Media OutReach
SATS Posts 2Q Net Profit Of S$78.9 Million
- Revenue rose 8.4% to S$1.6B, driven by strong cargo volume growth across Asia, Europe and the Middle East
- EBITDA grew 15.7% to S$307.4M with margin expansion from 18.3% to 19.6%
- SATS declares an interim dividend of 2 cents (S$) per share
SINGAPORE – Media OutReach Newswire – 20 November 2025 – SATS Ltd (SATS or the Company and together with its subsidiaries, the Group) today reported its financial performance for the three months ended 30 September 2025 (2Q FY26).
HIGHLIGHTS OF THE GROUP’S UNAUDITED RESULTS:
Group Financial Results
2Q FY26
(S$ million)
2Q FY25
(S$ million)
Favourable / (Unfavourable) YoY Change (S$ million)
Favourable / (Unfavourable) YoY Change (%)
Revenue
1,572.1
1,450.7
121.4
8.4
Operating expenditure (excluding D&A)
(1,264.7)
(1,185.0)
(79.7)
(6.7)
EBITDA
EBITDA margin
307.4
19.6%
265.7
18.3%
41.7
1.3ppt
15.7
Operating profit (EBIT)
EBIT margin
157.4
10.0%
127.2
8.8%
30.2
1.2ppt
23.7
SoAJV
27.5
29.7
(2.2)
(7.5)
Profit attributable to owners of the Company (PATMI)
78.9
69.7
9.2
13.3
Group Financial Results
YTD FY26
(S$ million)
YTD FY25
(S$ million)
Favourable / (Unfavourable) YoY Change (S$ million)
Favourable / (Unfavourable) YoY Change (%)
Revenue
3,078.5
2,821.1
257.4
9.1
Operating expenditure (excluding D&A)
(2,497.3)
(2,306.3)
(191.0)
(8.3)
EBITDA
EBITDA margin
581.2
18.9%
514.8
18.2%
66.4
0.7ppt
12.9
Operating profit (EBIT)
EBIT margin
282.6
9.2%
240.1
8.5%
42.5
0.7ppt
17.7
SoAJV
60.6
65.3
(4.7)
(7.3)
Profit attributable to owners of the Company (PATMI)
149.8
134.7
15.1
11.2
Notes:
(1) FY26 refers to the financial year from 1 April 2025 to 31 March 2026
(2) D&A refers to depreciation and amortisation
(3) EBITDA refers to earnings before interest, tax, depreciation and amortisation
(4) SoAJV refers to the share of associates/joint ventures, net of tax
(S$ million)
(S$ million)
EBITDA margin
19.6%
18.3%
1.3ppt
EBIT margin
10.0%
8.8%
1.2ppt
(S$ million)
(S$ million)
EBITDA margin
18.9%
18.2%
0.7ppt
EBIT margin
9.2%
8.5%
0.7ppt
(1) FY26 refers to the financial year from 1 April 2025 to 31 March 2026
(2) D&A refers to depreciation and amortisation
GROUP EARNINGS
2Q FY26 (1 July 2025 to 30 September 2025)
Amid continued volatility to global trade flows, SATS Group achieved 2Q FY26 revenue of S$1.57 billion, an increase of 8.4% compared to the same period last year. The Group attributes this to strong cargo performance alongside steady contributions from ground handling and food services.
Gateway Services revenue rose 10.7% year-on-year to S$1.22 billion, driven by continued market share gains with cargo volumes that outperformed IATA’s global growth benchmarks.
Food Solutions revenue grew 1.0% year-on-year to S$356.5 million, reflecting stable inflight meal demand amid air travel expansion in Asia-Pacific. Growth was modest as the prior year period benefited from catch-up pricing adjustments.
The Group’s expenditure (excluding depreciation and amortisation) increased 6.7% year-on-year to S$1.26 billion.
Operating profit for 2Q FY26 rose 23.7% year-on-year to S$157.4 million, with operating profit margin expanding to 10.0% from 8.8% in the prior year. This improvement reflects favourable operating leverage from volume growth and continued operational efficiency gains.
