SATS (S58) H2 2025 earnings summary

Executive summary

• FY25 net profit rose 332.3% to S$243.8M; revenue grew 13.0% to S$5.82B and EBITDA increased 32.7% to S$1.04B, with a 17.8% margin.

• Free cash flow turned positive at S$228.3M, versus negative S$48.2M in FY24.

• S$103M in EBITDA integration synergies exceeded the five-year target within two years.

• Proposed total FY25 dividend of S$0.05 per share, including a final dividend of S$0.035 per share.

Financial highlights

• FY25 EBIT rose 94.8% to S$475.7M; EBIT margin improved to 8.2% from 4.7%.

• Q4 FY25 revenue grew 10.4% to S$1.48B and EBITDA rose 16.8% to S$257.5M; net profit was S$38.7M, up 18.3% YoY.

• Operating cash flow rose 74% to S$891.1M; cash balance was S$694M.

• Basic EPS increased to 16.4 cents from 3.8 cents.

Outlook and guidance

• Expected continued momentum, supported by air cargo and food solutions leadership and diversified capabilities.

• Focus remains on cost discipline, operational agility, market-share gains and new growth opportunities amid tariff uncertainty and shifting trade flows.

• Priorities include debt reduction, business reinvestment and enhanced shareholder returns; ROE is targeted to trend toward 15% from 9.8% in FY25.