True Corporation Public Company (TRUE) Q4 2025 earnings summary

Executive summary

• Achieved first full year of profitability in 2025, reversing a net loss in 2024, with four consecutive profitable quarters and a consolidated net profit of Baht 9,111 million; first dividend declared since amalgamation.

• Completed One Network integration ahead of plan, now holding the largest spectrum portfolio and delivering a unified, digital-first customer experience.

• Mobile service revenue and subscribers grew sequentially in Q4, with EBITDA up 10.3% YoY and 3.2% QoQ.

• Focus shifting from integration to disciplined execution, sustainable performance, and digital transformation.

Financial highlights

• Q4 2025 service revenue flat QoQ, -0.2% YoY (normalized, excluding domestic roaming); full year -0.2% YoY.

• EBITDA up 10.3% YoY and 3.2% QoQ in Q4; full year EBITDA up 7%.

• Q4 net profit after tax THB 4 billion (2.5x QoQ); normalized profit THB 6.1 billion; full year net profit THB 9.2 billion.

• Dividend payout for 2025: THB 4.1 billion (12 satang) final, full year payout 56% of normalized profits; proposed final dividend of Baht 0.12 per share.

• Product sales in Q4 up 37% YoY due to iPhone launch; full year total revenue down 5% due to spectrum rental expiration.

Outlook and guidance

• 2026-2028 EBITDA margin target up to 69% of service revenue, a 15-point improvement since amalgamation.

• CapEx to sales ratio to taper down to 13%-14% by 2028; 2026 CapEx guided at THB 25-27 billion.

• Leverage expected to improve to 3.5x by 2026 and 3x by 2028.

• 2026 service revenue (ex-interconnect) expected to grow 2-3.3%, outpacing GDP.

• Dividend payout policy at least 70% of consolidated net profit, subject to board approval.