Annual report
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c/-Level 4, 68 Waterloo Road Macquarie Park, NSW 2113, Australia www.tuas.com.au ABN: 70 639 685 975 Tuas Limited 23 September 2026 The Manager Market Announcements Office Australian Securities Exchange ELECTRONIC LODGEMENT Dear Sir or Madam Tuas Limited releases Appendix 4E and Annual Report In accordance with the Listing Rules of the Australian Securities Exchange, Tuas Limited (ASX: TUA) encloses for immediate release the Appendix 4E and Annual Report for the period 1 August 2025 to 31 July 2026. Authorised for release by the Board of Tuas Limited. Contact: Tony Moffatt Company Secretary Tuas Limited investor.relations@tuas.com.au
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Tuas Limited ABN 70 639 685 975 and its controlled entities ASX Appendix 4E for the year ended 31 July 2026 Lodged with the ASX under Listing Rule 4.3A
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Tuas Limited and its controlled entities ASX Appendix 4E For the year ended 31 July 2026 Results for announcement to the market Reported results Year ended 31-Jul-26 S$000* Year ended 31-Jul-25 S$000* Change from prior corresponding period Revenue 187,624 151,290 Up 24% Statutory profit after income tax 25,987 6,898 Up 277 % Statutory profit attributable to owners of the Company 25,987 6,898 Up 277% Basic earnings per share attributable to owners of the Company 4.78 1.48 Up 223% Diluted earnings per share attributable to owners of the Company 4.76 1.47 Up 224% Underlying p rofit before interest, tax, depreciation and amortisation (“Underlying EBITDA”) 1 83,791 68,427 Up 22% 1 Underlying EBITDA excludes significant items of S$3.7m (2025: Nil) relating to due diligence and professional engagements pursuant to the proposed M1 acquisition which did not proceed. * All figures included in this report are in Singapore dollars, unless otherwise stated. This report should be read in conjunction with the Tuas Limited Annual Report for the year ended 31 July 2026 which has been audited. Incorporating information includes the Operating and Financial Review, Director’s Report, Remuneration Report and Financial Report. Dividends Tuas Limited has not paid or declared any dividends during the period. Net Tangible Assets per share Details of entities over which control has been gained during the period Tuas Limited did not gain or lose control of any entities during the period. 31 -Jul -26 31 -Jul -25 Net tangible assets per security S$1.34 S$0.72
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Annual Report 2026 For the year ended 31 July 2026 Tuas Limited and its controlled entities | ABN 70 639 685 975
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_________________________________________________________________________________________ Tuas Limited and its controlled entities ABN 70 639 685 975 Annual Report For the year ended 31 July 2026 _________________________________________________________________________________________
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Table of Contents P a g e | 1 Contents Chairman’s letter ................................. ................................................... ............................... 2 Directors’ report ................................. ................................................... ................................. 3 Operating & financial review ....................... ................................................... ......................... 5 Principal business risks .......................... ................................................... ............................. 9 Remuneration report - audited ..................... ................................................... ...................... 12 Sustainability report ............................. ................................................... ............................. 22 Principal activities .............................. ................................................... ............................... 23 Dividends ......................................... ................................................... ................................ 23 Events subsequent to reporting date ............... ................................................... ................... 23 Likely developments ............................... ................................................... .......................... 24 Environmental regulation .......................... ................................................... ........................ 24 Directors’ interests .............................. ................................................... .............................. 24 Unissued shares note .............................. ................................................... .......................... 24 Indemnification and insurance of oGicers and directo rs ................................................ ........ 24 Lead Auditor’s Independence Declaration under Secti on 307C of the Corporations Act 2001 .. 26 Consolidated statement of comprehensive income .... ................................................... ........ 27 Consolidated statement of financial position ....... ................................................... .............. 28 Consolidated statement of changes in equity ....... ................................................... .............. 29 Consolidated statement of cash flows ............... ................................................... ................ 30 Index to notes to the consolidated financial stateme nts ............................................... ......... 31 Notes to the consolidated financial statements ..... ................................................... ............ 32 Consolidated entity disclosure statement .......... ................................................... ................ 60 Directors’ declaration ............................ ................................................... ............................ 61 Independent Auditor’s Report ...................... ................................................... ...................... 62 Other Information ................................. ................................................... ............................ 6 7
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Directors’ Report Page | 2 Chairman’s letter On behalf of the Board of Directors, I am pleased to present the Annual Report for Tuas Limited for the financial year ended 31 July 2026. In FY2026, Simba achieved strong subscriber growth and solid financial performance. Despite intensifying competition in Singapore’s telecommunications sector, the company successfully expanded both mobile and fixed broadband services. Active mobile services increased from 1,254,000 at the end of FY2025 to 1,458,000 as at 31 July 2026. Our fibre broadband business closed the year with 62,000 subscribers. Revenue grew by 24% year-on-year, while EBITDA on an underlying basis rose by 22% to S$83.8 million. Cashflow generation remained strong. This financial year brought the significant milestone of entering into an agreement to acquire M1 Limited, the transaction ultimately lapsed as regulatory consent from the Infocomm Media Development Authority (IMDA) was not granted prior to the completion deadline. We remain fully cooperative with the IMDA regarding the unauthorised spectrum usage matter and are currently awaiting their formal decision. Simba is developing new innovative products for the Singapore market, which we plan to launch during FY2027 as we continue to grow our business. The team in Singapore has worked extremely hard during FY2026. I sincerely thank them for their unwavering commitment. I also thank my fellow directors for their guidance and contributions throughout the year, and our shareholders for their continued support. Sincerely David Teoh Executive Chairman
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Directors’ Report Page | 3 Directors’ report The Board of Directors of Tuas Limited (‘Tuas’ or the ‘Company’) provides this update to shareholders on the activities of the Tuas and its controlled subsidiaries (the ‘Tuas Group’ or ‘Group’) for the financial year ended 31 July 2026 (FY26 ). Board of directors Name Experience David Teoh Executive Chairman David Teoh founded the TPG group of companies in 1986 and was the Executive Chairman and CEO of TPG Corporation Limited (formerly known as TPG Telecom Limited (ASX:TPM)) from 2008 until its merger with Vodafone Hutchison Australian Pty Ltd in July 2020. Following the merger, he was Chairman of TPG Telecom Limited (ASX:TPG) until March 2021. David has been a director of Tuas Limited since incorporation on 11 March 2020. Special Responsibilities: Executive Chairman Bob Teoh Non-Executive Director Bob Teoh is a businessman with shareholdings and management interests in a number of companies operating in wide ranging industries. He holds a Bachelor of Science in Economics from The Wharton School, University of Pennsylvania, and is currently a director of Teoh Capital, a private investment company. Mr Teoh was appointed a director on 28 July 2022. Special Responsibilities: Member of the Remuneration Committee Member of the Audit and Risk Committee for one meeting during the Financial Year Sarah Kenny Independent Non- Executive Director Sarah Kenny is an accomplished and experienced legal adviser and director, having a 30 plus year career as a partner and consultant with global law firm Herbert Smith Freehills. During that time, she advised on a broad range of transactions and specialised in regulated industries including technology, telecommunications and media, gaming, wagering, and sport. She held a number of leadership roles including the Head of Sydney Corporate Group. She was a board member of the ASX listed Propertylink Group from 2017 to 2019, on which she filled roles on the Audit and Risk and the Remuneration and Nomination committees. Sarah also has roles in sport including as Chair of the Advisory Council of Sport Integrity Australia. Sarah is a Graduate member of the Australian Institute of Company Directors. Ms Kenny was appointed a director on 14 May 2020. Special Responsibilities: Chairman of the Remunera tion Committee Member of the Audit & Risk Committee
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Directors’ Report Page | 4 Name Experience Craig Levy Independent Non- Executive Director Craig is currently the CEO of the Oscar Wylee group. Before Craig's role as CEO at Oscar Wylee, he was a long serving executive in the role of Chief Operating OGicer for TPG Telecom. During his time with TPG, he held various senior positions, holding responsibility for top revenue- generating products, such as Mobile SIM only, ADSL2+ with Home Phone, Fibre to the Basement, Business Fibre, NBN Broadband, and Fixed Wireless Broadband. Additionally, he managed integration responsibilities for various acquisitions made by TPG. During his time as COO, Craig oversaw TPG's network division and played a vital role in leading TPG's Consumer divisions. Prior to TPG, Craig held an executive role as Operations Director at Vox Telecom in South Africa. Craig holds a Bachelor of Commerce degree from the University of South Africa and has completed Internetworking certifications from Lucent Technologies. Mr Levy was appointed a director on 1 December 2023. Special Responsibilities: Chairman of the Audit & Risk Committee Member of the Remuneration Committee Joanna Ong Joo Mien Independent Non-Executive Director Joanna Ong was appointed as a director on 24 September 2025 . Joanna is a Singapore citizen and resident. She holds a Bachelor of Accountancy from the National University of Singapore and a Master of Science (early childhood education) from Wheelock College, Massachusetts. She is qualified Chartered Accountant of Singapore and an Accredited Member of Singapore Institute of Directors (M.S.I.D.). During her executive career, Joanna held roles as an Audit Senior for a Big 4 accounting firm, Assistant Vice-President (Finance) and Vice President of Finance at substantial listed Singapore corporations in the telecommunications and media industries, and she currently owns and runs a consulting corporate services business. She formerly has been an independent director of a Singapore Exchange listed trust in the pay TV and broadband industry and a listed water and waste management solutions provider. She has experience as chair of the Audit Committee, Remuneration Committee and as a member of Nominations Committee in these listed companies. Special Responsibilities: Member of the Audit & Risk Committee Member of the Remuneration Committee
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Directors’ Report Page | 5 Company secretary Antony MoGatt Company Secretary Tony MoGatt was appointed Company Secretary of the Company on 11 June 2021. Tony was the General Counsel for TPG Corporation Limited and its group of companies from 2001 until the merger with Vodafone Hutchison Australia Pty Ltd in July 2020. He then took the role of Company Secretary of TPG Telecom Limited (ASX:TPG) until March 2021. He has been a director of TPG Telecom Limited since March 2021. Directors’ meetings The number of Board and committee meetings held during the reporting period and the number of meetings attended by each of the Directors as a member of the Board or relevant committee were as follows: Operating & financial review Unless otherwise stated, all financial numbers are presented in Singapore dollars, which is the reporting currency of the Tuas Group. Operating results overview The financial results for the Company were as follows: S$ ’000 Revenue from ordinary activities 187,624 Total comprehensive gain for the period attributable to owners of the Company 25,987 Underlying Profit before interest, tax, depreciation and amortisation 83,791 Operating Cash Flow 91,255 Revenue grew throughout the reporting period to total S$187.6m, representing an increase of approximately 24% compared to the 12 months ended 31 July 2025. Tuas reported an underlying profit before interest, tax, depreciation and amortisation of S$83.8m for the full reporting period. A graph depicting the quarter-on-quarter revenue and EBITDA results is shown below: Director Board Meetings Audit & Risk Committee (ARC) Meetings Remuneration Committee Meetings A B A B A B D Teoh 13 13 N/A N/A N/A N/A S Kenny 13 13 4 4 3 3 C Levy 13 13 4 4 3 3 B Teoh 13 13 1 1 3 3 J Ong 10 10 3 3 2 2 A: Number of meetings attended. B: Number of mee tings held while a member Joanna Ong was appointed on 24 September 2025.
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Directors’ Report Page | 6 Singapore mobile customers The Group’s core business continues to be the Singapore telecommunications network operated by Simba Telecom Pte Ltd (‘Simba’) which is supported by the wholly owned Malaysian IT development centre, Tuas Solutions Sdn Bhd (‘Tuas Malaysia’). Simba’s mobile division sustained its growth momentum in FY26, leveraging the strong foundation established in prior financial years. Despite an increasingly competitive market, Simba expanded its market share by continuously enhancing customer value—most notably through extended international roaming quotas and coverage. To support further market expansion and capture additional share within Singapore's mobile sector, the Board remains committed to investing in network quality, deepening coverage, and driving product innovation. The total number of active mobile services grew from 1,254,000 in 2025 to 1,458,000 in 2026. That growth has been achieved in sequential quarters over the financial year, as can be seen in the below graph.
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Directors’ Report Page | 7 For FY26, Simba achieved a gross mobile ARPU of S$9.42. This does not include interconnect revenue which is growing with Simba’s larger subscriber base. Singapore mobile network Simba continued to expand and enhance its mobile network across Singapore, upgrading over 470 sites to increase capacity and broaden 5G coverage in high-demand areas. By leveraging state-of-the-art network technology and real-time analytics, Simba optimized its planning and operational eGiciency while elevating overall network performance. Additionally, Simba expanded its direct roaming footprint and lowered underlying costs, directly enabling the inclusion of enhanced roaming benefits across all mobile plans. Singapore fixed broadband network In FY26, Simba refined its 10 Gbps Fibre Broadband oGering, making high-speed connectivity available to most Singapore homes with bundled premium Wi-Fi 7 routers and seamless installation services. Demonstrating our network excellence, Simba was awarded the Ookla Speedtest Verified Claims for Fastest Internet Download and Most Consistent Internet in Singapore for H2 CY2025—a clear validation of our strong engineering focus and network quality. By the end of the financial year, Simba achieved approximately 62,000 active network subscriptions, and we continue to introduce new features to enhance product value for consumers. That growth has been achieved in sequential quarters over the financial year, as can be seen in the below graph.
