SIA reported core net profit of $505 million, down 4% y-o-y, after taking out the one-off $1.1 billion accounting gain from the merger of Air India and SIA’s then associate Vistara in November 2024.
Liu Miaomiao and Eric Ong of Maybank Securities have upgraded their call on Singapore Airlines (SIA) from “sell” to “hold”, citing “robust” operating profit growth and stabilisation in passenger yield.
In 3QFY2026 ended Dec 31, 2025, SIA’s revenue grew by 5.5% y-o-y to $5.5 billion, with passenger load factor up 0.3 percentage points to 87.5%, as traffic growth of 3.2% outpaced capacity expansion of 2.8%. Passenger yield, meanwhile, was up by a better-than-expected 1.9% to 10.9 cents per km. Together with disciplined management of non-fuel unit costs, the airline posted a 25.9% y-o-y increase in operating profit.
