{"id":29644,"date":"2026-02-19T18:25:00","date_gmt":"2026-02-19T11:25:00","guid":{"rendered":"https:\/\/trueblog.info\/blog\/?p=29644"},"modified":"2026-02-20T09:58:50","modified_gmt":"2026-02-20T02:58:50","slug":"q4-2025-2","status":"publish","type":"post","link":"https:\/\/www.true.th\/blog\/en\/q4-2025-2\/","title":{"rendered":"True Corporation Reports Fourth Consecutive Quarter of Profitability; Proposes THB 4.1 Billion Final Dividend for Q4 2025"},"content":{"rendered":"

February 19,<\/strong> 2026<\/strong> \u2013 True Corporation Public Company Limited announced financial results for the fourth quarter of 2025, delivering its fourth consecutive quarter of profitability. The Company reported a net profit after tax of THB 4.0 billion, with normalized profit of THB 6.1 billion after adjusting for one\u2011off items. EBITDA for the quarter was THB 27.8 billion, reflecting the full\u2011quarter benefit arising from spectrum acquisition. The Board of Directors has recommended a final dividend of THB 4.1 billion, bringing full\u2011year dividend to THB 10.7 billion, reflecting a payout ratio of 116% of reported NPAT and 56% of normalized NPAT.<\/p>\n

\"\"<\/p>\n

Mr. Sigve Brekke, Group Chief Executive Officer of<\/strong> True Corporation Public Company Limited<\/strong>, said, \u201cWe delivered strong financial performance in the final quarter of 2025 as a result of improved customer satisfaction, a strengthened quality subscriber base and a fully modernized One Network. We continue to deliver excellent digital experiences to our customers, and with our AI First Program we will take full advantage of the benefits AI offers to drive both innovation and efficiency. We enter 2026 with confidence in our full-year expectations of sustainable and progressive dividends.\u201d<\/p>\n

True continued efforts to optimize its subscriber base through reduced rotational gross adds and focusing on quality acquisition. As a result, despite macroeconomic headwinds and reduced tourist inflows, mobile subscribers increased by approximately 578,000, reaching 47.5 million at the end of Q4 2025. Online subscribers rose 1.0% quarter\u2011on\u2011quarter to 3.3 million, and 5G subscribers totaled 17.1 million.<\/p>\n

Mr. Nakul Sehgal, Co\u2011Chief Financial Officer of<\/strong> True Corporation Public Company Limited<\/strong>, reaffirmed the Company\u2019s commitment to sustainable shareholder returns. \u201cTrue Corporation remains dedicated to delivering sustainable and long\u2011term value to our shareholders. For the full year of 2025, the Company performed in line with guidance, despite macroeconomic headwinds and external challenges. With a full\u2011year Net Profit After Tax of THB 9.2 billion for 2025, we have demonstrated the strength of our operational discipline and our focus on profitable growth across core and adjacent businesses. The Board has recommended a final dividend of THB 4.1 billion, or THB 0.12 per share, representing a payout ratio of 104%. Along with the interim dividend for the first nine months of the year, the full year dividend amounted to THB 10.7 billion representing a payout ratio of 116%, reflecting our strong financial position and our confidence in the Company\u2019s cash\u2011generation capabilities.<\/p>\n

Our ongoing commitment to financial discipline continues to deliver measurable results, strengthened working\u2011capital management, and improved operational efficiency following the spectrum acquisition. These efforts have enabled us to deliver stable returns during 2025 despite unprecedented challenges and macroeconomic headwinds. As we move forward, we remain focused on prudent capital allocation, strengthening our balance sheet, and supporting future growth areas that enhance long\u2011term shareholder value. We will continue balancing investment in strategic priorities with disciplined management of expenditure, ensuring that the Company not only sustains but progressively improves its trajectory of profitable growth.\u201d<\/p>\n

\"\"<\/p>\n

Financial Performance Highlights<\/strong><\/p>\n

True Corporation recorded its fourth consecutive quarter of net profit after tax, supported by cost savings from spectrum acquisition and operational efficiencies. Service revenue excluding interconnection for Q425 declined 1.0% year-on-year and 0.2% from the previous quarter driven by lower contribution from online and PayTV segments. Adjusted for lower domestic roaming revenue, service revenue declined 0.2% year-on-year while remaining flat Quarter-on-quarter. Anticipated reduction in network rental income following the expiration of network rental agreement with National Telecom (NT) from August 2025 contributed to a total revenue decline of 10.1% year-on-year. Product sales decline 1.4% year-on-year while increasing 36.9% quarter-on-quarter following the launch of iPhone.<\/p>\n

Operating expenses excluding depreciation and amortization recorded a substantial decline of 28.8% year\u2011on\u2011year, primarily on account of elimination of spectrum rental cost due to expiry of spectrum arrangement contract with NT. Network costs decreased 27.5% year\u2011on\u2011year, driven by acquisition of spectrum and cost savings from network modernization. SG&A expenses increased 5.5% year\u2011on\u2011year, on account of slightly higher outsourcing and marketings spends. Other cost of providing services declined 8.4% year-on-year reflecting net savings from EPL.<\/p>\n

Since the completion of its amalgamation, True Corporation has achieved an EBITDA improvement of THB 8.4\u202fbillion. For Q425, the Company reported an EBITDA improvement of 10.3% year\u2011on\u2011year and 3.2% quarter\u2011on\u2011quarter, driven primarily by the spectrum acquisition and associated cost efficiencies. EBITDA for the full year of 2025 increased by 7.0% year\u2011on\u2011year. The Company\u2019s EBITDA margin to service revenue improved by 6.9 percentage points year\u2011on\u2011year, reaching 67.5% for the quarter. True Corporation\u2019s leverage ratio stood at 4.0x at the end of Q4 2025, reflecting a reduction of 0.2x from both the prior year and the previous quarter.<\/p>\n

For the fourth quarter of 2025, True Corporation reported a net profit after tax of THB 4.0\u202fbillion. The Company recognized one\u2011time non\u2011cash items amounting to THB 2.1\u202fbillion related to impairment of investments, assets and goodwill, netted off with gain from deferred tax assets and investment in associates. Excluding these one\u2011off effects, normalized net profit after tax amounted to THB 6.1\u202fbillion. Capital expenditure for the quarter amounted to THB 11.5\u202fbillion, with CAPEX representing 24% of sales for the period.<\/p>\n

Key Financial Indicators for FY25 and Q425<\/strong><\/p>\n