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
Media OutReach
Siam Piwat redefines global retail with NEXTOPIA, a future prototype where sustainability is a transformative force for business, people, and the planet
Chief Executive Officer Chadatip Chutrakul introduced the project during The Economist’s 5th annual Sustainability Week Asia, recently held in Bangkok, positioning NEXTOPIA as more than a response to necessity but as a genuine driver of business leadership and vision.
The vision for the future of retail is built on three interconnected pillars: co-creation with founders and partners, collaboration with tenants and communities, and customers. Together, they redefine retail as a platform shaped by shared purpose, creativity, and participation. This extends to redefining customer relationships through trust, inspiring customers to visit more often, spend more time, and deepen engagement within our ecosystem.
“Sustainability is no longer optional,” Chutrakul said. “We must accelerate and make a bold move. Real, lasting impact is never created alone. It requires co-creation across industries, united by purpose, in a place that captures the world’s attention and inspires change for the greater good.”
Launched in November 2025, the 15,000-square-meter attraction at Siam Paragon, a global landmark that draws more than 200,000 visitors daily, including a significant share of international tourists aims to move sustainability “beyond awareness into joyful and engaging experiences in everyday life,” she added.
Developed with more than 50 partners, NEXTOPIA operates under the theme “Co-creating Communities for a Better World.” It features infrastructure contributions from companies including B.Grimm, SCG, Indorama and Kasikornbank, incorporating solar energy, sustainable materials, advanced water systems, and cooling and clean air technologies.
The project has achieved zero waste to landfill, cut energy consumption by 47%, reduced water use by 34% and lowered carbon emissions from construction materials by 59%. Within a year, water savings are projected to be equivalent to the volume of an Olympic-sized swimming pool. Over two years, decarbonization efforts will deliver the environmental benefit of creating a vast urban park.
NEXTOPIA is Thailand’s first multi-tenant retail building to earn EDGE Advanced certification for resource efficiency and a two-star Fitwel rating. It also received the Best in Building Health Award 2026 from Fitwel, achieving top scores for its design and quality-of-life features.
Tenants must adhere to some 50 sustainability criteria covering waste management and value chain practices, with many exceeding standard industry benchmarks. Siam Piwat developed the framework over three years to help partners adopt sustainable practices quickly while cutting costs and unlocking new value.
Interactive elements at NEXTOPIA invite visitors to participate directly, with kinetic floors and bicycles that generate electricity for redeemable rewards, alongside exhibits featuring Thailand’s largest collection of recycled art, created by artists from waste collected nationwide. ECOTOPIA, the country’s biggest eco-store, stocks more than 110,000 sustainable products, many recycled or upcycled, sourced from around 300 Thai communities and small businesses.
The project has also brought together more than 30 local communities and global organizations, including the United Nations, World Food Programme, UNDP Biofin and WWF, to exchange knowledge and ideas.
More than a shopping destination, NEXTOPIA functions as a living laboratory for experimenting and exchanging ideas that retail and real estate developers worldwide could adapt. It marks a strategic evolution for Siam Piwat, transforming the company from a premier retail developer into what it describes as “a global sustainability platform” that links businesses, people and innovation.
This shift aligns with intensifying global pressure on companies to meet their sustainability commitments under the Paris Agreement, as brands and consumers increasingly demand verifiable environmental action.
With NEXTOPIA, Siam Piwat is betting that the future of retail lies not just in selling goods, but in creating spaces where sustainability feels tangible, measurable and above all inspiring.
Setting a new benchmark for co-created, revolutionary retail, NEXTOPIA offers a scalable model that delivers both business value and meaningful impact – one that can be adopted globally.
Hashtag: #SiamParagon #NEXTOPIA #Sustainability #PrototypeCity #NetZero #TheEconomist #SustainabilityWeekAsia
The issuer is solely responsible for the content of this announcement.
About Siam Piwat
Siam Piwat is a leading retail and real estate developer behind Bangkok’s most iconic destinations, including Siam Paragon, Siam Center, Siam Discovery, ICONSIAM, and Siam Premium Outlets Bangkok, globally recognized for pioneering experiential destinations.
For over six decades, Siam Piwat has been renowned for creating iconic destinations and world-class experiences, continuously redefining Bangkok’s retail landscape through award-winning developments that set new global benchmarks. Guided by creativity, innovation, and sustainability, the company continues to lead with a bold vision s that inspire, engage, and delight customers from around the world, while creating long-term value for society, businesses, and future generations.
Media OutReach
DTAP Expands Access to Sexual Health Services with Two New Clinics in Holland Village and Clarke Quay
As healthcare-seeking behaviours continue to evolve, there has been a noticeable shift towards earlier and more proactive screening, especially for sexually transmitted infections (STIs) and HIV. Increasing public awareness of the importance of timely testing and treatment has driven demand for accessible, confidential care delivered in a professional clinical setting. The expansion into Holland Village and Clarke Quay reflects this shift, with both clinics designed to offer a comfortable and private environment that supports individuals in seeking care with confidence.
