StarHub Ltd reported a net profit attributable to shareholders of S$86.4 million for the year ended 31 Dec 2025, in line with guidance but down from the normalised figure once a one-off spectrum payment is excluded. Growth in the regional enterprise segment helped offset continued price pressure in the domestic consumer mobile market.
Service revenue reached S$2.0 billion, while total revenue came in at S$2.4 billion. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at S$403.6 million, equating to 92.2% of FY2024’s adjusted level—within the 88%-92% range StarHub had guided. The board proposed a final dividend of 3.0 Singapore cents a share, bringing the full-year payout to 6.0 cents, unchanged from FY2024.
The regional enterprise business expanded 2.9% YoY, supported by a 5.3% rise in Managed Services revenue. Cybersecurity services advanced 4.3% YoY on higher project deliveries. Capital expenditure, excluding spectrum rights, was held to 6.7% of total revenue, below the targeted 9-11% range.
Free cash flow registered a deficit of S$24.7 million because of a S$188.0 million spectrum rights payment made in June. Adjusted for that one-off item, free cash flow would have been a positive S$163.3 million, up S$1.1 million year-on-year. Cash and bank balances stood at S$857.1 million, and net debt to EBITDA was 2.0 times as at end-December.
Looking ahead to FY2026, management guides for EBITDA to come in at 75-80% of FY2025’s level, reflecting sustained competitive intensity in the consumer segment and a deliberate choice to retain pricing flexibility. Capital expenditure is projected at 13-15% of total revenue, with spending focused on IT, cybersecurity and network enhancements. The company expects free cash flow to return to positive territory in the new fiscal year and has committed to paying at least 6.0 cents a share in dividends, or more subject to its dividend policy.
Chief Executive Nikhil Eapen said the 2025 performance underscored persistent pricing pressure in Singapore’s mobile market, which has dampened returns and slowed investment across the sector. He added that the group remains focused on disciplined execution, cost control and safeguarding network quality, while pursuing growth from managed services and modern digital infrastructure solutions for enterprise and government clients. Eapen noted that maintaining high service standards and security requires sustained investment as cyber threats evolve, and reiterated the group’s commitment to prudent capital allocation and long-term value creation for shareholders.