Singapore Airlines Ltd.SGX: C6L

SGX Announcement (fr q4fy2526)

· Issued by Singapore Airlines Ltd.


FINANCIAL RESULTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026

Table of Contents

  1. CONSOLIDATED PROFIT AND LOSS ACCOUNT 2

  2. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3

  3. STATEMENTS OF FINANCIAL POSITION 4

  4. STATEMENTS OF CHANGES IN EQUITY 5

  5. CONSOLIDATED STATEMENT OF CASH FLOWS 9

  6. AUDIT 11

  7. ACCOUNTING POLICIES 11

  8. SEGMENT INFORMATION 11

  9. BREAKDOWN OF REVENUE AND RESULTS 18

  10. EARNINGS PER SHARE 19

  11. NET ASSET VALUE 19

  12. BORROWINGS AND DEBT SECURITIES 20

  13. SHARE CAPITAL 21

  14. TREASURY SHARES 23

  15. PERFORMANCE REVIEW 23

  16. DIVIDEND 27

  17. OTHER LISTING MANUAL REQUIREMENTS 28

The full year financial results set out in Sections 1 to 5, 8, 10, 13 and 14 of this announcement have been extracted from the audited financial statements for the full year ended 31 March 2026. The audited financial statements of the Company and its subsidiaries for the full year ended 31 March 2026 is attached to this announcement.

‌1.

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE SIX MONTHS AND FINANCIAL YEAR ENDED 31 MARCH 2026 (in $ million)

The Group

The Group

2ndHalf 2ndHalf

FY

FY

2025/26

2024/25

2025/26

2024/25

REVENUE

10,846.8

10,042.4

20,522.0

19,539.8

EXPENDITURE

Staff costs

2,087.6

1,909.5

3,927.5

3,764.5

Fuel costs

2,477.6

2,655.6

5,024.9

5,385.5

Depreciation

1,254.5

1,185.4

2,465.6

2,308.2

Amortisation of intangible assets

38.0

37.1

75.8

72.8

Aircraft maintenance and overhaul costs

453.1

307.6

827.1

643.5

Commission and incentives

283.7

296.4

504.2

505.1

Landing, parking and overflying charges

504.6

468.9

990.3

909.1

Handling charges

779.2

706.4

1,519.4

1,390.4

Emission charges

24.2

21.1

64.5

45.3

Rentals on leased aircraft and engines

1.2

1.1

4.8

2.0

Inflight meals

393.6

382.1

778.8

741.5

Advertising and sales costs

186.0

172.7

333.0

325.4

Company accommodation and utilities

26.8

25.9

51.9

50.7

Other passenger costs

122.8

120.0

245.6

240.6

Crew expenses

88.0

83.5

173.5

164.3

Other operating expenses

554.3

755.6

1,160.6

1,281.8

9,275.2

9,128.9

18,147.5

17,830.7

OPERATING PROFIT

1,571.6

913.5

2,374.5

1,709.1

Finance charges

(154.2)

(196.6)

(334.5)

(395.5)

Interest income

125.8

225.5

289.4

492.0

Loss on disposal of aircraft, spares and spare engines

(3.4)

(7.7)

(3.7)

(13.6)

Dividends from long-term investments

-

-

0.1

2.1

Gain on disposal of an associated company

-

1,097.9

-

1,097.9

Other non-operating items

88.1

6.9

84.1

15.6

Share of profits of joint venture companies

16.7

18.6

36.1

40.1

Share of (losses)/profits of associated companies

(453.1)

(24.3)

(828.5)

17.1

PROFIT BEFORE TAXATION

1,191.5

2,033.8

1,617.5

2,964.8

TAXATION

(227.6)

19.2

(394.5)

(152.6)

PROFIT FOR THE PERIOD

963.9

2,053.0

1,223.0

2,812.2

PROFIT ATTRIBUTABLE TO:

OWNERS OF THE COMPANY

945.5

2,036.0

1,184.0

2,778.0

NON-CONTROLLING INTERESTS

18.4

17.0

39.0

34.2

963.9

2,053.0

1,223.0

2,812.2

EARNINGS PER SHARE (CENTS)

30.0

68.5

38.4

89.3

DILUTED EARNINGS PER SHARE (CENTS)

30.0

65.0

38.2

85.3

‌2. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS AND FINANCIAL YEAR ENDED 31 MARCH 2026 (in $ million)

The Group The Group 2ndHalf 2ndHalf FY FY

2025/26

2024/25

2025/26

2024/25

PROFIT FOR THE PERIOD

963.9

2,053.0

1,223.0

2,812.2

OTHER COMPREHENSIVE INCOME:

Items that are or may be reclassified subsequently to profit or loss: Currency translation differences

2.5

37.3

(28.5)

(4.9)

Net fair value changes on cash flow hedges

Share of other comprehensive income of associated and joint venture companies

865.7

42.8

139.3

(3.3)

715.6

52.1

(294.5)

(1.7)

Realisation of reserves upon liquidation of a subsidiary company

1.9

-

1.9

-

Items that will not be reclassified subsequently to profit or loss: Actuarial gain on revaluation of defined benefit plans

0.2

12.0

0.2

12.0

Share of gain on property revaluation of an associated company

6.2

11.4

6.2

11.4

OTHER COMPREHENSIVE INCOME FOR THE PERIOD,

NET OF TAX

919.3

196.7

747.5

(277.7)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

1,883.2

2,249.7

1,970.5

2,534.5

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: OWNERS OF THE COMPANY

1,862.4

2,225.2

1,937.9

2,501.5

NON-CONTROLLING INTERESTS

20.8

24.5

32.6

33.0

1,883.2

2,249.7

1,970.5

2,534.5

‌3.

STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2026 (in $ million)

The Group

The Company

31 March

31 March

31 March

31 March

2026

2025

2026

2025

EQUITY ATTRIBUTABLE TO OWNERS

OF THE COMPANY

Share capital

8,096.9

7,180.9

8,096.9

7,180.9

Treasury shares

(37.1)

(26.5)

(37.1)

(26.5)

Other reserves

9,201.9

8,501.8

9,802.9

9,341.7

17,261.7

15,656.2

17,862.7

16,496.1

NON-CONTROLLING INTERESTS

424.3

413.8

-

-

TOTAL EQUITY

17,686.0

16,070.0

17,862.7

16,496.1

DEFERRED ACCOUNT

113.3

74.3

112.8

74.3

DEFERRED TAXATION

2,452.0

1,884.5

2,424.2

1,912.0

LONG-TERM LEASE LIABILITIES

2,530.9

2,866.7

1,540.7

1,827.8

BORROWINGS

5,710.2

7,297.3

5,648.5

7,187.1

OTHER LONG-TERM LIABILITIES

188.0

137.6

187.8

137.6

PROVISIONS

786.2

743.2

337.6

354.2

DEFINED BENEFIT PLANS

56.0

58.1

49.6

58.1

29,522.6

29,131.7

28,163.9

28,047.2

Represented by:

