Slides
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Q1 FY25/26 Results (Ended 30 June 2025) 29 July 2025 SIA Group Business Update
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. PRESENTATION BY: Chief Financial Officer Ms. Tan JoAnn
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 3 Group Financial Results Key Highlights Operating profit of $404.5 million for Q1 FY25/26, 14.0% lower than a year ago Singapore Airlines and Scoot achieved record passenger numbers amid robust demand for air travel Passenger yields declined due to industry-wide capacity growth, while rising non-fuel costs from inflationary pressures offset lower fuel prices Net profit of $186.1 million was 58.8% lower than a year ago • Largely due to lower interest income and share of losses of associates The SIA Group remains well-positioned to navigate challenges through strong foundations, strategic initiatives, and disciplined cost management Revenue 4,790.4 million +1.5% YoY Pax Flown Revenue 3,862.0 million +0.9% YoY Cargo Revenue 530.5 million -1.9% YoY Expenditure 4,385.9 million +3.2% YoY Net Fuel Costs 1,262.0 million -7.9% YoY Non-Fuel Costs 3,123.9 million +8.5% YoY
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 4 Operating Results for the Main Companies of the Group Q1 FY25/26 ($’M) Q1 FY24/25 ($’M) Better/ (Worse) ($’M) Better/ (Worse) (%) Full-service carrier 424.2 468.4 (44.2) (9.4) Low-cost carrier (16.5) 2.6 (19.1) n.m. SIAEC Group 5.1 1.0 4.1 n.m.
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 5 Group Operating Statistics ASK Q1 FY25/26 (YoY) +3.3% CTK Q1 FY25/26 (YoY) +4.2% Overall CTK Q1 FY25/26 (YoY) +3.7% Overall capacity rose by 3.7% with pax capacity up 3.3% and cargo capacity up 4.2% Q1 Q2 Q3 Q4 Q1 FY24/25 FY25/26 Pax Capacity - ASK (million) Q1 Q2 Q3 Q4 Q1 FY24/25 FY25/26 Cargo Capacity - CTK (million) Q1 Q2 Q3 Q4 Q1 FY24/25 FY25/26 Overall Capacity – CTK (million)
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 6 Group Financial Results Q1 FY25/26 ($’M) Q1 FY24/25 ($’M) Better/ (Worse) ($’M) Better/ (Worse) (%) Total Revenue 4,790.4 4,718.4 72.0 1.5 Total Expenditure 4,385.9 4,248.2 (137.7) (3.2) -- Net Fuel Cost 1,262.0 1,370.3 108.3 7.9 Fuel Cost (before hedging) 1,201.6 1,419.1 217.5 15.3 Fuel Hedging Loss / (Gain) 60.4 (48.8) (109.2) n.m. -- Non-fuel Expenditure 3,123.9 2,877.9 (246.0) (8.5) Operating Profit 404.5 470.2 (65.7) (14.0) Net Profit 186.1 451.7 (265.6) (58.8)
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 7 3,828.0 3,839.9 4,235.0 3,945.6 3,862.0 540.5 561.6 613.7 496.4 530.5 Q1 Q2 Q3 Q4 Q1 FY24/25 FY25/26 Group Revenue ($'M) Passenger Flown Revenue Cargo Revenue Others Group Revenue Higher pax flown revenue driven by capacity growth and robust load factors Q1 FY25/26 $4,790.4M YoY $72.0M (1.5%) 5,218.6 4,718.4 4,779.0 4,823.8 Record Quarterly Revenue 4,790.4
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 8 86.9 86.4 87.6 8.9 8.9 8.7 0 2 4 6 8 10 70 80 90 100 Q1 Q2 Q3 Q4 Q1 FY24/25 FY25/26 Group Passenger Load Factor (%) Group RASK (¢/ask) Group Operating Statistics - Passenger PLF (%) RASK (₵/ask) FY19/20 Group RASK (7.5¢/ask) FY19/20 Group PLF (82.4%) Q1 FY25/26 RASK: 8.7¢/ask PLF: 87.6%
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 9 89.0 89.0 91.5 5.7 6.2 5.6 0 2 4 6 70 75 80 85 90 95 100 Q1 Q2 Q3 Q4 Q1 FY24/25 FY25/26 PLF (%) RASK (¢/ask) 86.4 85.7 86.6 9.8 9.7 9.6 0 2 4 6 8 10 12 70 75 80 85 90 95 100 Q1 Q2 Q3 Q4 Q1 FY24/25 FY25/26 PLF (%) RASK (¢/ask) SIA and Scoot Operating Statistics - Passenger FSC: SIA Operating Statistics LCC: Scoot Operating Statistics PLF (%) RASK (₵/ask) PLF (%) RASK (₵/ask) FY19/20 SIA RASK (8.2¢/ask) FY19/20 Scoot RASK (4.8¢/ask) Q1 FY25/26 RASK: 9.6¢/ask PLF: 86.6% Q1 FY25/26 RASK: 5.6¢/ask PLF: 91.5% Load factors remain robust; the YoY declines in RASK for Q1 FY25/26 is lower for both FSC and LCC vs last year
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 10 57.7 53.3 56.9 36.1 35.0 34.5 0 10 20 30 40 20 40 60 80 100 Q1 Q2 Q3 Q4 Q1 FY24/25 FY25/26 Cargo Load Factor (%) Cargo Yield (¢/ltk) CLF (%) Cargo Yield (₵/ltk) Group Operating Statistics - Cargo Q1 FY25/26 Yield: 34.5¢/ltk CLF: 56.9% Demand was supported by front-loading activity in anticipation of growing uncertainty in the global trade environment FY19/20 Yield (30.5¢/ltk) FY19/20 CLF (59.3%)
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 11 1,370.3 1,359.6 1,312.4 1,343.2 1,262.0 2,877.9 3,094.0 3,277.3 3,196.0 3,123.9 Q1 Q2 Q3 Q4 Q1 FY24/25 FY25/26 Group Expenditure ($'M) Net Fuel Cost Non-Fuel Expenditure Total expenditure rose 3.2%, driven by inflationary pressures and the 3.7% growth in overall capacity, partially mitigated by lower net fuel cost 4,248.2 4,453.6 4,589.7 4,539.2 Group Expenditure 4,385.9 Q1 FY25/26 $4,385.9M YoY $137.7M (3.2%)
