• Simba mobile business in Singapore gained more subscribers, boosting revenue and earnings
• Fibre broadband services showed good progress in first full year
• Announced agreement to acquire M1 Limited, strengthening Simba's position

Tuas Ltd, the parent company of Simba Telecom, held its Annual General Meeting on 1 December 2025. In his Chairman's Address, David Teoh highlighted the company's strong performance in FY25, with Simba's mobile business in Singapore gaining more subscribers and the fibre broadband services showing good progress in their first full year. The CEO, Richard Tan, then provided more details on the financial results. For the fiscal year ended 31 July 2025, Tuas reported revenue of $151.3 million, a 29% increase from $117.1 million in FY24. EBITDA rose by 38%, from $49.7 million to $68.4 million. This growth was driven by a rising subscriber base across both mobile and fibre broadband services, enhancing returns on infrastructure investments and reinforcing service resilience.In Q1 FY26, based on unaudited figures, revenue reached $44.2 million and EBITDA was $19.9 million. The company's $12 service plans continue to resonate strongly with customers. Q1 EBITDA reflects a 3.5% impact from M1-related finance and tax due diligence costs. FY25 EBITDA margin stood at a robust 45%, and Tuas remains committed to disciplined cost management.Another major development during FY25 was negotiating an agreement to acquire all the shares in the business of M1 Limited from the Keppel group of Companies, excluding its ICT businesses. M1 is the third largest provider of mobile services in Singapore and a substantial provider of broadband and enterprise services. The acquisition is currently under review by the Singapore regulator, IMDA, and Tuas remains optimistic about receiving approval in the coming months.Tuas demonstrated strong cash management in FY25, ending the year with $80.7 million in cash and term deposits. The company received $163 million in customer payments and generated $81.2 million in cash from operations. Strategic investments were made to expand capacity across both mobile and fixed broadband networks, with $54.1 million invested in plant and equipment.As of 31 October 2025, unaudited Q1 accounts show net operating cash flow of $20 million and a closing cash balance of $92.2 million, inclusive of restricted cash and favourable exchange rate movements. Tuas' subscriber base continues to grow steadily, with approximately 1.337 million active mobile services as of Q1 FY26.Looking ahead, Tuas remains optimistic about the M1 acquisition and its future growth opportunities. The company will maintain efficient capital deployment, with FY26 capex expected to range between $45 million and $55 million. Despite competitive market conditions, Simba continues to grow, and Tuas is well-positioned to integrate M1 and unlock further growth once regulatory approval is secured.

For the fiscal year ended 31 July 2025, Tuas Limited reported revenue of $151.3 million, a 29% increase from $117.1 million in FY24. EBITDA rose by 38%, from $49.7 million to $68.4 million. For Q1 FY26, based on unaudited figures, revenue reached $44.2 million and EBITDA was $19.9 million.

Tuas remains optimistic about the M1 acquisition and its future growth opportunities. The company will maintain efficient capital deployment, with FY26 capex expected to range between $45 million and $55 million. Despite competitive market conditions, Simba continues to grow, and Tuas is well-positioned to integrate M1 and unlock further growth once regulatory approval is secured.