Singapore Telecommunications (Z74) Q4 2025 earnings summary

Executive summary

• Operating revenue for FY25 was S$14.1B, nearly flat year-over-year; Optus EBIT up 55%, NCS up 39%, and cost savings of S$250M.

• Net profit after tax surged to S$4.03B, driven by exceptional gains and improved associate contributions.

• Underlying NPAT rose 9% (11% in constant currency); EBIT (excluding associates) increased 20%.

• Asset recycling generated S$1.9B in proceeds, supporting higher returns and a total dividend of 17 cents per share, up 13%.

• Total annual dividends at S$2.77B, with a final dividend of 10.0 cents per share (S$1.65B) proposed.

Financial highlights

• EBITDA reached S$3.8B, up 5% year-over-year; EBIT (ex-assoc) was S$1.4B, up 20%.

• Net profit was S$4.0B, including a S$1.3B gain from Comcentre divestment; exceptional items contributed a net gain of S$984.9M.

• Earnings per share (basic) increased to 24.34 cents from 4.82 cents year-over-year.

• Cash and cash equivalents at year-end were S$2.8B.

• Regional associates' PAT was S$1.8B, up 4% (7% in constant currency).

Outlook and guidance

• FY26 EBIT growth rate (ex-assoc) guided to high single digits; annual cost savings of S$0.2B targeted.

• Proposed share buyback programme of up to S$2.0B over three years, funded by asset recycling proceeds.

• Capex guidance at S$2.5B, with growth capex focused on Nxera DC and AI investments, fully funded by external partners.

• Regional associates' dividend expected at S$1.0B.

• Focus areas include scaling enterprise, strengthening mobile and FBB, cost optimisation, and expanding Nxera's DC capacity.