Singapore Airlines (SGX: C6L) Stock: Share Price, Special Dividend Timeline, Air India Drag, and Analyst Forecasts (Dec 13, 2025)

Singapore Airlines Ltd (SIA) is heading into the final weeks of 2025 with its stock consolidating around the mid-range of the past year—while the investment story gets pulled in two directions: resilient travel demand and operating profits on one side, and a sharp earnings drag from associate Air India on the other. As of the last trading session before this update (Friday, Dec. 12, 2025), SIA shares closed at S$6.33. ^[1]

Below is a full, up-to-date rundown of the latest news, company results, dividend schedule, operating trends, and analyst forecasts shaping Singapore Airlines stock as of 13.12.2025.

Singapore Airlines share price today: where the stock sits heading into year-end

SIA stock has been trading near S$6.33 in recent sessions (last close: Dec. 12). ^[2] Another widely followed market data source shows the stock within a 52-week range roughly around S$5.90 to S$7.63, underscoring how far the shares have cooled from the peaks seen earlier in 2025. ^[3]

The timing matters: Singapore is moving into a year-end travel peak, and SIA is also approaching a cash dividend payout date (Dec. 23) that can affect near-term positioning and trading flows. ^[4]

The headline driver: strong operating profit, but net profit has fallen sharply

The market’s “wait, what?” moment in late 2025 came from SIA’s latest half-year report: the group delivered a robust operating profit—but net profit dropped steeply, largely due to associate-company losses and lower interest income.

In its official 1H FY2025/26 release (for the six months ended Sept. 30, 2025), SIA reported:

Total revenue:S$9,675 million
Operating profit:S$803 million
Net profit:S$239 million (down sharply year-on-year) ^[5]

Zooming into the second quarter alone (2Q FY2025/26), SIA posted:

Operating profit:S$398 million (up year-on-year)
Net profit:S$52 million (down sharply year-on-year) ^[6]

Business Times coverage of the same release highlighted the same split-screen picture: higher operating profit and record quarterly revenue, but a sharp net profit fall driven mainly by Air India-related associate losses and weaker interest income. ^[7]

Air India: why SIA’s India bet is now the stock’s biggest swing factor

If you want the single biggest variable that keeps showing up in SIA earnings headlines in 2025, it’s this: Air India.

SIA owns 25.1% of Air India, and importantly, SIA only began equity-accounting for Air India’s financial performance from December 2024, following Vistara’s full integration into Air India. That timing change is a major reason the year-on-year comparisons suddenly look harsher. ^[8]

Reuters has repeatedly pointed to Air India losses as a key driver behind SIA’s profit drop, alongside cost inflation and intensifying competition. ^[9]

The “capital call” risk investors are watching

In another key development, Reuters reported (citing a Bloomberg News report) that Air India is seeking at least 100 billion rupees (~US$1.14 billion) in financial support from Tata Sons and Singapore Airlines, to fund upgrades and overhaul efforts after a turbulent period. ^[10]

A detailed DBS research note published in late October framed this as within SIA’s prior funding commitment envelope, estimating SIA’s implied share at around SGD ~360 million, and maintained a HOLD stance with a TP of SGD 6.50—but warned sentiment could remain cautious due to the prospect of recurring capital injections. ^[11]

DBS later reiterated (mid-November) that SIA’s core remained resilient, but India remained a material drag; it also flagged that the S$900 million special dividend package could help support the share price even as earnings expectations were adjusted. ^[12]

Demand is still strong—but yields are under pressure

Despite earnings volatility, SIA’s own disclosures still describe demand as resilient heading into the year-end peak, with management emphasizing network and capacity flexibility as conditions shift. ^[13]

The tension is that traffic is rising, but unit revenue (yields) is softening as competitors add capacity.

From SIA’s 1H FY2025/26 release:

Passenger load factor (Group): 87.7% (up year-on-year)
Passenger yields declined 2.9% (with the company attributing the drop to increased competition) ^[14]

This isn’t just a Singapore Airlines problem; it’s an industry-wide normalization. A Reuters report on Cathay Pacific earlier in 2025 described falling airfares and cargo uncertainty, with yield pressure emerging as capacity returns across the region. ^[15]

Latest operating snapshot: October 2025 traffic and load factors

For a more recent “real economy” check on whether planes are filling, SIA’s October 2025 operating statistics showed continued year-on-year passenger growth:

Passenger traffic: +5.3% y/y
Passenger capacity: +3.7% y/y
Passenger load factor:87.3% (up about 1.3 percentage points)
Passengers carried:~3.58 million (Group) ^[16]

Cargo looked steadier on volume but still pressured on utilization:

Cargo traffic: +1.5% y/y
Cargo capacity: +3.8% y/y
Cargo load factor:53.5% (down about 1.2 percentage points) ^[17]

That matches SIA’s broader commentary that cargo is growing in volume, but yields remain pressured as capacity shifts between trade lanes and policy uncertainty persists. ^[18]

A closer look inside the group: SIA profitable, Scoot slipped into operating loss

One detail that matters for “quality of earnings” debates: within the group, performance diverged between the full-service airline and the low-cost arm.

In SIA’s analyst briefing slides for 1H FY2025/26:

Full-service carrier operating profit:S$840.2m (1H)
Scoot operating profit/(loss):(S$39.0m) (1H)
SIA Engineering net profit:S$83.3m (1H) ^[19]

Translation: the flagship airline is still doing the heavy lifting, while the budget unit’s margin dynamics are tougher in a more competitive pricing environment.

