Tuas Limited has reported a robust first half for FY26, with significant revenue and profit growth driven by expanding mobile and broadband subscribers, alongside progress on its strategic M1 acquisition.
- 26% revenue increase to S$91.9 million in H1 FY26
- Underlying EBITDA rises 27% to S$42.1 million, margin strengthens to 46%
- Net profit after tax (NPAT) jumps to S$18.7 million underlying
- Exceeded 5G coverage obligations ahead of schedule
- Pending M1 acquisition to create Singapore’s second largest mobile operator
Strong Financial Momentum
Tuas Limited has delivered a compelling half-year performance for the period ending January 31, 2026, showcasing a 26% increase in revenue to S$91.9 million. This growth is underpinned by a rapidly expanding subscriber base across both mobile and broadband services, reflecting the company’s successful market penetration and customer acquisition strategies.
Underlying EBITDA climbed 27% to S$42.1 million, marking an improvement in operational efficiency and cost discipline. The EBITDA margin strengthened slightly to 46%, indicating that Tuas is not only growing top-line revenue but also enhancing profitability. Net profit after tax (NPAT) saw a remarkable uplift, reaching S$18.7 million on an underlying basis, more than doubling compared to the previous corresponding period.
Operational Highlights and Market Position
On the operational front, Tuas has exceeded its 5G coverage obligations ahead of the December 2026 deadline, a significant achievement that positions the company well in Singapore’s competitive telecommunications landscape. The company continues to lead in fibre broadband service quality and hardware, reinforcing its dual strength in mobile and fixed-line connectivity.
Subscriber growth remains a key driver, with both mobile and broadband segments expanding steadily. The average revenue per user (ARPU) for mobile services held steady at S$9.61, indicating stable customer value despite aggressive subscriber growth.
Strategic Acquisition Update
Perhaps the most consequential development is the ongoing acquisition of M1, a move that will create Singapore’s second largest mobile operator. Tuas, alongside partners Keppel and SIMBA, is progressing positively with the transaction, which involves critical infrastructure assets. Joint engagements with the Infocomm Media Development Authority (IMDA) are underway, signalling regulatory scrutiny but also a collaborative approach to finalising the deal.
This acquisition is poised to reshape the competitive dynamics in Singapore’s telecom sector, potentially offering Tuas enhanced scale and spectrum assets to accelerate growth and innovation.
Outlook and Capital Investment
Looking ahead, Tuas has guided capital expenditure (CAPEX) for mobile and broadband infrastructure between S$50 million and S$55 million for FY26. This investment underscores the company’s commitment to sustaining network quality and expanding capacity in line with subscriber growth.
The company also completed a substantial equity raise of AUD 430 million, bolstering its financial position to support ongoing expansion and the M1 acquisition process.
Bottom Line?
Tuas’s strong half-year results and strategic acquisition ambitions set the stage for a transformative year ahead in Singapore’s telecom market.
Questions in the middle?
- What are the key regulatory hurdles remaining for the M1 acquisition’s completion?
- How will the integration of M1’s assets impact Tuas’s cost structure and margins?
- Can Tuas sustain subscriber growth momentum amid intensifying competition?