Is StarHub profitable in 2026?

StarHub remains profitable but shrinking: FY2025 net profit was S$86.4 million, down 46.2% from S$160.5 million in FY2024 (reported 2026-02-12). Management guided FY2026 EBITDA to fall a further 20-25% YoY due to sustained price competition, so profitability is expected to keep contracting through 2026.

Is StarHub laying off employees?

No mass layoffs are confirmed, but third-party estimator Revelio Labs pegs StarHub's global headcount at roughly 5,420 as of December 2025, down 2.8% from 5,578 in 2023, suggesting a slow attrition-driven decline rather than sudden cuts.

Could AI replace StarHub?

No. StarHub holds Singapore's critical-information-infrastructure status, spectrum licenses, and physical fiber/mobile networks that AI cannot replicate. However, its consumer AI-chatbot bundling (giga!'s gigaFLEX+, launched June 2026 at S$13.90/month) is easily copied by rivals like Circles.Life, so that layer offers no real AI-era differentiation.

Temasek Holdings is commonly cited as controlling about 56-57% of StarHub (vendor/third-party figure, undated), with NTT Communications historically holding around 10%. However, an SGX filing dated 2026-04-15 stated Temasek 'does not have any direct interest' as of 8 April 2026, likely referring to direct versus indirect holdings; the discrepancy is unresolved in public filings.

Who is StarHub's biggest competitor?

Singtel is StarHub's dominant rival, holding roughly 40-44% of Singapore's mobile market versus StarHub's ~22-23% postpaid share as of StarHub's FY2025 results presentation (2026-02-12). Both companies also compete on AI-bundled consumer plans as of mid-2026.

Is StarHub a safe company to join?

As a regulated national telco with spectrum and critical-infrastructure status, StarHub's survival is near-certain over 3-5 years. But FY2025 net profit fell 46.2% YoY and FY2026 EBITDA is guided down 20-25%, so while job security is high, growth and bonus upside look constrained through at least FY2027.

Telecom infrastructure · Singapore

StarHub

starhub.com ↗

Singapore's #2 telecom, running mobile, broadband, pay-TV, and Ensign cybersecurity.

Defensible for now

Assessed 25 July 2026 · Evidence as of 25 July 2026

Real protection, with named pressure against it.

On the recordSince 25 July 2026 · Checkable from August 2026 · Every call on the record Checkpoint: 1H2026 results test whether EBITDA tracks the guided 75-80% floor

The call

StarHub's license and network keep it standing, but a four-way price war and AI-priced rivals are steadily eating its margins, not its existence.

StarHub sells mobile phone plans, home internet, and TV across Singapore. It is hard to replace because the government limits how many phone companies can operate, it owns the cables and towers, and it has special protected status. However, Singtel (the biggest rival) has the same protections, and new low-cost plans from companies like Circles.Life offer identical service for half the price, which forces StarHub to cut prices and profits. The key thing to watch is whether StarHub keeps investing in its cybersecurity business (Ensign InfoSecurity), which was its fastest-growing and most profitable division. If StarHub sells off or shrinks that business after April 2026, it signals the company is giving up on growth and betting only on survival in a shrinking market.

Why

AI pressure: Circles.Life and giga!'s gigaFLEX+ AI-driven plan bundling. AI-personalized low-cost plans like gigaFLEX+ at S$13.90/mo undercut StarHub's consumer mobile pricing and ARPU. Could AI do the core job? Only partly.

Bigger players: Singtel. Singtel's ~40-44% mobile share and matching infrastructure keep the four-operator price war grinding StarHub's margins down. Could a giant copy it? Probably.

What protects it. Spectrum licenses, CII status, and physical fiber/mobile network make StarHub near-impossible to displace, just harder to profit from.

What would change this call

StarHub's 1H2026 results (due around August 2026) show EBITDA versus the guided 75-80% of FY2025 level. Confirms whether margin erosion from the price war is stabilizing or deepening.
Further de-consolidation or re-investment moves involving Ensign InfoSecurity after the April 2026 restructuring. Shows whether StarHub is retreating from or doubling down on its highest-margin cybersecurity growth engine.
News of renewed M1 or Simba Telecom consolidation talks in the Singapore telecom market. Would indicate the four-operator price war easing, reducing pressure on StarHub's margins.

