Singapore Airlines - Maybank Research 2026-05-15: Navigating A Volatile Operating Environment

• SIA (SGX:C6L) reported FY26 net profit of S$1,184m (-57% y-o-y), within our and consensus full-year estimates. The decline was due to the absence of the S$1,098m one-off non-cash gain from the Air India-Vistara merger in Nov 2024, coupled with a full year of Air India losses (vs only four months last year).

• - Read this at SGinvestors.io -

Record revenue, stronger yield momentum

• FY26 group revenue rose 5.0% y-o-y to a record S$20.5bn, driven by robust passenger demand, with SIA and Scoot carrying a record 42.4m passengers (+7.7% y-o-y).

• Group passenger load factor (PLF) improved 1.1ppts y-o-y to 87.7% as traffic growth of 4.7% outpaced capacity expansion of 3.4%, while passenger yield rose 1.0% y-o-y to 10.4 cents/pkm. 2HFY26 momentum strengthened further, with operating profit surging 72.0% y-o-y to a record S$1.6bn, supported by stronger yields (+3.8%) and the highest-ever 2H PLF of 87.6%.

• - Read this at SGinvestors.io -

Cargo business expected to stabilise soon

• Read more at SGinvestors.io.

Liu Miaomiao Maybank Research | Eric Ong Maybank Research | https://www.maybanktrade.com.sg/ 2026-05-15

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