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FY26 results were within expectations. Revenue/EBITDA was 98% of our FY26e forecast. PATMI exceeded estimates at 107% of FY26e due to lower-than-modelled depreciation. Underlying PATMI grew 14% y-o-y to S$1.4bn in 2H26. The rise in inflation and energy costs is prompting Singtel to guide to more cautious low- to mid-single-digit FY27e EBIT guidance (FY26 +10%). FY26 dividends improved 9% to 18.5 cents.
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The Positive
Strength in Associate earnings.
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Associates' earnings rose 11% y-o-y to S$1bn (or up 19% y-o-y excluding Intouch merger in Apr 2025). Driving earnings growth for Bharti Airtel was higher ARPU and subscriber growth. Advanced Info's earnings were supported by higher prices and cost controls.
The Negative
Intense Singapore mobile competition.
- - Read this at SGinvestors.io -
Other Highlights
Singtel Singapore:
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Consumer only represents around 10% of group profits, and focus is on enterprise customers for their use of 5G as critical infrastructure in new initiatives such as robotics, autonomous vehicles, AI and smart city.
Optus:
- Read more at SGinvestors.io.
