The Singapore Airlines Group announced that for the first half of the 2025/26 financial year, Group revenue increased by 178 million Singapore dollars (+1.9%) compared to the previous year, reaching a historic high of 9,675 million Singapore dollars for the first half.
Demand for air travel remained strong, with Singapore Airlines and Scoot carrying 20.8 million passengers, an increase of 8% year-on-year. The Group’s passenger load factor (PLF) strengthened by 1.3 percentage points to 87.7%, as the rise in passenger traffic (+4.6%) outpaced the increase in capacity (+3.0%). Passenger yields fell by 2.9% to 9.9 cents per revenue passenger-kilometre due to increased competition.
Cargo revenue declined by 31 million Singapore dollars (-2.8%) to 1,071 million Singapore dollars, as yields dropped by 4.1%. The cargo load factor (CLF) fell by 0.9 percentage points to 56.5%, as cargo loads increased (+1.2%) at a slower pace than capacity (+2.8%).
Group expenditure increased by 170 million Singapore dollars (+2.0%) to 8,872 million Singapore dollars. The rise in non-fuel costs (+353 million dollars, +5.9%) exceeded the decline in net fuel costs (-183 million dollars, -6.7%). Higher non-fuel expenses reflect the increase in overall capacity (+2.9%) and the impact of inflationary pressures. Net fuel costs decreased mainly due to a 12.7% drop in fuel prices (-370 million dollars), partially offset by higher uplifted fuel volumes (+130 million dollars) and fuel hedging losses this year, compared with gains in the previous year (+143 million dollars).
Strong operating performance, lower net profit due to equity-accounted losses
As a result, the Group recorded operating profit of 803 million Singapore dollars for the first half of 2025/26, slightly higher than last year (+7 million dollars, +0.9%).
The Group’s net profit decreased by 503 million Singapore dollars (-67.8%), amounting to 239 million Singapore dollars. Interest income fell by 103 million dollars due to lower cash balances and declining interest rates.
At the same time, the Group’s share of results from associated companies was 417 million dollars lower compared to last year, mainly reflecting losses from Air India, which had not been included in last year’s results. The Group began incorporating Air India’s financial results using the equity method in December 2024, following the full merger of Vistara with Air India.
Strategic initiatives
Singapore Airlines reaffirmed its commitment to its multi-hub strategy through its 25.1% stake in the Air India Group. The Group also continued strengthening its regional partnerships by expanding codeshare agreements with Garuda Indonesia and Vietnam Airlines. In parallel, new initiatives to enhance the customer experience—such as the new safety video, the Time To Fly travel services exhibition, and upgrades to the KrisFlyer program—further strengthened the Group’s brand and ecosystem.
Outlook
Although demand at the start of the third quarter remains strong, the Group, looking ahead, observes continued uncertainty in transport markets, as well as broader challenges including geopolitical tensions, inflationary pressures, and supply chain constraints. Nevertheless, Singapore Airlines, remaining optimistic thanks to its strong financial position, will continue investing in excellent service, its leading products, and its network connectivity, aiming for sustainable long-term growth.
About Singapore Airlines
The history of the Singapore Airlines Group began in 1947 with the maiden flight of Malayan Airways Limited. The airline was later renamed Malaysian Airways Limited and subsequently Malaysia-Singapore Airlines (MSA). In 1972, MSA split into Singapore Airlines and Malaysian Airline System. Singapore Airlines initially operated a limited fleet of 10 aircraft to 22 cities in 18 countries. Since then, it has evolved into a global airline group committed to the continual enhancement of the three core pillars of its brand promise: Service Excellence, Product Leadership, and Network Connectivity.
Singapore Airlines is the world’s most awarded airline. In 2024, it was once again included in Fortune magazine’s list of the 50 most admired companies in the world. It is the only Singapore-based company on the list. In February 2023, Singapore Airlines was named Airline of the Year at the Air Transport World Airline Industry Awards. This recognition acknowledged its outstanding performance, innovation, and superior service in the aviation industry. In June 2023, it was named the world’s best airline at the Skytrax World Airline Awards 2023, marking the fifth time it has won this prestigious distinction. For more information, visit the Singapore Airlines website.