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Directors’ Report Page | 8 Cash flow and capital expenditure Tuas again generated positive free cash flow after capital expenditure. Cash from operations amounted to S$89.5m. With that cash and existing cash reserves, the Group invested in network and systems to support its plans and products. A more detailed look at cash and capex is provided in the following table: From 1 August 2025 to 31 July 2026 S$’000 Cash and Term Deposits at 31 July 2025 80 ,687 Cash receipts from customers 20 3,637 Cash paid to suppliers and employees (120, 516 ) Interest Received 8,260 Tax Paid (126) Net cash from operating activities 91,255 Acquisition of Plant & Equipment (38, 622 ) Acquisition Intangible Assets (638) Net Cash used in investing activities (39, 260 ) Proceeds from issue of share capital 364,49 3 Capital raising costs (4,65 6) Repayment of lease liabilities (603) Finance Cost paid (10) Net Cash from financing activities 359,224 EGect of exchange rate fluctuation 6,880 Cash and Term Deposits at 31 July 2026 49 8,786 No dividend was declared or paid during the reporting period.
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Directors’ Report Page | 9 M1 Acquisition On 11 August 2025, Tuas announced that Simba had agreed to acquire M1, excluding its ICT business. The transaction was subject to a number of conditions precedent, including the parties securing the consent of the IMDA to the transaction. On 17 May 2026, IMDA indicated a view to suspend its review of the proposed consolidation. The Sales & Purchase Agreement reached its contractual long-stop date of 21 May 2026 without regulatory clearance. As a result, the transaction did not complete. The Board undertook a capital raising to support the proposed acquisition of M1 Limited which saw the Company raise S$322m from institutional investors by way of placement and a further S$42.5m as a share purchase plan from existing shareholders. At this time, the Board has made no decision on use of the raised capital. Outlook The Board’s focus for FY27 is to continue to grow EBITDA by the introduction of additional innovative products that will benefit consumers and businesses. The Company expects that Simba will incur incremental capital and operating expenditure during FY27 in the range of S$15-S$30m to meet cyber security requirements imposed by Singapore regulators on all critical infrastructure owners. Principal business risks Like other businesses, the Group is exposed to a number of risks which may aGect future financial performance. The material business risks identified by the Company and how they are addressed are set out below. a. Competitive environment Increased competition, including as it arises from technological developments, could impact the Group’s financial performance by aGecting its ability to grow its customer base and/or its ability to make money from its service oGerings. The Group attempts to mitigate this risk by continually reviewing its customer oGerings, their pricing relative to the market and customer needs. This is combined with constant reviews of the Group’s cost structures with the objective of optimising costs to ensure the Group is best placed to continue providing value leading services. b. Business interruption A significant disruption of the Group’s business through network or systems failure and the like, could cause financial loss for the Group and increased customer churn. The Group maintains business interruption insurance and continually invests in its network and systems to improve their resilience and performance. c. Regulatory environment Changes in regulation and the decisions of regulators can significantly impact the Group’s business. In addition, failure to comply with regulatory requirements could create financial loss for the Group. The Group attempts to mitigate this risk through close monitoring of regulatory developments, engaging where necessary with the relevant regulatory bodies, and monitoring its own compliance with existing regulations.
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Directors’ Report Page | 10 d. Data security Failures or breaches of data protection and systems security can cause reputational damage, regulatory impositions and financial loss. Each of the countries in which the Group operates has regulations that govern privacy and data protection and significantly enhance privacy and data protection for the residents in those countries. The Group’s companies are required to comply with those regulations. The Group has policies regarding information security and has risk protection measures in place to promote adherence to regulations and to provide safeguards to Group and customer information. These measures include restricted access to company premises and areas housing equipment, restricted access to systems and network devices, change control measures, anti-virus software and firewall protection at various network points. Furthermore, Simba has been duly certified to meet the ISO 27001 standard for Information Security and ISO 22301 for Business Continuity. These are prerequisites to the more stringent Telecoms Cyber Security (TCS) Code and Telecoms Infrastructure Resilience Audit (TIRA) to which compliance is mandatory for a Mobile Network Operator in Singapore. To date, Simba has passed all audits for compliance to the said standards. e. Pandemics Singapore is a travel hub and Simba’s market can, along with other telecommunications operators, be aGected by pandemics that result in travel or domestically imposed restrictions. f. Macro-economic risk The Singapore economy is currently robust but supply chain threats and increasing inflation present potential risks to economic growth which may impact on the Group’s customer base and, accordingly, the Group. The Group notes that such macro-economic risks also present potential opportunity, with consumers looking to reduce expenditure by taking up Simba’s value plans. g. Regulatory Breaches The IMDA has indicated that it has evidence Simba has used spectrum that it was not licensed to use. Any such use would be a contravention of regulations in Singapore and may attract some form of regulatory consequence including a financial penalty or other orders. At the time of this report, the IMDA has not advised Simba on what consequences should follow a finding of misuse of spectrum. However, such consequences may include financial penalties, modifications to, or termination of Simba’s licences to operate in Singapore, and personal consequences for individuals found to have been involved.
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Directors’ Report Page | 11 h. Cybersecurity risk During FY26, Simba was identified by the IMDA to be a critical information infrastructure operator (CIIO), which required Simba to comply with additional cybersecurity requirements. In an environment that has included significant attacks by foreign advanced persistent threat (APT) actors, the Cyber Security Agency and IMDA have been working closely with all telcos including SIMBA to strengthen their cyber defences, enhance detection capabilities, and deploy active monitoring systems to maintain vigilance against new attempts by APTs to re-enter their networks. While Simba has progressively stepped up its vigilance and obligations with network and IT systems enhancements, there is risk associated with meeting the evolving requirements imposed on CIIOs as they develop, including that Simba may incur unexpected costs, and an ongoing risk associated with malicious cybersecurity attacks. The required cybersecurity capital and operational expenditure for CIIO compliance will continue in the coming years.
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Directors’ Report Page | 12 Remuneration report - audited Introduction This remuneration report sets out the remuneration structures of the Directors of the Company and other key management personnel (‘KMP’) of the Group and explains the principles underpinning those remuneration structures. For the purpose of this report, KMP are defined as those individuals who have authority and responsibility for planning, directing and controlling the activities of the Group. KMP include the Directors of the Company and key Group executives. In this remuneration report, the following individuals are identified as KMP during the reporting period. Board of Directors : Mr D Teoh Executive Chairman, Tuas Limited Ms J Ong Non -Executive Director, Tuas Limited , Independent Ms S Kenny Non -Executive Director, Tuas Limited, Independent Mr B Teoh Non -Executive Director, Tuas Limited Mr C Levy 0F Non -Executive Director, Tuas Limited, Independent Other KMP of the Company and of the Group during the period were as follows: Mr R Tan Chief Executive OGicer, Simba Mr H Wong Chief Financial OGicer, Simba Mr B Tan Chief Technology OGicer, Simba Mr T Ng Chong Head of Network Operations, Simba Remuneration principles Remuneration levels for KMP are designed to attract and retain appropriately qualified and experienced directors and executives. The Remuneration Committee considers the suitability of remuneration packages relative to trends in comparable companies and to the objectives of the Group’s remuneration strategy. The remuneration structures explained below are designed to attract suitably qualified candidates, to reward the achievement of strategic objectives and to achieve the broader outcome of value creation for shareholders by: a) providing competitive remuneration packages to attract and retain high calibre executives; b) ensuring that a significant proportion of executives’ remuneration is performance-linked; and c) setting performance hurdles for the achievement of performance-linked incentives at a suGiciently demanding level to ensure value creation for shareholders. It is important to note that the commercial operations of the Group are presently limited to Singapore and, as such, the board of Simba is ultimately responsible for determining the remuneration for Singapore and Malaysian employees, subject to any guidance from the Remuneration Committee. For the bonuses and performance rights that have been issued and described in this Report, which relate to the period up to February 2026, the Board considers the Group’s performance marked by subscriber growth, higher EBITDA, and 5G and Fibre Broadband rollout, was positive, aligning well with the remuneration principles. The Company has not engaged a remuneration consultant.
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Directors’ Report Page | 13 Consequences of performance on shareholder wealth In considering the Group’s performance and benefits for shareholder wealth, the Remuneration Committee have considered the following benchmarks in respect of the current financial year and the previous four financial years. 202 6 (S$) 202 5 (S$) 202 4 (S$) 202 3 (S$) 202 2 (S$) Profit/(loss) attributable to owners of the company 25,987 6,903 (4,368) (15,304 ) (26,732 ) EBITDA 80,077 68,427 49,740 31,113 15,506 Operating performance growth 73% 407% 75% 48 % 34 % Share price at period end AUD$2.16 AUD$5.37 AUD$4.48 AUD$ 1.97 AUD$ 1.55 Return on capital employed 2.2% 2.4% nil nil nil *There were no dividends paid during the periods noted above. Profit/loss attributable to owners of the Company has been calculated in accordance with Australian Accounting Standards. Operating performance growth is the percentage change in the “Results from operating activities” as reported in the statement of comprehensive income. Remuneration structure Remuneration packages include a mix of fixed and performance-linked remuneration. (i) Fixed remuneration Fixed remuneration consists of base salary, employer contributions to superannuation or similar retirement funds, and non-monetary benefits which typically only comprise annual leave entitlements but may also include other benefits. Fixed remuneration levels are reviewed annually through a process that considers individual performance, overall performance of the Group, and remuneration levels for similar roles in comparable companies. The fixed remuneration of executive directors is determined by the Tuas Board. The fixed remuneration of other KMP is determined by the board of Simba subject to any guidance from the Remuneration Committee. (ii) Performance-linked remuneration Performance-linked remuneration provided by the Group currently includes a performance rights plan and cash bonuses. Details of the performance rights plan are provided below. Cash bonuses may be paid by the Group, including to KMP , depending on the Group’s performance and to reward individual performance. Bonuses awarded to executive directors are determined by the Tuas Board. Bonuses awarded to other KMP and staG are determined by the Board of Simba subject to any guidance from the Remuneration Committee. KMP remuneration detail (i) Remuneration awarded to David Teoh, Executive C hairman, Tuas Limited The Company Board recognises the importance of having talented and experienced managers to drive the business towards achieving its objectives. The Company is fortunate to have the continued support of David Teoh in the Executive Chairman role. David brings his many years of experience as an entrepreneur and manager in the telecommunications industry to benefit the Group.
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Directors’ Report Page | 14 David is employed by the Company on a typical form of employment contract which is terminable by either party on three months’ written notice. Under his employment contract with the Company, David’s current annual remuneration is A$150,000 plus superannuation up to the amount required under the Superannuation Guarantee (Administration) Act 1992 (Cth) which has been unchanged since the Company was listed on the ASX, some 6 years ago. David is a significant shareholder in the Company and he has not sought to be included in any incentive scheme, and his employment contract does not contain any provision for termination benefits other than as required by law. Remuneration payable to the Executive Chairman will be reviewed annually and fixed by the Company Board. (ii) Remuneration awarded to non-executive Director s of Tuas Limited Under the Tuas Constitution, the Tuas Board may decide the total amount paid by the company to each Director as remuneration for their services as a Company Director. However, under the Tuas Constitution and the ASX Listing Rules, the total amount of fees paid to all Non-Executive Directors in any financial year must not exceed the aggregate amount of Non-Executive Directors’ fees approved by the Company Shareholders at a Company general meeting. This amount has been fixed by the Company at A$500,000 per annum. Currently, the annual base fee agreed to be paid by the Company to each of the Non-Executive Directors is A$65,000. Non-Executive Directors will also be paid Committee fees of A$10,000 per year for each Committee of which they are a member or A$20,000 if they are Chair of the Committee. All Non-Executive Directors’ fees are exclusive of statutory superannuation contributions. These fees have not been changed since the Company was listed some six years ago. (iii) Remuneration awarded to executives of Simba Aside from the Board of Directors, all of the Group’s employees are currently employed by Simba or its subsidiary, Tuas Malaysia. The principal remuneration objectives of Simba are to: • fairly reward executives having regard to their individual performance against agreed objectives, the overall performance of the Simba business and the external compensation environment in which Simba operates; • enable Simba to attract and retain key executives capable of contributing to the development of Simba’s business, who will create sustainable value for shareholders and other stakeholders; and • appropriately align the interests of executives with shareholders of the Company. The remuneration of the Chief Executive OGicer of Simba, Mr Richard Tan, is set out in section (v) below. For other Simba executives, remuneration currently predominantly comprises fixed salaries and a specified bonus, the discretionary payment of which is determined on the recommendation of the CEO of Simba having regard to the overall performance of the executive and their contribution to the performance of the networks and business. In addition to bonuses, a share based performance incentive scheme was established in 2021, as described below. The full amounts of specified bonuses were paid during the reporting period but they relate to the period prior to February 2026. Fixed salaries are reviewed annually and benchmarked regularly against competitors. All Simba executives are paid in Singapore dollars.
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Directors’ Report Page | 15 Performance linked remuneration provided by the Group includes cash bonuses to reward individual performance. Bonuses awarded to Simba executives are recommended by the CEO and determined by the Board of Simba, subject to any guidance of the Remuneration Committee. Bonuses awarded to other staG are made at the recommendations of the CEO and the Executive Chairman. (iv) Incentive Scheme for executives and key employ ees of Simba and Tuas Malaysia In response to the recommendation of the Board of Simba, in April 2021, the Company established an incentive scheme to further align the KMPs’ and certain key employees’ remuneration with the Company shareholders’ interests. The incentive scheme takes the form of a performance rights plan under which selected employees are granted performance rights, vesting over a 4 year or 5 year period. Performance rights have been granted in each of the financial years following FY21. Under the rules of the performance rights plan, participants will be awarded fully paid ordinary shares in the Company for no consideration, subject to certain performance conditions. The key terms of the plan are as follows: • A percentage of the performance rights granted will vest following the release of the Group’s audited financial statements for each of the financial years following the granting of the relevant rights, with the first such vesting having occurred in the financial year ending 31 July 2022 and subsequent vesting occurring in the following financial years, subject to the satisfaction of performance conditions. • The performance conditions, at each vesting date are: o The Personal Performance Condition: 40% of the performance rights that are due to vest on that date will vest if the rights holder has been continuously employed by the Group up until and including the relevant vesting date and the individual performance of the employee meets performance requirements set by Simba; and o The EBITDA Condition: Up to 60% of the performance rights that are due to vest on that date will vest (a) if the rights holder meets the Personal Performance Condition AND (b) Simba has met its EBITDA objectives for the financial year immediately preceding the relevant vesting date, in which case the percentage to vest will be as follows: If Simba achieves 95% or more of target EBITDA – the full 60% will vest. If Simba achieves between 80% and 94% of target EBITDA – 45% will vest. If Simba does not achieve at least 80% of target EBITDA – the full 60% will lapse. • Any performance rights which do not vest, automatically lapse. The policy principles behind the vesting conditions are the following: • To promote the retention of our most valuable employees, which is critical in the industry in which our Group operates; and • To promote the financial performance of the business, in respect of which the EBITDA objective is determined annually by the Board of Directors of the Company. For performance rights issued in FY21, the percentage of performance rights eligible for vesting each year was 20% (i.e., vesting over a five-year period). For performance rights issued in FY22, FY23, FY24, FY25 and FY26, the percentage of performance rights eligible for vesting each year was 25% (i.e., vesting over a four-year period).
