The Tuas Ltd (ASX: TUA) share price is under the spotlight after the Singapore telco reported its FY26 half-year result.
Tuas is building a mobile and broadband subscriber base in Singapore.
Tuas FY26 half-year result
Here are the highlights from the company’s report for the six months to 31 January 2026:
- Revenue grew by 26% to $91.9 million
- Underlying EBITDA (EBITDA explained) increased by 27% to $42.1 million
- Underlying net profit up 523% to $18.7 million
- Statutory net profit after tax (NPAT) increased by 173% to $8.2 million
- Operating cashflow of $50.1 million
- Free cashflow of $31.2 million
Let’s look at what drove those numbers.
What happened?
The key driver of the result was the ongoing increase of active mobile subscribers, which rose by 21.7% to 1.41 million.
Pleasingly, its broadband numbers are growing steadily as well. In percentage terms, broadband users grew by 221% to 46,133. In terms of actual subscribers, the figure grew by 31,786.
Another positive driver of revenue was that the mobile average revenue per user (ARPU) increased to $9.61 in HY26, up from $9.60 in FY25.
In terms of profitability, the underlying EBITDA margin improved to 46%, up from 45% in HY25.
Tuas told the market about its statutory net profit and underlying net profit to highlight how it would have performed without the acquisition costs related to the ongoing acquisition of M1 – another telco in Singapore.
Tuas reported that it had $3.35 million of due diligence engagements and $7.15 million of a contingent success fee payable for corporate advisory services.
M1 acquisition progress
Tuas described the M1 acquisition as an important transaction concerning critical infrastructure. The combined entity will be the second largest mobile operator in the country with significantly stronger scale advantages than before.
The ASX telco share explained that both Keppel and Simba are working “positively” towards completing their transaction.
Joint engagements with IMDA (Infocomm Media Development Authority – the regulator) are ongoing.
Outlook for the Tuas share price
The company said that in terms of the standalone Simba business (its Singapore operations), it’s continuing to strengthen its position across the mobile and fibre broadband segments.
The mobile and broadband capital expenditure guidance is for between $50 million to $55 million.
Tuas continues to grow its core business’ revenue by more than 20%, which is an excellent rate of compounding growth. At that speed, it could become a much larger business in the next three and five years.
I think it’s one of the most exciting ASX growth shares right now and I’d happy to buy (more) shares for the long-term.
