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SATS (S58) investor relations material

SATS Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 earnings summary27 Feb, 2026

Executive summary

  • Achieved record cargo volume in Q3 FY26, with strong year-on-year growth across APAC, EMEAA, and all business lines, driven by seasonal peak demand and robust performance.

  • Revenue grew 8.0% year-on-year to S$1.65B, with EBITDA up 12.8% and PATMI up 20.4% to S$84.7M.

  • Secured new multi-year contracts in Paris, Americas, Brazil, Japan, and Europe, expanding cargo, ground handling, and food services.

  • Continued investment in infrastructure and technology, including a 20-year lease at London Heathrow, expansion at Frankfurt, and launch of an AI-driven supply chain control tower.

  • Outperformed IATA's cargo growth for nine consecutive quarters, reinforcing global network strength.

Financial highlights

  • 3Q FY26 revenue: S$1,645.1M (+8.0% YoY); EBITDA: S$297.7M (+12.8% YoY, margin 18.1%); EBIT: S$151.3M (+18.8% YoY, margin 9.2%).

  • PATMI: S$84.7M (+20.4% YoY, margin 5.2%).

  • 9M FY26 revenue: S$4,723.6M (+8.7% YoY); PATMI: S$234.5M (+14.4% YoY).

  • Free cash flow declined year-on-year due to higher capex and lease payments for facility expansions.

  • Operating expenditure (excluding D&A) increased 7.0% in 3Q and 7.8% in 9M FY26, slower than revenue growth.

Outlook and guidance

  • Q4 expected to be seasonally weaker, especially in cargo and food, but full-year cargo outlook remains optimistic with structural demand for high-value and e-commerce shipments.

  • APAC passenger services projected to grow over 7%, while U.S. domestic market remains soft; company aims to outperform IATA's 2.4-2.6% industry forecast.

  • Continued focus on margin improvement, cost synergies, and strengthening the global network toward FY 2029 ambitions.

Impact of capex on free cash flow
Drivers of volume growth above IATA forecast
EMEAA cargo growth vs. flight decline explanation
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Frequently asked questions

SATS Ltd is a provider of food solutions and gateway services, primarily catering to the aviation and hospitality industries in Asia. The company’s services include in-flight catering, food distribution, airport ground handling, cargo handling, and passenger services. SATS supports airlines, airports, and other clients with operations that emphasize efficiency and service quality. In addition to its core aviation focus, SATS has expanded into non-aviation sectors, including central kitchens and food processing for healthcare and hospitality. The company is headquartered in Singapore, and its shares are listed on the Singapore Exchange (SGX).

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