Advanced Info Service Public Company (ADVANC) Q3 2025 earnings summary

Executive summary

• Leadership transitioned to a new CEO, emphasizing continuity and a vision for digital and AI infrastructure growth, with strong business resiliency in 3Q25 driven by higher connectivity demand and content offerings.

• Sustained growth in mobile, fixed broadband, and enterprise segments, focusing on quality subscriber acquisition and value-driven strategies.

• Revenue for the nine months ended September 30, 2025, reached THB 166.7 billion, up from THB 156.8 billion year-over-year, with net profit at THB 33.6 billion, a significant increase from THB 25.8 billion in the prior year period.

• Profitability improved through disciplined cost management and operational excellence, with a commitment to delivering exceptional customer experience and sustainable value for stakeholders.

• The company completed a major shareholding change, with Intouch Holdings amalgamating with Gulf Energy, and established a virtual bank joint venture with KTB and PTTOR.

Financial highlights

• Q3 2025 revenue was THB 54.4 billion, up from THB 52.2 billion year-over-year; Q3 net profit was THB 12.0 billion, up from THB 8.8 billion.

• 9M25 total revenue increased 6.3% YoY to Bt166.7bn, EBITDA up 8.5% YoY, and NPAT up 30% YoY.

• EBITDA margin improved to 57.8% in 3Q25, up 333bps YoY, and gross profit for the nine months was THB 65.6 billion, up from THB 57.0 billion year-over-year.

• Core service revenue grew 6.8% YoY in 3Q25 and 6.7% YoY in 9M25.

• Dividends paid in 2025 totaled THB 37.6 billion.

Outlook and guidance

• Guidance for the year remains unchanged despite strong nine-month performance, with 9M25 performance exceeding FY25 guidance for core service revenue and EBITDA growth.

• Management expects continued growth in mobile, broadband, and digital services, supported by new spectrum and virtual banking initiatives.

• CapEx expected to trend higher in 2026 and 2027 to maintain network leadership and support rising data usage.

• FY25 outlook remains cautious due to economic uncertainties, with continued focus on quality-driven expansion and prudent CAPEX.

• No impact to guidance from the recent spectrum auction.