StarHub profit falls 46% to $86.4m in 2025 on higher depreciation and amortisation

The one-off forfeiture payment for the return of one 700 MHz spectrum lot also dragged full-year profit. 

StarHub reported a net profit attributable to shareholders of $86.4m for the year ended 31 December 2025, down 46.2% year on year (YoY), according to a filing.

The company attributed this to the higher depreciation and amortisation as well as the impact of the one-off forfeiture payment of $14.1m to the Infocomm Media Development Authority relating to the return of a 700 MHz spectrum lot.

It was also dragged by the absence of non-recurring DARE+ related provision of $33.6m utilised in 2024. 

Excluding the net impact of the one-off forfeiture payment and utilisation of DARE+-related provision, the net property after tax would be $100.5m, or 29.1% lower year on year. 

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 12.3% YoY to $403.6m, while service EBITDA declined to $378.2m with a margin of 18.9%.

Free cash flow was negative $24.7m after a $188.0m spectrum rights payment, compared with positive $162.2m previously.

As of FY2025, cash and bank balances stand at $857.1 million. StarHub’s net debt to EBITDA stands at 2.0 times as at 31 December 2025.