Interim report
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13 November 2025 Page 1 of 38 CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2025 Table of Contents CONDENSED CONSOLIDATED PROFIT AND LOSS ACCOUNT ....................................... 2 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ................... 3 CONDENSED STATEMENTS OF FINANCIAL POSITION ................................................. 4 CONDENSED STATEMENTS OF CHANGES IN EQUITY .................................................. 5 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ...................................... 9 NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS .............................. 11 OTHER INFORMATION ............................................................................................ 31
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13 November 2025 Page 2 of 38 CONDENSED CONSOLIDATED PROFIT AND LOSS ACCOUNT The accompanying explanatory notes form an integral part of the condensed interim financial statements. CONDENSED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE HALF YEAR ENDED 30 SEPTEMBER 2025 (in $ million) 1st Half 1st Half Note FY2025/26 FY2024/25 REVENUE 5 9,675.2 9,497.4 EXPENDITURE Staff costs 1,839.9 1,855.0 Fuel costs 2,547.3 2,729.9 Depreciation 1,211.1 1,122.8 Amortisation of intangible assets 37.8 35.7 Aircraft maintenance and overhaul costs 374.0 335.9 Commission and incentives 220.5 208.7 Landing, parking and overflying charges 485.7 440.2 Handling charges 740.2 684.0 Emission charges 40.3 24.2 Rentals on leased aircraft 3.6 0.9 Inflight meals 385.2 359.4 Advertising and sales costs 147.0 152.7 Company accommodation and utilities 25.1 24.8 Other passenger costs 122.8 120.6 Crew expenses 85.5 80.8 Other operating expenses 606.3 526.2 8,872.3 8,701.8 OPERATING PROFIT 6 802.9 795.6 Finance charges (180.3) (198.9) Interest income 163.6 266.5 Loss on disposal of aircraft, spares and spare engines (0.3) (5.9) Dividends from long-term investments 0.1 2.1 Other non-operating items 7 (4.0) 8.7 Share of profits of joint venture companies 19.4 21.5 Share of (losses)/profits of associated companies (375.4) 41.4 PROFIT BEFORE TAXATION 426.0 931.0 TAXATION 8 (166.9) (171.8) PROFIT FOR THE FINANCIAL PERIOD 259.1 759.2 PROFIT ATTRIBUTABLE TO: OWNERS OF THE COMPANY 238.5 742.0 NON-CONTROLLING INTERESTS 20.6 17.2 259.1 759.2 EARNINGS PER SHARE (CENTS) 7.9 22.9 DILUTED EARNINGS PER SHARE (CENTS) 7.9 22.1 The Group
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13 November 2025 Page 3 of 38 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 30 SEPTEMBER 2025 (in $ million) 1st Half 1st Half FY2025/26 FY2024/25 PROFIT FOR THE FINANCIAL PERIOD 259.1 759.2 OTHER COMPREHENSIVE INCOME: Items that are or may be reclassified subsequently to profit or loss: Currency translation differences (31.0) (42.2) Net fair value changes on cash flow hedges (150.1) (433.8) Share of other comprehensive income of associated and joint venture companies OTHER COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD, NET OF TAX (171.8) (474.4) TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD 87.3 284.8 TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: OWNERS OF THE COMPANY 75.5 276.3 NON-CONTROLLING INTERESTS 11.8 8.5 87.3 284.8 9.3 The Group 1.6 The accompanying explanatory notes form an integral part of the condensed interim financial statements.
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13 November 2025 Page 4 of 38 CONDENSED STATEMENTS OF FINANCIAL POSITION CONDENSED STATEMENTS OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025 (in $ million) 30 September 31 March 30 September 31 March Note 2025 2025 2025 2025 EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY Share capital 9 7,952.8 7,180.9 7,952.8 7,180.9 Treasury shares 10 (16.9) (26.5) (16.9) (26.5) Other reserves 7,594.5 8,501.8 8,935.1 9,341.7 15,530.4 15,656.2 16,871.0 16,496.1 NON-CONTROLLING INTERESTS 408.8 413.8 - - TOTAL EQUITY 15,939.2 16,070.0 16,871.0 16,496.1 DEFERRED ACCOUNT 83.3 74.3 82.4 74.3 DEFERRED TAXATION 2,036.9 1,884.5 2,064.9 1,912.0 LONG-TERM LEASE LIABILITIES 2,599.1 2,866.7 1,637.0 1,827.8 BORROWINGS 11 6,232.7 7,297.3 6,146.8 7,187.1 OTHER LONG-TERM LIABILITIES 241.6 137.6 240.9 137.6 PROVISIONS 755.6 743.2 317.0 354.2 DEFINED BENEFIT PLANS 53.8 58.1 53.8 58.1 27,942.2 29,131.7 27,413.8 28,047.2 Represented by:- PROPERTY, PLANT AND EQUIPMENT 12 23,224.5 23,480.9 19,857.4 20,333.2 RIGHT-OF-USE ASSETS 13 2,907.7 3,087.4 1,807.7 1,936.1 INTANGIBLE ASSETS 374.2 338.6 302.7 275.4 SUBSIDIARY COMPANIES 14 - - 5,722.1 5,702.0 ASSOCIATED COMPANIES 15 2,474.9 2,865.2 2,137.9 2,137.9 JOINT VENTURE COMPANIES 344.0 334.4 32.3 32.3 LONG-TERM INVESTMENTS 41.8 39.5 38.5 36.2 OTHER LONG-TERM ASSETS 899.2 1,544.8 847.5 1,486.6 CURRENT ASSETS Derivative assets 124.7 106.1 124.7 105.9 Inventories 349.8 344.9 271.4 271.8 Trade debtors 1,166.5 1,229.9 973.3 1,020.5 Amounts owing by subsidiary companies - - 12.0 100.7 Deposits and other debtors 206.7 272.6 155.9 164.2 Prepayments 146.0 109.9 108.1 78.9 Other short-term assets 1,367.2 536.5 1,367.2 536.5 Investments 569.1 519.7 506.8 463.4 Restricted cash balances 16.6 19.2 - - Cash and bank balances 6,447.0 8,257.1 6,117.1 7,960.1 Assets held for sale - 0.1 - 0.1 10,393.6 11,396.0 9,636.5 10,702.1 Less: CURRENT LIABILITIES Borrowings 11 1,565.4 2,213.4 1,501.2 2,150.7 Lease liabilities 477.6 536.9 326.6 382.9 Current tax payable 73.3 72.5 43.3 43.5 Trade and other creditors 3,886.7 4,628.4 2,720.7 3,417.9 Amounts owing to subsidiary companies - - 2,202.5 2,703.0 Sales in advance of carriage 17 4,667.1 4,533.2 4,271.0 4,205.5 Deferred revenue 17 1,339.5 1,260.6 1,337.6 1,257.8 Deferred account 14.4 13.2 12.2 10.9 Derivative liabilities 133.5 91.0 132.5 91.0 Provisions 560.2 605.9 421.2 331.4 12,717.7 13,955.1 12,968.8 14,594.6 NET CURRENT LIABILITIES (2,324.1) (2,559.1) (3,332.3) (3,892.5) 27,942.2 29,131.7 27,413.8 28,047.2 The Group The Company The accompanying explanatory notes form an integral part of the condensed interim financial statements.
