Audited Financial Statements (FS fy2526)

Annual Report

Year ended 31 March 2026

DIRECTORS' STATEMENT

SINGAPORE AIRLINES LIMITED AND ITS SUBSIDIARY COMPANIES

The Directors are pleased to present this statement together with the audited financial statements of the Group and of the Company for the financial year ended 31 March 2026.

In our opinion:

1. the financial statements set out on pages 16 to 105 are drawn up so as to give a true and fair view of the consolidated financial position of the Group and financial position of the Company as at 31 March 2026, and the consolidated financial performance, consolidated changes in equity and consolidated cash flows of the Group and the changes in equity of the Company for the year ended on that date in accordance with the provisions of the Singapore Companies Act 1967, Singapore Financial Reporting Standards (International) and International Financial Reporting Standards; and

2. at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due.

The Board of Directors has, on the date of this statement, authorised these financial statements for issue.

1. Directors of the Company

   The Directors in office at the date of this statement are as follows:

   Peter Seah Lim Huat Chairman (Non-Independent) Goh Swee Chen Lead Independent Director Goh Choon Phong Chief Executive Officer Gautam Banerjee (Non-Independent)

   Simon Cheong Sae Peng (Independent) David John Gledhill (Independent) Dominic Ho Chiu Fai (Independent) Lee Kim Shin (Independent) Jeanette Wong Kai Yuan (Independent) Yeoh Oon Jin (Independent)

2. Arrangements to Enable Directors to Acquire Shares and Debentures

   Except as disclosed under "Directors' Interests in Shares, Share Options and Debentures" and "Equity Compensation Plans of the Company" in this statement, neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the Directors of the Company to acquire benefits by means of the acquisition of shares or share options in, or debentures of, the Company or any other body corporate.

3. Directors' Interests in Shares, Share Options and Debentures

The following Directors who held office at the end of the financial year had, according to the register of Directors' shareholdings required to be kept under Section 164 of the Singapore Companies Act 1967, interests in the following shares, share options, awards and debentures of the Company, and of related corporations, etc..

Direct interest Deemed interest

Name of Director

1 April

2025

31 March

2026

1 April

2025

31 March

2026

Interest in Singapore Airlines Limited

Ordinary shares

Peter Seah Lim Huat 247,500 281,700 - -

3 Directors' Interests in Shares, Share Options and Debentures (continued)

Direct interest Deemed interest

3 Directors' Interests in Shares, Share Options and Debentures (continued)

Direct interest Deemed interest

Simon Cheong Sae Peng - - 93,941# 93,941#

Interest in Mapletree Global Student Accommodation Private Trust

Units in Class A (USD)

+ Director's deemed interests arise from joint holdings with spouse.

* Directors' deemed interests arise from holdings held by their respective spouses.

# Director's deemed interests arise from holdings held by corporations in which the Director has a controlling interest.

Notes:

1. The actual number of Final Awards of fully paid ordinary shares will range from 0% to 150% of the Base Awards and is contingent on the Achievements against Targets over the one-year performance periods relating to the relevant awards.

   3 Directors' Interests in Shares, Share Options and Debentures (continued)

2. The actual number of Final Awards of fully paid ordinary shares will range from 0% to 200% of the Base Awards and is contingent on the Achievements against Targets over the three-year performance periods relating to the relevant awards.

3. The Awards of fully paid ordinary shares will vest over two years with 50% vesting immediately upon the date of the grant of the award, and the balance at 25% over the next two years. On the final vesting date, an additional equity kicker equivalent to 20% of the Final Award will be settled with the participants.

Except as disclosed in this statement, no other Director who held office at the end of the financial year had interests in shares, share options, awards or debentures of the Company, or of related corporations etc., either at the beginning of the financial year, or at the end of the financial year.

There were no changes in the above-mentioned interests between the end of the financial year and 21 April 2026.

4 Equity Compensation Plans of the Company

The Company has in place (or previously had in place) the SIA Restricted Share Plan 2014 ("RSP 2014"), the SIA Restricted Share Plan 2024 ("RSP 2024"), the SIA Performance Share Plan 2014 ("PSP 2014") and the SIA Performance Share Plan 2024 ("PSP 2024").

At the date of this statement, the Board Compensation & Industrial Relations Committee ("BCIRC") which

administers the RSP 2014, RSP 2024, PSP 2014 and PSP 2024 comprises the following Directors:

Jeanette Wong Kai Yuan Chairperson (Independent)

Peter Seah Lim Huat (Non-Independent)

Simon Cheong Sae Peng (Independent) RSP 2014/RSP 2024 and PSP 2014/PSP 2024

Details of the RSP 2014/RSP 2024 and PSP 2014/PSP 2024 are disclosed in note 5 to the financial statements.

The RSP 2014 and PSP 2014 were approved by the shareholders of the Company on 30 July 2014. The duration of the RSP 2014 and PSP 2014 was 10 years each, commencing from 30 July 2014. The RSP 2014 and PSP 2014 expired on 29 July 2024. The expiry of the RSP 2014 and PSP 2014 was without prejudice to the rights of holders of awards outstanding under the RSP 2014 and PSP 2014 as at the date of such expiry.

At the Annual General Meeting held on 29 July 2024, shareholders approved the adoption of the RSP 2024 and PSP 2024 to replace the RSP 2014 and PSP 2014. The duration of the RSP 2024 and PSP 2024 is 10 years each, commencing from 29 July 2024.

Under the RSP 2014/RSP 2024, a base number of conditional share awards ("Base Award") was/is granted to eligible participants annually. Depending on the achievement of pre-determined targets over a one-year performance period for awards granted from 2016 onwards, the BCIRC will determine an achievement factor which will then be applied to the Base Award to determine the final number of RSP 2014/RSP 2024 shares to be awarded at the end of the respective performance periods ("Final Award"). All RSP awards reported for the financial period under review were granted from 2016 onwards.

