, SATS (Thailand) Co. Ltd, SATS (Tianjin) Food Co., Ltd, and Country Foods Pte Ltd, with the aim to unlock new business opportunities by

leveraging Mitsui's industry network and retail relationships.

In Saudi Arabia, our partnership with Avilog Logistics Services Company strengthens multi-modal logistics through extensive warehousing and distribution capabilities.

We signed a Memorandum of Understanding (MoU) with Atlas Air, a subsidiary of Atlas Air Worldwide Holdings, Inc., a leading global provider of outsourced aviation logistics, to jointly develop fully

integrated ground and cargo handling solutions. This collaboration includes the development of digital and automation solutions, to enhance visibility and traceability of cargo throughout our combined networks.

SINGAPORE HUB

Singapore is an integral part of our growth strategy. As a Singapore-based multinational corporation (MNC), we are focused on supporting the success of Singapore's aviation ecosystem and Changi Airport.

We have reorganised our Gateway Services business in Asia by establishing a dedicated Singapore Hub operation, managed by a CEO dedicated to Singapore, to enhance aviation hub competitiveness

in Singapore.

To maintain Changi Airport's

hub status, we are investing over

$250 million to upgrade ground operations and cargo handling infrastructure in the lead up

to Terminal 5. These strategic investments reflect our commitment in strengthening Singapore's aviation ecosystem through automation, safety, operational excellence

and local leadership.

18 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 19

Chairman and PCEO Statement

I N C R E A SI N G CA PACIT Y AT

S C H IPH O L A I R P O R T. TO OV E R

50K

Square Metres

FR ES H FROZ E N

M E A L S P RO D U CT I O N CA PACIT Y

108K

FFM Units per Day



At SATS,

sustainability is embedded as a long-term value creation

strategy, not just a compliance exercise.

▶

The increased adoption of electric vehicles contributed to a 50% reduction in the carbon intensity of our ground support equipment fleet.

NEW INVESTMENTS

This year, we made several investments to strengthen our capabilities. We acquired a portion of Menzies Aviation's general cargo operations at Amsterdam's Schiphol Airport, expanding our warehousing facility there to over 50,000 square

meters. This expansion enables us to better support our existing operations and provides the necessary space to support growing demand.

We have expanded our e-commerce and freight forwarding services at Copenhagen Airport by opening a fourth warehouse. At John F. Kennedy International Airport (JFK), we have launched a new cargo terminal, the first in 30 years in New York. This facility combines operations from four cargo zones into one modern location, reducing congestion and streamlining operations while freeing up space for future development.

With the rising demand for Fresh Frozen Meals (FFM), we are expanding our production facility at SATS Food Solutions Thailand to address this need. The expanded operations, expected to be ready by the first quarter of 2026, will increase our production capacity to 108,000 FFM units per day.

SUSTAINABILITY

At SATS, sustainability is embedded as a long-term value creation strategy, not just a compliance exercise. Guided by eight Environmental, Social and

Governance (ESG) focus areas shaped through dynamic materiality reviews, we have adopted a phased approach

- comply, optimise, and transform - to progressively enhance environmental performance, operational resilience, and governance standards.

In FY2025, SATS made measurable strides in reducing our environmental impact. The Group recorded a net



We would like to express our gratitude to our shareholders for their trust and confidence in SATS as

we transform the Group into a Singapore-based MNC which aims to be a leader in air cargo.

Your feedback helps us understand shareholder sentiments, identify areas for improvement, and motivates us to stay on course.

N E T R E DU CT IO N

I N S C O P E 1 A N D 2 E MI SS I O NS

-4.6%

in FY2025

R A PI D LY SCA LI N G U P T H E A D O P T I O N O F LO W - C A R BO N V EH I C L ES

21%

in FY2025

4.6% reduction in Scope 1 and 2 emissions, based on baselines set in 2020 for Singapore and 2024 for overseas operations. We have

successfully cut our carbon intensity by half over the past six years, while scaling up the adoption of low-carbon vehicles within our global ground support equipment (GSE) fleet - from 11% in FY2024 to 21% in FY2025.

Waste reduction efforts also yielded results, with food waste intensity in Singapore falling to 1%, down from 4.6% the previous year. In parallel, our focus on sustainable packaging saw 91% of packaging materials across our food operations designed to be recyclable-ready or reuse.

As SATS expands our international presence, building a unified and capable workforce remains a top priority. The Group continues to invest in leadership development, skills transformation, and employee engagement - initiatives that support adaptability and shared purpose across borders. Initiatives such as the 'Just Culture' programme promote an open, safety-driven environment, while ongoing cybersecurity training and ethical sourcing efforts reinforce operational resilience. To date,

36% of SATS' strategic suppliers

have undergone ESG screening, advancing progress toward a more responsible supply chain. These people- and integrity-focused initiatives are integral to SATS' commitment to delivering sustainable growth and maintaining its position as a trusted leader in aviation services.

ACKNOWLEDGEMENTS

We would like to express our gratitude to our shareholders for their trust and confidence in SATS as we transform the Group into

a Singapore-based MNC which aims to be a leader in air cargo. Your feedback helps us understand shareholder sentiments, identify

areas for improvement, and motivates us to stay on course.

Collaboration with our customers is crucial to our success. We are thankful for this partnership, which

has enabled us to reach new heights.

We extend heartfelt thanks to our dedicated employees who have worked tirelessly in various challenging weather conditions worldwide to maintain safety,

operational efficiency, and uphold

SATS' high-quality standards.

We also acknowledge the unions across our network for supporting our initiatives and strengthening the collaborative relationship between union, workers, and management, making SATS an employer of choice.

Lastly, we extend our appreciation to our Board members for their guidance and counsel in taking our business to new heights and facilitating a smooth transition of the Chairmanship. We also acknowledge the collective contributions of the SATS senior management team in driving success within our organisation.

Our commitment to achieving

the FY2029 goals remains steadfast, and we are poised to deliver a year characterised by strong, sustained growth and enhanced value for

all stakeholders.

Irving Tan Chairman, SATS Ltd.

Kerry Mok

President &

Chief Executive Officer, SATS Ltd.

27 May 2025

20 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 21

‌As at 27 May 2025

4

26 13

17

19

8

9

27 18

24

1. Australia

   Rockhampton

2. Belgium Brussels Liege

3. Brazil Belém Boa Vista Brasilia Cascavel Confins

   Congonhas Corumbá Campo Grande Cuiabá

   Curitiba Fortaleza João Pessoa Manaus Montes Claros Natal

   Palmas Ponta Porã Porto Alegre Recife

   Ribeirão Preto Rio de Janeiro (GIG)

   Rio de Janeiro (SDU)

   Salvador São Luís

   São Paulo (VCP)

   Huizhou Jilin Kaohsiung Macau SAR Nanchang Nanjing Shanghai Shenyang Taichung Taipei (TSA)

   Taipei (TPE) Tianjin Zhanjiang Zhoushan

   1. India

      Bangalore Chennai Goa (GOI) Goa (GOX)

      Hyderabad Kolkata Mangalore

      Mumbai New Delhi

      Ranchi Trivandrum

   2. Indonesia Balikpapan Denpasar Jakarta (CGK) Jakarta (HLP)

      Kalimantan Kertajati

      1. Maldives

         Male

      2. Netherlands

         Amsterdam

      3. Oman

         Muscat

      4. Philippines

         Manila

      5. Saudi Arabia Dammam Jeddah

         Riyadh

      6. Singapore

         Singapore

      7. South Africa Cape Town Johannesburg

      8. Spain Alicante* Barcelona Bilbao* Getafe Madrid Malaga* Sevilla* Valencia Vitoria* Zaragoza*

         Dallas/Fort Worth Denver

         Dulles

         East Granbury Elmira

         El Paso Eugene Fargo Fresno Great Falls Greensboro Hartford Harlingen Hebron Honolulu Houston Huntsville Indianapolis Jackson Kansas City Lafayette Las Vegas Lihue

         Little Rock Los Angeles Memphis Mesa

         Miami Minneapolis Montrose New Orleans New York Newark

         Oklahoma City Palm Springs

         OV E R

         225

         Locations

         15

         3

         21

         ACR O SS

         27

         Countries

         14

         20

         10

         1

         Food Solutions

         Ground Handling

         Cargo Handling

         * Subcontracted

         Ground Handling

         +

         Cargo Handling

         São Paulo (GRU) Tabatinga

         Tefé Teresina Uberlândia Uberaba Vitória

4. Canada Dorval Mirabel Toronto

5. Denmark

   Copenhagen

6. France Bordeaux Lille

   Lyon Marseille Mulhouse Nantes Nice

   Paris (ORY) Paris (CDG) Rennes Strasbourg Toulouse

7. Germany

   Frankfurt

8. Greater China

Beihai

Beijing (PKX) Beijing (PEK)

Ganzhou

Hong Kong SAR

Medan Surabaya Tangerang Timika Yogyakarta

1. Ireland Cork Dublin Shannon

2. Italy Rome Milan Venice*

3. Japan

   Tokyo

4. Malaysia Alor Setar Bintulu

Ipoh

Johor Bahru Kota Bharu Kota Kinabalu Kuala Lumpur (KUL)

Kuala Lumpur (SZB)

Kuala Terengganu Kuching

Labuan Langkawi Miri Penang Sandakan Sibu Tawau

1. Sweden

   Stockholm

2. Thailand

   Bangkok

3. United Kingdom

   Aberdeen Belfast (BFS) Belfast (BHD)* Birmingham* East Midlands* Edinburgh Glasgow London (LGW) London (LHR)

   London Stansted (STN)*

   Luton Manchester Newcastle Surrey

4. United States

   Albany Allentown Atlanta Austin Baltimore/ Washington Billings Boston Bozeman Cedar Rapids Charleston

   Chicago (ORD) Chicago (MDW) Cleveland

   Philadelphia Phoenix Pittsburgh Portland Plattsburgh Rapid City Reno Rockford Sacramento Salt Lake City San Antonio San Diego San Francisco San Jose Sarasota Seattle Shreveport Sioux Falls Springfield

   St. Croix St. Thomas St. Louis Stockton Toledo Trenton

   West Palm Beach Wichita

5. Vietnam

Ho Chi Minh City

22 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 23

11

25

2 16

23

5

22

6

7

12

‌Operational Statistics

SATS' extensive global network spanning the Americas, Asia-Pacific, Europe, the Middle East and Africa, including our joint ventures and associates, has enabled us to expand the scale of our operations, enhancing our ability to serve customers and communities more effectively.

