Asian Pay Television Trust (S7OU) H1 2026 earnings summary

Executive summary

• H1 revenue was S$115.7m, down 3.7% reported and 0.9% in constant NT$; EBITDA fell 6.4% to S$63.0m as Basic cable TV declines outweighed some broadband growth.

• H1 net profit was S$18.2m versus a S$7.3m loss in H1 2025; the total subscriber base reached ~1.397m, and H1 net debt repayments were S$17m.

• Full-year distribution guidance was reaffirmed at 0.80 cpu, with an interim distribution of 0.40 cpu declared.

Financial highlights

• Q2 revenue was S$58.9m, down 3.2% reported and up 0.8% in constant NT$; Q2 EBITDA was S$31.4m, down 7.6% reported and 3.6% in constant NT$.

• H1 EBITDA margin was 54.5% versus 56.0% in H1 2025; Q2 margin was 53.4% versus 55.9%.

• H1 operating profit rose to S$46.7m from S$28.0m; net profit was S$18.2m versus a S$7.3m loss, including a S$4.1m FX gain versus a S$14.4m loss in H1 2025.

• H1 capital expenditure rose 52.4% to S$19.3m, or 16.7% of revenue; operating cash flow was S$63.4m.

• H1 interest and finance costs increased 11.1% to S$19.4m; total assets were S$1,991.7m at 30 June 2026.

Outlook and guidance

• Total subscriber base is expected to continue growing in 2026, although Basic cable TV growth is not expected in Taiwan’s saturated market; ARPUs and EBITDA are expected to remain under pressure.

• 2026 operating expenses are expected to be in line with 2025.

• Full-year 2026 distribution guidance remains 0.80 cpu in two 0.40 cpu instalments, subject to no material changes in planning assumptions.

• Fibre investment will support broadband growth, higher speeds, network capacity and data-backhaul readiness; spending is focused on critical needs.

• Net interest cost is expected to rise, with guidance indicating no material effect on overall cash flows.