Mitihoon – True Corporation Plc. reported net profit after tax of THB 2.0 billion for Q225, marking its second consecutive quarter of profitability. Excluding the impact of one-off items, the Company posted a normalized profit of THB 4.2 billion for the period while EBITDA continued to improve since amalgamation, supported by ongoing operational efficiencies and sustained synergy realization.
Mr. Sigve Brekke, Group Chief Executive Officer of True Corporation Plc., said, “The financial performance of the second quarter remained stable amidst a challenging macroeconomic backdrop and one-time incident, with True Corporation delivering its second consecutive quarter of reported profit, upholding promises to our stakeholders. The strategic acquisition of additional spectrum in June has further strengthened and completed our portfolio, positioning us to significantly enhance network capacity, support next-generation connectivity, and accelerate the deployment of the rollout of innovative digital services to meet evolving needs of both consumer and enterprise segments. Moving forward, we remain firmly committed to driving transformative growth by focusing on operational excellence, exploring new business growth models, and reinforcing our market leadership – both in quarters to come and in the long term.”
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 2.9 million, or 5.8% from Q224, reaching 47.5 million. Online subscribers registered an increase of 2.3% year on year, reaching 3.8 million. At the end of Q225, 5G subscribers reached 14.7 million.
Mr Nakul Sehgal, Chief Financial Officer (Co) of True Corporation Plc., said, “True Corporation reported its second consecutive quarter of Net Profit After Tax during the second quarter of 2025. Topline momentum was softer during the second quarter mainly owing to a one-time network outage incident which adversely impacted mobile service revenue.
Service revenue excluding interconnection revenue declined 0.6% year on year during the second quarter, driven by decline in mobile and PayTV segments, offset by growth in online segment. Normalized for the impact of one-time network outage incident and lower domestic roaming revenue, service revenue recorded marginally improved year on year and quarter on quarter. True Corporation reported 2.9% year on year decline in total revenue driven by decline in service revenue, lower network rental revenue due to migration of traffic from 850 MHz pursuant to expiration in August 2025 and lower handset sales from seasonality.
For the second quarter of 2025, total operating expenses excluding depreciation and amortization declined 8.0% year on year. Network cost declined 7.0% year on year driven by lower electricity tariff and savings on account of network modernization. Selling, general, and administrative expenses (SG&A) declined 12.4% year on year benefitted by realization of synergies from organization modernization and commercial initiatives. Through integration of performance management framework with focus on sustainable profitability and strong financial discipline, True Corporation continues to keep operating expenses well controlled.
True Corporation recorded an EBITDA improvement of THB 5.5 billion since the amalgamation. Reported EBITDA for the second quarter improved 2.6% year on year while declining 1.2% from the previous quarter, adversely impacted by the decline in topline on account of one-time network outage incident and lower domestic roaming revenue. Normalize EBITDA remained stable from the previous quarter. EBITDA continued to be benefited by lower operating expenses driven by realization of synergies, operational efficiencies, and financial discipline. EBITDA to service revenue improved by 2.2 percentage points year on year to 60.8% for the second quarter of 2025. The leverage of True Corporation reached 4.0x at the end of Q225, registering a reduction of 0.7x from the previous year and 0.1x from the previous quarter.
For the second quarter of 2025, True Corporation reported net profit after tax of THB 2.0 billion. True Corporation recorded costs from one-time items amounting to THB 2.5 billion pertaining to impairment of assets related to network modernization and 850 MHz shutdown. Normalized for one-time effects and tax gain in Q225 of THB 368 million, net profit after tax amounted to THB 4.2 billion. CAPEX for the second quarter of 2025 amounted to THB 7.2 billion, of which almost half was integration cost pertaining to network modernization.”
Taking into consideration the macroeconomic headwinds facing Thailand during 2025, the downward revision of the Country’s GDP outlook, and the impact of the one-time network outage incident on mobile service revenue, the Management of True Corporation has revised the guidance of FY 2025. The Management now expects to deliver flat to 1% year on year growth in service revenue excluding interconnection and domestic roaming with NT while EBITDA is expected to improve between 7 – 8% for the full year. CAPEX guidance remains unchanged at THB 28 to 30 billion for 2025. The Company expects to remain profitable for the full year of 2025 on a reported basis.
Key Financial Indicators for Q225
- Service revenue excluding IC: THB 41.1 billion, declining 1.1% YoY and 0.6% QoQ
- EBITDA: THB 25.0 billion, increasing by 2.6% YoY while declining 1.2% QoQ
- EBITDA margin (to service revenue): 60.8%
- Net profit After Tax (NPAT): THB 2.0 billion, THB 4.2 billion (normalized for one-time effects)
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