• Share of losses from Air India and lower interest income drag down net profit
• Company proposes a capital return plan, comprising special dividend of 10 cents
per share to be paid annually over three financial years
• Interim dividend of 5 cents per share and interim special dividend of 3 cents per share to be paid on 23 December 2025.
Group revenue rose by $178 million (+1.9%) from the year before to a first-half record of $9,675 million.
The demand for air travel remained strong, with SIA and Scoot carrying 20.8 million passengers, 8.0% more year-on-year. Group passenger load factor (PLF) increased by 1.3 percentage points to 87.7%, as traffic growth of 4.6% exceeded capacity expansion of 3.0%. Passenger yields declined 2.9% to 9.9 cents per revenue passenger-kilometre, driven by increased competition.
Cargo flown revenue declined by $31 million (-2.8%) to $1,071 million as yields fell 4.1%. Cargo load factor (CLF) fell 0.9 percentage points to 56.5%, as the 1.2% growth in cargo loads trailed capacity expansion of 2.8%.
Group expenditure rose by $170 million (+2.0%) to $8,872 million, as the increase in non-fuel expenditure (+$353 million; +5.9%) outpaced the reduction in net
fuel cost (-$183 million; -6.7%). The higher non-fuel expenditure reflected the 2.9% expansion in overall capacity and inflationary pressure on several cost components.
Net fuel cost fell 6.7% (-$183 million) largely due to the 12.7% contraction in fuel prices (-$370 million), and partially offset by higher volumes uplifted (+$130 million) and a fuel hedging loss this year compared to a gain last year (+$143 million).
Consequently, the Group recorded an operating profit of $803 million in the first half of FY2025/26, marginally higher versus last year (+$7 million; +0.9%). The Group’s net profit for the first half fell by $503 million (-67.8%) to $239 million. Interest income fell $103 million from lower cash balances and interest rate cuts, while the Group’s share of results of associated companies was $417 million lower
year-on-year, notably reflecting Air India’s losses which were not included in the previous year. The Group began equity accounting for Air India’s financial performance from December 2024, following the full integration of Vistara into Air India.
Second Quarter FY2025/26 – Profit and Loss The Group’s operating profit for the second quarter rose by $73 million
(+22.5%) year-on-year to $398 million. This was supported by the Group’s record second
quarter revenue of $4,885 million, a growth of $106 million (+2.2%). Passenger flown
revenue increased by 2.2% to $3,924 million, with the 5.1% rise in passenger traffic
dampened by weaker yields (-3.0%). Cargo flown revenue was down $21 million (-3.7%),
from lower loads (-0.4%) and yields (-3.3%). CLF fell by 1.0 percentage point to 56.2%.
Group expenditure rose by $32 million (+0.7%) to $4,486 million, comprising a $107 million increase (+3.5%) in non-fuel expenditure and a $75 million
reduction (-5.5%) in net fuel cost. The higher non-fuel expenditure was driven by capacity growth and cost inflation. The decline in net fuel cost was mainly due to the 8.3% drop in fuel prices (-$119 million), and this was offset by an increase in the volume upliftedb(+$62 million) and a shift from a fuel hedging gain last year to a loss (+$34 million).