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13 November 2025 Page 5 of 38 CONDENSED STATEMENTS OF CHANGES IN EQUITY The accompanying explanatory notes form an integral part of the condensed interim financial statements. CONDENSED STA TEMENTS OF CHA NGES IN EQUITY FOR THE HA LF YEA R ENDED 30 SEPTEMBER 2025 (in $ million) Foreign Share- currency based Fair Non- Share Treasury Capital translation compensation value General controlling Total The Group capital shares reserve reserve reserve reserve reserve Total interests equity Balance at 1 April 2025 7,180.9 (26.5) (130.9) (25.2) 31.6 153.2 8,473.1 15,656.2 413.8 16,070.0 Comprehensive income Currency translation differences - - - (22.9) - - - (22.9) (8.1) (31.0) Net fair value changes on cash flow hedges Share of other comprehensive income of associated and joint venture companies Other comprehensive income for the financial period, net of tax Profit for the financial period - - - - - - 238.5 238.5 20.6 259.1 Total comprehensive income for the financial period Transactions with owners, recorded directly in equity Contributions by and distributions to owners Conversion of convertible bonds 771.9 - (62.3) - - - - Changes in ownership interest without loss of control Share-based compensation expense - - - - 14.9 - - 14.9 - 14.9 Purchase of treasury shares - (12.5) - - - - - (12.5) - (12.5) Treasury shares reissued pursuant to equity compensation plans Dividends - - - - - - (909.9) (909.9) (19.2) (929.1) Total contributions by and distributions to owners Balance at 30 September 2025 7,952.8 (16.9) (190.8) (39.4) 20.0 2.0 7,802.7 15,530.4 408.8 15,939.2 11.8 87.3 Attributable to Owners of the Company - - 2.4 (14.2) - (151.2) 238.5 75.5 - (150.1) (171.8) 9.3 - (150.1) - - 10.0 (0.7) - (1.1) - (14.2) - (151.2) (163.0) (8.8) - - - 2.4 8.7 - - - - - 2.4 1.0 - - 0.2 - (5.3) 0.7 - - 22.1 (0.2) - (4.1) 2.4 (1.7) (11.6) (21.2) - - 0.7 - 771.9 9.6 (62.3) - - (908.9) (201.3) (16.8) (218.1) (150.1) 709.6 - 709.6
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13 November 2025 Page 6 of 38 CONDENSED STATEMENTS OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 30 SEPTEMBER 2024 (in $ million) Foreign Share- Mandatory currency based Fair Non- Share convertible Treasury Capital translation compensation value General controlling Total The Group capital bonds shares reserve reserve reserve reserve reserve Total interests equity Balance at 1 April 2024 7,180.4 1,547.5 (37.5) (116.7) (22.4) 32.2 448.7 7,305.7 16,337.9 406.7 16,744.6 Comprehensive income Currency translation differences - - - - (32.2) - - - (32.2) (10.0) (42.2) Net fair value changes on cash flow hedges Share of other comprehensive income of associated and joint venture companies Other comprehensive income for the financial period, net of tax Profit for the financial period - - - - - - - 742.0 742.0 17.2 759.2 Total comprehensive income for the financial period Transactions with owners, recorded directly in equity Contributions by and distributions to owners Redemption of mandatory convertible bonds Changes in ownership interest without loss of control Share-based compensation expense - - - - - 14.3 - - 14.3 - 14.3 Purchase of treasury shares - - (30.3) - - - - - (30.3) - (30.3) Ordinary shares issued pursuant to equity compensation plans 0.5 - - - - (0.5) - - - - - Treasury shares reissued pursuant to equity compensation plans Dividends - - - - - - - (1,131.5) (1,131.5) (16.2) (1,147.7) Total contributions by and distributions to owners Changes in ownership interests in subsidiary companies Acquisition of non-controlling interests without change in control Total transactions with owners 0.5 (1,547.5) 11.0 (20.2) - (11.9) - (1,331.0) (2,899.1) (17.0) (2,916.1) Balance at 30 September 2024 7,180.9 - (26.5) (136.9) (58.6) 20.3 19.2 6,716.7 13,715.1 398.2 14,113.3 8.5 284.8 Attributable to Owners of the Company - - - (36.2) - (429.5) 742.0 276.3 - (433.8) (474.4) 1.6 - (433.8) - - 0.3 1.3 - 4.3 - (36.2) - (429.5) (465.7) (8.7) - - - - (4.0) - - - - - - (2.4) - - - - - (4.8) 0.9 - - 41.3 - (19.5) - (7.2) (1.5) (8.7) (11.9) (20.9) - - 0.9 - - - - (0.7) - 0.5 11.0 (1,547.5) (19.5) - - - (1,331.0) (2,898.4) (17.7) (2,916.1) - - (0.7) 0.7 - - - - (433.8) - - - (197.1) (1,744.6) - (1,744.6) - (1,547.5) - - - The accompanying explanatory notes form an integral part of the condensed interim financial statements.
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13 November 2025 Page 7 of 38 CONDENSED STATEMENTS OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 30 SEPTEMBER 2025 (in $ million) Share- based Fair Share Treasury Capital compensation value General The Company capital shares reserve reserve reserve reserve Total Balance at 1 April 2025 7,180.9 (26.5) (929.2) 26.2 154.4 10,090.3 16,496.1 Comprehensive income Net fair value changes on cash flow hedges - - - - (144.7) - (144.7) Other comprehensive income for the financial period, net of tax Profit for the financial period - - - - - 720.0 720.0 Total comprehensive income for the financial period - - - - (144.7) 720.0 575.3 Transactions with owners, recorded directly in equity Contributions by and distributions to owners Conversion of convertible bonds 771.9 - (62.3) - - - 709.6 Share-based compensation expense - - - 11.7 - - 11.7 Purchase of treasury shares - (12.5) - - - - (12.5) Treasury shares reissued pursuant to equity compensation plans Dividends - - - - - (909.9) (909.9) Total transactions with owners 771.9 9.6 (62.5) (9.5) - (909.9) (200.4) Balance at 30 September 2025 7,952.8 (16.9) (991.7) 16.7 9.7 9,900.4 16,871.0 (144.7) - - - - - (144.7) 0.7 - 22.1 (0.2) (21.2) - - The accompanying explanatory notes form an integral part of the condensed interim financial statements.
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13 November 2025 Page 8 of 38 CONDENSED STATEMENTS OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 30 SEPTEMBER 2024 (in $ million) Share- Mandatory based Fair Share convertible Treasury Capital compensation value General The Company capital bonds shares reserve reserve reserve reserve Total Balance at 1 April 2024 7,180.4 1,547.5 (37.5) (909.7) 26.4 419.8 9,243.0 17,469.9 Comprehensive income Net fair value changes on cash flow hedges - - - - - (390.0) - (390.0) Other comprehensive income for the financial period, net of tax Profit for the financial period - - - - - - 909.7 909.7 Total comprehensive income for the financial period - - - - - (390.0) 909.7 519.7 Transactions with owners, recorded directly in equity Contributions by and distributions to owners Redemption of mandatory convertible bonds - (1,547.5) - - - - (197.1) (1,744.6) Share-based compensation expense - - - - 12.1 - - 12.1 Purchase of treasury shares - - (30.3) - - - - (30.3) Ordinary shares issued pursuant to equity compensation plans 0.5 - - - (0.5) - - - Treasury shares reissued pursuant to equity compensation plans Dividends - - - - - - (1,131.5) (1,131.5) Total transactions with owners 0.5 (1,547.5) 11.0 (19.5) (9.3) - (1,328.6) (2,893.4) Balance at 30 September 2024 7,180.9 - (26.5) (929.2) 17.1 29.8 8,824.1 15,096.2 0.9 - - 41.3 (19.5) (20.9) - - (390.0) - - - - - - (390.0) The accompanying explanatory notes form an integral part of the condensed interim financial statements.
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13 November 2025 Page 9 of 38 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2025 (in $ million) 1st Half 1st Half FY2025/26 FY2024/25 CASH FLOW FROM OPERATING ACTIVITIES Profit before taxation 426.0 931.0 Adjustments for: Depreciation 1,211.1 1,122.8 Amortisation of intangible assets 37.8 35.7 Impairment/(Write-back of impairment) of trade debtors 0.5 (5.9) Writedown of inventories 6.3 4.8 Income from short-term investments (0.8) (0.8) Provisions 94.9 41.8 Share-based compensation expense 14.9 14.3 Exchange differences 2.7 94.7 Net gain on financial assets mandatorily measured at fair value through profit or loss ("FVTPL") (3.1) (1.9) Gain on lease remeasurement (0.4) - Finance charges 180.3 198.9 Interest income (163.6) (266.5) Loss on disposal of aircraft, spares and spare engines 0.3 5.9 Dividends from long-term investments (0.1) (2.1) Fair value gain from foreign currency derivatives (0.7) (0.9) Other non-operating items 4.0 (8.7) Share of profits of joint venture companies (19.4) (21.5) Share of losses/(profits) of associated companies 375.4 (41.4) Operating cash flow before working capital changes 2,166.1 2,100.2 Decrease in trade and other creditors (899.6) (487.3) Increase/(Decrease) in sales in advance of carriage 133.9 (30.0) Decrease in trade debtors 69.5 187.8 Decrease in deposits and other debtors 55.9 88.1 (Increase)/Decrease in prepayments (36.1) 10.3 Decrease in restricted cash balances 2.6 2.4 Increase in inventories (11.2) (49.4) Increase in deferred revenue 78.9 106.3 Cash generated from operations 1,560.0 1,928.4 Income taxes paid (6.1) (6.7) NET CASH PROVIDED BY OPERATING ACTIVITIES 1,553.9 1,921.7 The Group The accompanying explanatory notes form an integral part of the condensed interim financial statements.
