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StarHub Ltd 3Q2025 Business Performance Update 14 November 2025
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Forward-Looking Statement The following presentation may contain forward-looking statements by StarHub Ltd (“StarHub”) relating to financial trends for future periods. Some of the statements in this presentation which are not historical facts are statements of future expectations with respect to the financial conditions, results of operations and businesses, and related plans and objectives. These forward-looking statements are based on StarHub’s current views, intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside StarHub’s control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks and uncertainties. Because actual results could differ materially from StarHub’s current views, intentions, plans, expectations, assumptions and beliefs about the future, such forward-looking statements are not and should not be construed as a representation, forecast or projection of future performance of StarHub. It should be noted that the actual performance of StarHub may vary significantly from such statements. 2
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3 Consumer Enterprise Cybersecurity Cost Optimisation Strong Capital Structure & Balance Sheet • Continue to compete strongly in market • Building momentum of market-leading actions • Strengthening consumer proposition, incl. expanding offering to meet needs • Enhancing business model • Aggressively scale Modern Digital Infrastructure regionally; future-proof value to clients, high margin growth for StarHub • Healthy YoY orderbook growth • StarHub’s Cyber posture continues to evolve to adapt to the external threat environment • Dialogues with key industry stakeholders ongoing • Cost pillars identified: Legacy Decommissioning, Network Optimisation, Systems Re-architecture and Business Simplification • Execute in a phased and deliberative manner; continuous identification of further cost savings Delivering Long-term Value As A Human Centric Technology Company State of Play & Strategic Roadmap Commitment To Dividend Policy & Total Shareholder Returns M&A To Drive Inorganic Growth Free Cash Flow & Healthy Cash Generation
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Financial Highlights
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Financial Highlights 5 Service Revenue NPAT Attributable to Shareholders EBITDA • Regional Enterprise +1.5% YoY4 in 9M2025, lifted by 3.2% growth in Managed Services; backed by strong order book • Cybersecurity +17.0% Y oY in 9M2025, due to higher project recognition • Broadband +1.4% YoY in 9M2025, due to sustained momentum of migration towards higher bandwidth plans and strength of bundling • Above was offset by lower revenue contributions from Mobile and Entertainment • Lower reported NPAT of $74.1M3 YoY in 9M2025 due to lower EBITDA, higher depreciation & amortisation, a one-off forfeiture payment of S$14.1 million for the return of one 700 MHz spectrum lot in 2Q2025 as well as absence of non-recurring DARE+ related provision of S$6.0 million utilised in 9M2024; partially offset by higher share of profits from JV/associates and lower tax expense • Excluding the net impact of the one-off forfeiture payment and utilisation of DARE+ related provision, NPAT2 would have been $29.4 million or 25.0% lower YoY 1 Includes two months of D’Crypt contributions (approximately $8.4M in revenue) in 1Q2024 prior to completion of divestment in February 2024 2 Excludes one-off forfeiture payment for the return of one lot of 700MHz spectrum right in 2Q2025 3 Includes one-off forfeiture payment for the return of one lot of 700MHz spectrum right in 2Q2025 4 QoQ refers to 3Q2025 vs 2Q2025; YoY refers to 3Q2025 vs 3Q2024 and/or 9M2025 vs 9M2024 3Q2025 $470.3M (-4.7% YoY)1 9M2025 $1,446.5M (+0.4% YoY)1 3Q2025 $105.9M (-7.6% YoY)1 9M2025 $309.2M (-8.6% YoY)1 3Q2025 $26.2M (-35.3% YoY)1 9M2025 $88.2M2 (-25.0% YoY)1 • Lower EBITDA Y oY in 9M2025 mainly due to lower gross profit from segments with revenue declines, partially offset by stable Opex and higher Other Income
