Singapore Airlines (C6L) H2 2026 earnings summary

Executive summary

• Achieved record revenue of $20,522M (+5.0% YoY) and record 2H operating profit, driven by strong travel demand and higher passenger yields.

• Operating profit rose 39.0% YoY to $2,375M, but net profit declined 57.4% YoY to $1,184M due to absence of prior year one-off gain and Air India losses.

• Maintains one of the strongest balance sheets in the airline industry, with a debt-to-equity ratio of 0.62 and equity of $17,262M.

• Proposed total dividend of 37 cents per share for FY25/26, including special dividends.

Financial highlights

• Passenger flown revenue grew 5.2% YoY to $16,666M; cargo revenue declined 2.0% YoY to $2,167M.

• Total expenditure increased 1.8% YoY to $18,148M, with net fuel cost down 6.7% YoY to $5,025M.

• EBITDA was $4,493M (EBITDA margin 21.9%), down from $5,741M (29.4%) last year due to the one-off gain in FY24/25.

• Earnings per share (basic) was 38.4 cents, down from 89.3 cents YoY.

Outlook and guidance

• Operating fleet expected to expand to 224 aircraft by end FY26/27, with significant capital expenditure planned ($3.8B in FY26/27, peaking at $4.5B in FY27/28).

• Fuel hedging program in place, with 28-35% of fuel needs hedged for FY26/27 at average prices of $65-68/bbl.

• Focus on network expansion, digital transformation, and sustainability, including SAF adoption and net zero carbon target by 2050.