SATS (S58) Q4 2026 earnings summary

Executive summary

• Achieved record full-year revenue of S$6.35B, up 9.0% year-over-year, with growth across all business segments and strong cargo and food segment performance.

• PATMI (net profit) increased 17.0% to S$285.2M for FY26, with 4Q PATMI up 31.0% year-over-year to S$50.7M and margin improving from 4.2% to 4.5%.

• Cargo segment outperformed IATA benchmarks for over two years, with APAC and EMEAA regions showing strong growth.

• Secured major contract renewals and new wins, including EVA Air (US), Air Europa Cargo (Spain), Azul Air (Brazil), and Allegiant Air (Americas).

• Completed acquisition of Aviapartner in Brussels, expanding cargo terminal capacity and capabilities.

Financial highlights

• 4Q FY26 revenue grew 9.8% year-over-year to S$1.62B; full-year revenue up 9.0% to S$6.35B.

• 4Q FY26 EBITDA rose 3.9% to S$267.5M; full-year EBITDA up 10.6% to S$1.15B, with margin expansion to 18.1%.

• PATMI margin for FY26 increased to 4.5% (+0.3ppt).

• Proposed final dividend of 5.0 cents per share, up 43%, bringing full-year dividend to 7.0 cents per share, a 40% increase.

• Free cash flow for FY26 was S$215.8M, reflecting higher capex for facility expansions.

Outlook and guidance

• Cargo demand remains resilient outside Gulf-linked corridors, with APAC and European carriers posting growth; e-commerce volumes expected to rise.

• Long-term growth drivers remain intact, with a diversified network and continued market share gains.

• Focus remains on operational efficiency, disciplined cost management, and infrastructure investment.

• Elevated input costs and ongoing geopolitical risks may weigh on margins in the near term.

• Entering FY27 with a broader network, strong pipeline, and confidence in long-term value delivery.