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13 November 2025 Page 10 of 38 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2025 (in $ million) 1st Half 1st Half FY2025/26 FY2024/25 CASH FLOW FROM INVESTING ACTIVITIES Capital expenditure (736.3) (751.1) Purchase of intangible assets (70.9) (56.1) Proceeds/(Payments for) from disposal of aircraft and other property, plant and equipment 1.9 (0.6) Proceeds from disposal of assets held for sale 0.6 0.4 Purchase of long-term investments (1.5) - Proceeds from disposal of long-term investments 11.8 11.4 Purchase of short-term investments (101.8) (43.5) Proceeds from disposal of short-term investments 49.0 43.1 Dividends received from associated and joint venture companies 5.3 5.1 Dividends received from investments 0.1 2.1 Interest received from investments and deposits 172.7 249.2 Investments in associated companies - (10.6) Placement of fixed deposits with original maturities of more than 12 months (384.0) (93.8) Proceeds from maturity of fixed deposits with original maturity of more than 12 months 33.6 - NET CASH USED IN INVESTING ACTIVITIES (1,019.5) (644.4) CASH FLOW FROM FINANCING ACTIVITIES Dividends paid (909.9) (1,131.5) Dividends paid by subsidiary companies to non-controlling interests (19.2) (16.2) Interest paid (125.9) (134.5) Redemption of mandatory convertible bonds - (1,744.6) Repayment of bonds (700.0) (300.0) Proceeds from borrowings 127.8 790.9 Repayment of borrowings (355.1) (310.7) Repayment of lease liabilities (302.0) (338.8) Payment of transaction costs related to borrowings - (4.8) Purchase of treasury shares (12.5) (30.3) NET CASH USED IN FINANCING ACTIVITIES (2,296.8) (3,220.5) NET CASH OUTFLOW (1,762.4) (1,943.2) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL PERIOD 8,257.1 11,256.0 Effect of exchange rate changes (47.7) (266.6) CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL PERIOD 6,447.0 9,046.2 ANALYSIS OF CASH AND CASH EQUIVALENTS Fixed deposits 5,288.9 7,277.3 Cash and bank balances 1,158.1 1,768.9 CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL PERIOD 6,447.0 9,046.2 The Group The accompanying explanatory notes form an integral part of the condensed interim financial statements.
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13 November 2025 Page 11 of 38 NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS For the Half Year Ended 30 September 2025 1 Corporate Information Singapore Airlines Limited (“the Company”) is a limited liability company incorporated and domiciled in the Republic of Singapore. The Company is listed on the Singapore Exchange Securities Trading Limited (“SGX -ST”) and is a subsidiary company of Temasek Holdings (Private) Limited (“Temasek”), incorporated in the Republic of Singapore. The condensed interim financial statements (“interim financial statements”) of the Group as at and for the six months ended 30 September 2025 comprise the Company and its subsidiary companies (together referred to as “the Group” and individually as “Group entities”) and the Group’s interest in equity-accounted investees. The principal activities of the Group consist of passenger and cargo air transportation, engineering services, training of pilots, air charters, tour activities, payments and lifestyle reward app, sale of merchandise and related activities. The principal activity of the Company consists of passenger and cargo air transportation. 2 Basis of Preparation These interim financial statements for the six months ended 30 September 202 5 have been prepared in accordance with Singapore Financial Reporting Standards (International) (“SFRS(I)”) 1-34 Interim Financial Reporting issued by the Accounting Standards Council Singapore and IAS 34 Interim Financial Reporting and should be read in conjunction with the Group’s last annual consolidated financial statements as at and for the year ended 3 1 March 2025 (“last annual financial statements” ). They do not include all of the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements. The Group has applied the same accounting policies and methods of computation in the preparation of the interim financial statements for the current reporting period as the last audited financial statements except for the adoption of SFRS(I) and International Financial Reporting Standards (“IFRS”) that are mandatory for financial year beginning on or after 1 April 202 5. The adoption of these SFRS(I) and IFRS have no significant impact on the financial statements. All references to SFRS(I)s and IFRSs are subsequently referred to as IFRS in the financial statements. 3 Significant Accounting Estimates and Critical Judgements In preparing these interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
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13 November 2025 Page 12 of 38 4 Seasonal Operations The Group’s passenger and cargo businesses are exposed to seasonality. Passenger business is generally better during the summer season and year end peaks in the second and third quarters, while cargo business has a pronounced peak at the end of the calendar year. 5 Segment Information (in $ million) Management has determined that the Group has the following reportable segments: (i) The Full-Service Carrier (“FSC”) segment provides passenger and cargo air transportation under the Singapore Airlines brand with a focus on full-service passenger segment serving short and long haul markets. (ii) The Low-Cost Carrier (“LCC”) segment provides passenger air transportation under the Scoot brand with a focus on the low-cost passenger segment. (iii) Engineering services segment provides airframe maintenance and overhaul services, line maintenance, technical ground handling services and fleet management. It also manufactures aircraft cabin equipment, refurbishes aircraft galleys, provides technical and non-technical handling services and repair and overhaul of hydro -mechanical aircraft equipment. Other services provided by the Group, such as tour activities, payments and lifestyle app, and sale of merchandise, have been aggregated under the segment “Others”. None of these segments meets any of the quantitative thresholds for determining reportable segments in 1H FY2025/26 or 1H FY2024/25. Segment performance is evaluated based on operating profit or loss which in certain respects, as explained in the table below, is measured differently from operating profit or loss in the interim financial statements. Transactions carried out between operating segments during the financial period are in the normal course of business.
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13 November 2025 Page 13 of 38 5 Segment Information (in $ million) (continued) Business segments The Group’s business is organised and managed separately according to the nature of the services provided. The following table presents revenue and profit information regarding business segments for the half years ended 3 0 September 2025 and 2024 and certain assets and liabilities information of the business segments as at those dates. 1st Half FY2025/26 FSC LCC Engineering services Others Total of segments Elimination* Consolidated TOTAL REVENUE External revenue 8,233.8 1,075.1 316.7 49.6 9,675.2 - 9,675.2 Inter-segment revenue 30.0 52.5 412.3 46.0 540.8 (540.8) - 8,263.8 1,127.6 729.0 95.6 10,216.0 (540.8) 9,675.2 RESULTS Segment result 840.2 (39.0) 13.0 (7.8) 806.4 (3.5) 802.9 Finance charges (184.4) (35.4) (1.8) (0.5) (222.1) 41.8 (180.3) Interest income 169.5 24.2 7.5 3.4 204.6 (41.0) 163.6 Loss on disposal of aircraft, spares and spare engines (0.3) - - - (0.3) - (0.3) Dividends from long-term investments 0.1 - - - 0.1 - 0.1 Other non-operating items (3.9) - - (0.1) (4.0) - (4.0) Share of profits of joint venture companies 0.7 - 18.7 - 19.4 - 19.4 Share of (losses)/profits of associated companies (428.0) - 52.6 - (375.4) - (375.4) Taxation (163.5) 2.9 (5.2) (1.1) (166.9) - (166.9) Profit/(Loss) for the financial period 230.4 (47.3) 84.8 (6.1) 261.8 (2.7) 259.1 Attributable to: Owners of the Company 238.5 Non-controlling interests 20.6 259.1 * Relates to inter-segment transactions eliminated on consolidation.