PROPERTY, PLANT AND EQUIPMENT

24,095.6

23,480.9

20,352.2

20,333.2

RIGHT-OF-USE ASSETS

2,805.9

3,087.4

1,683.5

1,936.1

INTANGIBLE ASSETS

385.4

338.6

308.6

275.4

SUBSIDIARY COMPANIES

-

-

5,481.0

5,702.0

ASSOCIATED COMPANIES

2,018.8

2,865.2

1,177.0

2,137.9

JOINT VENTURE COMPANIES

358.5

334.4

32.3

32.3

LONG-TERM INVESTMENTS

39.6

39.5

39.6

36.2

OTHER LONG-TERM ASSETS

267.9

1,544.8

227.7

1,486.6

CURRENT ASSETS

Derivative assets

830.6

106.1

830.6

105.9

Inventories

356.1

344.9

275.5

271.8

Trade debtors

1,648.7

1,229.9

1,379.3

1,020.5

Amounts owing by subsidiary companies

-

-

0.7

100.7

Deposits and other debtors

242.1

272.6

181.4

164.2

Prepayments

102.1

109.9

75.4

78.9

Other short-term assets

1,729.6

536.5

1,729.6

536.5

Investments

578.3

519.7

516.1

463.4

Restricted cash balances

22.3

19.2

-

-

Cash and bank balances

7,931.2

8,257.1

7,641.3

7,960.1

Assets held for sale

-

0.1

-

0.1

13,441.0

11,396.0

12,629.9

10,702.1

Less: CURRENT LIABILITIES

Borrowings

1,956.5

2,213.4

1,892.9

2,150.7

Lease liabilities

447.1

536.9

283.2

382.9

Current tax payable

43.5

72.5

21.6

43.5

Trade and other creditors

4,584.6

4,628.4

3,256.2

3,417.9

Amounts owing to subsidiary companies

-

-

1,965.0

2,703.0

Sales in advance of carriage

4,903.1

4,533.2

4,514.0

4,205.5

Deferred revenue

1,415.3

1,260.6

1,413.9

1,257.8

Deferred account

16.3

13.2

10.4

10.9

Derivative liabilities

60.6

91.0

59.8

91.0

Provisions

463.1

605.9

350.9

331.4

13,890.1

13,955.1

13,767.9

14,594.6

NET CURRENT LIABILITIES

(449.1)

(2,559.1)

(1,138.0)

(3,892.5)

29,522.6

29,131.7

28,163.9

28,047.2

‌4. STATEMENTS OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026 (in $ million)

Attributable to owners of the Company

Share

Treasury

Capital

Foreign Share-

currency based translation compensation

Fair value

General

Non-controlling

Total

The Group

capital

shares

reserve

reserve

reserve

reserve

reserve

Total

interests

equity

Balance at 1 April 2025

7,180.9

(26.5)

(130.9)

(25.2)

31.6

153.2

8,473.1

15,656.2

413.8

16,070.0

Comprehensive income

Currency translation differences

-

-

-

(21.5)

-

-

-

(21.5)

(7.0)

(28.5)

Net fair value changes on cash flow hedges

-

-

-

-

-

715.6

-

715.6

-

715.6

Actuarial gain on revaluation of

defined benefit plans

-

-

-

-

-

-

0.2

0.2

-

0.2

Realisation of reserves upon

liquidation of a subsidiary company

-

-

-

1.5

-

-

-

1.5

0.4

1.9

Share of other comprehensive

income of associated and joint venture companies

-

-

8.4

49.7

-

-

-

58.1

0.2

58.3

Other comprehensive income

for the financial year, net of tax

-

-

8.4

29.7

-

715.6

0.2

753.9

(6.4)

747.5

Profit for the financial year

-

-

-

-

-

-

1,184.0

1,184.0

39.0

1,223.0

Total comprehensive income for

the financial year

-

-

8.4

29.7

-

715.6

1,184.2

1,937.9

32.6

1,970.5

Transactions with owners, recorded directly in equity Contributions by and distributions to owners

Purchase of treasury shares

-

(32.7)

-

-

-

-

-

(32.7)

-

(32.7)

Conversion of convertible bonds

916.0

-

(74.3)

-

-

-

-

841.7

-

841.7

Changes in ownership interest

without loss of control

-

-

0.3

-

(5.1)

-

(1.6)

(6.4)

3.3

(3.1)

Share of other changes in equity of an associated company

-

-

(3.2)

-

-

-

1.5

(1.7)

-

(1.7)

Share-based compensation expense

-

-

-

-

28.1

-

-

28.1

-

28.1

Treasury shares reissued pursuant

to equity compensation plans

-

22.1

(0.1)

-

(21.2)

-

-

0.8

-

0.8

Dividends

-

-

-

-

-

-

(1,162.2)

(1,162.2)

(25.4)

(1,187.6)

Total transactions with owners

916.0

(10.6)

(77.3)

-

1.8

-

(1,162.3)

(332.4)

(22.1)

(354.5)

Balance at 31 March 2026

8,096.9

(37.1)

(199.8)

4.5

33.4

868.8

8,495.0

17,261.7

424.3

17,686.0

4. STATEMENTS OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026 (in $ million)

Attributable to owners of the Company

Foreign Share-

Share convertible Treasury Capital translation compensation value General controlling Total

The Group

capital

bonds

shares

reserve

reserve

reserve

reserve

reserve

Total

interests

equity

Balance at 1 April 2024

7,180.4

1,547.5

(37.5)

(116.7)

(22.4)

32.2

448.7

7,305.7

16,337.9

406.7

16,744.6

Comprehensive income

Currency translation differences

-

-

-

-

(3.7)

-

-

-

(3.7)

(1.2)

(4.9)

Net fair value changes on

cash flow hedges

-

-

-

-

-

-

(294.7)

-

(294.7)

0.2

(294.5)

defined benefit plans

Share of other comprehensive

-

-

-

-

-

-

-

12.0

12.0

-

12.0

income of associated and joint venture companies

-

-

-

11.4

(0.7)

-

(0.8)

-

9.9

(0.2)

9.7

Other comprehensive income

for the financial year, net of tax

-

-

-

11.4

(4.4)

-

(295.5)

12.0

(276.5)

(1.2)

(277.7)

Profit for the financial year

-

-

-

-

-

-

-

2,778.0

2,778.0

34.2

2,812.2

Total comprehensive income for the financial year

-

-

-

11.4

(4.4)

-

(295.5)

2,790.0

2,501.5

33.0

2,534.5

Transactions with owners, recorded directly in equity

Contributions by and distributions to owners

Redemption of mandatory convertible bonds

-

(1,547.5)

-

-

-

-

-

(197.1)

(1,744.6)

-

(1,744.6)

Purchase of treasury shares

-

-

(30.3)

-

-

-

-

-

(30.3)

-

(30.3)

Changes in ownership interest without loss of control

-

-

-

(0.1)

-

(4.4)

-

(2.2)

(6.7)

(7.7)

(14.4)

Share of other changes in equity of an associated company

-

-

-

(5.5)

-

-

-

5.5

-

-

-

Realisation of reserves from disposal

of interest in an associated company

-

-

-

(0.2)

1.6

-

-

-

1.4

-

1.4

Share-based compensation expense

-

-

-

-

-

25.2

-

-

25.2

-

25.2

Ordinary shares issued pursuant

to equity compensation plans 0.5

- -

-

-

(0.5)

- -

-

-

-

Treasury shares reissued pursuant

to equity compensation plans -

- 41.3

(19.5)

-

(20.9)

- -

0.9

-

0.9

Dividends

-

-

-

-

-

-

-

(1,428.8)

(1,428.8)

(21.4)

(1,450.2)

Total contributions by and distributions

to owners

0.5

(1,547.5)

11.0

(25.3)

1.6

(0.6)

-

(1,622.6)

(3,182.9)

(29.1)

(3,212.0)

Changes in ownership interests in subsidiary companies

Acquisition of non-controlling interests

without change in control

-

-

-

(0.3)

-

-

-

-

(0.3)

(0.1)

(0.4)

Incorporation of a subsidiary company with

non-controlling interests

-

-

-

-

-

-

-

-

-

3.3

3.3

Total changes in ownership interests in

subsidiary companies

-

-

-

(0.3)

-

-

-

-

(0.3)

3.2

2.9

Total transactions with owners

0.5

(1,547.5)

11.0

(25.6)

1.6

(0.6)

-

(1,622.6)

(3,183.2)

(25.9)

(3,209.1)

Balance at 31 March 2025

7,180.9

-

(26.5)

(130.9)

