Asian Pay Television Trust (S7OU) H2 2025 earnings summary

Executive summary

• Broadband growth partly offset Basic cable TV declines; FY2025 revenue was S$245.7m, while EBITDA fell 8.7% to S$135.5m.

• FY net profit fell 66.9% to S$15.9m from S$48.0m; H2 distribution was 0.525 cents per unit.

• Added ~11,000 net subscribers in Q4 to reach ~1.384m.

Financial highlights

• FY revenue fell 2.5% reported and 3.4% in constant dollars to S$245.7m; Q4 revenue was S$62.6m, flat reported and down 1.4% in constant dollars.

• FY EBITDA fell 8.7% reported and 9.6% in constant dollars to S$135.5m; margin was 55.2%, down 3.7 percentage points.

• Q4 EBITDA fell 9.7% reported and 11.1% in constant dollars to S$33.3m; margin was 53.2% versus 58.9%.

• FY operating expenses rose 6.4% to S$110.2m; Q4 expenses rose 14.0% to S$29.3m.

• FY net profit was S$15.9m versus S$48.0m; Q4 net profit was S$10.6m versus S$14.8m.

Outlook and guidance

• 2026 subscriber base is expected to grow despite Basic cable TV churn; ARPUs and EBITDA are expected to remain under pressure, with operating expenses in line with 2025.

• FY2026 distribution guidance is 0.80 Singapore cents per unit, in two 0.40-cent instalments, subject to no material changes in planning assumptions.

• S$43m–S$63m of debt repayments are planned over 2026–2027; excess operating cash may fund discretionary repayments.

• Capex target is 10%–15% of revenue, focused on broadband growth; higher net interest costs are not expected to materially affect cash flows.