StarHub - DBS Research 2026-02-19: Big Earnings Drop In 2026 Before A Gradual Recovery In 2027

• Singapore’s No. 2 telecom player with a regional presence in ICT services – StarHub (SGX:CC3) is building a multi-cloud capable digital platform through its DARE+ transformation programme, with meaningful realisation anticipated from late FY26F.
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We project ~20% EBITDA decline in FY26F.

• We project ~20% EBITDA decline in FY26F (vs StarHub’s guidance of 20-25% decline) due to 2.5% decline in consumer revenue and higher enterprise related opex.
• Mobile service revenue is expected to drop ~2% as premium customers continue to migrate to value offerings (SIM-only plans), exerting pressure on overall ARPU. StarHub is aggressively migrating its value customers to higher ARPU 5G plans. However, in the absence of big upward revision in the pricing of SIM only plans, we expect StarHub’s blended ARPU to remain stable in FY26F.
• - Read this at SGinvestors.io -
• On a positive note, we expect the effect of sector consolidation to be visible in FY27F with a ~5% rise in mobile ARPU.

We expect enterprise order book growth in FY26F to translate into higher revenue in FY27–28F.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2025-11-14 StarHub - 3Q25 Earnings In Line, Mobile Revenue Recovery Is Few Quarters Away.

Price targets by 2 other brokers at StarHub Target Prices.

Listing of research reports at StarHub Analyst Reports.

Relevant links:
StarHub Share Price History,
StarHub Announcements,
StarHub Dividend Payout Dates & Corporate Actions,
StarHub News