Singapore Telecommunications (Z74) H2 2026 earnings summary

Executive summary

• Achieved strong EBIT growth and underlying NPAT up 21% year-over-year on a constant currency basis, with operating revenue for FY26 at S$14,260.6 million, up 0.8% year-over-year.

• Net profit after tax surged 39.5% to S$5,617.3 million, driven by exceptional gains from divestments and asset sales totaling S$3,079.4 million.

• Record FY ordinary dividend of 18.5 cents per share, up 9%, with a final dividend of 10.3 cents per share proposed, totaling S$1.70 billion.

• ROIC target met at 11.1% for FY26, up from 9.1% in FY24.

• Ceased Intouch contributions after its merger with Gulf Energy in April 2025.

Financial highlights

• Operating revenue stable at S$14.3B, up 2% year-over-year; EBITDA at S$3.8B, up 2%; underlying net profit at S$2.8B, up 21% year-over-year.

• Net profit after tax increased to S$5,617.3 million from S$4,028.4 million year-over-year.

• Earnings per share (basic) rose to 33.98 cents from 24.34 cents year-over-year.

• Operating cash flow for FY26 was S$4,920.3 million, up from S$4,609.2 million in FY25.

• Regional associates' PAT at S$2.0B, up 25% excluding Intouch's prior contribution.

Outlook and guidance

• FY27 OpCo EBIT growth expected between low and mid-single digits.

• Regional associates' dividend guidance at S$1.1B, with an additional S$0.7B in special dividends.

• FY27 capex projected at S$3.0B (core: S$1.8B, growth: S$1.2B).

• Continued investment in digital infrastructure and regional expansion, with significant capital commitments for data centers and digital banking.

• Final dividend of 10.3 cents per share proposed, with the scrip dividend scheme not applied.