True Corporation Public Company Limited

Q2 2026 service revenue grew 0.8% year on year and 0.8% quarter on quarter. Total revenue declined 7.5% year on year, mainly because NT spectrum arrangement revenue ended in August 2025; quarter-on-quarter total revenue was also lower due to weaker handset sales. EBITDA rose 13.5% year on year and 1.1% quarter on quarter, with EBITDA margin at 68.5%, up 7.6 percentage points year on year and 0.2 percentage point sequentially. Reported net profit was THB 6.6 billion, flat quarter on quarter and up 3.2x year on year; management said normalized profit would be about THB 6.7 billion after a THB 0.2 billion one-time item. CapEx in the quarter was THB 4.6 billion, roughly 10% of sales, and leverage was 3.7x, down 0.3x year on year and 0.1x quarter on quarter. For the first half of 2026, service revenue was up about 0.1% reported, or 0.5% normalized for NT domestic roaming, OpEx was down 29%, EBITDA was up 12.2%, and profit improved by THB 9.5 billion to THB 13.3 billion. Full-year guidance was revised to 1% to 2% service revenue growth, with EBITDA still expected to grow 7% to 9% and CapEx still expected at THB 25 billion to THB 27 billion.

Nakul Sehgal emphasized that True has moved from a period of top-line decline to renewed growth, supported by better mobile performance, broadband improvement, and disciplined cost control. He framed the strategy around four big moves: growth, experience, AI, and people, and said the company aims to monetize its spectrum leadership through better network experience and pricing actions. His tone was confident but pragmatic, repeatedly noting macro uncertainty, tourism softness, and B2B weakness while stressing execution and resilience.

Naureen Quayum walked through the quarter’s financial drivers in detail, highlighting 0.8% service revenue growth, a 7.5% decline in total revenue due to the missing NT spectrum arrangement revenue, and strong operating leverage from lower costs. She said OpEx fell 28.7% year on year, helped by the end of NT payments, lower network costs, vendor negotiations, and a one-time regulatory cost benefit, while EBITDA reached its highest level since amalgamation and margin rose to 68.5%. She also cited THB 4.6 billion of quarterly CapEx, a 0.4 percentage point drop in effective interest rate to 3.6%, and a new THB 16.5 billion debenture issue at a weighted average rate of 2.6%.

Analysts focused on dividend sustainability, Pay TV profitability, B2B market share, the NBTC rule that counts SIMs with at least THB 3 balance as active, and rumors around China Mobile’s stake. Management said the dividend is based on consolidated profits and can be supported by the subsidiary structure and existing reserves, described Pay TV as roughly breakeven with low margin contribution, and said B2B is about 8% to 9% of service revenue with long-term room to move toward mid-teens levels through partnerships and beyond-connectivity services. On China Mobile, management said there is no intention to exit the full stake, though a possible sale of up to 1% is being assessed for portfolio rebalancing, and it said this would not affect operations or guidance.