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Financial Summary 6 S$’M 3Q2025 3Q2024 3Q25 vs 3Q24 YoY Change (%) 9M2025 9M20241 YoY5 Change (%) Total Revenue 550.3 575.2 (4.3) 1,679.1 1,680.1 (0.1) Service Revenue 470.3 493.7 (4.7) 1,446.5 1,441.3 0.4 Operating Expenses 514.6 522.6 (1.5) (1,564.3) (1,518.2) 3.0 Other Income 6.6 0.2 n.m 13.6 1.2 n.m EBITDA 105.9 114.6 (8.8) 309.2 338.4 (8.6) Service EBITDA2 97.1 108.9 (10.8) 292.3 320.6 (8.8) Service EBITDA Margin (%) 20.6 22.1 -1.5% pts 20.2 22.2 -2.0 pts Net Profit After Tax Attributable to shareholders including non-recurring items3 26.2 40.4 (35.3) 74.1 122.5 (39.6) Net Profit After Tax Attributable to shareholders excluding non-recurring items3 26.2 37.1 (29.5) 88.2 117.6 (25.0) Free Cash Flow4including Spectrum Payment in 2Q2025 123.6 65.5 88.6 (48.2) 167.2 n.m. Free Cash Flow4excluding Spectrum Payment in 2Q2025 123.6 65.5 88.6 139.8 167.2 (16.4) Cash Flow (S$’M) 9M2025 9M2024 YoY Change (%) Free Cash Flow4including Spectrum Payment (48.3) 167.2 n.m. Free Cash Flow4excluding Spectrum Payment 139.7 167.2 (16.4) Net Cash from Operating Activities 280.2 300.5 (6.8) Cash & Cash Equivalents 550.1 558.0 (1.4) Leverage Ratios (x) As At 30 September 2025 As At 31 December 2024 Net Debt to TTM EBITDA including Spectrum Payment 1.88 1.29 Net Debt to TTM EBITDAexcluding Spectrum Payment 1.41 1.29 Interest Coverage Ratio 10.1 10.7 1 Includes two months of D’Crypt contributions (approximately $8.4M in revenue) in 1Q2024 prior to completion of divestment in February 2024 2 Service EBITDA = EBITDA less (Sales of Equipment – Cost of Equipment) 3 Non-recurring items refer to one-off forfeiture payment in 2Q2025 and utilisation of non-recurring DARE+-related provision in 9M2024 4Free Cash Flow refers to net cash from operating activities less purchase of property, plant and equipment and intangible assets in the cash flow statement 5QoQ refers to 3Q2025 vs 2Q2025; YoY refers to 3Q2025 vs 3Q2024 and/or 9M2025 vs 9M2024
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Business Highlights
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Consumer Q3 performance 8 161.5 149.3 186.1 188.8 433.0 402.9 9M2024 9M2025 3Q2025 9M2025 Mobile -10.1% -6.9% Broadband - 4.4% +1.4% Entertainment - 4.3% -7.5% Segment Service Revenues ($’M) MOBILE | STRONG #2 MARKET SHARE BROADBAND | #1 MARKET SHARE $22 (2Q2025: $20; 3Q2024: $23 ) ARPU1 SUBS1 2,187K (2Q2025:2,137K; 3Q2024: 2,251K) $34 (2Q2025: $36; 3Q2024: $35) ARPU SUBS 568K (2Q2025: 573K; 3Q2024: 580K) 1Blended ARPU and Subscribers metrics combining both Postpaid and Prepaid. 2QoQ refers to 3Q2025 vs 2Q2025; YoY refers to 3Q2025 vs 3Q2024 and/or 9M2025 vs 9M2024 3Excludes internal churn for a more accurate measurement. 780.6 741.0 5.1% 52.1 49.9 161.5 149.363.2 60.4 186.1 188.8 143.3 128.9 433.0 402.9 3Q2024 3Q2025 9M2024 9M2025 780.6 741.0 258.7 239.2 • Lower YoY2 revenues in 3Q2025 and 9M2025 mainly due to decline in roaming, IDD, VAS and excess data usage revenues • 3Q2025 ARPU uptick attributable to earlier one-time consolidation of inactive Prepaid subscribers in line with migration to new IT stack ; Subs stood at 2,187K, after the quarter’s net addition of 50K, lifted mainly by SIM-Only. • Average monthly churn rate3 was 1.3% in 3Q2025 (2Q2025: 1.4%; 3Q2024: 1.0%) • Lower 3Q2025 revenue and ARPU YoY, mainly due to a one-time catch-up reallocation from Broadband to Entertainment. • On a pro-forma basis (after reallocating the adjustment to the relevant quarters), Broadband revenue would have been lower YoY (-1.8%) whilst ARPU would have been higher YoY (+2.7%). • Higher YoY revenue in 9M2025 driven by stronger subscription revenue from higher-bandwidth plan take-up, offset by the aforementioned reason above. • Average monthly churn rate remained low at 1.0% in 3Q2025 (2Q2025: 0.9%; 3Q2024: 0.8%)
