SIA 3QFY25 Earnings Preview - UOB Kay Hian 2026-02-03: Core Earnings To Bottom Out Qoq; Improved Outlook On Pax Yield Stabilisation

• SIA (SGX:C6L)’s 3QFY26 operating statistics came in in line with our expectations. Our updated 3QFY26 earnings forecast now stands at S$450m-530m (previously S$400m), reflecting the earlier-than-expected pax yield stabilisation, and weaker jet fuel prices seen in late-Nov and Dec 25.
• - Read this at SGinvestors.io -

3QFY26 operating data in line:

• Pax load rose 3.2% y-o-y to 105.3% of pre-pandemic (3QFY20) levels, slightly faster than pax capacity growth of 2.8% y-o-y. As a result, pax load factor improved 0.4ppt y-o-y to 87.5%, or 1.9ppt above pre-pandemic levels. This indicates a relatively tight supply-demand balance. SIA and Scoot carried a combined total of 10.9m passengers in 3QFY26, 6.3% higher y-o-y.
• - Read this at SGinvestors.io -

Stabilising near-term outlook for pax yields.

• Based on our recent chat with management, we understand that near-term outlook for pax yields may have stabilised. This comes as a positive surprise to us, as we were projecting pax yields to still slightly moderate over the next two quarters.

Cargo yields remaining under pressure.

• 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/.

Read also UOB's most recent report:
2026-02-25 Singapore Airlines - 3QFY26 Results In Line; Stronger-than-expected Operating Performance Offset By Heavier Drag By Air India.

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Listing of research reports at SIA Analyst Reports.

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