Slides
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. 1H FY25/26 Results (Ended 30 September 2025) 14 November 2025 SIA Group Analyst/Media Briefing
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. PRESENTATION BY: Chief Financial Officer Ms. Tan JoAnn
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 3 Group Financial Results Key Highlights for 1H FY25/26 Strong 1H operating profit at $802.9 million, 0.9% higher than last year Group revenue is a 1H record. Air travel demand remained strong, resulting in passenger traffic growth of 4.6%, higher than capacity increase. Yields declined 2.9% due to increased competition. Expenditure rose 2.0%, contributed by the increase in non-fuel cost from capacity expansion and inflationary pressure, and partially offset by lower net fuel cost. Net profit was $238.5 million, 67.9% lower than a year ago Decrease is mainly due to a swing from net interest income last year to net interest expense this year, as well as share of losses of associated companies, notably Air India. Equity accounting for Air India only commenced from December 2024. Revenue 9,675.2 million +1.9% YoY Pax Flown Revenue 7,786.3 million +1.5% YoY Cargo Revenue 1,071.1 million -2.8% YoY Expenditure 8,872.3 million +2.0% YoY Net Fuel Cost 2,547.3 million -6.7% YoY Non-Fuel Cost 6,325.0 million +5.9% YoY Company proposes a capital return plan, comprising special dividend of 10 cents per share to be paid annually over three financial years Interim dividend of 5 cents per share and interim special dividend of 3 cents per share to be paid on 23 December 2025
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 4 Key Results for the Main Companies of the Group 1H FY25/26 ($’M) 1H FY24/25 ($’M) Better/ (Worse) (%) Q2 FY25/26 ($’M) Q2 FY24/25 ($’M) Better/ (Worse) (%) Full-service carrier Operating Profit 840.2 785.9 6.9 416.0 317.5 31.0 Low-cost carrier Operating Profit/(Loss) (39.0) 6.8 n.m. (22.5) 4.2 n.m. SIAEC Group Operating Profit 13.0 3.4 n.m. 7.9 2.4 n.m. Net Profit 83.3 68.8 21.1 40.4 35.6 13.5 Note: The financial results on this slide are presented before inter-company consolidation at the SIA Group level.
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 5 Group Operating Statistics 1H FY25/26: Overall capacity rose by 2.9% with pax capacity up 3.0% and cargo capacity up 2.8% SIA ASK 1H FY25/26 (YoY) +2.9% Q2 (YoY) +1.6% Group ASK 1H FY25/26 (YoY) +3.0% Q2 (YoY) +2.6% Scoot ASK 1H FY25/26 (YoY) +3.2% Q2 (YoY) +6.4% Passenger Airlines Capacity
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 6 Group Operating Statistics 1H FY25/26: Overall capacity rose by 2.9% with pax capacity up 3.0% and cargo capacity up 2.8% Cargo Capacity and Overall Capacity Cargo CTK 1H FY25/26 (YoY) +2.8% Q2 (YoY) +1.4% Group Overall CTK 1H FY25/26 (YoY) +2.9% Q2 (YoY) +2.2%