(25.2)

31.6

153.2

8,473.1

15,656.2

413.8

16,070.0

Mandatory currency based Fair Non-

Actuarial gain on revaluation of

4. STATEMENTS OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026 (in $ million)

Share-

based Fair

Share Treasury Capital compensation value General

The Company capital shares reserve reserve reserve reserve Total

Balance at 1 April 2025 7,180.9 (26.5) (929.2) 26.2

Comprehensive income

154.4

10,090.3

16,496.1

Net fair value changes on cash flow hedges

-

-

-

-

588.9

-

588.9

Actuarial gain on revaluation of defined benefit plans

-

-

-

-

-

1.6

1.6

Other comprehensive income for the financial year, net of tax

-

-

-

-

588.9

1.6

590.5

Profit for the financial year

-

-

-

-

-

1,106.4

1,106.4

Total comprehensive income for the financial year - - - -

588.9

1,108.0

1,696.9

Transactions with owners, recorded directly in equity

Contributions by and distributions to owners

Purchase of treasury shares

-

(32.7)

-

-

-

-

(32.7)

Conversion of convertible bonds

916.0

-

(74.3)

-

-

-

841.7

Share-based compensation expense

-

-

-

22.1

-

-

22.1

Treasury shares reissued pursuant to equity compensation plans

-

22.1

(0.1)

(21.2)

-

-

0.8

Dividends

-

-

-

-

-

(1,162.2)

(1,162.2)

Total transactions with owners

916.0

(10.6)

(74.4)

0.9

-

(1,162.2)

(330.3)

Balance at 31 March 2026

8,096.9

(37.1)

(1,003.6)

27.1

743.3

10,036.1

17,862.7

  1. STATEMENTS OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026 (in $ million)

    Share-

    Mandatory based Fair

    The Company

    Share capital

    convertible bonds

    Treasury shares

    Capital compensation reserve reserve

    value reserve

    General reserve

    Total

    Balance at 1 April 2024 7,180.4 1,547.5 (37.5)

    Comprehensive income

    (909.7)

    26.4

    419.8

    9,243.0

    17,469.9

    Net fair value changes on cash flow hedges

    -

    -

    -

    -

    -

    (265.4)

    -

    (265.4)

    Actuarial gain on revaluation of defined benefit plans

    -

    -

    -

    -

    -

    -

    11.9

    11.9

    Other comprehensive income for the financial year, net of tax

    -

    -

    -

    -

    -

    (265.4)

    11.9

    (253.5)

    Profit for the financial year

    -

    -

    -

    -

    -

    -

    2,461.3

    2,461.3

    Total comprehensive income for the financial year - - -

    -

    -

    (265.4)

    2,473.2

    2,207.8

    Transactions with owners, recorded directly in equity

    Contributions by and distributions to owners

    Redemption of mandatory convertible bonds

    -

    (1,547.5)

    -

    -

    -

    -

    (197.1)

    (1,744.6)

    Purchase of treasury shares

    -

    -

    (30.3)

    -

    -

    -

    -

    (30.3)

    Share-based compensation expense

    -

    -

    -

    -

    21.2

    -

    -

    21.2

    Ordinary shares issued pursuant to equity

    compensation plans

    0.5

    -

    -

    -

    (0.5)

    -

    -

    -

    Treasury shares reissued pursuant to equity

    compensation plans

    -

    -

    41.3

    (19.5)

    (20.9)

    -

    -

    0.9

    Dividends

    -

    -

    -

    -

    -

    -

    (1,428.8)

    (1,428.8)

    Total transactions with owners

    0.5

    (1,547.5)

    11.0

    (19.5)

    (0.2)

    -

    (1,625.9)

    (3,181.6)

    Balance at 31 March 2025

    7,180.9

    -

    (26.5)

    (929.2)

    26.2

    154.4

    10,090.3

    16,496.1

  2. ‌CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026 (in $ million)

The Group

FY

FY

2025/26

2024/25

CASH FLOW FROM OPERATING ACTIVITIES

Profit before taxation

1,617.5

2,964.8

Adjustments for:

Depreciation

2,465.6

2,308.2

Amortisation of intangible assets

75.8

72.8

Impairment/(Write-back of impairment) of trade debtors

4.8

(4.7)

Writedown of inventories

5.4

11.2

Income from short-term investments

(1.6)

(1.6)

Provisions

219.0

165.9

Share-based compensation expense

28.1

25.2

Exchange differences

40.3

56.8

(Gain)/Loss on lease remeasurement

(0.6)

29.4

Net gain on financial assets mandatorily measured at

fair value through profit or loss ("FVTPL")

(0.8)

(1.7)

Fair value loss from foreign currency derivatives

0.5

0.3

Finance charges

334.5

395.5

Interest income

(289.4)

(492.0)

Loss on disposal of aircraft, spares and spare engines

3.7

13.6

Dividends from long-term investments

(0.1)

(2.1)

Gain on disposal of an associated company

-

(1,097.9)

Other non-operating items

(84.1)

(15.6)

Share of profits of joint venture companies

(36.1)

(40.1)

Share of losses/(profits) of associated companies 828.5 (17.1)

Operating cash flow before working capital changes

5,211.0

4,370.9

(Decrease)/Increase in trade and other creditors

(255.0)

70.2

Increase/(Decrease) in sales in advance of carriage

369.9

(180.0)

(Increase)/Decrease in trade debtors

(392.0)

168.8

Decrease in deposits and other debtors

37.1

107.0

Decrease in prepayments

7.8

44.0

Increase in restricted cash balances

(3.1)

(6.4)

Increase in inventories

(16.6)

(88.1)

Increase in deferred revenue 154.7 232.6

Cash generated from operations 5,113.8 4,719.0

Income taxes paid (10.8) (11.3)

NET CASH PROVIDED BY OPERATING ACTIVITIES 5,103.0 4,707.7
  1. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026 (in $ million)

    The Group

    FY

    FY

    2025/26

    2024/25

    CASH FLOW FROM INVESTING ACTIVITIES

    Capital expenditure

    (2,628.5)

    (1,768.0)

    Purchase of intangible assets

    (120.4)

    (105.7)

    Proceeds from disposal of aircraft and other property, plant and equipment

    3.4

    0.5

    Proceeds from disposal of assets held for sale

    0.6

    0.4

    Purchase of long-term investments

    (2.5)

    -

    Proceeds from disposal of long-term investments

    23.7

    23.0

    Purchase of short-term investments

    (208.1)

    (69.6)

    Proceeds from disposal of short-term investments

    148.1

    66.9

    Dividends received from associated and joint venture companies

    57.9

    47.9

    Dividends received from investments

    0.1

    2.1

    Interest received from investments and deposits

    281.8

    480.8

    Placement of fixed deposits with original maturity of more than 12 months

    (384.0)

    (1,739.0)

    Proceeds from maturity of fixed deposits with original maturity of more than 12 months

    404.1

    765.8

    Investments in associated companies

    -

    (1,006.8)

    NET CASH USED IN INVESTING ACTIVITIES

    (2,423.8)

    (3,301.7)

    CASH FLOW FROM FINANCING ACTIVITIES

    Dividends paid

    (1,162.2)

    (1,428.8)

    Dividends paid by subsidiary companies to non-controlling interests

    (25.4)

    (21.4)

    Interest paid

    (230.1)

    (264.5)

    Proceeds from borrowings

    134.9

    901.7

    Payment of transaction costs related to borrowings

    -

    (4.8)

    Repayment of borrowings

    (773.7)

    (736.4)

    Repayment of lease liabilities

    (589.1)

    (697.4)

    Repayment of bonds

    (700.0)

    (300.0)

    Purchase of treasury shares

    (32.7)

    (30.3)

    Proceeds from issuance of bonds

    500.0

    -

    Payment of transaction costs from issuance of bonds

    (1.0)

    -

    Redemption of mandatory convertible bonds

    -

    (1,744.6)

    NET CASH USED IN FINANCING ACTIVITIES

    (2,879.3)

    (4,326.5)

    NET CASH OUTFLOW

    (200.1)

    (2,920.5)

    CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL YEAR

    8,257.1

    11,256.0

    Effect of exchange rate changes

    (125.8)

    (78.4)

    CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL YEAR

    7,931.2

    8,257.1

    ANALYSIS OF CASH AND CASH EQUIVALENTS

    Fixed deposits

    6,648.5

    6,877.4

    Cash and bank balances

    1,282.7

    1,379.7

    CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL YEAR

    7,931.2

    8,257.1

  2. ‌AUDIT

    The financial statements for the full year ended 31 March 2026, which have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)s") and International Financial Reporting Standards ("IFRSs") have been audited in accordance with Singapore Standards on Auditing. The auditors' report was dated 14 May 2026.

