SATS (S58) Q4 2026 earnings summary

Executive summary

• Full-year revenue reached S$6.35B, up 9.0% year-over-year, marking a record high driven by growth in both cargo and food segments.

• 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.

• Cargo volumes outperformed IATA benchmarks for the 10th consecutive quarter, with APAC and EMEAA regions showing strong growth.

• Proposed final dividend of 5.0 cents per share, up 43% from the prior year, with total dividends per share at 7.0 cents (+40%).

Financial highlights

• 4Q revenue rose 9.8% year-over-year to S$1.62B, with EBITDA up 3.9% to S$267.5M and EBIT up 1.0% to S$109.4M.

• EBITDA margin for FY26 improved to 18.1% (+0.3ppt), and EBIT margin to 8.6% (+0.4ppt).

• Free cash flow for FY26 was S$199.5M, up 28.5% year-over-year, with operating cash flow after lease at S$560.5M.

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

Outlook and guidance

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

• Ground handling growth driven by new contract wins and network expansion, including the Aviapartner acquisition.

• Aviation demand stable, with Middle East disruptions offset by added capacity in alternative corridors; non-aviation food demand remains robust.

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