True Corporation Public Company (TRUE) Q3 2025 earnings summary

Executive summary

• Completed ASEAN's largest tower integration, modernizing 18.5K sites and unifying infrastructure, enhancing 5G/4G coverage and speed.

• Transitioned from integration to transformation, focusing on network modernization, digital-first customer journeys, and AI-driven operations.

• Despite macroeconomic headwinds, including lower tourism and migrant worker inflows, core business fundamentals are improving, with reduced churn and enhanced customer experience.

• Interim consolidated and separate financial statements reviewed with no material misstatements found; emphasis on material uncertainties from ongoing lawsuits.

• Announced a maiden interim dividend of THB 0.19 per share (THB 6.6 billion), reflecting a 125% payout ratio for the first nine months of 2025.

Financial highlights

• Q3 2025 EBITDA reached THB 27 billion, up 8% year-on-year and quarter-on-quarter; service revenues were THB 41.3 billion.

• Reported net profit for Q3 was THB 1.6 billion; normalized net profit (excluding write-offs) was THB 4.6 billion, up THB 400 million quarter-on-quarter.

• Total consolidated revenue for the nine months ended 30 September 2025 was Baht 148,262 million, down from Baht 153,278 million year-over-year.

• Net profit attributable to owners for the nine months was Baht 5,237.93 million, compared to a net loss of Baht 3,458.08 million in the prior year.

• Opex (excluding D&A) declined 21.6% YoY, driven by spectrum acquisition and network modernization.

Outlook and guidance

• Full-year guidance maintained at 0%-1% service revenue growth and 7%-8% EBITDA growth, with expectations to be at the lower end of the range.

• Q4 expected to benefit from additional accounting effects, supporting further EBITDA margin improvement.

• CapEx to sales expected to gradually decline to 13%-14% by 2027, with 2025 CapEx guided at THB 30 billion.

• Dividend policy targets at least 50% of net profits as semi-annual payments, subject to financial position.

• New debentures issued post-period to refinance maturing debts and support early redemption of subsidiary debentures.