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13 November 2025 Page 14 of 38 5 Segment Information (in $ million) (continued) Business segments (continued) 1st Half FY2024/25 FSC LCC Engineering services Others Total of segments Elimination* Consolidated TOTAL REVENUE External revenue 8,132.6 1,086.8 234.1 43.9 9,497.4 - 9,497.4 Inter-segment revenue 28.9 43.2 342.1 46.3 460.5 (460.5) - 8,161.5 1,130.0 576.2 90.2 9,957.9 (460.5) 9,497.4 RESULTS Segment result 785.9 6.8 3.4 (1.8) 794.3 1.3 795.6 Finance charges (224.5) (37.7) (2.1) 0.9 (263.4) 64.5 (198.9) Interest income 273.2 37.3 11.1 8.2 329.8 (63.3) 266.5 Loss on disposal of aircraft, spares and spare engines (5.9) - - - (5.9) - (5.9) Dividends from long-term investments 2.1 - - - 2.1 - 2.1 Other non-operating items 8.6 - (0.4) 0.5 8.7 - 8.7 Share of profits of joint venture companies 1.1 - 20.4 - 21.5 - 21.5 Share of profits of associated companies 3.2 - 38.2 - 41.4 - 41.4 Taxation (157.1) (11.1) (0.5) (3.1) (171.8) - (171.8) Profit/(Loss) for the financial period 686.6 (4.7) 70.1 4.7 756.7 2.5 759.2 Attributable to: Owners of the Company 742.0 Non-controlling interests 17.2 759.2 * Relates to inter-segment transactions eliminated on consolidation.
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13 November 2025 Page 15 of 38 5 Segment Information (in $ million) (continued) Business segments (continued) OTHER INFORMATION FSC LCC Engineering services Others Total of segments Elimination* Consolidated AS AT 30 SEPTEMBER 2025 Segment assets 32,451.8 5,572.3 1,222.6 606.6 39,853.3 (2,054.1) 37,799.2 Investments in associated and joint venture companies 1,949.1 - 869.8 - 2,818.9 - 2,818.9 Long-term investments 38.5 - - 3.3 41.8 - 41.8 Total assets 34,439.4 5,572.3 2,092.4 609.9 42,714.0 (2,054.1) 40,659.9 Segment liabilities 10,758.9 956.3 282.2 160.0 12,157.4 (2,032.9) 10,124.5 Lease liabilities 1,963.6 1,049.5 84.8 10.8 3,108.7 (32.0) 3,076.7 Long-term liabilities 240.9 0.7 - - 241.6 - 241.6 Provisions 738.2 569.0 6.4 2.2 1,315.8 - 1,315.8 Defined benefit plans 53.8 - - - 53.8 - 53.8 Borrowings 7,648.0 131.2 4.9 14.0 7,798.1 - 7,798.1 Tax liabilities 2,108.2 (15.3) (1.8) 19.1 2,110.2 - 2,110.2 Total liabilities 23,511.6 2,691.4 376.5 206.1 26,785.6 (2,064.9) 24,720.7 * Relates to inter-segment transactions eliminated on consolidation.
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13 November 2025 Page 16 of 38 5 Segment Information (in $ million) (continued) Business segments (continued) OTHER INFORMATION FSC LCC Engineering services Others Total of segments Elimination* Consolidated AS AT 31 MARCH 2025 Segment assets 34,748.2 5,944.3 1,294.0 588.3 42,574.8 (2,727.1) 39,847.7 Investments in associated and joint venture companies 2,367.0 - 832.6 - 3,199.6 - 3,199.6 Long-term investments 36.2 - - 3.3 39.5 - 39.5 Total assets 37,151.4 5,944.3 2,126.6 591.6 45,813.9 (2,727.1) 43,086.8 Segment liabilities 11,760.4 1,077.6 302.0 153.8 13,293.8 (2,693.1) 10,600.7 Lease liabilities 2,210.7 1,135.5 80.5 10.5 3,437.2 (33.6) 3,403.6 Long-term liabilities 137.6 - - - 137.6 - 137.6 Provisions 685.6 657.8 3.5 2.2 1,349.1 - 1,349.1 Defined benefit plans 58.1 - - - 58.1 - 58.1 Borrowings 9,337.8 155.0 4.7 13.2 9,510.7 - 9,510.7 Tax liabilities 1,955.5 (11.1) (5.6) 18.2 1,957.0 - 1,957.0 Total liabilities 26,145.7 3,014.8 385.1 197.9 29,743.5 (2,726.7) 27,016.8 * Relates to inter-segment transactions eliminated on consolidation.
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13 November 2025 Page 17 of 38 5 Segment Information (in $ million) (continued) Geographical segments The following table presents revenue information on airline operations by geographical areas for the half years ended 30 September 2025 and 2024. 1st Half 1st Half FY2025/26 FY2024/25 East Asia 4,876.5 4,824.9 Europe 1,138.0 1,117.2 South West Pacific 1,509.4 1,501.5 Americas 633.6 646.2 West Asia and Africa 691.7 669.3 Systemwide 8,849.2 8,759.1 Non-scheduled services and incidental revenue 542.2 532.4 9,391.4 9,291.5 By area of original sale No single customer contributed to more than 10% of the Group’s revenue during the half years ended 30 September 2025 and 2024. 6 Operating Profit (in $ million) Operating profit for the financial period was arrived at after (crediting)/charging: 1st Half 1st Half FY2025/26 FY2024/25 Interest income from short-term investments (0.7) (0.7) Dividend income from short-term investments (0.1) (0.1) Gain on disposal of short-term investments (0.4) (0.4) Bad debts written off 0.1 3.3 Impairment/(Write-back of impairment) of trade debtors 0.5 (5.9) Writedown of inventories 6.3 4.8 Exchange loss, net 37.4 23.5 Currency hedging gain (27.0) (14.1) Fair value changes of foreign currency derivatives (0.7) (0.9) Fuel hedging loss/(gain) recognised in "Fuel costs" 75.0 (67.9) Net gain on financial assets mandatorily measured at FVTPL (3.1) (1.9) Gain on lease remeasurement (0.4) - The Group 7 Other Non-Operating Items (in $ million) 1st Half 1st Half FY2025/26 FY2024/25 Write-back of provision for expected credit losses on investments 1.0 0.6 Net gain on financial instruments mandatorily measured at FVTPL 0.2 0.6 Headcount rationalisation costs (0.1) 0.1 Cancellation charges (5.1) - Write-back of provision for onerous contracts - 7.7 Loss on disposal of other property, plant and equipment - (0.3) (4.0) 8.7 The Group
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13 November 2025 Page 18 of 38 8 Taxation (in $ million) The Group is subject to income taxes in numerous jurisdictions. Judgement is involved in determining the provision for income taxes. There are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for expected tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recognised, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Major components of income tax expense The major components of income tax expense for the half years ended 30 September 2025 and 2024 are: 1st Half 1st Half FY2025/26 FY2024/25 Current taxation Provision for the period 7.5 8.5 Over provision in respect of prior years (0.6) (0.3) 6.9 8.2 Deferred taxation Movement in temporary differences 160.5 185.4 Over provision in respect of prior years (0.5) (21.8) 160.0 163.6 166.9 171.8 The Group The Group has tax losses and deductible temporary differences (for which no deferred tax asset has been recognised) of approximately $ 268.9 million (31 March 2025 : $245.2 million) that are available for offset against future taxable profits of the companies. This is due to the uncertainty of the recoverability of the deferred tax asset. The Group's current taxation for 1H FY2025/26 reflects the utilisation of capital allowances that the Group had deferred in prior years.