4 Equity Compensation Plans of the Company (continued)

Under the PSP 2014/PSP 2024, a base number of conditional share awards ("Base Award") was/is granted to eligible participants annually. Depending on the achievement of pre-determined targets over a three-year performance period, the BCIRC will determine an achievement factor which will then be applied to the Base Award to determine the final number of PSP 2014/PSP 2024 shares to be awarded at the end of the respective performance periods ("Final Award").

The achievement factor could range from 0% to 200% for both the RSP 2014/RSP 2024 and PSP 2014/PSP 2024.

One-third of the RSP 2014/RSP 2024 Final Awards of fully paid ordinary shares will be released to the participants at the end of the one-year performance period. The balance will be released equally over the subsequent two years with fulfilment of service requirements.

For the strategic awards of restricted shares granted under the RSP 2014/RSP 2024, half of the Final Awards of fully paid ordinary shares was released to the participants on the date of grant. The balance will be released equally over the subsequent two years with fulfilment of service requirements. On the final vesting date, an additional equity kicker equivalent to 20% of the Final Award will be settled with the participant.

All the PSP 2014/PSP 2024 Final Awards of fully paid ordinary shares will be released to the participants at the end of the three-year performance period. All RSP 2014/RSP 2024 and PSP 2014 Final Awards released during the financial year under review were satisfied by way of the transfer of treasury shares to the participants.

No awards have been granted to controlling shareholders or their associates, or parent group directors or employees, under the RSP 2014/RSP 2024 and PSP 2014/PSP 2024.

No participant has received 5% or more of the total number of awards granted under the RSP 2014 and PSP 2014, or 5% or more of the total number of shares available under the RSP 2024 and PSP 2024.

Details of the shares awarded under the RSP 2014/RSP 2024 and PSP 2014/PSP 2024 to Directors of the Company are as follows:

1. RSP 2024 Share Awards Granted to Non-Executive Directors

   During the financial year, an aggregate of 107,400 shares were delivered by way of the transfer of treasury shares pursuant to awards granted under the RSP 2024 to certain Non-Executive Directors as part of their Directors' Fees for the period 1 April 2024 to 31 March 2025 in lieu of cash. The share awards consisted of the grant of fully paid shares outright with no performance or vesting conditions attached, but with a selling moratorium of one year. Details are set out below.

   	Share awards granted		Aggregate share awards granted since commencement of the RSP 2024 to end
   Names of Non-Executive	and vested during the	Balance as at	of financial year
   Directors	financial year	31 March 2026	under review
   Peter Seah Lim Huat	34,200	-	71,400
   Goh Swee Chen	7,900	-	16,500
   Gautam Banerjee	8,600	-	18,000
   Simon Cheong Sae Peng	8,200	-	17,100
   David John Gledhill	10,700	-	22,300
   Dominic Ho Chiu Fai	12,300	-	24,800
   Lee Kim Shin	7,500	-	15,600
   Jeanette Wong Kai Yuan	8,200	-	17,100
   Yeoh Oon Jin	9,800	-	19,900

   4 Equity Compensation Plans of the Company (continued)

2. RSP 2014 Base Awards

   					Aggregate Base
   					Awards granted since
   	Balance	Base Awards	Base Awards	Balance	commencement of the
   	as at	granted	vested	as at	RSP 2014 to end of
   Name of	1 April	during the	during the	31 March	financial year under
   participant	2025	financial year	financial year	2026	review
   Goh Choon Phong	74,589	-	74,589	-	779,237

3. RSP 2024 Base Awards

   					Aggregate Base
   					Awards granted since
   	Balance	Base Awards	Base Awards	Balance	commencement of the
   	as at	granted	vested	as at	RSP 2024 to end of
   Name of	1 April	during the	during the	31 March	financial year under
   participant	2025	financial year	financial year	2026	review
   Goh Choon Phong	-	186,915	-	186,915	186,915

4. RSP 2014 Final Awards (Pending Release) R1

   Name of participant

   Balance

   as at 1 April

   2025

   Final Awards granted during the financial

   year#

   Final Awards

   released during the financial year

   Balance

   as at 31 March

   2026

   Aggregate ordinary shares released to participant since commencement of the RSP 2014 to end of financial year under review

   Goh Choon Phong 85,853 74,590 84,621 75,822 713,696

5. PSP 2014 Base Awards R2

   Name of participant

   Balance

   as at 1 April

   2025

   Base Awards granted during

   the financial

   year

   Base Awards vested during

   the financial

   year

   Balance

   as at 31 March

   2026

   Aggregate Base Awards granted

   since commencement of the PSP 2014

   to end of financial year under review

   Aggregate ordinary shares released to participant since commencement of the PSP 2014

   to end of financial year under review

   Goh Choon Phong 362,909 - 140,241 222,668 1,151,077 855,260

6. PSP 2024 Base Awards R2

   Name of participant

   Balance

   as at 1 April

   2025

   Base Awards granted during

   the financial

   year

   Base Awards vested during

   the financial

   year

   Balance

   as at 31 March

   2026

   Aggregate Base Awards granted

   since commencement of the PSP 2024

   to end of financial year under review

   Aggregate ordinary shares released to participant since commencement of the PSP 2024

   to end of financial year under review

   Goh Choon Phong - 267,082 - 267,082 267,082 -

   1. Equity Compensation Plans of the Company (continued)

7. Strategic RSP 2014/RSP 2024 ("SSA 2014/2024")

   Details of the strategic RSP 2014/2024 awards of restricted shares are disclosed in note 5 to the financial statements. The grant of strategic RSP 2014/2024 awards were made under the authority of the BCIRC.