  3. ‌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.

  4. ‌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 period are in the normal course of business.

8. SEGMENT INFORMATION (in $ million) (continued) Business segments

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 six months and financial years ended 31 March 2026 and 2025, and certain assets and liabilities information of the business segments as at those dates.

2ndHalf 2025/26

FSC

LCC

Engineering

services

Others

Total of

segments

Elimination*

Consolidated

TOTAL REVENUE

External revenue

9,064.1

1,406.3

323.7

52.7

10,846.8

-

10,846.8

Inter-segment revenue

44.3

55.1

370.2

11.8

481.4

(481.4)

-

9,108.4

1,461.4

693.9

64.5

11,328.2

(481.4)

10,846.8

RESULTS

Segment result

1,466.0

95.1

16.4

(4.7)

1,572.8

(1.2)

1,571.6

Finance charges (146.7)

(34.7)

(3.5)

(0.4)

(185.3)

31.1

(154.2)

Interest income 133.8

Loss on disposal of aircraft,

16.2

4.6

1.7

156.3

(30.5)

125.8

spares and spare engines (3.3)

(0.1)

-

-

(3.4)

-

(3.4)

Other non-operating items 93.3

Share of profits of joint venture

-

(2.2)

(3.0)

88.1

-

88.1

companies 2.0

-

14.7

-

16.7

-

16.7

Share of (losses)/profits of associated

companies

(512.4)

-

59.3

-

(453.1)

-

(453.1)

Taxation

(205.0)

(22.3)

(2.6)

2.3

(227.6)

-

(227.6)

Profit/(Loss) for the financial period

827.7

54.2

86.7

(4.1)

964.5

(0.6)

963.9

Attributable to:

Owners of the Company

945.5

Non-controlling interests

18.4

963.9

* Relates to inter-segment transactions eliminated on consolidation.

2ndHalf 2024/25

FSC

LCC

Engineering

services

Others

Total of

segments

Elimination*

Consolidated

TOTAL REVENUE

External revenue

8,544.3

1,169.1

287.5

41.5

10,042.4

-

10,042.4

Inter-segment revenue

32.2

50.1

381.4

22.5

486.2

(486.2)

-

8,576.5

1,219.2

668.9

64.0

10,528.6

(486.2)

10,042.4

RESULTS

Segment result

883.0

29.0

11.2

(16.3)

906.9

6.6

913.5

Finance charges (208.1)

(36.8)

(1.8)

-

(246.7)

50.1

(196.6)

Interest income 232.3

29.9

7.5

5.3

275.0

(49.5)

225.5

spares and spare engines (7.6)

-

-

(0.1)

(7.7)

-

(7.7)

Gain on disposal of an associated company 1,097.9

-

-

-

1,097.9

-

1,097.9

Other non-operating items 6.9

-

(0.2)

0.2

6.9

-

6.9

companies 1.7

-

16.9

-

18.6

-

18.6

Share of (losses)/profits of associated companies

(67.4)

-

43.1

-

(24.3)

-

(24.3)

Taxation

13.7

4.8

(5.2)

5.9

19.2

-

19.2

Profit/(Loss) for the financial period

1,952.4

26.9

71.5

(5.0)

2,045.8

7.2

2,053.0

Attributable to:

Owners of the Company

2,036.0

Non-controlling interests

17.0

2,053.0

8. SEGMENT INFORMATION (in $ million) (continued) Business segments (continued)

Loss on disposal of aircraft,

Share of profits of joint venture

* Relates to inter-segment transactions eliminated on consolidation.

8. SEGMENT INFORMATION (in $ million) (continued) Business segments (continued)

Engineering

Total of

FY2025/26

FSC

LCC

services

Others

segments

Elimination*

Consolidated

TOTAL REVENUE

External revenue

17,297.9

2,481.4

640.4

102.3

20,522.0

-

20,522.0

Inter-segment revenue

74.3

107.6

782.5

57.8

1,022.2

(1,022.2)

-

17,372.2

2,589.0

1,422.9

160.1

21,544.2

(1,022.2)

20,522.0

RESULTS

Segment result

2,306.2

56.1

29.4

(12.5)

2,379.2

(4.7)

2,374.5

Finance charges

(331.1)

(70.1)

(5.3)

(0.9)

(407.4)

72.9

(334.5)

Interest income

303.3

40.4

12.1

5.1

360.9

(71.5)

289.4

Loss on disposal of aircraft,

spares and spare engines

(3.6)

(0.1)

-

-

(3.7)

-

(3.7)

Dividends from long-term investments

0.1

-

-

-

0.1

-

0.1

Other non-operating items

89.4

-

(2.2)

(3.1)

84.1

-

84.1

Share of profits of joint venture

companies

2.7

-

33.4

-

36.1

-

36.1

Share of (losses)/profits of associated

companies

(940.4)

-

111.9

-

(828.5)

-

(828.5)

Taxation

(368.5)

(19.4)

(7.8)

1.2

(394.5)

-

(394.5)

Profit/(Loss) for the financial year

1,058.1

6.9

171.5

(10.2)

1,226.3

(3.3)

1,223.0

Attributable to:

Owners of the Company

1,184.0

Non-controlling interests

39.0

1,223.0

* Relates to inter-segment transactions eliminated on consolidation.

8. SEGMENT INFORMATION (in $ million) (continued) Business segments (continued)

Engineering

Total of

FY2024/25

FSC

LCC

services

Others

segments

Elimination*

Consolidated

TOTAL REVENUE

External revenue

16,676.9

2,255.9

521.6

85.4

19,539.8

-

19,539.8

Inter-segment revenue

61.1

93.3

723.5

68.8

946.7

(946.7)

-

16,738.0

2,349.2

1,245.1

154.2

20,486.5

(946.7)

19,539.8

RESULTS

Segment result

1,668.9

35.8

14.6

(18.1)

1,701.2

7.9

1,709.1

Finance charges

(432.6)

(74.5)

(3.9)

0.9

(510.1)

114.6

(395.5)

Interest income

Loss on disposal of aircraft,

505.5

67.2

18.6

13.5

604.8

(112.8)

492.0

spares and spare engines (13.5)

-

-

(0.1)

(13.6)

-

(13.6)

Dividends from long-term investments 2.1

-

-

-

2.1

-

2.1

Gain on disposal of an associated company 1,097.9

-

-

-

1,097.9

-

1,097.9

Other non-operating items 15.5

Share of profits of joint venture

-

(0.6)

0.7

15.6

-

15.6

companies 2.8

Share of (losses)/profits of associated

-

37.3

-

40.1

-

40.1

companies (64.2)

-

81.3

-

17.1

-

17.1

Taxation (143.4)

(6.3)

(5.7)

2.8

(152.6)

-

(152.6)

Profit/(Loss) for the financial year 2,639.0

22.2

141.6

(0.3)

2,802.5

9.7

2,812.2

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.