The share of earnings from associates and joint ventures decreased 7.5% to S$27.5 million year-on-year, due to ramp-up costs associated with new customer onboarding in a joint venture.
The Group posted PATMI of S$78.9 million, an increase of 13.3% over 2Q FY25.
1H FY26 (1 Apr 2025 to 30 September 2025)
SATS Group achieved revenue of S$3.08 billion, an increase of 9.1% compared to the same period last year. Strong cargo volume growth along with contributions from ground handling and food services contributed to the Group’s performance.
The Group’s expenditure (excluding depreciation and amortisation) increased 8.3% year-on-year to S$2.50 billion.
Operating profit rose 17.7% year-on-year to S$282.6 million, with operating profit margin expanding to 9.2% from 8.5%, reflecting the Group’s focus on operational efficiency.
The share of earnings from associates and joint ventures decreased 7.3% to S$60.6 million year-on-year, primarily due to a one-off net gain recognised in the prior-year period and ramp-up costs associated with new customer onboarding in a joint venture.
The Group posted PATMI of S$149.8 million, an increase of 11.2%.
GROUP FINANCIAL POSITION (as at 30 September 2025)
Total equity increased by S$134.0 million, reaching S$2.90 billion as of 30 September 2025, compared to 31 March 2025. This increase was primarily attributed to the profit generated in the half year ended 30 September 2025.
As of 30 September 2025, total assets stood at S$8.89 billion, an increase of S$5.5 million from 31 March 2025. Total liabilities decreased by S$128.5 million from 31 March 2025 to S$5.99 billion, due mainly to lower trade and other payables and the repayment of S$100 million in Singapore dollar Medium Term Notes (SGD MTN) in April 2025.
Operating cash flow after lease repayment for YTD FY26 was S$123.0 million, an increase of S$80.1 million from prior year, underpinned by stronger operational performance and working capital management. YTD FY26 free cash flow1 was negative S$1.1 million, compared to negative S$52.8 million in the prior year.
1 Free cash flow refers to net cash from operating activities less capex and lease payment. FY25 cash flow from operating activities and investing activities were restated due to reclassification of interest income/expense
INTERIM DIVIDEND
In view of the Group’s financial performance in 1H FY26, the Board of Directors has declared an interim dividend of 2 cents (S$) per share, payable on 5 December 2025. The book closure date is 24 November 2025.
OUTLOOK
Our second quarter performance was resilient amid evolving market conditions. Gateway Services continues to demonstrate strength, leveraging its broad customer base and network scale, while Food Solutions is positioned to capture stable meal demand across the region.
SATS has outperformed IATA benchmarks over the past eight consecutive quarters, though second quarter volumes reflected in part accelerated customer shipments ahead of tariff implementations. As trade patterns continue to adjust to changing policies, we remain focused on adapting operations across our network to manage volume shifts while maintaining operational discipline.
Our network continues to support market share gains, and Americas and EMEAA are expanding specialised capabilities to capture e-commerce and freight forwarder volumes. Recent developments include the opening of a new E-Commerce and Freight Forwarder Handling facility at Copenhagen Airport, and the renewal of an Air China Cargo contract in Liège, reinforcing our position in key European hubs and e-commerce corridors. In 2Q FY26, we onboarded and ramped-up operations for several new customers, including Emirates SkyCargo and eDirect Transport at Frankfurt Cargo Services and Turkish Airlines at JFK Airport’s Building 260.
In Singapore, the Group continues to strengthen its role as the anchor of SATS’ global network. The newly announced Hub Handler of the Future programme will reimagine air hub operations through automation and workforce innovation, supporting Changi’s long-term competitiveness. Beyond aviation, Marina Bay Cruise Centre Singapore, managed by SATS-Creuers Cruise Services, has completed a S$40 million upgrade to accommodate dual-ship calls and enhance passenger experience. Together, these initiatives underscore SATS’ commitment to advancing Singapore as a world-class hub for trade and travel.
Looking ahead, we will continue to prioritise operational efficiency and disciplined cost management amid continued uncertainty in global trade flows. Leveraging our global network advantage, we are well-positioned to drive profitable growth.
