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True Corporation Public Company (TRUE) investor relations material

True Corporation Public Company Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Completed integration of True and DTAC networks, achieving ASEAN's largest tower integration and modernizing 18,500 sites, enhancing 5G/4G coverage and customer experience.

  • Transitioned from integration to transformation, focusing on network modernization, AI-driven operations, digital services, and organizational agility.

  • Interim consolidated and separate financial statements reviewed with no material misstatements, but material uncertainties remain from ongoing lawsuits.

  • Maintained 2025 guidance despite macroeconomic headwinds and completed key synergy projects.

  • Group operates mainly in telecommunications, including mobile, broadband, pay TV, and digital platforms in Thailand.

Financial highlights

  • Q3 2025 service revenue was THB 41.3 billion, down 0.6% year-over-year but up 0.5% quarter-on-quarter; normalized for one-offs, service revenue would have grown 0.5% year-over-year.

  • EBITDA reached THB 27.0 billion, up 7.9% year-over-year and quarter-on-quarter, with a margin of 65.3% to service revenue.

  • Net profit for Q3 was THB 1.6 billion; normalized net profit excluding write-offs was THB 4.6 billion, up 400 million quarter-on-quarter.

  • Total consolidated revenue for the nine months ended 30 September 2025 was THB 148,262 million, down from THB 153,278 million year-over-year.

  • Net profit attributable to owners for the nine months was THB 5,237.93 million, compared to a net loss of THB 3,458.08 million in the prior year.

Outlook and guidance

  • Interim dividend of THB 0.19 per share, totaling THB 6,564.90 million, approved for payment in December 2025, with a revised policy to pay at least 50% of net profits semi-annually.

  • Expecting positive net subscriber additions and revenue growth in Q4, with full-year service revenue guidance at the lower end of the 0–1% range.

  • EBITDA growth guidance maintained at 7–8% year-over-year, with Q4 benefiting from additional accounting effects.

  • CapEx to sales expected to gradually decline to 13–14% by 2027.

  • New debentures issued post-period to refinance maturing debts and support early redemption of subsidiary debentures.

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Frequently asked questions

True Corporation Public Company Limited is a telecommunications provider based in Thailand. The company operates various business segments including mobile telecommunications under the TrueMove H and dtac brands, broadband and fixed-line services through TrueOnline, and pay television services via TrueVisions. True Corporation also encompasses a range of digital services and platforms that cater to different market needs and customer bases, from individual consumers to businesses. Additionally, the company is involved in offering multimedia and digital content services through its various digital platforms and services. The company is headquartered in Bangkok, Thailand, and its shares are listed on the Stock Exchange of Thailand.

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