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 12 +70.3 -252.3 +109.2 -35.5 1,370.3 1,262.0 Q1 FY24/25 Volume Price Hedging Exchange rate Q1 FY25/26 Group Fuel Cost Analysis ($'M) Net Fuel Cost and Fuel Hedging USD/BBL Q1 FY25/26 Q1 FY24/25 Fuel price (before hedging) 89.37 107.59 Fuel price (after hedging) 93.86 103.90 Net fuel cost down 7.9% on lower fuel prices, partially offset by higher volume uplift and hedging loss -$108.3M (-7.9%)Higher volume uplift Lower weighted average fuel price Hedging loss vs gain last year Weakening of USD against SGD
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 13 Group Operating Profit 470.2 325.4 628.9 284.6 404.5 Q1 Q2 Q3 Q4 Q1 FY24/25 FY25/26 Group Operating Profit ($'M) Q1 FY25/26 $404.5M YoY $65.7M (14.0%)
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 14 +108.3 470.2 +34.0 -10.0 -198.0 404.5 Q1 FY24/25 Pax flown revenue Cargo revenue Net fuel cost Others Q1 FY25/26 Group Operating Profit ($'M) Group Operating Profit (YoY progression) -$65.7M (-14.0%) Higher pax flown revenue Lower cargo revenue Lower net fuel cost Includes: • Higher depreciation & leased aircraft charges, foreign exchange loss against gain last year, higher handling charges and others
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 15 451.7 290.3 528.1 410.0 186.1 1,097.9 Q1 Q2 Q3 Q4 Q1 FY24/25 FY25/26 Group Net Profit ($'M) Group Net Profit One-off non-cash accounting gain on disposal of Vistara ($1,097.9M) 528.1 Net profit decline primarily attributable to the share of losses of associated companies, notably from Air India 1,626.0 Q1 FY25/26 $186.1M YoY $265.6M (58.8%)
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 16 451.7 -65.7 -52.9 -121.6 -16.0 -9.4 186.1 Q1 FY24/25 Operating performance Net interest expense Share of losses of associated companies Taxation Others Q1 FY25/26 Group Net Profit ($'M) Group Net Profit (YoY progression) -$265.6M (-58.8%) Lower operating profit Higher tax expense Net interest expense vs net interest income last year Share of losses of associated companies vs profits last year Others Net profit decline primarily attributable to the share of losses of associated companies, notably from Air India
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 17 Group Financial Position As at 30 June 2025 As at 31 March 2025 Total assets ($’M) 42,056.3 43,086.8 Total debt ($’M) 11,496.7 12,914.3 Total cash and bank balances ($’M) 7,752.3 8,257.1 Fixed deposits (placed for tenors longer than 12 months) ($’M) 2,010.0 1,781.1 Total liabilities ($’M) 25,864.3 27,016.8 Equity attributable to Owners of the Company ($’M) 15,777.3 15,656.2 Debt : Equity ratio (times) R1 0.73 0.82 Net Asset Value Per Share ($) R2 5.23 5.27 Adjusted Net Asset Value Per Share ($) R3 5.02 4.98 R1 Debt : Equity ratio is total debt divided by equity attributable to owners of the Company. R2 Net Asset Value Per Share is computed by dividing equity attributable to owners of the Company by the number of ordinary shares in issue less treasury shares. R3 Adjusted Net Asset Value Per Share is computed by dividing equity attributable to owners of the Company by the number of ordinary shares in issue less treasury shares, assuming the conversion of convertible bonds.
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 18 Group Financial Results Q1 FY25/26 Q1 FY24/25 Earnings Per Share (cents) - Basic R4 - Adjusted Basic R5 - Diluted R6 6.3 6.3 6.1 12.8 15.2 12.4 EBITDA ($’M) R7 1,015.1 1,218.9 EBITDA margin (%) R8 21.2 25.8 R4 Earnings per share (basic) is computed by dividing profit attributable to owners of the Company by the weighted average number of ordinary shares in issue less treasury shares, assuming the conversion of all mandatory convertible bonds in accordance with IAS 33 Earnings Per Share. R5 Earnings per share (adjusted basic) is computed by dividing profit attributable to owners of the Company by the weighted average number of ordinary shares in issue less treasury shares, assuming the redemption of all mandatory convertible bonds. R6 Earnings per share (diluted) is computed by dividing profit attributable to owners of the Company (adjusted for interest on convertible bonds, net of tax) by the weighted average number of ordinary shares in issue less treasury shares, adjusted for the dilutive effect of convertible bonds and the vesting of all outstanding share-based incentive awards granted, in accordance with IAS 33. R7 EBITDA denotes earnings before interest, taxes, depreciation, and amortisation. R8 EBITDA margin is computed by dividing EBITDA by the total revenue.
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Thank You