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13 November 2025 Page 19 of 38 9 Share Capital (in $ million) 2025 2024 2025 2024 Issued and fully paid share capital Ordinary shares Balance at 1 April 2,977,670,407 2,977,590,128 7,180.9 7,180.4 Shares issued pursuant to conversion of convertible bonds 149,862,405 - 771.9 - Shares issued pursuant to equity compensation plans - 80,279 - 0.5 Balance at 30 September 3,127,532,812 2,977,670,407 7,952.8 7,180.9 Special share Balance at 1 April and 30 September 1 1 # # # The value is $0.50 The Group and the Company Number of shares Amount The holders of ordinary shares (except treasury shares) are entitled to receive dividends as and when declared by the Company. All ordinary shares, which have no par value, carry one vote per share without restriction. All shares rank equally with regards to the Group’s residual assets. The Company’s ability to operate its existing route network and flight frequency is derived solely from and dependent entirely on the Air Service Agreements (“ASAs”) concluded between the Government of Singapore and the governments of other countries. ASAs are therefore critical to the Company’s operations. In almost all the ASAs, it is a condition that the Company must at all times be “effectively controlled” and “substantially owned” by Singapore nationals for the tenure of the respective ASAs. In order to comply with the above requirement, one non-tradeable Special Share was issued to the Ministry of Finance (“the Special Member”). The Special Share enjoys all the rights attached to ordinary shares. In addition, pursuant to Article 3A of the Articles of Association, no resolution may be passed on certain matters without prior written approval of the Special Member. The Company can also issue non-tradeable redeemable cumulative preference shares, which carry full voting rights (“ASA shares”). When issued, the ASA shares will be paid at $0.01 each and will carry equal voting rights as those of ordinary shares. These sh ares will be issued only when the Directors determine that the Company’s operating rights under any of the ASAs are threatened by reason of the nationality of the majority shareholders. As at 30 September 2025, none of the Company’s subsidiaries held any shares in the Company (31 March 2025: Nil). Share-based Incentive Plans The SIA Restricted Share Plan 2024 (“RSP 2024”) and the SIA Performance Share Plan 2024 (“PSP 2024”) are share-based incentive plans for senior executives and key Senior Management, which were approved by the shareholders of the Company at the Annual General Meeting held on 29 July 2024. The RSP 2024 awards fully paid ordinary shares of the Company, conditional on position and individual performance targets set at the start of the one-year performance period based on annual Group and Company objectives. In respect of FY2025/26 Strategic Share Award (“SSA”) under the RSP 2024, the award made in July 2025 to Senior Management (Senior Vice Presidents and above) was based on Board Compensation & Industrial Relations Committee (“BCIRC”) assessment of SIA Management’s post Covid-19 recovery.
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13 November 2025 Page 20 of 38 9 Share Capital (in $ million) (continued) Share-based Incentive Plans (continued) The FY2025/26 RSP 2024 award was made in July 2025 on a contingent performance basis to Senior Management and other key executives (Vice Presidents and Divisional Vice Presidents). The PSP 2024 awards fully paid ordinary shares of the Company, conditional on performance targets set at the start of a three -year overlapping performance period based on stretched long - term total shareholder return objectives as well as a carbon emissions reduction target. The FY2025/26 PSP 2024 award was made in July 2025 on a contingent performance basis to Senior Management. Movement of share awards during the financial period Date of grant Balance at 1 April 2025 Granted Adjustment Cancelled Vested Balance at 30 September 2025 RSP 14.07.2022 589,160 - - (9,724) (579,436) - 18.07.2023 996,336 - - (19,890) (506,206) 470,240 17.07.2024 1,534,768 - (5,388) # (38,153) (522,751) 968,476 18.07.2025 - 1,920,352 - (27,097) - 1,893,255 3,120,264 1,920,352 (5,388) (94,864) (1,608,393) 3,331,971 PSP 14.07.2022 666,516 - 279,664 # - (946,180) - 18.07.2023 497,376 - - - - 497,376 17.07.2024 454,243 - - - - 454,243 18.07.2025 - 942,862 - - - 942,862 1,618,135 942,862 279,664 - (946,180) 1,894,481 SSA 23.12.2022 9,075 - 7,260 ^ - (16,335) - 18.07.2023 314,375 - 251,500 ^ - (565,875) - 31.07.2023 11,350 - - - (5,675) 5,675 17.07.2024 260,150 - - - (130,075) 130,075 18.07.2025 - 543,100 - - (271,550) 271,550 594,950 543,100 258,760 - (989,510) 407,300 Number of Share Awards # Adjustment at the end of performance period upon meeting stated performance targets and adjustments for number of days in service for retirees. ^ Adjustment at the end of the performance period relating to an additional equity kicker during the financial period.
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13 November 2025 Page 21 of 38 10 Treasury Shares (in $ million) Number of shares Amount Balance at 1 April 2025 4,397,526 (26.5) Purchase of treasury shares 2,040,000 (12.5) Treasury shares transferred on vesting of share-based incentive plans (3,544,083) 21.5 Treasury shares transferred on payment of Directors’ remuneration (107,400) 0.6 Balance at 30 September 2025 2,786,043 (16.9) The Group and the Company Treasury shares relate to ordinary shares of the Company that are held by the Company. During the financial period, the Company purchased 2,040,000 treasury shares (FY2024/25: 4,994,000). As at 30 September 202 5, the number of ordinary shares in issue was 3 ,127,532,812 of which 2,786,043 were held by the Company as treasury shares (31 March 2025: 2,977,670,407 ordinary shares of which 4,397,526 were held as treasury shares). 11 Borrowings (in $ million) 30 September 31 March 2025 2025 Amount repayable in one year or less, or on demand Secured Loans 669.2 661.0 Unsecured Notes payable 644.2 700.0 Loans 116.1 14.7 Convertible bonds 135.9 837.7 896.2 1,552.4 1,565.4 2,213.4 Amount repayable after one year Secured Loans 2,988.7 3,328.9 Unsecured Notes payable 3,241.3 3,965.2 Loans 2.7 3.2 3,244.0 3,968.4 6,232.7 7,297.3 Total Borrowings 7,798.1 9,510.7 The Group
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13 November 2025 Page 22 of 38 11 Borrowings (in $ million) (continued) Details of any collateral The secured bank loans are secured via mortgage of certain aircraft. Lease Liabilities Excluded from the borrowings above are lease liabilities of $3,076.7 million (31 March 2025: $3,403.6 million) which are secured over the right-of-use assets. Convertible Bonds The Group 2025 Balance at 1 April 837.7 Amortised bond principal 7.0 Amortised transaction costs 0.8 Conversion of convertible bonds (709.6) Balance at 30 September 135.9 The Company held $136.3 million in principal amount of convertible bonds due in 2025. These convertible bonds bear interest at 1.625% per annum, payable semi-annually in arrears. The bonds are convertible at the option of the holder, at the prevailing conversion price from 13 January 2021 to 24 November 2025 (both dates inclusive). Following the declaration of dividends, the Company adjusted the conversion price of the convertible bonds in accordance with the terms and conditions set out in the Trust Deed, as follows: Dividends declared Before adjustment After adjustment Effective date FY2024/25 final dividend of 30.0 cents per share 4.8945 4.6761 12 August 2025 FY2024/25 interim dividend of 10.0 cents per share 4.9714 4.8945 27 November 2024 Conversion price per share The convertible bonds are convertible to 29,137,529 (31 March 2025: 173,613,239 ordinary shares) ordinary shares upon conversion. The equity conversion component on initial recognition of the convertible bonds was $74.3 million. The remaining balance as at 30 September 2025 was $11.9 million after conversion of the convertible bonds.
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13 November 2025 Page 23 of 38 12 Property, Plant and Equipment (in $ million) The Group Aircraft Aircraft spares and spare engines Advance and progress payments Others Total Cost At 1 April 2025 27,759.6 1,143.0 5,360.8 1,711.6 35,975.0 Additions 265.5 20.2 502.8 15.0 803.5 Transfers 898.9 (27.5) (889.5) 18.1 - Disposals (226.9) (3.4) - (12.6) (242.9) Exchange differences (70.9) (0.3) 3.0 (7.4) (75.6) At 30 September 2025 28,626.2 1,132.0 4,977.1 1,724.7 36,460.0 Accumulated depreciation and impairment losses At 1 April 2025 10,330.9 657.0 - 1,506.2 12,494.1 Depreciation 909.8 22.9 - 27.9 960.6 Transfers 4.8 (4.8) - - - Disposals (203.7) (0.7) - (12.5) (216.9) Exchange differences - (0.2) - (2.1) (2.3) At 30 September 2025 11,041.8 674.2 - 1,519.5 13,235.5 Net book value At 1 April 2025 17,428.7 486.0 5,360.8 205.4 23,480.9 At 30 September 2025 17,584.4 457.8 4,977.1 205.2 23,224.5 13 Right-of-Use Assets (in $ million) Aircraft spare Aircraft engines Others Total At 1 April 2025 2,660.7 163.7 263.0 3,087.4 Additions 31.8 - 39.6 71.4 Reassessment and modifications - - (0.6) (0.6) Depreciation (199.7) (13.8) (37.0) (250.5) At 30 September 2025 2,492.8 149.9 265.0 2,907.7 14 Subsidiary Companies During the financial period: 1. The Company injected $10.0 million in KrisShop Pte. Ltd. 2. The Company injected $7.5 million in Kris+ Pte. Ltd. 3. The Company injected $0.3 million in Singapore Airlines Foundation Limited.
