Singapore Airlines (C6L) H2 2025 earnings summary

Executive summary

• Record revenue of SGD 19.54 billion for FY2024-2025, up 2.8% year-over-year, driven by strong passenger and cargo demand.

• Net profit reached a record SGD 2.8 billion, up 3.9% year-over-year, boosted by a one-off non-cash accounting gain of SGD 1.1 billion from the Air India-Vistara merger.

• Operating profit declined 37.3% year-over-year to SGD 1.7 billion due to higher costs, especially staff and fuel.

• Passenger numbers hit a record 39.4 million, up 8.1% year-over-year, with overall capacity up 8.9%.

• Proposed total dividend for FY2024-2025 at SGD 0.40 per share, totaling SGD 1.2 billion, subject to shareholder approval.

Financial highlights

• Total expenditure rose 9.5% year-over-year to SGD 17.83 billion, mainly from capacity growth and cost escalation.

• Second half revenue grew 2% year-over-year to SGD 10 billion, the highest half-yearly revenue.

• Net fuel cost increased 6.1% to SGD 5.39 billion, driven by higher uplift volume and lower hedging gains.

• Full-year operating margin was 8.7%.

• 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 FY2025-2026.

• Annual CapEx to remain around SGD 4 billion, with projected CapEx rising to SGD 4.6 billion in FY2026-2027 and 78 aircraft still to be delivered over five years.

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

• No significant impact from tariffs seen in current bookings; demand remains robust, but outlook is uncertain due to global policy changes.

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