True Corporation Public Company (TRUE) Q4 2024 earnings summary

Executive summary

• Achieved eight consecutive quarters of EBITDA growth, reaching THB 98.1 billion in 2024, with a 14.5% year-on-year increase and normalized profit of THB 9.9 billion.

• Service revenue grew 4.6% year-on-year for 2024, driven by mobile and online segments, while product sales declined 6.9% year-on-year.

• Network modernization advanced, with 77% of sites upgraded and 13.1K sites modernized since amalgamation.

• Recognized for sustainability leadership, maintaining DJSI status for the seventh consecutive year and named the world's most sustainable telecom company.

Financial highlights

• Q4 2024 service revenue up 2.3% year-on-year and 0.2% quarter-on-quarter; full-year service revenue up 4.6%.

• EBITDA for Q4 up 12% year-on-year and 1% quarter-on-quarter; full-year EBITDA up 14.5%.

• Normalized net profit for Q4 at THB 3.6 billion; full-year normalized profit at THB 9.9 billion.

• Net debt reduced by THB 35 billion year-on-year; leverage down to 4.2x at year-end.

• Free cash flow for 2024 at THB 17.6 billion.

Outlook and guidance

• 2025 service revenue (excluding interconnect and domestic roaming) expected to grow 2%-3%; enterprise segment to grow 8%-10%.

• CapEx guidance for 2025 set at THB 28-30 billion.

• Reported profitability expected in 2025, with dividend payout of more than 50% of consolidated net profit under consideration.

• EBITDA margin projected to rise to 63% in 2025 and 67% in 2027; leverage below 4.0x by 2025 and below 3.2x by 2027.