Key Highlights

  • Tuas reported FY26 Revenue of SGD 187.6 million, up 24%, and underlying EBITDA of SGD 83.7 million, up 22%.
  • Its Singapore Subsidiary Simba Telecom received a regulatory Show Cause Notice in October 2026.
  • The proposed Acquisition of M1 lapsed after outstanding conditions were not satisfied.
  • FY27 planned infrastructure expenditure is SGD 50–55 million, with another SGD 15–30 million expected for cybersecurity.

Tuas Limited (ASX:TUA) provides mobile and broadband services in Singapore through its operating subsidiary, Simba Telecom. The Business competes in mobile connectivity and has expanded its fibre broadband offering. On 26 October 2026, the company announced that Simba had received a Show Cause Notice from Singapore’s Infocomm Media Development Authority (IMDA), adding regulatory uncertainty to a business that had reported increased revenue, Earnings and subscriber numbers in FY26.

The company’s model depends on extending its customer base while maintaining network quality and managing the substantial fixed costs associated with telecommunications infrastructure. Its operating performance and compliance obligations therefore need to be considered together.

FY26 Revenue, Earnings and Customer Growth

For FY26, Tuas reported revenue of SGD 187.6 million, an increase of 24% from FY25. Underlying EBITDA increased 22% to SGD 83.7 million, while statutory net profit after tax was SGD 26.0 million and underlying net profit after tax was SGD 29.6 million.

The business ended the financial year with cash and term deposits of SGD 498.8 million. Mobile subscribers reached 1.46 million, while broadband subscribers totalled 62,000. The company also continued network investment, including 5G coverage improvements, core network upgrades and new broadband offerings. These operating gains provide context for the regulatory developments, but do not determine their outcome.

Regulatory Proceedings and M1 Transaction

The October Show Cause Notice concerns alleged unauthorised use of certain radio spectrum bands, deployment of equipment and compliance with a document production requirement. The regulator alleged conduct at multiple sites over periods spanning 2022 to 2026. These remain allegations: the regulator had not made findings or determined sanctions at the time of the announcement. Simba was required to respond by 16 November 2026.

Separately, Tuas’s proposed acquisition of M1 did not proceed after conditions precedent remained outstanding by the extended 21 May 2026 deadline. The lapse removes a potential expansion route, while also avoiding the immediate integration and financing requirements of that transaction. Any regulatory decision could affect network operations, compliance costs and future Investment priorities.

FY27 Spending and Matters to Monitor

Tuas expects FY27 mobile and broadband infrastructure Capital Expenditure of SGD 50–55 million. It also anticipates SGD 15–30 million of additional expenditure to meet enhanced Cybersecurity requirements. These are planned amounts rather than completed expenditure.

The principal near-term milestone is the regulatory response and any subsequent decision. Additional developments include subscriber retention, broadband expansion, network investment and the company’s ability to manage compliance expenditure alongside operating growth. Regulatory outcomes remain uncertain, and no financial impact should be assumed before a decision is announced.

Key Insights

Tuas’s operating growth is accompanied by unresolved spectrum compliance proceedings. The FY27 outlook will depend on regulatory decisions, customer trends and infrastructure spending.