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 7 Group Financial Results 1H FY25/26 ($’M) 1H FY24/25 ($’M) Better/ (Worse) ($’M) Better/ (Worse) (%) Q2 FY25/26 ($’M) Q2 FY24/25 ($’M) Better/ (Worse) ($’M) Better/ (Worse) (%) Total Revenue 9,675.2 9,497.4 177.8 1.9 4,884.8 4,779.0 105.8 2.2 Total Expenditure 8,872.3 8,701.8 (170.5) (2.0) 4,486.4 4,453.6 (32.8) (0.7) -- Net Fuel Cost 2,547.3 2,729.9 182.6 6.7 1,285.3 1,359.6 74.3 5.5 Fuel Cost (before hedging) 2,472.3 2,797.8 325.5 11.6 1,270.7 1,378.7 108.0 7.8 Fuel Hedging Loss / (Gain) 75.0 (67.9) (142.9) n.m. 14.6 (19.1) (33.7) n.m. -- Non-fuel Expenditure 6,325.0 5,971.9 (353.1) (5.9) 3,201.1 3,094.0 (107.1) (3.5) Operating Profit 802.9 795.6 7.3 0.9 398.4 325.4 73.0 22.4 Net Profit 238.5 742.0 (503.5) (67.9) 52.4 290.3 (237.9) (81.9)
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 8 3,828.0 3,839.9 4,235.0 3,945.6 3,862.0 3,924.3 540.5 561.6 613.7 496.4 530.5 540.6 Q1 Q2 Q3 Q4 Q1 Q2 FY24/25 FY25/26 Group Revenue ($'M) Passenger Flown Revenue Cargo Revenue Others Group Revenue 1H FY25/26: Robust passenger demand contributed to a record 1H Group revenue Q2 (YoY) $105.8M (+2.2%) 1H FY25/26 $9,675.2M YoY $177.8M (+1.9%) 5,218.6 4,718.4 4,779.0 4,823.8 Record Quarterly Revenue 4,790.4 4,884.8
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 9 85.8 87.6 87.9 8.7 8.7 8.6 0 2 4 6 8 10 70 80 90 100 Q1 Q2 Q3 Q4 Q1 Q2 FY24/25 FY25/26 Group Passenger Load Factor (%) Group RASK (¢/ask) Group Operating Statistics - Passenger PLF (%) RASK (₵/ask) 1H FY25/26: Group pax load factor came in at 87.7%, 1.3 percentage points higher than last year FY19/20 Group RASK (7.5¢/ask) FY19/20 Group PLF (82.4%) 1H FY25/26 RASK: 8.7¢/ask PLF: 87.7% Q2 FY25/26 RASK: 8.6¢/ask PLF: 87.9%
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 10 88.3 91.5 91.4 5.7 5.6 5.4 0 2 4 6 70 75 80 85 90 95 100 Q1 Q2 Q3 Q4 Q1 Q2 FY24/25 FY25/26 PLF (%) RASK (¢/ask) 85.1 86.6 86.9 9.5 9.6 9.5 0 2 4 6 8 10 12 70 75 80 85 90 95 100 Q1 Q2 Q3 Q4 Q1 Q2 FY24/25 FY25/26 PLF (%) RASK (¢/ask) SIA and Scoot Operating Statistics - Passenger FSC: SIA Operating Statistics LCC: Scoot Operating Statistics PLF (%) RASK (₵/ask) PLF (%) RASK (₵/ask) FY19/20 SIA RASK (8.2¢/ask) FY19/20 Scoot RASK (4.8¢/ask) 1H FY25/26 RASK: 9.5¢/ask PLF: 86.7% Q2 FY25/26 RASK: 9.5¢/ask PLF: 86.9% 1H FY25/26 RASK: 5.5¢/ask PLF: 91.5% Q2 FY25/26 RASK: 5.4¢/ask PLF: 91.4% Q2 FY25/26: SIA’s RASK stayed flat against last year while Scoot’s RASK saw a decline
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 11 57.2 56.9 56.2 36.2 34.5 35.0 0 10 20 30 40 20 40 60 80 100 Q1 Q2 Q3 Q4 Q1 Q2 FY24/25 FY25/26 Cargo Load Factor (%) Cargo Yield (¢/ltk) CLF (%) Cargo Yield (₵/ltk) Group Operating Statistics - Cargo 1H FY25/26 Yield: 34.7¢/ltk CLF: 56.5% Q2 FY25/26 Yield: 35.0¢/ltk CLF: 56.2% 1H FY25/26: Cargo growth trailed capacity increase, while yields saw a YoY decline due to competitive pressure FY19/20 Yield (30.5¢/ltk) FY19/20 CLF (59.3%)
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 12 1,370.3 1,359.6 1,312.4 1,343.2 1,262.0 1,285.3 2,877.9 3,094.0 3,277.3 3,196.0 3,123.9 3,201.1 Q1 Q2 Q3 Q4 Q1 Q2 FY24/25 FY25/26 Group Expenditure ($'M) Net Fuel Cost Non-Fuel Expenditure 1H FY25/26: Total expenditure grew 2.0%, driven by capacity growth and inflationary pressure, partially offset by lower net fuel cost 4,248.2 4,453.6 4,589.7 4,539.2 Group Expenditure 4,385.9 4,486.4 Q2 (YoY) $32.8M (+0.7%) 1H FY25/26 $8,872.3M YoY $170.5M (+2.0%)
