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<Public> <Public> 2Q FY26 Results 13 November 2025
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<Public> <Public> Forward Looking Statement – Important Note This document may contain forward-looking statements. These statements are based on management’s current expectations, beliefs, and assumptions about future events, prevailing economic and market conditions and are subject to uncertainties and risks that could cause actual results to differ materially from those anticipated. Forward-looking statements can often be identified by words such as "expect," "intend," "may," "will," and similar expressions. Some of the statements contained in this presentation are statements of future expectations with respect to SATS’s financial condition, results of operations and businesses, and indicative plans and objectives. These statements involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those in the statements as originally made. Such statements are not and should not be construed as a representation of future performance or commitment of SATS. In particular, any targets should not be regarded as a forecast or projection of future performance of SATS. It should be noted that the actual performance of SATS may vary significantly from such targets. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement. Actual results may differ materially from those projected due to various factors, including changes in business strategy, market conditions, and other risks and uncertainties. 2
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<Public> <Public> SATS: Leading global provider of aviation solutions • Global Leader in Air Cargo Handling • Strategic Hub Handler at Changi Airport Singapore • Superior capabilities and services and sustainable operating model for the future • Asia’s Leading Aviation Food Caterer Where we are heading – On track to meet our FY29 targets • S$8bn+ revenue • 20%+ EBITDA margin • 15%+ ROE 3
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<Public> <Public> Key Performance Highlights 4 $1.6B revenue +8.4%, driven by strong cargo volume growth across Asia, Europe and the Middle East1 2 3 $307.4M EBITDA +15.7%, with margin expansion from 18.3% to 19.6% PATMI (net profit) grew 13.3% to $78.9M Solid 2Q performance, with some volume benefit from tariff-driven customer front-loading • YoY growth across all key lines of business • Cargo outperformed IATA for 8th straight quarter; APAC and EMEAA growth offset tariff-driven decline in Americas • Continued new wins with key customers, including 1st overseas hub-carrier win with Riyadh Air • 1H FY26 FCF improved $51.7M YoY driven by strong operational performance and better working capital management Gateway Services • Cargo: Record high 2.38M tonnes (7.1% increase YoY) • Flights handled: 160.6K (flat) Food Solutions • Aviation Meals: 17.6M (0.9% increase YoY) • Non-aviation Meals: 11.7M (2.1% increase YoY) 2Q FY26 Key financial metrics Segment performance 2 Interim dividend of 2 cents (S$) per share
