Singtel (SGX:Z74)’s 1HFY26 revenue edged down 1.2% y-o-y to S$6.9b, impacted by Digital InfraCo and a strong Singapore dollar. On a constant-currency basis, operating revenue would have grown 1.9% y-o-y. EBITDA rose 1.8% y-o-y to S$2.0b, while operating companies’ (OpCo) EBIT increased 12.5% y-o-y to S$0.8b.
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Net profit nearly tripled to S$3.4b; underlying net profitgrew 14% to S$1.4b.
Singtel’s net profit surged to S$3.4b due to a one-off gain of S$2.1b from the partial stake sale in Airtel and the Intouch-Gulf merger. Underlying net profit grew 14% y-o-y to S$1.4b, supported mainly by regional associates Airtel and AIS as well as NCS and Optus’ operating improvements.
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Momentum intact.
Optus delivered steady growth in 1HFY26, with revenue and EBITDA up 1.7% and 7.2% y-o-y, respectively, supported by better mobile service performance and disciplined cost management.
Singtel Singapore’s revenue was broadly stable, though performance varied across segments. Mobile service revenue declined 9.7% y-o-y due to intense competition and reduced roaming. In contrast, data and internet, and ICT revenues improved.
NCS continued to show solid momentum, with 1HFY26 revenue and EBITDA rising 6.2% and 30% y-o-y, underpinned by strong demand, margin expansion and cost efficiency.
Digital InfraCo’s revenue dipped 1.5% y-o-y while EBITDA was flat y-o-y due to lower operating expenses.
Upgraded FY26 guidance.
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Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
