Singtel reported full-year net income of S$5.61 billion for the fiscal year ended March 31, 2026, up 40% from the previous year, boosted by one-off gains of S$2.84 billion and operating improvements [1]. Underlying net profit, excluding these one-offs, rose 12% to S$2.77 billion, driven mainly by regional associates Airtel and AIS, as well as its operating units NCS, Digital InfraCo, and Optus [1].

In the second half of FY2026, Singtel's net profit declined 20.9% to S$2.2 billion from S$2.8 billion a year ago. However, underlying net profit for the same period rose 10.6% to S$1.4 billion, up from S$1.3 billion previously [2, 3].

The Singapore consumer business showed weakness with revenue down 3% year-on-year to S$3.7 billion and EBITDA falling 5% to S$795 million amid intense competition [4, 5]. Conversely, the Singapore enterprise segment demonstrated resilient growth and accounted for more than half of domestic revenue [4, 5].

Following the earnings announcement on May 21, Singtel shares dropped as much as 7.4% before closing down roughly 6.4% at S$4.70 [4, 5].

Singtel’s Group CEO Yuen Kuan Moon said the company is open to market consolidation if approved by regulators, citing unsustainable conditions with four telcos in Singapore. He stated, "I believe the regulators are open to consolidation. If we are able to participate in the consolidation, we would" and noted Singtel’s keen interest contingent on the Infocomm Media Development Authority's (IMDA) approval [4, 5]. This follows the collapse of Simba Telecom’s takeover attempt of M1 earlier this month [4, 5]. Singtel is seeking clarity from IMDA on its ability to engage in potential mergers or consolidations.

The group also said it has limited direct exposure to the Middle East crisis but remains vulnerable to global energy price volatility and its inflationary impacts on costs and consumer spending [2, 3].

Singtel proposed a final dividend of S$0.103 per share for FY2026, including a value realisation dividend of S$0.033 per share, equal to a total payout of S$1.7 billion. This brings the total annual dividend to a record S$0.185 per share [2, 3].

Additionally, Singtel is open to an Australian minority partner investing in its Optus subsidiary as part of its strategic options [1, 3].