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SATS (SGX:S58)'s 4QFY26/FY26 PATMI was 18%/100% of FY26e forecast. 4QFY26 Revenue/PATMI grew 9.8%/31.0% y-o-y to S$1.6bn/S$50.7mil. This was driven by the gateway services segment (cargo and ground handling), which saw revenue grow 11.5% y-o-y to S$1.3bn in 4QFY26. However, the food solutions segment EBITDA margin dipped 2.1 ppts to 10.2%, due to higher ingredient and packaging costs.
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The positives
(+) Strong operational performance.
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4QFY26/FY26 PATMI rose 31%/17% y-o-y to S$50.7mil/S$285.2mil. Its gateway services (cargo and ground handling) business grew 11.5% to S$1.3bn, whereas its food solutions (aviation and non-aviation food) business grew 4% to S$344mil.
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(+) New contract wins and business expansion.
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