   Details of the shares awarded under the strategic RSP 2014/2024 to a Director of the Company are as follows:

   1. SSA 2024 Base Awards

      					Aggregate Base
      					Awards granted since
      	Balance	Base Awards	Base Awards	Balance	commencement of the
      	as at	granted	vested	as at	SSA 2024 to end of
      Name of	1 April	during the	during the	31 March	financial year under
      participant	2025	financial year	financial year	2026	review
      Goh Choon Phong	-	106,300	106,300	-	106,300

   2. SSA 2014 Final Awards (Pending Release) R3

      						Aggregate ordinary
      		Final				shares released to
      		Awards				participant since
      	Balance	granted		Final Awards	Balance	commencement of
      	as at	during the		released	as at	the SSA 2014 to
      Name of	1 April	financial		during the	31 March	end of financial
      participant	2025	year#	Adjustment*	financial year	2026	year under review
      Goh Choon Phong	131,075	-	60,460	163,785	27,750	1,055,010

   3. SSA 2024 Final Awards (Pending Release) R3

R1 The actual number of RSP 2014 Final Awards of fully paid ordinary shares will range from 0% to 150% of the Base Awards and is contingent on the Achievements against Targets over the one-year performance periods relating to the relevant awards.

R2 The actual number of PSP 2014/2024 Final Awards of fully paid ordinary shares will range from 0% to 200% of the Base Awards and is contingent on the Achievements against Targets over the three-year performance periods relating to the relevant awards.

R3 The actual number of SSA 2014/2024 Final Awards of fully paid ordinary shares is contingent on the BCIRC's

assessment of Covid-19 response.

# Final Awards granted during the financial year is determined by applying the achievement factor to the Base Awards that have vested during the financial year.

* Adjustment at the end of the performance period relating to an additional equity kicker during the financial year.

1. Equity Compensation Plans of Subsidiary

   The particulars of the equity compensation plans of a subsidiary of the Company are as follows:

   SIA Engineering Company Limited ("SIAEC")

   At the Extraordinary General Meeting of SIAEC held on 21 July 2014, shareholders of SIAEC approved the adoption of the SIAEC Restricted Share Plan 2014 ("SIAEC RSP 2014") and the SIAEC Performance Share Plan 2014 ("SIAEC PSP 2014").

   At the Annual General Meeting of SIAEC held on 19 July 2024, shareholders of SIAEC approved the adoption of the SIAEC Restricted Share Plan 2024 ("SIAEC RSP 2024") and the SIAEC Performance Share Plan 2024 ("SIAEC PSP 2024") to replace the SIAEC RSP 2014 and SIAEC PSP 2014, which were terminated following the adoption of the new plans. The termination of the SIAEC RSP 2014 and SIAEC PSP 2014 was without prejudice to the rights of holders of awards outstanding under the respective plans as at the date of such termination.

   Details and terms of the SIAEC RSP 2014/SIAEC RSP 2024 and SIAEC PSP 2014/SIAEC PSP 2024 have been

   disclosed in the Directors' Statement of SIAEC.

2. Audit Committee

   At the date of this statement, the Audit Committee comprises the following four independent Directors and one non-independent Director:

   Yeoh Oon Jin Independent (Chairman)

   Gautam Banerjee Non-Independent

   Goh Swee Chen Independent

   Dominic Ho Chiu Fai Independent

   Jeanette Wong Kai Yuan Independent

   The Audit Committee performed its functions in accordance with Section 201B(5) of the Singapore Companies Act 1967, the SGX-ST Listing Manual and the Code of Corporate Governance, which include inter alia the review of the following:

   1. financial statements and announcements relating to financial performance of the Group and the Company, and significant financial reporting issues and judgements contained in them, prior to their submissions to the Board of Directors for adoption;

   2. the adequacy and effectiveness of the Group's internal controls (including financial, operational, compliance, and information technology controls) and risk management systems, and the Board's comments thereon, prior to determining whether it concurs with such comments; and consideration and recommendation of the necessary steps to take if material weaknesses are identified in the Group's internal controls;

   3. the assurance from the Chief Executive Officer and Chief Financial Officer on the financial records and financial statements;

   4. audit scopes, plans and reports (including Key Audit Matters) of the external and internal auditors;

   5. adequacy and effectiveness of the internal audit function, and the effectiveness, independence and objectivity of the external auditors;

   6. interested person transactions (as defined in Chapter 9 of the SGX-ST Listing Manual);

   7. whistle-blowing programme instituted by the Company; and

   8. any material loss of funds, significant computer security incidents and legal cases.

The Audit Committee has held four meetings since the last Directors' Statement. In performing its functions, the Audit Committee met with the Company's external and internal auditors to discuss the scope of their work, the results of their examination and evaluation of the Company's internal accounting control system. The Audit Committee also reviewed management's internal control adequacy representations that is based on the Control Self-Assessment System. In the review of the audited financial statements of the Group and the Company, the Audit Committee had discussed with management and the external auditors the accounting principles that were applied and their judgement on the items that might affect the financial statements. Based on the review and discussions with management and the external auditors, the Audit Committee is of the view that the financial statements are fairly presented in conformity with generally accepted accounting principles in all material aspects.

The Audit Committee has full access to management and is given the resources required for it to discharge its functions. It has full authority and the discretion to invite any Director or executive officer to attend its meetings. The Audit Committee also recommends the appointment of the external auditors and reviews the level of audit and non-audit fees. The external and internal auditors have unrestricted access to the Audit CommiRee.

The Audit Committee is satisfied with the indépendence and objectivity of the external auditors and has recommended to the Board of Directors that the auditors, KPMG LLP, be nominated for re-appointment as auditors at the forthcoming Annual General Meeting of the Company.