DTAP operates as a GP+ medical centre, bridging the gap between general practice and specialist care. Fully accredited for HIV and STD testing and treatment, its clinical protocols adhere to Singapore Ministry of Health (MOH) guidelines, covering the full continuum from screening and early detection through to treatment and long-term management. Beyond sexual health, DTAP also supports men’s and women’s health, weight management and mental health.
Clinics are staffed by experienced doctors — both male and female — who take a friendly, open and non-discriminatory approach, ensuring patients can seek care with confidence and discretion.
“This expansion builds on DTAP’s longstanding commitment to accessible and confidential care, with over 20 years of experience since 2005. We are seeing a clear shift towards more proactive health-seeking behaviour, particularly in sexual health, with more patients coming forward earlier for screening and testing, including for conditions that were previously under-discussed. This highlights the importance of timely detection and access to care, supported by a discreet, comfortable environment with experienced doctors who provide care in a respectful, open and non-discriminatory manner,” said Dr. Alan Tan, Chairman of DTAP Clinics.
DTAP Clinic @ Holland Village and DTAP Clinic @ Clarke Quay are now open to patients. For more information on services, visit https://dtapclinic.com/.
Hashtag: #DTAP
The issuer is solely responsible for the content of this announcement.
About DTAP
DTAP clinics offer GP+ medical services, bridging the gap between general practice and specialist care. Established in 2005, DTAP provides services that extend beyond regular GP offerings, with key focus areas including men’s health and women’s health, including sexual health, STD check, weight management and mental health. Through all life stages, DTAP aims to be a trusted healthcare partner in both general and sexual health.
Media OutReach
TP’s AI-powered debt collection solution recovers up to 40% debt, improves efficiency and saves costs
Collections are emerging as a critical lever for both financial performance and customer retention. Regional institutions including the Asian Development Bank have identified digital transformation of financial services and credit infrastructure as a strategic priority across Asia, while rising consumer delinquencies are increasing pressure on banks to modernise servicing and collections operations.
However, debt collection remains one of banking’s most complex challenges, as lenders struggle to improve recovery rates without damaging customer relationships. AI-driven, human-supported debt collection models are emerging as a potential way forward to help lenders tackle rising credit risk and changing borrower behaviour. TP.ai FAB Collect is designed by training AI on decades of human collections expertise and deploying it where volume demands scale, so human advisors can focus on preserving customer relationships.
From Recovery to Relationship Management
TP.ai FAB Collect empowers lenders to operationalise more predictive, customer-centric engagement at scale, moving beyond traditional recovery models without adding friction to the customer experience. Built on TP’s proprietary TP.ai FAB (Foundational AI Backbone) framework, the solution integrates advanced analytics, AI-driven decisioning, and omnichannel engagement to improve recovery outcomes while maintaining compliance and customer trust.
“We trained our AI on 40 years of human collections expertise. Now it handles the first wave, so our human advisors can focus on the conversations that truly matter. TP.ai FAB Collect has produced results across debt recovery, promise-to-pay and overall customer satisfaction.” explains Assaf Tarnopolsky, TP’s Chief Business Development & Customer Officer, APAC.
When deployed by a leading financial institution, TP.ai FAB Collect’s AI agents achieved a customer satisfaction (CSAT) score that was slightly higher than human agents while also achieving a 40% debt recovery rate. At a leading telecommunications company, AI agents adapted outreach to customers based on local payment behaviour, achieving a 7%-point improvement in the pay-to-contact ratio compared to the human-only model. The solution also improved recovery performance over time while reducing collections costs by 40% compared to a human-only model.
TP.ai FAB Collect was recognised with a 2026 Artificial Intelligence Excellence Award by the Business Intelligence Group and was named Technology of the Year by the Excellence in Customer Service awards.
Hashtag: #TPAPAC #TPaiFAB
https://www.tp.com/
TP Group, a global leader in digital business services which consistently seeks to blend the best of advanced technology with human empathy to deliver enhanced customer care that is simpler, faster, and safer for the world’s biggest brands and their customers. The Group’s comprehensive, AI-powered service portfolio ranges from front office customer care to back-office functions, including operations consulting and high-value digital transformation services. It also offers a range of specialized services such as interpreting and localization, visa and consular services, and recruitment process outsourcing services. The teams of multilingual, inspired, and passionate experts and advisors, spread in close to 100 countries, as well as the Group’s local presence allows it to be a force of good in supporting communities, clients, and the environment.
For more information: www.tp.com.
https://www.tp.com/en-sg/locations/singapore/
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