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 13 Handling Charges $740.2M (+$56.2M, +8.2%) Depreciation & Leased Aircraft Charges $1,214.7M (+$91.0M, +8.1%) Staff Costs $1,839.9M (-$15.1M, -0.8%) Fuel Cost After Hedging $2,547.3M (-$182.6M, -6.7%) Others $1,162.5M (+$109.4M, +10.4%) Aircraft Maintenance and Overhaul Costs $374.0M (+$38.1M, +11.3%) Landing, Parking & Overflying Charges $485.7M (+$45.5M, +10.3%) Passenger Costs $508.0M (+$28.0M, +5.8%) Group Expenditure 1H FY25/26 20.7% 28.7% 13.1% 13.7% 4.2% 5.5% 5.7% 8.3%
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 14 +129.8 -369.8 +142.9 -85.5 2,729.9 2,547.3 1H FY24/25 Volume Price Hedging Exchange rate 1H FY25/26 Group Fuel Cost Analysis ($'M) Net Fuel Cost and Fuel Hedging USD/BBL 1H FY25/26 1H FY24/25 Fuel price (before hedging) 91.49 104.75 Fuel price (after hedging) 94.28 102.22 1H FY25/26: Net fuel cost lower by 6.7% on lower fuel prices and favourable exchange rate, partially offset by higher volume uplift -$182.6M (-6.7%) Higher volume uplift Lower weighted average fuel price Hedging loss vs gain last year Weakening of USD against SGD
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 15 46% 38% 26% 21% 3% 3% 9% 15% 13% 21% 7% Q3 Q4 Q1 Q2 2H FY27/28 and beyond Group Fuel Hedging Position Brent MOPS Opportunistic long-term hedges to extend the hedge profile up to 5 years Fuel Hedging Status as of 1 November 2025 Average Hedged Price (USD/BBL) Brent MOPS FY25/26 Q3 66 87 Q4 69 85 FY26/27 Q1 69 82 Q2 69 82 2H 66 79 FY27/28 and beyond 67 79 FY25/26 Note: Fuel hedging positions are rounded to the nearest whole percentage. FY26/27
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 16 Group Operating Profit 470.2 325.4 628.9 284.6 404.5 398.4 Q1 Q2 Q3 Q4 Q1 Q2 FY24/25 FY25/26 Group Operating Profit ($'M) Q2 (YoY) $73.0M (+22.4%) 1H FY25/26 $802.9M YoY $7.3M (+0.9%) 1H FY25/26: Operating profit came in 0.9% higher than last year
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 17 795.6 +118.4 -31.0 +182.6 -91.0 -56.2 -45.5 -70.0 802.9 1H FY24/25 Pax flown revenue Cargo revenue Net fuel cost Depreciation & leased aircraft charges Handling charges Landing, parking and overflying charges Others 1H FY25/26 Group Operating Profit ($'M) Group Operating Profit (YoY progression) +$7.3M (+0.9%) Higher pax flown revenue Lower cargo revenue Lower net fuel cost Higher depreciation & leased aircraft charges Higher handling charges Higher LPO charges Others Higher operating profit largely driven by higher pax flown revenue and lower net fuel cost
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 18 451.7 290.3 528.1 410.0 186.1 52.4 1,097.9 Q1 Q2 Q3 Q4 Q1 Q2 FY24/25 FY25/26 Group Net Profit ($'M) Group Net Profit One-off non-cash accounting gain on disposal of Vistara 1,626.0 Q2 (YoY) $237.9M (-81.9%) 1H FY25/26 $238.5M YoY $503.5M (-67.9%)
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 19 742.0 +7.3 -84.3 -416.8 +4.9 -14.6 238.5 1H FY24/25 Operating performance Net interest expense Share of losses of associated companies Taxation Others 1H FY25/26 Group Net Profit ($'M) Group Net Profit (YoY progression) -$503.5M (-67.9%) Higher operating profit Lower tax expense Net interest expense vs net interest income last year Share of losses of associated companies vs profits last year Others Net Profit dampened by share of losses of associated companies, notably from Air India, and swing from interest income to interest expense
