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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.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Completed ASEAN's largest tower integration, modernizing 18.5K sites and unifying infrastructure, enhancing 5G/4G coverage and speed.
Transitioned from integration to transformation, focusing on network modernization, digital-first customer journeys, and AI-driven operations.
Despite macroeconomic headwinds, including lower tourism and migrant worker inflows, core business fundamentals are improving, with reduced churn and enhanced customer experience.
Interim consolidated and separate financial statements reviewed with no material misstatements found; emphasis on material uncertainties from ongoing lawsuits.
Announced a maiden interim dividend of THB 0.19 per share (THB 6.6 billion), reflecting a 125% payout ratio for the first nine months of 2025.
Financial highlights
Q3 2025 EBITDA reached THB 27 billion, up 8% year-on-year and quarter-on-quarter; service revenues were THB 41.3 billion.
Reported net profit for Q3 was THB 1.6 billion; normalized net profit (excluding write-offs) was THB 4.6 billion, up THB 400 million quarter-on-quarter.
Total consolidated revenue for the nine months ended 30 September 2025 was Baht 148,262 million, down from Baht 153,278 million year-over-year.
Net profit attributable to owners for the nine months was Baht 5,237.93 million, compared to a net loss of Baht 3,458.08 million in the prior year.
Opex (excluding D&A) declined 21.6% YoY, driven by spectrum acquisition and network modernization.
Outlook and guidance
Full-year guidance maintained at 0%-1% service revenue growth and 7%-8% EBITDA growth, with expectations to be at the lower end of the range.
Q4 expected to benefit from additional accounting effects, supporting further EBITDA margin improvement.
CapEx to sales expected to gradually decline to 13%-14% by 2027, with 2025 CapEx guided at THB 30 billion.
Dividend policy targets at least 50% of net profits as semi-annual payments, subject to financial position.
New debentures issued post-period to refinance maturing debts and support early redemption of subsidiary debentures.
Broadband turnaround strategy and timeline
Monetization strategy for beyond connectivity
Mobile revenue growth strategy vs. market share
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Next True Corporation Public Company earnings date
Q4 202520 Feb, 2026
Next True Corporation Public Company earnings date
Q4 202520 Feb, 2026
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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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