True Corporation Public Company (TRUE) investor relations material

Executive summary

• Q2 service revenue returned to YoY growth, led by mobile and online, while B2B and pay TV remained soft.

• EBITDA rose 13.5% YoY, supported by spectrum-related savings, synergies and disciplined costs.

• Reported Q2 net profit was THB 6.6B, up 3.2x YoY and flat QoQ.

• FY2026 service revenue growth guidance was reduced to 1%-2%; EBITDA and CapEx guidance remained unchanged.

• Interim financials for the six months ended 30 June 2026 were reviewed with no material misstatements found; ongoing lawsuits create material uncertainties.

Financial highlights

• Q2 service revenue rose 0.8% YoY and QoQ, or 1.1% YoY normalized for domestic roaming.

• Total Q2 revenue was THB 41.4B, down 7.5% YoY, mainly due to lower network-equipment rentals after the NT arrangement expired.

• Q2 EBITDA increased 13.5% YoY and 1.1% QoQ; 75% of the YoY gain was attributed to spectrum and 25% to operational improvement.

• Six-month consolidated revenue was Baht 92,293.9M versus Baht 101,032.1M; gross profit increased to Baht 35,998.8M from Baht 31,510.8M.

• Six-month net profit attributable to owners rose to Baht 13,142.8M from Baht 3,665.0M; basic EPS increased to Baht 0.38 from Baht 0.11.

Outlook and guidance

• FY2026 service revenue growth guidance was lowered to 1%-2% from 2%-3%, reflecting macro softness, lower tourist arrivals and weak B2B and pay TV.

• FY2026 EBITDA growth guidance remains 7%-9%; OpEx is expected to remain flat as non-revenue cost savings offset growth investment.

• FY2026 CapEx guidance remains THB 25B-THB 27B, with spending expected to accelerate in H2 after 30%-35% of the framework was spent.

• Online subscriber additions are expected to improve following network upgrades, with more aggressive customer acquisition planned as network quality is established.