Financials Singapore Airlines Limited

Equities

C6L

SG1V61937297

Airlines

Market Closed - Singapore S.E. Other stock markets 10:08:27 17/07/2025 BST			5-day change	1st Jan Change
7.390 ^SGD	-0.14%		+2.07%	+14.75%

07-16	Singapore Airlines June Passenger Traffic Rises 4.5%; Shares Up Nearly 1%	MT
07-16	Some airlines checking Boeing fuel switches after Air India crash	RE

Projected Income Statement: Singapore Airlines Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	3,816	7,615	17,775	19,013	19,540	19,419	19,983	20,541
Change	-	99.55%	133.42%	6.96%	2.77%	-0.62%	2.91%	2.79%
EBITDA ¹	-370.8	1,301	5,137	5,648	4,090	4,031	4,257	4,240
Change	-	450.92%	294.8%	9.94%	-27.58%	-1.44%	5.6%	-0.39%
EBIT ¹	-2,512	-609.7	2,692	2,728	1,709	1,651	1,641	1,584
Change	-	75.73%	541.55%	1.33%	-37.35%	-3.38%	-0.62%	-3.46%
Interest Paid ¹	-232.5	-345.7	-7.3	207.2	-	-58.75	-134.5	-174
Earnings before Tax (EBT) ¹	-4,957	-1,090	2,637	3,037	2,965	1,631	1,669	1,604
Change	-	78.01%	341.91%	15.18%	-2.38%	-45%	2.37%	-3.88%
Net income ¹	-4,271	-962	2,157	2,675	2,778	1,424	1,423	1,331
Change	-	77.47%	324.2%	24.02%	3.86%	-48.76%	-0.06%	-6.41%
Announcement Date	19/05/21	18/05/22	16/05/23	15/05/24	15/05/25	-	-	-

¹SGD in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	850.6	783.8	1,067	1,294	1,532	2,316	2,472	4,846	4,512	4,479	4,683	5,082	4,769	4,718	4,779	5,219	4,824	4,811	4,835	5,246	4,955
Change	-	-7.85%	36.09%	21.35%	18.36%	51.17%	6.74%	96.05%	-6.9%	-0.72%	4.55%	8.52%	-6.16%	-1.05%	1.28%	9.2%	-7.57%	-0.26%	0.5%	8.5%	-5.56%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-1,037	-826.1	-330.8	-274.4	-	76	-66.7	755	703.1	754.5	799.3	609	565	470.2	325.4	629	284.6	552.7	362.6	665.9	527.5
Change	-	20.32%	59.96%	17.05%	-	-	-187.76%	1,231.93%	-6.87%	7.31%	5.94%	-23.81%	-7.22%	-16.78%	-30.8%	93.3%	-54.75%	94.2%	-34.4%	83.67%	-20.79%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-1,888	-2,509	-590.8	-473.8	-502.7	-71.2	-	-	-	-	852	-	-	-	381.8	-	-	565.6	375.4	678.8	540.3
Change	-	-32.89%	76.45%	19.8%	-6.1%	85.84%	-	-	-	-	-	-	-	-	-	-	-	-	-33.62%	80.8%	-20.39%
Net income ¹	-1,123	-2,344	-141.8	-	-427.6	85	-210	628	601.9	734	707.1	659	575	451.7	290.3	1,626	410	463.2	305.4	557.1	442.3
Change	-	-108.64%	93.95%	-	-	119.88%	-347.06%	399.05%	-4.16%	21.95%	-3.66%	-6.8%	-12.75%	-21.44%	-35.73%	460.11%	-74.78%	12.97%	-34.07%	82.45%	-20.62%
Announcement Date	29/07/20	06/11/20	04/02/21	30/07/21	11/11/21	24/02/22	18/05/22	21/02/23	16/05/23	27/07/23	07/11/23	20/02/24	15/05/24	31/07/24	08/11/24	20/02/25	15/05/25	-	-	-	-

