Singapore Airlines (C6L) H1 2026 earnings summary

Executive summary

• Achieved record first-half group revenue of $9,675.2 million, up 1.9% year-over-year, driven by robust passenger demand and higher traffic, though yields declined 2.9% amid increased competition.

• Operating profit rose 0.9% to $803 million, but net profit dropped 67.9% to $238.5 million, mainly due to a swing from net interest income to expense and significant losses from associated companies, particularly Air India.

• Passenger numbers rose 8.0% year-over-year, with load factor improving to 87.7%.

• Announced a capital return plan with a special dividend of 10 cents per share annually for three years, starting with an interim special dividend of 3 cents and an interim dividend of 5 cents per share.

Financial highlights

• Group revenue: $9,675.2 million (+1.9% YoY); passenger flown revenue: $7,786.3 million (+1.5% YoY); cargo revenue: $1,071.1 million (-2.8% YoY).

• Total expenditure increased by 2.0% to $8,872 million, with non-fuel costs rising 5.9% and net fuel costs falling 6.7%.

• EBITDA: $1,855.2 million; EBITDA margin: 19.2%.

• Earnings per share were 7.9 cents, down from 22.9 cents a year earlier.

• Cash and bank balances stood at $6,447 million as of 30 September 2025.

Outlook and guidance

• Air travel demand remains resilient into the third quarter, supported by year-end peak season, but cargo outlook is uncertain due to shifting trade policies and market dynamics.

• Plans to pay special dividends of 10 cents per share annually for three years, totaling about $0.9 billion.

• Expects to end FY25/26 with 218 aircraft in the operating fleet.

• Projected capital expenditure: $3.5 billion in FY25/26, rising to $4.7 billion in FY26/27, then tapering.

• No major operational impact anticipated from aircraft delivery delays due to built-in fleet flexibility.