G RO S S M E A L S P RO D U C E D

C A R G O TONN AG E H A NDL E D

FL I G H T S H A N D L ED

* Operating statistics cover SATS, its subsidiaries, associates and joint ventures.

24 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 25

‌Board of Directors

As at 27 May 2025

IRVING TAN

AGE 55

Chairman

Non-Executive and Independent Director

KERRY MOK

AGE 54

President & Chief Executive Officer Executive Director

ACHAL AGARWAL

AGE 66

Non-Executive and Independent Director

Mr Irving Tan joined the SATS Board on 16 May 2024 as

a Non-Executive and Independent Director and Chairman-Designate. Subsequently, he assumed the role of Chairman of the Board on 19 July 2024 following the conclusion of the 2024 AGM and was re-elected as a Non-Executive

and Independent Director on even date. He is currently a member of the NC and RHRC.

Presently, Mr Tan is also an executive director and the chief executive officer ("CEO") of Western Digital Corporation ("WDC"), a company listed on NASDAQ. Prior to his appointment as CEO of WDC on 22 February 2025, he served as WDC's executive vice president for

Global Operations.

Before joining WDC, Mr Tan served as chairman for Asia-Pacific, Japan & China of Cisco Systems (USA) Pte. Ltd. ("Cisco") from 2020 to February 2022, having been with Cisco since 2009. Prior to his chairmanship, he held various senior management positions in strategy, operations and sales in Cisco.

In the period between February 2017 and May 2024, he was an independent non-executive director of Netlink NBN Management Pte. Ltd. (as Trustee-Manager of Netlink NBN Trust) as well as a director of the Singapore Economic Development Board and PSA International Pte. Ltd. respectively. Prior to joining the SATS Board, he served as a director at Stanley Black & Decker, Inc., a company listed on the NYSE.

Mr Tan holds a Bachelor's Degree in Mechanical Engineering (Honours) and Master's Degree in Business Administration from Nanyang Technological University. He also holds an Honorary Doctoral Degree in Engineering from Curtin University.

Mr Mok has been the President & Chief Executive Officer of SATS since 15 December 2021. Prior to his appointment, he served as Executive Vice President of Food Solutions

at SATS since June 2018. Mr Mok was appointed as an Executive Director of SATS on 1 January 2022 and was last re-elected as a Director on 19 July 2024. Additionally, he

is a council member of the Singapore National Employers Federation (SNEF).

Mr Mok is a seasoned veteran in the supply chain management and logistics sectors with nearly 30 years of experience. Before joining SATS, he served as the chief executive officer of YCH Group and held leadership roles at Goodpack Ltd., Accenture, and DHL.

His recent accolades include the Medal of Commendation in 2025 from NTUC, acknowledging his commitment

to progressive workplace practices, strong tripartite collaboration, and a long-standing focus on championing workers' welfare. Mr Mok was also awarded Investors' Choice Outstanding CEO Award 2024 from the Securities Investors Association (Singapore). He holds a Bachelor of Business, Accounting (First Class Honours) from Monash University, Australia.

Mr Agarwal joined the SATS Board on 1 September 2016 as a Non-Executive and Independent Director. He currently serves as the Chairperson of the RHRC. He was last

re-elected on 19 July 2024.

Presently, Mr Agarwal is also a non-executive director of Amcor Plc, a company listed on the NYSE and ASX. His present principal commitments include his roles as the vice chairman and non-executive director of AVPN Limited and a council member of World Wide Fund Singapore (WWFS) Conversation Fund.

Mr Agarwal is a global consumer executive with four decades of experience, of which 30 years have been in leadership roles with leading consumer MNCs. Prior to his retirement in 2021, Mr Agarwal held several senior leadership positions at Kimberly-Clark Corporation, including president for Asia-Pacific Region from 2012 to

2019, and chief strategy and transformation officer. He has also served as chairman of WWF, Singapore and senior advisor to Accenture Pte. Ltd.

Mr Agarwal was recognised as CNBC Asia Business Leader of the Year in 2016. He holds a BA (Hons) in history and an MBA, both from the University of Delhi, and has completed

the Advanced Management Programme at Wharton

Business School.

26 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 27

Board of Directors

As at 27 May 2025

VINITA BALI

AGE 70

Non-Executive and Independent Director

CHAN LAI FUNG

AGE 61

Non-Executive and Independent Director

CHIA KIM HUAT

AGE 59

Non-Executive and Independent Director

Ms Bali joined the SATS Board on 10 May 2021 as

a Non-Executive and Independent Director. She currently serves as the Chairperson of the SSRC and is a member of the AC. She was last re-elected on 19 July 2024.

Ms Bali is a business leader with extensive experience in leading large companies both in India and overseas. Presently, she serves as a non-executive director of Cognizant Technology Solutions Corporation, a company listed on NASDAQ; Syngene International Ltd. and

Bajaj Auto Limited, both listed on the BSE/NSE.

Ms Bali has previously served as a non-executive director on the boards of several public listed companies, including Bunge Ltd, listed on the NYSE; CRISIL Ltd, listed on the BSE/NSE; and Smith & Nephew plc, listed on the LSE.

Ms Bali is recognised for her contributions to business and society, having received numerous awards, including recognition at The Clinton Global Initiative in 2009 for nutrition work in India, The Teachers Leadership Award in 2009, and the Best Woman Director Award in 2010 from

The Asian Centre for Corporate Governance & Sustainability. The Financial Times ranked her 18th among the top 50 businesswomen in the world in 2011. She has also received awards from The Economic Times, Forbes, Fortune,

Business Today and Business World for her contribution to business. Ms Bali holds a Bachelor of Economics from Delhi University and a Master of Management Studies

Ms Chan joined the SATS Board on 28 February 2024 as

a Non-Executive and Independent Director. She is a member of the AC and the RHRC. She was last re-elected on

19 July 2024.

Presently, she is the chairperson of PUB, Singapore's National Water Agency, chairman of NTUC Health, chair of the Lee Kong Chian School of Medicine Governing Board, Nanyang Technological University, and a member

of the Nanyang Technological University Board of Trustees. She is also a distinguished practitioner fellow at the

Lee Kuan Yew School of Public Policy.

Ms Chan has a distinguished 36-year career across various government agencies. Prior to her retirement from the Singapore Public Service in October 2023, she served as the permanent secretary for National Research & Development, and permanent secretary of the Science & Technology Policy and Plans Office at the Prime Minister's Office. She also held positions as a board member of the National Research Foundation, and the chairman of Agency for Science, Technology and Research (A*STAR).

In recognition of her outstanding contributions to the public service, Ms Chan was honoured with the Meritorious Service Medal in 2020, and the Public Administration Medal (Gold) in 2009. She holds a Bachelor of Economics with First Class Honours from Monash University, Australia.

Mr Chia joined the SATS Board on 15 March 2017 as

a Non-Executive and Independent Director. He is currently a member of the NC and the SSRC. He was last re-elected on 21 July 2023.

Mr Chia's present principal commitment is his role as a partner at Rajah and Tann Singapore LLP. He has extensive experience in capital market, public and private mergers and acquisitions, cross-border joint ventures and private equity investments, both in Singapore and the region. He

is also an independent director of CapitaLand Ascott Trust Management Limited (as Manager of CapitaLand Ascott Real Estate Investment Trust)* and CapitaLand Ascott Business Trust Management Pte. Ltd. (as Trustee-Manager of CapitaLand Ascott Business Trust)*, both listed on the SGX-ST. Additionally, he is a director of the Chinese Development Assistance Council and the Singapore Centre for Chinese Language. He also chairs the International Affairs Committee of the Singapore Chinese Chamber of Commerce & Industry and co-chairs FutureChina & GoEast, Business China.

Previously, Mr Chia served as a non-executive and independent director of Ascendas Hospitality Fund Management Pte. Ltd. and Ascendas Hospitality Trust Management Pte. Ltd., (as Manager of Ascendas Hospitality Trust), listed on the SGX-ST. He was also a member of

the Competition Appeal Board with the Ministry of Trade & Industry and served as an advisory committee member at the Singapore Ministry of Law.

Mr Chia is recognised as an Eminent Practitioner by Chambers Global, a Foreign Expert in China by Chambers Asia-Pacific, a Leading Individual by The Legal 500 Asia Pacific, Highly Regarded by IFLR1000, and an Elite Practitioner by asialaw Profiles for Capital Markets. He is also named as a Global Leader by Who's Who Legal for M&A, Capital Markets - Debt & Equity, Corporate Governance and Hospitality. Mr Chia holds an LLB (Hons) from the National University of Singapore and is qualified as an Advocate & Solicitor of the Supreme Court of Singapore.

* CapitaLand Ascott Trust is a stapled group comprising CapitaLand Ascott Business Trust and CapitaLand Ascott Real Estate Investment Trust.

from the Jamnalal Bajaj Institute of Management Studies,

Bombay University.

28 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 29

Board of Directors

As at 27 May 2025

ENG AIK MENG

AGE 55

Non-Executive and

Non-Independent Director

MAK SWEE WAH

AGE 65

Non-Executive and Independent Director

DEBORAH ONG

AGE 66

Non-Executive and Independent Director

Mr Eng joined the SATS Board on 15 April 2023 as a

Non-Executive and Independent Director and subsequently, was re-designated as a Non-Executive and Non-Independent Director on 1 September 2024 following his executive appointments in Temasek International Pte. Ltd. ("Temasek International"). He is currently a member of the RHRC and the NC. He was last re-elected as a Director on 21 July 2023.

