True Corporation Public Company (TRUE) Q1 2025 earnings summary

Executive summary

• Service revenue grew 0.1% year-over-year, with EBITDA up 7.1% and reported net profit at THB 1.6 billion for Q1 2025, reversing a net loss in Q1 2024, despite challenging macroeconomic conditions.

• Integration phase post-amalgamation completed, with transformation for growth underway, focusing on customer experience, organizational agility, and digital expansion.

• Sustainability initiatives advanced, including SBTi-validated Net Zero target, A- CDP rating, and inclusion in FTSE ASEAN 40 index.

• Gross profit improved to THB 15.8 billion, with margin expansion driven by lower selling and administrative expenses.

• Operating cash flow remained robust at THB 21.2 billion for the quarter.

Financial highlights

• Service revenue: THB 41.3 billion (+0.1% YoY, -0.7% QoQ); EBITDA: THB 25.3 billion (+7.1% YoY, +0.2% QoQ); reported net profit: THB 1.6 billion; normalized net profit: THB 4.3 billion.

• Total revenues reached THB 51.4 billion, with gross margin up to 30.8% from 28.4% YoY.

• Opex (excl. D&A) declined 5.7% YoY and 4.9% QoQ, driven by synergies and cost discipline.

• Free cash flow to firm for Q1 2025 was negative THB 5.1 billion, with net cash outflow of THB 12.6 billion after debt repayment.

• Net cash used in investing activities: THB 21.8 billion, mainly for network expansion.

Outlook and guidance

• 2025 guidance: service revenue (excl. IC & NT roaming) +2–3%, EBITDA +8–10%, CAPEX THB 28–30 billion, profitable reported net profit.

• Dividend payout targeted at over 50% of consolidated net profit, subject to board approval.

• Management expects continued revenue growth and margin improvement, supported by network investments and cost control.

• No material impact anticipated from adoption of new accounting standards effective 2025.