Dividend update: ex-date, payout date, and the special dividend plan

Dividends are a major part of the current SIA stock narrative—especially because the company is pairing ordinary dividends with a multi-year special dividend plan.

What’s being paid in December 2025

SIA’s investor dividend page lists two payments for 1H FY2025/26:

Interim dividend:5 cents per share
Interim special dividend:3 cents per share
Ex-date:5 December 2025
Payment date:23 December 2025 ^[20]

The bigger capital return story

SIA has also described a special dividend package intended to return capital over multiple years. Business Times reporting summarized the plan as 10 cents per share per year over three financial years (about S$900 million total), with the FY2025/26 “second tranche” subject to shareholder approval at the AGM in 2026. ^[21]

SIA’s own results release also highlighted a capital return plan comprising a special dividend of 10 cents per share to be paid annually over three financial years, alongside the interim and interim special dividends paid in December 2025. ^[22]

Analyst forecasts for Singapore Airlines stock: targets cluster around S$6.0–S$6.5

Analyst views into mid-December 2025 are notably mixed—but the directional message is fairly consistent: operating fundamentals are okay, but earnings headwinds (India + yield normalization) cap upside.

Here’s what the forecast landscape looks like across major trackers and broker summaries:

Investing.com’s consensus snapshot shows an average 12‑month target price around S$6.17 (high S$7.00 / low S$5.25) and a consensus rating skewing negative (more “sell” than “hold”). ^[23]
TradingView’s consensus target also sits around S$6.19, with a similar range framing. ^[24]
SGinvestors’ compilation of recent Singapore broker targets places the range at S$6.03 to S$6.40, with a midpoint/median around S$6.195. ^[25]
A Growbeansprout consensus snapshot (citing SGX as its source) displayed a lower consensus target around S$5.997 as of 13 Dec 2025, implying modest downside versus S$6.33. ^[26]

What the major Singapore broker notes are emphasizing

A few of the most-cited institutional takes after the Nov 2025 results:

DBS: Maintain HOLD, TP S$6.50; sees resilient core but India drag, with special dividends providing share-price support. ^[27]
OCBC: Reiterated HOLD and cut its fair value estimate to S$6.40, adjusting valuation assumptions amid moderating yields and intensifying competition. ^[28]
Maybank: Maintained SELL with a TP S$6.35, citing wider-than-expected Air India losses and the risk that turnaround takes longer. ^[29]

The common thread: analysts aren’t arguing planes will suddenly fly empty—load factors remain strong. They’re arguing that profit per seat is normalizing while associate losses muddy the earnings picture.

What Singapore Airlines itself is forecasting: resilient travel, uncertain cargo, volatile conditions

SIA’s official outlook language is cautious-but-not-alarmed.

In the 1H FY2025/26 release, the airline said demand remains resilient into the third quarter (supported by the year-end peak), while warning that cargo remains uncertain amid shifting trade policies and that the airline industry faces geopolitical and macro headwinds, inflationary costs, and supply chain constraints. ^[30]

That cargo caveat has been showing up across airline reporting in 2025, particularly tied to trade-policy uncertainty and route redeployments. ^[31]

Bigger-picture tailwind: IATA expects record airline profits in 2026—but margins stay thin

For sector context, Reuters reported that IATA expects the global airline industry to post a record net profit in 2026, with revenues also expected to hit a record—while still emphasizing that the business remains structurally exposed to shocks and disruptions. ^[32]

For SIA investors, that’s a useful “macro backdrop”: the industry demand machine is still running, but airlines are fighting harder for pricing power as capacity normalizes.

Key risks and catalysts investors are watching next

Near-term catalysts

SIA’s own financial calendar lists the next major milestone as the Third Quarter Business Update on 24 February 2026, followed by full-year results later in May. ^[33]

Dividends are also a live catalyst: the Dec. 23 payout is imminent, and the next tranche of the special dividend plan depends on shareholder approval at the 2026 AGM. ^[34]

The biggest risks

Air India losses and potential new funding rounds: headline risk plus real financial impact, even if within prior commitments. ^[35]
Yield pressure from competition: traffic can rise while profitability per seat falls. ^[36]
Cargo volatility tied to trade policy and lane redeployment: explicitly flagged by SIA. ^[37]
Fleet/delivery timing: SIA’s CEO said the airline does not expect a major operational impact from Boeing’s delayed 777‑9 timeline (now pushed to 2027), but delays can still affect long-term planning and capex sequencing. ^[38]

Bottom line: Singapore Airlines stock is a tug-of-war between “resilient demand” and “messy earnings”

As of 13.12.2025, Singapore Airlines stock is behaving like a market trying to price two truths at once:

The core airline business is still generating strong operating profit and high load factors, and the company is returning capital via dividends. ^[39]
Headline net profit is being dragged down by Air India associate losses and softer yield conditions, which has pushed many analysts to cluster around “hold-to-sell” ratings and target prices near today’s trading level. ^[40]

For investors and readers tracking SIA into 2026, the key question is less “will people keep flying?” and more: how quickly can earnings stabilize while competition rises—and how big (and how long) is the Air India drag?

References

City Developments Limited Stock (SGX:C09): Latest News, Share Price, Analyst Targets and 2026 Outlook (Dec. 13, 2025)

Yangzijiang Shipbuilding Stock (SGX: BS6) News, Forecasts and Outlook on Dec 13, 2025: Orderbook Strength Meets Geopolitics

Jardine Matheson Holdings Limited Stock (SGX: J36) in Focus: Hongkong Land’s S$8B Fund, Mandarin Oriental Privatisation, Buybacks and Analyst Forecasts (Dec. 13, 2025)