Kerry Mok, SATS President and Chief Executive Officer, said, “SATS’ second quarter results were enabled by a global network and consistent execution across our operations. While volumes were strong, we recognise that the quarter benefited in part from front-loading ahead of tariff changes. We are actively managing our capacity and resources as demand patterns evolve.
“We continue to work closely with our key customers and are investing in specialised handling capabilities to support their growth.
“Closer to home, Singapore remains at the heart of our network and multi-year transformational journey. We are building the foundation for next-generation mega air hubs that bring together technology, innovation and people to shape the future of travel and logistics. These upgrades to Singapore’s air and sea gateway infrastructure reinforce our role in enhancing Singapore’s global connectivity.
“Our first-half performance demonstrates the resilience of our diversified platform and the effectiveness of our network operational approach. We remain committed to delivering value through disciplined execution and strategic focus as we navigate the quarters ahead.”
ANNEX A: GROUP FINANCIAL STATISTICS
| Financial Results (S$) | 2Q FY26 | 2Q FY25 | 1H FY26 | 1H FY25 |
| Per Share Data | ||||
| Earnings per share (cents) | ||||
| – Basic R1 | 5.3 | 4.7 | 10.1 | 9.1 |
| – Diluted R2 | 5.2 | 4.6 | 9.9 | 9.0 |
| Return on turnover (%) R3 | 5.0 | 4.8 | 4.9 | 4.8 |
| As at | As at | |
| Financial Position (S$ million) | 30 Sep 2025 | 31 Mar 2025 |
| Total equity | 2,902.9 | 2,768.9 |
| Total assets | 8,888.2 | 8,882.7 |
| Total debt | 4,194.0 | 4,244.1 |
| Gross debt/equity ratio (times) R4 | 1.44 | 1.53 |
| Net asset value per share (S$) R5 | 1.81 | 1.74 |
Notes:
The Group financial statistics should be read in conjunction with the explanatory notes found on page 2 of this media release.
R1 Earnings per share (basic) is computed by dividing profit attributable to owners of the Company by the weighted average number of fully paid shares in issue.
R2 Earnings per share (diluted) is computed by dividing profit attributable to owners of the Company by the weighted average number of fully paid shares in issue after adjusting for dilution of shares under various employee share plans.
R3 Return on turnover is computed by dividing profit attributable to owners of the Company by total revenue.
R4 Gross debt/equity ratio is computed by dividing total debt by total equity.
R5 Net asset value per share is computed by dividing equity attributable to owners of the Company by the number of ordinary shares (excluding treasury shares) in issue.
R2 Earnings per share (diluted) is computed by dividing profit attributable to owners of the Company by the weighted average number of fully paid shares in issue after adjusting for dilution of shares under various employee share plans.
R3 Return on turnover is computed by dividing profit attributable to owners of the Company by total revenue.
R4 Gross debt/equity ratio is computed by dividing total debt by total equity.
R5 Net asset value per share is computed by dividing equity attributable to owners of the Company by the number of ordinary shares (excluding treasury shares) in issue.
ANNEX B: OPERATING STATISTICS
| 2Q FY26 | 1Q FY26 | QoQ (%) | 2Q FY25 | YoY (%) | |
| Flights Handled (‘000) | 160.6 | 158.8 | 1.2 | 160.8 | -0.1 |
| – APAC | 88.7 | 87.7 | 1.2 | 82.8 | 7.2 |
| – EMEAA | 3.6 | 3.4 | 5.3 | 8.2 | -56.2 |
| – Americas | 68.3 | 67.7 | 0.9 | 69.8 | -2.1 |
| Cargo Processed (‘000 tonnes) | 2,381.9 | 2,379.3 | 0.1 | 2,223.1 | 7.1 |
| – APAC | 726.0 | 704.0 | 3.1 | 678.4 | 7.0 |
| – EMEAA | 1,021.1 | 999.4 | 2.2 | 855.7 | 19.3 |
| – Americas | 634.8 | 675.9 | -6.1 | 689.1 | -7.9 |
| Gross Meals Produced (‘M) | 29.3 | 26.1 | 12.4 | 28.9 | 1.4 |
| – Aviation meals | 17.6 | 16.4 | 7.4 | 17.4 | 0.9 |
| – Non-aviation meals | 11.7 | 9.7 | 20.6 | 11.5 | 2.1 |
| Ship Calls Handled | 40 | 48 | -16.7 | 45 | -11.1 |
Notes:
i. Reduction in flights handled volume in EMEAA mainly due to disposal of ground handling business in UK.
ii. The above operating data cover SATS and its subsidiaries, but does not include joint ventures and associates.
