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东南亚最大电信运营商新加坡电信(Singtel)上周五发布2027财年上半年业绩:净利润15.4亿新元(约12亿美元),同比大幅下滑55%。表面看这份成绩单并不理想,但市场和管理层的解读恰恰相反——利润下滑的主因是去年同期出售Airtel部分股权以及Intouch与Gulf Energy合并带来的巨额一次性收益未能复现。剔除这些非常规项目后,基础净利润同比增长10%至14.9亿新元,运营势头足以支撑集团将全年OpCo EBIT增长指引从“低至中个位数”上调至“中至高个位数”。
核心业务全面提速:三驾马车双位数增长
支撑Singtel上调指引的是核心业务的全面改善。上半年集团运营收入增长6%至72.9亿新元,EBITDA增长8%至21.5亿新元,OpCo EBIT增长9%至9亿新元。集团CEO袁坤满在交易所公告中表示,NCS、Digital InfraCo和Optus三大业务板块均实现了双位数的EBIT增长,区域联营公司Airtel和AIS的移动业务广泛增长也有效对冲了汇率逆风。
分业务看,澳大利亚子公司Optus的移动服务收入增长2.9%,受益于定价提升和预付费用户增长;NCS抓住国土安全和企业AI、数字韧性解决方案的需求扩张;Singtel新加坡本地的企业业务持续形成差异化优势,三品牌消费者策略在激烈竞争下仍推动移动收入正增长。财务结构方面,集团持有35.8亿新元现金,净债务90.3亿新元,其中86%已锁定固定利率,平均债务期限约四年,全部外币债务均已对冲,利率波动风险可控。
【关键数据】
- 上半年净利润: 15.4亿新元,同比下滑55%(受一次性收益缺失影响)
- 基础净利润: 14.9亿新元,同比增长10%(剔除一次性项目后的真实经营水平)
- 运营收入: 72.9亿新元,同比增长6%
- 数据中心运营容量: 950MW(跻身东南亚顶级数据中心平台)
- 自由现金流: 22.5亿新元,同比大增56%
增长引擎外移:从电信运营商到数字基础设施玩家
这份财报更值得关注的变化在于收入结构的转型。Digital InfraCo与NCS合计已贡献集团约18%的EBITDA,Singtel对海外市场和新兴增长单元的依赖度持续上升。通过与KKR合作完成对STT GDC的收购,叠加自有数据中心品牌Nxera,Singtel目前在东南亚拥有合计950MW的运营容量,跻身区域顶级数据中心平台之列。据透露,Nxera在新加坡的数据中心容量已全部签约售罄,位于马来西亚和印尼的数据中心将在本财年结束前投运,届时总运营容量将突破200MW增量。
主权云业务RE:AI同样进展迅速。该业务采取以客户需求为锚定的审慎扩容策略,近期成为亚太地区首个部署NVIDIA DGX GB300的运营商,将算力、连接与AI服务打包,试图在AI价值链的多个环节捕捉增长机会。袁坤满明确表示,随着这些业务壮大,其对集团的贡献将越来越有意义,并为客户和股东带来可持续价值。
转型样本:传统电信商的AI叙事能否兑现
Singtel的半年报为传统电信运营商的转型提供了一个观察样本:财报表观的利润波动来自资产处置节奏,而真正决定估值的是数据中心、主权云和企业数字化服务能否形成第二增长曲线。自由现金流同比激增56%至22.5亿新元,来自运营改善、联营公司分红增加和资本开支下降的多重合力,为后续在AI基础设施上的持续投入留出了弹药。在东南亚数据中心需求持续升温、AI算力供给仍偏紧的市场环境下,Singtel“连接+算力+AI服务”的组合打法能否持续兑现双位数增长,将是接下来几个财年的关键看点。
出处:Singtel raises full-year outlook despite 55% drop in profit in H1
英文原文Informa TechTarget | Telecoms Channel Dive TechTarget Infrastructure Explore our brands An Informa TechTarget Publication Leading Lights Awards Network X Webinars Partner with us Newsletter Sign-Up Newsletter Sign-Up Network Tech Related Topics Optical Networking Broadband Semiconductors Cable Technology Routing & Switching SDN Recent in Network Tech See all Cable Technology GTCR intervenes in bid to break deadlock on Cable One-Mega Broadband deal GTCR intervenes in bid to break deadlock on Cable One-Mega Broadband deal by Jeff Baumgartner Nov 13, 2026 3 Min Read AI & Machine Learning Eurobites: EU bigwigs descend on Dublin for AI summit Eurobites: EU bigwigs descend on Dublin for AI summit by Paul Rainford Nov 13, 2026 2 Min Read Wireless Related Topics 5G Mobile Core 6G Open RAN Satellite Smartphones & Devices 2G/3G/4G Private Networks IOT Recent in Wireless See all AI & Machine Learning Eurobites: EU bigwigs descend on Dublin for AI summit Eurobites: EU bigwigs descend on Dublin for AI summit by Paul Rainford Nov 13, 2026 2 Min Read 5G Rakuten Mobile's costs are spiking in post-KDDI race to add sites Rakuten Mobile's costs are spiking in post-KDDI race to add sites by Iain Morris Nov 13, 2026 5 Min Read Software Related Topics OSS/BSS/CX Network Platforms Recent in Software See All Digital Transformation TIM to expand its services through synergies with Poste – CEO TIM to expand its services through synergies with Poste – CEO by Tereza Krásová Nov 12, 2026 3 Min Read OSS/BSS/CX Jio eyes global telcos with managed services model Jio eyes global telcos with managed services model by Gagandeep Kaur Nov 9, 2026 3 Min Read IT Infrastructure Related Topics Data Centers The Edge Network Recent in IT Infrastructure See all Finance Singtel raises full-year outlook despite 55% drop in profit in H1 Singtel raises full-year outlook despite 55% drop in profit in H1 by Gigi Onag Nov 13, 2026 4 Min Read AI & Machine Learning Eurobites: EU bigwigs descend on Dublin for AI summit Eurobites: EU bigwigs descend on Dublin for AI summit by Paul Rainford Nov 13, 2026 2 Min Read Digital Transformation Related Topics AI & Machine Learning Network Automation Security Cloud Virtualization Customer Experience Recent in Digital Transformation See all Finance Singtel raises full-year outlook despite 55% drop in profit in H1 Singtel raises full-year outlook despite 55% drop in profit