- StarHub's 3Q25 core earnings declined 29% y-o-y, with 9M25 trending at 62% of Street full-year forecasts. The decline was mainly due to more intense competition, leading to consumer business revenue falling 8% y-o-y in 3Q25. This was partially mitigated by improvement in enterprise services, although headline enterprise revenue was a bit soft owing to it moving away from low-margin managed services projects.
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Consumer weakness, but some green shoots
- 3Q25 mobile revenue declined 10% y-o-y, primarily due to intense competition from the proliferation of sub-S$10 plans that bundled free roaming and IDD calls. We observed a similar revenue erosion at Singtel (SGX:Z74) in 2QFY26 (-9% y-o-y). Competition has also intensified in the broadband segment, with revenue down -4% y-o-y in 3Q25 (compared to +4% y-o-y in 1H25).
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Management call take-aways
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