Singtel Q3 net profit jumps 44% to $1.5b

Singtel reported a 44% rise in net profit to S$1.89 billion (US$1.50 billion) for the third quarter ending December 31, 2025, driven by a S$1.2 billion exceptional gain from the partial sale of its Airtel stake.

The group’s underlying net profit rose 9.5% to S$744 million (US$951 million), with stable operating revenue of S$3.7 billion (US$2.93 million).

Operating profit before exceptional items increased 5.3% to S$362 million (US$287 million), supported by strong performances from NCS and Optus, which offset declines at Singtel Singapore.

For the nine months, net profit reached S$5.3 billion (US$4.2 billion), up 109% from the previous year, aided by partial divestments and gains from Airtel and the merger with Gulf Energy’s subsidiary.

Optus’ revenue grew 2.8%, mainly from mobile and network sharing, while Singtel Singapore experienced a 3.7% revenue drop due to intense competition.

The group’s share of regional associates’ profits grew 15%, mainly from Airtel and AIS.

🔗 Source: Singtel

🧠 Food for thought

Implications, context, and why it matters.

Singtel’s profit rise comes from a long-running plan to sell assets and manage cash

Singtel booked an S$1.2 billion exceptional gain from selling Airtel shares. It sits within a longer asset recycling program that now aims for S$9 billion in divestments 1.
Asset sales help pay for expansion and shareholder payouts while price pressure hits its Singapore consumer telecom unit. Singtel Singapore revenue fell 3.7% in the quarter, while NCS (Singtel’s technology services arm) and Optus (its Australian telecom subsidiary) helped support results 2.
Part of the proceeds go back to shareholders through capital returns. These include a value realisation dividend, added in a dividend policy change in May 2024, plus a value realisation share buyback program of up to S$2 billion announced on May 22, 2025 3.
The market has rewarded the approach so far. Singtel’s share price rose 63.9% over the past year as of May 22, 2025 3.

Recycled cash is flowing into digital infrastructure and AI-related platforms

Apart from payouts, the same plan finances spending on digital infrastructure and digital services 4.
Targets include the Nxera data centre business plus the RE:AI platform. Profit impact should stay modest since both remain in an investment phase 3.
Nxera’s AI-ready data centres have early demand. Facilities in Thailand and Singapore are about 80% and 50% pre-sold ahead of launches in June 2025 and January 2026 3.
Other telecom operators can apply a similar approach. They can trim mature holdings to fund moves into digital infrastructure or AI-related services.