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 20 Group Financial Position As at 30 September 2025 As at 31 March 2025 Total assets ($’M) 40,659.9 43,086.8 Total debt ($’M) 10,874.8 12,914.3 Total cash and bank balances ($’M) 6,447.0 8,257.1 Fixed deposits (placed for tenors longer than 12 months) ($’M) 2,060.2 1,781.1 Total liabilities ($’M) 24,720.7 27,016.8 Equity attributable to Owners of the Company ($’M) 15,530.4 15,656.2 Debt : Equity ratio (times) R1 0.70 0.82 Net Asset Value Per Share ($) R2 4.97 5.27 Adjusted Net Asset Value Per Share ($) R3 4.92 4.98 R1 Debt : Equity ratio is total debt divided by equity attributable to owners of the Company. R2 Net Asset Value Per Share is computed by dividing equity attributable to owners of the Company by the number of ordinary shares in issue less treasury shares. R3 Adjusted Net Asset Value Per Share is computed by dividing equity attributable to owners of the Company by the number of ordinary shares in issue less treasury shares, assuming the conversion of convertible bonds.
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 21 Proposed Capital Return Plan The Company plans to return capital to shareholders via a special dividend package of 10 cents per share annually over three financial years, amounting to about $0.9 billion over the three years, reflecting the SIA Group’s strong financial position. As the first payment from this package, the Board has declared an interim special dividend of 3 cents per share, to be paid on 23 December 2025 to shareholders as of 8 December 2025. The second tranche of 7 cents per share for FY2025/26 is subject to shareholders’ approval at the Annual General Meeting in 2026. Barring unforeseen circumstances and subject to the requisite shareholder approval, the Company expects to pay special dividends amounting to 10 cents per share in each of the subsequent two financial years (FY2026/27 and FY2027/28).
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 22 Group Financial Results 1H FY25/26 Earnings Per Share (cents) - Basic R4 - Diluted R5 7.9 7.9 EBITDA ($’M) R6 1,855.2 EBITDA margin (%) R7 19.2 Interim Dividend Per Share (cents) 5.0 Interim Special Dividend Per Share (cents) 3.0 R4 Earnings per share (basic) is computed by dividing profit attributable to owners of the Company by the weighted average number of ordinary shares in issue less treasury shares, in accordance with IAS 33 Earnings Per Share. R5 Earnings per share (diluted) is computed by dividing profit attributable to owners of the Company (adjusted for interest on convertible bonds, net of tax) by the weighted average number of ordinary shares in issue less treasury shares, adjusted for the dilutive effect of convertible bonds and the vesting of all outstanding share-based incentive awards granted, in accordance with IAS 33. R6 EBITDA denotes earnings before interest, taxes, depreciation, and amortisation. R7 EBITDA margin is computed by dividing EBITDA by the total revenue. Interim dividend of 5 cents per share and interim special dividend of 3 cents per share to be paid on 23 December 2025
