SBS Transit (S61) AGM 2026 presentation summary

FY2025 financial results

• Revenue $1,517.4m, down $42.3m or 2.7% YoY; operating costs $1,449.2m, down $37.4m or 2.5%.

• Operating profit $68.1m, down $5.1m or 6.9%; PBT $74.0m, down $9.5m or 11.4% YoY.

• PAT $61.2m, down $9.1m or 13.0%; EBITDA $150.6m, down $9.7m or 6.0% YoY.

• Revenue decline reflected expiry of the Jurong West bus package and lower bus mileage, partly offset by higher rail average fares and ridership.

• Lower fuel and electricity costs and diesel consumption partly offset higher rail licence charges; reduced mileage was associated with the expired bus package.

Balance sheet

• Total assets $1,093.02m at 31 Dec 2025, down $67.65m or 5.8% from 31 Dec 2024, mainly due to depreciation and lower inventories and trade and other receivables.

• Total liabilities $410.42m, down $30.77m or 7.0%; equity $682.60m, down $36.88m or 5.1%, mainly due to dividends paid, partly offset by operating profits.

• Short-term deposits and bank balances were $384.32m, versus $384.99m at 31 Dec 2024.

Dividends and shareholder returns

• FY2025 EPS 19.59 cents, down 13.0% YoY; total dividends 49.60 cents per share, up 72.9% from 28.68 cents.

• FY2025 payout comprised 8.95 cents interim, 8.66 cents final and 31.99 cents special dividend; the one-off special dividend returned excess cash to shareholders.

• FY2025 dividend payout ratio was 253%; excluding the special dividend, the proposed payout ratio was 90%. Dividend yield was 15.5%, based on a $3.20 share price at 31 Dec 2025.