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<Public> <Public> Upgrades enhance terminal capacity and efficiency to meet rising cruise demand, with new check-in hall, improved transport links and early baggage drop-off raising passenger throughput to 11,700 with five weekly ship calls from March 2026. Commercial & Operational updates: Delivering on Our Strategy Hub Handler of the Future unveiled Marina Bay Cruise Centre Singapore (MBCCS) completes S$40m upgrade SATS has topped the Singapore Governance and Transparency Index (SGTI) SATS Food Solutions unveils defence logistics capability at Exercise Wallaby Continued New Wins with Key Customers Programme reimagines ground and cargo handling through automation, AI, and workforce innovation, with innovations from SG Hub to be scaled globally for next- generation hub solutions. Provide end-to-end logistics, transport, maintenance and food supply support to SAF personnel in Queensland under field conditions, highlighting SATS’ defence logistics and sustainment capabilities through subsidiary Primary Industries Queensland (PIQ). Ranked first in 2025 for the second consecutive year, achieving top honours under the SGTI framework for strong governance, accountability and disclosure practices. Riyadh Air becomes first overseas hub-carrier win, with cargo contracts secured with Turkish Airlines (multi- station U.S.), alongside a new Copenhagen facility for expansion of specialised E- Commerce & Freight Forwarder Handling (EFFH) services. 5
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<Public> <Public> Group: Key Business Drivers Y oY growth across all key lines of business 6 Flights Handled 319.4K ▲ 1.2% 3Q25 157.8 115.6 4Q25 158.8 120.4 1Q26 160.6 120.5 154.8 115.7 1Q25 160.8 119.0 2Q25 161.2 117.0 270.5 279.8 278.2 273.3 279.1 281.1 2Q26 +1.2% +0.7% Subsidaries 100% AJVs ‘000 (YTD) Meals Served (Aviation) Cargo Tonnage in Tonnes Meals Served (Non-Aviation) 4.8M ▲ 8.7% (YTD) 33.9M ▲ 4.1% (YTD) 3Q25 2.27 0.80 4Q25 2.38 0.86 1Q26 2.38 0.89 2.16 0.80 1Q25 2.22 0.84 2Q25 2.37 0.85 2.96 3.06 3.23 3.07 3.24 3.27 2Q26 +0.1% +1.1%’M 3Q25 16.4 23.0 4Q25 16.4 22.8 1Q26 17.6 21.4 15.5 21.6 1Q25 17.1 21.9 2Q25 16.3 21.6 37.0 39.0 37.8 39.3 39.1 39.0 2Q26 +7.4% -0.3%’M 6.5M ▲ 8.2%Inc 100% AJVs 10.9 2.8 1Q25 11.5 2.7 2Q25 9.8 3.1 3Q25 9.8 3.1 4Q25 9.7 3.4 1Q26 11.7 3.7 2Q26 13.6 14.2 12.9 12.9 13.2 15.5 +20.6% +17.4% 560.3K ▲ 1.8% 78.1M ▲ 2.7% 21.4M ▼ 4.1% 28.6M ▲ 2.8% (YTD) ’M YoY % YoY % Number of Employees1 (average) 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 49.8 51.5 53.3 54.6 54.9 54.2 -1.2%‘000 54.5K ▲ 2.4% 1 To be updated with FTE (full time equivalent) in coming quarters Record high YoY % YoY % YoY % YoY % YoY % YoY % YoY % YTD * YTD YoY reduction driven by cessation of SATS Kunshan operations
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<Public> <Public> Cargo T onnage SATS continues to outpace industry trend over 8 consecutive quarters underscoring our resilience 7 YoY growth by quarters vs IATA Q2 FY25 LFL Non-LFL Q2FY26 2,223 +1.1% 2,382 +7.1% Tonnage (‘000) * FL - Like-for-like ^ Pertaining to a shift in contractual model * • Cargo volume +7.1% year-on-year in 2Q FY26, outperforming IATA global benchmark growth for the 8th consecutive quarter. +9.9% after adjusting for comparability. • LFL growth: +3.7% comes from organic growth, offset by reduction due to shift in contractual model (-2.6%). • Non-LFL growth: 6.0% driven by SATS extensive network across the globe. • SATS is present in 16(1) out of the Top 30 air cargo station(2), and has direct airside access at all 16 stations where it operates. 19.0% 13.3% 1Q25 16.1% 11.5% 2Q25 14.9% 8.0% 3Q25 11.0% 2.5% 4Q25 10.4% 10.0% 2.9% 1Q26 7.1% 9.9% 4.2% 2Q26 SATS (tonnes) Adjusted for comparability^ IATA (CTK) +3.7% +6.0% (1) Includes SoAJV (2) Data source: ACI, Airports that SATS operates in as at 30 Sep 2025 -2.6% ^ (Ex-adj +9.9%)