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 23 The Group expects to end the financial year with 218 aircraft in the operating fleet Operating Fleet As at 30 September 2025 In Out As at 31 March 2026 SIA 777-300ER 22 22 A380-800 12 12 A350-900 65 65 787-10 26 +2R1 28 737-800 NG 1 -1R2 0 737-8 19 +2R3 21 747-400F 7 7 Total 152 +4 -1 155 Scoot 787-8 13 13 787-9 10 +1R4 11 A320ceo 7 -1R5 6 A320neo 9 +3R4 12 A321neo 10 +2R4 12 E190-E2 7 +2R4 9 Total 56 +8 -1 63 Group Total 208 +12 -2 218 R1 SIA expects to take delivery of two 787-10 in 2H FY25/26. Both aircraft are expected to join the operating fleet by the end of the financial year. R2 SIA expects to remove one 737-800 NG from the operating fleet in 2H FY25/26 in preparation for lease returns. R3 SIA expects to take delivery of three 737-8 in 2H FY25/26. Two aircraft are expected to join the operating fleet by the end of the financial year. R4 Scoot expects to take delivery of one 787-9, three A320neo, two A321neo and two E190-E2 in 2H FY25/26. All eight aircraft are expected to join the operating fleet by the end of the financial year. R5 Scoot expects to remove one A320ceo from the operating fleet in 2H FY25/26 in preparation for lease returns. Group Operating Fleet Development
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 24 Projected Group Capital Expenditure Projected Capital Expenditure ($’M) FY25/26 FY26/27 FY27/28 FY28/29 FY29/30 Aircraft 2,900 4,000 3,600 3,400 2,700 Others 600 700 500 400 300 Total 3,500 4,700 4,100 3,800 3,000
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. PRESENTATION BY: Chief Executive Officer Mr. Goh Choon Phong
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Our Strong Foundations The Three Pillars of our Brand Promise Well-Positioned for the Future 1 2 3
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 27 Risks and Challenges Facing the Aviation Industry These challenges are industry-wide and not unique to the SIA Group Intensifying Competition Geopolitical Tensions Supply Chain Disruptions Cost Inflation Macroeconomic Volatility Climate Change
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 28 Our Strong Foundations We are well-positioned to navigate these challenges with our strong foundations Digital Capabilities Talented People Financial Strength
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 29 Strong Foundations: Financial Strength The SIA Group’s balance sheet remains among the strongest in the industry Strong Liquidity Strong Balance Sheet S$6.4B Cash balance as at 30 Sep 2025 S$2.1B Fixed deposits (placed for tenors >12 mths) as at 30 Sep 2025 S$3.3B Committed lines of credit, all untapped as at 30 Sep 2025 0.70 Debt-to-Equity Ratio as at 30 Sep 2025 • Strong cash flow and robust liquidity position ensures the SIA Group can comfortably cover CAPEX, debt repayments, etc. • Proven access to key financial channels • Ample headroom for further fund raising, if necessary SIA plans to return capital to shareholders via a special dividend package of 10 cents per share annually over three financial years, starting in FY25/26.
