True Corporation Public Company (TRUE) Q1 2026 earnings summary

Executive summary

• Sustained topline momentum in Q1 2026 with subscriber growth in mobile and online segments despite macroeconomic headwinds and a slowdown in tourism.

• Mobile net adds exceeded 600,000 quarter-on-quarter; online achieved record net adds of 36,000.

• Transformation and network modernization initiatives improved customer experience and operational efficiency.

• Revenue for Q1 2026 was Baht 46,392.89 million, down from Baht 51,435.61 million year-over-year.

• Net profit attributable to owners was Baht 6,588.72 million, up from Baht 1,633.88 million year-over-year.

Financial highlights

• Service revenues declined 0.6% year-on-year and 0.4% quarter-on-quarter, mainly due to PayTV weakness; total revenues down 9.8% year-on-year.

• EBITDA grew 10.9% year-on-year and 0.7% quarter-on-quarter, reaching THB 28 billion with a margin of 68.3% to service revenues.

• Net profit was THB 6.6 billion, up 4x year-on-year and 1.6x quarter-on-quarter, with no one-time effects.

• Gross profit rose to Baht 17,953.36 million from Baht 15,833.42 million year-over-year.

• OpEx reduced by 29.8% year-on-year, driven by spectrum acquisition and synergy realization.

Outlook and guidance

• No change to previous guidance; steady performance expected for the remainder of the year, though macroeconomic uncertainty remains.

• Revenue growth expected to improve in the remaining quarters to meet full-year guidance.

• Leverage target of 3.5x net debt to EBITDA by year-end and 3x by 2028 reaffirmed.

• Dividend payment for 2025 results approved at Baht 0.12 per share, totaling Baht 4,146.25 million, to be paid on 26 May 2026.

• Interim dividend of Baht 0.14 per share, totaling Baht 4,837.29 million, to be paid on 5 June 2026.