Singapore Airlines - Maybank Research 2026-07-29: Higher Yields, Heavier Fuel Burden

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Record revenue on robust pax and cargo yields

• Total revenue grew ahead of expectations to S$5.71b (+19.3% y-o-y), supported by robust air-travel demand and a 12.0% increase in passenger yield.

• Passenger traffic rose 5.3% y-o-y, but trailed capacity growth of 5.9%, resulting in a 0.5ppt decline in PLF to 87.1%. Cargo revenue rose 33.5% y-o-y to S$708m, driven by a 28.1% improvement in yield and a 1.9ppt increase in CLF to 58.8%.

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Resilient demand, but fuel costs bite

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Liu Miaomiao Maybank Research | Eric Ong Maybank Research | https://www.maybanktrade.com.sg/ 2026-07-29

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