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SIA's FY26 revenue of S$20.5b (+5% y-o-y) was in line, at 100% of our forecast, with pax revenue (+5.2% y-o-y) and cargo revenue (-2.1% y-o-y) both spot on. 4QFY26 pax yields and cargo yields increased 4.6% and 0.2% y-o-y, respectively, in line with our projections.
Revenue and fuel costs were in line.
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Heavier-than-expected Air India drag.
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In 4QFY26, Air India remained affected by: a) the continued closure of the India-Pakistan air border; and b) the weakened Indian rupee against the US dollar, and these factors have extended into FY27.
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Strong balance sheet.
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SIA’s balance sheet has remained strong, with a net cash position of S$2.6b as of end-FY26, equivalent to 13% of its market cap.
Final dividend of 29 cents a positive surprise.
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