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Directors’ Report Page | 16 A total of 1,827,850 (2025: 3,065,200) performance rights were granted and not lapsed as at the year ended 31 July 2026, to certain staG of Simba and Tuas Malaysia which will vest in accordance with the conditions described above. The vesting of performance rights eligible to vest relating to the year ended 31 July 2026 will be determined by the Board after the issue of this Annual Report and therefore will vest in the FY27 year. As at 31 July 2026, the maximum number of performance rights pertaining from FY21 to FY26 that are available to vest in FY27 is 1,326,100: 693,600 being 20% of the non-lapsed FY21 grant; 357,000 being 25% of the non-lapsed FY23 grant; 129,250 being 25% of the non-lapsed FY24 grant; 66,250 being 25% of the non-lapsed FY25 grant; and 80,000 being 25% of the FY26 grant. This number of performance rights granted to KMP is as follows: April 2021 March 2022 February 2023 February 2024 February 2025 January 2026 Richard Tan 1,500,000 551,000 600,000 226,000 38,500 70,000 Harry Wong 211,000 39,000 70,000 40,000 9,000 18,000 Benjamin Tan 443,000 102,000 70,000 - 10,000 15,000 Ng Chong Teck 267,000 62,000 70,000 30,000 14,000 16,000 (v) Remuneration awarded to Richard Tan, Chief Exec utive O@icer of Simba Richard Tan is employed by Simba. Richard is entitled to receive annual fixed remuneration of S$895,310 (inclusive of base salary and superannuation). Richard is also provided with certain insurance and car allowance benefits by Simba. Richard is also entitled to a maximum cash bonus of S$300,000 each year, subject to achieving performance metrics set by Simba. Eligibility for this bonus is determined by the Board of Simba. The determination of the achievement of those criteria will be undertaken by the Company at times of the Company’s choosing. For the reported financial period, the factors considered for the cash bonus included the following items: • Simba revenue, EBITDA and profitability performance • Strong subscriber and market share growth • Expansion of 5G network coverage and subscriber take-up • Effective management of capex • Growth of Fibre Broadband and other product developments • Network development and performance, including compliance with IMDA QoS obligations • Compliance with regulatory and licensing requirements • Improvement in network quality to support subscriber growth • Strategic corporate development, including the proposed acquisition of M1 Limited • Management of overall financial and operating performance (vi) Remuneration awarded to other KMPs of Simba The performance measures for other KMPs are aligned with those applicable to the CEO and are assessed with reference to the Group’s strategic and financial objectives.
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Directors’ Report Page | 17 Directors’ and executive o8icers’ remuneration The tables below set out the statutory remuneration disclosures for each Director of the Company and for other KMP of the Group. The amounts shown reflect the expense recognised in the Group’s financial statements. Short -term Post- employment Proportion of remuneration performance related % Share -based payments as proportion of remuneration % Directors （Note A） Salary & fees S$ (Note B) STI cash bonus S$ (Note C) Other Allowances S$ (Note D) Non- monetary benefits S$ Total S$ Superannuation benefits S$ (Note E) Share-based payments S$ Total S$ Executive Directors Mr D Teoh (Executive Chairman) FY26 130,597 - - - 130,597 15,672 - 146,269 - - FY25 128,647 - - - 128,647 14,848 - 143,495 - - Non -Executive Directors Ms J Ong 1 FY26 63,072 - - - 63,072 - - 63,072 - - FY25 - - - - - - - - - - Mr R Millner 2 FY26 - - - - - - - - - - FY25 50,663 - - - 50,663 6,781 - 57,444 - - Mr B Teoh FY26 65,299 - - - 65,299 7,836 - 73,13 5 - - FY25 64,323 - - - 64,323 7,424 - 71,747 - - Ms S Kenny FY26 82,712 - - - 82,712 9,925 - 92,637 - - FY25 81,476 - - - 81,476 9,404 - 90,880 - - Mr C Levy FY26 82,712 - - - 82,712 9,925 - 92,637 - - FY25 81,476 - - - 81,476 9,404 - 90,880 - - Executives Mr R Tan (Restated 3, 4) FY26 882,537 300,000 10,000 67,643 1,260,180 13,024 240,009 1,513,213 36% 16% FY25 855,982 300,000 10,000 129,099 1,295,081 12,472 2,247,948 3,555,501 72% 63% Mr H Wong (Restated 3, 4 ) FY26 203,550 - - 6,750 210,300 15,810 27,354 253,464 11% 11% FY25 197,809 - - 12,659 210,468 14,586 307,736 532,790 58% 58% Mr B Tan (Restated 3, 4 ) FY26 374,083 80,000 - 16,053 470 ,136 16,830 51,326 538,292 24% 10% FY25 363,564 80,000 - 13,395 456,959 16,830 388,650 862,439 54% 45% Mr T Ng Chong (Restated 3, 4 ) FY26 243,317 25,000 - 15,187 283,504 7,425 37,545 328,474 19% 11% FY25 235,996 25,000 - 3,668 264,664 7,935 344,304 616,903 60% 56% Total FY26 2,127,879 405,000 10,000 105,633 2,6 48,512 96,447 356,234 3,101,193 FY25 2,059,936 405,000 10,000 158,821 2,633,757 99,684 3,288,638 6,022,079
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Directors’ Report Page | 18 Notes in relation to the table of directors’ and executive oGicers’ remuneration 1 Ms J Ong appointed as a director of the Company on 24 September 2025. 2 R Millner ceased as a director on 14 May 2025. 3 The amounts for performance rights reflect the accounting expense on a modified fair value basis. The prior year share-based payments expense for each KMP diGers from the reported figures in the FY25 Remuneration Report due to revisions in the assumptions applied to the fair value at grant date for measurement purposes. The figures reported in the FY25 Remuneration Report were: Mr R Tan S$532,015, Mr H Wong S$83,603, Mr B Tan S$68,183, Mr T Ng Chong S$96,386 and total KMP share-based payments remuneration of S$780,187. The restated figures for FY25 reflect an increase for each KMP of S$1,715,933, S$224,133, S$320,467 and S$247,918 respectively and total KMP share-based payments remuneration of S$2,508,451. 4 The total remuneration expense for FY25 as reported in the FY25 Remuneration Report was S$3,513,628. This has increased by S$2,508,451 to S$6,022,079 on account of the changes to assumptions applied as detailed in footnote 3. Actual cash paid and number of performance rights granted to each KMP has not changed as a result of this restatement. A. Director remuneration is contracted in AUD. Changes between FY25 and FY26 are due to currency fluctuation. In constant currency, there has been no change in director remuneration. B. The short-term incentive bonuses paid during the year were for performance for the calendar year ended 31 December 2025. C. The other allowance comprises a car allowance. D. The non-monetary benefits comprise movement in accrued annual leave entitlements and health insurance. E. Share based payment expense recognition occurs from the grant date. The expense recognition for each year is graded, such that the expense is not straight- lined over the 4 or 5 year vesting period. The number of rights granted to each KMP is disclosed below. The rules of the performance rights plan are explained in (iv) above.
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Directors’ Report Page | 19 Share based payments The vesting of performance rights eligible to vest relating to the year ended 31 July 2026 will be determined by the Board after the issue of this Annual Report and therefore will vest in the FY27 year. As at 31 July 2026, the maximum number of performance rights pertaining from FY21 to FY26 that are available to vest in FY27 is 1,326,100: 693,600 being 20% of the non-lapsed FY21 grant; 357,000 being 25% of the non-lapsed FY23 grant; 129,250 being 25% of the non-lapsed FY24 grant; 66,250 being 25% of the non-lapsed FY25 grant; and 80,000 being 25% of the FY26 grant. The fair value of grants of performance rights made during FY26 is estimated based on the market price at 31 July 2026, A$2.16, as the grant date for measurement purposes has not yet been established. This is subject to change. The number of performance rights outstanding for KMP are set out in the below table. FY26 Performance rights grant Held at 31 Jul 2025 Granted during FY26 Vested during FY26 Held at 31 Jul 2026 1 Total Vested prior to 31 Jul 2026 Mr R Tan - 70,000 - 70,000 - Mr H Wong - 18,000 - 18,000 - Mr B Tan - 15,000 - 15,000 - Mr T Ng Chong - 16,000 - 16,000 - 1The rights are for performance periods 31 July 2026 to 31 July 2029 and will vest in equal tranches FY25 Performance rights grant Held at 31 Jul 2025 Granted during FY26 Vested during FY26 Held at 31 Jul 2026 2 Total Vested prior to 31 Jul 2026 Mr R Tan 38,500 - 9,625 28,875 9,625 Mr H Wong 9,000 - 2,250 6,750 2,250 Mr B Tan 10,000 - 2,500 7,500 2,500 Mr T Ng Chong 14,000 - 3,500 10,500 3,500 2The rights are for performance periods 31 July 2026 to 31 July 2028 and will vest in equal tranches FY24 Performance rights grant Held at 31 Jul 2025 Granted during FY26 Vested during FY26 Held at 31 Jul 2026 3 Total Vested prior to 31 Jul 2026 Mr R Tan 169,500 - 56,500 113,000 113,000 Mr H Wong 30,000 - 10,000 20,000 20,000 Mr B Tan - - - - - Mr T Ng Chong 22,500 - 7,500 15,000 15,000 3The rights are for performance periods 31 July 2026 to 31 July 2027 and will vest in equal tranches FY23 Performance rights grant Held at 31 Jul 2025 Granted during FY26 Vested during FY26 Held at 31 Jul 2026 4 Total Vested prior to 31 Jul 2026 Mr R Tan 300,000 - 150,000 150,000 450,000 Mr H Wong 35,000 - 17,500 17,500 52,500 Mr B Tan 35,000 - 17,500 17,500 52,500 Mr T Ng Chong 35,000 - 17,500 17,500 52,500 4The rights are for performance period 31 July 2026 and will vest in FY27, assuming all vesting conditions are met.
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Directors’ Report Page | 20 FY22 Performance rights grant Held at 31 Jul 2025 Granted during FY26 Vested during FY26 Held at 31 Jul 2026 Total Vested prior to 31 Jul 2026 Mr R Tan 137,750 - 137,750 - 551,000 Mr H Wong 9,750 - 9,750 - 39,000 Mr B Tan 25,500 - 25,500 - 102,000 Mr T Ng Chong 15,500 - 15,500 - 62,000 FY21 Performance rights grant Held at 31 Jul 2025 Granted during FY26 Vested during FY26 Held at 31 Jul 2026 5 Total Vested prior to 31 Jul 2026 Mr R Tan 600,000 - 300,000 300,000 1,200,000 Mr H Wong 84,400 - 42,200 42,200 168,800 Mr B Tan 177,200 - 88,600 88,600 354,400 Mr T Ng Chong 106,800 - 53,400 53,400 213,600 5The rights are for performance period 31 July 2026 and will vest in FY27, assuming all vesting conditions are met. Performance Remuneration A8ecting Future Periods The fair value of share-based payments granted is amortised over the service period. Therefore, remuneration in respect of these awards may be reported in future years. The following table summarises the maximum value of the awards that will be reported in the statutory remuneration tables in future years, assuming a grant date fair value for measurement purposes of A$2.16 and all performance conditions are met. This is subject to change. The minimum value of the awards is nil should performance conditions not be satisfied. Executives Future expense by financial year 2027 2028 2029 Total S$ S$ S$ S$ Mr R Tan 83,363 27,760 9,370 120,493 Mr H Wong 19,015 7,016 2,409 28,440 Mr B Tan 12,746 6,186 2,008 20,940 Mr T Ng Chong 18,205 7,051 2,142 27,398 KMP shareholdings The movement during the reporting period in the number of ordinary shares in the Company held directly, indirectly or beneficially by each KMP , including by their related parties, is as follows: Held at 31 July 2025 Acquired during the Period Disposed during the Period Held at 31 July 2026 Directors D Teoh 172,986,163 - - 172,986,163 B Teoh 66,630 - - 66,630 S Kenny - 15,000 - 15,000 C Levy 200,000 - - 200,000 J Ong 1 - - - - Executives R Tan 1,300,000 653,875 - 1, 953,875
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Directors’ Report Page | 21 Held at 31 July 2025 Acquired during the Period Disposed during the Period Held at 31 July 2026 Mr H Wong 200,850 81,700 - 282,550 Mr B Tan 101,600 134,100 (101,600) 134,100 Mr T Ng Chong 249,200 97,400 - 346,600 1J Ong appointed to be a director on 24 September 2025. KMP employment contract terms All KMP other than directors have usual form employment contract terms that have no fixed expiry date. The employment contract of the CEO can be terminated by either Richard Tan or Simba giving the other party six months’ notice (or by Simba making payment in lieu of notice for part or all of the notice period). The employment contracts of other KMP other than directors are standard employment contracts and can be terminated by either the employee or Simba giving the other party two months’ notice (or by Simba making payment in lieu of notice for part or all of the notice period). Transactions with KMP Loans to KMP and their related parties There were no loans in existence between the Group and any KMP or their related parties at any time during or since the financial year. Other KMP transactions with the Company or its controlled entities In FY2025, Tuas entered into an agreement with Teoh Capital Pty Ltd (Teoh Capital), a company associated with David Teoh and Bob Teoh, under which Teoh Capital provided corporate advisory services in connection with the acquisition of M1 in exchange for a success fee of 0.5% of the transaction enterprise value. The M1 transaction did not proceed and the Company’s obligations to Teoh Capital have lapsed. From time to time, KMP of the Company or its controlled entities, or their related entities, may purchase goods or services from the Group. These purchases are on the same terms and conditions as those entered into by other Group employees or customers and are trivial or domestic in nature.
