The Singtel Group has reported a 14% increase in underlying net profit, reaching SGD 1.35 billion in the first half of the year. This growth has been mainly driven by regional associates Airtel and AIS, as well as operating companies NCS and Optus.
Neglecting the impact of foreign currency fluctuations and contributions from Intouch, which concluded after its merger with Gulf, the underlying net profit would have increased by 22%. The net profit rose to SGD 3.40 billion, largely as a result of a net exceptional gain of SGD 2.05 billion from the partial sale of a stake in Airtel in May and the Intouch-Gulf merger.
Operating revenue declined by 1.2% to SGD 6.91 billion, which was affected by the strong Singapore dollar. However, in constant currency terms, the Group’s operating revenue, EBITDA, and operating company EBIT would have increased by 1.9%, 4.9%, and 14%, respectively.
Yuen Kuan Moon, Singtel Group CEO, stated that the group’s H1 results reflect the positive momentum across their diversified portfolio of businesses across the region. They have continued to drive growth in connectivity, digital services, and digital infrastructure and also unlocked value from their asset recycling efforts as they executed their Singtel28 plan.
Despite the challenging macroeconomic outlook, and uncertainty surrounding the Optus business, Yuen believes their business and geographical diversity is providing stability to the Group’s performance. He expects their growth engines to change the business’s complexion in the mid term as they continue to scale.
Since launching the Singtel28 plan, the Group’s active capital management has generated SGD 5.6 billion in proceeds, including SGD 1.5 billion from the recent divestment of a 0.8% stake in Airtel. The Group has achieved more than half of its new SGD 9 billion mid-term asset recycling target, which will be used to fund growth opportunities and provide returns to shareholders.
The Group’s balance sheet remains strong, with a cash balance of SGD 3.4 billion as of September 2025, helping reduce net debt to SGD 8.7 billion and improve gearing ratios.
The profit contributions from regional associates post-tax increased by 12% to SGD 0.92 billion. Excluding Intouch and considering constant currency terms, these contributions would have risen by 25%.
Airtel Group saw solid earnings growth in both India and Africa due to effective execution and higher mobile tariffs, while AIS reported stronger profits due to revenue growth and effective cost management. However, Telkomsel’s performance was impacted by weaker mobile performance, a capital gain from the sale and leaseback of indoor infrastructure in the previous period, and higher interest expenses. Globe’s earnings also declined due to weak consumer spending.
What is the overall financial status of Singtel Group?
Singtel Group has reported a 14% increase in underlying net profit, reaching SGD 1.35 billion in the first half of the year.
What were the main contributors to Singtel Group’s growth?
The growth was mainly driven by regional associates Airtel and AIS, as well as operating companies NCS and Optus.
What does the Group’s CEO, Yuen Kuan Moon, attribute the positive results to?
Yuen attributes the positive results to the group’s diversified portfolio of businesses across the region and active capital management as part of the Singtel28 plan. The plan has generated SGD 5.6 billion in proceeds, contributing to the reduction of net debt and improvement of gearing ratios.