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 30 Strong Foundations: Digital Capabilities Our continued investments in digital capabilities drive business outcomes for the SIA Group Business Outcomes Personalised Services and Offers for Customers Optimised Operations Productive Workforce Revenue Generation Digital Strategy Cultivate a digital culture Innovate through collaboration Build digital capabilities Strengthen tech infrastructure
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 31 Strong Foundations: Digital Capabilities – GenAI Use Cases Integrate responsible AI across operations to transform our business and strengthen competitive advantage Total Use Cases: 329 (+22%) Completed: 91 (+30%) Customer & Revenue Gen • Kris 3.0: Relaunched the chatbot in July 2025, adding conversational query/response and transaction capabilities to give customers faster access to support • Baggage Disruption Handling: AI-driven damage assessment, delay detection, and Apple AirTag tracking, reducing customer wait times and staff handling Operational Efficiency • Agent Assist: Deployed >10 GenAI use cases in contact centres to summarise interactions and guide handling, improving average handling time and service quality Workforce Productivity • Jarvis: SIA’s knowledge repository and intelligent staff assistant offering translation, copywriting, optimisation coaching, work reviews, and B2B account research • IT Product Development: AI co-worker and human-in-the-loop to improve product quality and reduce costs Use Cases: 66 Completed: 12 Use Cases: 120 Completed: 35 Use Cases: 143 Completed: 44 Examples Notes: Percentage increases indicate increase in SIA GenAI total and completed use cases since FY2024/25 full-year results release in May 2025
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 32 Strong Foundations: Talented People Building a future-ready workforce through training, innovation and continuous transformation Workforce Upskilling Workplace Culture Transformation & Tools • Investment in upskilling programmes to ensure staff readiness • Developed GenAI education and awareness programmes • Cultivate mindset that embraces innovation and agility • Drive GenAI adoption through methodical change management • Provide right tools and environment for continuous transformation • Empower staff to turn innovative ideas into tangible outcomes
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 33 Strong Foundations: Talented People SIA demonstrates an unwavering commitment to workforce development by empowering its people to learn and grow through continuous upskilling and reskilling, access to learning resources and education sponsorships, as well as diversified experiences via career mobility programmes. Partnerships with the Singapore University of Social Sciences and Singapore Flying College provide specialised aviation career pathways, while the SIA Foundation supports youths through outreach programmes, mentorship, and scholarships. Conferred the SkillsFuture 10th Anniversary Honours award on 7 November 2025 “ ” - SkillsFuture Singapore
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 34 The Three Pillars of our Brand Promise We continue to invest in strategic initiatives and strengthen the three pillars of our brand promise Product Leadership Service Excellence Network Connectivity
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 35 Product Leadership Elevating our product and services offerings to continue to deliver a world-class travel experience 2022 S$50 million investment to redevelop SilverKris lounges at Changi Airport Terminal 3 and elevate on-ground experience Upcoming lounge upgrades and new lounges • Planned completion of SilverKris Lounge upgrades in Hong Kong and Bangkok by end-2025 • Planned opening of brand new SilverKris Lounge in Melbourne Airport in 2026/27 • Renovations to Business Class SilverKris Lounge and KrisFlyer Gold Lounge at Changi Airport T2 due for completion in early 2027, as part of S$45 million redevelopment 2024 Opened brand new SilverKris Lounge in Perth Airport 2024 Upgraded SilverKris lounges in London Heathrow, Sydney International Airport 2025 Upgraded SilverKris Lounge in Brisbane Airport Opened new First Class SilverKris Lounge in Changi Airport Terminal 2 on 7 Nov 2025
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 36 Product Leadership Elevating our product and service offerings to continue delivering a world-class travel experience Regional Business Class: B737-8 Regional Business Class: A350MH and B787 Business Class: A380 Business Class: A350 and B777 • With the retirement of the B737-800NG fleet in October 2025, SIA now offers full-flat Business Class beds and in-flight Wi-Fi across the entire network • We will adopt Low Earth Orbit (LEO) satellite connectivity to further enhance in-flight Wi-Fi experience
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 37 Product Leadership Elevating our product and service offerings to continue delivering a world-class travel experience • Investing S$1.1B to upgrade cabins on 34 A350-900LH and 7 A350-900ULR aircraft, delivering our new long-haul experience • Unveiling SIA’s all-new travel experience in 1H 2026 • Next-generation long-haul cabin products • All-new KrisWorld in-flight entertainment experience • Enhanced food and beverage offerings • New amenity kits • Updated soft furnishings and serviceware