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Directors’ Report Page | 22 Sustainability report About Tuas Tuas is an ASX Listed company with no operations in Australia. Tuas’s business is holding shares in Simba, which is a Singapore telecommunications company, holding the 4 th facilities-based operator licence for mobile and fixed broadband telecommunications in Singapore, and the Goose eSim business. It has no industrial manufacturing base and produces no greenhouse emissions, other than through the use of electricity. Stakeholders For the purposes of sustainability reporting in Australia, Tuas’s primary stakeholders are its investors. Tuas conducts briefing sessions with its investors during key reporting periods each year. Footprint Tuas has no employees in Australia other than its directors and therefore has no oGice space. Tuas consumes no power in its Australian operations. In Singapore, Simba has one oGice, two data centres (required to meet regulatory conditions in Singapore), and a number of mobile telecommunications cell sites needed to provide coverage for its customers. Approach to Sustainability Tuas is a relatively new company, seeking to establish itself as a profitable organisation to benefit Tuas stakeholders. The Company does not purport to hold sophisticated policies and procedures around sustainability, but the board considers sustainability matters as it makes decisions. Sustainability Issues Environmental Tuas acknowledges the importance of environmental issues on the community and notes that degree of environmental impact for businesses is on a continuum. Tuas considers that its environmental impact is on the very low end of the continuum and that it makes a favourable contribution to the environment by improving connectivity and hence reducing reliance of carbon intensive forms of travel. Simba is not a significant consumer or producer of carbon-based fuels or water. Electrical power is the key input for the oGices and the cell sites. During the year, both for cost and environmental concerns, Simba has endeavoured to minimise its consumption of electrical power and, by innovative approaches focussing on using the most modern equipment and operating the smallest practical number of cell sites, has managed to maintain relatively flat usage of electrical power whilst our customer base has increased considerably. Employees There are fewer than 200 employees in the Group and the Company takes appropriate steps to manage its staG with a positive approach, appropriate compensation, and sensitive management. Diversity in terms of gender and ethnic background is an important feature of doing business in
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Directors’ Report Page | 23 Singapore and, in its recruitment process, the Company pays attention to these factors whilst trying to secure the best people for the roles that need to be filled. Customers Simba’s entry into the Singapore market has brought substantial benefit to consumers in Singapore, whether our customers or not. The competitive response has seen mobile providers lowering prices to compete with Simba’s innovative plans. The consumers are the winners. Simba’s focus is to provide its customers the best possible experience, not merely the lowest price. Simba’s business processes are deliberately simple and attractive. It is essential to the sustainability of the business that these processes and customer handling systems be maintained at the most eGicient possible level for the capital that is available. Data Security With the recent surge of cybersecurity incidents around the world, Simba’s Board and Executive team are acutely aware of the need to protect sensitive customer data within our business process systems. External independent experts and the Tuas Audit and Risk Committee play a role in monitoring capability and delivery of data security initiatives. Furthermore, Singapore’s regulatory regime, under which Simba operates, stipulates an array of CyberSecurity requirements to which compliance must be audited by designated third parties. These requirements are a superset of the usual ISO 27001 audits. To date, Simba has complied fully with these Codes of Practice which are comprehensive. Financial Financially (as described above), Tuas has secured positive EBITDA with positive cash flow from operations, and in FY26, achieved positive cash flow after capital expenditure. The key drivers for the Company’s financial future are our quality network and customer growth. The Company invests in procuring and maintaining the most up-to-date infrastructure to provide this quality network, including by the acquisition of 5G spectrum and network assets, and is pleased with customer growth. These factors support the ongoing sustainability of the Tuas business for its stakeholders. Principal activities The Company is a company domiciled in Australia. The address of the Company’s registered oGice is c/- Level 4,68 Waterloo Road, Macquarie Park NSW 2113. On 29 June 2020, the Company was admitted to the OGicial List of ASX Limited. The Group is a for-profit entity. The primary operations of the Group are via its investment in Simba, a company which is primarily involved in owning and operating a mobile network and providing telecommunications services in Singapore. Dividends Tuas Limited has not paid or declared any dividends during the year ended 31 July 2026. Events subsequent to reporting date Subsequent to the reporting date, on 21 August 2026, the Group ceased the operations of its Goose eSIM business. The cessation was part of the Group’s ongoing review and rationalisation of its business operations. As the cessation occurred after the reporting date, it has been treated as a non-
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Directors’ Report Page | 24 adjusting subsequent event in accordance with AASB 110 Events after the Reporting Period . The Group does not expect the cessation to have a material impact on its financial position or results of operations. Likely developments Likely developments, including any regulatory risks and cyber security obligations, are disclosed elsewhere in this Annual Report. Environmental regulation The Group’s operations are not subject to significant environmental regulation under a law or legislation of the Commonwealth or of a State or Territory. Directors’ interests The relevant interest of each Director in the shares and options over such instruments issued by the companies within the Group and other related bodies corporate, as notified by the Directors to the Australian Securities Exchange in accordance with S205G(1) of the Corporations Act 2001 , at the date of this report are as disclosed in Remuneration Report above. Unissued shares note As also disclosed in section (iv) of the Remuneration Report, the Company has issued performance rights to employees of the Group, including certain KMP that entitle those employees, upon meeting the vesting criteria, to be issued ordinary shares in the Company. The number of unissued shares of the Company under performance rights is 1,827,850 shares as at the date of this report. Indemnification and insurance of o8icers and directors Indemnification The Company has agreed to indemnify all Directors and oGicers of the Company against all liabilities to another person (other than the Company or a related body corporate) that may arise from their position as a Director or as an oGicer of the Company and its controlled entities, except where the liability arises out of conduct involving a lack of good faith. The agreement stipulates that the Company will meet the full amount of any such liabilities, including costs and expenses. Insurance policies The Group maintains policies in respect of directors’ and oGicers’ liability insurance for current and former directors and oGicers, including senior executives of the Company and directors, senior executives and oGicers of Group companies. The terms of the insurance contract prohibit disclosure of the premiums payable and other terms of the policies. Non-audit services During the period KPMG, the Company’s auditor, has performed certain other services in addition to their statutory duties.
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Directors’ Report Page | 25 The Board has considered the non-audit services provided during the period by the auditor and is satisfied that the provision of those non-audit services during the period by the auditor is compatible with, and did not compromise, the auditor independence requirements of the Corporations Act 2001 for the following reasons: • all non-audit services were subject to the corporate governance procedures adopted by the Company and have been reviewed by the Audit & Risk Committee to ensure they do not impact the integrity and objectivity of the auditor; and • the non-audit services provided do not undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants , as they did not involve reviewing or auditing the auditor’s own work, acting in a management or decision-making capacity for the Company, acting as an advocate for the Company or jointly sharing risks and rewards. Details of the amounts paid to KPMG and its related practices for audit and non-audit services provided during the period are set out in note 25 to the financial statements. Proceedings on behalf of the Company No proceedings have been brought on behalf of the Group, nor have any applications been made in respect of the Group under section 237 of the Corporations Act 2001 (Cth). Auditor’s Independence Declaration A copy of the Auditor’s Independence Declaration as required by Section 307C of the Corporations Act 2001 is included at page 26 of this report. Rounding oG The Group is of a kind referred to in ASIC Corporations (Rounding in Financial/Director’s Reports) instrument 2026/183 dated 24 March 2026 and, in accordance with that instrument, all financial information presented in Singapore dollars has been rounded to the nearest thousand dollars, unless otherwise stated. This report is made with a resolution of the Directors. David Teoh Chairman Dated at Sydney this 23 rd day of September, 2026
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26 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation. Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 To the Directors of Tuas Limited I declare that, to the best of my knowledge and belief, in relation to the audit of the financial report of Tuas Limited for the financial year ended 31 July 2026 there have been: i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and ii. no contraventions of any applicable code of professional conduct in relation to the audit. KPM_INI_01 KPMG Caoimhe Toouli Partner Sydney 23 September 2026 PAR_SIG_01 PAR_NAM_01 PAR_POS_01 PAR_DAT_01 PAR_CIT_01
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Tuas and its Controlled Entities - Financial Statements Page | 27 The notes on pages 32 to 59 are an integral part of these consolidated financial statements. Consolidated statement of comprehensive income For the year ended 31 July 2026 Year ended 31-Jul-26 Year ended 31-Jul-25 Note S$000 S$000 Revenue 4 187,624 151,290 Network, carrier and hardware costs (68,384 ) (48,337 ) Employee benefits expense (14,215 ) (13,382 ) Other expenses 5 (24,948 ) (21,144 ) Profit before interest, tax, depreciation and amort isation 80,077 68,427 Depreciation – plant and equipment and right of use assets 11,13 (48,611 ) (44,195 ) Amortisation of intangibles 12 (12,923 ) (13 ,499 ) Results from operating activities 18,543 10,733 Foreign exchange gain/(loss) 6,772 (283 ) Interest income 8,260 1, 473 Finance and lease interest expenses (148 ) (223 ) Net financing income 14,884 967 Profit before income tax 33,427 11,700 Income tax expense 6 (7,440 ) (4,802 ) Net p rofit after tax 25,987 6,898 Other comprehensive income Items that may subsequently be reclassified to the income statement, net of tax: Foreign currency translation differences - 5 Total other comprehensive income, net of tax - 5 Total comprehensive income for the period 25,987 6,903 Attributable to: Owners of the Company 25,987 6,903 Earning per share attributable to owners of the Com pany: Basic earnings (in cents) per share 7 4.78 1.48 Diluted earnings (in cents) per share 7 4.76 1.47
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Tuas and its Controlled Entities - Financial Statements Page | 28 The notes on pages 32 to 59 are an integral part of these consolidated financial statements. Consolidated statement of financial position For the year ended 31 July 2026 31 -Jul -26 31 -Jul -25 Note S$ 000 S$ 000 Assets Cash and cash equivalents 479,837 39,747 Term deposits 18,949 40,940 Trade and other receivables 9 5,897 5,218 Inventories 1,809 910 Contract costs 10 2,756 1,756 Contract assets 10 3,695 327 Prepayments and other assets 6,108 2,563 Total Current Assets 519,051 91,461 Plant and equipment 11 292,894 291,895 Right of use assets 13 525 1,138 Spectrum assets 12 92,978 105,460 Other intangible assets 12 3,662 3,092 Deferred tax assets 6 - 2,992 Contract costs 10 1,090 336 Contract assets 10 1,640 231 Prepayments and other assets 1,569 1,767 Total Non -Current Assets 394,358 406,911 Total Assets 913,409 498,372 Liabilities Trade and other payables 14 39,306 28,179 Lease liabilities 19 440 580 Unearned revenue 15 31,487 20,006 Contract liabilities 10 994 - Provisions 17 2,058 1, 894 Employee benefits 702 781 Total Current Liabilities 74,987 51,440 Deferred tax liabilities 6 4,363 - Lease liabilities 19 46 458 Provisions 17 555 549 Total Non -Current Liabilities 4,964 1,007 Total Liabilities 79,951 52,447 Net Assets 833,458 445,925 Equity Share capital 18 890,532 528,788 Share based payment reserve 18 3,013 3,2 11 Common control reserve 18 (14,008) (14,008) Foreign currency translation reserve 10 10 Accumulated losses (46,089) (7 2,076 ) Total Equity attributable to owners of the Company 833,458 445,925
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Tuas and its Controlled Entities - Financial Statements Page | 29 The notes on pages 32 to 59 are an integral part of these consolidated financial statements. Consolidated statement of changes in equity For the year ended 31 July 2026 Note Share capital Share based payment reserve Common control reserves Foreign currency translation reserves Accumulated losses Total S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 At 1 August 2024 527,240 3,279 (14,008) 5 (7 8,974 ) 437,542 Profit for the period - - - - 6,898 6,898 Other comprehensive income , net of tax - - - 5 - 5 Total comprehensive income for the period - - - 5 6,898 6,9 03 Shares issued during the period 1, 548 (1, 548 ) - - - - Equity settled s hare -based payment 8 - 1, 480 - - - 1, 480 Balance at 31 July 2025 52 8,788 3, 211 (14,008) 10 (7 2,076 ) 445,925 At 1 August 2025 528,788 3,211 (14,008) 10 (72,076) 445,925 Profit for the period - - - - 25,987 25,987 Other comprehensive income , net of tax - - - - - - Total comprehensive income for the period - - - - 25,987 25,987 Shares issued during the period 18 366,400 (1, 907 ) - - - 364,493 Capital raising cost during the period (4,656) - - - - (4,656) Equity settled s hare -based payment 8 - 1, 709 - - - 1,709 Balance at 31 July 2026 890,532 3, 013 (14,008) 10 (46,089 ) 833,458
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Tuas and its Controlled Entities - Financial Statements Page | 30 The notes on pages 32 to 59 are an integral part of these consolidated financial statements. Consolidated statement of cash flows For the year ended 31 July 2026 Year ended 31-Jul-26 Year ended 31 -Jul -25 S$ 000 S$ 000 Cash flows from operating activities Cash receipts from customers 20 3,637 163,020 Cash paid to suppliers and employees (120, 516 ) (83,242) Cash from operating activities 23 83,121 79,778 Interest received 8,260 1,473 Tax paid (126 ) (52) Net cash from operating activities 91,255 81,199 Cash flows from investing activities Investment in term deposits 21,991 (5,808) Acquisition of plant and equipment 11 (38, 622 ) (54,124) Acquisition of other intangible assets (638 ) (877) Net cash used in investing activities (17, 269 ) (60,809) Cash flows from financing activities Proceeds from issue of share capital 364,49 3 - Capital raising costs paid (4,65 6) - Repayment of lease liabilities (603 ) (590) Finance costs paid (1 0) (16) Net cash from/( used in ) financing activities 359,224 (606) Net increase in cash and cash equivalents 433,210 19,784 Cash and cash equivalents at beginning 39,747 20,201 Effect of exchange rate fluctuations 6,880 (238) Cash and cash equivalents at ending 47 9,837 39,747 In addition, as of 31 July 2026, the Group had term deposits of S$18.9m (2025: S$40.9m) which is classified separately from cash and cash equivalent.
