Singapore Airlines Cautious About Fuel Impact

It’s still too early for Singapore Airlines to make predictions for the financial year 2026/2027. The effects from higher fuel costs could be offset by “opportunities” from adjusting the network and deploying capacity on the most profitable routes. If the crisis in the Middle East takes longer to solve, “there could be broader implications for supply chains and macroeconomic conditions affecting demand patterns.”

Singapore Airlines Group reported its FY25/26 results today. Consolidated revenues for Singapore Airlines and Scoot grew by five percent to $20.5 billion year-over-year

. The two airlines carried 7.7 percent more passengers, or 42.4 million in total. Capacity grew by 3.4 percent, the load factor by 1.1 percentage points to 87.7 percent. Cargo revenues were down by 2.1 percent to $2.2 billion as yields were lower.

Expenses were up by 1.8 percent to $18.1 billion, with the increase in non-fuel costs mainly caused by the capacity expansion and inflation. The operating profit was up by 39 percent to $2.4 billion. The net profit was down by 57.4 percent to $1.2 billion, but last year’s included a one-off accounting gain from the merger of Air India and Singapore’s subsidiary Vistara, offset by the loss of Air India.