True Corporation Public Company (TRUE) Q2 2024 earnings summary

Executive summary

• Achieved six consecutive quarters of EBITDA growth, reaching THB 24.3 billion in Q2 2024, with normalized net profit at THB 2.4 billion, nearly triple the previous quarter.

• Service revenue grew 5.7% year-over-year and 0.6% quarter-over-quarter, driven by mobile and online segments.

• Network modernization advanced, with 42% of sites upgraded and 7,100 sites completed since amalgamation; 5G coverage reached 92% of the population.

• Recognized as the most sustainable telecom company globally for the sixth consecutive year by DJSI.

• Operational expenses (excluding D&A) declined 3.9% YoY (normalized), reflecting synergy realization.

Financial highlights

• Service revenue up 5.7% YoY and 0.6% QoQ; total revenue increased 4.4% YoY.

• EBITDA grew 9% YoY (15.5% normalized), and 3.1% QoQ; EBITDA margin to service revenue at 58.6%.

• Normalized net profit of THB 2.4 billion, up from THB 0.8 billion in Q1; reported net loss after tax of THB 1.9 billion due to THB 4.3 billion asset impairment.

• Net debt reduced by THB 27 billion YoY to THB 435 billion; leverage improved to 4.7x.

• CAPEX for Q2 2024 was THB 6.1 billion; H1 total at nearly THB 10 billion.

Outlook and guidance

• Upgraded 2024 service revenue growth guidance to 4–5% and EBITDA growth to 12–14%; CAPEX guidance maintained at ~THB 30 billion.

• Normalized net profit expected to remain positive for 2024, excluding impairment impacts.

• Dividend consideration possible in 2025, with policy of at least 50% payout, subject to financial position.