• Operating profit rises to $792M on revenue growth and disciplined cost management
• Net profit lower on absence of prior-year one-off accounting gain
• SIA Group’s long-standing investment in digital capabilities, people, and end-to-end customer experience reinforces industry leadership position
Passenger demand remained robust in the third quarter, with SIA and Scoot carrying 10.9 million passengers, 6.3% more year-on-year. Group passenger load factor (PLF) rose 0.3 percentage points to 87.5%, as traffic grew 3.2% on the back of a 2.8% capacity expansion. Passenger yields rose 1.9% to 10.9 cents per revenue passenger-kilometre. As a result, the SIA Group achieved a record quarterly revenue of $5,506 million, up $288 million (+5.5%) year-on-year.
Cargo revenue fell $33 million (-5.4%) to $581 million, driven by a 6.2% decline in yields. Cargo load factor (CLF) decreased 0.1 percentage points to 56.3%, as the increase in loads (+1.1%) lagged capacity expansion (+1.2%).
Group expenditure rose 2.7% to $4,714 million, largely due to a $77 million (+2.3%) increase in non-fuel expenditure and $48 million (+3.7%) higher net fuel cost.
The rise in non-fuel expenditure was primarily due to overall capacity expansion (+2.1%).
Net fuel cost rose due to higher fuel prices (+$51 million) and higher uplift volumes (+$36 million), partly offset by fuel hedging gains (-$17 million) this year compared to a oss last year.
Consequently, the Group recorded an operating profit of $792 million, an increase of $163 million (+25.9%) compared to the same quarter last year.
Net profit fell $1,121 million (-68.9%) to $505 million after including non-operating items. This was primarily due to the absence of the one-off, non-cash accounting gain of $1,098 million recognised in the previous year from the disposal of Vistara following the Air India-Vistara merger in November 2024. The share of losses from associated companies increased by $163 million to $178 million, as the Group
recognised a full-quarter share of Air India’s losses this year compared with only one month a year earlier.
April to December 2025 – Profit and Loss Revenue for the first nine months of FY2025/26 increased $465 million (+3.2%) over the prior year to a record $15,181 million. This was driven by higher passenger flown revenue (+$376 million; +3.2%), as passenger traffic grew 4.1% and passenger yields held at 10.2 cents per revenue passenger-kilometre. With capacity growth at 2.9%, passenger load factor rose 1.1 percentage points to 87.7%. Cargo flown
revenue decreased $64 million on weaker yields (-4.9%). CLF fell 0.6 percentage points to 56.5%.
Group expenditure was up $295 million (+2.2%) to $13,587 million, due to a $430 million (+4.6%) increase in non-fuel expenditure, partly offset by a $135 million (-3.3%) decrease in net fuel cost. The higher non-fuel expenditure was due to capacity growth (+2.7%) and rate increases due to inflationary forces. Lower net fuel cost stemmed from lower fuel prices (-$314 million), partially offset by higher uplifted volumes (+$164 million) and a swing in fuel hedging gain last year to a loss this year (+$126 million).
The Group registered a net profit of $743 million for the first nine months of the year, a reduction of $1,625 million from a year before. This was mainly attributable to the absence of the prior year one-off non-cash accounting gain from the disposal of Vistara (-$1,098 million) and a higher share of losses from associated companies (-$580 million). Balance Sheet
As of 31 December 2025, Group shareholders’ equity was $15.9 billion, up $0.2 billion from 31 March 2025. Total debt balances fell $2.5 billion, reducing the Group’s debt-equity ratio from 0.82 to 0.66 times.
During the first nine months of FY2025/26, $850 million of convertible bonds issued in December 2020 were converted into 179 million ordinary shares at conversion prices of $4.8945 (price prior to 12 August 2025) and $4.6761 (price from 12 August 2025). These bonds, which had an annual interest of 1.625% per annum, were fully converted by November 2025. As of 31 December 2025, no convertible bonds remain outstanding.
Cash and bank balances declined $2.2 billion to $6.1 billion, mainly due to capital expenditure (-$1.7 billion), dividend payments (-$1.2 billion), repayment of borrowings (-$1.1 billion) and lease payments (-$0.4 billion). These were partially offset by $2.8 billion of net cash generated by operations. The Group also held $2.1 billion in fixed deposits placed for tenors longer than 12 months, classified under other assets. In addition, the Group maintains access to $3.3 billion of committed, undrawn lines of credit.
FLEET AND NETWORK DEVELOPMENT
As of 31 December 2025, the Group’s operating fleet comprised 212 passenger and freighter aircraft with an average age of seven years and eight months.
SIA operated 144 passenger aircraft1 and seven freighters, while Scoot operated 61 passenger aircraft2. During the quarter, Scoot took delivery of three Airbus A320neo, two Airbus A321neo, and two Embraer E190-E2 aircraft in its order book. The Group has 58 aircraft on order3.