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 38 Service Excellence We are one of the world's most awarded airlines, recognised for our world-class service Most recently, we also won five awards at the Business Traveller Asia-Pacific Awards 2025 • Best Asia-Pacific Airline • Best Asia-Pacific First Class • Best Asia-Pacific Business Class • Best Asia-Pacific Cabin Crew • Best Asia-Pacific Inflight Entertainment
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 39 Service Excellence Investing in best-in-class service for customers, embodied by our world-class crew and staff In-house AR training capabilities and trials, enabling cabin crew to learn in a safe, realistic environment Cabin Crew SMART: A role-play conversational coach available 24/7 that helps cabin crew build customer-handling proficiency CEO Service Excellence Awards 2025 recognised 86 individuals and teams for delivering exceptional service • We instil service excellence through ongoing training and recognition • We are conducting a comprehensive review of the end-to-end travel journey to identify opportunities to enhance the customer experience through our signature warm hospitality
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 40 Network Connectivity Our diversified network positions us well to respond to macroeconomic volatility 19% 21% 25% 13% 12% 10% SIA Group Capacity (ASK) for 1H FY25/26 South West Pacific Europe North Asia South East Asia West Asia/Africa Americas Group network is diversified across the regions • The SIA Group’s diversified network enhances business resilience by mitigating over-reliance on any single geographical region
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 41 Network Connectivity: Group Portfolio Strategy Our portfolio strategy gives us the flexibility to serve more customer segments and markets The Americas 57 Flights Weekly Europe 126 Flights Weekly (TR comprises 5%) 2 TR-only destinations North Asia 403 Flights Weekly (TR comprises 36%) 17 TR-only destinations West Asia & Africa 196 Flights Weekly (TR comprises 22%) 6 TR-only destinations Southeast Asia 819 Flights Weekly (TR comprises 48%) 27 TR-only destinations Southwest Pacific 192 Flights Weekly (TR comprises 20%) SIA Group Network (Frequencies)* Total Weekly Frequency: 1,793 (TR comprises 35%) 52 TR-only destinations * As of 1 Oct 25Notes: Figures in green indicate Scoot’s incremental destination contribution to the SIA FSC’s network • Scoot forms 35% of total weekly frequencies and 58% of total destinations for the SIA Group • 40% of the Group’s destinations are served only by Scoot • Allows the Group to add new destinations to our network, especially in SEA, our high growth hinterland ID: Kertajati, Padang MY: Malacca, Sibu, Kota Bharu PH: Iloilo City TH: Koh Samui VN: Phu Quoc SEA destinations served by the Embraer E190- E2, which only Scoot operates to:
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 42 Network Connectivity: Air Partnerships Strategy Enhancing network connectivity to bring our customers anywhere in the world • Connectivity to >900 offline points of which >250 are codeshare destinations 121 Airline Partners of which there are 35 Codeshare Partners Partnerships allow us to: Diversify our network Densify our network FFP cross-participation Expand sales channels Leverage corporate relationships • The SIA-Garuda Indonesia partnership allows us to operate a combined 15 flights a day between Singapore and Jakarta In addition:
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 43 Network Connectivity: Multi-Hub Strategy Enables the SIA Group to access new growth markets that complement existing network Planned medium- to long-term infrastructure investments will bolster India’s aviation sector Source: Reuters India’s Potential Projected to become the 3rd largest economy by 2030/2031 Source: S&P India is now the world’s third-largest air transport market; passenger numbers to, from, and within India are forecast to grow at a CAGR of 5.6% from 2024 to 2044 Source: IATA Investment in Air India enables SIA to participate directly in India’s high growth domestic and international market, across both FSC and LCC segments. New Growth Markets
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 44 Network Connectivity: Multi-Hub Strategy Our stake in the Air India Group enables our direct participation in the fast-growing Indian market Air India’s Multi-Year Transformation Programme Currently past the halfway mark, Air India’s Transformation Programme, which began in September 2022, aims to enhance all aspects of the business such as fleet, customer experience, operations and processes.Operations Product and Customer Experience Fleet and Network Growth
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Slide 45 Financial Strength Portfolio & Partnerships Brand Promise Multi-Hub New Revenue Sustainability Digital Capabilities Talented People We are Well-Positioned for the Future
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The copyright in this material (other than in respect of information from external sources) is owned by Singapore Airlines Ltd. Singapore Airlines Ltd has not independently verified the information from external sources. This material may not be modified, reproduced, distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Singapore Airlines Ltd. Thank You