In appointing the auditor of the Company and the subsidiaries, the Group has complied with Rules 712 and

715 of the SGX-ST Listing Manual.

KPNG LLP has expressed its willingness to accept re-appointment as independent external auditor.

On behalf of the Board,

PETER SEAH LIM HUAT

Chairman

?

G

Dated this 14 h day of May 2026

KPMG LLP

12 Marina View, #15-01 Asia Square Tower 2 Singapore 018961

Telephone +65 6213 3388

Fax +65 6225 0984

Internet kpmg.com.sg

Members of the Company Singapore Airlines Limited

We have audited the financial statements of Singapore Airlines Limited ('the Company') and its subsidiaries ('the Group'), which comprise the consolidated statement of financial position of the Group and the statement of financial position of the Company as at 31 March 2026, the consolidated profit and loss, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows of the Group, and the statement of changes in equity of the Company for the year then ended, and notes to the financial statements, including material accounting policy information, as set out on pages FS1 to FS105.

In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 ('the Act'), Singapore Financial Reporting Standards (International) ('SFRS(I)s') and IFRS Accounting Standards as issued by the International Accounting Standards Board ('IFRS Accounting Standards') so as to give a true and fair view of the consolidated financial position of the Group and the financial position of the Company as at 31 March 2026 and of the consolidated financial performance, consolidated changes in equity and consolidated cash flows of the Group, and the changes in equity of the Company for the year ended on that date.

We conducted our audit in accordance with Singapore Standards on Auditing ('SSAs'). Our responsibilities under those standards are further described in the 'Auditors' responsibilities for the audit of the financial statements' section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities ('ACRA Code') as applicable to audits of financial statements of public interest entities, together with the ethical requirements that are relevant to audits of the financial statements of public interest entities in Singapore. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

KPMG LLP (Registration No. T08LL1267L), an accounting limited liability partnership registered in Singapore under the Limited Liability Partnerships Act 2005 and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Refer to note 2(o) 'Revenue' for the relevant accounting policy.

Passenger revenue accounts for the largest share of the Group's business operation and comprises high volume of individually low value transactions. Passenger revenue and sales are dependent on multiple IT systems and controls that process large volumes of transaction data and includes the exchange of information with industry systems and partner airlines.

As a result of the financial significance to the Group and reliance on multiple IT systems and controls, this is a key focus area in our audit.

We evaluated the design and tested the operating effectiveness of relevant general IT system controls, including pre and post implementation of system changes, that support the reliable operation of the IT system application controls identified above, including user access controls and controls over programming and configuration.

We evaluated the design and tested the operating effectiveness of related IT system application controls relating to the completeness and accuracy of transfers of data between systems and validation checks to identify data errors.

We evaluated the design and tested the operating effectiveness of relevant manual controls to assess the accuracy of the revenue recognised, including the appropriateness of the treatment applied to exceptions and reconciliations of the SIA Group's records with the outputs from shared industry systems and partner airlines.

We tested a sample of passenger revenue transactions to underlying records including evidence of payment and flight records to assess the accuracy of the revenue recognised.

For relevant periods of the year following the implementation of system changes, we performed data analysis on revenue transactions to determine whether they are recorded based on our understanding of the revenue process.

We tested revenue journal entries which met specified risk-based criteria to the underlying documentation.

We found the accuracy of passenger revenue to be appropriate.

Refer to note 2(k) 'Impairment of non-financial assets' for the relevant accounting policy.

SIA holds a 25.1% stake in the Air India Limited ("AI"). As at 31 March 2026, the SIA Group's carrying amount in AI amounted to

$1,134.6 million. During the year, the SIA

Group's share of losses from AI amounted to

$945.2 million.

As at the reporting date, management has assessed that there were indicators of impairment for the SIA Group's investment in AI, triggered by challenging operating conditions and heightened geopolitical uncertainty.

The impairment assessment involved significant judgement, including the determination of an appropriate valuation approach and the evaluation of key assumptions.

As the assessment is sensitive to changes in key assumptions, this is a key focus area in our audit.

We evaluated management's process for identifying indicators of impairment. We evaluated the appropriateness of valuation methodology applied by management in determining the recoverable amount of the investment.

We involved our valuation specialists to independently test key assumptions, including discount rate and valuation multiples, used to develop an independent expectation of the recoverable amount of the investment for comparison to management's estimate.

We assessed the reasonableness of key assumptions used in the impairment assessment, including:

• Forecasted revenue assumptions, which include the future deployment of committed non-cancellable aircraft orders over multiple years; and

• Peer company valuation multiples and appropriate discount rates.

  We evaluated the sensitivity analysis performed by management to assess the impact of changes in key assumptions on the recoverable amount of the investment.

  We evaluated the completeness, accuracy and relevance of the disclosures in the consolidated financial statements.

  Findings

  Based on the procedures performed, the valuation methodology applied by management was considered appropriate. The key assumptions used in the impairment assessment were reasonable, based on observable market data and available supporting evidence. The disclosures in the financial statements are appropriate. The recoverable amount exceeded the carrying amount of investment in AI.

  Other information

  Management is responsible for the other information contained in the annual report. Other information is defined

  as all information in the annual report other than the financial statements and our auditors' report thereon.

  We have obtained the Directors' Statement, Interested Person Transactions and Group Corporate Structure ('the Reports') prior to the date of this auditors' report. The remaining other information contained in the annual report is expected to be made available to us after that date.

  Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.

  In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

  If, based on the work we have performed on the other information that we obtained prior to the date of this auditors' report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

  When we read the Reports, if we conclude that there is a material misstatement therein, we are required to communicate the matter to the Audit Committee and take appropriate actions in accordance with SSAs.

  Responsibilities of management and directors for the financial statements

  Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act, SFRS(I)s and IFRS Accounting Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets.