Key numbers

FY2025 net profit S$86.4M, down 46.2% YoY (2026-02-12)
FY2025 EBITDA S$403.6M, down 12.3% YoY (2026-02-12)
FY2026 capex guided to 13-15% of revenue, up from 6.7% (2026-02-12)

Named risks

FY2026 EBITDA guided down 20-25% YoY amid sustained consumer price competition. Severity: high
AI-model bundling by rivals (Circles.Life, giga!) commoditizes consumer plans and erodes ARPU. Severity: high
Ensign InfoSecurity reclassified from subsidiary to associate, reducing consolidated exposure to fastest-growing segment. Severity: medium
Capex guided to jump to 13-15% of revenue in FY2026 from 6.7%, straining cash flow. Severity: medium
Conflicting public filings on Temasek's ownership stake create governance/transparency ambiguity. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Singtel	contesting	Holds ~40-44% mobile share vs StarHub's ~22-23% as of FY2025 results, 2026-02-12
Circles.Life	losing to	Launched CirclesAI bundled AI-model access in Q2 2025, ahead of StarHub's giga! (June 2026)
Simba	contesting	Aggressive cross-border pricing; held ~14.4% postpaid share mid-2025, M1 deal collapsed 2026-05
M1	contesting	Four-operator price war persists after S$1.43B M1-Simba deal unraveled, 2026-05-27

Questions people ask

Is StarHub profitable in 2026?: StarHub remains profitable but shrinking: FY2025 net profit was S$86.4 million, down 46.2% from S$160.5 million in FY2024 (reported 2026-02-12). Management guided FY2026 EBITDA to fall a further 20-25% YoY due to sustained price competition, so profitability is expected to keep contracting through 2026.
Is StarHub laying off employees?: No mass layoffs are confirmed, but third-party estimator Revelio Labs pegs StarHub's global headcount at roughly 5,420 as of December 2025, down 2.8% from 5,578 in 2023, suggesting a slow attrition-driven decline rather than sudden cuts.
Could AI replace StarHub?: No. StarHub holds Singapore's critical-information-infrastructure status, spectrum licenses, and physical fiber/mobile networks that AI cannot replicate. However, its consumer AI-chatbot bundling (giga!'s gigaFLEX+, launched June 2026 at S$13.90/month) is easily copied by rivals like Circles.Life, so that layer offers no real AI-era differentiation.
Who owns StarHub?: Temasek Holdings is commonly cited as controlling about 56-57% of StarHub (vendor/third-party figure, undated), with NTT Communications historically holding around 10%. However, an SGX filing dated 2026-04-15 stated Temasek 'does not have any direct interest' as of 8 April 2026, likely referring to direct versus indirect holdings; the discrepancy is unresolved in public filings.
Who is StarHub's biggest competitor?: Singtel is StarHub's dominant rival, holding roughly 40-44% of Singapore's mobile market versus StarHub's ~22-23% postpaid share as of StarHub's FY2025 results presentation (2026-02-12). Both companies also compete on AI-bundled consumer plans as of mid-2026.
Is StarHub a safe company to join?: As a regulated national telco with spectrum and critical-infrastructure status, StarHub's survival is near-certain over 3-5 years. But FY2025 net profit fell 46.2% YoY and FY2026 EBITDA is guided down 20-25%, so while job security is high, growth and bonus upside look constrained through at least FY2027.

Timeline

2026-07-22Named HPE APAC Service Provider of the Year 2026 for AI-ready enterprise infrastructure
2026-07-08giga! launches gigaFLEX+ bundling 23 paid AI models for S$13.90/month promo
2026-05-28Announces SIM-based digital ID trial for governing AI agents with IMDA
2026-05-27S$1.43B M1-Simba telecom merger reported to have unraveled
2026-04-15Ends Ensign InfoSecurity rights deal; gets S$115M, stake cut to 38.92%
2026-02-12FY2025 results: net profit S$86.4M (-46.2%), FY2026 EBITDA guided down 20-25%
2025-08-14Reports 1H2025 revenue of S$1.1 billion, up 2.2% YoY
2025-08-12Completes full acquisition of MyRepublic broadband for S$105.2 million
2025-03-02Selects Red Hat OpenShift as primary hybrid-cloud AI platform
2025-02-05Completes nationwide XGS-PON fiber rollout with Nokia AI automation

Revision history

25 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

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