- FY2025 performance met outlook across all key metrics
- Proposed final dividend of 3.0 cents per share, bringing total FY2025 dividend to 6.0 cents
Singapore, 12 February 2026 – StarHub reported today results for the full year ended 31 December 2025 (“FY2025”). Service and Total Revenue for FY2025 came in at S$2.0 billion and S$2.4 billion respectively. Earnings before interest, tax, depreciation and amortisation (“EBITDA”) stood at S$403.6 million, while net profit attributable to shareholders (“NPAT”) was S$86.4 million. Excluding the net impact of the one-off forfeiture payment for the return of one lot of 700MHz spectrum, NPAT was S$100.5 million.
FY2025 performance was supported by stable performance from the Regional Enterprise Business’ which grew 2.9% YoY due to higher contribution from Managed Services (+5.3% YoY). Cybersecurity Services Revenue grew 4.3% YoY due to higher project recognition.
Against StarHub’s full year outlook for FY2025, the performance from Regional Enterprise Business was in-line with expectations. EBITDA of 92.2% was in line with the guided “88% - 92% of FY2024 adjusted EBITDA1” while Capex commitment (excluding spectrum rights payments) for FY2025 was 6.7%, lower than the guided range of “9% to 11% of Total Revenue” for the full year.
Free cash flow (“FCF”) was a deficit of S$24.7 million for FY2025. Excluding the one-off 700MHz spectrum rights payment of S$188.0 million made in June 2025, FCF for the full year would have been a surplus of S$163.3 million, representing an increase of S$1.1 million YoY. The Group expects positive free cash flow trends to resume from FY2026.
Commenting on the results, StarHub’s Chief Executive, Nikhil Eapen, said, “While our regional enterprise business continues to grow, the Singapore consumer telecommunications market has experienced prolonged pricing pressure. This continues to weigh on returns and the pace of investment across the sector. In a small and highly competitive market like Singapore, maintaining high service standards and safeguarding critical infrastructure requires sustained, disciplined investment, particularly as cyber threats continue to evolve.
Against this backdrop, our full year results reflect the operating environment, and we remain focused on disciplined execution, operational resilience, and the quality and security of our networks and services. At the same time, we are committed to allocating capital responsibly and creating sustainable long-term value for shareholder”
FY2026 Outlook
Moving into FY2026, StarHub will continue to defend and grow market share across core consumer segments whilst prioritising customer lifetime value and improved customer experience through differentiated offerings and service excellence. In the Enterprise segment, StarHub continues to scale its Modern Digital Infrastructure platform and solutions, enabling new business models and monetisation opportunities for government and enterprise clients. To reinforce long-term resilience, the Group is sharpening cost discipline alongside the shift in business and operating models enabled by its growth platforms.
EBITDA is expected to be “75% to 80% of FY2025 EBITDA”, reflecting sustained competitive intensity in the Consumer business and management’s decision to retain commercial flexibility, partially offset by stronger performance from Managed Services. Capex commitment is expected to be “13% to 15%” of Total Revenue, including investments in relation to IT, Cybersecurity and Network, reflecting disciplined investments aligned with strategic priorities.
Dividend
The Group has declared a final dividend of 3.0 cents per ordinary share for FY2025; combined with the interim dividend of 3.0 cents per share, this brings the total dividend to be distributed for FY2025 to 6.0 cents per share, in line with guidance, demonstrating StarHub’s commitment to enhancing long-term total shareholder returns.
StarHub targets to distribute the higher of 6.0 cents per ordinary share for FY2026 or its dividend policy. In determining dividend levels, the Group takes into consideration short to mid-term business conditions, cash flow and ongoing investment requirements.
StarHub’s balance sheet remains healthy despite one-off spectrum related payments supported by disciplined capital management. As of FY2025, Cash and Bank balances stand at $857.1 million. The Group’s Net Debt to EBITDA stands at 2.0 times as at 31 December 2025.
For more details on the Group’s performance, please visit http://ir.starhub.com/. Other materials available on StarHub’s investor relations website include the investor presentation, results announcement, as well as the audio webcast archive to be made available after 12 February 2026.
1 Excluding the utilisation of a non-recurring provision disclosed under Cost of Sales