  In preparing the financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

  The directors' responsibilities include overseeing the Group's financial reporting process.

  Auditors' responsibilities for the audit of the financial statements

  Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

  As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

• Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal controls that we identify during our audit.

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless the law or regulations preclude public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiary corporations incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act.

The engagement partner on the audit resulting in this independent auditors' report is Malcolm Ramsay.

Public Accountants and Chartered Accountants

Dated this 14th day of May 2026

CONSOLIDATED PROFIT AND LOSS ACCOUNT

For The Financial Year Ended 31 March 2026 (in $ million)

The Group

Notes FY2025/26 FY2024/25

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For The Financial Year Ended 31 March 2026 (in $ million)

The Group

FY2025/26 FY2024/25

PROFIT FOR THE FINANCIAL YEAR 1,223.0 2,812.2

NON-CONTROLLING INTERESTS 32.6 33.0 1,970.5 2,534.5

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

STATEMENTS OF FINANCIAL POSITION

As At 31 March 2026 (in $ million)

The Group The Company

31 March 31 March

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

The Group

Attributable to owners of the Company

Foreign

Notes Share capital

Treasury shares

Capital reserve

currency translation reserve

Share-based compensation reserve

Fair value reserve

General

reserve Total

Non-controlling

interests Total equity

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

The Group

Attributable to owners of the Company

Foreign

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

The Group

Notes FY2025/26 FY2024/25

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

Notes The Group

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

NOTES TO THE FINANCIAL STATEMENTS

For the Financial Year Ended 31 March 2026

1. General

   Singapore Airlines Limited ("the Company") is a limited liability company incorporated and domiciled in the Republic of Singapore. The Company is listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") and is a subsidiary company of Temasek Holdings (Private) Limited ("Temasek"), incorporated in the Republic of Singapore.

   The registered office of the Company is at Airline House, 25 Airline Road, Singapore 819829.

   The financial statements of the Group as at and for the year ended 31 March 2026 comprise the Company and its subsidiary companies (together referred to as "the Group" and individually as "Group entities") and the Group's interest in equity-accounted investees.

   The principal activities of the Group consist of passenger and cargo air transportation, engineering services, training of pilots, air charters, tour activities, payments and lifestyle reward app, sale of merchandise and related activities. The principal activity of the Company consists of passenger and cargo air transportation.

   The financial statements for the financial year ended 31 March 2026 were authorised for issue in accordance with a resolution of the Board of Directors on 14 May 2026.

2. Material Accounting Policies

   The accounting policies applied by the Group and the Company are consistent with all periods presented in these financial statements, except as explained in note 2(b), which addresses changes in accounting policies.

   1. Basis of preparation

      The financial statements have been prepared in accordance with Singapore Financial Reporting

      Standards (International) ("SFRS(I)") and International Financial Reporting Standards ("IFRS").

      The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below.

      The financial statements are presented in Singapore Dollars ("SGD"), which is the Company's functional currency and all values in the tables are rounded to the nearest million, unless otherwise stated.

   2. Changes in accounting policies

      The accounting policies adopted are consistent with those of the previous financial year except for the adoption of all the new and revised standards and interpretations of IFRS ("INT IFRS") that are effective for annual financial periods beginning on or after 1 April 2025. The adoption of these standards and interpretations did not have any material effect on the financial performance or position of the Group and the Company.

   3. Standards issued but not yet effective

      Certain new standards and amendments to standards that are effective from the Group's financial year ending 31 March 2027 onwards, but are not expected to have a significant impact on the Group's consolidated financial statements and the Company's statement of financial position are as follows:

      Description Effective from

      Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments

      Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature- dependent Electricity

      1 April 2026

      1 April 2026

      Annual Improvements to IFRS Accounting Standards - Volume 11 1 April 2026 Presentation and Disclosure in Financial Statements (Amendments to IFRS 18) 1 April 2027

      IFRS 18 Presentation and Disclosure in Financial Statements

      IFRS 18 will replace IAS 1 Presentation of Financial Statements and are effective from the Group's financial year ending 31 March 2028. The new accounting standard introduces the following key new requirements.

      • Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities' net profit will not change.

      • Management-defined performance measures ("MPMs") are disclosed in a single note in the financial statements.

      • Enhanced guidance is provided on how to group information in the financial statements.

      The Group is still in the process of assessing the impact of the new accounting standard, particularly with respect to the presentation of the Group's statement of profit or loss and the additional disclosures required for MPMs.

   4. Associated companies

In the Company's separate financial statements, investments in associated companies are

accounted for at cost less accumulated impairment losses.

An associated company is an entity in which the Group has significant influence, but not control or joint control, over the financial and operating policies of the entity. Significant influence is presumed to exist when the Group holds 20% or more of the voting power of another entity.

The Group accounts for its investments in associated companies using the equity method, initially at cost. The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of exchange, including transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group's share of profit or loss and other comprehensive income of associated companies, until the date on which significant influence ceases. Dividends reduce the carrying amounts of the investments.

Goodwill on associated companies represents the excess of the cost of acquisition of the associated companies over the Group's share of the fair value of the identifiable net assets of the associated companies. Goodwill that forms part of the carrying amount of an associated company is not recognised separately, and therefore, is not tested for impairment separately. Instead, the entire amount of the investment in the associated company is tested for impairment as a single asset when there is objective evidence that the investment in associated company may be impacted.

When the Group's share of losses in an associated company equals or exceeds its interest in the associated company, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associated company.

1. Associated companies (continued)

   The most recently available unaudited management financial statements of the associated companies are used by the Group in applying the equity method. Where the dates of the financial statements used are not coterminous with those of the Group, the share of results is arrived at from the last audited financial statements available and unaudited management financial statements to the end of the accounting period where provided by the associated company. Otherwise, an estimate is made for the balances to the end of the accounting period based on historical experience and adjusted for the effects of known significant transactions. Where necessary, adjustments are made to bring the accounting policies in line with those of the Group.