8. SEGMENT INFORMATION (in $ million) (continued) Business segments (continued)

Engineering Total of

FSC

LCC

services

Others

segments

Elimination*

Consolidated

AS AT 31 MARCH 2026

Segment assets

35,201.9

5,727.4

1,368.2

366.6

42,664.1

(1,668.3)

40,995.8

Investments in associated and joint venture companies

1,479.5

-

897.8

-

2,377.3

-

2,377.3

Long-term investments

39.6

-

-

-

39.6

-

39.6

Total assets

36,721.0

5,727.4

2,266.0

366.6

45,081.0

(1,668.3)

43,412.7

Segment liabilities

11,332.1

1,112.6

312.7

144.2

12,901.6

(1,808.4)

11,093.2

Lease liabilities

1,823.9

1,014.1

155.8

10.7

3,004.5

(26.5)

2,978.0

Long-term liabilities

187.8

0.2

-

-

188.0

-

188.0

Provisions

688.5

550.4

8.2

2.7

1,249.8

(0.5)

1,249.3

Defined benefit plans

49.6

-

6.4

-

56.0

-

56.0

Borrowings

7,541.4

107.3

5.4

12.6

7,666.7

-

7,666.7

Tax liabilities

2,445.8

33.7

(0.5)

16.5

2,495.5

-

2,495.5

Total liabilities

24,069.1

2,818.3

488.0

186.7

27,562.1

(1,835.4)

25,726.7

Capital expenditure 1,868.1

721.0

36.9

2.5

2,628.5

-

2,628.5

Purchase of intangible assets 93.4

13.5

11.3

2.2

120.4

-

120.4

Depreciation 2,011.7

403.8

59.1

4.0

2,478.6

(13.0)

2,465.6

Amortisation of intangible assets 58.7

6.9

7.9

2.3

75.8

-

75.8

and amortisation of intangible assets 55.8

8.8

8.6

(2.2)

71.0

-

71.0

Non-cash items other than depreciation

* Relates to inter-segment transactions eliminated on consolidation.

8. SEGMENT INFORMATION (in $ million) (continued) Business segments (continued)

Engineering Total of

FSC

LCC

services

Others

segments

Elimination*

Consolidated

AS AT 31 MARCH 2025

Segment assets

34,748.2

5,944.3

1,294.0

588.3

42,574.8

(2,727.1)

39,847.7

Investments in associated and joint venture companies

2,367.0

-

832.6

-

3,199.6

-

3,199.6

Long-term investments

36.2

-

-

3.3

39.5

-

39.5

Total assets

37,151.4

5,944.3

2,126.6

591.6

45,813.9

(2,727.1)

43,086.8

Segment liabilities

11,760.4

1,077.6

302.0

153.8

13,293.8

(2,693.1)

10,600.7

Lease liabilities

2,210.7

1,135.5

80.5

10.5

3,437.2

(33.6)

3,403.6

Long-term liabilities

137.6

-

-

-

137.6

-

137.6

Provisions

685.6

657.8

3.5

2.2

1,349.1

-

1,349.1

Defined benefit plans

58.1

-

-

-

58.1

-

58.1

Borrowings

9,337.8

155.0

4.7

13.2

9,510.7

-

9,510.7

Tax liabilities

1,955.5

(11.1)

(5.6)

18.2

1,957.0

-

1,957.0

Total liabilities

26,145.7

3,014.8

385.1

197.9

29,743.5

(2,726.7)

27,016.8

Capital expenditure 1,316.0

394.1

52.9

5.0

1,768.0

-

1,768.0

Purchase of intangible assets 80.7

10.3

11.5

3.2

105.7

-

105.7

Depreciation 1,910.3

354.1

57.2

3.3

2,324.9

(16.7)

2,308.2

Amortisation of intangible assets 60.0

4.6

6.5

1.7

72.8

-

72.8

and amortisation of intangible assets 31.5

3.4

3.8

0.4

39.1

-

39.1

Non-cash items other than depreciation

* Relates to inter-segment transactions eliminated on consolidation.

  1. SEGMENT INFORMATION (in $ million) (continued) Geographical segments

    The following table presents revenue information on airline operations by geographical areas for the six months and financial years ended 31 March 2026 and 2025.

    By area of original sale

    2ndHalf 2025/26

    2ndHalf 2024/25

    FY 2025/26

    FY 2024/25

    East Asia

    5,549.6

    5,103.3

    10,439.7

    9,940.5

    Europe

    1,527.5

    1,396.0

    2,665.9

    2,513.5

    South West Pacific

    1,474.6

    1,456.1

    2,984.2

    2,958.0

    Americas

    760.4

    687.7

    1,394.3

    1,333.9

    West Asia and Africa

    676.9

    659.6

    1,368.4

    1,329.1

    Systemwide

    9,989.0

    9,302.7

    18,852.5

    18,075.0

    Non-scheduled services and incidental revenue

    580.8

    493.0

    1,108.7

    1,012.2

    10,569.8

    9,795.7

    19,961.2

    19,087.2

    By route region

    2ndHalf

    2ndHalf

    FY

    FY

    2025/26

    2024/25

    2025/26

    2024/25

    East Asia

    3,867.6

    3,445.1

    7,101.1

    6,582.5

    Europe

    1,879.5

    1,671.9

    3,771.3

    3,471.1

    South West Pacific

    1,979.2

    1,903.7

    3,635.7

    3,561.0

    Americas

    1,227.8

    1,295.9

    2,403.1

    2,588.4

    West Asia and Africa

    1,034.9

    986.1

    1,941.3

    1,872.0

    Systemwide

    9,989.0

    9,302.7

    18,852.5

    18,075.0

    Non-scheduled services and incidental revenue

    580.8

    493.0

    1,108.7

    1,012.2

    10,569.8

    9,795.7

    19,961.2

    19,087.2

    No single customer contributed to more than 10% of the Group's revenue during the six months

    and financial years ended 31 March 2026 and 2025.

    Revenue from other operations, which consist principally of engineering services, is derived in East Asia and is therefore, not shown.

  2. ‌BREAKDOWN OF REVENUE AND RESULTS (in $ million)

    The Group

    FY2025/26

    FY2024/25

    % Change

    First Half

    Revenue reported for the first half-year Profit after tax reported for the first half-year

    9,675.2

    259.1

    9,497.4

    759.2

    1.9

    (65.9)

    Second Half

    Revenue reported for the second half-year Profit after tax reported for the second half-year

    10,846.8

    963.9

    10,042.4

    2,053.0

    8.0

    (53.0)

    Seasonal Operations

    The Group's passenger and cargo businesses are exposed to seasonality. Passenger business is generally better during the summer season and year end peaks in the second and third quarters, while cargo business has a pronounced peak at the end of the calendar year.

  3. ‌EARNINGS PER SHARE

    The Group

    FY2025/26

    FY2024/25

    Basic

    Diluted

    Basic

    Diluted

    Profit attributable to owners of the Company (in $ million)

    1,184.0

    1,184.0

    2,778.0

    2,778.0

    Adjustment for interest expense on convertible bonds,

    net of tax (in $ million)

    -

    -

    -

    25.8

    Adjustment for the potential dilution from share-based

    incentive plans of a subsidiary company (in $ million)

    -

    (0.5)

    -

    (0.5)

    Adjusted net profit attributable to owners of

    the Company (in $ million)

    1,184.0

    1,183.5

    2,778.0

    2,803.3

    Weighted average number of ordinary shares in issue (in million)

    3,086.0

    3,086.0

    3,109.8

    3,109.8

    Adjustment for dilutive potential

    ordinary shares (in million)

    -

    8.7

    -

    176.6

    Weighted average number of ordinary shares in issue used

    for computing earnings per share (in million)

    3,086.0

    3,094.7

    3,109.8

    3,286.4

    Earnings per share (cents)

    38.4

    38.2

    89.3

    85.3

    Basic earnings per share is calculated by dividing the profit attributable to owners of the Company by the weighted average number of ordinary shares in issue during the financial year.

