Singapore Airlines Group Full-Year Operating Profit Rises 39% To $2.4b As Revenue Reaches Record Level

SIA and Scoot carried a record 42.4 million passengers in FY2025/26, up 7.7% year-on-year as the global demand for air travel remained robust. Group passenger load factor (PLF) rose 1.1 percentage points to 87.7%, as traffic growth of 4.7% outpaced capacity expansion of 3.4%. Passenger yields rose 1.0% to 10.4 cents per revenue passenger-kilometre.

Financial Performance
- Operating Profit: $2.375 billion, up 39% YoY (record level).
- Total Revenue: $20.5 billion, +5% YoY, driven by strong passenger demand and higher yields.
- Net Profit: $1.184 billion, down 57% YoY due to:
- Absence of a one-off $1.1 billion accounting gain from the Air India–Vistara merger in FY2024/25.
- Share of Air India’s full-year losses (-$846 million).

Operational Highlights
- Passengers carried: 42.4 million (+7.7% YoY).
- Passenger Load Factor (PLF): 87.7% (+1.1 pts).
- Passenger yields: +1% to 10.4 cents per RPK.
- Cargo revenue: $2.17 billion (-2.1% YoY) due to weaker yields.

Balance Sheet
- Shareholders’ equity: $17.3 billion (+$1.6 billion YoY).
- Debt-equity ratio: improved to 0.62 (from 0.82).
- Cash & bank balances: $7.9 billion.
- Convertible bonds fully converted; no outstanding.

Fleet & Network
- Operating fleet: 218 aircraft (avg. age 7 years 9 months).
- Scoot ordered 11 new Airbus A320neo family aircraft in May 2026.
- Passenger network: 134 destinations in 35 countries.
- Cargo network: 137 destinations in 36 countries.
- Expansions: new routes to Chiang Rai, Palembang, Medan, Tokyo Haneda; upcoming services to Belitung, Pontianak, Madrid, Western Sydney.

Strategic Initiatives
- Major investments in next-gen cabin products, refreshed KrisWorld, new amenity kits, and Starlink satellite Wi-Fi (from 2027).
- Strengthened partnerships: Air India, Malaysia Airlines, Vietnam Airlines, ANA, Garuda Indonesia.
- SAF commitments: signed offtake agreements with World Energy & SkyNRG; SAF trial with CAAS and SAFCo.

Dividends
- Ordinary dividend: 27 cents/share (final 22 cents + interim 5 cents).
- Special dividend: 10 cents/share (3 cents interim + 7 cents final).
- Total dividend: 37 cents/share.

Outlook
- Rising jet fuel prices (due to Middle East conflict) expected to impact FY2026/27.
- SIA and Scoot raised fares, but increases don’t fully offset fuel costs.
- Strong balance sheet, dual-brand portfolio, and digital capabilities (including GenAI) provide resilience.