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<Public> <Public> Financial Summary – 2Q FY26 • $1.57B revenue +8.4%, driven by volume growth in cargo volume (+7.1%) and aviation meals (+0.9%). • Amid global trade disruptions, strong growth in APAC (+7.0%) and EMEAA (+19.3%) more than offset the decline in Americas (-7.9%). • $157.4M EBIT +23.7%, with a margin of 10.0%. • PATMI rose +13.3% to $78.9M. • On a half-year basis, PATMI reached $149.8M (+11.2%), demonstrating the Group’s resilience and sustained momentum. Performance Highlights * Only include subsidiaries 8 All references are on 2Q YoY basis, unless stated otherwise. Financials Operational Cargo tonnage 2QFY26 Flights handled Aviation meals $1,572.1M $157.4M (10.0%)2QFY26 Revenue $78.9M (5.0%) EBIT / % PATMI / % 2QFY26 $1,215.6M $356.5MRevenue a a EBIT / % $132.2M (10.9%) $38.2M (10.7%) YTD $2,393.6M $684.8MRevenue a a EBIT / % $234.1M (9.8%) $66.7M (9.7%) Gateway Food Group Segment 4.8MYTD 319.4K 33.9M 2.4M 160.6K 17.6M YTD $3,078.5M $282.6M (9.2%) $149.8M (4.9%)
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<Public> <Public> Revenue by Business Segment Note: n.m. represents not meaningful (S$’M) 2Q FY26 2Q FY25 Change % By Business Cargo 811.6 710.0 14% Ground 404.0 387.8 4% Gateway Services 1,215.6 1,097.8 11% Aviation 239.4 238.3 0% Non-Aviation 117.1 114.5 2% Food Solutions 356.5 352.8 1% Others 0.0 0.1 n.m. Total 1,572.1 1,450.7 8% By Region Singapore 544.9 531.3 3% APAC 176.4 159.8 10% EMEA 314.0 264.9 19% Americas 536.8 494.7 9% Total 1,572.1 1,450.7 8% 49% 27% 17% 7% 2Q FY25 52% 26% 16% 7% 2Q FY26 Cargo Ground Aviation Food NA Food 1,451 1,572 +121 M By Business 37% 11% 18% 34% 2Q FY25 35% 11% 20% 34% 2Q FY26 Singapore APAC EMEA Americas 1,451 1,572 +121 M By Region 9
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<Public> <Public> 2Q FY26 Highlights Group continues to reap benefits of operating leverage with cargo and aviation meal volume growth 10 Change $'M 2Q FY26 2Q FY25 $ % Revenue 1,572.1 1,450.7 121.4 8.4 - Gateway 1,215.6 1,097.8 117.8 10.7 - Food 356.5 352.8 3.7 1.0 Opex (ex-D&A) (1,264.7) (1,185.0) (79.7) (6.7) EBITDA 307.4 265.7 41.7 15.7 EBITDA margin % 19.6% 18.3% 1.3ppt EBIT 157.4 127.2 30.2 23.7 EBIT margin % 10.0% 8.8% 1.2ppt SoAJV 27.5 29.7 (2.2) (7.5) Profit after tax 84.2 73.7 10.5 14.2 PATMI 78.9 69.7 9.2 13.3 PATMI margin % 5.0% 4.8% 0.2ppt • $1.57B Group revenue +8.4% driven by cargo tonnage at 2.4M (+7.1%), flights handled at 160.6K (flat), and aviation meals served at 17.6M (+0.9%). • Food revenue growth was a modest 1.0% as the prior year period benefited from catch-up pricing adjustments. • Operating leverage drove EBITDA margin improvement by 1.3ppt to 19.6%. • 7.5% reduction in SoAJV, due to ramp-up costs associated with new customer onboarding. • PATMI improved by 13.3% to reach $78.9M.