    For purposes of calculating diluted earnings per share, the profit attributable to owners of the Company is adjusted to take into account the potential dilution from interest on convertible bonds, net of tax, and share-based incentive plans of a subsidiary company. The weighted average number of ordinary shares of the Company in issue is also adjusted to take into account effects of dilutive convertible bonds and share-based incentive plans of the Company.

  4. ‌NET ASSET VALUE

    The Group The Company

    31 March

    31 March

    31 March

    31 March

    2026

    2025

    2026

    2025

    Net asset value per ordinary share ($)

    5.48

    5.27

    5.67

    5.55

  5. ‌BORROWINGS AND DEBT SECURITIES

    Aggregate amount of group's borrowings and debt securities

    Amount repayable in one year or less, or on demand

    As at 31 March 2026

    As at 31 March 2025

    Secured

    Unsecured

    Secured

    Unsecured

    $665.2M

    $1,291.3M

    $661.0M

    $1,552.4M

    Amount repayable after one year

    As at 31 March 2026

    As at 31 March 2025

    Secured

    Unsecured

    Secured

    Unsecured

    $2,595.4M

    $3,114.8M

    $3,328.9M

    $3,968.4M

    Details of any collateral

    The secured bank loans are secured via mortgage of certain aircraft. Excluded from the borrowings above are lease liabilities of $2,978.0 million (2025: $3,403.6 million) which are secured over the right-of-use assets.

  6. ‌SHARE CAPITAL (in $ million)

The Group and the Company

Number of shares Amount

2026

2025

2026

2025

Issued and fully paid share capital

Ordinary shares

Balance at 1 April

2,977,670,407

2,977,590,128

7,180.9

7,180.4

Shares issued pursuant to conversion

of convertible bonds

178,999,921

-

916.0

-

Shares issued pursuant to equity

compensation plans - 80,279 - 0.5

Balance at 31 March 3,156,670,328 2,977,670,407 8,096.9 7,180.9

Special share

Balance at 1 April and 31 March 1 1 # #

# The value is $0.50

As at 31 March 2026, none of the Company's subsidiaries held any shares in the Company (31

March 2025: nil).

Share-based Incentive Plans

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") are share-based incentive plans for senior executives and key Senior Management. On 29 July 2024, shareholders of the Company approved the adoption of the RSP 2024 and PSP 2024 to replace the RSP 2014 and PSP 2014, which expired on 29 July 2024.

The RSP 2024 awards fully paid ordinary shares of the Company, conditional on position and individual performance targets set at the start of the one-year performance period based on annual Group and Company objectives.

In respect of FY2025/26 Strategic Share Award ("SSA") under the RSP 2024, the award made in July 2025 to Senior Management (Senior Vice Presidents and above) was based on Board Compensation & Industrial Relations Committee ("BCIRC") assessment of SIA Management's post Covid-19 recovery.

The FY2025/26 RSP 2024 award was made in July 2025 on a contingent performance basis to Senior Management and other key executives (Vice Presidents and Divisional Vice Presidents).

The PSP 2024 awards fully paid ordinary shares of the Company, conditional on performance targets set at the start of a three-year overlapping performance period based on stretched long-term total shareholder return objectives as well as a carbon emissions reduction target.

The FY2025/26 PSP 2024 award was made in July 2025 on a contingent performance basis to Senior Management.

  1. SHARE CAPITAL (in $ million) (continued)

    Share-based Incentive Plans (continued)

    Movement of share awards during the financial period

    Number of Share Awards

    Date of grant

    Balance at

    1 April 2025

    Granted

    Adjustment

    Cancelled

    Vested

    Balance at

    31 March 2026

    RSP

    14.07.2022

    589,160

    -

    -

    (9,724)

    (579,436)

    -

    18.07.2023

    996,336

    -

    -

    (19,890)

    (506,206)

    470,240

    17.07.2024

    1,534,768

    -

    (5,388) #

    (38,153)

    (522,751)

    968,476

    18.07.2025

    -

    1,920,352

    -

    (27,097)

    -

    1,893,255

    3,120,264

    1,920,352

    (5,388)

    (94,864)

    (1,608,393)

    3,331,971

    PSP

    14.07.2022

    666,516

    -

    279,664 #

    -

    (946,180)

    -

    18.07.2023

    497,376

    -

    -

    -

    -

    497,376

    17.07.2024

    454,243

    -

    -

    -

    -

    454,243

    18.07.2025

    -

    942,862

    -

    -

    -

    942,862

    1,618,135

    942,862

    279,664

    -

    (946,180)

    1,894,481

    SSA

    23.12.2022

    9,075

    -

    7,260 ^

    -

    (16,335)

    -

    18.07.2023

    314,375

    -

    251,500 ^

    -

    (565,875)

    -

    31.07.2023

    11,350

    -

    -

    -

    (5,675)

    5,675

    17.07.2024

    260,150

    -

    -

    -

    (130,075)

    130,075

    18.07.2025

    -

    543,100

    -

    -

    (271,550)

    271,550

    594,950

    543,100

    258,760

    -

    (989,510)

    407,300

    # Adjustment at the end of performance period upon meeting stated performance targets and adjustments for number of days in service for retirees.

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

  2. ‌TREASURY SHARES (in $ million)

    The Group and the Company Number of shares Amount

    Balance at 1 April 2025 4,397,526 (26.5)

    Treasury shares transferred on vesting of share-based

    incentive plans (3,544,083) 21.5

    Treasury shares transferred on payment of Directors'

    remuneration (107,400) 0.6

    Purchase of treasury shares 5,040,000 (32.7)

    Balance at 31 March 2026 5,786,043 (37.1)

    Treasury shares relate to ordinary shares of the Company that are held by the Company.

    During the financial year, the Company purchased 5,040,000 treasury shares (FY2024/25: 4,994,000).

    As at 31 March 2026, the number of ordinary shares in issue was 3,156,670,328 of which 5,786,043 were held by the Company as treasury shares (2025: 2,977,670,407 ordinary shares of which 4,397,526 were held as treasury shares). The treasury shares held represents 0.2% (2025: 0.1%) of the total number of issued shares (excluding treasury shares).

  3. ‌PERFORMANCE REVIEW

    GROUP FINANCIAL PERFORMANCE

    Financial Year FY2025/26 - Profit and Loss

    The Group's financial performance for the financial year FY2025/26 is summarised as follows:

    Group Financial Results

    FY2025/26

    ($ million)

    FY2024/25

    ($ million)

    Better/ (Worse)

    (%)

    2nd Half FY2025/26

    ($ million)

    2nd Half FY2024/25

    ($ million)

    Better/ (Worse)

    (%)

    Total Revenue

    20,522

    19,540

    5.0

    10,847

    10,042

    8.0

    Total Expenditure

    18,148

    17,831

    (1.8)

    9,275

    9,129

    (1.6)

    Net Fuel Cost

    5,025

    5,386

    6.7

    2,478

    2,656

    6.7

    Fuel Cost (before hedging)

    5,168

    5,441

    5.0

    2,696

    2,643

    (2.0)

    Fuel Hedging (Gain)/Loss

    (143)

    (55)

    160.0

    (218)

    13

    n.m.

    Non-fuel Expenditure

    13,123

    12,445

    (5.4)

    6,798

    6,473

    (5.0)

    Operating Profit

    2,375

    1,709

    39.0

    1,572

    914

    72.0

    Net Profit

    1,184

    2,778

    (57.4)

    945

    2,036

    (53.6)

    The figures in the table may not sum up to the stated totals because of rounding.

