Tuas Limited

Thank you for standing by and welcome to the 2S Limited Full Year Financial Year 2026 results call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during Q&A time, simply press star followed by the number 1 on your telephone keypad. And to withdraw your question, press the star 1 again. For operator assistance throughout the call, please press star 0. And finally, I would like to advise all participants that this call is being recorded. I'd now like to welcome Richard Tan, CEO, to begin the conference. Richard, over to you.

Good morning and thank you for joining us. I'm Richard Tan, CEO of Simba Telecom, the principal operating entity of the Tuas Group. Also on the call today are Mr. David Teo, Executive Chairman of Tuas Limited, Tony Moffat, Tuas Limited Company Secretary, and Mr. Harry Wong, CFO of Simba Telecom. It is a pleasure to present the financial results for TWAS Limited for the fiscal year ended 31st July 2026, covering the period which started 1st August 2025. Let me briefly outline today's agenda as shown on slide 2. We'll begin with Harry, who will walk through the financial performance and key metrics for the year. I'll then provide an update on our operational progress, strategic initiatives and outlook for FY27. We'll conclude with a Q&A session to address any questions you may have. Please note that all financial figures discussed today are denominated in Singapore dollars. With that, I'll now hand over to Harry to take us through the numbers.

Good morning everyone, my name is Harry Wong, CFO of Simba Telecom. I will be presenting the financials of the TWAS Group. On slide 3, you'll see that we achieved a notable improvement in the financial results during FY26 when compared to FY25. Revenue for the year is $187.6 million, up from $151.3 million last year. Underlying EBITDA increased 22%, up from $68.4 million in the prior year to $83.7 million. We achieved an underlying full-year net profit after tax of $29.6 million, which was a significant improvement on the prior year's profit of $6.9 million. On slide 4, we show the growth in revenue and EBITDA for each of the last four halves. Revenue increased 24% in FY26. EBITDA margin has been stable year-on-year at 45% of revenue. Growth output for the year was 9.42%. The key drivers of the year-on-year EBITDA uplift continue to be increased subscribers and expanded plan mix catering to different customers' needs. We are satisfied with the way our products are being embraced by customers in a very competitive market. Slide 5 shows our sustained mobile subscriber growth over the last two years. As of 31st July 2026, we have about 1.4 million subscribers, representing a 16% increase over the past year. We estimate Zimba's mobile subscriber market share to be around 15%. Slide 6 shows the broadband subscriber base. As of 31st July 2026, we have approximately 62,000 active services, adding 36,000 subscribers over the year. Despite this growth, we still hold a relatively small share of the home broadband market. So increased market share in the fixed broadband continues to be a potential growth of possible. We put in the cash flow on flight seven, Apologies on the typo for the date reference. It should be referring to the year ending 31st July 2026. We continue to show positive cash flow. Opening cash and term deposit balance was $80.7 million. Net cash generated from operating activities was $91.3 million. The main cash outflow comes from acquisition of land and equipment and intangible assets of $39.3 million. Largely, mobile network and some fixed broadband infrastructure. We raise funds from the capital market of $360 million to support the M1 acquisition. This brings the end cash and term deposits to $498.8 million as of 31st July 2026. Slide 8 shows the movement in cash from operations and cash capex over the past five financial years. We are quite proud of our track record showing efficient deployment of capital, generating strong cash returns for the company. With this, I will let Richard proceed with the business updates.