Thailand’s True Corporation Posts Fifth Consecutive Profitable Quarter, Approves THB 4.8 Billion Interim Dividend

Brickinfo News Agency – True Corporation has maintained its financial recovery for the fifth consecutive quarter, reporting a net profit after tax of THB 6.6 billion for the first quarter of 2026. The company’s performance was driven by significant cost reductions following spectrum acquisition, a growing 5G user base, and improved operational efficiency. In response to these results, the Board of Directors has approved an interim dividend of THB 4.8 billion, representing a payout ratio of 73%, or THB 0.14 per share, signaling confidence in the sustainability of its earnings despite ongoing macroeconomic challenges.

The company’s EBITDA reached THB 28.0 billion, marking a 10.9% increase year-on-year. This growth was largely attributed to a 29.8% decline in operating expenses (excluding depreciation and amortization), primarily due to the elimination of spectrum rental costs following the expiration of a contract with National Telecom (NT). While total revenue saw a 9.8% year-on-year decline—impacted by the end of network rental income from NT and lower product sales—the core mobile and online segments remained resilient. 5G subscribers surged to 18.4 million, contributing to a total mobile subscriber base of 48.1 million.

Mr. Sigve Brekke, Group Chief Executive Officer of True Corporation Public Company Limited, stated, “Our Q1 2026 performance was strong across our businesses. We delivered not only excellent financial results but also record-high customer satisfaction while we remain cautious of greater impact from macroeconomic headwinds as we focus on delivering our financial objectives. Our continued network modernization, business, and organizational transformation is a clear differentiator, as it enables continuous improvement of both customer experience, operational efficiency, and long-term competitive value for our key stakeholders.”

The operational highlights for the quarter showed a net increase of 614,000 mobile subscribers and 36,000 online broadband subscribers. The growth in the online segment was the highest quarterly net addition since the company’s amalgamation, supported by improved network reliability. Additionally, the adoption of digital self-service channels successfully reduced call center interactions, further driving down operational costs while improving the overall consumer experience.

Mr. Nakul Sehgal, Chief Financial Officer of True Corporation Public Company Limited, commented on the fiscal discipline, saying, “Our first‑quarter performance reflects the continued discipline we have maintained following the amalgamation across our businesses. While service revenue faced modest pressure, driven primarily by the PayTV segment, mobile and online businesses remained resilient. At the same time, operating expenses declined significantly year‑on‑year, reflecting tangible benefits from spectrum acquisition, synergy realization, and tighter cost control.”

Looking at the debt profile, True Corporation’s leverage ratio improved to 3.8x at the end of the quarter. This was aided by effective debt management and the early call-back of debentures in late 2025, which reduced the effective interest rate. The company’s EBITDA margin relative to service revenue rose to 68.3%, a 7.1 percentage point increase from the previous year. Moving forward, the company has indicated it will prioritize prudent financial management and selective investment in value-accretive areas to ensure long-term shareholder value.