• Achieved positive NPAT, with strong growth in revenue and EBITDA
• Continued subscriber growth in mobile and broadband services
• Announced 100% acquisition of M1 Limited (excluding ICT businesses)

Tuas Ltd has reported its financial results for the period 1 August 2024 to 31 July 2025, showcasing continued strong performance across key metrics. The company achieved revenue of S$151.3m, a 29% increase over FY24, driven by a growing subscriber base. EBITDA reached S$68.4m, a 38% increase, with an EBITDA margin of 45% compared to 42% in FY24. Importantly, the company reported positive net profit after tax (NPAT) of S$6.9m, a significant turnaround from the previous year's losses. The company's mobile subscriber base grew to 1.254 million, while its broadband subscriber base reached 25,592 active services. Tuas also announced the 100% acquisition of M1 Limited, excluding its ICT businesses, for an enterprise value of S$1,430m on a debt-free and cash-free basis. This represents an implied multiple of 7.3x M1 ex-ICT EBITDA for the last 12 months to 30 April 2025 of S$195.4m, excluding any pro forma synergies. The acquisition will be funded through a combination of existing cash, a completed equity raise of A$385m, and S$1,100m of fully underwritten acquisition bank debt financing. Tuas is also aiming to raise up to A$50m additionally through a share purchase plan. Looking ahead, the company provided FY26 guidance for its standalone business, indicating continued subscriber growth trends and mobile and broadband CAPEX guidance of S$50m to S$55m.

For the standalone Tuas business in FY26, the company expects continued subscriber growth trends and mobile and broadband CAPEX guidance of S$50m to S$55m.

Tuas Ltd has reported strong financial results for FY25, with positive NPAT, growing revenue and EBITDA, and continued subscriber growth in both mobile and broadband services. The company has also announced the acquisition of M1 Limited, excluding its ICT businesses, which will further strengthen its market position.