Key Highlights

  • FY26 Revenue rose 24% to SGD 187.6 million.
  • Underlying EBITDA increased 22% to SGD 83.7 million.
  • The proposed M1 transaction did not proceed.
  • Simba faces unresolved spectrum-related allegations and a response deadline.

Tuas Limited (ASX:TUA) operates in its established Business markets. On 23 September 2026, the company announced its FY26 financial results, while a separate spectrum investigation remained unresolved.

Singapore Mobile and Broadband Operations

Tuas owns Simba Telecom, a facilities-based mobile network operator in Singapore. Simba built its own network and competes mainly on price, offering low-cost SIM-only plans with generous data allowances. That value positioning has helped it win share in a mature market dominated by Singtel, StarHub and M1.

Mobile services remain the core revenue driver. In recent years, however, Tuas has added fibre broadband, including consumer plans and a 10Gbps business offer, which gives it a second, smaller revenue stream.

Tuas reported its results for the year to 31 July 2026 on 23 September 2026. Revenue rose 24% to S$187.6 million. Underlying EBITDA climbed 22% to S$83.7 million, which implies an EBITDA Margin of about 45%. Statutory net profit after tax was S$26.0 million, while underlying NPAT was S$29.6 million.

FY26 Results and Subscriber Growth

Mobile revenue grew to S$167.5 million from S$144.6 million. Active mobile services rose about 16% to roughly 1.46 million. Broadband was the faster-growing segment, with revenue of S$19.7 million against S$6.4 million a year earlier and about 62,000 fibre subscriptions.

The Balance Sheet is unusually encouraging for a company of its size. Tuas held S$498.8 million in cash and term deposits at 31 July 2026, largely reflecting the Equity it raised to help fund the M1 deal. Net Operating Cash Flow for the year was reported at S$91.3 million.

Tuas agreed to buy M1 Limited in a transaction valued at about S$1.43 billion. The deal would have turned Simba from a challenger into a much larger player and reduced the number of mobile network operators in Singapore.

M1 Transaction and Regulatory Proceedings

According to Tuas's announcement of 26 October 2026, IMDA has set out several allegations, none of which has been proven. They include using 2100 MHz spectrum for 4G as well as 5G at about 133 sites in 2022 and 2023, and using 2340–2360 MHz spectrum at about 92 sites between 2023 and 2026 without authorisation.

The potential consequences are serious. They range from suspension or cancellation of all or part of Simba's spectrum rights to orders, changes to licence conditions and financial penalties. In some circumstances the licence itself could be suspended, shortened or cancelled. Penalties can reach the higher of 10% of the relevant business's annual turnover or S$1 million.

Tuas has said Simba intends to respond. It has cooperated with the investigation and acknowledged intermittent use of certain spectrum for specific purposes. No findings had been made at the time of the announcement.

Regulatory Risks and Next Steps

The dominant risk is regulatory. An adverse outcome on Simba's spectrum rights or licence could impair the network's capacity, raise costs or, in a severe scenario, threaten the business model. A large fine would reduce the cash buffer.

Other risks are more conventional. Singapore's mobile market is intensely competitive, and Simba's low-price strategy limits pricing power. Tuas has also flagged FY27 Capital Expenditure of S$50–55 million and S$15–30 million of spending on enhanced Cybersecurity requirements, both of which will absorb cash.

The immediate milestone is Simba's response to IMDA, due by 16 November 2026, and any subsequent decision or timetable from the regulator.

Key Insights

Tuas Limited (ASX:TUA) faces a period in which operational delivery and reported financial performance will be important measures of progress. The company’s stated targets should be distinguished from completed results, while the risks identified above remain relevant to execution.