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 31 Index to notes to the consolidated financial statements Note Page Page Note 1 Reporting entity 32 Note 1 6 Employee benefits 48 Note 2 Basis of preparation 32 Note 1 7 Provisions 48 Note 3 Segment reporting 34 Note 1 8 Capital and reserves 49 Note 4 Revenue 36 Note 19 Financial instruments and risk management 49 Note 5 Other expenses 37 Note 20 Capital and other commitments 52 Note 6 Taxe s 37 Note 21 Consolidated entities 52 Note 7 Earning/loss per share 39 Note 22 Parent entity disclosures 53 Note 8 Share -based payment arrangements 40 Note 2 3 Reconciliation of cash flows from operating activities 54 Note 9 Trade and other receivables 42 Note 2 4 Related parties 54 Note 10 Contract balances 42 Note 2 5 Auditors’ remuneration 55 Note 11 Plant and equipment 43 Note 2 6 Subsequent events 55 Note 12 Intangible assets 45 Note 2 7 Material accounting policies 56 Note 13 Right of use assets 46 Note 2 8 Standards issued but not yet eGective 59 Note 1 4 Trade and other payables 47 Note 1 5 Unearned revenue 47
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 32 Notes to the consolidated financial statements 1. Reporting entity Tuas Limited (the ‘Company’) is a company limited by shares, incorporated in Australia whose shares are publicly traded on the Australia Securities Exchange (ASX). The address of the Company’s registered oGice is c/- Level 4, 68 Waterloo Road, Macquarie Park NSW 2113, Australia. The consolidated financial statements as at, and for the year ended 31 July 2026, comprise the accounts of the Company and its subsidiaries (together referred to as the ‘Group’). The Group is a for-profit entity involved in the development of a mobile network and provision of telecommunications services in the Singapore market. 2. Basis of preparation a. Statement of compliance The consolidated financial statements are general purpose financial statements which have been prepared in accordance with Australian Accounting Standards (AASBs) adopted by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001 . The consolidated financial statements comply with International Financial Reporting Standards (IFRSs) and the International Financial Reporting Interpretation Committee (IFRIC) adopted by the International Accounting Standards Board (IASB). The consolidated financial statements were approved by the Board of Directors on 23 September 2026. b. Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for share based payments have been measured at modified fair value on grant date. c. Functional and presentation currency The Group’s primary operations are those of Simba, whose functional and reporting currency is Singapore dollars, and accordingly, all figures in this report are also in Singapore dollars, the reporting currency of Tuas Limited. The Group is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183 dated 24 March 2026 and, in accordance with that instrument, all financial information has been rounded to the nearest thousand dollars unless otherwise stated.
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 33 Note 2: Basis of preparation (continued) d. Use of estimates and judgements Preparation of the consolidated financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that aGect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may diGer from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods aGected. The significant judgements made by management in applying the Group’s accounting policies relate to: • Impairment of plant and equipment and intangible assets Impairment is recognised when events and circumstances indicate that the carrying amounts of plant and equipment or intangible assets exceed the recoverable amounts. The recoverable amount of an asset is the greater of its fair value less costs to sell and value in use. When value in use calculations are undertaken, management estimates the recoverable amount based on a discounted cash flow model. The cash flows are derived from the forecasts approved by the Board. In determining the forecasts, the Group is required to make a number of judgements which focus on expected economic and market conditions. • Deferred tax asset Significant judgement is required in relation to the recognition and the assessment of recoverability of deferred tax assets relating to the unutilised tax losses of Group companies. The recoverability of deferred tax assets is assessed against forecast income streams and the carrying amount of deferred tax assets is reviewed at each reporting date. A deferred tax asset is recognised to the extent that it is probable that future taxable profit will be available against which the temporary diGerences and tax losses can be utilised. This involves judgement regarding the future financial performance of the Group company for which the deferred tax asset has been recognised. • Calculation of lease liability The Group has applied judgement to determine the lease term for certain lease contracts which include renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which significantly aGects the amount of lease liabilities and Right of Use (ROU) assets recognised.
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 34 Note 2: Basis of preparation (continued) e. Going concern The financial statements have been prepared on a going concern basis, which assumes that the Group continues to trade and to meet its obligations for at least the next twelve months. This is supported by the Group’s profitable operating performance during the financial year. The Group is in a net current asset position and believes it has suGicient funds to fully meet its obligations as they fall due and financial capacity to fund its business plans. 3. Segment reporting The Group determines and presents operating segments based on the information that is internally provided to the CEO and Board of directors, which acts as the Group’s chief operating decision maker. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses. Underlying segment profit (loss) before interest, tax, depreciation and amortisation is used to measure performance because management believes that this information is the most relevant in evaluating the results of the respective segments relative to other entities that operate in the same industries. The Group’s telecommunication operations in Singapore represents the only reportable segment. Group support services represents the other segment operating in Australia. The chief operating decision maker for this segment is the CEO and Directors of Simba. Profit/(loss) before interest, tax, depreciation and amortisation For the year ended 31 July 2026 Telecommunication operations Group support services Total S$000 S$000 S$000 Revenue 194,002 - 194,002 Network, carrier and hardware costs (72,578) - (72, 578) Employee benefits expense (13,754) (461) (14,215) Other expenses (22,421) (997) (23,418) Results from segment activities 85,249 (1,458) 83,7 91 For the year ended 31 July 2025 Telecommunication operations Group support services Total S$000 S$000 S$000 Revenue 156,873* - 156,873 Network, carrier and hardware costs (51,995)* - (51 ,995) Employee benefits expense (12,920)* (463)* (13,383) Other expenses (22,483)* (585)* (23,068) Results from segment activities 69,475 (1,048) 68,4 27 * These amounts have been realigned to agree with the current year presentation.
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 35 Note 3: Segment reporting (continued) Reconciliation of information on reportable segments to the amounts reported in the financial statements. Year ended 31-Jul-26 Year ended 31-Jul-25 S$000 S$000 Revenue Total revenue of reportable segments 194,002 156,873 Revenue for other segments - - Elimination of inter-segment revenue (6,378) (5,583) Consolidated revenue 187,624 151,290 Total cost of reportable segment (108,753) (87,398) Total cost of other segments (1,458) (1,048) Elimination of inter-segment cost 6,378 5,583 Underlying profit before interest, tax, depreciation and amortisation 1 83,791 68,427 Significant items (3,714) - Statutory profit before interest, tax, depreciation and amortisation 80,077 68,427 Statutory profit before tax Total profit before tax of reportable segments 23,064 13,879 Profit/(loss) before tax for other segments 10,363 ( 2,179) Consolidated profit before tax 33,427 11,700 1 Underlying EBITDA excludes significant items of S$3.7m relating to due diligence engagements pursuant to the M1 acquisition. Assets Total assets of reportable segments 884,030 471,297 Assets for other segments 29,379 27,075 Consolidated assets 913,409 498,372 Liabilities Total liabilities of reportable segments 79,803 52,391 Liabilities for other segments 148 56 Consolidated liabilities 79,951 52,447 Other material items For the year ended 31 July 2026 Reportable segment Group support services Consolidated Total S$000 S$000 S$000 Interest income 6,150 2,110 8,260 Depreciation and amortisation 61,534 - 61,534 Advertising and marketing costs 10,622 - 10,622
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 36 Note 3: Segment reporting (continued) For the year ended 31 July 2025 Reportable segment Group support services Consolidated Total S$000 S$000 S$000 Interest income 671 801 1,472 Depreciation and amortisation 57,693 - 57,693 Advertising and marketing costs 9,812 - 9,812 Geographic Information All the Group’s operating revenues are derived from the Singapore based entities. A geographic analysis of the Group’s non-current assets, excluding deferred tax assets, is set out below. 31 -Jul -26 31 -Jul -25 Country S$ 000 S$ 000 Singapore 394,358 403,919 4. Revenue Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a product or service to a customer, i.e. when the customer can benefit from the goods or services. The Group determines various performance obligations under a contract, allocates the total contract price amongst the performance obligations based on their relative standalone selling prices, and recognises revenue when the performance obligations are satisfied, i.e. upon delivery of goods sold, and activation of subscription plans. Mobile Revenue Performance obligations that arise from contracts with customers comprise the rendering of telecommunications services including provision of data, voice, SMS, roaming and other services. The Group recognises revenue as services are provided over time, i.e. when the customer simultaneously receives and consumes the benefits provided to them. Billings are made in advance, with each billing cycle currently being 30 days or 90 days in accordance with each respective mobile plan. Invoices are made available to the customers electronically via the Simba online customer portal or mobile application when they login to their accounts. Revenue billed in advance for the rendering of mobile services is deferred and presented in the statement of financial position as unearned revenue. Broadband revenue Broadband revenue includes sales and installation of equipment, provision of on-site activation and installation of services to facilitate broadband connectivity. Revenue is
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 37 Note 4: Revenue (continued) recognised at a point in time for sales and installation of equipment, and for all other services, recognised over time when service is rendered. Payment from customers is made on or before commencement of subscription plan. Revenue billed in advance of the rendering of broadband services is deferred and presented in the statement of financial position as contract liability. Major product categories: The following table provides a breakdown of revenue by major product categories. Timing of revenue recognition Year ended 31-Jul-26 Year ended 31-Jul-25 S$000 S$000 Mobile revenue Over time 167,450 144,626 Broadband revenue Over time 12,237 1,780 Broadband revenue Point in time 7,503 4,601 Project revenue Over time 331 183 Other Over time/point in time 103 100 Total 187,624 151,290 Remaining performance obligations The Group has applied the practical expedient of not disclosing information about the amount of the transaction price allocated to the remaining (unfulfilled) performance obligation where the Group has a right to consideration in an amount that corresponds directly with the value to the customer of the Group’s performance completed to date, or the contract duration is less than one year. 5. Other expenses Year ended 31-Jul-26 Year ended 31-Jul-25 S$000 S$000 Advertising & marketing costs 10,622 9,812 Professional fees 1,678 2,694 Acquisition costs 1 3,714 - Licence fees 2,997 2,439 OGice expenses 1,011 990 Merchant charges 3,329 2,859 Other expenses 1,597 2,350 24,948 21,144 1Significant items comprising of finance and legal due diligence and professional services engagements related to the M1 acquisition.