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Intense competition continues ▪ Mobile: o Price competition remains intense o Value players at c.$10/12 mth, Senior offers at c.$5/6 mth, free month promo offers ▪ Broadband: o Price competition still growing o Value players at c.$30 mth, driving whole market to this point o Content bundles play a role Consumer: Strong actions in competitive market 9 ▪ Launched new value proposition for Consumer ▪ 5G Unlimited+ plans – unlimited data, roaming included, no contracts StarHub Mobile Eight 5G + Broadband ▪ Launched new value propositions ▪ 5G launch to improve customer experience and uplift ARPU ▪ Broadband launch to expand offering MyRepublic Broadband ▪ Launched new structural partnership with Mediacorp ▪ Enables combined offering, increasing reach for content and advertising, plus platform StarHub Entertainment ▪ Completed acquisition and integration underway ▪ Executing ‘best-of-both’ approach – brand positioning and scale benefits Note: Not comprehensive, illustrative to demonstrate StarHub’s positive actions to win amidst intense competition in market Taking strong actions to build market leadership
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Enterprise Segments 30.2 29.8 92.1 93.237.9 36.5 112.7 110.6 89.9 79.3 230.5 237.9 3Q2024 3Q2025 9M2024 9M2025 3Q2025 9M2025 Managed Services2 - 11.8% +3.2% Enterprise Connectivity - 3.7% -1.9% Carrier & Voice - 1.2% +1.3% Regional Enterprise Business Revenue ($’M) CYBERSECURITY SERVICES • Regional Enterprise Business declined 7.8% YoY2 in 3Q2025 primarily due to lower contribution from Managed Services (-11.8% YoY) due to lower project recognition. • Regional Enterprise Business grew 1.5% YoY in 9M2025 primarily due to higher contributions from Managed Services (+3.2% YoY) due to higher project completions from Moden Digital Infrastructure solutions 1 Includes two months of D’Crypt contributions (approximately $8.4M in revenue) in 1Q2024 prior to completion of divestment in February 2024. 2QoQ refers to 3Q2025 vs 2Q2025; YoY refers to 3Q2025 vs 3Q2024 and/or 9M2025 vs 9M2024 • Higher service revenue YoY in 3Q2025 and 9M2025 due to timing of project recognition 435.3 441.7 230.5 237.9 9M2024 9M2025 3.2% Managed Services Revenue ($’M) 225.4 263.7 9M2024 9M2025 17.0% Cybersecurity Services Revenue1 ($’M) REGIONAL ENTERPRISE BUSINESS 10 158.0 145.7
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Enterprise: Building blocks for growth 11 REGIONAL GROWTH ENGINE STRATEGIC LEVERS CYBER RESILIENCE EDGE Regional Enterprise +1.5% YoY1 Managed Services +3.2% YoY1 Orderbook +5.7% YoY1 STATE OF PLAY • Enterprises remain focused on prioritising investments in Cybersecurity, AI & Cloud • Regional integration on track; Accelerating market share growth and organisational strength • Strong Singapore-Malaysia integration momentum; Expanding opportunity pipeline and enhancing delivery excellence Recent client & project wins: • Cyberthreat landscape continues to intensify with attacks from cyber gangs and state- backed actors; StarHub is a regulated CII provider, fully aligned with national directives • CII-grade security embedded across Connectivity, Cloud and Managed Services • Modular digital infrastructure enables enterprises with agile, cost efficient cybersecurity at scale • End-to-end cyber resiliency ensures threat mitigation, compliance & business continuity for critical enterprises Financial services • Modern Digital Infrastructure platform embedded with Hybrid Multi-cloud platform and Managed Services as a differentiator from traditional re-sellers and SI • Modular platform-based approach delivers flexibility, agility and reduces total cost of ownership • Bolt on M&A to augment ASEAN delivery scale; immediately accretive Education Transportation1YoY refers to 9M2025 vs 9M2024 >15.0% YoY1 Regional Enterprise: Managed Services:
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Rightsizing Our Cost Structure 12 Positioning StarHub for Scalable and Sustainable Growth Strategic Cost Pillars 1. Legacy Decommissioning 2. Network Automation 3. Systems Re-architecture 4. Business Simplification Cost Out Initiatives FY2026 – FY2028: Identified initial cost savings in the range of ~$60M Ongoing: Identification of additional cost savings within the Strategic Cost Pillars Achieving Minimum Efficient Scale FY26FY25 FY27 And Beyond
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3 Optimise Cost & Capital Structure Cyber Resiliency From Access To Edge 4 Strategic Imperatives 13 DIALLING UP ACTION FOR: 1 Consumer: Defend/Grow Market Share 2Enterprise: Scale Differentiated Platform Regionally Guided By Strong Commitment To Drive Long-Term Total Shareholder Returns
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@starhub Investor Relations: Crystal LIM | IR@StarHub.com