Highlights

  • FY26 Revenue increased 24% YoY to SGD 187.6 million.
  • Underlying EBITDA rose 22% YoY to SGD 83.8 million.
  • Active mobile services reached 1.458 million, alongside approximately 62,000 fibre broadband subscriptions.
  • The spectrum investigation remained unresolved when the Annual Report was released.

Tuas Limited (ASX:TUA) operates Singapore telecommunications Business Simba, providing mobile services and fibre broadband. Its FY26 results, released on 23 September 2026, showed growth across revenue, Earnings and subscriptions. However, the company’s annual report also identified an unresolved spectrum investigation and additional Cybersecurity expenditure as significant considerations for the business.

Revenue and Profit Advance

For the year ended 31 July 2026, Tuas (ASX:TUA) reported revenue of SGD 187.6 million, compared with SGD 151.3 million a year earlier.

Underlying EBITDA increased to SGD 83.8 million from SGD 68.4 million. This measure excluded SGD 3.7 million in significant expenses associated with Due Diligence and professional engagements for the proposed M1 acquisition, which did not proceed.

Statutory EBITDA was SGD 80.1 million. Statutory net profit after tax increased to SGD 26.0 million from SGD 6.9 million, while Basic Earnings Per Share reached 4.78 Singapore cents.

The distinction between underlying and statutory earnings reflects the acquisition-related expenses excluded from the underlying measure.

Mobile and Broadband Subscriptions Expand

Mobile services remained the main revenue contributor for Tuas (ASX:TUA), generating SGD 167.5 million during FY26.

Active mobile services increased to 1.458 million at the financial year-end. Gross mobile average revenue per user was SGD 9.42, excluding interconnect revenue.

The fibre broadband business generated approximately SGD 19.7 million in revenue and finished the year with around 62,000 active subscriptions. Simba also upgraded more than 470 mobile sites during FY26 to increase capacity and expand coverage in areas of higher demand.

M1 Transaction Lapses

The proposed M1 Acquisition did not complete after regulatory clearance remained outstanding at the contractual deadline of 21 May 2026.

Tuas reported that Singapore’s Infocomm Media Development Authority had indicated on 17 May that it would suspend its review of the proposed consolidation.

The company raised Capital to support the transaction. At the annual report’s release, the board had not decided how that capital would be deployed following the acquisition’s lapse.

Cash Position Strengthens

Cash and term deposits totalled SGD 498.8 million at 31 July 2026. The balance reflected both operating cash generation and proceeds from the capital raising.

Net cash from Operating Activities was SGD 91.3 million, while expenditure on plant and equipment amounted to SGD 38.6 million.

Tuas reported net tangible assets of SGD 1.34 per share. No Dividend was declared or paid during the reporting period.

Regulatory Outcome and Compliance Costs

The annual report stated that Simba was cooperating with IMDA regarding unauthorised spectrum usage and awaiting a formal decision. The outcome remained uncertain at that reporting date.

Separately, the company expected Simba to incur incremental capital and operating expenditure of SGD 15 million to SGD 30 million during FY27 to meet cybersecurity requirements applying to critical infrastructure owners.

The combined expenditure range should not be interpreted entirely as an Operating Expense or a direct reduction in EBITDA.

Key Insights

Tuas delivered higher earnings and a larger subscriber base in FY26. Its next reporting periods will provide further information on capital allocation, planned product launches and cybersecurity expenditure. The spectrum matter remains a material uncertainty, with any subsequent company announcement needed to establish changes beyond the annual report’s assessment.