- SATS's 1QFY26 revenue grew 9.9% y-o-y to S$1.5b, underpinned by steady volume growth.
- Gateway Services revenue increased 11.2% y-o-y to S$1.2b. Despite disruptions to global trade flows, SATS managed to grow cargo processed by 10.4% to 2.4m tonnes, outpacing the industry, by gaining a larger share of existing customers’ wallets and securing significant customer wins. Flights handled expanded 2.6% y-o-y to 158.8k.
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Overall results met our expectations.
- Operating profit rose 10.9% y-o-y to S$125.2m. EBIT margin was flattish, improving 0.1 percentage points (ppt) y-o-y to 8.3%.
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- Altogether, PATMI increased 9.1% y-o-y to S$70.9m.
- SATS’s 1QFY26 revenue and PATMI constituted 26.5% and 27.1% of our initial full year forecasts, which we deem to be in line with our expectations.
Free cash flow impacted by one-off event.
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