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 38 6. Taxes Income tax expense 31-Jul-26 31-Jul-25 S$000 S$000 Current tax expense 84 114 Withholding tax 1 5 Deferred tax expense Origination and reversal of temporary differences including the recognition of tax losses 7,560 4,661 Adjustment from prior year (205) 22 Total deferred tax expense 7,355 4,683 Income tax expense 7,440 4,802 Numerical reconciliation between tax benefit and pre-tax accounting loss Profit before income tax 33,427 11,700 Income tax expense Singapore tax rate of 17% 5,682 1,989 (279((( Different tax rates in other jurisdictions 1,350 (279) Non-deductible and non-assessable items 1,780 3,102 Non-taxable income (1,168) (37) (Over)/under provision for income tax in prior year (205) 22 Withholding tax 1 5 Income tax expense 7,440 4,802 Deferred tax assets Movement in temporary di*erences during the reporting period Deferred tax liabilities are recognised to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax liabilities are attributable to the following: Balance 31-Jul-24 Recognised in profit or loss Balance 31-Jul-25 Recognised in profit or loss Balance 31-Jul-26 S$000 S$000 S$000 S$000 S$000 Deferred tax assets/(liabilities) Plant and equipment 6,902 (5,391) 1,511 (6,931) (5, 420) Lease liabilities 254 (77) 177 (94) 83 Right-of-use assets (276) 83 (193) 104 (89) Provisions 480 611 1,091 (190) 901 Tax losses carried forward 315 91 406 (244) 162 7,675 (4,683) 2,992 (7,355) (4,363)
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 39 Note 6: Taxes (continued) The group has unutilised deferred tax assets of S$162,000 arising from unutilised tax losses which will be available for oGset against future taxable income subject to compliance with the relevant provisions of local tax laws. Income tax on the profit or loss for the reporting period comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to a business combination, or items recognised directly in equity, in which case it is recognised in equity or in other comprehensive income. Deferred tax is provided using the balance sheet liability method, providing for temporary diGerences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary diGerences are not provided for: the initial recognition of assets or liabilities that do not relate to a business combination and at the time of the transaction (i) aGects neither accounting nor taxable profit or loss and (ii) does not give rise to equal taxable and deductible temporary diGerences, and diGerences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are oGset if there is a legally enforceable right to oGset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. 7. Earnings per share 31-Jul-26 31-Jul-25 S$ Cents S$ Cents Basic earnings per share 4.78 1.48 S$000 S$000 Earnings attributable to owners of the Company used in calculating basic earnings per share 25,987 6,903 Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share 543,788,115 467,102,822
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 40 Note 7: Earning per share (continued) 31-Jul-26 31-Jul-25 S$ Cents S$ Cents Diluted earnings per share 4.76 1.47 S$000 S$000 Earnings attributable to owners of the Company used in calculating diluted earnings per share 25,987 6,903 Weighted average number of ordinary shares used as the denominator in calculating diluted earnings per share 545,845,3 32 470,809,320 The Group presents basic and diluted loss per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the weighted average number of ordinary shares outstanding for the eGects of all dilutive potential ordinary shares. The dilutive potential arises from the application of the share-based payments to Simba executives and employees as described in the following section. 8. Share-based payment arrangements Description of share-based payment arrangements In response to the recommendation of the Board of Simba, in April 2021, the Company established an incentive scheme to further align the KMP’s and certain key employees’ remuneration with the Company shareholders’ interests. The incentive scheme takes the form of a performance rights plan under which selected employees are granted performance rights, vesting over a 4 or 5 year period. Performance rights have been granted in each of the financial years following FY21. Under the rules of the performance rights plan, participants will be awarded fully paid ordinary shares in the Company for no consideration, subject to certain performance conditions. The key terms of the plan are as follows: ● A percentage of the performance rights granted will vest following the release of the Group’s audited financial statements for each of the financial years following the granting of the relevant rights, with the first such vesting having occurred in the financial year ending 31 July 2022 and subsequent vesting occurring in the following financial years, subject to the satisfaction of performance conditions. ● The performance conditions, at each vesting date are: o The Personal Performance Condition: 40% of the performance rights that are due to vest on that date will vest if the rights holder has been continuously employed by the Group up until and including the relevant vesting date and the individual performance of the Simba employee meets performance requirements set by Simba; and o The EBITDA Condition: Up to 60% of the performance rights that are due to vest
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 41 Note 8: Share-based payment arrangements (continued) on that date will vest (a) if the rights holder meets the Personal Performance Condition AND (b) Simba has met its EBITDA objectives for the financial year immediately preceding the relevant vesting date, in which case the percentage to vest will be as follows: ▪ If Simba achieves 95% or more of target EBITDA – the full 60% will vest. ▪ If Simba achieves between 80% and 94% of target EBITDA – 45% will vest. ▪ If Simba does not achieve at least 80% of target EBITDA – the full 60% will lapse. ● Any performance rights which do not vest, automatically lapse. The policy principles behind the vesting conditions are the following: ● To promote the retention of our most valuable employees, which is critical in the industry in which our Group operates; and ● To promote the financial performance of the business, in respect of which the EBITDA objective is determined annually by the Board of Directors of the Company. For performance rights issued in FY21, the percentage of performance rights eligible for vesting each year was 20% (i.e., vesting over a five-year period). For performance rights issued in FY22, FY23, FY24, FY25 and FY26, the percentage of performance rights eligible for vesting each year was 25% (i.e., vesting over a four-year period). At total of 1,827,850 (2025: 3,065,200) performance rights were granted and not lapsed as at the year ended 31 July 2026 to certain executives and employees of Simba and Tuas Malaysia which will vest in accordance with the conditions described above. The vesting of performance rights eligible to vest relating to the year ended 31 July 2026 will be determined by the Board after the issue of this Annual Report and therefore will vest in the FY27 year. As at 31 July 2026, the maximum number of performance rights pertaining from FY21 to FY26 that are available to vest in FY27 is 1,326,100: 693,600 being 20% of the non- lapsed FY21 grant; 357,000 being 25% of the non-lapsed FY23 grant; 129,250 being 25% of the non-lapsed FY24 grant; 66,250 being 25% of the non-lapsed FY25 grant; and 80,000 being 25% of the FY26 grant. This number of performance rights granted to KMP is as follows: April 2021 March 2022 February 2023 February 2024 February 2025 January 2026 Richard Tan 1,500,000 551,000 600,000 226,000 38,500 70,000 Harry Wong 211,000 39,000 70,000 40,000 9,000 18,000 Benjamin Tan 443,000 102,000 70,000 - 10,000 15,000 Ng Chong Teck 267,000 62,000 70,000 30,000 14,000 16,000
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 42 Note 8: Share-based payment arrangements (continued) The number of rights outstanding during the year en ded 31 July 2026 are set out below: 31 -Jul -26 31 -Jul -25 Number of Rights Number of Rights Balance as at 1 August 3,065,200 4,327,300 Granted during the year 320,000 277,000 Forfeited during the year (12,000 ) (46,000) Vested during the year (1, 545,350 ) (1,493,100) Balance as at 31 July 1,827,850 3,065,200 The fair value of grants of performance rights made during FY26 is estimated based on the market price at 31 July 2026, A$2.16, as the grant date for measurement purposes has not yet been established. This fair value is per performance right, taking into account the terms and conditions upon which the rights were granted including expected dividends, of which there were none. This is subject change, depending on when grant date for fair value measurement purposes is established. Share based payment expense recognition occurs from the grant date. The expense recognition for each year is graded according to the benefit accrued, such that the expense is not straight-lined over the 4 year or 5 year vesting period. The amount consequently expensed during the reporting period was S$1,709,000 (2025: S$1,479,849). 9. Trade and other receivables 31 -Jul -26 31 -Jul -25 S$000 S$000 Trade receivables 4,810 4,755 GST receivables 621 322 Other receivables 46 6 141 5,897 5,218 The Group’s exposure to credit and currency risk and impairment losses related to trade and other receivables is disclosed in note 19. 10. Contract balances (i) The following table provides information about receivables, contract assets, contract liabilities and contract costs from contracts with customers. Year ended 31-Jul-26 Year ended 31-Jul-25 S$000 S$000 Current Contract costs 2,756 1,756 Contract assets 3,695 327 Contract liabilities 994 -
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 43 Note 10: Contract balances (continued) Year ended 31-Jul-26 Year ended 31-Jul-25 S$000 S$000 Non-current Contract costs 1,090 336 Contract assets 1,640 231 The contract assets primarily relate to the rights to consideration for goods and services provided for broadband services but not billed at the reporting date. The contract assets are transferred to trade receivables when the rights become unconditional. (ii) The contract costs primarily relate to broadband optical network terminal and service activation fee which directly attributable to fulfilling a customer’s contract are capitalised in the statement of financial position and amortised as operating expenses over the contract period. The contract period typically ranges from 1 to 2 years. During the period, amortisation amounting to S$8,620,465 (2025: S$3,043,532) was recognised as cost of services in the income statement. 11. Plant and equipment Plant and equipment O@ice furniture and fittings Work in progress Total S$000 S$000 S$000 S$000 Cost Balance at 1 August 2024 394,922 1,757 16,172 412,851 Additions 225 - 55,784 56,009 Transfer 52,335 - (52,335) - Disposal (1,544) - (172) (1,716) Balance at 31 July 2025 445,938 1,757 19,449 467,144 Additions 105 - 48,888 48,993 Transfer 42,039 - (42,039) - Disposal (93) - - (93) Balance at 31 July 2026 487,989 1,757 26,298 516,04 4 Accumulated Depreciation Balance at 1 August 2024 (131,226) (1,144) - (132,370) Depreciation expense (43,208) (325) - (43,533) Disposal 654 - - 654 Balance at 31 July 2025 (173,780) (1,469) - (175,249) Depreciation expense (47,797) (150) - (47,947) Disposal 46 - - 46 Balance at 31 July 2026 (221,531) (1,619) - (223,150) Carrying amounts Balance at 31 July 2025 272,158 288 19,449 291,895 Balance at 31 July 2026 266,458 138 26,298 292,894
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 44 Note 11: Plant and equipment (continued) a. Recognition and measurement Items of plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes all expenditure that is directly attributable to bringing the asset to the location and condition necessary for its intended use. The cost of self-constructed assets includes the cost of materials, associated labour, and the initial estimate, where relevant, of the costs of dismantling and removing the items and restoring the site on which they are located. Where parts of an item of plant and equipment have diGerent useful lives, they are accounted for as separate items of plant and equipment. Any gains and losses on disposal of an item of plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of the item being disposed and are recognised net within other expenses in the income statement. During the period, a loss of S$46,079 (2025: S$1,033,452) was recognized on the disposal of assets. b. Subsequent costs Subsequent costs are added to existing assets if it is probable that future economic benefits will flow to the Group. c. Depreciation Depreciation is charged to the income statement on a straight-line basis over the estimated useful life of each part of an item of plant and equipment. The estimated useful lives used in the current period are as follows: ● Plant and equipment 3 – 10 years ● Office furniture and fittings 10 years The residual value, the useful life and the depreciation method applied to an asset are reassessed at least annually. d. Impairment At each reporting date, the Group reviews the carrying amounts of its non-financial assets, including intangible assets and plant and equipment, to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset is the greater of its fair value less costs to sell and value in use. In assessing value in use, the estimated future cashflows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 45 Note 11: Plant and equipment (continued) (CGU) to which the asset belongs. CGUs are determined according to the lowest level of groups of assets that generate largely independent cashflows. An impairment loss is recognised whenever the carrying amount of the asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement unless an asset has previously been revalued, in which case the impairment loss is recognised as a reversal to the extent of that previous revaluation with any excess recognised through profit or loss. Impairment losses recognised in respect of a CGU are allocated first to reduce the carrying amount of any goodwill allocated to a CGU and then to reduce the carrying amount of other assets in the CGU on a pro rata basis. Impairment losses are reversed when there is an indication that the impairment loss may no longer exist and there has been a change in the estimate used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. 12. Intangible assets Spectrum licences Other intangibles Total S$000 S$000 S$000 Cost Balance at 1 August 2024 162,893 9,177 172,070 Additions - 286 286 Balance at 31 July 2025 162,893 9,463 172,356 Additions - 1,011 1,011 Balance at 31 July 2026 162,893 10,474 173,367 Amortisation Balance at 1 August 2024 (44,951) (5,354) (50,305) Amortisation expense (12,482) (1,017) (13,499) Balance at 31 July 2025 (57,433) (6,371) (63,804) Amortisation expense (12,482) (441) (12,923) Balance at 31 July 2026 (69,915) (6,812) (76,727) Carrying amounts Balance at 31 July 2025 105,460 3,092 108,552 Balance at 31 July 2026 92,978 3,662 96,640 a. Recognition and measurement Intangible assets with definite useful lives: Spectrum licences
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 46 Note 12: Intangible assets (continued) Spectrum licences are stated at cost less accumulated amortisation and any accumulated impairment losses. Other intangible assets Other intangible assets comprise software and licences other than spectrum licences. Other intangible assets are stated at cost less accumulated amortisation and any accumulated impairment losses. b. Subsequent expenditure Other intangible assets expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates such as operating costs that are incurred in developing or acquiring income producing assets, and capitalised interest related to the acquisition of intangible assets. All other expenditure is expensed as incurred. c. Amortisation and impairment Unless otherwise stated, amortisation is charged to the income statement on a straight-line basis, over the estimated useful lives of intangible assets. The estimated useful lives used in both the current and comparative periods are as follows: Spectrum licences - Amortised over useful lives of 12 -13 years. Other intangible assets with finite useful lives - Amortised over useful lives of 5 years. 13. Right of use assets Leases as lessee The Group leases property. The leases typically run for a period of 6 years with an option to renew. Lease payments are renegotiated upon expiry. For certain leases, the Group is restricted from entering into any sub-lease arrangements. The Group leases some rooftop spaces for the placem ent of network equipment with contract terms of one to three years. These leases are short-term and/or leases of low-value assets. The Group has elected not to recognise right-of-use assets and lease liabilities for these leases. 31 -Jul -26 31 -Jul -25 Property Property S$ 000 S$ 000 Balance at 1 August 1,138 1,619 Depreciation (664 ) (662) Addition to right -of -use assets 51 181 Balance at 31 July 525 1,138
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 47 Note 13: Right of use assets (continued) Amounts recognised in profit or loss Year ended 31-Jul-26 Year ended 31-Jul-25 S$ 000 S$ 000 Interest on lease liabilities 17 22 Expenses relating to short -term leases 965 1,046 Expenses relating to leases of low -value assets, excluding short-term leases of low-value assets 4 5 Amounts recognised in statement of cash flows Year ended 31-Jul-26 Year ended 31-Jul-25 S$ 000 S$ 000 Total cash outflow for leases (including short term leases) 1,583 1,657 14. Trade and other payables 31-Jul-26 31-Jul-25 S$000 S$000 Trade creditors 12,184 3,905 Other creditors and accruals 27,122 24,274 39,306 28,179 Trade payables are non-interest bearing and are normally settled on 30-60 day terms. The Group’s exposure to currency and liquidity risk related to trade and other payables is disclosed in note 19. 15. Unearned revenue Liabilities are current as contracts are not more than 12 months. All unearned revenue recognised in the statement of financial position as at 31 July 2025 has been recognised in the profit and loss during the current year. 31 -Jul -26 31 -Jul -25 S$ 000 S$ 000 Unearned revenue 31,487 20,006 Unearned revenue primarily relates to unearned revenue arising from consideration received from customers for prepaid services which have not been utilised or from postpaid services which have not yet been provided.
