Advanced Info Service Public Company Limited

Management did not state full Q2 revenue, EPS, or gross margin figures in the transcript. It said Q2 revenue growth continued despite a fragile economy, driven by resilient connectivity demand, and that results exceeded guidance across all key financial metrics. EBITDA margin and ROIC improved, with ROIC reported at 19%, and net debt-to-EBITDA was around 2x while average interest cost was around 2.6%. For the second half, AIS maintained full-year revenue growth and EBITDA guidance, but said results are likely to come nearer the upper end of guidance. It also said CapEx will continue to support network infrastructure, and that some second-half EBITDA pressure could come from IT spending, broadband integration, and potential virtual bank startup losses.

The CEO framed the quarter as solid operationally but stressed caution on the outlook. He said the company is still focused on customer quality, richer content, and broadening digital services, including the newly launched Click lending service and the PLAY sports bundle. He also emphasized that AIS wants to bring the best content and best experience to customers, while preserving financial discipline and not overreacting to short-term market noise.

The CFO highlighted strong profitability and a sound balance sheet, pointing to net debt-to-EBITDA of about 2x and average interest cost of about 2.6%. He said the company will keep investing in network infrastructure and that CapEx should average around 15% of revenue, not beyond that level. On expenses, he explained that second-half EBITDA will be weighed by IT modernization spending, broadband integration, some additional competitiveness investments, and possible virtual bank contributions; he also said the Q2 SG&A decline reflected a reversal of some restructuring accruals, so the second-half expense run-rate should move back toward normal.

Analysts pressed management on why EBITDA guidance still implies a softer second half despite a strong first half, and management replied that it is using a conservative stance because GDP, purchasing power, war-related uncertainty, and device/equipment cost increases remain unclear. On broadband, management said quarterly softness was tied to integration, weather, and macro conditions, but it still expects to remain competitive and later grow faster once integration is largely finished this year. They also said the new sports bundles are meant to expand the addressable market at lower price points, with profitability expected on a stand-alone basis rather than as a subsidy.