Singapore Telecommunications (Z74) H1 2026 earnings summary

Executive summary

• H1 FY26 underlying NPAT rose 13.7% to S$1.35b; growth was 21.7% excluding currency effects and Intouch, driven by OpCo EBIT and associates’ earnings.

• Net profit reached S$3,409.5m, including S$2.05b in post-tax exceptional gains, mainly from the partial Airtel stake sale and Intouch-Gulf merger.

• OpCo EBIT increased 12.5% to S$830m, while regional associates’ PAT rose 12% to S$915m.

• Interim dividend was 8.2 cents per share, up 17%, comprising a 6.4-cent core dividend and 1.8-cent value realisation dividend.

Financial highlights

• Operating revenue was S$6,910.0m, down 1.2% reported but up 1.9% in constant currency; EBITDA increased 1.8% reported and 4.9% in constant currency.

• Basic EPS rose to 20.62 cents from 7.46 cents year-over-year.

• Exceptional items contributed S$2,185.2m in pre-tax gains, including S$1,665.0m from a partial joint-venture disposal and S$745.6m from the Intouch-Gulf Energy merger.

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

• Net assets increased to S$27,244.2m from S$25,956.4m at 31 March 2025.

Outlook and guidance

• FY26 OpCo EBIT growth guidance is high single digits to low double digits, reflecting H1 growth and uncertainty in Australia.

• Regional associates’ dividends are expected to reach S$1.1b; annual cost savings of ~S$200m are targeted across Singapore operations and Optus.

• FY26 capex is expected at ~S$2.5b: ~S$1.7b core capex and S$0.8b for data centres, AI, digitalisation and satellites; S$0.6b of the latter is externally funded or covered by customer receipts.

• The 8.2-cent interim dividend is payable on 9 December 2025; no scrip dividend scheme applies.