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 48 16. Employee benefits a. Current employee benefits Liabilities for employee benefits that are due within 12 months of the reporting date represent present obligations resulting from employees’ services provided up to the reporting date, and are calculated at undiscounted amounts based on remuneration wage and salary rates that the Group expects to pay as at the reporting date including related on-costs such as workers’ compensation insurance and payroll tax. b. Superannuation The Group contributes to several defined contribution superannuation and similar retirement savings plans in its countries of operation. Contributions are recognised as an expense in the income statement on an accruals basis as the related service is provided. The Group contributed S$1,641,909 (2025: S$1,526,118) to defined contribution superannuation or other retirement plans during the reporting period. 17. Provisions Litigation claims Make good of leased premises Total S$000 S$000 S$000 Balance at 1 August 2025 1,895 548 2,443 Provision made during the year 163 - 163 Unwind of discount - 7 7 Balance at 31 July 2026 2,058 555 2,613 Current 2,058 - 2,058 Non-current - 555 555 2,058 555 2,613 The Group is subject to a number of potential litigation claims that arise as part of the normal course of business. The Group assesses each legal claim to determine the likelihood of an unfavourable outcome and whether a reasonable estimate of the potential loss can be made. Where it is probable that a loss will occur and can be reasonably estimated, a liability has been recorded in the financial statements. Whilst the nature of legal claims means that the timing of settlement can be uncertain, we expect all claims to be settled in the next 1 to 2 years. Whilst the provisions are based on management’s best estimate of the likely liability for obligations that exist at the year end date, the maximum potential exposure is not expected to be materially diGerent to the provision made. The make good of leased premises relates to the estimated costs required to reinstate the leased premises to the condition required under the terms of the respective lease agreements upon expiry or termination of the leases. The provision is recognised based on management’s best estimate of the costs expected to be incurred to fulfil these contractual obligations.
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 49 18. Capital and reserves Share capital 31-Jul-2026 31-Jul-2025 Ordinary shares S$000 Ordinary shares S$000 Balance at 1 August 467,871,871 528,788 466,378,771 527,240 Ordinary shares issued during the year 80,524,300 3 66,400 1,493,100 1,548 Less: capital raising costs - (4,656) - - Balance as 31 July 548,396,171 890,532 467,871,871 528,788 Issue of ordinary shares In October 2025, the FY21, FY22, FY23, FY24 and FY25 incentive plans vested as conditions were met and 1,545,350 (2025: 1,493,100) shares for S$1,906,606 (2025: S$1,547,651) were issued to qualifying employees. Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax eGects. The Company does not have authorised capital or par value in respect of its issued shares. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company’s residual assets. Common control reserve The reserve of S$14,008,187 arises from the diGerence between the net asset value and the deemed consideration of these net assets acquired through business combination. Foreign currency translation reserve The translation reserve comprises all foreign exchange diGerences arising from the translation of the financial statements of foreign operations where their functional currency is diGerent to the presentation currency of the reporting entity. Share based payment reserve The share incentive programme allows the Company's employees to be issued shares of the Company upon the exercise of performance rights as described in the Remuneration Report. The fair value of these share-based employee benefits of S$1,709,000 (2025: S$1,479,849) for this financial period is recognised as an expense with a corresponding recognition in the share-based payment reserve. 19. Financial instruments and risk management Financial Instruments The Group has no derivative financial assets or liabilities. The Group’s non-derivative financial assets and liabilities comprise Cash and Cash equivalents, Term deposits, Trade and Other Receivables, and Trade and Other Payables.
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 50 Note 19: Financial instruments and risk management (continued) The Group has limited exposure to risks from its use of financial instruments. Consumer customers, who provide the great majority of Simba’s revenue prepay for the use of mobile services. None of the Company’s financial assets are measured at fair value. For Trade and Other Receivables and Other Payables, the carrying amount is a reasonable approximation of fair value. The following table shows the financial instruments: 31-Jul-2026 31-Jul-2025 Carrying Amount Carrying Amount S$000 S$000 Financial assets Cash and cash equivalents 479,837 39,747 Term deposits 18,949 40,940 Trade and other receivables 5,897 5,218 504,683 85,905 Financial liabilities Trade and other payables 39,306 28,179 Risk management The Group has exposure to the following risks from its use of financial instruments: • credit risk • liquidity risk • market risk. The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework. Risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and in the Group’s activities. The Group aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty fails to meet its contractual obligations. Simba requires its consumer mobile customers to prepay for services and, as such, any credit risk to them is insignificant. The trade receivables largely arise from arrangements with project counterparties and interconnected network operators, of financial substance. As such, the Group’s exposure to credit risk is low and risk management activity has been limited.
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 51 Note 19: Financial instruments and risk management (continued) At each reporting date, the Group assesses whether financial assets are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired may include the following observable data: • significant financial diGiculty of the borrower or issuer; • a breach of contract such as a default or being s ignificantly overdue without due circumstance or prior arrangement. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have suGicient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. The Group manages the cashflow requirements to optimise its return on cash. The Group ensures that it has suGicient cash on demand to meet expected operational expenses. The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements: Carrying amount Contractual cashflows Within 1 year Between 1-5 years S$000 S$000 S$000 S$000 Trade and other payables 39,306 39,306 39,306 - Lease liabilities 486 490 443 47 Total as at 31 July 2026 39,792 39,796 39,749 47 Trade and other payables 28,179 28,179 28,179 - Lease liabilities 1,038 1,052 591 461 Total as at 31 July 2025 29,217 29,231 28,770 461 It is not expected that the cashflows included in the maturity analysis above could occur significantly earlier, or at significantly diGerent amounts. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will aGect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising return.
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 52 Note 19: Financial instruments and risk management (continued) a. Currency risk The Group is exposed to currency risk on expenses and payables that are denominated in a currency other than its functional currency, the Singapore dollar (SGD). These other currencies include primarily the Australian dollar (AUD), the Malaysian ringgit (MYR), and the United States dollar (USD). As at 31 July 2026, currency risks associated with the Group’s foreign currency denominated payables are not considered to be significant. The Group's exposure to currency risk on income and receivables is not considered to be significant. b. Interest rate risk The Group currently has no external borrowings or other liabilities with an interest component and, as such, has interest rate risk only on cash and cash equivalents and term deposits. Any risk of adverse consequences is considered insignificant. 20. Capital and other commitments 31-Jul-26 31-Jul-25 S$000 S$000 Contracted but not provided for in the financial statements 13,503 5,338 The commitments made are for purchases of mobile network equipment in Singapore dollars. 21. Consolidated entities The following is a list of all entities that formed part of the Group: Name of Entity Country of incorporation Ownership interest as at 31 July 2026 Ownership interest as at 31 July 2025 % % 1B1 B Parent entity Tuas Limited Australia Subsidiaries Simba Telecom Pte Ltd Singapore 100 100 Simba 5G Pte Ltd Singapore 100 100 Netco East Pte Ltd Singapore 100 100 Netco West Pte Ltd Singapore 100 100 Goose Esim Pte Ltd Singapore 100 100 Tuas Solutions Sdn Bhd Malaysia 100 100
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 53 22. Parent entity disclosures Year ended 31-Jul-26 Year ended 31-Jul-25 S$000 S$000 Result of the parent entity Profit /(loss) for the period 10, 024 (2,100) Comprising: Foreign exchange gain/( loss ) 8, 247 (3,332) Loan interest income 1,387 1,400 Income tax (expense)/ income (235) 79 Other 62 6 (247) Total profit/ (loss) for the period 10, 025 (2,100) Financial position of parent entity Current assets 29,219 26,679 Non-current assets 869,607 500,484 Total assets 898,826 527,163 Current liabilities 148 56 Total liabilities 148 56 Total equity of the parent entity 898,678 527,107 Share capital 890,532 528,788 Share based payment reserve 3,013 3,211 Accumulated profits/(losses) 5,133 (4,892) Total Equity 898,678 527,107 Parent entity guarantees The Company has given a performance guarantee to various trade suppliers of Simba, the value of which is limited to S$23.1 million. To support Simba obtaining bank guarantees in favour of commercial counterparties relating to services being supplied on a project basis mainly for the installation of infrastructure, the Company has committed fixed deposits totalling S$11.8 million (2025: S$16.9 million).
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 54 23. Reconciliation of cash flows from operating activities 24. Related parties a. Parent and ultimate controlling party The parent entity of the Group is Tuas Limited. b. Subsidiaries Interest in subsidiaries is set out in Note 21. Other related party transactions between subsidiaries are loan interest and management fee. The above related party transactions eliminate on consolidation at the consolidated entity level. c. Transactions with key management personnel Information regarding transactions with key management personnel (KMP) including their remuneration is as follows: 31-Jul-26 31-Jul-25 Note S$000 S$000 Cash flows from operating activities Profit after tax for the period 25,987 6,898 Adjustments for : Depreciation 11, 13 48,611 44,195 Amortisation of intangibles 12 12,923 13,499 Share based payment 1,709 1,480 Unrealised foreign exchange (gain)/loss (6,772) 283 Interest income (8,260) (1,473) Tax expense 6 7,440 4,803 Operating profit before changes in working capital and provisions 81,638 69,685 Changes in: - Trade and other receivables (679) (591) - Contract costs (1,754) (1,426) - Contract assets (4,777) (558) - Inventories (899) (237) - Deferred tax assets 7,355 4,683 - Prepayments and other assets (3,347) (575) - Trade and other payables (6,982) (1,560) - Contract liabilities 994 - - Unearned revenue 11,481 9,653 - Employee benefits (79) 23 - Provisions 170 681 Cash from operating activities 83,121 79,778
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 55 Note 24: Related parties (continued) Key management personnel compensation comprised the following: Year ended 31-Jul-26 Year ended 31-Jul-25 S$ S$ Short -term employee benefits 2,5 42,879 2,4 74,936 Non -monetary benefits 105,633 158,821 Post -employment benefits 96,447 99,684 Share based payment 356,234 3,288,638 3, 101,193 6,022,079 * * FY25 SBP expense has been restated and increased by S$2,508,451 due to revisions in assumptions applied to the fair value at grant date for measurement purposes. Compensation of the Group’s key management personnel includes salaries, short term incentive cash bonus, other allowances, non-monetary benefits and superannuation benefits. Executive officers also participate in the Group’s performance rights plan (see Note 8). In FY2025, Tuas entered into an agreement with Teoh Capital Pty Ltd (Teoh Capital), a company associated with David Teoh and Bob Teoh, under which Teoh Capital provided corporate advisory services in connection with the acquisition of M1 in exchange for a success fee of 0.5% of the transaction enterprise value which is contingent upon the settlement of the acquisition within 12 months of 31 May 2025. The acquisition did not proceed and, accordingly, the agreement has lapsed. 25. Auditors’ remuneration 31 -Jul -26 31 -Jul -25 Audit and review services S$ S$ Auditors of the Company – KPMG, Australia - Audit and review of financial statements 102,113 101,104 Network firms of KPMG - Audit of Simba financial statements 270,850 270,850 - Audit of Simba’s subsidiaries financial statements 47,038 47,038 420,001 418,992 Other services KPMG, Australia - Taxation and other services 27,458 27,671 26. Subsequent events There has not arisen in the interval between the end of the financial period and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors of the Company, to aGect significantly the operations of the Group, the results of those operations, or the state of aGairs of the Group in future periods.
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 56 27. Material accounting policies The accounting policies as set out below have been applied consistently to all periods presented in these consolidated financial statements and have been applied consistently across the Group. a. Basis of consolidation • Business combinations The Group accounts for business combinations using the acquisition method when control is transferred to the Group (refer (ii) below). The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Goodwill is measured as the excess of consideration transferred as compared to the value of identifiable net assets acquired. In case of common control transactions, the consideration transferred, and identifiable net assets acquired, are measured at book value and no goodwill is created or recognised in common control reserve. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. • Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to aGect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. Such changes have been made with eGect from the date of acquisition. • Transactions eliminated on consolidation Intra-group balances and any unrealised gains and losses or income and expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements. b. Foreign currency transactions Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to Singapore dollars at the foreign exchange rate ruling at that date. Foreign exchange diGerences arising on translation are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 57 Note 27: Material accounting policies (continued) value are translated to Singapore dollars at foreign exchange rates ruling at the dates the fair value was determined. c. Foreign operations The assets and liabilities of foreign operations are translated to Singapore dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated to Singapore dollars at exchange rates at the dates of the transactions. Foreign currency diGerences are recognised in other comprehensive income and presented in the foreign currency translation reserve in equity. d. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less and includes bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management. e. Leases As a Lessee • Determining whether an arrangement contains a lease At the inception of a contract, the Group assesses whether a contract is, or contains, a lease based on whether it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For contracts that contain a lease and non-lease component, the consideration in the contract is allocated to each component in proportion to the relative stand-alone prices of the lease and non-lease components. • Measurement of right of use (ROU) assets and lease liabilities The Group recognises a ROU asset and lease liability at the lease commencement date. The lease liability is initially measured at the present value of the lease payments that are not yet paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee or, as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. The ROU asset is initially measured at cost comprising the lease liability amount measured on initial recognition, lease prepayments and any restoration-related costs as reduced by any
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 58 Note 27: Material accounting policies (continued) lease incentives received. The ROU asset is subsequently measured at cost less any accumulated depreciation and impairment losses, and adjusted for certain remeasurements of the lease liability. The Group applies judgement to determine the likelihood of exercising renewal options on a lease-by-lease basis. The lease term would include the non-cancellable period plus extension terms for which the Group is reasonably certain to exercise options. The Group uses its weighted average cost of borrowing as an estimate of its incremental borrowing rate. The Group has elected not to recognise ROU assets and lease liabilities for leases with a term of less than twelve months or less and low-value assets such as photocopiers. f. Goods and services tax Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the taxation authority. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the Inland Revenue Authority of Singapore (IRAS) is included as a current asset or liability in the statement of financial position. Cashflows are included in the statement of cash flows on a gross basis. The GST components of cashflows arising from investing and financing activities which are recoverable from, or payable to, IRAS are classified as operating cashflows. g. Inventory Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs, and other costs incurred in bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and estimated costs necessary to make the sale. Where necessary, allowance is provided for damaged, obsolete and slow-moving items to adjust the carrying value of inventories to the lower of cost and net realisable value. h. Government grants Government grants related to the acquisition of assets are initially recognised by deducting the grant in arriving at the carrying amount of the assets when there is reasonable assurance that they will be received and the Company will comply with the conditions associated with the grant. The assets which could be Plant and equipment or Spectrum assets are then depreciated/ amortised in the income statement over the remaining useful lives of the assets.
