Key Highlights

  • Revenue rose 24% to S$187.6 million and underlying net profit after tax was S$29.6 million, against S$6.9 million.
  • The proposed S$1.43 billion M1 Acquisition did not complete after Singapore’s IMDA suspended its review on 17 May 2026.
  • Cash and term deposits were reported at close to S$500 million at 31 July 2026, and no Dividend was declared.
  • Tuas expects additional Capital and operating spending of S$15 million to S$30 million in FY27 for new Cybersecurity requirements.

What does Tuas Ltd's (ASX:TUA) FY26 result show when the acquisition meant to transform the Business never completed? In short, it shows a growing Singapore mobile and broadband operator with a very large cash pile, an unresolved regulatory investigation and no announced plan for the money. The company reported its results on 23 September 2026 for the year ended 31 July 2026.

The deal that did not happen

In August 2025 Tuas agreed to buy M1 Limited, excluding its ICT business, a transaction that would have cut Singapore's mobile market from four operators to three. The price at S$1.43 billion.

On 18 May 2026 Tuas told the ASX that Singapore's Infocomm Media Development Authority (IMDA) had suspended its review of the deal on 17 May. According to the announcement, the regulator had learned that Tuas's subsidiary, Simba, may have used radio frequency bands it was not authorised to use. IMDA indicated this could breach the Telecommunications Act and the conditions of Simba's operating licence.

The sale agreement's long-stop date was 21 May 2026. Market reports state that the deal lapsed without IMDA clearance. At the FY26 result, chairman David Teoh was reported as saying Tuas is cooperating and awaiting IMDA's formal decision, with no further detail provided.

What Tuas does and how it earns revenue

Tuas operates in Singapore through Simba Telecom. Revenue comes mainly from mobile services, which is the core of the group, supplemented by a fast-growing fibre broadband product.

Tuas is a spin-off from TPG Telecom. Its operations are entirely in Singapore, so Earnings are generated in Singapore dollars while the shares trade in Australian dollars, adding a currency layer for ASX-based holders.

Two variables drive the mobile line: the number of active services and the revenue earned per service. In FY26, reported mobile revenue was S$167.5 million, up from S$144.6 million. Active mobile services rose 16% to about 1.458 million, while gross mobile ARPU, a measure of average monthly revenue per service, was S$9.42.

The FY26 numbers

Reported figures were as follows. All are in Singapore dollars for the year to 31 July 2026, compared with FY25.

Revenue rose 24% to S$187.6 million. Underlying EBITDA rose 22% to about S$84 million, a Margin of roughly 45%. Underlying net profit after tax was S$29.6 million, against S$6.9 million a year earlier. Broadband revenue reached S$19.7 million from S$6.4 million, with about 62,000 fibre services.

These are underlying measures, which exclude some items such as acquisition-related costs. In the first half of FY26 (to 31 January 2026), for instance, statutory EBITDA of S$31.6 million sat well below underlying EBITDA of S$42.1 million because of pre-acquisition costs. A full-year statutory profit figure is not reported here.

A large cash balance and an open question

Tuas raised about S$359.8 million in Equity during FY26 at $5.51 per share, as reported, to help fund the M1 purchase. Cash and term deposits at 31 July 2026 were reported at close to S$500 million.

The board had not yet decided how to use the funds, and no dividend was declared. Without the acquisition, the Balance Sheet is a notable feature: net cash is large relative to the Underlying Profit the business currently generates. How management chooses to deploy it, whether through investment, returns to shareholders or another transaction, will be a central question.

Regulatory costs in FY27

Tuas said it expects additional capital and operating spending of S$15 million to S$30 million to meet new cybersecurity requirements applying to operators of critical information infrastructure. This is company guidance for FY27 rather than a reported result. Its stated focus for the year is growing EBITDA through new product launches in Singapore.

Risks and what to monitor

The most important unknown is IMDA's decision on the alleged unauthorised spectrum use. No quantified exposure appeared in the material reviewed for this article, so any penalty, licence condition or operational consequence remains uncertain.

Other items to watch include whether subscriber growth continues without a step-up in pricing pressure, how quickly the cybersecurity spending is incurred, and what Tuas announces about its cash.

The lapse of the transaction also removes the earnings contribution that M1 would have added, so the standalone growth rate is now the relevant benchmark for judging progress in FY27.