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<Public> <Public> 2Q Key Financial Metrics Better earnings and debt repayment meets Moody's leverage targets 11 Key Financial Metrics 1 Free Cash Flow: Operating Cash Flow less capex and after lease $'M 2Q26 2Q25 Var % Revenue 1,572.1 1,450.7 ▲ 8.4% Revenue (inc 100% AJVs) 2,234.1 2,061.9 ▲ 8.3% EBITDA 307.4 265.7 ▲ 15.7% EBITDA, after lease 179.6 153.5 ▲ 17.0% EBIT 157.4 127.2 ▲ 23.7% SoAJV 27.5 29.7 ▼ 7.5% PAT 84.2 73.8 ▲ 14.1% PATMI 78.9 69.7 ▲ 13.3% Operating Cash Flow, after lease 77.2 (43.7) ▲ >100% Free Cash Flow1 3.4 (97.8) ▲ >100% Sep25 Mar25 Var % Cash Balance 667.2 694.0 ▼ 3.9% Borrowings 2,449.2 2,537.9 ▼ 3.5% Total Debts incl leases 4,194.0 4,244.1 ▼ 1.2% Net current liabilities (626.5) (1,441.5) ▲ 56.5% Ratios Leverage / Cash: Gross Debt / EBITDA+ (X) Net 3.1 2.9 1.5 1.4 Mar25 Sep25 Net 1.3 Gross Debt / Equity (x) EBITDA / Interest (x) Returns and Value / Cash: 9.8 10.0 Mar25 Sep25 ROE (%) 4.7 5.3 2Q25 2Q26 EPS – basic (cents) 18.3 19.6 2Q25 2Q26 Profitability: EBITDA margin (%) EBIT margin (%) 8.8 10.0 2Q25 2Q26 4.8 5.0 2Q25 2Q26 3.7 3.5 Mar25 Sep25 4.0 4.6 5.4 2Q25 2Q26 4.5 PATMI margin (%) PAT (ex SoAJV) % 3.0% 3.6%10.6%EBITDA (AL) % 11.4% Cash Conversion % 64.7 58.9 2Q25 2Q26 1.2 “+” indicates with SoAJVMoody’s targets ---
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<Public> <Public> $'M YTD FY26 YTD FY25 var Operating Cash Flow 356.8 225.4 131.4 Lease payment (233.8) (182.5) (51.3) Operating cash flow after lease payment (A) 123.0 42.9 80.1 Capex (B) (124.1) (95.7) (28.4) Debt drawdown / (repayment), net (85.6) (38.2) (47.4) (209.7) (133.9) (75.8) Dividends received from AJVs 55.8 32.6 23.2 Proceeds from disposal of non-controlling interest 50.2 0.0 50.2 (Investment)/divestment in subsidiaries and AJVs 30.8 21.1 9.7 Dividends paid to Shareholders (52.3) (22.4) (29.9) Dividends paid to Non-controlling interest (8.1) (11.9) 3.8 Other net cash (outflow) / inflow (18.0) (54.2) 36.2 Net cash outflow (28.3) (125.8) 97.5 Effect of exchange rate changes 1.5 7.1 (5.8) Opening cash balance 694.0 659.0 35.0 Ending cash balance 667.2 540.3 126.7 FCF* (A) + (B) (1.1) (52.8) 51.7 Group: Cash Flow Statement FCF improved $51.7M YoY driven by strong operational performance and better working capital management ____________________ • FCF = Free Cash Flow, refers to net cash from operating activities less capital expenditure and lease payment. # FY25 cash flow from operating activities and investing activities were restated due to reclassification of interest income/expenses. 86.6 176.8 230.3 45.8 77.2 (97.8) 125.8 155.3 (4.5) 3.4 45.0 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 (43.7) Operating CF after lease FCF Quarterly trend: [EBITDA (AL) - capex] / EBITDA (AL) (%) 69.7% 64.7% 67.2% 39.7% 65.7% 12 58.9%
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<Public> <Public> Outlook 13
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<Public> <Public> Company outlook 14 Cargo • Broader cargo trends remain supportive with some Q2 inventory front-loading ahead of tariff changes moderating traditional Q3 peak seasonality • Well positioned to continue outperforming IATA benchmarks through operational agility and strategic network expansion • Global network provides resilience to capture shifting trade flows and evolving e-commerce demand FoodGround handling • Asia-Pacific remains the fastest- growing