Tuas Limited

For the half year ended 31 January 2026, revenue was S$91.9 million, up from S$73.2 million year over year. Underlying EBITDA increased 27% to S$42.1 million from S$33.1 million, excluding S$10.5 million of pre-acquisition costs. Statutory net profit after tax was S$8.2 million versus S$3.0 million in the prior period. EBITDA margin improved to 46% of revenue, and gross mobile ARPU was 9.61%. Mobile subscribers were about 1.412 million, up 13% over the past half year, and broadband had about 46,000 active services after adding 20,000 subscribers. Cash flow remained positive: opening cash and term deposits were S$80.7 million, net cash from operations was S$50.1 million, capex was S$18.9 million, and ending cash and term deposits were S$478 million after S$260 million raised from capital markets for the M1 acquisition. For FY26, stand-alone capex is expected to be S$50 million to S$55 million.

Richard Tan said the first-half momentum reflected stronger value across price points, with the M1 acquisition announcement helping reposition Simba as a serious long-term player. He pointed to added roaming destinations, broader mobile penetration, and strong broadband value as drivers of growth, alongside the award of fastest download speeds and most reliable speeds from Ookla. On M1, he stressed the transaction is important and that both Keppel and Simba are continuing to work through the regulatory process with IMDA.

Harry Wong said the company delivered a notable improvement in first-half FY26, with revenue up to S$91.9 million and underlying EBITDA rising to S$42.1 million after S$10.5 million of pre-acquisition costs. He highlighted a 46% EBITDA margin, positive statutory net profit of S$8.2 million, and cash generation of S$50.1 million from operations, offset by S$18.9 million of capex mainly for mobile network and fixed broadband infrastructure. He also noted ending cash and term deposits of S$478 million after the S$260 million capital raise tied to the M1 acquisition.

Analysts asked what drove the subscriber acceleration despite lower advertising spend, and management said the M1 acquisition announcement improved brand perception and reinforced Simba’s value proposition. Questions on the sustainability of broadband growth drew a response that word of mouth, strong product features, and Ookla recognition are supporting continued momentum, while mobile growth is becoming broader-based across segments. On the M1 timeline, management said the regulatory review is taking time because it is the first market consolidation of its kind, and they would not set completion expectations, though both parties are working to extend the current deal agreement.