Mitihoon – February 19, 2026 – True Corporation Public Company Limited announced financial results for the fourth quarter of 2025, delivering its fourth consecutive quarter of profitability. The Company reported a net profit after tax of THB 4.0 billion, with normalized profit of THB 6.1 billion after adjusting for one‑off items. EBITDA for the quarter was THB 27.8 billion, reflecting the full‑quarter benefit arising from spectrum acquisition. The Board of Directors has recommended a final dividend of THB 4.1 billion, bringing full‑year dividend to THB 10.7 billion, reflecting a payout ratio of 116% of reported NPAT and 56% of normalized NPAT.
Mr. Sigve Brekke, Group Chief Executive Officer of True Corporation Public Company Limited, said, “We delivered strong financial performance in the final quarter of 2025 as a result of improved customer satisfaction, a strengthened quality subscriber base and a fully modernized One Network. We continue to deliver excellent digital experiences to our customers, and with our AI First Program we will take full advantage of the benefits AI offers to drive both innovation and efficiency. We enter 2026 with confidence in our full-year expectations of sustainable and progressive dividends.”
True continued efforts to optimize its subscriber base through reduced rotational gross adds and focusing on quality acquisition. As a result, despite macroeconomic headwinds and reduced tourist inflows, mobile subscribers increased by approximately 578,000, reaching 47.5 million at the end of Q4 2025. Online subscribers rose 1.0% quarter‑on‑quarter to 3.3 million, and 5G subscribers totaled 17.1 million.
Mr. Nakul Sehgal, Co‑Chief Financial Officer of True Corporation Public Company Limited, reaffirmed the Company’s commitment to sustainable shareholder returns. “True Corporation remains dedicated to delivering sustainable and long‑term value to our shareholders. For the full year of 2025, the Company performed in line with guidance, despite macroeconomic headwinds and external challenges. With a full‑year Net Profit After Tax of THB 9.2 billion for 2025, we have demonstrated the strength of our operational discipline and our focus on profitable growth across core and adjacent businesses. The Board has recommended a final dividend of THB 4.1 billion, or THB 0.12 per share, representing a payout ratio of 104%. Along with the interim dividend for the first nine months of the year, the full year dividend amounted to THB 10.7 billion representing a payout ratio of 116%, reflecting our strong financial position and our confidence in the Company’s cash‑generation capabilities.
Our ongoing commitment to financial discipline continues to deliver measurable results, strengthened working‑capital management, and improved operational efficiency following the spectrum acquisition. These efforts have enabled us to deliver stable returns during 2025 despite unprecedented challenges and macroeconomic headwinds. As we move forward, we remain focused on prudent capital allocation, strengthening our balance sheet, and supporting future growth areas that enhance long‑term shareholder value. We will continue balancing investment in strategic priorities with disciplined management of expenditure, ensuring that the Company not only sustains but progressively improves its trajectory of profitable growth.”
Financial Performance Highlights
True Corporation recorded its fourth consecutive quarter of net profit after tax, supported by cost savings from spectrum acquisition and operational efficiencies. Service revenue excluding interconnection for Q425 declined 1.0% year-on-year and 0.2% from the previous quarter driven by lower contribution from online and PayTV segments. Adjusted for lower domestic roaming revenue, service revenue declined 0.2% year-on-year while remaining flat Quarter-on-quarter. Anticipated reduction in network rental income following the expiration of network rental agreement with National Telecom (NT) from August 2025 contributed to a total revenue decline of 10.1% year-on-year. Product sales decline 1.4% year-on-year while increasing 36.9% quarter-on-quarter following the launch of iPhone.
Operating expenses excluding depreciation and amortization recorded a substantial decline of 28.8% year‑on‑year, primarily on account of elimination of spectrum rental cost due to expiry of spectrum arrangement contract with NT. Network costs decreased 27.5% year‑on‑year, driven by acquisition of spectrum and cost savings from network modernization. SG&A expenses increased 5.5% year‑on‑year, on account of slightly higher outsourcing and marketings spends. Other cost of providing services declined 8.4% year-on-year reflecting net savings from EPL.
Since the completion of its amalgamation, True Corporation has achieved an EBITDA improvement of THB 8.4 billion. For Q425, the Company reported an EBITDA improvement of 10.3% year‑on‑year and 3.2% quarter‑on‑quarter, driven primarily by the spectrum acquisition and associated cost efficiencies. EBITDA for the full year of 2025 increased by 7.0% year‑on‑year. The Company’s EBITDA margin to service revenue improved by 6.9 percentage points year‑on‑year, reaching 67.5% for the quarter. True Corporation’s leverage ratio stood at 4.0x at the end of Q4 2025, reflecting a reduction of 0.2x from both the prior year and the previous quarter.
For the fourth quarter of 2025, True Corporation reported a net profit after tax of THB 4.0 billion. The Company recognized one‑time non‑cash items amounting to THB 2.1 billion related to impairment of investments, assets and goodwill, netted off with gain from deferred tax assets and investment in associates. Excluding these one‑off effects, normalized net profit after tax amounted to THB 6.1 billion. Capital expenditure for the quarter amounted to THB 11.5 billion, with CAPEX representing 24% of sales for the period.
Key Financial Indicators for FY25 and Q425
- Service revenue excluding IC:
- THB 164.8 billion for FY25, declining 0.7% year-on-year
- THB 41.2 billion in Q425, declining 1.0% year-on-year and 0.2% quarter-on-quarter
- EBITDA:
- THB 105.0 billion for FY25, increasing by 7.0% year-on-year
- THB 27.8 billion in Q425, increasing by 10.3% year-on-year and 3.2% quarter-on-quarter
- EBITDA margin (to service revenue):
- 7% for FY25
- 5% for Q425
- Net profit After Tax (NPAT):
- THB 9.2 billion, THB 19.2 billion (normalized for one-time effects) for FY25
- THB 4.0 billion, THB 6.1 billion (normalized for one-time effects) for Q425
- Recommended Final Dividend (Q425): THB 4.1 billion (THB 0.12 Dividend Per Share), reflecting a payout ratio of 104% of reported NPAT and 68% of normalized NPAT. FY25 dividend amounted to THB 10.7 billion (THB 0.31 Dividend Per Share), reflecting payout ratio of 116% of reported NPAT and 56% of normalized NPAT.
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