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13 November 2025 Page 24 of 38 15 Associated Companies (in $ million) Acquisition of Air India Limited Goodwill arising from the acquisition of Air India Limited , as part of the Company’s strategy to strengthen SIA’s position in the fast -growing Indian aviation market which complements its Singapore hub, has been recognised , following the completion of the Purchase Price Allocation exercise. Identifiable assets acquired and liabilities assumed The fair value of identifiable assets acquired and liabilities assumed at the acquisition date are summarised below: At date of acquisition Property, plant and equipment 2,090.6 Right-of-use assets 1,972.4 Brand and trademarks 430.0 Airport slots 230.2 Investments 275.8 Lease liabilities (2,035.7) Contingent liabilities (47.4) Net working capital 148.6 Borrowings (1,598.7) Provisions (507.6) Deferred revenue (419.0) Deferred tax liabilities (199.9) Other assets and liabilities 190.5 Net identifiable assets at fair value 529.8 Consideration transferred 1,921.3 Less: Net identifiable assets at fair value (529.8) Goodwill arising from acquisition 1,391.5
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13 November 2025 Page 25 of 38 15 Associated Companies (in $ million) (continued) Measurement of fair value The valuation techniques used for measuring fair value of material assets acquired and liabilities assumed were as follows: Assets acquired and Liabilities assumed Valuation technique Property, plant and equipment Market comparison technique This approach considers market prices for similar items when they are available. Brand and trademarks Relief from Royalty Method This method considers the discounted estimated royalty payments that are expected to be avoided as result of the trademark being owned. Airport slots Multi-Period Excess Earnings Method This method computes the value of the airport slots by using the present value of the after-tax cash flows attributable to the capacity-constrained airport slots only. Right-of-use assets Adjusted present value of remaining lease payments Right-of-use assets are measured as the present value of remaining lease payments, adjusted for favourable or unfavourable terms. The identification and measurement of such favourable or unfavourable terms is based on the Market comparison technique. Market comparison technique This approach considers market prices for similar items when they are available. Lease liabilities Adjusted present value of remaining lease payments Lease liabilities are measured as the present value of remaining lease payments. Contingent liabilities The liabilities assumed at date of acquisition include contingent liabilities arising from various taxation disputes and legal claims. 16 Fixed Deposits Placed with Original Maturities of More Than 12 Months The Group held $ 2,060.2 million (31 March 2025: $1,781.1 million) in fixed deposits that were placed with original maturities of more than 12 months, with $1,288.5 million (31 March 2025: $421.1 million) classified as "Other short-term assets" and $771.7 million (31 March 2025: $1,360.0 million) classified as "Other long-term assets". These fixed deposits are denominated in USD and are held to hedge against foreign currency risk for a portion of the forecast USD capital expenditure.
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13 November 2025 Page 26 of 38 17 Sales in Advance of Carriage and Deferred Revenue (in $ million) Sales in advance of carriage and deferred revenue are recognised as revenue when the Group fulfils its performance obligation under the contract with the customer. The significant changes in these liabilities during the period are as follows: 1st Half 1st Half FY2025/26 FY2024/25 Revenue recognised that was included in the balance at the beginning of the period - Sales in advance of carriage 3,134.1 3,132.2 - Deferred revenue 417.0 394.4 The Group Deferred revenue relates to KrisFlyer and KrisPay miles expected to be redeemed. The Group expects the majority of these miles to be redeemed by the end of their validity dates. All tickets sold at any given point of time have travel dates extending up to 12 months. As a result, the balance of the sales in advance of carriage liability represents activity that will typically be recognised in the next 12 months. 18 Significant Commitment and Contingent Liabilities There have been no significant changes to the Group’s and Company’s contingent liabilities and capital expenditure from the last annual financial statements. 19 Financial Instruments (in $ million) Classification and fair values of financial instruments Financial assets are measured on an ongoing basis at amortised cost, fair value through other comprehensive income (“FVOCI”) or FVTPL. Financial liabilities are measured on an ongoing basis at either amortised cost or FVTPL . The carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy are as per the following tables. Financial assets and financial liabilities that are classified as measured at amortised cost with carrying amounts being a reasonable approximation of their fair values are not presented in these tables. These financial assets include trade debtors, deposits and other debtors , restricted cash balances and cash and bank balances. These financial liabilities include trade and other creditors and loans.
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13 November 2025 Page 27 of 38 19 Financial Instruments (in $ million) (continued) Classification and fair values of financial instruments (continued) The Group Amortised cost FVTPL FVOCI Total Level 1 Level 2 Level 3 30 September 2025 Financial assets Long-term investments Quoted Non-equity investments 0.9 - - 0.9 0.9 - - Unquoted Equity investments - 38.2 2.7 40.9 - - 40.9 Other long-term receivables 49.9 - - 49.9 - - 43.1 Derivative assets * - 198.6 - 198.6 - 198.6 - Investments Quoted Equity investments - 6.4 - 6.4 6.4 - - Non-equity investments* - 55.9 - 55.9 55.9 - - Non-equity investments 456.6 - - 456.6 456.6 - - Unquoted - Non-equity investments* - 50.2 - 50.2 - 50.2 - 507.4 349.3 2.7 859.4 519.8 248.8 84.0 Financial liabilities Derivative liabilities * - 318.7 - 318.7 - 318.7 - Notes payable 3,885.5 - - 3,885.5 3,966.3 - - Convertible bonds 135.9 # - - 135.9 189.2 - - 4,021.4 318.7 - 4,340.1 4,155.5 318.7 - Carrying amount Fair value * Mandatorily measured at FVTPL # Excludes the equity conversion component of $11.9 million which is recognised in capital reserve
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13 November 2025 Page 28 of 38 19 Financial Instruments (in $ million) (continued) Classification and fair values of financial instruments (continued) The Group Amortised cost FVTPL FVOCI Total Level 1 Level 2 Level 3 31 March 2025 Financial assets Long-term investments Unquoted Equity investments - 38.2 1.3 39.5 - - 39.5 Other long-term receivables 76.6 - - 76.6 - - 72.2 Derivative assets* - 210.7 - 210.7 - 210.7 - Investments Quoted Equity investments - 3.7 - 3.7 3.7 - - Non-equity investments* - 52.6 - 52.6 52.6 - - Non-equity investments 463.4 - - 463.4 463.4 - - 540.0 305.2 1.3 846.5 519.7 210.7 111.7 Financial liabilities Derivative liabilities* - 169.9 - 169.9 - 169.9 - Notes payable 4,665.2 - - 4,665.2 4,668.3 - - Convertible bonds 837.7 # - - 837.7 1,180.7 - - 5,502.9 169.9 - 5,672.8 5,849.0 169.9 - Carrying amount Fair value * Mandatorily measured at FVTPL # Excludes the equity conversion component of $74.3 million which is recognised in capital reserve
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13 November 2025 Page 29 of 38 19 Financial Instruments (in $ million) (continued) Classification and fair values of financial instruments (continued) Financial instruments carried at fair value The Group classifies fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) • Level 3 – Unobservable inputs for the asset or liability There has been no transfer between Level 1 and Level 2 during the financial period. Determination of fair value The fair values of the financial instruments are determined as follows: • Jet fuel swap contracts – mark-to-market valuations, adjusted for bilateral counterparty credit risks. • InterContinental Exchange (“ICE”) Brent swap and Brent -MOPS crack swap contracts – by reference to available market information and the marked -to-market values of these swap contracts, adjusted for bilateral counterparty credit risks. As the Group hedges w ith ICE Brent and Brent-MOPS crack contracts, the ICE Brent futures contract price and its differential relative to MOPS price are used as the mark-to-market prices. • Forward currency contracts – by reference to current forward prices for contracts with similar maturity profiles, adjusted for bilateral counterparty credit risks. • Interest rate swap contracts – by discounting the future cash flows of swap contracts at market interest rate, adjusted for bilateral counterparty credit risks. • Cross currency swap contracts – by reference to market prices for existing cash flow profiles pre-agreed with counterparties at trade inception, adjusted for bilateral counterparty credit risks. • Quoted investments – by reference to stock exchange quoted market bid prices at the close of business at the end of the reporting period. For investments where there is no active market, fair value is determined using valuation techniques that are commonly used by market participants. • Other long-term receivables – by discounting expected future cash flows at market incremental lending rate for similar types of lending at the end of the reporting period. • Notes payable – by reference to stock exchange quoted market bid prices at the close of business at the end of the reporting period. • Convertible bonds – by reference to stock exchange quoted market bid prices at the close of business at the end of the reporting period. • Currency options – by reference to valuations provided by the Company’s counterparties.
