Singtel reported a 71.6% drop in first-quarter net profit to S$818 million for Q1 2026, down from S$2.88 billion in the same period last year [1, 2, 3, 4, 5, 6]. The sharp decline was mainly driven by exceptional gains in Q1 2025 from the sale of a partial stake in Airtel and the Intouch-Gulf Energy merger that did not recur this year [1, 2, 3, 4, 5, 6].
Despite this, Singtel’s underlying net profit rose 21% to S$831 million in Q1 2026, up from S$686 million a year ago [1, 2, 3, 4, 5, 6]. This growth was supported by strong performances from key associates including Airtel, AIS, NCS, Optus, and Digital InfraCo [1, 2, 3, 4, 5, 6]. Post-tax contributions from regional associates increased 16.1% to S$543 million, with Airtel delivering 15.9% growth and AIS 32.7% growth [1, 2].
Group operating revenue for the quarter climbed 4.9% to approximately S$3.6 billion, while earnings before interest, tax, depreciation and amortisation (Ebitda) grew 8.7% to about S$1.1 billion [1, 2, 3]. However, Singtel Singapore faced decline with its operating revenue falling 3.1% year-on-year to S$901 million amid ongoing intense price competition [1, 2, 3]. Ebitda in Singtel Singapore slipped 4.6% to S$363 million, affected by weaker mobile, ICT and legacy services despite growth in data and internet offerings [1, 2, 3]. Mobile service revenue in Singapore declined 4%, pressured by lower average revenue per user [1, 2, 3].
Singtel registered net finance income in Q1 2026, a reversal from a net finance expense previously, largely due to a first-time dividend of S$153 million from Gulf Development Public Co [1, 2, 3]. The group continues emphasizing its tri-brand strategy—Singtel, Gomo, and Hi!—to target different customer segments amid pricing pressures, said Yuen Kuan Moon, group CEO of Singtel, who noted, "While Singtel Singapore continues to face pricing pressures, it remains focused on executing its tri-brand strategy (Singtel, Gomo, Hi!) to serve different customer segments." [1]
Following the earnings announcement Aug. 13, Singtel shares initially fell 0.9% but rebounded strongly by 3.5% to 4.7% the next day, closing at S$4.45 on Aug. 14 [4, 5, 6].
