Asian Pay Television Trust (S7OU) Q1 2026 TU earnings summary

Executive summary

• Added ~7,000 net subscribers in Q1, bringing the total base to ~1.391m; Broadband added ~8,000 subscribers and reached 419,000.

• Revenue was S$56.839m and EBITDA S$31.566m, while net profit rose 19.6% to S$8.727m; FY2026 distribution guidance was reaffirmed at 0.80 cents per unit, payable half-yearly.

Financial highlights

• Revenue fell 4.2% YoY to S$56.839m; the constant-currency decline was 2.6%.

• EBITDA decreased 5.2% to S$31.566m; margin was 55.5%, versus 56.1% in Q1 2025.

• Operating profit rose 4.7% to S$24.252m; profit after income tax increased 19.6% to S$8.727m, and EPS was 0.46 cents versus 0.40 cents.

• Operating cash inflow was S$27.834m; cash and cash equivalents ended the quarter at S$39.259m, down from S$46.592m at year-end 2025.

• Total assets were S$1,964.5m at 31 Mar 2026, down from S$2,012.1m at 31 Dec 2025.

Outlook and guidance

• Total subscribers are expected to grow in 2026 despite Basic cable churn; ARPUs and EBITDA are expected to remain under pressure, with revenue dependent on maintaining ARPUs.

• Operating expenses are expected to be in line with 2025; net interest cost is expected to rise, with no material impact on overall cash flows anticipated.

• FY2026 distribution guidance remains 0.80 cents per unit in two 0.40-cent instalments; the first-half distribution is scheduled for September 2026, subject to planning assumptions.

• Planned debt repayments for 2026–2027 are S$43m–S$63m, with excess operating cash potentially used for discretionary repayments; plans are subject to assumptions.

• 2026 capex is guided at 10%–15% of revenue, focused on Broadband growth and fibre investment.