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Tuas and its Controlled Entities – Notes to the Consolidated Financial Statements Page | 59 Note 27: Material accounting policies (continued) Grants that compensate the Company for expenses incurred are recognised in profit or loss as an oGset against ‘network, carrier and hardware costs’ on a systematic basis in the same periods in which the expenses are recognised, unless the conditions for receiving the grant are met after the related expenses have been recognised. In this case, the grant is recognised when it becomes receivable. i. Contingent liabilities Simba is subject to an ongoing investigation by the Infocomm Media Development Authority (“IMDA”) concerning potential unauthorised use of spectrum in the 2,300 MHz band. IMDA has indicated that, if unauthorised use is established, this may constitute breaches of the Telecommunications Act 1999 and Simba’s Facilities-Based Operations licence conditions, for which IMDA may take enforcement action. The investigation remains ongoing and the ultimate outcome, including the nature, timing and amount of any potential financial consequences, cannot presently be determined with suGicient reliability. Accordingly, no provision has been recognised in respect of this matter. The Group will continue to monitor the investigation and reassess the accounting treatment as further information becomes available. At the reporting date, management is unable to reliably estimate the financial eGect of any potential enforcement action. j. Changes in significant accounting policies A number of new standards are eGective from 1 August 2025 but they do not have a material eGect on the Group’s financial statements. 28. Standards issued but not yet eGective A number of new standards are eGective from 1 August 2025 and earlier application is permitted; however, the Group has not early adopted the new or amended standards in preparing these Group’s financial statements. The following new standards, interpretations and amendments to standards are not expected to have a significant impact on the Group’s financial statements. • AASB 18 Presentation and Disclosure in Financial Statements • Amendments to AASB 9 and AASB 7 Classification and Measurement of Financial Instrument
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Tuas and its Controlled Entities – Consolidated entity disclosure statement Page | 60 Consolidated entity disclosure statement Name of Entity Body Corporate, Partnership or Trust Country of incorporation % of share capital held directly or indirectly by the Company in the body corporate Australian or Foreign Tax Resident Jurisdiction for Foreign Tax Resident % 2B2 B Parent entity Tuas Limited Body Corporate Australia - Australian N/A 3B3 B Subsidiaries 4B4 B Simba Telecom Pte Ltd Body Corporate Singapore 100 Foreign Singapore 5B5 B Simba 5G Pte Ltd Body Corporate Singapore 100 Foreign Singapore 6B6 B Netco East Pte Ltd Body Corporate Singapore 100 Foreign Singapore 7B7 B Netco West Pte Ltd Body Corporate Singapore 100 Foreign Singapore 8B7 B Goose Esim Pte Ltd Body Corporate Singapore 100 Foreign Singapore 9B8 B Tuas Solutions Sdn Bhd Body Corporate Malaysia 100 Foreign Singapore Determination of Tax Residency Section 295 (3A) of the Corporation Acts 2001 requires that the tax residency of each entity which is included in the Consolidated Entity Disclosure Statement (CEDS) be disclosed. In the context of an entity which was an Australian resident, “Australian resident” has the meaning provided in the Income Tax Assessment Act 1997 . The determination of tax residency involves judgment as the determination of tax residency is highly fact dependent and there are currently several diGerent interpretations that could be adopted, and which could give rise to a diGerent conclusion on residency. In the determining tax residency, the consolidated entity has applied the following interpretations: • Australian tax residency The consolidated entity has applied current legislation and judicial precedent, including having regard to the Commissioner of Taxation’s public guidance in Tax Ruling TR 2018/5 . • Foreign tax residency The consolidated entity has applied current legislation and where available judicial precedent in the determination of foreign tax residency. Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in its determination of tax residency to ensure applicable foreign tax legislation has been complied with.
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Tuas and its Controlled Entities – Notes to the Con solidated Financial Statements Tuas and its Controlled Entities – Directors’ declaration Page | 61 Directors’ declaration For the year ended 31 July 2026 1. In the opinion of the Directors of Tuas Limited (‘t he Company’): (a) the consolidated financial statements and notes that are set out on pages 27 to 59 and the Remuneration report in the Directors’ report, s et out on pages 12 to 21, are in accordance with the Corporations Act 2001 , including: (i) giving a true and fair view of the Group’s finan cial position as at 31 July 2026 and of its performance for the year ended 31 July 2026 and (ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001 ; and (b) the Consolidated entity disclosure statement as at 31 July 2026 set out on pages 60 is true and correct; and (c) there are reasonable grounds to believe that the Co mpany will be able to pay its debts as and when they become due and payable. 2. There are reasonable grounds to believe that the Co mpany and the Group entities will be able to meet any obligations or liabilities to whic h they are or may become subject to. 3. The Directors have been given the declarations requ ired by Section 295A of the Corporations Act 2001 from the chief executive oGicer and chief financial oGicer for the year ended 31 July 2026. 4. The Directors draw attention to note 2 to the conso lidated financial statements, which includes a statement of compliance with Internation al Financial Reporting Standards. with International Financial Reporting Standards. Signed in accordance with a resolution of the Direc tors. David Teoh Chairman Dated at Sydney this 23 rd day of September 2026.
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62 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation. Independent Auditor’s Report To the shareholders of Tuas Limited Report on the audit of the Financial Report Opinion We have audited the Financial Report of Tuas Limited (the Company). In our opinion, the accompanying Financial Report of the Company gives a true and fair view, including of the Group’s financial position as at 31 July 2026 and of its financial performance for the year then ended, in accordance with the Corporations Act 2001, in compliance with Australian Accounting Standards and the Corporations Regulations 2001. The Financial Report comprises: • Consolidated statement of financial position as at 31 July 2026 • Consolidated statement of comprehensive income, Consolidated statement of changes in equity, and Consolidated statement of cash flows for the year then ended • Consolidated entity disclosure statement and accompanying basis of preparation as at 31 July 2026 • Notes, including material accounting policies • Directors’ Declaration. The Group consists of the Company and the entities it controlled at the year end or from time to time during the financial year. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have fulfilled our other ethical responsibilities in accordance with these requirements.
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63 Key Audit Matters Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Report of the current period. This matter was addressed in the context of our audit of the Financial Report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter. Mobile and broadband revenue recognition (S$187.2m) Refer to Note 4 ‘Revenue’ to the Financial Report The key audit matter How the matter was addressed in our audit Mobile and broadband revenue recognition is a key audit matter due to the: • significance of revenue (being 99.8% of total revenue) to the financial statements of the Group; • high volume of customer transactions; • complexity of the Group’s contractual arrangements when considering the application of AASB 15 Revenue from contracts with customers to the contracts. We focused on the timing of revenue recognition; and • involvement of IT specialists to supplement our senior audit team members who understand the Group's business, industry and economic environment it operates in. Our procedures included the following: • evaluating the Group’s revenue recognition accounting policies against the requirements of AASB 15 Revenue from contracts with customers and our business understanding; • testing key manual controls, including reconciliations of cash receipts to telecommunication services provided, over the Group’s revenue recognition process; • for mobile revenue, working with our IT specialists, testing the relevant IT general controls over the Group’s systems and the automated IT controls within the customer billing systems and supporting IT systems relevant to revenue recognition, such as reconciling the billing system and the deferred revenue calculation to the general ledger; • for a sample of broadband revenue transactions recorded on either side of year end, testing the timing of revenue recognised by the Group to underlying documentation, such as executed contracts, order confirmations and customer acknowledged installation forms; • for a sample of mobile revenue transactions recorded prior to year end, testing the timing of revenue recognised by the Group to underlying information; • for mobile revenue, comparing the revenue recognised against our expectation based on the number of subscribers and corresponding mobile plan prices; • for broadband revenue, testing a sample of transactions recorded throughout the year by
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64 checking the: - existence of an underlying arrangement with the customer; - accuracy of amounts invoiced to customers; and - completion of the associated performance obligation against the Group’s revenue recognition policy and underlying arrangement with the customer. • evaluating the disclosures included in the financial report, using our understanding obtained from our testing, against the requirements of the accounting standards. Other Information Other Information is financial and non-financial information in Tuas Limited’s annual report which is provided in addition to the Financial Report and the Auditor's Report. The Directors are responsible for the Other Information. Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express an audit opinion or any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion. In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing to report. Responsibilities of the Directors for the Financial Report The Directors are responsible for: • preparing the Financial Report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group, and in compliance with Australian Accounting Standards and the Corporations Regulations 2001 • implementing necessary internal control to enable the preparation of a Financial Report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group, and that is free from material misstatement, whether due to fraud or error • assessing the Group and Company’s ability to continue as a going concern and whether the use of the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Group and Company or to cease operations, or have no realistic alternative but to do so.
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65 Auditor’s responsibilities for the audit of the Financial Report Our objective is: • to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, whether due to fraud or error; and • to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Financial Report. A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf. This description forms part of our Auditor’s Report.
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66 Report on the Remuneration Report Opinion In our opinion, the Remuneration Report of Tuas Limited for the year ended 31 July 2026, complies with Section 300A of the Corporations Act 2001. Emphasis of matter - restatement of certain comparative balances in the statutory remuneration table We draw attention to pages 17 and 18 of the Remuneration Report, which describes the restatement of certain executive key management personnel remuneration comparative period disclosures. These restatements were due to revisions in the assumptions applied to the fair value at grant date for measurement purposes, used to measure share-based payments. Our Opinion on the remuneration Report is not modified in respect of this matter. Directors’ responsibilities The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with Section 300A of the Corporations Act 2001. Our responsibilities We have audited the Remuneration Report included in pages 12 to 21 of the Directors’ report for the year ended 31 July 2026. Our responsibility is to express an opinion as to whether the Remuneration Report complies in all material respects with Section 300A of the Corporations Act 2001, based on our audit conducted in accordance with Australian Auditing Standards. KPMG Caoimhe Toouli Partner Sydney 23 September 2026
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Tuas and its Controlled Entities – Additional Information Page | 6 7 Other Information Additional information required by the Australian S ecurities Exchange Limited Listing Rules and not disclosed elsewhere in this report is set out b elow. The shareholding information is current as at 14 August 2026. As at that date, there were 5 48,396,171 ordinary shares held by 12,512 shareholders. There were no restricted securities subject to Escrow. Substantial shareholders The number of shares held by substantial shareholde rs and their associates as announced by them prior to 14 August 2026 are set out below: Name of shareholder Number of ordinary shares held % of capital held David Teoh and Vicky Teoh 172,986,163 32.17 Washington H Soul Pattinson and Company Limited 78, 719,107 14.64 Distribution of equity security holders An analysis of the number of shareholders by size o f holding is set out below: Number of shares held Number of holders Total units % of capital 1 - 1,000 7,524 2,397,034 0.44 1,001 - 5,000 2,851 6,860,642 1.25 5,001 - 10,000 875 6,574,203 1.20 10,001 - 100,000 1,153 29,958,788 5.46 100,001 over 109 502,605,504 91.65 12,512 548,396,171 100.00 The number of shareholders holding less than a mark etable parcel of ordinary shares is 1,709. Unquoted securities The number of unquoted securities at 16 August 2026 : Number on issue No of holders Performance rights over ordinary shares issued 1 , 827 , 850 42 Voting rights (ordinary shares) On a show of hands every member present at a meetin g in person or by proxy shall have one vote, and upon a poll each share shall have one vot e.
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Tuas and its Controlled Entities – Additional Information Page | 6 8 Stock exchange Tuas Limited is listed on the Australian Securities Exchange. The home exchange is Sydney, and the ASX code is TUA. Other information Tuas Limited, incorporated and domiciled in Austral ia, is a publicly listed company limited by shares. Twenty largest shareholders (as at 14 August 2026) Name of shareholder Number of ordinary shares held % of capital held 1 SIMBA SG PTY LTD 162,873,607 29.70 2 CITICORP NOMINEES PTY LIMITED 77,937,309 14.21 3 WHSP HOLDINGS PTY LIMITED 75,261,684 13.72 4 J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 63,899,027 11.65 5 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 54,037,991 9.85 6 BNP PARIBAS NOMS PTY LTD 12,210,691 2.23 7 TSH HOLDINGS NO 3 PTY LTD 7,190,590 1.31 8 J S MILLNER HOLDINGS PTY LIMITED 4,485,100 0.82 9 FARJOY PTY LTD 4,001,613 0.73 10 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2 3,098,936 0.57 11 BNP PARIBAS NOMINEES PTY LTD 2,726,646 0.50 12 BNP PARIBAS NOMINEES PTY LTD 2,489,328 0.45 13 BNP PARIBAS NOMINEES PTY LTD 1,866,936 0.34 14 MILONISS PTY LTD 1,834,829 0.33 15 BNP PARIBAS NOMINEES PTY LTD 1,787,586 0.33 16 BIRKETU PTY LTD 1,348,445 0.25 17 TOTAL PERIPHERALS PTY LTD 1,343,823 0.25 18 CODE NOMINEES PTY LTD 1,220,449 0.22 19 UBS NOMINEES PTY LTD 1,073,128 0.20 20 NETWEALTH INVESTMENTS LIMITED 1,004,811 0.18 481,692,529 87.84 Principal Registered O@ice C/- Level 4, 68 Waterloo Road, Macquarie Park NSW 2113 Telephone: 02 9868 1876
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Tuas and its Controlled Entities – Additional Information Page | 6 9 Share Registry MUFG Corporate Markets (AU) Limited Street Address: Liberty Place Level 41 161 Castlereagh Street Sydney NSW 2000 Postal Address: Locked Bag A14 SYDNEY SOUTH NSW 1235 Australian Telephone: 1300 554 474 International Telephone: +61 1300 554 474 Facsimile: 02 9287 0303 Website: https://au.investorcentre.mpms.mufg.com