Singapore Airlines recorded robust operating profit of S$803 million (US$617 million) in the first half 2025-2026, a result attributed to healthy passenger demand and lower fuel prices.
However, net profit for the first half fell by S$503 million (-67.8%) to S$239 million, a result which reflected Air India’s losses, which were not included in the previous year.
The SIA group began equity accounting for Air India’s financial performance from December 2024, following the full integration of Vistara into Air India.
Singapore Airlines’ 25.1% stake in the Air India Group is part of its long-term multi-hub strategy which, the company says, provides “a stake in one of the world's largest and fastest-growing aviation markets”.
The first-half financial report noted, “This strategic investment [in Air India] complements the SIA Group’s Singapore hub, enabling direct participation in India’s domestic and international markets and unlocking access to new traffic flows.
“Despite the ongoing challenges, the SIA Group remains committed to working with its partner, Tata Sons, to support Air India’s comprehensive multi-year transformation programme.”
SIA group revenue rose by S$178 million (+1.9%) from the year before to a first half record of S$9,675 million.
SIA and Scoot carried 20.8 million passengers, 8.0% more year-on-year.
Group passenger load factor increased by 1.3 percentage points to 87.7%, as traffic growth of 4.6% exceeded capacity expansion of 3.0%.