Singapore Telecommunications (Z74) H1 2026 earnings summary

Executive summary

• Underlying net profit after tax (NPAT) rose 14% year-over-year, or 22% excluding last year's Intouch contribution, driven by stronger operational company (OpCo) EBIT and higher regional associates' profit after tax (PAT).

• Net profit after tax surged to S$3,409.5 million for the half year ended 30 September 2025, up from S$1,238.4 million year-over-year, driven by significant exceptional gains.

• OpCo EBIT increased 13% year-over-year, led by broad-based growth in NCS and Optus mobile segments.

• Regional associates' PAT grew 12%, with robust performance in India and Thailand, and a 21% increase excluding Intouch.

• Interim dividend of 8.2 cents per share declared, totaling S$1.35 billion, with a 17% increase and a core and value realisation component.

Financial highlights

• Operating revenue reached S$6.91B, up 1% year-over-year, though another report notes a slight decrease from S$6,991.9 million.

• EBITDA was S$1.98B, up 2% year-over-year.

• Net profit surged to S$3.40B, up 176% year-over-year, with exceptional items contributing S$2,185.2 million in gains.

• Earnings per share (basic) rose to 20.62 cents from 7.46 cents year-over-year.

• Net cash from operating activities was S$2,724.1 million, up from S$2,138.1 million year-over-year.

Outlook and guidance

• OpCo EBIT growth expected in the high single digits to low double digits for FY26.

• Annual cost savings targeted for Singtel SG and Optus.

• Regional associates' dividend expected at S$1.0B, with value realisation dividend of 3-6 cents per share.

• Gulf Development expected to declare and pay dividends in April 2026.

• No significant seasonality in operations expected.