Changi Airport Group profit falls 23% as costs overtake growth

Revenue and passenger traffic rose but expenses climbed faster at 14%.

Net profit attributable to the shareholder of Changi Airport Group (CAG) fell to 23% $648m in FY2025/26 from $841m in the previous year, even as revenue and passenger traffic increased, according to its latest results.

Excluding exceptional items, net profit declined to $618m from $685m. Exceptional items mainly comprised non-cash revaluation gains and write-backs of provisions by subsidiaries.

CAG said group revenue rose 6% to $3.26b, supported by higher passenger traffic and scheduled aeronautical pricing adjustments.

Changi Airport handled 70.4 million passengers during the year, up 2.9% year on year (YoY), as international travel demand continued to recover across key markets.

Total operating expenses increased 14% to $1.84b, driven by the resumption of regulatory contributions and higher service fees.

Excluding these, underlying expenses rose 7% due to inflation, contract renewals and continued operational investment.

CAG also reported that EBITDA fell to $1.42b from $1.47b.

CAG said cash and cash equivalents rose to $1.9b as at 31 March, from $1.7b a year earlier. Loans and borrowings were stable at $1.9b whilst total equity attributable to the shareholder increased 5% to $7.7b.

The group said it continued progress on Changi East development, including civil works for Terminal 5.

Key packages awarded included substructure works, intra-terminal tunnels and airside infrastructure, as major infrastructure works moved deeper into execution.

Ongoing projects also include the Terminal 3 refurbishment, Skytrain renewal and baggage handling system upgrades, as part of wider capacity and efficiency upgrades across the airport.

CAG said operating conditions were shaped by higher costs and ongoing investment requirements, even as travel demand supported higher revenue and passenger volumes during the year.

It said it is focusing on cost discipline, energy efficiency and technology adoption, including automation in airside operations and AI-driven systems to improve ramp management and reduce delays.