Key Highlights

  • Tuas reported higher Revenue and a growing subscriber base for the year to 31 July 2026.
  • The planned Acquisition of Singapore operator M1 lapsed, after the regulator suspended its review in May 2026.
  • Singapore's regulator is investigating whether Simba Telecom used spectrum it was not assigned.
  • No determination had been reported at the time of the result.

No determination had been reported at the time of those articles.

The central development: a lapsed deal and an open investigation

Tuas (ASX:TUA) is a Singapore mobile and broadband operator, trading on the ASX through its Subsidiary Simba Telecom, which sells mobile and fibre services in a market dominated by larger operators. IMDA's review covered competition (a move from four to three market operators), public interest and cybersecurity.

Separately, IMDA is investigating whether Simba used radio frequency bands not assigned to it, relating to the Telecommunications Act and licence conditions. As of late September 2026 there was no reported determination, penalty or timeline.

FY26 operating results

Reported revenue rose 24% to S$187.6 million. Underlying EBITDA rose 22% to S$83.7 million, a Margin of about 45%.

Mobile revenue rose to S$167.5 million from S$144.6 million and broadband revenue nearly tripled to S$19.7 million from S$6.4 million. Active mobile services rose 16% to about 1.458 million, gross mobile ARPU (average revenue per user) was S$9.42, and fibre subscriptions reached 62,000.

Cash, Capital and the unanswered question

Cash and term deposits were S$498.8 million at 31 July 2026. The balance included proceeds of a S$359.8 million capital raise at A$5.51 per share intended to fund the M1 acquisition, which did not complete. The shares traded in a range of roughly A$1.91 to A$2.01 on 23 September, far below the raise price. No dividend, buyback or alternative acquisition had been announced, and the chair, David Teoh, was reported as deferring comment on the use of cash until IMDA provides clarity.

Unused acquisition capital creates a decision for the board: return it, redeploy it into network and product growth or pursue another transaction. The regulatory outcome likely determines which Options are realistic, and The company's disclosures cover that decision to depend on IMDA.

Costs and outlook

Tuas has set aside up to S$30 million for enhanced Cybersecurity obligations and flagged a further S$15 million to S$30 million of cybersecurity spending in FY27.

Sector and competitive position

Singapore's mobile market has long been concentrated among a few large operators, and Simba entered as a challenger offering low-priced plans. The regulator's interest in a move from four to three operators indicates how sensitive competition outcomes are. Simba's growth has come from taking share with simple pricing, but its scale remains smaller than the incumbents', so spectrum access, network quality and regulatory Goodwill are important competitive factors.

Risks and developments to monitor

Outcome and timing of the IMDA spectrum investigation, including any penalty or licence conditions.

Board decisions on the use of the roughly S$500 million cash balance.

Subscriber growth and ARPU trends.

Cybersecurity compliance costs.

Capital expenditure of S$50 million to S$55 million in FY27.

Competitive responses from larger Singapore operators.