2. Intangible assets

   Amortisation

   Amortisation of computer software is recognised in the profit and loss account on a straight-line basis over their estimated useful lives of 3 to 10 years.

   Advance and progress payments are not amortised. Amortisation methods, useful lives and residual values are reviewed at the end of the reporting period and adjusted if appropriate.

3. Foreign currencies

   Foreign currency transactions

   Foreign currency transactions are translated into SGD at the rates prevailing at the dates of those transactions.

   All foreign currency monetary assets and liabilities are translated into SGD at rates prevailing at the reporting date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary assets and liabilities measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

   The foreign currency gain or loss on monetary assets and liabilities is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency re-translated at the exchange rate at the end of the year.

   Foreign currency differences are recognised in the profit and loss account, except for qualifying cash flow hedges which are deferred to equity.

   Foreign operations

   For the purpose of the consolidated financial statements, the net assets of foreign subsidiary, associated and joint venture companies are translated into SGD at rates prevailing at the reporting date. The financial results of foreign subsidiary, associated and joint venture companies are translated monthly into SGD at prevailing exchange rates. The resulting gains or losses on exchange are recognised in other comprehensive income and accumulated in the foreign currency translation reserve.

4. Property, plant and equipment

   1. Recognition and measurement

      Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. When parts of a property, plant and equipment have different useful lives, they are accounted for as separate components. Cost includes expenditure that is directly attributable to the acquisition of the asset, including capitalised borrowing cost.

      Leasehold hotel properties held by an associated company are carried at fair value, less accumulated depreciation and accumulated impairment losses. Fair values of leasehold hotel properties are determined by independent professional valuers on an annual basis. The Group's share of the revaluation gain or loss is reflected under the share of post-acquisition capital reserve.

   2. Depreciation of property, plant and equipment

      Depreciation is based on the cost of an asset less its residual value. Operational lives, residual values and depreciation methods are reviewed annually, and adjusted prospectively, if appropriate. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised from the date the property, plant and equipment is installed and ready for use.

      Freehold land, advance and progress payments are not depreciated. The estimated useful lives and residual values are as follows:

      Property, plant and equipment type Useful lives Residual values

      Aircraft, spares and spare engines

      Passenger aircraft 12 - 20 years 0% to 10% of cost

      Freighter aircraft 23 - 27 years Nil

      Aircraft spares and spare engines 1 - 25 years 0% to 10% of cost Embedded engine overhaul costs 4 - 8 years Nil

      Major inspection costs relating to landing gear overhauls and heavy maintenance visits

      4 - 12 years Nil

      Training aircraft 5 - 17 years 20% of cost

      Flight simulators 10 years Nil

      Leasehold land and buildings

      Office premises Shorter of lease period or 30 years

      Household premises Shorter of lease period or 30 years

      Other premises Shorter of lease

      period or 30 years

      Nil Nil Nil

      Leasehold hotel properties held by an associated company

      Lease period of 99 years, up to 2081

      Nil

      Others

      Plant and equipment, office and computer

      1 - 15 years 0% to 10% of cost

      equipment

      The residual values of certain aircraft are subject to foreign currency fluctuations and are remeasured to the prevailing exchange rates at the end of the reporting period.

5. Leases

   At the inception of the contract, the Group assesses if the contract contains a lease.

6. As a lessee

The Group recognises a right-of-use ("ROU") asset and lease liability at the lease commencement date.

ROU asset

ROU asset is initially measured at cost, which comprises the initial measurement of lease liabilities adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, and an estimated cost to restore the underlying asset, less any lease incentive received.

The ROU asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, except for embedded engine overhaul cost. The embedded engine overhaul cost is depreciated over the useful life on the same basis as those of property, plant and equipment disclosed in note 2(g). In addition, the ROU asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liabilities.

Major improvements and modifications to leased aircraft due to operational requirements are capitalised and depreciated over their expected useful lives (estimated to be 4 to 12 years).

Short-term leases and leases of low value assets

The Group has elected not to recognise ROU assets and lease liabilities for leases of low value and short-term aircraft and engine leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

1. Inventories

   Inventories are measured at the lower of cost and net realisable value. Cost of inventories is determined on a weighted average basis and includes expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition.

2. Financial instruments

   1. Recognition and initial measurement

      A financial asset or financial liability (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, in the case of a financial asset or liability not carried at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue.

   2. Classification and subsequent measurement

      Financial assets

      On initial recognition, a financial asset is classified as measured at: amortised cost, fair value

      through other comprehensive income ("FVOCI") or FVTPL.

      For equity investments that are not held for trading, the Group may irrevocably elect, on initial recognition, to present subsequent changes in fair value in other comprehensive income. This election is made on an investment-by-investment basis.

      In addition, on initial recognition, the Group may irrevocably designate a financial asset, that otherwise meets the requirements to be measured at amortised cost or at FVOCI, to be measured at FVTPL, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

      Business model assessment

      The Group makes an assessment of the objective of a business model in which an asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to Management.

      Assessment of whether contractual cash flows are solely payments of principal and interest

      In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers contingent events, leverage features, modifications of the time value of money and other limiting terms in the contractual terms of the instrument, which could change the timing or amount of contractual cash flows such that the cash flows of the instrument would not be reflective of solely payments of principal and interest.

   3. Derecognition

      Financial assets

      The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or when it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

      Financial liabilities

      The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire.

   4. Offsetting

      Financial assets and financial liabilities are offset and the net amount is presented in the statements of financial position, when and only when, there is a currently enforceable legal right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.

