Is M1 Limited profitable in 2026?

M1 has not published standalone financials since its 2019 SGX delisting. Its last disclosed public results (FY2018) showed S$1,094.7m revenue and S$130.7m net profit. Its parent Keppel booked a S$222 million accounting loss on 22 May 2026 after the failed Simba sale, clouding current profitability.

Is M1 Limited laying off employees?

Yes. Keppel activated a 90-day 'rightsizing' cost plan around 18 May 2026 covering structural cuts and AI automation. Third-party data shows M1 headcount already fell from 1,801 in 2023 to 1,678 by December 2025, a 6.3% decline.

Could AI replace jobs at M1 Limited?

AI at M1 is being deployed defensively, automating back-office, billing and network operations as part of Keppel's May 2026 cost-cutting plan, and customers have flagged AI phone-routing friction. The core spectrum-licensed network business itself is not AI-replicable.

Keppel Corporation holds an 83.9% effective stake in M1, acquired when Keppel and Singapore Press Holdings took M1 private in 2019 at S$2.06/share. A planned S$1.43 billion sale of M1's telecom arm to Simba Telecom collapsed on 22 May 2026, leaving Keppel as owner.

Who is M1 Limited's biggest competitor?

Singtel is Singapore's dominant mobile operator with roughly 43% market share, far ahead of M1, StarHub and Simba. M1 also faces MVNO price pressure from Circles.Life, which bundled free AI chatbot subscriptions into a S$10/month plan as of 22 May 2026.

What happened to the Simba-M1 merger?

Keppel had agreed on 11 August 2025 to sell M1's telecom business to Simba Telecom for about S$1.43 billion. Singapore's IMDA suspended review over an investigation into Simba's alleged unauthorized spectrum use, and the deal was terminated on 22 May 2026.

Telecom operators · subsidiary of Keppel Corporation · Singapore

M1 Limited

m1.com.sg ↗

Singapore's third-largest mobile carrier, also selling broadband, hosting and enterprise connectivity.

Losing its protection

Assessed 25 July 2026 · Evidence as of 25 July 2026

The structural protection is eroding.

On the recordSince 25 July 2026 · Checkable from Q3 2026 · Every call on the record Checkpoint: Keppel's 1H 2026 results, expected to detail rightsizing headcount cuts and any new buyer for M1

The call

M1 keeps its license and network but sits inside a stalled sale process and a cost-cutting plan with no confirmed new owner yet.

M1 owns a cell phone network that serves Singapore and has government licenses that prevent competitors from easily building their own networks. However, M1 is squeezed in the middle between Singtel, the much larger leader with way more customers, and other rivals, so prices keep falling and profits are shrinking. The company was bought by Keppel and almost sold again to Simba in May 2026, but that deal fell apart. The real question is whether M1 gets sold to StarHub or another buyer soon, or if Keppel's cost-cutting plan in the coming months will mean major job losses in your area, either of which could signal what happens to jobs and the company over the next few years.

Why

AI pressure: Keppel's internal AI-driven automation plan. Keppel's 90-day plan uses AI for automation and product cuts, trimming M1 headcount rather than a rival AI product taking customers. Could AI do the core job? Unlikely.

Bigger players: Singtel. Singtel holds 43% of Singapore mobile share with better scale and unit economics, squeezing M1's ARPU as the number three player. Could a giant copy it? Probably.

What protects it. M1 holds a national spectrum license and a live 5G-SA network that new entrants cannot legally or quickly replicate.

What would change this call

Keppel's 1H 2026 results release discloses headcount cut numbers from the 90 day rightsizing plan. Shows whether Keppel is shrinking M1's workforce beyond normal attrition.
IMDA issues its final ruling on Simba's alleged unauthorized spectrum use. Determines whether industry consolidation involving M1 can restart or stays frozen.
Keppel names a new buyer (such as StarHub) or terms for M1's telecom business. Confirms whether M1 gets a new owner and at what valuation versus the failed S$1.43B Simba deal.

