True Corporation Public Company (TRUE) Q2 2025 earnings summary

Executive summary

• Stable Q2 2025 performance despite macroeconomic headwinds and a one-time network outage, with normalized service revenue and EBITDA remaining steady.

• Achieved consolidated net profit of Baht 3,665 million for the six months ended 30 June 2025, reversing a net loss of Baht 2,648 million year-over-year.

• Successful spectrum auction expanded 2300 MHz and added 1500 MHz, strengthening the 8-band portfolio for 5G and future growth.

• Ongoing transformation focuses on customer experience, digital expansion, organizational efficiency, and operational simplification.

• Total consolidated revenues for the six-month period were Baht 101,032 million, slightly down from Baht 102,438 million year-over-year.

Financial highlights

• Q2 2025 service revenue: THB 41.4 billion, up ~1% YoY when normalized for the outage; reported service revenue down 1.1% YoY.

• EBITDA: THB 25 billion, up 2.6% YoY; EBITDA margin to service revenue rose 2.2pp YoY to 60.8%.

• Reported net profit for Q2 2025: THB 2 billion; normalized NPAT THB 4.2 billion, impacted by one-time network modernization and asset impairment.

• Gross margin for the six-month period was 31.2%, up from 29.1% year-over-year.

• Net cash generated from operating activities was Baht 37,482 million for the six-month period.

Outlook and guidance

• 2025 service revenue growth guidance revised to 0–1% (from 2–3%); EBITDA growth guidance revised to 7–8% (from 8–10%).

• Interim dividend payout in H2 2025 to exceed 50% of consolidated net profit, subject to board approval.

• Long-term guidance unchanged: EBITDA margin to reach 67% by 2027, CapEx intensity to fall to 13–14%, leverage to drop to 3.2x.

• Management expects no material impact from new financial reporting standards effective 2025.

• The Group is within the scope of OECD Pillar Two rules, but no current tax expense arose for the period due to safe harbour relief.