Singapore Airlines (C6L) H1 2026 earnings summary

Executive summary

• Achieved record first-half group revenue of $9,675.2M (SGD 9.67B), up 1.9% year-over-year, driven by strong passenger demand and higher traffic, though yields declined 2.9% amid increased competition.

• Operating profit rose 0.9% to $803M, but net profit dropped 67.9% to $238.5M, mainly due to a swing from net interest income to expense and significant losses from associated companies, notably Air India.

• Passenger numbers rose 8.0% year-over-year, with load factor improving to 87.7%.

• Board declared an interim dividend of 5 cents per share and an interim special dividend of 3 cents per share, with a multi-year special dividend plan totaling 10 cents per share annually for three years.

Financial highlights

• Group revenue for H1 was $9,675.2M (+1.9% YoY); passenger flown revenue $7,786.3M (+1.5% YoY); cargo revenue $1,071.1M (–2.8% YoY).

• Total expenditure increased 2.0% to $8,872M, with non-fuel costs up 5.9% and net fuel costs down 6.7%.

• EBITDA for H1 was $1,855.2M (margin 19.2%), down from $2,288M (24.1%) a year ago.

• Earnings per share were 7.9 cents, down from 22.9 cents a year earlier.

• Cash and bank balances stood at $6.4B, with a debt-equity ratio improved to 0.70 from 0.82.

Outlook and guidance

• Air travel demand remains resilient into Q3 FY2025/26, especially for the year-end peak, but cargo outlook is uncertain due to shifting trade policies and market dynamics.

• Plans to pay special dividends of 10 cents per share annually for three years, totaling about $0.9B.

• Expects to end FY25/26 with 218 aircraft in the operating fleet.

• The Group will continue investing in service excellence, product leadership, and network connectivity.

• Industry faces ongoing risks from geopolitical tensions, macroeconomic headwinds, inflation, and supply chain constraints.