True Corporation reports massive profits for four consecutive quarters! Total dividends for 2025 to reach 1.07 billion baht.

True Corporation continued to generate profits for the fourth consecutive quarter and will pay a dividend of 4.1 billion baht for the fourth quarter of 2025.

February 19, 2569 – True Corporation Public Company Limited Announcing its Q4 2025 operating results, the company reported its fourth consecutive quarter of profitability. Net profit after tax was 4 billion baht, and normalized profit (after adjustments for special items) was 6.1 billion baht. EBITDA for the quarter was 2.78 billion baht, reflecting the full quarter's benefits from the spectrum license.

The company's board of directors has resolved to propose an annual dividend payment of 4.1 billion baht, bringing the total annual dividend to 1.07 billion baht. This represents a dividend payout ratio of 116% of NPAT as reported, and 56% of NPAT after adjusting for special items.

Mr. Sigve Brekke, Group Chief Executive Officer, True Corporation Plc. The company stated, “We closed the final quarter of 2568 with strong financial performance, driven by improved customer satisfaction, robust growth in our quality subscriber base, and the full modernization of our One Network infrastructure. We remain committed to delivering an excellent digital experience to our customers, and with our AI First Program, we will fully leverage the potential of AI to drive innovation and enhance operational efficiency. The company enters 2569 with confidence in its full-year performance, along with sustainable and continuously growing dividend payments.”

True Corporation continues to focus on developing its subscriber base by reducing rotational gross adds and prioritizing quality customers. Despite macroeconomic challenges and declining tourist numbers, this focus has resulted in approximately 578,000 new mobile subscribers, reaching 47.5 million subscribers by the end of Q4 2568. The total number of 5G subscribers reached 17.1 million. Home internet subscribers also increased by 1.0% compared to the previous quarter, totaling 3.3 million users.

Mr. Nakul Sehkal, Chief Financial Officer (Joint), True Corporation Public Company Limited.  The statement reaffirms the company's commitment to creating sustainable returns for shareholders, stating, "True Corporation remains committed to creating sustainable and long-term value for its shareholders."

For the full year 2568, the company achieved its targets despite facing challenging macroeconomic conditions and various external factors. With a net profit after tax of 9.2 billion baht for the full year 2568, we have demonstrated the strength of our operational discipline and focus on profitable growth in both our core and related businesses.

The company's board of directors has resolved to propose an annual dividend payment of 4.1 billion baht, or 0.12 baht per share, representing a dividend yield of 104%. When combined with the interim dividend for the first nine months of the year, the total annual dividend amounts to 1.07 billion baht, representing a dividend yield of 116% of net profit. This reflects the company's strong financial position and confidence in its ability to generate consistent cash flow.

Our continued commitment to financial discipline has created tangible strengths, evident in both robust working capital management and improved operational efficiency following the acquisition of the spectrum license. This comprehensive plan enables us to deliver stable returns throughout 2568, even in the face of challenging macroeconomic conditions.

Moving forward, we remain focused on prudent capital allocation, strengthening our balance sheet, and supporting future growth that creates long-term value for shareholders, while maintaining a balance between core strategic investments and disciplined cost management to enhance sustained profitability.

Key strengths of the financial performance.

True Corporation continued to generate net profit after tax for the fourth consecutive quarter, driven by cost savings from spectrum licenses and improved operational efficiency. Service revenue, excluding interconnection charges (IC), decreased by 1.0% year-on-year and 0.2% quarter-on-quarter in Q4 2025.

The primary cause was a decline in revenue from online and subscription television businesses. After adjusting for the impact of decreased domestic cross-network service revenue, service revenue decreased by 0.2% year-on-year and remained flat compared to the previous quarter. The decline in network rental revenue was in line with expectations following the expiration of the network lease agreement with National Telecommunications Public Company Limited (NT) in August 2568, contributing to a 10.1% year-on-year decrease in total revenue. Product sales revenue decreased by 1.4% year-on-year but increased by 36.9% quarter-on-quarter due to the launch of the iPhone.

Operating expenses, excluding depreciation and amortization, decreased significantly by 28.8% year-on-year, primarily due to the termination of spectrum lease agreements following the expiration of the shared spectrum usage contract with NT. Network expenses decreased by 27.5% year-on-year due to new spectrum licenses and cost savings from network modernization. Selling, general, and administrative (SG&A) expenses increased by 5.5% year-on-year due to slightly higher outsourcing and marketing costs, but other service costs decreased by 8.4% year-on-year resulting from net cost savings from EPL.

Since the merger was completed. 

True Corporation recorded an improved EBITDA of THB 8.4 billion for Q4 2568. The company reported a 10.3% year-on-year increase in EBITDA and a 3.2% quarter-on-quarter increase, primarily driven by spectrum license acquisitions and related cost savings. For the full year 2568, EBITDA is projected to increase by 7.0% year-on-year.

The EBITDA-to-service revenue ratio improved by 6.9 percentage points year-on-year to 67.5% for the quarter. Meanwhile, True Corporation's leverage ratio stood at 4.0x at the end of Q4 2568, a decrease of 0.2x compared to both the previous year and the previous quarter.

For Q4 2568, True Corporation reported a net profit after tax of 4 billion baht. The company recorded one-time non-cash items of 2.1 billion baht related to impairment of investments, assets, and goodwill, offset by gains from deferred income tax assets and investments in associates. After adjusting for the impact of these one-time items, the net profit after tax was 6.1 billion baht. Capital expenditures (CAPEX) in Q4 2568 were 1.15 billion baht, representing CAPEX to sales of 24% for the quarter.

Key financial figures for both the full year 2025 and the fourth quarter of 2025.

• Service revenue does not include IC network connection charges:
• Total revenue for the year 2568 is projected at 1.648 billion baht, a decrease of 0.7% compared to the previous year.
• Revenue in the fourth quarter of 2025 was 4.12 billion baht, a decrease of 1.0% compared to the previous year and a decrease of 0.2% compared to the previous quarter.
• Full-year 2568 EBITDA is projected at 1.05 billion baht, a 7.0% increase compared to the previous year.
• The figure for the fourth quarter of 2025 is 2.78 billion baht, an increase of 10.3% compared to the previous year and 3.2% compared to the previous quarter.
• EBITDA to service revenue ratio
• The figure for the whole year, 2568, is 63.7%.
• The figure for the fourth quarter of 2025 was 67.5%.
• Net profit after tax (NPAT) for the full year 2568 is projected at 9.2 billion baht and 1.92 billion baht (after adjustment for special items).
• The figure for Q4 2568 is 4 billion baht and 6.1 billion baht (after adjusting for special items).
• The proposed annual dividend payment (Q4/2568) is THB 4.1 billion (THB 0.12 per share), representing a dividend payout ratio of 104% of NPAT as reported and 68% of NPAT after adjusting for special items. The total dividend for the year 2568 is THB 1.07 billion (THB 0.31 per share), representing a dividend payout ratio of 116% of NPAT as reported and 56% of NPAT after adjusting for special items.