Asian Pay Television Trust (S7OU) H1 2025 earnings summary

Executive summary

• H1 revenue was S$120.2m, down 4.5% reported and 3.0% in constant NT$; EBITDA was S$67.3m, down 9.3% reported and 7.8% in constant NT$.

• H1 net loss was S$7.3m, mainly reflecting non-cash FX losses and a one-time write-off of unamortised arrangement fees after refinancing; these charges did not affect operations, cash flows or distribution guidance.

• Added ~10,000 net subscribers in Q2, bringing the total base to ~1.364m; Broadband remained the main growth driver.

Financial highlights

• H1 operating expenses were S$52.9m, up 2.4% YoY, partly reflecting 2024 one-off cost reversals; H1 operating profit was S$28.0m.

• H1 operating cash inflow was S$62.5m; cash and cash equivalents were S$47.3m at 30 June 2025, versus S$85.4m at year-end 2024.

• H1 capital expenditure was S$12.6m, down 32.3% YoY; interest and other finance costs paid were S$17.6m.

Outlook and guidance

• Total subscriber base is expected to grow in 2025, while Basic cable TV faces a saturated market and ARPUs remain under pressure.

• FY2025 EBITDA is expected to remain under pressure, with H2 EBITDA expected to exceed H1; operating expenses are expected to be slightly above 2024.

• FY2025 distribution guidance remains 1.05 cents per unit, subject to no material changes in planning assumptions; H1 distribution was 0.525 cents per unit.

• Capex guidance is 10%–15% of revenue, focused on Broadband and fibre investment; higher TAIBOR rates are expected to add S$2m–S$3m to annual net interest costs.