StarHub Ltd

Name: StarHub Ltd financial statements and ratios
Creator: Annalist

CC3 · SGX · Communication and media, telecommunications · Singapore · IFRS · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 10 March 2026. Snapshot FY2025_9499538f.

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Overview

Revenue, fiscal year

−0.6% year on year

Operating profit, fiscal year

−29.9% year on year

Net income, fiscal year

−46.2% year on year

Diluted EPS, fiscal year

−48.9% year on year

Operating margin, fiscal year

−2.8pp year on year

Return on equity, fiscal year

−11.7pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was S$2.4 billion, 0.6% lower than in the previous fiscal year.
Confirmedin FY2025 · stated since FY2024−0.6% from −0.2% in FY2024
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 ConfirmedRevenue for the fiscal year ended 31 December 2025 was S$2.4 billion, 0.6% lower than in the previous fiscal year.Recorded from FY2025_9499538f · data update
2. FY2024 NewRevenue for the fiscal year ended 31 December 2024 was S$2.4 billion, 0.2% lower than in the previous fiscal year.Reconstructed · data update
3. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was S$2.4 billion, 2.0% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was S$86 million, 46.2% lower than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Net income against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was S$86 million, 46.2% lower than in the previous fiscal year.Recorded from FY2025_9499538f · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_9499538f · data update
3. FY2024 WeakenedNet income attributable to the company for fiscal 2024 was S$161 million, 7.4% higher than in the previous fiscal year.Reconstructed · data update
4. FY2023 NewNet income attributable to the company for fiscal 2023 was S$150 million, 140.5% higher than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 6.7%, 2.8 percentage points lower than a year earlier.
Strengthenedin FY2025 · stated since FY2024
Rule: Operating margin against a year earlier · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 StrengthenedThe operating margin for fiscal 2025 was 6.7%, 2.8 percentage points lower than a year earlier.Recorded from FY2025_9499538f · data update
2. FY2024 NewThe operating margin for fiscal 2024 was 9.5%, 0.1 percentage points lower than a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. FY2023 NewThe operating margin for fiscal 2023 was 9.5%, 2.9 percentage points higher than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 15.6%, against 27.3% a year earlier.
Newin FY2025 · first stated
Rule: Return on equity against a year earlier · Sources Annual report 2025-12, Annual report 2024-12
History of this finding, 4 records
1. FY2025 NewReturn on equity for fiscal 2025 was 15.6%, against 27.3% a year earlier.Recorded from FY2025_9499538f · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_9499538f · data update
3. FY2024 WeakenedReturn on equity for fiscal 2024 was 27.3%, against 27.2% a year earlier.Reconstructed · data update
4. FY2023 NewReturn on equity for fiscal 2023 was 27.2%, against 11.1% a year earlier.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents4 documents, latest Annual report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_9499538f

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, Singapore dollars

Operating Profit

By fiscal year, Singapore dollars

Profit Attributable to Owners of the Parent

By fiscal year, Singapore dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities	n/a
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities	n/a

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
EBIT	S$232m	S$155m	S$226m	S$224m	S$157m
Depreciation and amortisation, with the impairment reported with them	S$279m	S$266m	S$241m	S$236m	S$246m
Share-based payments	S$0	S$0	S$0	S$0	S$0
Adjusted EBITDA	S$511m	S$421m	S$468m	S$460m	S$404m
Cash interest	n/a	−S$43.5m	−S$38.4m	−S$39.1m	−S$39.8m
Cash taxes	n/a	−S$60.3m	−S$41.3m	−S$50.6m	−S$9.8m
Funds from operations	n/a	S$317m	S$388m	S$371m	S$354m

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

These ratios have no value for the figures of this company.

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −8.0%, Operating cash flow to EBITDA 0.88x · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 8.0% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Strengthenedin FY2025 · stated since FY2023−8.0% from −6.5% in FY2024
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 8.0% of average total assets.Recorded from FY2025_9499538f · data update
2. FY2024 ConfirmedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 6.5% of average total assets.Reconstructed · data update
3. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 6.8% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresPublished distress and misstatement models, with their original coefficients and thresholds.

Published distress and misstatement models, with their original coefficients and thresholds.

These ratios have no value for the figures of this company.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which its board approved the statements.

Document	Date	Id	SHA-256
Annual report for the year to 31 December 2025	10 Mar 2026, the date on which the board approved the statements	AR:starhub-2025-12-31	0d1db4b3960c
Annual report for the year to 31 December 2024	13 Mar 2025, the date on which the board approved the statements	AR:starhub-2024-12-31	1eeb7f45f98b
Annual report for the year to 31 December 2023	7 Mar 2024, the date on which the board approved the statements	AR:starhub-2023-12-31	2783ba25ab65
Annual report for the year to 31 December 2021	15 Mar 2022, the date on which the board approved the statements	AR:starhub-2021-12-31	560080c5cffc

Checks

249213 of 249 checks passed, 36 warnings

Statement arithmetic144 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Earnings per share6 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement between annual reports50 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Withheld values36 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Borrowings, current, Q4 FY2020: withheld, negative where the item cannot be negative

Borrowings, non-current, Q4 FY2020: withheld, negative where the item cannot be negative

Lease liabilities, current, Q4 FY2020: withheld, negative where the item cannot be negative

Lease liabilities, non-current, Q4 FY2020: withheld, negative where the item cannot be negative

Total current liabilities, Q4 FY2020: withheld, negative where the item cannot be negative

Total non-current liabilities, Q4 FY2020: withheld, negative where the item cannot be negative

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	154
Confirmed by other figures	32.5%, 50 values
Confirmed by a second document	32.5%, 50 values
Derived from reported figures	3.9%, 6 values
Values withheld	36
Restated figures tracked	0
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, StarHub Ltd, snapshot starhub/FY2025_9499538f (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_9499538f · dataset SHA-256 9499538f2db6cf9b37ec79782f8bd2f976d20be237c0fc6301cdaf9e33eeaf9f · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json