   5. Impairment

      Expected credit loss ("ECL")

      The Group measures loss allowances at an amount equal to lifetime ECL, except for the following which are measured as 12-month ECL:

      • Non-equity financial instruments that are determined to have a low credit risk at the reporting date; and

      • Other non-equity financial instruments (other than trade debtors) on which credit risk has not increased significantly since their initial recognition.

      Loss allowances for trade debtors are always measured at an amount equal to lifetime ECL.

      The Group considers a non-equity financial instrument to have a low credit risk when its credit quality is rated to be of an investment grade by credit rating agencies.

   6. Derivative financial instruments and hedge accounting

      The Group uses derivative financial instruments such as forward currency contracts, foreign currency option contracts, fixed deposit contracts, cross currency swap contracts, interest rate swap contracts, jet fuel option contracts, jet fuel and Brent and crack swap contracts to hedge its risks associated with foreign currency, interest rate and jet fuel price fluctuations. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into; any attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivative financial instruments are remeasured at their fair values. The Group also utilises financial liabilities to hedge its risks associated with foreign currency risks embedded within the residual values of owned aircraft.

      Any gains or losses arising from changes in the fair value of derivatives that do not qualify for hedge accounting are taken directly to the profit and loss account.

      Designation of hedges

      The Group designates certain derivatives as well as non-derivative financial instruments as hedging instruments in qualifying hedging relationships. On initial designation of the hedge, the Group formally documents the relationship between the hedging instrument and the hedged item, including the risk management objective and strategy in undertaking the hedge, the economic relationship between the hedge instrument and the hedged item, the effects of credit risk on the hedge, the hedge ratio and the hedge type (cash flow or fair value).

      At the inception of the hedge relationship, the Group makes an assessment of whether the hedging instrument is expected to be highly effective in offsetting the changes in the fair value or cash flows of the respective hedged item during the period for which the hedge is designated. For a cash flow hedge of a forecast transaction, the Group also assesses whether the forecast transaction is highly probable to occur and if it presents an exposure to variations in cash flows that could ultimately affect profit or loss.

      If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, hedge accounting is discontinued. The cumulative gain or loss previously recognised in the fair value reserve remains there until the forecast transaction occurs. If the forecast transaction is no longer expected to occur, then the amount accumulated in equity is reclassified to profit or loss.

3. Impairment of non-financial assets

   The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment assessment for an asset is required, the Group makes an estimate of the asset's recoverable amount.

   An asset's recoverable amount is the higher of an asset's or CGU's fair value less costs to sell and its value-in-use. In assessing value-in-use, the estimated future cash flows expected to be generated by the asset are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Where the carrying amount of an asset or its related CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

   For non-financial assets excluding goodwill and those with indefinite lives, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset's or CGU's recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised previously. Such reversal is recognised in the profit and loss account unless the asset is measured at revalued amount, in which case the reversal is treated as a revaluation increase.

4. Loans, notes payable and borrowings

   Loans, notes payable and other borrowings are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, interest-bearing loans, notes and borrowings are subsequently measured at amortised cost using the effective interest method.

5. Provisions

   Provisions for return costs to meet contractual minimum conditions for the return of aircraft, at the end of the lease terms for aircraft under operating leases, are recorded over the lease terms.

6. Taxation

   1. Current income tax

      Tax recoverable and tax liabilities for current and prior periods are measured at the amount expected to be recovered from or paid to, respectively, the tax authorities using tax rates enacted or substantively enacted at balance sheet date. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

      Current income taxes are recognised in the profit or loss account except to the extent that the tax relates to a business combination, or items recognised outside profit or loss, either in other comprehensive income or directly in equity.

      1. Taxation (continued)

   2. Deferred tax

      Deferred tax is provided, using the balance sheet method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

      Deferred tax assets and liabilities are not recognised for:

      • Temporary differences on the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

      • Temporary differences associated with investments in subsidiary, associated and joint venture companies, where the timing of the reversal of the temporary differences can be controlled and it is probable that they will not reverse in the foreseeable future.

      Temporary differences in relation to a right-of-use asset and a lease liability for a specific lease are regarded as a net package (the lease) for the purpose of recognising deferred tax.

      Deferred tax assets are recognised for all deductible temporary differences, unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilised.

      Deferred tax assets are reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.

      Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the end of each reporting period.

      Deferred tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.

      Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same tax authority.

   3. Global minimum top-up tax

The Group has determined that the global minimum top-up tax - which it is required to pay under Pillar Two legislation - is an income tax in the scope of IAS 12. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred.

1. Revenue

   Revenue is principally earned from the carriage of passengers, cargo and mail, engineering services, tour activities and sale of merchandise, amongst others. Revenue for the Group excludes dividends from subsidiary companies and intra-group transactions.

   1. Passenger, cargo and mail

      Passenger, cargo and mail sales are recognised as operating revenue when the transportation is provided. The value of unutilised tickets and airway bills is included in current liabilities as sales in advance of carriage. Breakage revenue (tickets sold and not uplifted at flight date) is recognised at flight date by estimating a percentage of tickets that will never be utilised, based on historical trends and experience. The value of airway bills is recognised as revenue if unused after one year.

      The Group sells certain tickets with connecting flights with one or more segments operated by its other airline partners. For segments operated by its other airline partners, the Group has determined that it is acting as an agent on behalf of other airlines as they are responsible for their portion of the contract (i.e., transportation of the passenger). The Group, as the agent, recognises revenue at the time of the travel for the net amount representing commission to be retained by the Group for any segments flown by other airlines.

      The Group has applied the practical expedient and recognised the costs of selling airline travel tickets as an expense when it is incurred.

   2. Engineering services

      Revenue from repair and maintenance of aircraft, and engine and component overhaul is recognised based on the percentage of completion of the projects. The percentage of completion of the projects is determined based on the number of man-hours incurred to date against the estimated man-hours needed to complete the projects.

