Singapore Airlines (C6L) H2 2025 earnings summary

Executive summary

• Record net profit of $2.8 billion for FY2024/25, up 3.9% year-over-year, driven by a $1.1 billion non-cash gain from the Air India-Vistara merger.

• Total revenue reached a record $19.54 billion, up 2.8% year-over-year, supported by resilient passenger and cargo demand.

• Operating profit declined 37.3% year-over-year to $1.71 billion due to higher costs, especially staff and fuel, and lower yields from intensified competition.

• Passenger numbers hit a record 39.4 million, up 8.1% year-over-year, with overall capacity up 8.9%.

• Proposed total dividend of 40 cents per share for the year, amounting to $1.2 billion, subject to shareholder approval.

Financial highlights

• Group revenue increased by $527 million (+2.8%) year-over-year to $19.54 billion.

• Total expenditure rose 9.5% year-over-year to $17.83 billion, mainly from capacity growth and cost escalation.

• Net profit rose 3.9% to $2.78 billion, with the Air India-Vistara merger contributing a $1.1 billion gain.

• EBITDA for the year was $5.74 billion, with an EBITDA margin of 29.4%.

• Basic and adjusted EPS at 89.3 cents; diluted EPS at 85.3 cents.

Outlook and guidance

• Operating fleet expected to expand by 13 aircraft to 218 by March 2026, with 22 new deliveries and nine retirements.

• Annual capital expenditure to remain around $4 billion, with 78 aircraft still to be delivered over five years.

• No significant impact from tariffs seen in current bookings; demand remains robust, but outlook is uncertain due to global policy changes and supply chain constraints.

• Focus on digital transformation, sustainability (net zero by 2050), and expanding partnerships.

• No forward guidance on yields or long-term growth rates provided.