Tuas (TUA) H1 2026 earnings summary

Executive summary

• Revenue for H1 FY2026 reached S$91.9 million, up 26% year-over-year, driven by strong growth in mobile and broadband subscribers.

• Underlying EBITDA increased 27% to S$42.1 million, with margin improving to 46%, excluding S$10.5 million in pre-acquisition costs.

• Statutory net profit after tax rose to S$8.2 million, up 173% year-over-year, with basic EPS up 135% to 1.53 cents.

• Subscriber base expanded to 1.412 million mobile and 46,133 broadband subscribers.

• Positive cash flow after CapEx, with cash and term deposits at period end of S$478 million, mainly from capital raised for the M1 acquisition.

Financial highlights

• Revenue grew from S$73.2 million to S$91.9 million year-over-year.

• Underlying EBITDA increased from S$33.1 million to S$42.1 million year-over-year.

• Statutory profit after tax rose from S$3 million to S$8.2 million year-over-year.

• Net cash from operating activities was S$50.1 million.

• Main cash outflow was S$18.8 million for plant, equipment, and intangible assets.

Outlook and guidance

• CapEx for FY2026 is expected to be between S$50 million and S$55 million.

• Management expects continued growth in both mobile and broadband segments, subject to usual seasonality.

• The M1 acquisition is expected to be transformative, pending regulatory approval.

• Margin optimization and disciplined cash management remain priorities.