in H1 by Gigi Onag Nov 13, 2026 4 Min Read AI & Machine Learning Eurobites: EU bigwigs descend on Dublin for AI summit Eurobites: EU bigwigs descend on Dublin for AI summit by Paul Rainford Nov 13, 2026 2 Min Read Business Related Topics Operations Business Transformation Regulatory & Politics Sustainability Diversity & Inclusion Finance Asia Recent in Business See all Finance Singtel raises full-year outlook despite 55% drop in profit in H1 Singtel raises full-year outlook despite 55% drop in profit in H1 by Gigi Onag Nov 13, 2026 4 Min Read Cable Technology GTCR intervenes in bid to break deadlock on Cable One-Mega Broadband deal GTCR intervenes in bid to break deadlock on Cable One-Mega Broadband deal by Jeff Baumgartner Nov 13, 2026 3 Min Read Services Related Topics Video Broadcast Video Streaming CDN SD-WAN Recent in Services See all Cable Technology Midco details CEO transition Midco details CEO transition Oct 27, 2026 1 Min Read AI & Machine Learning HPE claims to have beaten Cisco to a proper self-driving network HPE claims to have beaten Cisco to a proper self-driving network by Iain Morris Oct 27, 2026 6 Min Read More Related Topics Newsletters Webinars Leading Lights Awards White Papers Videos Podcasts Symposiums Omdia Telecoms Research About us Meet the Light Reading Team Light Reading Resource Library Finance Business Management AI & Machine Learning Data Centers News Singtel raises full-year outlook despite 55% drop in profit in H1 Singtel Group has increased its full-year operating company earnings before interest and tax (OpCo Ebit) growth guidance to mid to high-single digits for FY2027. Gigi Onag , Senior Editor, APAC , Light Reading November 13, 2026 4 Min Read (Source: Singtel) Singtel Group has released on Friday its half-year earnings for fiscal year 2027, reporting a net profit of 1.54 billion Singapore dollars (US$1.2 billion). This represents a 55% drop from the same period last year, due to the absence of exceptional gains from the partial sale of its stake in Airtel, as well as the merger of Intouch and Gulf Energy. Excluding exceptional gains, underlying net profit increased by 10% to S$1.49 billion ($1,16 billion) in the first half of the year ending September. This was thanks to higher earnings before interest and taxes (EBIT) contributions from NCS, Digital InfraCo and Optus, as well as profits from regional associates Airtel and AIS. There was also a first-time dividend from Gulf Development. Healthy growth from NCS, Digital Infraco and Optus boosted the group's operating revenue by 6% to S$7.29 billion ($5.66 billion), while earnings before interest, taxes, depreciation and amortization (EBITDA) and operating company (OpCo) EBIT increased by 8% and 9% to S$2.15 billion ($1.67 billion) and S$0.90 billion ($698.82 million) respectively. Related: Telefónica stands by VMO2 amid UK fiber consolidation drama Backed by stronger operating momentum, Singtel has raised its full-year EBIT guidance, signaling management's confidence that the growth trajectory, particularly from NCS and core telecoms operations, will continue throughout FY2027. The group has increased its full-year OpCo EBIT growth guidance from low to mid-single digits to mid to high-single digits. "Our higher OpCo EBIT reflects the stronger operating performance across the Group with NCS, Digital InfraCo and Optus achieving double-digit EBIT growth. Singtel Singapore’s enterprise segment continues to differentiate the business while its tri-brand consumer strategy has generated positive mobile revenue growth despite intense market competition. Contributions from our regional associates were robust as they delivered broad-based mobile growth which helped offset foreign currency headwinds," Yuen Kuan Moon, Singtel Group CEO, said in a stock exchange filing . The group says it is in a strong financial position, with a healthy cash balance of S$3.58 billion ($2.78 billion) and a net debt of S$9.03 billion ($7.01 billion). Eighty-six percent of the debt is