Mr Eng has over 30 years of global business and operating experience in the healthcare and maritime industries, including a proven track record in private equity investments. His present principal commitments include his roles as the joint head of the Portfolio Development Group and head of the Operating Group at Temasek International. He also serves as a non-executive and non-independent director at Seatrium Limited, a company listed on the SGX-ST.

Mr Eng has held various prominent roles in the past, including co-founder of TE Asia Healthcare Partners, group chief executive officer of TE Healthcare Advisory Pte Ltd., and group chief operating officer of Fortis Healthcare International. He also worked as a senior advisor for

TPG Capital, where he was involved in directorships and leadership roles across portfolio companies. Before joining

Mr Mak joined the SATS Board on 11 September 2023 as a Non-Executive and Independent Director and is a member of the SSRC. He was last re-elected on 19 July 2024.

Presently, he serves as a member of the Civil Aviation Authority of Singapore - Air Hub Development Advisory Committee and is a senior fellow of the Singapore Aviation Academy. He is also a director of Mount Faber Leisure Group Pte. Ltd.

In his distinguished career in the aviation industry spanning over 40 years, Mr Mak retired as the executive vice president operations and chief operations officer of Singapore Airlines Limited ("SIA"). During his tenure, he held various senior management positions in the marketing, planning and operational areas within SIA. He also served as a non-executive director of SIA Engineering Company Limited,

a company listed on the SGX-ST.

Mr Mak holds a Master's Degree in Science, majoring in Operational Research, and a Bachelor of Science (First Class Honours) in Accounting & Finance, both from the London School of Economics and Political Science.

Mrs Deborah Ong joined the SATS Board on 16 November 2020 as a Non-Executive and Independent Director. She currently serves as the Chairperson of the AC and is a member of the SSRC. She was last re-elected on 21 July 2023.

Presently, she is also a non-executive and independent director of CapitaLand India Trust Management Pte. Ltd. (the Trustee-Manager of CapitaLand India Trust) and Starhub Ltd, both listed on the SGX-ST. Her present principal commitments include her roles as a board member of

the Monetary Authority of Singapore as well as a board member and chairperson of the audit committees of both the Lee Kong Chian School of Medicine Governing Board at Nanyang Technological University and SkillsFuture Singapore. She also serves as a member of the Judicial Services Commission.

Mrs Ong's past directorships include her board membership of Workforce Singapore and the Council for Estate Agencies. She also served as a member of the Legal Services Commission. Up until 31 October 2020, Mrs Ong was a partner in the Assurance practice at PricewaterhouseCoopers LLP Singapore (PwC) and has more than 30 years of public accounting experience, providing audit and advisory services to companies in various industries.

Mrs Ong was awarded the Public Service Medal in 2015 and the Public Service Star in 2020, both conferred at the Singapore National Day Awards. She holds a Bachelor

of Accountancy (Honours) from the National University of Singapore and is a Fellow of the Institute of Singapore

Chartered Accountants and Certified Practising Accountants

(CPA) Australia respectively.

the healthcare industry, Mr Eng spent 18 years with Neptune Orient Lines in various leadership roles.

Mr Eng holds a Bachelor of Accountancy with Honours from Nanyang Technological University and an MBA from Harvard University.

30 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 31

Board of Directors

As at 27 May 2025

PIER LUIGI SIGISMONDI

AGE 59

Non-Executive and Independent Director

JESSICA TAN

AGE 59

Non-Executive and Independent Director

Mr Sigismondi joined the SATS Board on 5 September 2023 as a Non-Executive and Independent Director. He is a member of the AC and the SSRC. He was last re-elected on 19 July 2024.

Presently, he is a non-executive director of DeOleo S.A., a company listed on BMAD, a senior advisor at McKinsey & Co, and a corporate advisor at Temasek International Advisors Pte. Ltd. His present principal commitment is his

role as a non-executive director of Mastronardi Produce Ltd.

Mr Sigismondi has over 25 years of industry experience in Consumer Goods. He was formerly the executive chairman of Sustenir Group and president and executive vice president of Dole Sunshine Company. Prior to these roles, he was

a Nestlé executive and then an executive board member - chief supply chain officer at Unilever Plc, where he was subsequently appointed president for the Southeast Asia and Australasia regions.

He has also served as a non-executive director of Rexel SA Supervisory Board and was a board member of Ben & Jerry's. Additionally, he served as a board member of the Singapore Food Agency and a member of Future Economic Council for Resource and Environmental Sustainability.

Mr Sigismondi was recognised as one of the 100 Inspirational Leaders of Asia by White Page International in 2022. He holds a MS in Industrial Engineering from Georgia Institute

of Technology, Atlanta, USA, and a degree in Computer Science and Systems Engineering from Universidad Simon Bolivar, Venezuela. He has also completed several executive education programmes, including the Executive Program at Singularity University, the C-Suite Business and Leadership Executive Program at Harvard Business School, and the Leadership Development Programme at IMD.

Ms Tan joined the SATS Board on 17 April 2017 as a Non-Executive and Independent Director. She currently serves as the Chairperson of the NC and a member of the AC. She was last re-elected on 21 July 2023.

Presently, she is also the lead independent director, chairman of the nominating and remuneration committee, and a member of the investment committee of CapitaLand India Trust Management Pte. Ltd. (in its capacity as the Trustee-Manager of CapitaLand India Trust), a company listed on the SGX-ST. Additionally, she holds the position of non-executive director of Mitsui & Co., Ltd., a company listed on the TSE. Her present principal commitments are in the public sector, where she serves as the chairman of East Coast Town Council and as a Member of Parliament for East Coast GRC. She also holds the position of Deputy Speaker of Parliament and a member of the Finance; Trade and Industry; and Communications and Information Government Parliamentary committees.

Ms Tan has over 27 years of experience in the IT industry. Through her career, she has held leadership roles across diverse areas of the business in the Asia Pacific region and Singapore.

Ms Tan's previous directorships include her membership on the board of advisory of the School of Information System, Singapore Management University. She was also a non-executive and independent director of CapitaLand Commercial Trust Management Limited (The Manager

of CapitaLand Commercial Trust) and a board member and deputy chairman of Nanyang Polytechnic Board of Governance and the group commercial director of Raffles Medical Group Ltd.

Her contributions to the technology and business sectors have been recognised with several accolades, including the 2015 Singapore Computer Society IT Leader Award, Two Times Gold Star Awards from Microsoft, and the 1992 Golden Circle Award from IBM. She also has achieved Eight Hundred Percent Clubs from IBM. Ms Tan holds

a Bachelor of Social Sciences (Honours) and Bachelor of Arts (Economic and Sociology) from the National University of Singapore.

32 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 33

‌KERRY MOK

President & Chief Executive Officer

MANFRED SEAH

Chief Financial Officer

TIMOTHY TANG

Chief Financial Officer (Designate)

STANLEY GOH

Chief Executive Officer,

Food Solutions

FRANÇOIS MIRALLIÉ

Deputy Chief Executive Officer,

Gateway Services Global

BOB CHI

Chief Executive Officer, Gateway Services, Asia-Pacific

MICHAEL SIMPSON

Chief Executive Officer,

Gateway Services, Americas

JOHN BATTEN

Chief Executive Officer,

Gateway Services, Europe,

Middle East, Africa & Asia (EMEAA)

HENRY LOW

Chief Executive Officer,

SATS Singapore Hub

TAN CHEE WEI

Chief Human Capital Officer

SANDEEP SAKHARKAR

Chief Digital Officer

IAN CHYE

Chief Corporate Officer

& Company Secretary

34 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 35

Group Management Board

KERRY MOK

President & Chief Executive Officer

Kerry was appointed President & CEO of Singapore-based SATS Group in December 2021. During

the COVID-19 pandemic, SATS scaled down the Group's activities due to the disruption to the aviation sector, and Kerry has led SATS through the ramp up of our ground handling and inflight catering services to successfully support the resumption of operations at Singapore's Changi Airport. Amid the aviation recovery, SATS also acquired

Worldwide Flight Services (WFS) in 2023, transforming SATS into one of the world's

Kerry graduated from Monash University, Melbourne, Australia with a Bachelor of Business, Accounting (First Class Honours).

MANFRED SEAH

Chief Financial Officer

Manfred joined SATS as Chief Financial Officer in September 2017. He oversees the Group's global finance operations, which include strategic financial management; group treasury, cash management and insurance;

strategic investment monitoring; investor relations; group procurement; and property management. In addition to

a special task force that developed and facilitated the transition of SMRT Trains Limited to the new rail financing framework, and eventually managed the subsequent privatisation of SMRT Corporation Ltd by Temasek Holdings in 2016.

Manfred sits on numerous boards of SATS subsidiaries and associate

companies. He graduated with a BSc. (First Class) in Mathematics from Queen Mary College, University of London, and an MBA from London Business School. He is a Fellow Chartered Accountant (FCA) from ICAEW UK and FCPA from CPA Australia. Manfred also holds an Advanced Diploma in Corporate Finance (CF) from ICAEW UK.

Earlier in his career, Timothy held roles in mergers and acquisitions, corporate finance, and business management at Coca-Cola Amatil and Deloitte Touche Tohmatsu in Australia.

He brings valuable expertise in post-M&A integration, operational transformation, and building seamless transitions to support long-term business growth.

Timothy is a chartered accountant and holds an MBA from the Royal Melbourne Institute of Technology. He also holds a Bachelor of Commerce and a Bachelor of Business Systems from Monash University, Australia.

Procter & Gamble, spearheading the commercial and operational management of these businesses.

Stanley graduated from the National University of Singapore with a Bachelor of Arts and Social Sciences in Political Science and Philosophy as well as a Bachelor of Arts (Honours) in Philosophy.