    SIA and Scoot carried a record 42.4 million passengers in FY2025/26, up 7.7% year-on-year as the global demand for air travel remained robust. Group passenger load factor (PLF) rose

    1. percentage points to 87.7%, as traffic growth of 4.7% outpaced capacity expansion of 3.4%. Passenger yields rose 1.0% to 10.4 cents per revenue passenger-kilometre.

Cargo flown revenue declined by $45 million (-2.1%) to $2,167 million, largely due to a 3.6% fall in yields. Cargo load factor (CLF) edged up 0.2 percentage points to 56.3%, as cargo loads grew 1.7%, slightly outpacing the 1.4% increase in capacity.

15. PERFORMANCE REVIEW (continued)

GROUP FINANCIAL PERFORMANCE (continued)

Financial Year FY2025/26 - Profit and Loss (continued)

As a result, the Group achieved a record revenue of $20,522 million for FY2025/26, up $982 million (+5.0%) year-on-year.

Group expenditure rose $317 million (+1.8%) to $18,148 million, as the higher non-fuel expenditure (+$677 million; +5.4%) was partially offset by lower net fuel cost (-$361 million;

-6.7%). Non-fuel expenditure increased mainly due to the overall capacity expansion and higher costs that were driven by inflationary pressures. Net fuel cost decreased due to the 5.6% contraction in full-year average fuel prices (-$310 million) and higher fuel hedging gains (-$88 million), partially offset by increased volumes uplifted (+$221 million).

Accordingly, the Group posted an operating profit of $2,375 million for FY2025/26, $665 million (+39.0%) higher year-on-year.

The Group's net profit declined by $1,594 million (-57.4%) to $1,184 million, primarily due to the absence of the $1,098 million non-cash accounting gain recognised in November 2024 upon the completion of the Air India-Vistara merger. The swing from a share of profits of associated companies last year to a loss this year (-$846 million) was due to the Group accounting for its share of Air India's full year losses, versus only four months the previous year.

Second Half FY2025/26 - Profit and Loss

The Group's operating profit for the second half of FY2025/26 rose by $658 million (+72.0%) year-on-year to $1,572 million, a record second half. This was bolstered by record second half revenue of $10,847 million, up $804 million (+8.0%). Higher passenger flown revenue (+$699 million; 8.5%) was driven by stronger yields (+3.8%) and passenger traffic (+4.7%). PLF rose

0.8 percentage points to 87.6%, the highest for any second half period. Cargo flown revenue fell by $14 million (-1.3%), from weaker yields (-3.5%), partly mitigated by higher loads (+2.2%). CLF increased 1.2 percentage points to 56.1%.

Group expenditure increased by $146 million (+1.6%) to $9,275 million, driven by higher non-fuel expenditure (+$324 million; +5.0%), partly offset by lower net fuel cost (-$178 million;

-6.7%). Non-fuel expenditure rose mainly due to capacity growth and higher cost pressures. The decline in net fuel cost reflects the swing from a fuel hedging loss in the prior year to a gain this year (-$231 million), partially offset by higher volume uplifted (+$91 million) and the 1.9% rise in fuel prices (+$58 million). Jet fuel is typically priced on a lagged basis. After taking into account the timing of fuel hedging settlements, the higher jet fuel price environment arising from the Middle East conflict was only partially reflected in the net fuel cost for March 2026. The full impact of the higher jet fuel prices is expected to feed through in FY2026/27.

The second half net profit of $945 million was $1,091 million (-53.6%) lower than the year before. This was largely due to the absence of the one-off non-cash accounting gain from the disposal of Vistara (-$1,098 million) recognised a year ago.

  1. PERFORMANCE REVIEW (continued)

    BALANCE SHEET REVIEW

    (March 2026 vs March 2025)

    Equity attributable to owners of the company increased by $1,606 million (+10.3%) to $17,262 million as at 31 March 2026 largely due to the following:

    • net profit of $1,184 million earned for the financial year;

    • issuance of new shares upon conversion of Convertible Bonds Due 2025 (+$916 million);

    • fair value gain (+$716 million) which arose mainly from fuel hedges with the increase in average forward fuel prices;

    • partially offset by dividend payments (-$1,162 million).

Total Group assets increased by $326 million (+0.8%) to $43,413 million. The increase was mainly attributable to an increase in derivative assets (+$848 million), property, plant and equipment (+$615 million), partially offset by a decrease in associated companies (-$846 million) and cash and bank balances (-$326 million).

The decrease in cash and bank balances was primarily due to capital expenditure (-$2,628 million), dividend payments (-$1,162 million), repayment of borrowings (-$774 million) and bonds (-$700 million), lease payments (-$589 million), and purchase of short-term investments (-$208 million), partly offset by net cash generated from operations (+$5,103 million), proceeds from issuance of fixed rate note (+$500 million) and borrowings (+$135 million).

Total Group liabilities decreased by $1,290 million (-4.8%) to $25,727 million, primarily arising from the decrease in borrowings (-$1,844 million) and lease liabilities (-$426 million). These were partly offset by an increase in deferred taxes (+$568 million) and sales in advance of carriage (+$370 million).

The Group's negative working capital arose largely from the collection of cash in advance of services provided. Excluding the liability under "sales in advance of carriage", the Group's working capital would be $4,454 million as at 31 March 2026.

Variance between forecast, or a prospect statement, that has been previously disclosed to shareholders and the actual results

Not applicable.

  1. PERFORMANCE REVIEW (continued) Commentary at the date of announcement of the competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months OUTLOOK

    Heightened geopolitical tensions, including the conflict in the Middle East, are a major headwind for the airline industry. The most immediate impact is on jet fuel prices, which have more than doubled since the conflict began, adding significant cost pressure for airlines. As the Group's fuel bills are typically priced on a lagged basis, the impact is only partially reflected in March 2026. The full impact is expected to feed through in FY2026/27. While SIA and Scoot have raised air fares across their network, the adjustments do not fully offset the rise in the price of jet fuel, which is the Group's single-largest expenditure item. Depending on the duration and how the situation in the Middle East develops, there could be broader implications for supply chains and macroeconomic conditions affecting demand patterns.

    At the same time, these shifts may present opportunities for the SIA Group. The Group's well-diversified global passenger and cargo network, anchored by the strength of Singapore as a strategic hub, and its dual-brand portfolio of SIA and Scoot, provide the flexibility to adjust schedules and capacity where necessary, and pursue opportunities as they arise.

    The Group manages cost volatility through its established risk management framework, which includes fuel hedging. This is underpinned by a robust balance sheet, industry-leading digital capabilities - particularly in generative artificial intelligence (GenAI) - and its talented, resilient, and motivated staff. The Group will continue to prioritise the safety of customers and staff, while maintaining disciplined cost management and productivity initiatives.

    The Group will leverage these strong foundations to seize opportunities, and continue investing in the key pillars of its brand promise - service excellence, product leadership, and network connectivity. It will also harness its airline portfolio, while strengthening win-win partnerships with other like-minded carriers. This will enable the Group to remain focused and adaptable as it manages challenges, and strengthen its long-term competitive position.

  2. ‌DIVIDEND

Current Financial Period Reported on

Any dividend declared for the current financial period reported on? Yes.

Ordinary Dividend

Interim

Final

Dividend Type

Cash

Cash

Dividend Amount per Share

5 cents

22 cents

Tax Rate

Tax-exempt (one-tier)

Special Dividend

Interim

Final

Dividend Type

Cash

Cash

Dividend Amount per Share

3 cents

7 cents

Tax Rate

Tax-exempt (one-tier)

Corresponding Period of the Immediately Preceding Financial Year

Any dividend declared for the corresponding period of the immediately preceding financial year? Yes.