Hashtag: #SATS
The issuer is solely responsible for the content of this announcement.
SATS LTD.
Headquartered in Singapore, SATS Ltd. (SGX stock code: S58) is one of the world’s largest providers of air cargo handling services and Asia’s leading airline caterer. SATS Gateway Services provides airfreight and ground handling services including passenger services, ramp and baggage handling, aviation security services, aircraft cleaning and aviation laundry. SATS Food Solutions serves airlines and institutions, and operates central kitchens with large-scale food production and distribution capabilities for a wide range of cuisines. SATS is present in the Asia-Pacific, the Americas, Europe, the Middle East and Africa, powering an interconnected world of trade, travel and taste. Following the acquisition of Worldwide Flight Services (WFS) in 2023, the combined SATS and WFS network operates over 225 stations in 27 countries. These cover trade routes responsible for more than 50% of global air cargo volume. SATS has been listed on the Singapore Exchange since May 2000. For more information, please visit 
www.sats.com.sg
Today’s biggest stars express individuality and confidence with natural diamonds
LOS ANGELES, US – Media OutReach Newswire – 6 February 2026 – At this year’s GRAMMY Awards, the Red Carpet sparkled with natural diamonds punctuating the looks of today’s most celebrated music artists.
Leading artists, performers and presenters showed up for music’s biggest night in diamond jewelry looks that spoke to creativity, individuality, glamour and power. From nominees Olivia Dean and Sabrina Carpenter to presenter Keltie Knight’s choices, natural diamonds expressed not only the timeless glamour and brilliance they’re known for, but their ability to amplify personal style. Natural diamonds were spotted in a range of tones from icy whites to deep whiskeys, and in settings from platinum to rose gold. Just as Hollywood stars are hitting the Red Carpet this year in Desert diamonds, the biggest new trend in natural diamonds, musical artists are experimenting with a bolder diamond palette, creating a more personality-driven red carpet.
Desert diamonds
Desert diamonds, ranging from warm whites to deep whiskeys, were spotted everywhere, including on presenter Keltie Knight, who opted for unique diamond and yellow gold hoops by RENNA, as well as a smattering of yellow gold, fancy-shaped diamond solitaire rings from the brand. Highlights also included power player J Balvin who chose a clean and classic tuxedo paired with a large cushion cut yellow diamond ring that added a nice balance to the traditionally masculine look.
Simple Drops
Simple drop earrings emerged as a quiet standout at the GRAMMYs, proving that restraint can be just as impactful as large statement pieces. Addison Rae and Madison Beer leaned into effortless glamour, choosing sleek diamond drops that framed the face with subtle movement and modern elegance. Billie Eilish brought her signature edge, using pared-back diamond drops to balance her bold black and white suiting. Kelsea Ballerini elevated the look in Sabyasachi, where refined diamond drops added softness and romance, while Reba McEntire turned to Martin Katz for timeless brilliance, opting for classic diamond drops that were sure to catch the eye.
Diamond Hoops for Men
Men are increasingly embracing minimalist yet impactful diamond hoop earrings as a refined accessory choice. Bad Bunny paired his sharp Schiaparelli tuxedo with a single diamond hoop earring, bringing a subtle but polished sparkle to his look that perfectly balanced his experimental sartorial vibe. Kaytranada’s red carpet presence and inclination for understated yet stylish accessories suggest that simple diamond hoops align naturally with his fashion-forward aesthetic. This trend points to a broader moment in men’s red carpet jewelry: pared-back diamond hoops that provide polished shine without overpowering the rest of the ensemble, signaling a move toward jewelry that feels personal, versatile, and modern.
