Highlights

  • FY26 revenue rose 24% to S$187.6 million, supported by mobile and broadband services.
  • Underlying EBITDA reached approximately S$83.8 million, with a margin of about 45%.
  • The proposed M1 acquisition lapsed in May 2026 without regulatory approval.
  • Cash and term deposits reached S$498.8 million at 31 July 2026.
  • FY27 plans include network expenditure and additional cybersecurity requirements.

Tuas Limited (ASX:TUA) operates Singapore telecommunications services through Simba Telecom, providing mobile connectivity and fibre broadband. Its FY26 results show higher subscriber numbers and revenue alongside an unsettled regulatory issue and a changed capital position following the lapse of the proposed M1 acquisition. The operating and financial developments were detailed in the company’s September 2026 results.

Subscriber Growth Supports Revenue

For the year ended 31 July 2026, Tuas Limited (ASX:TUA) reported revenue of S$187.6 million, up 24%. Underlying EBITDA was approximately S$83.8 million, an increase of 22%, while the underlying EBITDA margin stood at about 45%. Underlying net profit after tax reached S$29.6 million. Statutory EBITDA was S$80.1 million and statutory net profit after tax was approximately S$26.0 million.

Simba ended FY26 with 1.458 million active mobile services, compared with 1.254 million at the previous financial year-end. Broadband subscriptions reached 62,000. Gross mobile average revenue per user was S$9.42. Tuas Limited (ASX:TUA) attributed revenue growth to its expanding subscriber base and service mix, while continuing to invest in network capacity and coverage.

M1 Transaction Lapses Amid Regulatory Review

The proposed acquisition of M1 did not proceed. Singapore’s Infocomm Media Development Authority (IMDA) suspended its consolidation review in May 2026 pending an investigation, and the sale and purchase agreement reached its long-stop date on 21 May without regulatory clearance. Tuas Limited (ASX:TUA) subsequently confirmed the transaction had lapsed.

The company stated that Simba is cooperating with the investigation into spectrum usage and is awaiting a formal regulatory decision. It identified intermittent use of spectrum previously authorised for specific purposes. No final regulatory outcome or timetable was disclosed in the FY26 presentation, so the implications cannot yet be quantified.

Cash Resources and Capital Allocation

Tuas Limited (ASX:TUA) held S$498.8 million in cash and term deposits at 31 July 2026, compared with S$80.7 million at the previous financial year-end. Net proceeds from issued share capital during FY26 were approximately S$359.8 million. Operating cash flow totalled S$91.3 million, while expenditure on plant, equipment and intangible assets was approximately S$39.3 million.

The proposed acquisition was a central reason for raising additional capital. Following its termination, the treatment of the enlarged cash balance remains an important capital-allocation question. The company did not declare an FY26 dividend.

Network Priorities and FY27 Spending

Tuas Limited (ASX:TUA) continues to invest in mobile network densification, expanded 5G coverage and broadband capability. It also reported progress on mobile-core upgrades and planning for standalone 5G. For FY27, management indicated mobile and broadband capital expenditure of S$50 million to S$55 million.

The company separately expects S$15 million to S$30 million in additional FY27 capital and operating expenditure relating to cybersecurity requirements. These are management spending expectations rather than reported results. No numerical FY27 EBITDA guidance was included in the presentation.

Key Insights

Tuas Limited (ASX:TUA) entered FY27 with a larger subscriber base, improved FY26 earnings and substantially higher cash holdings. The termination of its proposed acquisition leaves capital allocation unresolved, while the IMDA investigation and added cybersecurity expenditure introduce further operational considerations. Subsequent company disclosures will establish how these matters develop.