Singapore Airlines (C6L) H1 2025 earnings summary

Executive summary

• Revenue rose 3.7% year-over-year to $9,497 million, but operating profit fell 48.8% to $796 million and net profit dropped 48.5% to $742 million due to higher costs and lower yields.

• Interim dividend maintained at 10 cents per share, payable on 11 December 2024.

• Passenger numbers rose 10.8% to 19.2 million, but load factor dropped 2.4 points to 86.4% as capacity growth outpaced traffic.

• Strategic initiatives included the Air India-Vistara merger, a S$1.1 billion A350-900 retrofit programme, and expanded partnerships.

Financial highlights

• Total expenditure increased 14.4% year-over-year to $8,702 million, with net fuel cost up 19.6% and non-fuel costs up 12.1%.

• Passenger flown revenue reached $7,668 million (+1.6% YoY), cargo revenue $1,102 million (+3.9% YoY), with cargo load factor up 4.7 points to 57.4% but yields down 13.4%.

• EBITDA for the first half was $2,288.4 million, with an EBITDA margin of 24.1%.

• Earnings per share (basic) was 22.9 cents, down from 31.2 cents a year ago.

• Cash and bank balances fell to $9.0 billion, mainly due to MCB redemption and dividend payments.

Outlook and guidance

• Air travel demand is expected to remain robust, but competition, yield pressures, and inflationary costs will persist.

• The Group will adjust network and capacity to match evolving demand and maintain cost discipline amid geopolitical and macroeconomic uncertainties.

• Air freight demand is projected to stay healthy during the year-end peak.

• Ongoing supply chain challenges and aircraft delivery delays are being managed proactively.