FRANÇOIS MIRALLIÉ

Deputy Chief Executive Officer, Gateway Services, Global

François Mirallié is the Deputy CEO for Gateway Services Global. He joined WFS in August 2016 as Group

In this capacity, he will grow the SATS' APAC market share and manage operations in overseas airports, including the SATS network of overseas stations via our subsidiaries, joint ventures, and associates. He will also identify and leverage the SATS Group's global network of stations and operations to drive long-term value in the business.

Bob joined the company in August 1988 and has previously served as the CEO of Gateway Services and the Chief Operating Officer of the business unit. He has held several other executive and managerial positions in SATS including the Senior Vice President of Sales & Marketing where he was in charge of airline network marketing, key client

largest air cargo handlers with a global network of 55,000 employees across

these responsibilities, he leads several ongoing projects aimed at integrating

STANLEY GOH

Chief Executive Officer,

Chief Financial Officer and became

the Deputy CEO when WFS was

management and ground handling contracts in Singapore. Prior to that,

27 countries. The Group is now focused on restoring profitability of the businesses, improving operational and service excellence, and driving integration

across the global network.

Kerry has over 25 years experience in the supply chain management and logistics sectors. He joined SATS in 2018 as EVP, Food Solutions. Before joining SATS, he was CEO of YCH Group,

a regional supply chain and logistics company, and prior to that, Kerry was at Goodpack Limited, the largest global provider of intermediate bulk containers

(IBCs) as the acting chief executive officer and chief operating officer. He has also held roles at Accenture as managing director (strategy - operations) and head of the ASEAN supply chain strategy practice, and was also previously DHL's senior vice president - global head of

and enhancing financial and corporate

function operations across the Group. These include the ongoing standardisation of financial systems across SATS' global network, driving continuous productivity and process enhancements, and implementing internal reorganisation initiatives to optimise capital and operational efficiency.

Manfred played a crucial role in raising funds for the Group's acquisition of WFS, restructuring the Group's debt to reduce the overall cost of financing, and seamlessly integrating WFS into the SATS Group.

Manfred has over 25 years of investment banking, direct investments and financial management experience.

He has held senior leadership roles

in corporate finance and investment

TIMOTHY TANG

Chief Financial Officer (Designate)

Timothy joined SATS Ltd. as Group Chief Financial Officer (Designate) in May 2025 and will assume the role of Group Chief Financial Officer in July 2025, overseeing the Group's global finance operations, strategic investment monitoring, investor relations and procurement. He brings extensive leadership experience across business and finance functions, with a strong track record in global aviation-related sectors and food businesses.

Before joining SATS, Timothy was chief financial officer of DFS Group, a leading global luxury travel retailer where he was responsible for setting the global finance agenda while

overseeing finance operations, data &

Food Solutions

Stanley joined SATS as Chief Executive Officer of Food Solutions in September 2022. He is responsible for the performance of the Group's Food Solutions business in both aviation and

non-aviation. Stanley played a crucial role in SATS Food Solutions' post-pandemic recovery by making strategic choices, developing and executing impactful business strategies to increase value for customers while improving productivity and developing new capabilities.

Prior to this, Stanley was the regional director of food services - global developing markets at Fonterra since 2016. He was responsible for the overall strategy and outcomes for the Food Service business covering 12 key

acquired by SATS.

François is a seasoned executive with global experience in a number of various industries and was CFO of Customs Sensors & Technologies before joining WFS. Prior to this, he had held similar positions in several multinational companies, including Ion Beam Applications, a company

listed on the Brussels Stock Exchange; MediMedia, a publishing and marketing services business; Vizada, a satellite telecommunications company; and Zodiac Marine & Pool, a manufacturer of durable consumer goods.

François holds a Master's degree from Ecole des Mines de Paris and has completed the Wharton Advanced Management Program at the University of Pennsylvania.

he was also Chief Executive Officer of SATS-Creuers Cruise Services Pte. Ltd., where he oversaw the management of the cruise terminal at Marina Bay Cruise Centre Singapore.

Bob has also worked in various capacities in cargo, marketing as well as catering services. He was instrumental in setting up SATS Asia-Pacific Star Private Limited, a wholly-owned subsidiary of SATS which provides ground handling and inflight catering services to low-cost carriers at Singapore Changi Airport.

Bob holds a Master's degree in Business Administration from Leicester University and graduated as a Public Services Scholar from the National University of Malaysia (UKM).

technology sector and APAC technology sector & service logistics.

management, and has conducted corporate advisory, mergers and acquisitions activities in Asia.

AI along with procurement.

Prior to DFS, Timothy spent nine years

countries across Southeast Asia, the Indian subcontinent and the Middle East.

BOB CHI

MICHAEL SIMPSON

Chief Executive Officer, Gateway Services, Americas

Kerry was appointed to Singapore

government committees like the International Advisory Panel on Sustainable Air Hub, the Future Economy Council's Connectivity Sub-Committee, and the Ministry of Communication and Information's Infocomm Media Master Plan 2025 working group.

Before joining SATS, Manfred was the group chief financial officer of SMRT Corporation Ltd, where he was primarily responsible for driving transformational changes to the business and financing structure of the Group. At SMRT, Manfred led

with the Jardine Matheson Group, where

he held senior roles spanning general management, commercial, and finance. These included managing director of Wellcome (supermarkets) Hong Kong and Macau and finance director of Jardine Restaurant Group (Pizza Hut and KFC)

in Taiwan.

Stanley brings over 25 years of

leadership experience in diverse industries covering in-country and regional roles spanning general management, sales, retail and product marketing, and business development. Before joining Fonterra, Stanley held senior leadership positions at Samsung Asia, Nike and

Chief Executive Officer,

Gateway Services, APAC

Bob Chi is the Chief Executive Officer,

APAC Gateway Services of SATS as of

1 October 2024, following the restructuring of the Gateway Services business.

Michael (Mike) Simpson is CEO of Gateway Services Americas. He joined the company in August 2016 as CFO, Americas and was promoted to Executive Vice President, Americas

in 2019.

36 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 37

Group Management Board

In his role, Mike oversees WFS operations in North and South America. Prior to joining WFS, he was CFO of Sensis, Inc., a print and digital media portfolio company owned by Platinum Equity Holdings, LLC. Michael also served as CFO in several Platinum portfolio companies and was vice president of Portfolio Operations, managing the financial and operational transition of newly acquired companies at Platinum Equity. Prior to this, he was CFO of CompuCom Systems, Inc.,

an IT outsourcing company in North America.

Mike holds an MBA in Finance from St Mary's University and a BBA in Accounting from Abilene Christian University.

HENRY LOW

Chief Executive Officer, SATS Singapore Hub

Henry Low is the Chief Executive Officer of SATS Singapore Hub, a key division of Gateway Services dedicated to enhancing the global competitiveness

of the Singapore Air Hub. Under his leadership, the division leverages a future-ready workforce and advanced systems to oversee essential operations including passenger, ground and cargo handling as well as security services in Singapore.

Before assuming his current role, Henry served as the Chief Operating Officer of the SATS Group. In this

roles for 15 years within the Singapore Ministry of Defence.

Henry holds a Bachelor of Science (Honours) in Psychology from University College London, UK, and a Master of Business Administration (Honours) from IMD, Switzerland.

TAN CHEE WEI

Chief Human Capital Officer

Tan Chee Wei joined SATS as Chief Human Capital Officer in June 2023. She is responsible for all aspects of the Group's human capital strategy, including business partnering, talent acquisition, organisational development, employee

of experience leading HR communities covering various business sectors including Upstream, Downstream, Manufacturing, Marketing, Trading and Supply. She was also global head of talent & learning, group technology & operations at Standard Chartered Bank, and has strategy and business consulting experience gained during her tenure with Deutsche Bank AG and Andersen Consulting.

Chee Wei holds a Bachelor of Science (Honours) degree in Economics from the London School of Economics and Political Science, and a Masters of Communication Management degree from the Singapore Management University.

technology and data capabilities.

At Johnson & Johnson he held several pan-regional roles internationally like director of digital and eCommerce for EMEA for the consumer healthcare division, and regional director, responsible for setting up commercial technology shared services for APAC. At Foot Locker, he was responsible for technologies related to core retail, supply chain, and merchandising areas globally during

a period of international expansion.

Sandeep holds a degree in Mechanical Engineering from India and a postgraduate certification in Management from the University of Warwick. He has lived and operated internationally during his various roles with stints in Singapore, Netherlands, Ireland and the UK, where

Prior to SATS, Ian was general counsel at a private equity firm based in Singapore, covering legal, corporate governance, compliance matters, M&A

and venture capital activities worldwide. His career includes experience in both legal private practice and in-house leadership roles, with a focus on corporate advisory, public and private M&A, competition law, and structured finance. Ian has also served as counsel at Cargill across various business segments, eventually overseeing M&A activity in the Asia-Pacific region among other internal leadership roles. Prior to Cargill, he was in legal private practice at Ashurst LLP, based in London and eventually, Singapore.

Ian qualified as an advocate and solicitor

capacity, he played a crucial role in

managing various corporate functions,

relations and rewards.

SANDEEP SAKHARKAR

Chief Digital Officer

he is currently based.

in Singapore and is a non-practising member on the Rolls of Solicitors

JOHN BATTEN

Chief Executive Officer, Gateway

driving improvements in safety, operational excellence, and innovation

Chee Wei has guided the integration of the global SATS workforce with People

IAN CHYE

in England and Wales. He holds a Bachelor of Laws (Honours) from

Services, Europe, Middle East, Africa & Asia (EMEAA)

John Batten is the CEO of Gateway Services for Europe, Middle East, Africa and Asia (EMEAA). He was previously the WFS CEO Gateway Services of Europe, Middle East, Africa and Asia (EMEAA). He joined the company in 2015 as the Executive Vice President for WFS Business Development. He later took on the role of EVP for WFS's cargo operations in

Europe, the Middle East, Africa and Asia.