region with passenger traffic expected to grow 9% YoY in 20251 • Ex-US markets show stable growth in line with global demand while US market remains challenging with continued softness in domestic passenger volumes • Seasonal year-end travel peak is expected to drive higher utilisation across regions • Positive outlook driven by strong passenger growth out of Asia, creating sustained meal demand across key markets in the region • International travel expected to continue outpacing domestic growth (5.1% vs 0.9% in Sept 20252), driving demand for full- service meal offerings (1) IATA Report – 6 June 2025 (2) IATA Report – Air Passenger Growth Sep 2025
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<Restricted> Financial Goals & Ratios 15 Profitability Progressing Towards our FY2029 Ambitions 1H FY26 Status: Progressing Well EBITDA(1) Margin EBIT Margin SoAJV Run-rate PATMI Margin FY29 Target >20% >10% >S$150m >5.0% 1H FY26 18.9% 9.2% S$109.5m 4.9% FY25 17.8% 8.2% S$115m 4.2% FY24 15.2% 4.7% S$110m 1.1% Capital Management 4.6x 3.7x 3.5x <3.5x FY24 FY25 1H26 FY29T Gross Debt / EBITDA+(1) 2.4% 9.8% 10.0% >15.0% FY24 FY25 1H26 FY29T ROE% S$137M S$450M S$530M <S$750M FY24 FY25 1H26 FY29T Operating Cash Flow (AL)(2) (1) EBITDA+ includes SoAJV (2) Operating cash flow (AL) = Operating cash flow after lease repayment * 1H26 metrics computed using LTM ** * * 1H26 SoAJV run-rate computed using LTM *
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<Public> <Public> Appendix A 16
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<Public> <Public> Operating Statistics 2Q FY26 1Q FY26 QoQ (%) 2Q FY25 YoY (%) Flights Handled ('000) 160.6 158.8 1.2 160.8 -0.1 - APAC 88.7 87.7 1.2 82.8 7.2 - EMEAA 3.6 3.4 5.3 8.2 -56.2 - Americas 68.3 67.7 0.9 69.8 -2.1 Cargo/Mail Processed ('000 tonnes) 2,381.9 2,379.3 0.1 2,223.1 7.1 - APAC 726.0 704.0 3.1 678.4 7.0 - EMEAA 1,021.1 999.4 2.2 855.7 19.3 - Americas 634.8 675.9 -6.1 689.1 -7.9 Gross Meals Produced ('M) 29.3 26.1 12.4 28.9 1.4 - Aviation meals 17.6 16.4 7.4 17.4 0.9 - Non-aviation meals 11.7 9.7 20.6 11.5 2.1 Ship Calls Handled 40 48 -16.7 45 -11.1 Note: Reduction in flights handled volume in EMEAA due to divestment in UK ground business 17
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<Public> <Public> Group Segmented P&L – 2Q FY26 2Q FY26 S$’M Food Solutions Gateway Services Food + Gateway Others Total Revenue 356.5 1,215.6 1,572.1 0.0 1,572.1 EBITDA 50.7 268.1 318.8 (11.4) 307.4 EBITDA (%) 14.2% 22.1% 20.3% n.m. 19.6% EBIT profit / (loss) 38.2 132.2 170.4 (13.0) 157.4 EBIT (%) 10.7% 10.9% 10.8% n.m. 10.0% Share of results of Associates/JVs (SoAJV) 7.8 19.7 27.5 - 27.5 EBIT + SoAJV 46.0 151.9 197.9 (13.0) 184.9 EBIT+SoAJV (%) 12.9% 12.5% 12.6% n.m. 11.8% 2Q FY25 S$’M Food Solutions Gateway Services Food + Gateway Others Total Revenue 352.8 1,097.8 1,450.6 0.1 1,450.7 EBITDA 55.0 230.8 285.8 (20.1) 265.7 EBITDA (%) 15.6% 21.0% 19.7% n.m. 18.3% EBIT profit / (loss) 40.9 108.0 149.0 (21.8) 127.2 EBIT (%) 11.6% 9.8% 10.3% n.m. 8.8% Share of results of Associates/JVs (SoAJV) 7.3 22.5 29.7 - 29.7 EBIT + SoAJV 48.2 130.5 178.7 (21.8) 156.9 EBIT+SoAJV (%) 13.7% 11.9% 12.3% n.m. 10.8% 18 Note: n.m. represents not meaningful