Key numbers

Keppel's sale of M1 to Simba valued at S$1.43 billion (2025-08-11)
Simba-M1 deal terminated after IMDA spectrum probe (2026-05-22)
Keppel booked S$222 million loss on failed deal (2026-05-22)

Named risks

Unresolved ownership overhang after S$1.43B Simba deal collapsed 22 May 2026. Severity: high
Active 90-day rightsizing plan since 18 May 2026 signals further headcount cuts. Severity: high
Industry-wide mobile ARPU pressure squeezing all Singapore telcos including M1. Severity: medium
Ongoing IMDA regulatory investigation into Simba creates industry consolidation uncertainty. Severity: medium
M1 sits behind Singtel in scale, limiting pricing power and bargaining leverage. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Singtel	losing to	Singtel is Singapore's largest mobile operator with roughly 43% share as of 2026
StarHub	contesting	Co-runs Antina 5G network-sharing JV with M1; floated by analysts as possible acquirer after 22 May 2026 deal collapse
Simba Telecom	contesting	Planned S$1.43B acquirer of M1's telecom business; deal terminated 22 May 2026 amid IMDA spectrum probe
Circles.Life	gaining on	MVNO on M1's 5G-SA network undercutting with S$10/month plan bundling free AI subscriptions as of 22 May 2026

Questions people ask

Is M1 Limited profitable in 2026?: M1 has not published standalone financials since its 2019 SGX delisting. Its last disclosed public results (FY2018) showed S$1,094.7m revenue and S$130.7m net profit. Its parent Keppel booked a S$222 million accounting loss on 22 May 2026 after the failed Simba sale, clouding current profitability.
Is M1 Limited laying off employees?: Yes. Keppel activated a 90-day 'rightsizing' cost plan around 18 May 2026 covering structural cuts and AI automation. Third-party data shows M1 headcount already fell from 1,801 in 2023 to 1,678 by December 2025, a 6.3% decline.
Could AI replace jobs at M1 Limited?: AI at M1 is being deployed defensively, automating back-office, billing and network operations as part of Keppel's May 2026 cost-cutting plan, and customers have flagged AI phone-routing friction. The core spectrum-licensed network business itself is not AI-replicable.
Who owns M1 Limited?: Keppel Corporation holds an 83.9% effective stake in M1, acquired when Keppel and Singapore Press Holdings took M1 private in 2019 at S$2.06/share. A planned S$1.43 billion sale of M1's telecom arm to Simba Telecom collapsed on 22 May 2026, leaving Keppel as owner.
Who is M1 Limited's biggest competitor?: Singtel is Singapore's dominant mobile operator with roughly 43% market share, far ahead of M1, StarHub and Simba. M1 also faces MVNO price pressure from Circles.Life, which bundled free AI chatbot subscriptions into a S$10/month plan as of 22 May 2026.
What happened to the Simba-M1 merger?: Keppel had agreed on 11 August 2025 to sell M1's telecom business to Simba Telecom for about S$1.43 billion. Singapore's IMDA suspended review over an investigation into Simba's alleged unauthorized spectrum use, and the deal was terminated on 22 May 2026.

Timeline

2026-06-04IMDA investigation into Simba's alleged unauthorized spectrum use remains active
2026-05-22Tuas/Keppel confirm termination of S$1.43B Simba-M1 telecom sale
2026-05-22Keppel records estimated S$222 million accounting loss on failed M1 deal
2026-05-22Tuas Limited shares fall about 60% on deal collapse news
2026-05-18Keppel activates 90-day rightsizing and AI cost-automation plan for M1
2026-05-17Keppel responds publicly to IMDA's suspension of the Simba-M1 review
2025-08-11Keppel agrees to sell M1 telecom business to Simba Telecom for ~S$1.43B
2024-10M1 acquires ADG Distribution to expand enterprise ICT business
2019-03-18M1 delisted from SGX after Keppel/SPH compulsory acquisition at S$2.06/share
2019-01-28M1 releases last public FY2018 results: S$1,094.7m revenue, S$130.7m profit

Revision history

25 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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