hedged at fixed rates, which provides stability against interest rate fluctuations. The average maturity of this debt is around four years. All foreign currency debt is hedged. Free cash flow increased by 56% to S$2.25 billion ($1.75 billion). This was primarily due to an increase in operating cash flow resulting from improved operational performance, higher dividends received from associates and reduced capital expenditure. Related: KT profit falls on slow wireless rebound Growth engines beyond Singapore Southeast Asia's largest telecom operator is increasingly relying on its overseas and growth units to drive performance, according to its latest financial statement. Singtel Optus in Australia delivered a 2.9% rise in mobile service revenue on higher pricing and prepaid growth, NCS capitalized on demand for homeland security and enterprise AI/digital-resilience solutions, and Digital InfraCo strengthened on the back of data-center activity and the expansion of its RE:AI sovereign cloud and GPU-as-a-service business. Yuen pointed out that the group has made significant progress in diversifying and shifting towards digital infrastructure and services. Digital InfraCo and NCS now account for around 18% of the group's EBITDA. Furthermore, Singtel – alongside KKR – has completed the acquisition of STTGDC. Between STTGDC and its data center brand, Nxera, Singtel is now one of the top data center platforms in Southeast Asia with a combined capacity of 950MW of operating capacity. According to Singtel, demand for Nxera’s data centers is strong, with all of the capacity in Singapore already contracted. Its data centers in Malaysia and Indonesia will begin operations by the end of this financial year, increasing the total operating capacity to over 200MW. Sovereign Cloud RE:AI continues to grow, taking a disciplined approach to capacity deployment backed by customer demand. It recently became the first in APAC to deploy the NVIDIA DGX GB300. Related: Vodafone has 'much more to do' in Germany, cuts 2,300 jobs "With the acquisition of STT GDC, we are further positioned to enhance the growth of our portfolio as STT GDC continues its expansion with capital discipline. We have also seen strong commercial demand for our sovereign cloud RE:AI, and will continue to leverage compute, connectivity and AI services to capture growth across the AI value chain. As these businesses grow, we expect them to make increasingly meaningful contributions to the group and deliver sustainable value for our customers and shareholders," Yuen said. Read more about: Asia About the Author Gigi Onag Senior Editor, APAC, Light Reading Gigi Onag is Senior Editor, APAC, Light Reading. She has been a technology journalist for more than 15 years, covering various aspects of enterprise IT across Asia-Pacific. She started with regional IT publications under CMP Asia (now Informa), including Asia Computer Weekly, Intelligent Enterprise Asia and Network Computing Asia and Teledotcom Asia. This was followed by stints with Computerworld Hong Kong and sister publications FutureIoT and FutureCIO. She had contributed articles to South China Morning Post, TechTarget and PC Market among others. She interspersed her career as a technology editor with a brief sojourn into public relations before returning to journalism, joining the editorial team of Mix Magazine, a MICE publication and its sister publication Business Traveller Asia Pacific. Gigi is based in Hong Kong and is keen to delve deeper into the region’s wide wild world of telecoms. See more from Gigi Onag Want more Light Reading stories in your Google search results? Add Us Now Subscribe and receive the latest news from the industry. Join 62,000+ members. Yes it's completely free. Sign me up Want more Light Reading stories in your Google search results? OFC Conference and Exhibition Experience OFC. Where the industry goes to learn, showcase technologies, forge partnerships and close deals. 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