   3. KrisFlyer

      The Company operates a frequent flyer programme called "KrisFlyer" that provides travel awards to programme members based on accumulated mileage. A portion of passenger revenue attributable to the award of frequent flyer benefits is deferred until they are utilised.

      In addition, the Company sells miles to programme partners for issuance to their programme members. For miles purchased by programme partners, revenue is deferred until awards are utilised.

      The deferment of the revenue is estimated based on historical trends of breakage, which is then used to project the expected utilisation of these benefits.

   4. Others

      Revenue from tour activities is recognised upon commencement of the tours.

      The Group operates a payments and lifestyle rewards app called "Kris+" that provides rewards to programme members based on in-app spending. In addition, the Group sells miles to programme partners and merchants for issuance to their programme members and revenue is deferred until awards are utilised. The deferment of the revenue is estimated based on historical trends of breakage, which is then used to project the expected utilisation of these benefits.

      Revenue from sale of merchandise is recognised when the product is delivered and received by the customer.

      Rental income from the lease of aircraft is recognised on a straight-line basis over the lease term.

      1. Material Accounting Policies (continued)

2. Aircraft maintenance and overhaul costs

   The Group recognises aircraft maintenance and overhaul expenses (except heavy maintenance visits, engine overhaul and landing gear overhaul expenses) on an incurred basis. For engine overhaul costs covered by power-by-hour third-party maintenance agreements, a portion of the cost is expensed at a fixed rate per hour during the terms of the agreements. The remaining payments made are recorded as an advance payment, to the extent that it is to be utilised in the future. Upon completion of an overhaul, these amounts are transferred to property, plant and equipment and depreciated over their useful lives.

3. Borrowing costs

   Borrowing costs incurred to finance advance and progress payments for aircraft are capitalised as part of advance and progress payments until the aircraft are commissioned for operation or the projects are completed. All other borrowing costs are recognised as finance charges in the period in which they are incurred.

4. Segment reporting

   1. Business segment

      For management purposes, the Group is organised into operating segments based on the nature of the services provided which are independently managed by the respective segment managers responsible for the performance of the respective segments under their charge. The segment managers report directly to corporate management who regularly review the segment results in order to allocate resources to the segments and to assess the segment performance.

   2. Geographical segment

The analysis of revenue by area of original sale from airline operations is derived by allocating revenue to the area in which the sale was made. The analysis of revenue by route region from airline operations is derived by allocating revenue based on routes originating from Singapore to their final destinations in countries and territories within the region concerned and vice versa. Revenue from other operations, which consist principally of engineering services, is derived in East Asia and is therefore, not shown.

Assets, which consist principally of flight and ground equipment, support the entire worldwide transportation system, and are mainly located in Singapore. An analysis of assets and capital expenditure of the Group by geographical distribution has therefore not been included.

1. Significant Accounting Estimates and Critical Judgements

Estimates and assumptions concerning the future are made in the preparation of the financial statements. They affect the application of the Group's accounting policies, reported amounts of assets, liabilities, income, expenses, and disclosures made. Actual results may differ from these estimates. They are assessed on an ongoing basis and are based on experience and relevant factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

1. Significant Accounting Estimates and Critical Judgements (continued)

   1. Provision for lease return costs

      Prior to the return of aircraft leased by the Group entities to the lessor, the Group entities are required to fulfil certain lease return conditions which may include the completion of certain maintenance activities to the airframe and engines and the reconfiguration of seats within the aircraft. The provision for lease return costs for these leased aircraft is determined based on the best estimate of the costs that will be incurred to fulfil the stipulated lease return conditions. The carrying amount of the provision for the Group and the Company at 31 March 2026 was $943.2 million (2025: $1,033.3 million) and $407.2 million (2025: $379.8 million) respectively.

   2. Impairment of AI

      Impairment is recognised when events and circumstances indicate that the investment may be impaired and the carrying amount of the investment exceeds the recoverable amount. A market-based approach was used to determine the recoverable amount by applying revenue multiples from comparable airlines. Information regarding the Group's key underlying assumptions used in this revenue multiples approach is disclosed in note 24.

2. Segment Information (in $ million)

Management has determined that the Group has the following reportable segments:

1. The Full-Service Carrier ("FSC") segment provides passenger and cargo air transportation under

   the Singapore Airlines brand with a focus on full-service passenger segment.

2. The Low-Cost Carrier ("LCC") segment provides passenger air transportation under the Scoot

   brand with a focus on the low-cost passenger segment.

3. Engineering services segment provides airframe maintenance and overhaul services, line maintenance, technical ground handling services and fleet management. It also manufactures aircraft cabin equipment, refurbishes aircraft galleys, provides technical and non-technical handling services and repair and overhaul of hydro-mechanical aircraft equipment.

Other services provided by the Group, such as tour activities, payments and lifestyle reward app, and sale of merchandise, have been aggregated under the segment "Others". None of these segments meets any of the quantitative thresholds for determining reportable segments in FY2025/26 or FY2024/25.

Segment performance is evaluated based on operating profit or loss which in certain respects, as explained in the table below, is measured differently from operating profit or loss in the consolidated financial statements.

Transactions carried out between operating segments during the financial year are in the normal course of business.

The Group's business is organised and managed separately according to the nature of the services provided. The following tables present revenue and profit information regarding business segments for the financial years ended 31 March 2026 and 2025 and certain assets and liabilities information of the business segments as at those dates.

* Relates to inter-segment transactions eliminated on consolidation.

Attributable to:

Owners of the Company 2,778.0

Non-controlling interests 34.2

2,812.2

* Relates to inter-segment transactions eliminated on consolidation.

Non-cash items other than depreciation

* Relates to inter-segment transactions eliminated on consolidation.