Tuas (TUA) H2 2026 earnings summary

Executive summary

• Revenue grew to SGD 187.6 million for FY 2026, up 24% year-over-year, with underlying EBITDA rising 22% to SGD 83.7 million and net profit after tax reaching SGD 29.6 million, a significant increase from SGD 6.9 million last year.

• Subscriber growth in both mobile and broadband segments contributed to revenue gains, with the mobile subscriber base expanding 16% to 1.4 million and broadband subscribers increasing to 62,000.

• Continued investment in network densification, 5G expansion, and technology upgrades, including a new cloud-based BSS and mobile core upgrades.

• The proposed M1 acquisition lapsed due to regulatory delays and cybersecurity concerns, with ongoing cooperation with authorities.

• Achieved high network reliability and consistency scores from third-party agencies, reinforcing competitive positioning.

Financial highlights

• Revenue for FY 2026 was SGD 187.6 million, up from SGD 151.3 million in FY 2025.

• Underlying EBITDA increased to SGD 83.7 million from SGD 68.4 million, maintaining a 45% EBITDA margin.

• Net profit after tax rose to SGD 29.6 million (underlying) and SGD 26.0 million (statutory), up from SGD 6.9 million year-over-year.

• Gross ARPU for the year was SGD 9.42.

• Net cash from operations was SGD 91.3 million, with year-end cash and term deposits at SGD 498.8 million.

Outlook and guidance

• FY 2027 CapEx for mobile and broadband expected between SGD 50 million and SGD 55 million, with an additional SGD 15–30 million earmarked for cybersecurity compliance.

• Focus remains on broad-based revenue growth across consumer, SME, and enterprise segments, leveraging existing infrastructure and product innovation.

• Continued investment in network upgrades and cybersecurity is anticipated, with spend expected to persist beyond FY 2027.