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13 November 2025 Page 30 of 38 20 Related Party Transactions The balances due from related parties arose from the usual trade transactions. Key Management Personnel Remuneration of the Group The remuneration system applied to the Key Management Personnel (the Chief Executive Officer (“CEO”) and Executive Vice Presidents (“EVPs”)) is set out in the latest SIA annual report covering FY2024/25.
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13 November 2025 Page 31 of 38 OTHER INFORMATION FOR THE HALF YEAR ENDED 30 SEPTEMBER 2025 1 Audit The financial statements have not been audited nor reviewed by our auditors. 2 Auditors’ report Not applicable. 3 Review of performance of the Group GROUP FINANCIAL PERFORMANCE First Half FY2025/26 – Profit and Loss The Group financial performance for the first half FY2025/26 is summarised as follows: Group Financial Results 1st Half FY2025/26 ($ million) 1st Half FY2024/25 ($ million) Better/ (Worse) (%) 2nd Quarter FY2025/26 ($ million) 2nd Quarter FY2024/25 ($ million) Better/ (Worse) (%) Total Revenue 9,675 9,497 1.9 4,885 4,779 2.2 Total Expenditure 8,872 8,702 (2.0) 4,486 4,454 (0.7) Net Fuel Cost 2,547 2,730 6.7 1,285 1,360 5.5 Fuel Cost (before hedging) 2,472 2,798 11.7 1,271 1,379 7.8 Fuel Hedging Loss/(Gain) 75 (68) n.m. 15 (19) n.m. Non-fuel Expenditure 6,325 5,972 (5.9) 3,201 3,094 (3.5) Operating Profit 803 796 0.9 398 325 22.5 Net Profit 239 742 (67.8) 52 290 (82.1) The figures in the table above may not sum to the stated totals because of rounding. Group revenue rose by $178 million (+1.9%) from the year before to a first half record of $9,675 million. The demand for air travel remained strong, with SIA and Scoot carrying 20.8 million passengers, 8.0% more year-on-year. Group passenger load factor (P LF) increased by 1.3 percentage points to 87.7%, as traffic growth of 4.6% exceeded capacity expansion of 3.0%. Passenger yields declined 2.9% to 9.9 cents per revenue passenger-kilometre, driven by increased competition. Cargo flown revenue declined by $31 million (-2.8%) to $1,071 million as yields fell 4.1%. Cargo load factor (CLF) fell 0.9 percentage points to 56.5%, as the 1.2% growth in cargo loads trailed capacity expansion of 2.8%. Group expenditure rose by $170 million (+2.0%) to $8,872 million, as the increase in non-fuel expenditure (+$353 million; +5.9%) outpaced the reduction in net fuel cost ( -$183 million; -6.7%). The higher non - fuel expenditure reflected the 2.9% expansion in overall capacity and inflationary pressure on several cost components. Net fuel cost fell 6.7% ( -$183 million) largely due to the 12.7% contraction in fuel prices (-$370 million), and partially offset by higher volumes uplifted (+$130 million) and a fuel hedging loss this year compared to a gain last year (+$143 million).
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13 November 2025 Page 32 of 38 3 Review of performance of the Group (continued) GROUP FINANCIAL PERFORMANCE (CONTINUED) First Half FY2025/26 – Profit and Loss (continued) Consequently, the Group recorded an operating profit of $803 million in the first half of FY2025/26, marginally higher versus last year (+$7 million; +0.9%). The Group’s net profit for the first half fell by $503 million ( -67.8%) to $239 million. Interest income fell $103 million from lower cash balances and interest rate cuts, while the Group’s share of results of associated companies was $417 million lower year -on-year, notably reflecting Air India’s losses which were not included in the previous year. The Group began equity accounting for Air India’s financial performance from December 2024, following the full integration of Vistara into Air India. Second Quarter FY2025/26 – Profit and Loss The Group’s operating profit for the second quarter rose by $73 million (+22.5%) year -on-year to $398 million. This was supported by the Group’s record second quarter revenue of $4,885 million, a growth of $106 million (+2.2%). Passenger flown revenue incr eased by 2.2% to $3,924 million, with the 5.1% rise in passenger traffic dampened by weaker yields ( -3.0%). Cargo flown revenue was down $21 million (-3.7%), from lower loads (-0.4%) and yields (-3.3%). CLF fell by 1.0 percentage point to 56.2%. Group expenditure rose by $32 million (+0.7%) to $4,486 million, comprising a $107 million increase (+3.5%) in non-fuel expenditure and a $75 million reduction (-5.5%) in net fuel cost. The higher non-fuel expenditure was driven by capacity growth and cost inflation. The decline in net fuel cost was mainly due to the 8.3% drop in fuel prices ( -$119 million), and this was offset by an increase in the volume uplifted (+$62 million) and a shift from a fuel hedging gain last year to a loss (+$34 million). The Group posted a second quarter net profit of $52 million, $238 million ( -82.1%) lower than the year before. This was largely due to the share of results of associated companies ( -$295 million) and the lower interest income (-$42 million).
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13 November 2025 Page 33 of 38 3 Review of performance of the Group (continued) BALANCE SHEET REVIEW (September 2025 vs March 2025) Equity attributable to owners of the company decreased by $126 million (-0.8%) to $15,530 million as at 30 September 2025 largely due to the following: • payment of FY2024/25 final dividend (-$910 million); • fair value losses (-$151 million) which arose mainly from fair value movements in hedge deposits and interest rate swap contracts; • issuance of new shares upon conversion of Convertible Bonds Due 2025 (+$772 million); and • net profit attributable to owners of the company for the financial period (+$239 million). Total Group assets decreased by $ 2,427 million ( -5.6%) to $4 0,660 million. The decrease was mainly attributable to a decrease in cash and bank balances ( -$1,810 million), associated companies (-$390 million), property, plant and equipment (-$256 million), right-of-use assets (-$180 million), partially offset by increase in other receivables and assets (+$216 million). The reduction in cash and bank balances arose primarily due the payment of FY2024/25 final dividend (-$910 million), capital expenditure (-$736 million), repayment of medium term notes (-$700 million), placement of fixed deposits with original maturity of more than 12 months (-$384 million), lease payments (-$302 million), net repayment of borrowings (-$227 million) and interest payments ( -$126 million), partially offset by net cash generated from operations (+$1,554 million) and interest received (+$173 million). Total Group liabilities de creased by $ 2,296 million (-8.5%) to $2 4,728 million, primarily arising from the decrease in borrowings (-$1,713 million), trade and other creditors (-$742 million), lease liabilities (-$327 million), partially offset by an increase in deferred taxes (+ $152 million), derivative liabilities (+$149 million), sales in advance of carriage (+$134 million) and deferred revenue (+$79 million). Net Asset Value The Group The Company 30 September 2025 31 March 2025 30 September 2025 31 March 2025 Net asset value per ordinary share ($) 4.97 5.27 5.40 5.55
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13 November 2025 Page 34 of 38 4 Whether a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results. Not applicable. 5 A commentary at the date of announcement of the competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months. OUTLOOK Demand for air travel remains resilient heading into the third quarter of FY2025/26, supported by the year- end peak. The Group will remain proactive and agile, adjusting its passenger network and capacity to match evolving demand patterns and maximise revenue opportunities. The air cargo segment remains uncertain amid shifting trade policies and market dynamics. While cargo volumes are growing on the back of the Group’s diversified network and verticals, yields remain under pressure as airlines redeploy cargo capacity from the United States of America to other lanes. The airline industry continues to face challenges from geopolitical tensions, macroeconomic headwinds, inflationary cost pressures, and supply chain constraints. The SIA Group remains well-positioned to navigate this environment, supported by its strong ba lance sheet, disciplined cost management, robust digital capabilities, and a highly talented and resilient workforce. The Group will continue to invest in the three pillars of its brand promise – service excellence, product leadership, and network connecti vity – to strengthen competitiveness, and drive long-term, sustainable growth.