John has over 45 years of senior leadership experience in the aviation industry. Before joining WFS, John was EVP of Cargo at Swissport. Prior to this, he was senior vice president

of cargo at Qatar Airways and also held a leadership position at TNT and TNT Airways and was responsible for setting up the airline. He has been

an active member of IATA working groups on e-Freight, e-AWB and Cargo 2000/CargoIQ.

through technology and data. Henry joined SATS in October 2022 as the Global Head of Special Projects, where he led integration programs and championed operational excellence.

With over 25 years of leadership experience, Henry has a diverse background across business, technology, and operations. Prior to joining SATS, Henry was the director and country manager for Amazon Singapore. He successfully launched

and managed Amazon.sg, Amazon Fresh, and Amazon Global Store businesses, leading teams across Singapore, the United States, and India. Henry also managed several UK fulfilment centres, served as the Asia Pacific operations director for specialty fulfilment, and was

a key member of the international leadership team for new marketplace expansions. Additionally, he was on the board of directors for Amazon Asia Pacific Holdings, Amazon Payments, and the Infocomm Media Development

Authority. Before joining Amazon in 2010, Henry held senior command and staff

Values that build a culture of Safety, Customer Focus, Respect, Excellence and Teamwork, while developing staff to their fullest potential. She has established the Group's ongoing partnership with union leaders and stakeholders in Singapore to uplift wages and career pathways through job redesign initiatives that enhance employee experience

and raise the attractiveness of careers within the aviation ecosystem. Chee Wei is a certified Master Professional by the Institute of Human Resource Professionals (IHRP MP), recognised for her active contributions to the HR industry, and a member of the Industrial

Relations Panel of the Singapore National Employers Federation.

Before joining SATS, Chee Wei was the vice president, human resources for Northeast & Southeast Asia, as well as the Global Lubricants business at Shell. At Shell Lubricants, she served as the strategic global HR business partner with responsibilities extending across more than 100 markets in four regions. She brings more than 20 years

Sandeep joined SATS as Chief Digital Officer in March 2025. He oversees the Group's digital, data, technology and operational excellence strategy, driving innovation and transformation to enhance business performance.

Before joining SATS, Sandeep founded Datanoetic, a data and AI driven process improvement and automation startup in 2024, where he continues to serve as non-executive chairman. Prior to that,

he was the first chief information officer at GXO Logistics Inc, a global contract logistics provider. At GXO, he played a key role in establishing the company's

technology and data foundation to support sustainable growth.

With extensive experience in driving digital, data and AI driven transformations, Sandeep has held senior leadership positions at major multinational blue-chip including Johnson & Johnson, Foot Locker Inc. and XPO Logistics. His expertise centers on modernising and improving enterprise and customer facing processes through the innovative use of digital

Chief Corporate Officer & Company Secretary

Ian is the Chief Corporate Officer

and Company Secretary of the SATS Group. He oversees the Group's legal and corporate secretariat, ethics and regulatory compliance, enterprise risk and sustainability functions. Additionally, he is

responsible for corporate governance and, as Company Secretary, plays an essential role in Board functions and meetings, facilitating interactions between the Board and management.

In leading these functional and practice groups, he works in close partnership with the business and functional leaders of

the Group, providing counsel on strategy, commercial activities and business affairs. He also leads legal advisory

and execution of M&A, divestitures and investments globally for the Group.

Before assuming his current role, Ian served as the Group's Chief Legal Officer and Company Secretary.

University of Leeds, UK, a postgraduate diploma in Singapore law from

National University of Singapore and a postgraduate diploma in economics

for competition law from King's College London, UK.

38 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 39

‌Operations Review Gateway Services

Expanding Our Unrivalled

Network, Driving Operational Efficiency

We reinforce our position as a premier air cargo handler by expanding our unparalleled global network, developing

innovative logistics solutions tailored to high-growth market

segments, and enhancing operational efficiency.

Paris, France Charles de Gaulle Airport

Loading a disassembled helicopter fuselage among varied cargo onto a flight - part of the wide-ranging consignments safely moved through our global air network.

40 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 41

Operations Review Gateway Services

F Y 2 0 2 5

PE RFOR M AN C E R E V I E W

The air cargo sector saw significant growth momentum in FY2025. According to IATA statistics, air cargo demand recorded its highest-ever growth in

2024, surpassing the peak in 2021 with an 11.3%

year-on-year growth.

This expansion was primarily driven by strong e-commerce demand and ocean freight disruptions. For the year under review, SATS achieved a 15.1% increase in air cargo volume growth, resulting in a revenue of $2.9 billion

for cargo handling services.

I N C RE A S E D

I N A I R C A RG O

VO LU M E G RO W T H

+15.1%

in FY2025

C A RG O RE V E NUE G RO W T H

+14.9%

Year-on-Year

We have continued to strengthen our relationships with key customers,

and their trust in our quality of service is reflected in a series of contract renewals, many of which extend our long-established partnerships with customers for over 20 years.

The synergy created by the integration of SATS and WFS is producing positive results. A notable highlight is the strengthening of our partnership with Air India which awarded contracts for 14 new stations across multiple major airports in North America, Europe, the Middle East, and Asia, in addition to

11 contract renewals with SATS and WFS.

Our collaboration with key industry players to develop new solutions continues to expand. A significant example is our partnership with Kuehne+Nagel which has led to the implementation of a number of initiatives across our global network.

We continuously enhance our e-commerce capabilities through innovation and strategic partnerships, which support significant growth in key markets.

Our growth is underpinned by our focus on operational excellence, high service quality, and continued investments

in digitalisation and automation. For instance, we tested automated forklifts at our cargo terminal in Barcelona to

improve operational efficiency, increasing storage capacity by 33.0% and saving approximately 60 human hours per week.

▲

Kerry Mok alongside Yngve Ruud, Executive Vice President Air Logistics, Kuehne+Nagel at the signing of the MOU.

Sustained growth in our cargo business has led us to strengthen our global cargo handling capacity through strategic expansions across our network. Our acquisitions at Amsterdam Schiphol Airport and Stockholm Arlanda Airport have added significant capacity and brought new businesses.

Our ground handling revenues grew 3.2% in FY2025 to reach $1.5 billion, supported by a favourable market environment.

Driven by the growth in international travel, IATA recorded all-time high global passenger traffic in 2024, with a 10.0% year-on-year increase in volume. The rebound in passenger traffic is reshaping the demands on airport operations.

We are positioning Singapore as

a leading hub and innovation centre to develop and pilot automation, AI,

and digital integration technologies that enable seamless coordination of both airside and landside services. These initiatives are designed to improve turnaround times and enhance customer experiences in an increasingly dynamic logistics and aviation environment.

Leading up to the opening of Changi Airport Terminal 5 in 2030, SATS is already actively preparing for the projected

G RO UN D H A N DLI N G

RE V E NUES G RO W T H OF

+3.2%

TO R E AC H

$1.5B

in FY2025

Building 260 at JFK streamlines operations, reduces truck congestion, and supports growth of high-value cargo sector.

▼

growth in air traffic and the expanded demands that will accompany the terminal's launch. Our Singapore Hub is focused on re-engineering ground and cargo handling processes, refining operational workflows, and enhancing ecosystem coordination

to optimise Changi Airport's capacity.

In tandem, we are revamping training programmes and redesigning job roles to align with new-generation processes and evolving workforce needs.

Our ongoing commitment to excellence in air cargo operations has been recognised through various awards and industry accolades. We notably won the Cargo Handling Agent of the Year award from the Aviation Services Association (ASA). Our cargo joint venture company in Thailand, Bangkok Flight Services, received the 'Best Warehouse and Ramp' award from

Turkish Airlines. Additionally, SATS won two prestigious accolades at the 11th Payload Asia Awards - Global Ground Handler

of the Year and Ground Handler of the Year for the Asia Pacific region. Our Hong Kong subsidiary, AAT, was honoured as the Cold Chain Service Provider of the Year for the Asia Pacific, marking their second consecutive win in this category. In Singapore, we were awarded the Outstanding Partner Award 2024 by Shunfeng Express and the Platinum Award 2025 for Safety & Punctuality by British Airways.

THE AMERICAS

Over the past year, we have focused on enhancing our services, expanding our capacity, optimising operations, and

advancing sustainability initiatives across the Americas. Our goal is to serve our customers better while making a positive impact on the aviation industry and

the environment.

In line with our commitment to meet the evolving needs of our cargo customers, we have begun facility expansion projects in key locations across the United States

since 2021. Significant capacity expansions in Atlanta in 2022, Chicago in 2023, and New York in early 2025 have enhanced

our operational capabilities and use of advanced technology, enabling us to accommodate increasing demand and provide an even higher level of service excellence. For example, our new facility at JFK Airport, Building 260, is equipped with new technology such as advanced truck dock management system designed to optimise the flow of goods in and

out of the facility, leveraging real-time scheduling, automated check-ins, and digital communication between drivers and dock operators.

Our investments in building capacity and capability have strengthened our partnerships with several major airlines

across both Cargo and Ground Handling, further reinforcing our position as a trusted partner in the aviation industry. We are proud to have secured key business wins in Cargo with Qatar Airways, Cathay Cargo, Icelandair, Amerijet, Philippine Airlines, Fiji Airways, ASL Airlines, Global X Airlines, and Air India, the latter with

a multi-station agreement.

We have also expanded our network with the opening of a new cargo station in Portland. This station is strategically located to support our valued customer,

Air France KLM's new operations, as well as manage growing market demand.

In Ground Handling, we are continuously expanding our footprint with new business awards from Air France KLM, Air Canada, British Airways, Singapore Airlines, China Southern Airlines, Zipair, Flair Airlines, Allegiant, Breeze Airways, and JetBlue.

Additionally, we have been awarded a

42 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 43

Operations Review Gateway Services

five-year license to handle ramp and cabin cleaning services at Terminal 4 of JFK Airport, a key hub for international and domestic operations.