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<Public> <Public> 19 Revenue EBITDA PATMIEBITDA after lease (AL) 1,370.4 1,450.7 1,523.3 1,476.7 1,506.3 1,572.1 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 +65.8M (+4%) +121.4M (+8%) Note: EBITDA after lease is EBITDA less ROU depreciation and lease interest expense. 18.2% 18.3% 17.3% 17.4% 18.2% margin 10.0% 10.6% 10.2% 8.4% margin 4.7% 4.8% 4.6% 2.6% QoQ QoQ QoQ QoQ 4.7%9.7% YTDFY26 YTDFY25 581.2 514.8 ▲ 13% YTDFY26 YTDFY25 326.4 290.7 ▲ 12% YTDFY26 YTDFY25 149.8 134.7 ▲ 11% YTDFY26 YTDFY25 3,078.5 2,821.1 ▲ 9% Group: Quarterly trending 249.1 263.9 257.5 273.8 307.4 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 265.7 +33.6M (+12%) +41.7M (+16%) 137.2 153.5 155.3 124.3 146.8 179.6 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 +32.8M (+22%) +26.1M (+17%) 65.0 69.7 70.4 38.7 70.9 78.9 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 +8.1M (+11%) +9.2M (+13%) margin QoQ EBIT margin 8.2% 8.8% 8.4% 7.3% 8.3% YTDFY26 YTDFY25 282.6 240.1 ▲ 18% 112.9 127.2 127.3 108.3 125.2 157.4 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 +32.2M (+26%) +30.2M (+24%) SoAJV % to revenue 2.6% 2.1% 1.8% 1.4% QoQ 2.2% YTDFY26 YTDFY25 60.6 65.3 ▼ (7%) 35.6 27.6 33.0 27.5 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 29.7 21.4 -5.5M (-17%) -2.2M (-8%) 19.6% 11.4% 10.0% 1.8% 5.0% S$’M
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<Public> <Public> 1H FY26 Highlights Steady growth amid continued volatility to global trade flows 20 Change S$'M 1H FY26 1H FY25 $ % Revenue 3,078.5 2,821.1 257.4 9.1 - Gateway 2,393.6 2,157.3 236.3 11.0 - Food 684.8 663.6 21.2 3.2 Opex (ex-D&A) (2,497.3) (2,306.3) (191.0) (8.3) EBITDA 581.2 514.8 66.4 12.9 EBITDA margin % 18.9% 18.2% 0.7ppt EBIT 282.6 240.1 42.5 17.7 EBIT margin % 9.2% 8.5% 0.7ppt SoAJV 60.6 65.3 (4.7) (7.3) Profit after tax 160.6 142.3 18.3 12.9 PATMI 149.8 134.7 15.1 11.2 PATMI margin % 4.9% 4.8% 0.1ppt • $3.08B revenue +9.1% driven by cargo tonnage at 4.8M (+8.7%), flights handled at 319.4K (+1.2%), and aviation meals served at 33.9M (+3.1%). • Operating leverage drove EBITDA margin improvement by 0.7ppt to 18.9%. • 7.3% reduction in SoAJV, due to a one-off net gain recognised in the prior-year period and ramp-up costs associated with new customer onboarding. • PATMI improved by 11.2% to reach $149.8M.
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<Public> <Public> 1HFY26 P A TMI Waterfall presentation of P&L by nature 60.6 100 3,100 3,200 1,400 1,300 1,200 1,100 1,000 900 800 0 700 600 200 300 581.2 D&A (1,657.8) Revenue EBIT SoAJV (193.4) Interests & Taxes * 1HFY26EBITDAOther costs (169.3) Premise/ Utilities/ Maintenance (144.0) (298.6) (180.3) License fees (68.3) Raw Materials & Supplies (277.6) Sub- contracting Employment cost 282.6 149.8 3,078.5 9.1% 10.5% 16.6% 5.0% 6.0% -9.4% 12.9% 8.7% S$’M 12.7% 17.7% 1HFY25 2,821.1 (1,500.8) (123.6) (264.3) (60.6) (170.1) (186.9) 514.8 (274.7) 240.1 65.3 (170.7) 134.7 -7.3% 13.2% 11.2%YoY % YoY 257.4 (157.0) (20.4) (13.3) (7.7) (10.2) 17.6 66.4 (23.9) 42.5 (4.7) (22.7) 15.1 18.2% 8.3 4.7% 2,497.3 2,306.2 1HFY26 1HFY25 +191.1M (+8.3%) Total OPEX ($’M) 21 <ROU: S$349M> <Lease int: S$117M> 6.1% 5.2% 6.5% 9.9% 10.7% 59.3% Other Costs Subcontracting services Premises, utilities and maintenance 2.4% Licence fees Raw materials and supplies Depreciation and amortisation Employment cost