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13 November 2025 Page 35 of 38 6 Dividend (a) Current Financial Period Reported on Any dividend declared for the current financial period reported on? Yes. Name of Dividend Interim Special Dividend Type Cash Cash Dividend Amount per Share 5 cents per ordinary share 3 cents per ordinary share Tax Rate Tax-exempt (one-tier) Tax-exempt (one-tier) (b) Corresponding Period of the Immediately Preceding Financial Year Any dividend declared for the corresponding period of the immediately preceding financial year? Yes. Name of Dividend Interim Dividend Type Cash Dividend Amount per Share 10 cents per ordinary share Tax Rate Tax-exempt (one-tier) (c) Date payable The interim and special dividends will be paid on 23 December 2025. (d) Books closure date NOTICE IS HEREBY GIVEN THAT the Transfer Books and the Register of Members of the Company will be closed on 9 December 2025 for the purpose of determining shareholders’ entitlements to the interim and special dividends. Duly completed and stamped transfers (together with all relevant documents of or evidencing title) received by the Share Registrar, Boardroom Corporate & Advisory Services Pte. Ltd., 1 Harbourfront Avenue, #14-07 Keppel Bay Tower, Singapore 098632 up to 5. 00 p.m. (Singapore time) on 8 December 2025 will be registered to determine shareholders’ entitlements to the interim and special dividends. Shareholders (being depositors) whose Securities Accounts with The Central Depository (Pte) Limited (“CDP”) are credited with ordinary shares of the Company as at 5:00 p.m. (Singapore time) on 8 December 2025 will be entitled to the interim and special dividends. Payment of the interim and special dividends will be made on 23 December 2025. 7 If no dividend has been declared/recommended, a statement to that effect and the reason(s) for the decision. Not applicable.
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13 November 2025 Page 36 of 38 8 Interested Person Transactions The aggregate values of all Interested Person Transactions (“IPTs”) entered into during the first half of the Financial Year 2025/26 are as follows: Name of Interested Person Nature of Relationship CapitaLand Investment Limited Group # - Ascott Makati, Inc. - 127,402 Gategroup Holding AG Group # - Gate Gourmet Amsterdam B.V. - 3,097,456 - Gate Gourmet Belgium N.V. - 2,371,333 - Gate Gourmet Denmark APS - 5,756,855 - Gate Gourmet Services Pty Ltd - 13,896,593 - Gate Gourmet Spain S.L. - 2,078,131 - Gate Gourmet Switzerland GmbH - 7,106,789 - Gategroup Trading Hong Kong Ltd - 2,967,254 - ServAir SA - 8,340,105 Refinery Media Pte Ltd @ 186,672 ^ - SATS Ltd Group # - Air India SATS Airport Services Private Limited - 5,173,105 - Asia Airfreight Terminal Co Ltd - 2,591,520 - Beijing CAH SATS Aviation Services Co., Ltd. - 782,252 - FCS Frankfurt Cargo Services GmbH - 1,785,048 - France Handling S.A.S.U. - 1,067,709 - Ground Team Red Sdn Bhd - 231,898 - MacroAsia Catering Services Inc. - 2,875,411 - Mumbai Cargo Service Centre Airport Private Limited - 1,297,680 - PT Jas Aero-Engineering Services - 2,598,352 - PT Jasa Angkasa Semesta Tbk - 9,105,720 - SATS Aero Laundry Pte. Ltd. - 31,656,006 - SATS Asia-Pacific Star Pte. Ltd. - 335,491 - SATS HK Limited - 6,993,547 - SATS Ltd - 540,267,908 - SATS Security Services Private Limited - 12,992,159 - Taj SATS Air Catering Limited - 4,769,936 - TFK Corporation - 5,429,309 - WFS (Bengaluru) Private Limited - 415,070 - Worldwide Flight Services Belgium NV - 631,308 - Worldwide Flight Services Denmark A/S - 737,702 - Worldwide Flight Services Fueling (Hong Kong) Limited - 119,668 - Worldwide Flight Services Limited - 862,200 - Worldwide Flight Services, Inc - 5,619,810 SembCorp Industries Ltd Group # - Sembcorp Solar Singapore Pte Ltd - 227,232 Singapore Technologies Engineering Ltd Group # - ST Engineering Aerospace Services Company Pte Ltd - 2,727,499 - ST Engineering Aerospace Systems Pte. Ltd. - 133,027 Singapore Telecommunications Limited # - 2,788,677 StarHub Ltd Group # - Ensign InfoSecurity (SmartTech) Pte Ltd - 1,304,518 - StarHub Ltd - 1,502,468 # An associate of the Company's controlling shareholder @ An associate of the Company's Non-Executive Board Director ^ Represents sponsorship for a luxury lifestyle video series produced by Refinery Media Pte Ltd. Aggregate value of all IPTs during the financial year under review (excluding transactions less than $100,000 and transactions conducted under shareholders' mandate pursuant to Rule 920) (S$) Aggregate value of all IPTs conducted under shareholders' mandate pursuant to Rule 920 (excluding transactions less than $100,000) (S$)
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13 November 2025 Page 37 of 38 8 Interested Person Transactions (continued) Name of Interested Person Nature of Relationship Temasek Holdings (Private) Limited and Associates # - BDP (Asia Pacific) Pte Ltd - 337,647 - BDP International NV - 104,753 - Certis CISCO Aviation Security Pte. Ltd. - 4,441,022 - Constellar Venues Pte. Ltd. - 155,980 - CyberProof SG Pte. Limited - 408,000 - Mandai Park Holdings Pte. Ltd. - 262,258 - MediaCorp Pte Ltd - 1,270,400 - SMM Pte Ltd - 5,344,065 - STT Singapore DC Pte. Ltd. - 673,997 Total Interested Person Transactions 186,672 705,762,270 # An associate of the Company's controlling shareholder Aggregate value of all IPTs during the financial year under review (excluding transactions less than $100,000 and transactions conducted under shareholders' mandate pursuant to Rule 920) (S$) Aggregate value of all IPTs conducted under shareholders' mandate pursuant to Rule 920 (excluding transactions less than $100,000) (S$) 9 Confirmation that the Issuer has procured undertakings from all its Directors and Executive Officers (in the format set out in Appendix 7.7) under Rule 720(1) The Company confirms that it has procured undertakings from all its directors and executive officers in the format set out in Appendix 7.7 under Rule 720(1) of the Listing Manual. By Order of the Board Brenton Wu Company Secretary 13 November 2025 Singapore Company Registration No.: 197200078R
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13 November 2025 Page 38 of 38 CONFIRMATION BY THE BOARD We, Peter Seah Lim Huat and Goh Choon Phong, being two directors of Singapore Airlines Limited (the “Company”), do hereby confirm on behalf of the directors of the Company that, to the best of their knowledge, nothing has come to the attention of the board of directors of the Company which may render the half year ended 30 September 2025 financial results to be false or misleading in any material respect. On behalf of the Board, PETER SEAH LIM HUAT GOH CHOON PHONG Chairman Chief Executive Officer 13 November 2025