These strategic business wins reflect

our unwavering commitment to excellent customer service, operational efficiency, and innovation. By continuously adapting to the evolving needs of our airline partners, we solidify WFS' reputation

as a leader in cargo and ground handling services. We deliver tailored solutions and best-in-class operational performance in an increasingly dynamic and competitive market.

Our Express business in North America has seen significant growth, largely driven by the e-commerce boom. We currently operate 13 gateways across the USA for Amazon, and our strategic partnership with them has been a key driver of this expansion. Our acquisition of gateway operations in Atlanta further strengthens our position as a crucial logistics partner in the e-commerce ecosystem. Our steadfast commitment to innovation, operational excellence, and robust infrastructure continues to support and enhance our ability to meet the demands for speedy delivery in the present-day market.

WFS North America is dedicated to excellence and surpassing industry standards. We have achieved IATA

Security Management System (SeMS) certification, demonstrating our commitment to enhanced security management practices beyond mere compliance as part of our ongoing continuous improvement strategy.

In addition, our US headquarters in

North America has obtained IATA's Safety Audit for Ground Operations (ISAGO) registration, alongside accreditations at Los Angeles International Airport and Seattle-Tacoma International Airport.

We also maintain various Pharma Quality Good Distribution Practice (GDP) certifications in eight key locations across

the US and are in the process of obtaining GDP certification process for two additional facilities. These accomplishments showcase our unwavering focus on operational efficiency, environmental stewardship, and safety across all

aspects of our business.

WFS Brazil has experienced significant growth with the renewal of strategic contracts and the expansion of Ground Handling and Aviation Security services. In FY2025, we successfully renewed key agreements with American Airlines, Vinci, GRU Airport, Aerolíneas, and TAP.

Our Cargo business has also expanded through new partnerships with Shein, Amazon Air, China Southern, Sinerlog, and Cainiao, which boosted our market presence. We also secured new security

contracts with Aena Airports and Ambar VIP Lounge, and improved ground handling for TAP and Vinci.

With 36 stations across South America, WFS Brazil's focus on strategic contracts and operational excellence ensures continued growth and reinforces our leadership in the Brazilian market.

In early 2025, SATS completed the acquisition of the remaining minority interest shares in Orbital, making it a wholly-owned subsidiary.

EMEAA

FY2025 marked a year of strong growth and strategic developments across EMEAA. Our continued focus on enhancing operational excellence and growing cargo handling capability led to key acquisitions and expansions. These efforts resulted

in increased operational and service capabilities across the network that not only drove new business opportunities but also strengthened long-standing customer partnerships.

Our strong commitment to service quality has led to the successful renewal of long-term contracts with key global partners, including key Chinese carriers.

For example, Air China extended its cargo handling contracts to France and the UK for another three years. Our renewed contract at Paris Charles de Gaulle Airport includes ramp handling and trucking services.

In the UK, we manage Air China's cargo operations at Heathrow and Gatwick, handling six weekly flights at Heathrow and three at Gatwick. Elsewhere, we extended our partnership with China Airlines at Frankfurt Airport with a multi-year cargo handling contract, furthering our 25-year collaboration across our global network.

At Bangkok Airport, we renewed contracts with KLM and Turkish Airlines. Additionally, we renewed contracts at Copenhagen and Amsterdam Schiphol. Our contract renewals reinforce our position as the airlines' preferred cargo handling partner.

◀

Chicago ORD building 838

A handler plugging in a self-temperature contained active container for temperature sensitive cargo.

▲

SATS and Air India celebrate the new contracts and renewals,

showcasing the strength of the global SATS network.



A key highlight was the acquisition of Menzies Aviation's primary cargo handling operations at Amsterdam Schiphol Airport that increased our warehouse capacity from 17,500 square

metres to over 50,000 square metres. We now serve over 100 airline and freight forwarder customers in Amsterdam.

Besides contract renewals, we also secured several new contracts. A significant achievement this year was securing a major multi-station cargo handling contract with Air India. This contract includes services at London Heathrow, London Gatwick, Frankfurt, and Milan Malpensa.

In Germany, our subsidiary secured a five-year cargo handling cooperation with Emirates at Frankfurt Airport, further cementing our long-standing partnership. We now provide cargo handling services to Emirates at over 15 stations globally, including the recently renewed business in Johannesburg and Cape Town.

At Stockholm Arlanda Airport, we became SAS Cargo's handling partner, marking SAS's first outsourcing of handling services within Scandinavia. Following last year's acquisition of Terminal & Transporttjänst i Sigtuna AB and APH Logistics AB, we

now benefit from having more than 16,000 square metres of space across three facilities, including temperature-controlled storage and a Border Inspection Point (BIP).

In Liege, we commenced a major cargo handling collaboration with Magma Aviation by securing a new contract for warehouse cargo and freighter ramp handling for seven-weekly flights. Following this commencement, we secured new business with Maersk to manage cargo flights to and from China. Overall, our Liege business has experienced double-digit year-on-year growth, supported by new business and

e-commerce development.

We renewed our trucking contracts in the UK and France with Singapore Airlines. In addition, we were awarded the cargo handling contract for their new flights

to London Gatwick. We now provide Gateway services to Singapore Airlines at over 28 stations globally.

In March, we expanded our partnership with SF Airlines to include India, welcoming them to Bangalore and enhancing connectivity between China and India. This addition complements our existing cargo handling partnership with SF Airlines in Frankfurt and Liege.

We work closely with key customers and industry players to enhance efficiencies in the supply chain. In Germany,

we launched a collaboration with Kuehne+Nagel to streamline and expedite import cargo clearances. This initiative was developed by our specialised

e-commerce, Freight Forwarder Handling (EFFH) team in collaboration with Kuehne+Nagel. It helps optimise warehouse capacity and generate efficiencies for the freight forwarder.

To support the growth of our business, we made a number of strategic acquisitions aimed at expanding

our capacity and strengthening our capabilities. A key highlight was the acquisition of Menzies Aviation's primary cargo handling operations at Amsterdam Schiphol Airport. This acquisition increased our warehouse capacity from 17,500 square metres to over 50,000 square metres. We now serve over 100 airline and freight forwarder customers in Amsterdam, reinforcing our commitment to Schiphol's cargo community and boosting our market share at one of Europe's leading cargo hubs.

We also expanded our warehouse footprint in other locations. In Scandinavia, we added a new 4,800 square metres on-airport warehouse at Copenhagen Airport. This facility not only serves our airline customers but also supports the growth of our EFFH services within the region. Additionally,

we acquired Wallenborn's Copenhagen-based freight forwarder handling business following a long-standing local partnership with them. We also made significant

44 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 45

Operations Review Gateway Services



A significant milestone was achieved in January 2025 with the renewal of 11 contracts and the awarding of

14 new contracts by Air India. We are proud to have won this global tender in collaboration with SATS stations in the US and EMEAA region.

M B C C S H A N D LI N G

CA PACIT Y A N TI CI PAT E D G RO W T H

+4.9K

Passengers

investments in warehouses at London Heathrow, Paris Charles de Gaulle, and Bangalore Airport. These investments generate additional capacity for growth and enhance the quality of service for our existing and future customers.

ASIA

Asia's growth in FY2025 was bolstered by the ongoing recovery in global travel and a steady rise in cargo volumes.

The return of Chinese travellers notably contributed to a significant increase in passenger traffic across major hubs in Asia. A significant milestone was achieved in January 2025 with the renewal of 11 contracts and the awarding of 14 new contracts by Air India. We are proud to have won this global tender in collaboration with SATS stations in the US and EMEAA region. This development notably

strengthens SATS' partnership with Air India by adding more cargo and ground handling stations across the APAC region, including Kuala Lumpur, Hong Kong, and Saudi Arabia. We have also improved our yield this year through pricing optimisation and service value enhancements.

In April 2025, SATS inaugurated the AISATS Bangalore Logistics Park at Kempegowda International Airport in Bengaluru. This logistics park provides

a comprehensive range of cargo-handling services tailored to the needs of the export-import (EXIM) community, freight forwarders, and supply chain companies, facilitating smoother transportation and consolidation of cargo. The Integrated Cargo Terminal (ICT) will be operational by 2026 and the Integrated Warehousing and Logistics Zone (IWLZ) at Noida

International Airport is slated for completion by 2027, with a combined cargo-handling capacity of three million metric tonnes.

In November 2024, SATS partnered Avilog Logistics Services to expand our operations in Saudi Arabia, capitalising on the region's rapidly growing aviation and logistics sector. This collaboration aims to enhance

operational synergies and strengthen SATS' service offerings across Saudi Arabia.

SATS strengthened its position in Hong Kong by partnering with AAT, SATS HK Limited, and DHL Air Capacity Sales in January 2025. Additionally, in February

2025, AAT expanded its collaboration with Hongkong Post, facilitating export mail handling during a transitional period in preparation for the completion of the new Air Mail Centre's completion in 2027.

The Marina Bay Cruise Centre Singapore (MBCCS) is set to undergo its most extensive upgrade since it opened in 2012. This improvement will enhance its capacity to handle an increased passenger volume and accommodate dual ship calls, which

is becoming increasingly common with the rise of larger cruise ships. Following the upgrade, handling capacity is anticipated to grow from 6,800 to 11,700 passengers. The Singapore Tourism Board (STB)

has extended SATS-Creuers' operator agreement for MBCCS for eight years, with the option to extend for another two years.

The extension, which could potentially run from May 2027 till March 2037, was formalised with the signing of a revised management and operator agreement in December 2024.

Over the past year, Singapore Hub embarked on a transformative journey to re-engineer a more efficient, resilient, and future-ready operation. We focused on increasing capacity, developing

new capabilities, and leveraging digital technologies and AI to optimise resource deployment, reinforcing Singapore's position and competitiveness as a global aviation hub and strengthening our readiness for sustained growth.

We renewed our ground and cargo handling licence at Singapore Changi Airport for the next decade, securing our continued presence in one of the world's premier aviation gateways. This renewal underscores the strength of our long-standing partnership with Changi

Airport Group. We also renewed long-term agreements with our largest customer, Singapore Airlines Group, reaffirming our role as a trusted and strategic partner in delivering reliable, high-quality ground and cargo services.

