Tuas limited reports strong growth, M1 acquisition moving forward

Tuas Limited announced strong financial results for the fiscal year ended 31 July 2025, with revenue increasing 29% to S$151.3m from S$117.1m in FY24, and EBITDA rising 38% to S$68.4m from S$49.7m. This growth was attributed to a growing subscriber base across mobile and fibre broadband services. For Q1 FY26, unaudited figures show revenue reached S$44.2m and EBITDA S$19.9m, with net profit after tax (NPAT) improving to S$9.1m, partly due to interest income and forex gains. Cash and term deposits ended FY25 at S$80.7m, growing to S$456.7m by Q1 FY26, including proceeds from issue of shares.

The company's subscriber base continued its upward trend, reaching approximately 1.337m active mobile services by the end of October 2025, and about 36,000 active broadband services. A significant development was the ongoing acquisition of M1 Limited from the Keppel group, with the Long Form Consolidation Application accepted by IMDA on 29 September 2025. Public consultation concluded on 7 November, and regulatory approval is awaited. Fully underwritten debt facilities for the acquisition have been secured from six banks.

At the annual general meeting held on 1 December 2025, all resolutions were passed by way of a poll. Key resolutions included the adoption of the remuneration report (80.14% For), the election of Joanna Ong Joo Mien as director (99.94% For), the re-election of Bob Teoh as director (98.7% For), and the ratification of a share issue (99.87% For). The company is optimistic about integrating M1 and unlocking future growth opportunities post-regulatory approval, while managing CAPEX spend with potential M1 network synergies in mind.