True Corporation Public Company (TRUE) Q2 2026 earnings summary

Executive summary

• Q2 service revenue was THB 41.4 billion, up 0.8% YoY and QoQ; EBITDA rose 13.5% YoY and 1.1% QoQ.

• Reported net profit reached THB 6.6 billion, up 3.2x YoY and flat QoQ.

• Net leverage declined to 3.7x from 5.7x at amalgamation.

• Interim dividend of THB 0.15 per share, totaling THB 5.2 billion, was approved at a 79% payout ratio.

• Six-month interim financials were reviewed with no material misstatements found; ongoing lawsuits create material uncertainties.

Financial highlights

• Service revenue grew 0.8% YoY and QoQ; excluding domestic roaming, growth was 1.1% YoY. Total revenue fell 7.5% YoY after network equipment rentals declined following the NT arrangement expiry.

• EBITDA margin to service revenue reached 68.5%, up 7.6 percentage points YoY; OpEx excluding D&A declined 28.7% YoY.

• Six-month consolidated revenue was Baht 92,293.9 million, down from Baht 101,032.1 million; gross profit rose to Baht 35,998.8 million from Baht 31,510.8 million.

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

• First-half free cash flow to firm was THB 8.9 billion.

Outlook and guidance

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

• FY2026 EBITDA growth guidance remains 7%-9%; CapEx guidance remains THB 25 billion-THB 27 billion.

• OpEx is targeted to remain flat, with non-revenue cost savings offsetting investment in sales and marketing.

• Broadband customer inflow is expected to increase as network-quality improvements progress cluster by cluster through the rest of the year.

• Quarterly dividends are subject to board approval and a policy of at least 70% of consolidated net profit.