In Cargo, we strengthened strategic partnerships with Shunfeng Express and Kuehne+Nagel. Our dedicated airside e-commerce logistics centre with Shunfeng Express reduces handling times and increases capacity to meet

EN H A N C ED EFFI C I EN CY B UPHC H A S

EFFECT I V E LY R E D U C E D TH E M I NI M U M

LO D GE ME N T T I ME BY

>10%

A I TR A N S FO R M AT IO N H A S I N C R E A S E D

EFFI C I E N CY OF PI LOT R U N AT

B AG G AG E TO W I N G O PER AT I O N S BY

+15.1%

growing demands of e-commerce. With Kuehne+Nagel, we co-developed an innovative airside logistics solution now deployed by Sterling Global Aviation Logistics to expedite secure, time-critical shipments, such as aircraft spare parts for 'aircraft on ground' (AOG) situations.

To improve the cargo agent experience and reduce congestion, we introduced a truck dock management system at our export terminals in August 2024. The system improved vehicle flow, reduced dwell times, and streamlined cargo

drop-off processes. In April 2025, we launched a 3,000 sqm Built-Up Pallet Handling Centre (BUPHC), which increases our throughput capacity by 150,000 tonnes annually. We have also commenced the transformation of our import terminal to a mixed cargo facility, introducing an information-controlled build-up process validated through digital twin technology. This advancement is set to unlock additional capacity and productivity upon completion in 2027.

In Ground Handling, we welcomed five new airline customers, including Cathay Pacific, AirAsia Cambodia, and Peach Aviation, and renewed contracts with 15 existing partners, underscoring continued confidence in our operational capabilities, safety standards, and service performance.

We continued building the Hub Handler of the Future. Our in-house Digital Station Manager Live platform integrates real-time data from multiple sources to coordinate the complexities of high-

volume operations across multiple ground handling teams. The expanded Ground Operations System (GOPS) empowers frontline teams with real-time visibility to manage tasks, events, and resources more effectively. We are also codifying the knowledge of our most experienced staff and applying AI, including the use

of image recognition to verify cargo is properly secured in aircraft holds, enhancing safety and reducing error.

Together, these digital systems form the foundation for scenario forecasting, decision simulations, and intelligent resource allocation, enabling more

adaptive and efficient hub management.

Beyond technology, we have re-engineered how we work. In

collaboration with NTUC and our worker unions, we redesigned job roles and introduced competency-based training models to upskill and empower our workforce. These efforts help ensure that our people grow with the business and remain equipped to deliver high performance in a fast-changing operational landscape.

We will continue to rejuvenate our Ground Support Equipment, upgrade critical infrastructure across our Airfreight Terminals, and drive safety, service, and efficiency through technology, process redesign, workforce transformation, and

close collaboration with our unions, airport authorities, and airline partners.

LOOKING AHEAD

New tariff policies under the new U.S. administration may impact global trade flows and air freight demand.

While heightened trade tensions could temporarily disrupt established routes, they may also accelerate shifts toward time-sensitive shipments and alternative sourcing strategies - driving increased reliance on air freight for high-value goods. With our extensive network and strong presence in key markets,

we are well-positioned to adapt to evolving trade dynamics and capture growth opportunities in the changing air logistics landscape.

François Mirallié

Deputy CEO Gateway Services, Global

Michael Simpson

CEO Gateway Services, Americas

John Batten

CEO Gateway Services, EMEAA

Bob Chi

CEO Gateway Services, Asia Pacific

Henry Low

CEO, SATS Singapore Hub

46 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 47

‌Operations Review Food Solutions

Scaling the Core, Leveraging Synergies

By enhancing operational agility, deepening culinary innovation, and optimising supply chain resilience, SATS is well-positioned to meet evolving customer preferences and emerging trends.

Leveraging strategic partnerships, we aim to drive synergistic growth and capitalise on new market opportunities.

Singapore Changi Airport

SATS will deploy 3.2-tonne hi-lifts for

in-flight meal delivery as part of a 5-year ground service equipment refresh aimed at enhancing ground operations at the Singapore Hub.

48 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 49

Operations Review Food Solutions

F Y 2 0 2 5

PE RFOR M AN C E R E V I E W

SATS Food Solutions experienced remarkable revenue growth of 22.0%, primarily due to the rebound in global travel, with meal volumes surpassing pre-COVID levels. The International

Air Transport Association (IATA) expects this momentum to continue, projecting an 8.0% increase in global passenger travel by 2025.

Throughout the year, we saw consistently strong growth across our market segments. Aviation grew 25.7%, while non-aviation

grew 14.8%.

RO B U ST

G RO W T H O F

22.0

SATS is strategically positioned to capitalise on the growing demand in the aviation sector and foster further growth. Our good track record of food safety and service quality set us apart. We are committed to more than just providing meals; we offer comprehensive solutions that enhance the consumer experience for our customers.

In addition to food services, we help our clients identify trends and adapt to changing consumer expectations.

The SATS Global Innovation Hub has the expertise to help customers gain insights into the market, collaborate on innovative projects, and design new, sustainable service ware, packaging, and service solutions. We work closely with key customers to identify new market opportunities.

An experienced culinary and product innovation team equipped with extensive knowledge of food technology collaborates with SATS research and development centres across our network to transform menu ideas into inflight meals in various formats. SATS boasts a cosmopolitan team of chefs throughout our production network, dedicated to creating culturally authentic meals and delivering synchronised service levels for over 130 international airlines, in addition to non-aviation customers.

Our team is backed by SATS' network of production facilities in China, India, Japan, Singapore, and Thailand, which produce meals in various formats, including cook-chill, ambient, and frozen. We prioritise

delivering consistent quality. To maintain the consistently authentic taste of SATS' signature dishes, we have launched

a digital platform called the Culinary Knowledge Base. It is designed to retain knowledge and harmonise preparation and cooking processes, while allowing for local adaptation, to ensure consistent authenticity across our network.

FOCUS ON AVIATION

This year, we have made significant investments to enhance our capabilities. A key development has been the acquisition of full ownership of SATS Food Solutions Thailand (SFST), an essential

asset in our production network operations. This acquisition gives SATS full control over SFST's development and expansion plans. Located within Thailand's well-established food ecosystem and equipped with advanced technology and production facilities, SFST is a centre of excellence

for large-scale production of SATS Fresh Frozen Meals (FFM) and pre-cooked ingredients. Construction of a new state-of-the-art facility at SFST is underway, increasing its daily output of FFM to 108,000 meals.

SATS has invested in developing FFM since acquiring Nanjing Weizhou Airline Food Corp. Ltd.(NWA) in 2019. Today, NWA benefits from a leadership position in FFM meal production serving Chinese carriers. Due to the increasing demand for FFM, we are retrofitting SATS Inflight

Catering Centre in Singapore to include the

installation of a Fresh Frozen Meal Thawing

Chamber (FFMTC) with the capacity to thaw 61,000 FFM per day. The FFMTC

will be equipped with an automated storage and retrieval system, along with dedicated management controls to track inventory and ensure the traceability of meals. SATS is the world's first aviation food solutions provider to deploy an automated FFM thawing chamber.

New trends are emerging with the resurgence of global travel. Outbound tourism spending by Indian and Southeast Asian tourists is expected to rise significantly, which may increase demand for Asian meals on airlines. A noteworthy trend is emerging among Chinese travellers too. An estimated 38% of them are first-time travellers, with a significant majority,

Asian flavours to a global audience. In April, at the World Travel Catering and Onboard Services Expo (WTCE) held in Hamburg, Germany, SATS showcased several innovative international and Asian menu options that received positive customer feedback.

We are proud to be awarded the PAX International Airline Caterer of the Year for Asia once again, marking

our seventh consecutive year winning this award. This is a testament to our capability in developing comprehensive aviation food solutions and our commitment to culinary excellence.

SYNERGISTIC GROWTH THROUGH PARTNERSHIPS

◀

SATS and Mitsui representatives in celebrating the partnership in Narita, Japan.

WALLABY NASI LEMAK

We are proud to participate in the opening of Camp Tilpal in Shoalwater Bay, Queensland, Australia, which was officiated by Singapore's Senior Minister of State for Defence, Heng Chee How, on 13 November 2024. At Camp Tilpal, we have a new kitchen that can serve 2,000 soldiers during their training.

In addition to Camp Tilpal, the SATS team of chefs and kitchen assistants also provide catering support to Singapore soldiers training in the Shoalwater Bay area, including at Camp Growl and Sam Hill.

At SATS, we understand that operating in an outbound environment like Camp

Tilpal requires more than efficiency; it also

involves boosting morale. Our team of 16 chefs and nine catering assistants is dedicated to bringing local favourites to

the soldiers. One popular dish is our junior sous chef Bee Bee's nasi lemak, which the soldiers have affectionately named "Wallaby Nasi Lemak."

LOOKING FORWARD

The modern customer views dining as an opportunity to explore the world through flavours, making the culinary experience about more than just the food. At the heart of this experience is the chef's culinary

+ %

in FY2025

▶

The new Automated Thawing Chamber in Singapore with

a dedicated inventory management system is capable of thawing up

to 61,000 meals per day.

64%, being under the age of 30. Many

young travellers are drawn to long-haul destinations, influenced by social media platforms such as Xiaohongshu and Douyin. For instance, during the 2025 Chinese New Year period, European countries saw a substantial increase in the arrival of Chinese tourists compared to the previous year. This surge may lead to a higher demand for Asian meals on airlines.

As an Asia-based company, SATS has the culinary expertise and technical knowledge to develop and produce authentic-tasting Asian meals. With the rise of Asian travellers, our 3-tier network of FFM production facilities is strategically situated across key Asian markets, allowing us to tap into rich regional culinary expertise and deliver authentic

We leverage our high-quality standards

and capability in aviation to pursue synergistic growth through partnerships. In July 2024, we established a partnership with Mitsui Co. Ltd., to acquire a minority stake in two of our four subsidiaries: SATS Food Solutions India Private Limited and SATS (Tianjin) Food Co., Ltd.

