StarHub H1 2025 Results and Strategy
Financial Performance
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Net Profit: Fell 41.7% to S$47.9m (from S$82.1m in H1 2024).
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Earnings per Share: Down 43.8% to S$0.026.
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Revenue: Rose 2.2% to S$1.13b, driven by:
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Key Drag Factors:
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One-off spectrum rights forfeiture cost of S$14.1m
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Entertainment revenue fell 9.1% (subscriber losses)
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Equipment sales dropped 2.9% (slower handset replacement cycle)
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Dividend: Interim dividend of S$0.03 per share declared (unchanged YoY).
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Outlook: EBITDA margin revised down to 88–92% of FY2024, reflecting aggressive competitive strategy.
Strategic Moves & M&A
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CEO Nikhil Eapen stressed an aggressive acquisition stance, backed by strong cash flow and low leverage.
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Recently acquired the remaining 49.9% stake in MyRepublic Broadband for S$105.2m.
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Acquisition seen as a “tactical response” to Keppel’s sale of M1 to Simba Telecom.
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Eapen welcomed consolidation in the market, calling it healthy for stabilisation.
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MyRepublic Broadband will remain independent, with plans to expand offerings (e.g., English Premier League content).
Consumer & Market Strategy
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Continued focus on low-cost market via Eight, its MVNO brand, positioned as a leader for price-sensitive customers.
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Strategy includes enhanced roaming benefits and multi-brand positioning to capture diverse segments.
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Mobile subscribers rose 8.2% (excluding inactive prepaid clean-up).
Cash Flow & Dividend Policy
✅ Bottom Line:
StarHub’s profit dipped sharply despite revenue growth, weighed by one-off costs and weaker entertainment/equipment sales. However, the group is doubling down on acquisitions and aggressive competition, particularly in broadband and low-cost mobile, to drive long-term market stabilisation and growth.
Thank you