Rings
Rings at the GRAMMYs reflected a dual trend of bold expression and refined delicacy, underscoring natural diamonds’ versatility. Sabrina Carpenter complimented her look in Chopard, opting for diamond rings that delivered impact without overpowering her look, while Sombr also made a striking impression with a diamond ring that was perfect high-jewelry shine to go with his existing sequined ensemble. In contrast, Olivia Dean showcased a more delicate approach in Cartier High Jewelry, layering elegant diamond rings that emphasized timeless sophistication perfectly echoing her Chanel gown. Miley Cyrus made perhaps the boldest ring statement of the night with several diamond rings stacked and worn over leather gloves.
Necklaces
Necklaces at the GRAMMYs showcased how natural diamonds can define both quiet refinement and bold presence on the red carpet. On the delicate end of the spectrum, Charlotte Lawrence in Messika exemplified understated luxury with a finely crafted diamond necklace that traced the neckline proving that less is more. In contrast, Hailey and Justin Bieber turned heads with matching Lorraine Schwartz statement diamond neck pieces that anchored their looks. Tate McRae also grabbed attention with a 50 carat Lorraine Schwartz necklace, while Pharrell Williams elevated his ensemble with a striking diamond necklace that blended artistry and scale. Together, these moments underscored a versatile necklace trend: from minimalist diamonds that whispered elegance to oversized, expressive pieces that commanded attention. Natural diamonds continue to serve as dynamic anchors in personal style storytelling.
Hashtag: #ADiamondisForever #NaturalDiamonds #diamonds #GRAMMYS
https://www.debeersgroup.com/
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The issuer is solely responsible for the content of this announcement.
About De Beers Group
Established in 1888, De Beers Group is the world’s leading diamond company with expertise in the exploration, mining, marketing and retailing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world’s largest diamond producer by value, with diamond mining operations in Botswana, Canada, Namibia and South Africa. Innovation sits at the heart of De Beers Group’s strategy as it develops a portfolio of offers that span the diamond value chain, including its jewellery houses, De Beers London and Forevermark, and other pioneering solutions such as diamond sourcing and traceability initiatives Tracr and GemFair. De Beers Group also provides leading services and technology to the diamond industry in the form of education and laboratory services and a wide range of diamond sorting, detection and classification technology services.
De Beers Group is committed to ‘Building Forever,’ a holistic and integrated approach to sustainability that underpins our efforts to create meaningful impact for the people and places where our diamonds are
discovered. Building Forever focuses on three key areas where, through collaborations and partnerships around the globe, we have an enhanced ability to drive positive impact; Livelihoods, Climate and Nature. De Beers Group is a member of the Anglo American plc group. For further information, visit www.debeersgroup.com.
Media OutReach
ICONSIAM Drives Its Destination Marketing Strategy to Elevate Bangkok as a Global Chinese New Year Destination
Featuring Renowned Actor Wang Zhuo Cheng and T-Pop Sensation BUS to Boost Thai–Chinese Tourism Economy
BANGKOK, THAILAND – Media OutReach Newswire – 5 February 2026 – ICONSIAM, the global landmark on the banks of the Chao Phraya River, announces a major collaboration with leading public and private partners—including the Ministry of Culture (Thailand), the Tourism Authority of Thailand (TAT), KASIKORNBANK, CP AXTRA “Makro – Lotus”, Alipay +, and Tiger Balm—to host a world-class Chinese New Year celebration. Reinforcing its Destination Marketing strategy, ICONSIAM aims to position itself as one of the world’s premier Chinese New Year destinations through festivities that blend Thailand’s cultural heritage with revered Chinese traditions. A key highlight is ICONSIAM’s spiritually significant location, known as the “Dragon’s Belly,” a powerful symbol of prosperity along the most beautiful curve of the Chao Phraya River. To honor the Year of the Horse, a sacred statue of Guan Yu—the deity of honesty, loyalty, and righteousness, will be enshrined. The celebration will feature world-class entertainment led by renowned Chinese actor Wang Zhuo Cheng and T-Pop Sensation BUS, alongside dragon and lion dances, festive street food, shopping, and cultural experiences. ICONSIAM is confident that foot traffic and spending within the destination will grow by more than 10%, helping to stimulate overall economic activity and tourism in the first quarter. The event will take place from 12–17 February 2026 at River Park, ICONSIAM.
