Tuas Limited (ASX:TUA) Reports FY26 Earnings and Singapore Telecom Updates

Aditi Sarkar

21 October 2026 10:29 PM AEDT

Tuas Limited (ASX:TUA) Reports FY26 Earnings and Singapore Telecom Updates

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Highlights

Tuas Limited (ASX:TUA) reported FY26 revenue of SGD 187.6 million, up 24% from FY25.
Statutory FY26 EBITDA was SGD 80.1 million; underlying EBITDA was SGD 83.7 million.
SIMBA recorded 1.458 million active mobile services and about 62,000 broadband services at FY26 year-end.
The proposed acquisition of M1 lapsed in May 2026 without regulatory clearance.

Tuas Limited (ASX:TUA) operates telecommunications services in Singapore through its SIMBA business, supplying mobile connections and fibre broadband to residential and business customers. Its September FY26 disclosures detailed subscriber numbers, revenue, earnings, network expenditure and the outcome of its proposed M1 acquisition. On 21 October 2026, Tuas Limited (ASX:TUA) closed at AUD 1.74, down 0.29% for the day. The results cover the financial year ended 31 July 2026.

Company Business

Tuas owns the Singapore-based SIMBA telecommunications business. SIMBA offers mobile services and fibre broadband products, with customer charges determined by selected service plans. The company reports active connections as a measure of service volumes and gross mobile average revenue per user as a measure of mobile billing. Its operating network requires ongoing spending on coverage, capacity, technology systems and related infrastructure.

In its FY26 investor presentation, Tuas Limited (ASX:TUA) reported gross mobile average revenue per user of SGD 9.42. The company also described network densification investment to support additional subscribers and the extension of 5G coverage. Its mobile-core upgrades had been completed, while planning for a transition to 5G standalone technology remained under way.

Recent Development

The September 2026 results presentation recorded 1.458 million active mobile services at 31 July 2026, compared with 1.254 million at the preceding financial year-end. Fibre broadband services increased from approximately 26,000 to 62,000 over the same period. The company described changes to mobile plans and continued development of broadband services as elements of its operating programme.

During FY26, SIMBA continued work on a cloud-based business support system and on fibre broadband connectivity, including 10Gbps services. A 10Gbps business package was listed at SGD 139 per month including goods and services tax. These are company-reported product and infrastructure developments, rather than indications of future customer take-up.

The proposed acquisition of M1 did not proceed. Tuas reported that Singapore’s Infocomm Media Development Authority suspended its review of the proposed consolidation in May 2026 pending an investigation. The sale and purchase agreement then reached its long-stop date on 21 May without regulatory clearance and lapsed. Tuas Limited (ASX:TUA) stated that SIMBA was cooperating with the regulator and would await further announcements before commenting.

Financial Performance and Sector Context

For FY26, group revenue was SGD 187.6 million, compared with SGD 151.3 million in FY25, representing a reported increase of 24%. Statutory EBITDA was SGD 80.1 million, compared with SGD 68.4 million a year earlier. Underlying EBITDA, which excludes relevant acquisition-related costs, was SGD 83.7 million, an increase of approximately 22% from FY25. The company reported an underlying EBITDA margin of 45%.

Statutory net profit after tax was SGD 26.0 million in FY26, up from SGD 6.9 million in FY25. The company separately presented underlying net profit after tax of SGD 29.6 million. Underlying and statutory measures should not be treated as interchangeable because the adjustments affect their comparability. Its annual reporting period runs from 1 August to 31 July.

For Tuas Limited (ASX:TUA), operating conditions include competition for subscribers, telecommunications spectrum licences, cyber-security obligations and network investment requirements in Singapore. Customer growth can affect revenue while network spending and operating expenditure affect cash requirements. These factors are relevant to the company’s disclosed expenditure plans, without determining future financial outcomes.

Risks to Consider

Telecommunications networks face outages, technology changes, security incidents and customer-service risks. SIMBA also operates within Singapore’s spectrum and licensing framework. The company’s FY26 presentation discussed regulatory review following the proposed M1 transaction and an investigation involving spectrum usage. The timing and outcome of any regulatory process remain matters for official disclosure.

Additional considerations include subscriber churn, pricing changes, costs of network densification and implementation of new business support systems. Higher capital expenditure or cyber-security expenditure may affect available cash even where reported operating earnings increase. Tuas Limited (ASX:TUA) has also identified additional expenditure associated with cyber-security requirements for FY27.

What to Watch Next

For FY27, the company indicated mobile and broadband capital expenditure guidance of SGD 50 million to SGD 55 million. It separately expected incremental costs to meet cyber-security requirements, covering capital and operating expenditure, of SGD 15 million to SGD 30 million. These are stated company expectations and may change in subsequent disclosures.

Future reports from Tuas Limited (ASX:TUA) will update mobile and broadband service numbers, revenue, EBITDA, profit and network expenditure. Announcements concerning the Singapore regulator, the transition toward 5G standalone technology and development of the business support system are other identifiable monitoring points. The company’s next interim reporting period ends in January 2027.

Key Insights

Tuas reported higher FY26 revenue, statutory profit and subscriber numbers, alongside ongoing mobile and fibre-network expenditure. The unsuccessful M1 transaction and related regulatory matters were also addressed in its September disclosures. For Tuas Limited (ASX:TUA), subsequent statements on service volumes, expenditure against FY27 guidance and regulatory developments will provide further information about operations and financial performance.

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