Mitsui's investment will accelerate the growth and expansion of SATS' food solutions business through targeted demand generation. Leveraging Mitsui's extensive network of prominent food retailers, manufacturers, and F&B players across key Asian markets, the partnership aims to unlock new business opportunities and expand our market reach, boosting SATS operations volumes and optimising asset utilisation rates.

expertise, which brings authentic and innovative menus to life. Complementing this are thoughtfully designed service ware and packaging, which enhance the experience. It is crucial to maintain food safety and quality while ensuring high operational service standards without compromise. SATS has developed strong capabilities in food solutions, and we are dedicated to collaborating closely with our customers to unveil new and exciting dining experiences.

Stanley Goh

CEO, Food Solutions

50 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 51

‌Chicago, United States O'Hare International Airport

WFS staff conducting solar panel inspections at O'Hare International Airport, supporting our commitment to renewable energy infrastructure.

Creating Long-term Value

In supporting long-term value creation, SATS continues to advance its global sustainability efforts by delivering tangible emissions reductions, increasing renewable energy adoption, advancing circular economy initiatives, and reinforcing governance standards.

52 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 53

Sustainability



In FY2025, the Sustainability team focused on building foundational capabilities to support the integration of WFS, from a Singapore-centric focus to a globally aligned model, embedded across diverse markets and operational contexts.

Our ESG Framework

STRATEGY

GOVERNANCE

DELIVERY

OUTREACH

CULTURE

Materiality Assessment & Risk Management

Board Level

Delivery Model Subject Matter Expertise,

Central Coordination, Regional & Local Implementation

Customers, Suppliers, Airport Communities

Employee Engagement

Global Ambitions & Specific Roadmaps

for Each Priority

Group Level

ESG Data & Reporting

Regulators, Investors, Shareholders

Basic ESG Awareness Skills for All

Smart Targets & KPIs

Regional & Local Levels

ESG Projects Optimise & Transform

Industry Voice Media & Associations

Upskilling Specific Roles Sales, Procurement, Ops

TOTA L C A R B O N FO OT P RI NT

1,287'885

tCO2e

in FY2025

ACCELERATING SATS'

SUSTAINABILITY TRANSFORMATION

With the integration of Worldwide Flight Services (WFS), our sustainability strategy evolved from a Singapore-centric focus to

a globally aligned model, embedded across diverse markets and operational contexts.

In FY2025, the Sustainability team has been strengthening existing and building new foundations to equip the Group with the tools, processes, skills, and know-how needed to deliver on all our ESG commitments. This included embedding ESG considerations into our enterprise risk management framework, launching tailored ESG training programmes for commercial and operational teams, and

empowering local sites through a network

of Sustainability Business Partners and Champions who drive day-to-day

implementation and awareness initiatives.

At the heart of our sustainability journey lies a robust ESG Framework designed to translate our global ambitions into tangible, measurable outcomes, guided by a clear three-stage approach: comply, optimise, and transform. This framework provides a clear structure for how we govern, deliver, and embed our ESG priorities across all levels of the organisation; and ensures regulatory compliance, operational efficiency, and long-term value creation.

Together, these pillars enable us to turn our Group strategy into action, creating value for our business and our stakeholders.

S C O PE 1 19%

S C O PE 2 6%

S C O PE 3 75%

Food preparation in SATS

Inflight Catering Centre 1.

▼

54 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 55

Sustainability

OUR COMMITMENTS TO SAFETY

Health, Safety, Security, and Environment (HSSE) excellence is critical to our licence to operate and our responsibility to employees, customers, and partners. In FY2025, we took bold steps to elevate our HSSE standards. We continue to emphasize the importance of safety in all our operations and are fostering an injury-free culture.

We integrated Pulse, WFS's digital HSSE system, across all SATS operations, harmonising incident reporting, risk assessments,

and compliance protocols. We are developing a new Safety Management System (SMS), to be launched in FY2026, which will

standardise safety processes globally and improve risk mitigation.

Risk reduction initiatives included:

• Upgrading our forklift fleet with

  enhanced safety features

• Rolling out proximity sensors in

  high-traffic zones

• Implementing a Plant and Equipment Register to improve visibility, maintenance, and risk management of critical assets

We also conducted engagement workshops to unify HSSE standards and strengthen leadership accountability. To reinforce our cultural values, we launched

a new HSSE identity alongside a behavioural framework built

around six key habits: be trained, be focused, follow, challenge, keep and report.

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Refueling Ground Support Equipment with HVO100 biofuel on the ramp at Paris Charles de Gaulle (CDG), as part of our low-carbon transition efforts.

In parallel, we rolled out our "Just Culture" programme empowering employees to report safety concerns while building a transparent and learning-oriented environment. The programme distinguishes between human error and reckless behaviour, and promotes fairness, transparency, and continuous improvement across the organisation. This reflects our belief that a strong safety culture

is not only about compliance - it's about creating an environment where everyone goes home safe, every day.

ENVIRONMENTAL STEWARDSHIP

Our FY2025 total carbon footprint is 1,287,885 tCO2e composed by 19%

scope 1 emissions, 6% scope 2 and

75% scope 3. 75% of the Group's emissions are generated by our Food Solutions activities and 25% are coming from our Gateway Services.

SATS has committed to reduce our scope 1 and 2 emissions by 50% by 2030 from baselines established for Singapore-based operations in 2020 and for overseas in 2024. As a Group, we emitted 316,265 tCO2e

in FY2025, representing a 4.6% net reduction compared to baseline.

Over the years, SATS has made significant improvements, halving our Group carbon intensity in just 6 years from 111 tCO2e per SGD million of revenues in FY2020 to 54 in FY2025. Compared to 64 in FY2024, the Group improved its carbon intensity by 15%. This is the result of our efforts in reducing our total fuel consumption through electrification of our fleet and adoption of low-emission alternative fuels, modernisation of our refrigeration systems in our kitchens and cold chain facilities, and transition to renewable energy in our buildings.

Low-Emission Vehicles

SATS made measurable strides in reducing our carbon footprint. Scope 1 emissions from fuel combustion declined by 2% to 113,649 tCO2e, as we transitioned to a more sustainable vehicle fleet. LEV (low-emission vehicle) adoption doubled to 21% globally, led by 100% adoption in India and Sweden, with over 90% penetration in Belgium, Denmark, and the Netherlands. In Singapore, LEV

adoption reached 31% as we work with Changi Airport Group to transit to full green mobility by 2040.

We introduced hydrotreated vegetable oil (HVO100) biofuels for ground support equipment in France and the UK and deployed

electric and autonomous tractors in Hong Kong, Malaysia, and Ireland. These initiatives contribute to energy efficiency, reduce operating costs, and long-term emissions reductions.

Renewable Energy

In FY2025, SATS reduced scope 2 emissions by 16%, to 75,914 tCO2e. Globally, we increased renewable energy use covering 27% of total electricity consumption. Our strategy combines rooftop solar installations (a total of 18.3 MWp deployed across 9 markets), green power purchase agreements (PPAs), and

certified green electricity procurement initiatives. Energy efficiency initiatives - including LED lighting retrofits, smart motion sensors, and chilled water system upgrades -contribute to deliver further emissions reductions. In Singapore, a "Cooling as a Service" agreement for our catering centre is projected to

save 4.5 GWh annually.

Refrigerants

Scope 1 emissions from refrigerant leakage increased due to business growth, totalling 126,701 tCO2e.

Mitigation efforts include transitioning to low global warming potential (GWP) refrigerants and enhancing maintenance practices. In India and Thailand, we deployed ammonia-based refrigeration systems -

using a refrigerant gas with zero GWP - while in Singapore, we replaced aging coil fans to reduce fugitive emissions.

WASTE & PACKAGING

We continued advancing our circular economy agenda. In Singapore, food waste intensity fell to 1%, significantly ahead of our 2030 target of a 50%

reduction from a 4.1% baseline. Across overseas operations, food waste intensity decreased by over 6% compared to the FY2024 baseline.

Overall, 91% of food packaging materials used globally are reusable or recyclable ready.

Innovation remains a core strategy. In the US, the use of biodegradable stretch wrap in cargo operations prevented the equivalent of over 665 tonnes of plastic from ending up

in landfill in FY2025. At Liege Airport, the Continuous Improvement team reduced the use of shrink foil on the pallet build-up process, saving

44 tons of plastic per year. In Singapore, we partnered with local start-ups to convert plastic into road materials, food waste into energy, and repurposed coffee grounds

into new food products. These collaborations enable scalable, locally adapted solutions for waste reduction.

In aviation, SATS hosted the largest Cabin Waste Composition Audit (CWCA) in 2024, covering 25 aircrafts and 6 tonnes of waste. This pioneering initiative from Aviation Sustainability Forum (ASF) contributed to IATA's

formal recognition of the CWCA methodology as the global industry standard.

LOOKING AHEAD

SATS is committed to halving our scope 1 and 2 emissions by 2030 and achieving net-zero emissions by 2050 contributing to accelerate the aviation sector's transition to a more sustainable future. We will

continue to scale renewable energy

adoption, decarbonise our fleet and infrastructure, and deepen collaboration with customers, suppliers, and regulators. By building strong ESG foundations and driving local ownership, SATS

is positioning itself as a global leader in sustainable aviation, logistics

and food solutions provider.



Over the past six years, SATS has made significant improvements, halving our Group's carbon intensity.

In terms of scope 1 and 2 emission reductions, we emitted 316,265 tCO2e in FY2025,

representing a 4.6% net reduction.

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Please refer to SATS Sustainability Report FY2025 for more information on

our initiatives and progress and to SATS ESG DataBook FY2025 for all metrics.

56 SUSTAINING GROWTH, CREATING VALUE SATS Ltd. ANNUAL REPORT FY2025 57