SATS Ltd.

SATS Ltd. is a Singapore-headquartered, SGX-listed aviation services group operating through two core pillars: Gateway Services (air cargo handling, ramp/baggage handling, passenger services, aviation security, aircraft cleaning, cruise terminal management) and Food Solutions (airline/institutional/private-jet catering, large-scale central-kitchen food production and distribution, and aviation/healthcare/hospitality linen & laundry). It controls roughly 80% of Changi Airport's ground handling and catering, and following its 2023 acquisition of Worldwide Flight Services (WFS) became the world's largest air cargo handler, operating 225+ stations across 27 countries covering trade routes responsible for over half of global air cargo volume. FY2025 revenue was about S$5.82 billion with net profit (PATMI) of S$243.8 million. Temasek Holdings is its largest shareholder (~40%). For AGD's purposes, the company's contact-rich dexterous opportunity sits almost entirely in its Food Solutions arm (meal assembly/portioning) rather than its cargo/ground-handling operations, which are bulk-transport in nature and out of AGD's wedge.