Issuer Flash: Singapore Power Limited / SP Group

Report date: 2026-08-26
Event date: 2026-08-18
Event title: FY2025/26 Audited Annual Results

1. Flash Conclusion

Singapore Power Limited's FY2025/26 audited results confirm rather than change the credit direction in the accompanying issuer summary. On a consolidated-group basis, profit for the year including net regulatory deferral account (RDA) movements rose to S$1.28 billion, operating cash flow was S$2.03 billion, and debt obligations were S$4.37 billion at 31 March 2026. The disclosure is consistent with the summary's regulated-utility credit framing, while this shorter Flash does not independently re-test the broader high-grade assessment, liquidity facilities or detailed maturity funding.

The annual statements also keep that cash-flow interaction in focus. Operating cash flow declined from S$2.32 billion in FY2025, while PPE purchases increased to S$1.70 billion and cash fell to S$776 million. Dividends paid were lower at S$746 million, versus S$1.21 billion in FY2025, which partly offset the pressure from investment. The disclosed cash and debt movements alone do not establish near-term liquidity capacity because committed facilities and detailed maturity funding were not obtained. They reinforce the need to assess capex, RDA timing, debt maturities and distributions together rather than relying on accounting profit alone.

This Flash uses 2026-08-18, the date of the public Annual Reports-page update, as the event date. The Singapore Power Limited consolidated financial statements were authorised for issue on 2026-06-11. All group figures below are explicitly consolidated Singapore Power Limited figures unless labelled otherwise; SP PowerAssets (SPPA) figures are standalone legal-entity figures.

2. FY2025/26 Results and Funding Update

Source and scope: Singapore Power Limited consolidated audited financial statements. Profit for the year and net RDA movements increased to S$1,281.3 million from S$1,162.2 million in FY2025. Net cash generated from operating activities nevertheless declined by S$290.8 million to S$2,026.6 million. PPE purchases rose to S$1,703.3 million, and net cash used in investing activities was S$1,175.9 million. The combination shows a large network-investment programme alongside less reported annual cash conversion than in the prior year.

The reported funding facts should be read precisely. Group cash and cash equivalents were S$775.8 million at 31 March 2026, against S$1,081.9 million a year earlier. The financing-liability reconciliation reports S$1,109.5 million of aggregate debt repayments and S$856.2 million of aggregate new-debt proceeds during FY2026; neither cash-flow line allocates a funding source to an individual maturity. The audited fixed-rate-note maturity schedule no longer lists the USD700 million notes that had been due in November 2025, while it identifies JPY7 billion notes due in October 2026 and USD600 million notes due in September 2027. This confirms the scheduled note is no longer outstanding at the FY2026 reporting date, but does not establish whether it was repaid from cash, refinanced through a specific instrument, or funded through another source.

Source and scope: SP PowerAssets Limited standalone audited financial statements. SPPA reported FY2026 revenue of S$2,218.2 million, operating profit of S$959.6 million, operating cash flow of S$1,584.5 million and profit including its net RDA movement of S$473.9 million. The standalone profit-including-RDA measure declined from S$582.2 million in FY2025 because the FY2026 net RDA movement was negative S$150.3 million. This is useful evidence on the regulated transmission asset owner, but it is not interchangeable with Singapore Power Limited consolidated debt, liquidity or bond obligations.

3. Credit Read-Through

The results are broadly consistent with the regulated-utility credit framing in the accompanying summary, but the current source set does not independently establish liquidity capacity or the timing of future RDA recovery, tariff collection or capex recovery. RDA is therefore a timing and recovery-risk item in the credit analysis, not a simple cash-earnings adjustment. A year of higher profit including RDA movement does not by itself measure distributable cash flow or debt-servicing capacity.

The FY2026 cash-flow data sharpen, rather than reverse, the existing monitoring focus. Operating cash flow continued to cover a significant part of investment spending, and the lower dividend reduced a draw on internally generated funds. But capex was still high and cash was lower at year end. The relevant question for bondholders is whether future capital spending will be recovered through the regulated framework on a timely enough basis, while distributions and maturities remain compatible with liquidity and market access; the timing of those recoveries is unconfirmed in this source set.

The statements do not provide a basis to identify the source of funding for the former November 2025 USD notes. It is therefore more accurate to say that the note is absent from the FY2026 maturity schedule and that the group had aggregate repayments and new borrowing during the year, not that the note was refinanced with a particular instrument. SPPA's standalone result is evidence of cash generation at the regulated transmission-asset owner, but it does not establish the amount or timing of cash available to Singapore Power Limited or the legal recourse of every Singapore Power Limited or SP Group Treasury bond.

4. Key Numbers

All amounts are S$ million unless stated otherwise. FY2025 and FY2026 are years ended 31 March. No FY2024 comparison was extracted for this update. Source: the FY2026 audited financial statements cited below; group figures are Singapore Power Limited consolidated and SPPA figures are standalone.

5. What To Watch Next

The next immediate balance-sheet point is the JPY7 billion notes due in October 2026, followed by the USD600 million notes due in September 2027, as identified in the FY2026 audited maturity schedule. Subsequent official disclosures should be used to establish actual repayment and funding sources; aggregate cash-flow lines are not enough to do so.

Investors should also watch operating cash flow, year-end cash, capex, dividends and RDA balances through the current regulatory period. The timing of future RDA, tariff and capex recovery was not established in this source set. A sustained divergence between investment needs and eventual regulatory recovery, or persistently high distributions while funding costs rise, could narrow financial flexibility. Full Moody's and S&P publications, committed liquidity facilities and bond-level documentation were not obtained in this source set and remain necessary for a complete instrument-level assessment.

6. Sources

• SP Group, Annual Reports, accessed 2026-08-26; public route for the FY2025/26 annual disclosure published 2026-08-18.
• Singapore Power Limited and subsidiaries, financial statements for the year ended 2026-03-31, authorised for issue 2026-06-11.
• SP PowerAssets Limited, financial statements for the year ended 2026-03-31.
• Internal figure-checking file, issuer_summary/issuers/singapore_power/data/singapore_power_financials_2026.json, checked against the official statements on 2026-08-26.
• Singapore Power Limited / SP Group issuer summary dated 2026-08-26, checked to retain a single-event Flash scope.