For 1HFY26, Singtel (SGX:Z74) reported marginally lower overall group revenue of S$6.91b (-1% y-o-y) but a slightly higher EBITDA (+2% y-o-y) and robust underlying net profit (+14% y-o-y).
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A robust quarter.
2QFY26 revenue was lower by 2% y-o-y but EBITDA and underlying net profit were higher on the back of:
cost discipline from Optus,
NCS margin expansion per project, and
strong Airtel and AIS performance.
Optus: Positive operating leverage.
1HFY26 revenue rose 2% y-o-y on the back of a 5% y-o-y postpaid revenue growth while EBITDA and EBIT rose 7% y-o-y and 27% y-o-y, respectively. This reflects positive operating leverage and cost discipline. Both postpaid and prepaid ARPU saw an uplift to A$49/month (4QFY25: A$48/month) and A$20/month (4QFY25: A$19/month) respectively, with total mobile subscribers expanding 11,000 q-o-q.
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Singapore: Stable front.
1HFY26 revenue and EBIT was flat y-o-y, reflecting intense competition and reduced roaming revenue (from increased bundling of roaming services in mobile plans). This led to mobile revenue dropping 10% y-o-y, which was cushioned by stronger SME & enterprise connectivity growth, and a 14% y-o-y uptick in ICT and equipment sales revenue.
Blended ARPU was stable at S$23/month, but total subscribers saw a 23,000 q-o-q net decline. Singtel aims to defend its market share of 45% in the market.
NCS and Digital InfraCo.
Read more at SGinvestors.io.
Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
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