Mitihoon – November 4, 2025 – True Corporation Plc. reported net profit after tax of THB 1.6 billion for Q325, marking its third consecutive quarter of profitability. Excluding the impact of one-off items, the Company posted a normalized profit of THB 4.6 billion for the period. EBITDA was reported at THB 27.0 billion, mainly driven the benefits of spectrum acquisition. For the period of 9M25, the Company has announced an interim dividend of THB 6.6 billion, marking a 125% payout ratio.
Mr. Sigve Brekke, Group Chief Executive Officer of True Corporation Plc., said, “We closed this quarter with sustained profitability, highlighted by the first-time dividend payout. Healthier profitability on account of EBITDA improvement, disciplined financial management, and more focused beyond-the-core business portfolios are the critical factors enabling us to deliver value to our customers and shareholders. We continue to execute with a clear intent on our priorities to strengthen our foundation, capitalize our existing digital assets and innovations, and explore potential growth for the future as we have recently announced a strategic partnership with a global tech player to establish robust AI and cloud infrastructure as the backbone of Thailand’s digital transformation and long-term competitiveness. We are confident in our trajectory to deliver on our 2025 guidance and longer-term objectives.”
True Corporation has been focusing on building a healthy subscriber base by reducing the rotational gross adds and, in the process, optimizing the commission expenses. In addition, subscribers have been impacted by the declining macroeconomic situation and lower tourist inflow into Thailand. As a consequence, total number of mobile subscribers declined by 2.4 million, or 4.8% from Q324, reaching 46.9 million. Online subscribers registered an increase of 2.0% year on year, reaching 3.8 million. At the end of Q325, 5G subscribers reached 15.5 million.
Mr. Nakul Sehgal, Chief Financial Officer (Co) of True Corporation Plc., said, “True Corporation remains committed to delivering sustainable value to our shareholders. With a Net Profit After Tax of THB 5.2 billion for the first nine months of 2025, the Board has approved an interim dividend of THB 6.6 billion, equivalent to THB 0.19 per share, representing a payout ratio of 125%. This decision reiterates the company’s commitment to returning value to shareholders while maintaining financial discipline and delivering profitable growth.
True Corporation reported its third consecutive quarter of Net Profit After Tax of THB 1.6 billion for the third quarter of 2025. Topline momentum remained soft mainly due to macroeconomic headwinds, however, profitability was boosted by savings on account of spectrum acquisition.
Service revenue, excluding interconnection charges, declined by 0.6% year-on-year, primarily due to softness in the mobile segment, partially offset by growth in online and PayTV segments. Adjusting for the impact of a one-time network outage incident in the previous quarter and lower domestic roaming revenue, service revenue showed improvement both year-on-year and quarter-on-quarter. Anticipated reduction in network rental income following the expiration of the network rental agreement with National Telecom (NT) from August 2025 contributed to a total revenue decline of 7.1% year-on-year. Product sales increased year-on-year and from the previous quarter due to the launch of iPhone during the third quarter.
For the third quarter of 2025, the Company recorded a substantial year-on-year reduction in operating expenses, reflecting continued focus on operational efficiency and sustainable profitability. Total operating expenses excluding depreciation and amortization declined by 21.6% compared to the same period last year. Network costs registered a 16.3% year-on-year decrease, supported by the acquisition of spectrum and cost savings from network modernization. Selling, General, and Administrative (SG&A) expenses declined by 6.2%, benefiting from synergies realized through organizational modernization and targeted commercial initiatives. True Corporation’s disciplined approach to financial management, including the integration of a performance management framework focused on long-term profitability, continues to deliver strong results. The company remains committed to maintaining tight control over operating expenses while investing in future growth.
Since the completion of its amalgamation, True Corporation has recorded an EBITDA improvement of THB 7.5 billion, underscoring the success of its integration strategy. For Q3 2025, reported EBITDA increased by 7.9% year-on-year and 7.9% quarter-on-quarter, primarily supported by spectrum acquisition and associated cost savings. The company’s EBITDA margin to service revenue rose by 5.1 percentage points year-on-year, reaching 65.3% for the quarter. True Corporation’s leverage ratio stood at 4.2x at the end of Q3 2025, marking a 0.2x reduction from the previous year and a 0.2x increased from the previous quarter.
For the third quarter of 2025, True Corporation reported net profit after tax of THB 1.6 billion. True Corporation recorded one-time non-cash items amounting to THB 3.0 billion pertaining to impairment of assets related to network modernization and 850 MHz shutdown. Normalized for these one-time effects, net profit after tax amounted to THB 4.6 billion, reflecting the company’s underlying operational strength and strategic execution. CAPEX for the third quarter of 2025 amounted to THB 6.9 billion, with CAPEX as a percentage of sales reaching 15% for the quarter.”
Key Financial Indicators for Q325
- Service revenue excluding IC: THB 41.3 billion, declining 0.6% YoY while increasing 0.5% QoQ
- EBITDA: THB 27.0 billion, increasing by 7.9% YoY and 7.9% QoQ
- EBITDA margin (to service revenue): 65.3%
- Net profit After Tax (NPAT): THB 1.6 billion, THB 4.6 billion (normalized for one-time effects)
- Interim Dividend (9M25): THB 6.6 billion (THB 0.19 Dividend Per Share), reflecting a payout ratio of 125%
ติดตามช่องทางมิติหุ้นเพื่อรับข่าวสารตลาดทุนได้ตามลิงค์ด้านล่าง
Web : https://www.mitihoon.com/
Facebook : https://www.facebook.com/mitihoon
Youtube : https://www.youtube.com/@mitihoonofficial7770
Tiktok : www.tiktok.com/@mitihoon