¹SGD in Million

Estimates

Forecast Balance Sheet: Singapore Airlines Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	6,554	1,932	-988	2,179	4,657	5,067	5,894	2,944
Change	-	-70.52%	-151.14%	320.55%	113.72%	8.8%	16.32%	-50.05%
Announcement Date	19/05/21	18/05/22	16/05/23	15/05/24	15/05/25	-	-	-

¹SGD in Million

Estimates

Cash Flow Forecast: Singapore Airlines Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	2,696	3,049	1,602	1,231	1,768	3,759	4,285	3,704
Change	-	13.1%	-47.46%	-23.13%	43.59%	112.64%	13.97%	-13.56%
Free Cash Flow (FCF) ¹	-5,988	-7.2	7,528	3,824	2,940	54.53	211.5	1,804
Change	-	99.88%	104,659.72%	-49.21%	-23.12%	-98.14%	287.8%	753.14%
Announcement Date	19/05/21	18/05/22	16/05/23	15/05/24	15/05/25	-	-	-

¹SGD in Million

Estimates

Forecast Financial Ratios: Singapore Airlines Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-9.72%	17.09%	28.9%	29.71%	20.93%	20.76%	21.3%	20.64%
EBIT Margin (%)	-65.84%	-8.01%	15.15%	14.35%	8.75%	8.5%	8.21%	7.71%
EBT Margin (%)	-129.91%	-14.31%	14.83%	15.97%	15.17%	8.4%	8.35%	7.81%
Net margin (%)	-111.92%	-12.63%	12.13%	14.07%	14.22%	7.33%	7.12%	6.48%
FCF margin (%)	-156.92%	-0.09%	42.35%	20.11%	15.04%	0.28%	1.06%	8.78%
FCF / Net Income (%)	140.21%	0.75%	349.05%	142.95%	105.82%	3.83%	14.87%	135.51%
Profitability
ROA	-11.98%	-2.23%	4.41%	5.73%	6.36%	3.23%	3.32%	2.84%
ROE	-33.87%	-5.02%	10.2%	14.8%	17.4%	8.72%	8.74%	7.83%
Financial Health
Leverage (Debt/EBITDA)	-17.68x	1.48x	-	0.39x	1.14x	1.26x	1.38x	0.69x
Debt / Free cash flow	-1.09x	-268.35x	-	0.57x	1.58x	92.92x	27.87x	1.63x
Capital Intensity
CAPEX / Current Assets (%)	70.64%	40.04%	9.01%	6.48%	9.05%	19.36%	21.44%	18.03%
CAPEX / EBITDA (%)	-726.94%	234.3%	31.18%	21.8%	43.23%	93.26%	100.65%	87.35%
CAPEX / FCF (%)	-45.02%	-42,343.06%	21.28%	32.2%	60.14%	6,893.88%	2,026.1%	205.3%
Items per share
Cash flow per share ¹	-0.8912	0.512	1.47	1.15	1.432	1.374	1.501	1.836
Change	-	157.45%	187.05%	-21.73%	24.53%	-4.09%	9.28%	22.28%
Dividend per Share ¹	-	-	0.38	0.48	0.4	0.2657	0.2559	0.2332
Change	-	-	-	26.32%	-16.67%	-33.58%	-3.69%	-8.84%
Book Value Per Share ¹	5.36	7.55	6.68	5.49	5.27	5.303	5.467	5.506
Change	-	40.86%	-11.52%	-17.81%	-4.01%	0.63%	3.09%	0.71%
EPS ¹	-1.156	-0.162	0.351	0.614	0.853	0.4603	0.4715	0.4426
Change	-	85.99%	316.67%	74.93%	38.93%	-46.03%	2.42%	-6.12%
Nbr of stocks (in thousands)	4,269,600	6,446,082	6,449,164	4,138,150	2,973,273	2,984,922	2,984,922	2,984,922
Announcement Date	19/05/21	18/05/22	16/05/23	15/05/24	15/05/25	-	-	-