SIA resumed seasonal non-stop services to Sapporo (Japan), from November 2025 to January 2026. Between October and December 2025, Scoot expanded its footprint with new services to Danang (Vietnam). In addition, Scoot also introduced non-stop services to Kota Bharu (Malaysia), Nha Trang (Vietnam), Okinawa (Japan), and Labuan Bajo and Semarang in Indonesia, establishing direct connections to these destinations from Singapore Changi Airport.
As of 31 December 2025, the Group's passenger network covered 134 destinations in 37 countries and territories4 with SIA and Scoot each serving 79 destinations. Of these, 55 are served exclusively by Scoot, complementing SIA’s network and enabling the Group to extend its reach and tap new growth markets. The cargo network spanned 138 destinations across 38 countries and territories4 Between January and March 2026, Scoot will launch four-times weekly flights to Palembang and daily services to Medan (Indonesia), five-times weekly services to Chiang Rai (Thailand), and daily flights to Tokyo Haneda (Japan).
SIA will increase frequencies to Colombo (Sri Lanka) to 10-times weekly from January 2026, and add weekly supplementary flights to Taipei (Taiwan, China) between February 2026 to May 2026.
For the Northern Summer 2026 operating season (29 March 2026 to 24 October 2026), SIA will deploy the A380 on daily Dubai flights and add frequencies to Bangkok (Thailand), Barcelona (Spain), Cairns (Australia), Surabaya (Indonesia), and Yangon(Myanmar)5.
From June 2026, SIA will commence four-times weekly non-stop flights to Saudi Arabia’s capital Riyadh5, adding a second destination in the Kingdom for the Group.
ENHANCING TRAVEL EXPERIENCE
The Group continues to invest in its premium travel proposition across the end-to-end customer journey. The opening of the all-new First Class SilverKris Lounge at Changi Airport Terminal 2 in November 2025 completed the first phase of a S$45 million lounge upgrade programme. Further upgrades will be rolled out progressively through 2027, enhancing the customer experience at the SIA Group’s Singapore hub.
Following the retirement of SIA’s Boeing 737-800NG fleet, customers now enjoy full-flat Business Class seats, as well as complimentary Wi-Fi and seatback in-flight entertainment across all cabin classes network-wide.
SIA will unveil an enhanced travel experience in 2026, featuring its next-generation long-haul cabin products, an all-new KrisWorld in-flight entertainment system, elevated food and beverage options, new amenity kits, and other in-flight offerings. SIA also plans to progressively introduce high-speed Low Earth Orbit (LEO) satellite connectivity for enhanced in-flight Wi-Fi across its long-haul fleet, reinforcing its commitment to continuously improve the travel experience.
STRATEGIC INVESTMENTS AND AIRLINE PARTNERSHIPS
The SIA Group is firmly committed to working with its partner Tata Sons to support the Air India Group’s transformation. Air India continues to strengthen its network, enhance the customer experience, and improve operational reliability, laying the foundation for the Air India Group’s long-term sustainable growth.
Air India and SIA have signed a commercial cooperation framework that paves the way for definitive joint business agreements, subject to regulatory approvals.
The deeper partnership between the carriers will enhance connectivity between Singapore and India through coordinated schedules, enabling more seamless travel for customers. The airlines will also explore broader cooperation beyond these markets, as well as greater cross-participation in corporate travel programmes and enhanced benefits for KrisFlyer and Maharaja Club members.
Malaysia Airlines Berhad and SIA have formalised a strategic joint business partnership, following approvals from the Competition and Consumer Commission of Singapore in July 2025 and the Civil Aviation Authority of Malaysia in January 2026. The partnership will be implemented progressively, with potential initiatives including revenue sharing flights between the two countries, joint fare products, as well as coordinated flight schedules and joint corporate travel arrangements across both markets. These initiatives will strengthen both carriers’ operations and deliver enhanced value to customers across our combined networks, offer more travel choices and greater convenience for customers.
OUTLOOK
The demand for air travel is healthy heading into the last quarter of FY2025/26, supported by seasonal travel. The Group is well positioned to capture this demand, and will remain nimble and agile in its network and capacity deployment to maximise revenue opportunities.
The cargo outlook continues to be uncertain amid ongoing trade and geopolitical developments. The Group is closely monitoring the situation and will leverage its diverse network and cargo verticals as market conditions evolve.
The SIA Group is well-placed in this operating landscape, thanks to its strong financial position, disciplined cost management, advanced digital capabilities and a committed, talented workforce. This enables it to strategically invest in its airline portfolio, deeper partnerships with other carriers, and the key pillars of its brand promise – network connectivity, product leadership, and service excellence – to reinforce its industry-leading position.