Mrs. Suma Wongphan, Executive Vice President of ICONSIAM Co., Ltd. said “This event reaffirms ICONSIAM’s role as a Global Experiential Destination that captivates visitors worldwide. Our ambition is not only to elevate Thailand’s tourism experience, but also to celebrate the deep-rooted ties between Thailand and China. We have curated a landmark festival that seamlessly blends traditional beliefs with contemporary artistry, creating a special experience to attract global audiences to witness the most magnificent Chinese New Year celebration along the Chao Phraya River. Alongside the cultural aspects, ICONSIAM enhances the festive experience through its ‘Lucky Angpao Mega Campaign’, offering over 8,300 prizes, with expectations of driving more than 10% growth in visitor traffic and 10% increase in consumer spending during the campaign period.”
The 2026 Chinese New Year season is expected to generate significant economic impact across Thailand’s tourism sector, aligning closely with the Tourism Authority of Thailand’s strategy in setting the target of attracting 6.7 million Chinese visitors under ongoing visa-free measures. ICONSIAM is confident that the scale and creativity of this celebration will serve as a powerful catalyst in advancing Thailand’s tourism and retail sectors to global prominence.
The ICONSIAM A Prosperous Chinese New Year 2026 key highlights include:
- Landmark of Blessing: Visitors are invited to experience profound spiritual power at The Auspicious Guan Yu Shrine, featuring the enshrinement of five sacred manifestations of Guan Yu, brought directly from the People’s Republic of China for the first time in Thailand. Enhancing the experience is the Interactive Blessing Pavilion, showcasing the “Eight Auspicious Horses” through cutting-edge interactive technology that breathes new life into ancient mythology.
- Prosperous Celebration: The riverside comes alive with a world-class cultural spectacle led by the appearance of globally renowned Chinese actor Wang Zhuo Cheng, who joins the grand procession of the legendary ‘Long Ma’ (Dragon Horse), a mythical creature stretching over 32 metres in length, symbolising success and progress. The celebration is further energised by a breathtaking performance of the dragon-horse dance by Thailand’s leading T-POP sensation BUS (Because of You I Shine), creating a powerful fusion of tradition and contemporary pop culture.
- The Miracle of Fountain: At ICONSIAM’s iconic river curve — regarded as the most beautiful bend of the Chao Phraya, visitors will witness the mesmerising “Chao Phraya River Dragon Multimedia Water Feature,” the longest of its kind in Southeast Asia, featuring a choreographed spectacle of dancing fountains, light, and sound.
More than a celebration, ICONSIAM A PROSPEROUS CHINESE NEW YEAR 2026 is a cultural phenomenon that positions Bangkok as one of the world’s most compelling festive destinations. Be part of this extraordinary celebration from February 12–17, 2026, at River Park, ICONSIAM. Discover upcoming events and the latest updates via ICONSIAM’s Facebook at www.facebook.com/ICONSIAM or call 1338 for more information.
Hashtag: #ICONSIAMCNY2026 #ICONSIAMaProsperousChineseNewYear2026 #ICONSIAM
The issuer is solely responsible for the content of this announcement.
Media OutReach
DFI Retail Group to Announce 2025 Full Year Financial Results and Host Analyst Presentation Live Webcast
Time: 09:30-10:30 am (Hong Kong Time)
Hashtag: #DFIRetailGroup #Mannings #Guardian #7-Eleven #Wellcome #MarketPlace #IKEA #yuu
The issuer is solely responsible for the content of this announcement.
About DFI Retail Group
DFI Retail Group (the ‘Group’) is a leading Asian retailer, driven by its purpose to “Sustainably Serve Asia for Generations with Everyday Moments”.
At 1 December 2025, the Group and its associates operated over 7,400 outlets, and employed over 81,000 people across 12 markets.
The Group is dedicated to delivering quality, value and service to Asian consumers through a compelling retail experience, supported by an extensive store network and highly efficient supply chains.
The Group and its associates, operates a portfolio of well-known brands across five key divisions: health and beauty, convenience, food, home furnishings and restaurants.
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