Mitihoon – Bangkok, March 23rd, 2026 — True Corporation Plc, Thailand’s No. 1 telecom-tech leader and ranked Top 1% of the world’s most sustainable companies for the 8th consecutive year in the S&P Global Sustainability Yearbook 2026, reinforces its strong business position and long-term sustainable growth potential. The company plans to offer four new debenture tranches to the general public with maturities ranging from 4 – 10 years, with coupon rates [2.45 – 3.35]% per annum. The debentures are rated “A+” with an outlook upgraded to “Positive” from “Stable” by TRIS Rating Co., Ltd. as of March 19th, 2026, highlighting the Company’s solid credit profile amidst prevailing economic uncertainty reflecting confidence in the company’s strong fundamentals as well as its role in developing Thailand’s digital infrastructure. The debentures are expected to be available for subscription on April 30th and May 5th-6th, 2026 through seven leading financial institutions namely Bangkok Bank, KASIKORNBANK, Siam Commercial Bank, CIMB Thai Bank, UOB Bank, Kiatnakin Phatra Securities and Asia Plus Securities. They will also be available via TrueMoney Wallet application, with Bank of Ayudhya (Krungsri) acting as the debenture registrar and debenture holders’ representative.
Mr. Nakul Sehgal, Chief Financial Officer, True Corporation PCL said that 2025 marked another milestone year for the company as we delivered in line with guidance despite macro-economic headwinds. The company successfully returned to profitability with a net profit of 9.2 billion baht (or 19.2 billion baht normalized for one-time effects) and recorded its fourth consecutive quarter of profit since the amalgamation. This was driven by effective cost management, strong financial discipline, focus on high quality subscribers and continued benefits from our spectrum strategy. The Company recorded an EBITDA of 105.0 billion, up 7% YoY and an improvement of 43% since amalgamation and consequently announced its first dividend payment since the amalgamation. These achievements reflect strong cash flow generation and significantly improved operational stability.
At the same time, the company has completed ASEAN’s largest tower integration strengthening its 5G and 4G networks to deliver the widest, stable, and most efficient coverage in Thailand. True has also implemented AI-driven automated network management, improving operational efficiency and delivering a seamless, high-quality user experience for customers. These factors highlight the company’s strong business fundamentals and long-term growth potential.
Both the company and the debentures being offered have received an “A+” rating with “Positive” outlook by TRIS Rating (March 18th, 2026), with the outlook upgraded from “Stable”. This reflects True’s market leadership in telecommunication, underpinned by nationwide network coverage, a diverse spectrum portfolio and a trusted consumer brand. In addition, the benefits of the amalgamation have enhanced operational efficiency and strengthened the company’s long-term growth prospects.
Furthermore, the “Positive” outlook reflects TRUE’s strengthened profitability and cash flow, driven by realized synergies from the successful amalgamation.
Following the amalgamation, the company reached a steady-state operating phase in late 2025 and has realized most of the expected synergy benefits. EBITDA has improved due to savings in spectrum costs and greater operational efficiency.
True expects EBITDA-to-service revenue ratio to increase from 64% in 2025 to 69% by 2028 with capital expenditures (Capex) to gradually decline from 2026 onward and Capex-to-sales ratio to decrease to 13 – 14% by 2028. At the same time, the company will maintain disciplined investment management. The company aims to reduce financial leverage to be around 3.0x by 2028.
The public offering includes four tranches of name-registered, unsubordinated, unsecured debentures with debentureholders’ representatives. Fixed interest will be paid every 6 months. These debentures are suitable for medium – to long-term investors, with a minimum subscription of 100,000 baht and in multiples of 100,000 baht. The expected subscription dates for general investors are April 30th and May 5th-6th, 2026. The debentures include:
1st Tranche: 4-year tenor with fixed coupon rate [2.45 – 2.60]% per annum
2nd Tranche: 5-year tenor with fixed coupon rate [2.60 – 2.80]% per annum
3rd Tranche: 7-year tenor with fixed Coupon rate [3.00 – 3.20]% per annum
4th Tranche: 10-year tenor with fixed coupon rate [3.20 – 3.35]% per annum and the issuer has the right to redeem the debentures prior to maturity starting from the 5th year.
The final interest rates will be announced later. The company is currently in the process of filing a registration statement and draft prospectus, which are not yet effective and are pending approval by the Securities and Exchange Commission (SEC). Investors can find more details about the debenture offering and draft prospectus at www.sec.or.th. For additional information, please contact the seven joint lead arrangers listed below:
- Bangkok Bank Public Company Limited, all branches (excluding Micro Branch), or call 1333, or book online via Bangkok Bank Mobile Banking.
- KASIKORNBANK Public Company Limited, all branches, call 02 888 8888 ext. 869 (Retail investors can subscribe via online channel (https://www.kasikornbank.com/kmyinvest), non-residents can subscribe at head office and branches), including KASIKORN Securities Public Company Limited as the sales unit of KASIKORNBANK Public Company Limited.
- Siam Commercial Bank Public Company Limited., all branches, call 02 777 6784, or book online via SCB EASY app, including InnovestX Securities Co., Ltd. as an agent of Siam Commercial Bank Public Company Limited.
- CIMB Thai Bank Public Company Limited., all branches, call 02 626 7777, or book online via CIMB Thai app.
- United Overseas Bank (Thai) Public Company Limited, all branches, call 02 285 1555.
- Asia Plus Securities Co., Ltd., call 02 680 4004.
- Kiatnakin Phatra Securities Public Company Limited., call 02 165 5555, or book online via Dime! app, including Kiatnakin Phatra Bank Public Company Limited as an agent of Kiatnakin Phatra Securities Public Company Limited.
For those interested in subscribing via the TrueMoney Wallet, more information and instructions can be found at www.truemoney.com. For assistance with the application process, contact the staff of True Money Co., Ltd. at Tel. 1240, press 6.
Investment Risk Warning: Investing involves risks. Investors should carefully study and understand the product features, return conditions, and associated risks before making any investment decisions. The offering documents are available at www.sec.or.th
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