Singapore Airlines (C6L) H2 2025 earnings summary

Executive summary

• Record net profit of SGD 2.8 billion (USD 2,778.0M), up 3.9% year-over-year, driven by a one-off non-cash gain of SGD 1.1 billion (USD 1,097.9M) from the Air India-Vistara merger.

• Operating profit declined 37.3% year-over-year to SGD 1.7 billion (USD 1,709.1M) due to higher costs, despite record revenue.

• Record revenue of SGD 19.5 billion (USD 19,539.8M), up 2.8% year-over-year, driven by strong passenger and cargo demand.

• Group expenses rose to SGD 17.8 billion (USD 17,830.7M), mainly from capacity growth and cost escalation.

• Proposed total dividend of SGD 0.40 per share for the year, subject to shareholder approval.

Financial highlights

• Net profit: SGD 2.8 billion (USD 2,778.0M), up year-over-year, mainly due to the Air India-Vistara merger gain.

• Operating profit: SGD 1.7 billion (USD 1,709.1M), down 37.3% year-over-year.

• Group expenses: SGD 17.8 billion (USD 17,830.7M), up 9.5% year-over-year.

• Net fuel cost increased 6.1% to USD 5,385.5M, driven by higher uplift volume and lower hedging gains.

• Basic and adjusted EPS at 89.3 cents; diluted EPS at 85.3 cents.

Outlook and guidance

• Operating fleet expected to expand by 13 aircraft to 218 by March 2026, with 22 new deliveries and nine retirements in 2025-2026.

• Annual CapEx to remain around SGD 4 billion (USD 4.0B) in FY25/26, rising to USD 4.6B in FY26/27.

• Focus on digital transformation, sustainability (net zero by 2050), and expanding partnerships.

• No forward guidance on yields or long-term growth rates provided.

• Demand remains robust but outlook is uncertain due to global policy changes.