Singapore Airlines 4QFY25/26: Strong beat, as operational strength continues to shine, offsetting Air India drag

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Singapore Airlines 4QFY25/26: Strong beat, as operational strength continues to shine, offsetting Air India drag

J P M O R G A N Asia Pacific Equity Research

14 May 2026

Singapore Airlines Overweight

SIAL.SI, SIA SP

4QFY25/26: Strong beat, as operational strength Price (14 May 26):S$6.27

continues to shine, offsetting Air India drag Price Target (Dec-26):S$7.50

SIA delivered a strong 4QFY25/26 and FY25/26 results beat, reporting record- Infrastructure, Industrials &

high annual revenue and a sharp rebound in operating profit. Key positives include Transport

robust passenger demand, effective cost management and notable margin Karen Li, CFA AC

expansion, while the drag from Air India losses (more one-off in nature) weighed (852) 2800-8589

on the bottom line. Notably, 4Q revenue and EBIT both marked historical highs karen.yy.li@jpmorgan.com

across all 4Qs on record. Both passenger yield and cargo yield stood at 115% of J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

2019 levels, confirming a structurally higher post-pandemic equilibrium. SIA Jenny Qiu, CFA

announced a total dividend of 37 cents per share for FY25/26, representing a 100% (852) 2800 8503

payout ratio, underscoring its strong commitment to shareholder returns. SIA will jenny.qiu@jpmorgan.com

hold its analyst briefing tomorrow morning (15 May) at 10am Singapore time. Stay J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

OW.

Arjun Joshi

• 4Q beat driven by record revenue and operating leverage. 4Q results (91-22)arjun.joshi@jpmorgan.com6157-3745

significantly exceeded expectations on both the top line and profitability. SIA J.P. Morgan India Private Limited

reported 4Q revenue of S$5.3B (+11% Y/Y), ahead of our JPMe of S$5.0B

Sunny Su