Ordinary Dividend

Interim

Final

Dividend Type

Cash

Cash

Dividend Amount per Share

10 cents

30 cents

Tax Rate

Tax-exempt (one-tier)

Date Payable

The final and special dividends, if so approved by the shareholders, will be paid on 28 August 2026.

Books Closure Date

NOTICE IS HEREBY GIVEN that, subject to the approval of the shareholders to the final and special dividends being obtained at the 2026 Annual General Meeting, the Transfer Books and the Register of Members of the Company will be closed on 13 August 2026 for the preparation of dividend warrants.

Duly completed and stamped transfers (together with all relevant documents of or evidencing title) received by the Share Registrar, Boardroom Corporate & Advisory Services Pte. Ltd., 1 Harbourfront Avenue, #14-07 Keppel Bay Tower, Singapore 098632 up to 5:00 p.m. on 12 August 2026 will be registered to determine shareholders' entitlements to the final and special dividends. Subject as aforesaid, shareholders (being depositors) whose Securities Accounts with The Central Depository (Pte) Limited ("CDP") are credited with ordinary shares of the Company as at 5:00 p.m. on 12 August 2026 will be entitled to the final and special dividends.

  1. DIVIDEND (continued)

    Breakdown of the total annual dividend (in dollar value) for the issuer's latest full

    year and its previous full year

    Annual Dividend ($ million)

    FY2025/26

    FY2024/25

    Ordinary Dividend

    - Interim

    157.7

    297.3

    - Final#

    693.2

    909.9

    Special Dividend

    - Interim

    94.6

    -

    - Final#

    220.6

    -

    Total

    1,166.1

    1,207.2

    # Amounts for FY2025/26 final dividends are estimated based on number of shares outstanding as at the end of the financial year.

  2. ‌OTHER LISTING MANUAL REQUIREMENTS

Interested Person Transactions

The aggregate values of all Interested Person Transactions ("IPTs") entered into during the

Financial Year 2025/26 are as follows:

Name of Interested Person

Nature of Relationship

Aggregate value of all IPTs during the financial year under review (excluding transactions less than $100,000 and transactions conducted under shareholders' mandate pursuant to Rule 920)

Aggregate value of all IPTs conducted under shareholders' mandate pursuant to Rule 920 (excluding transactions less than $100,000)

(S$)

(S$)

CapitaLand Investment Limited Group

- Ascott Makati, Inc.

#

-

127,402

Gategroup Holding AG Group

  • deSter Hong Kong Limited

  • Fernley Heathrow Limited

  • Gate Gourmet Amsterdam B.V.

  • Gate Gourmet Belgium N.V.

  • Gate Gourmet Denmark APS

  • Gate Gourmet Services Pty Ltd

  • Gate Gourmet Spain S.L.

  • Gate Gourmet Switzerland GmbH

  • ServAir SA

#

-

-

-

-

-

-

-

-

-

4,737,175

110,145

4,314,124

3,783,824

10,028,983

16,363,050

2,818,914

10,357,707

11,672,184

Refinery Media Pte Ltd

@

*186,672

-

SATS Ltd Group

  • Air India SATS Airport Services Private Limited

  • Asia Airfreight Terminal Co Ltd

  • Beijing CAH SATS Aviation Services Co., Ltd.

  • FCS Frankfurt Cargo Services GmbH

  • France Handling S.A.S.U.

  • Ground Team Red Sdn Bhd

  • MacroAsia Catering Services Inc.

  • Mumbai Cargo Service Centre Airport Private Limited

  • PT Jasa Angkasa Semesta Tbk

  • PT Purantara Mitra Angkasa Dua

  • SATS Aero Laundry Pte. Ltd.

  • SATS Asia-Pacific Star Pte. Ltd.

  • SATS Catering Pte Ltd

  • SATS HK Limited

#

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11,127,236

6,002,293

1,871,601

3,556,023

2,244,067

497,346

5,508,454

2,849,544

16,492,737

874,846

26,875,668

612,675

125,306

15,890,840

# An associate of the Company's controlling shareholder.

@ An associate of the Company's Non-Executive Board Director.

* Represents sponsorship for a luxury lifestyle video series produced by Refinery Media Pte Ltd.

17. OTHER LISTING MANUAL REQUIREMENTS (continued)

Interested Person Transactions (continued)

Name of Interested Person

Nature of Relationship

Aggregate value of all IPTs during the financial year under review (excluding transactions less than $100,000 and transactions conducted under shareholders' mandate pursuant to Rule 920)

Aggregate value of all IPTs conducted under shareholders' mandate pursuant to Rule 920 (excluding transactions less than $100,000)

(S$)

(S$)

SATS Ltd Group (continued)

  • SATS Ltd

  • SATS Saudi Arabia Company

  • SATS Security Services Private Limited

  • Taj SATS Air Catering Limited

  • TFK Corporation

  • WFS (Bengaluru) Private Limited

  • Worldwide Flight Services Belgium NV

  • Worldwide Flight Services Denmark A/S

  • Worldwide Flight Services Fueling (Hong Kong) Limited

  • Worldwide Flight Services Limited

  • Worldwide Flight Services, Inc

#

-

-

-

-

-

-

-

-

-

-

-

1,055,332,847

194,546

33,550,899

7,911,798

9,157,923

731,169

2,087,204

1,523,719

277,100

1,379,625

9,407,218

SembCorp Industries Ltd Group

- Sembcorp Solar Singapore Pte Ltd

#

-

436,649

Singapore Technologies Engineering Ltd Group

  • ST Engineering Aerospace Precisions Products Pte. Ltd.

  • ST Engineering Aerospace Services Company Pte Ltd

  • ST Engineering Aerospace Solutions A/S

  • ST Engineering Aerospace Systems Pte. Ltd.

#

-

-

-

-

890,000

6,730,501

968,300

462,314

Singapore Telecommunications Limited

#

-

3,684,429

StarHub Ltd Group

  • Ensign InfoSecurity (SmartTech) Pte Ltd

  • Ensign InfoSecurity (Systems) Pte. Ltd.

  • StarHub Ltd

#

-

-

-

2,144,078

262,687

2,103,471

Temasek Holdings (Private) Limited and Associates

  • BDP (Asia Pacific) Pte Ltd

  • BDP International Inc

  • BDP International NV

  • BDP Italia SPA

  • Certis CISCO Aviation Security Pte. Ltd.

  • Constellar Venues Pte. Ltd.

  • CyberProof SG Pte. Limited

  • Mandai Park Holdings Pte. Ltd.

  • MediaCorp Pte Ltd

  • Minden Singapore Pte Ltd

  • SMM Pte Ltd

  • STT Singapore DC Pte. Ltd.

  • Sygnia Pte Ltd

#

-

-

-

-

-

-

-

-

-

-

-

-

-

502,942

129,251

302,086

122,129

8,101,800

155,980

816,000

328,329

1,603,542

273,365

11,083,779

1,006,687

352,107

Total Interested Person Transactions

186,672

1,322,856,618

# An associate of the Company's controlling shareholder.

17. OTHER LISTING MANUAL REQUIREMENTS (continued)

Confirmation of Directors and Executive Officers' undertakings pursuant to Listing

Rule 720(1)

The Company confirms that it has procured undertakings from all its directors and executive officers in compliance with Listing Rule 720(1).

Report of persons occupying managerial positions who are related to a director, chief executive officer or substantial shareholder

Pursuant to Rule 704(13) of the Listing Manual of Singapore Exchange Securities Trading Limited, the Company confirms that, to the best of our knowledge to date, there is no person occupying a managerial position in the Company, or in any of its principal subsidiaries, who is a relative of a Director or the Chief Executive Officer or a Substantial Shareholder of the Company.

By Order of the Board

Brenton Wu Company Secretary 14 May 2026

Singapore Company Registration No.: 197200078R