True Corporation Declares THB 6.6 Billion Maiden Interim Dividend After Third Consecutive Profitable Quarter

Brickinfo News Agency – True Corporation Plc. has announced an interim dividend of THB 6.6 billion for the first nine months of 2025 (9M25), marking a 125% payout ratio following its third consecutive quarter of profitability. The telecommunications company reported a net profit after tax (NPAT) of THB 1.6 billion for the third quarter of 2025 (Q325). This sustained profitability was largely attributed to the benefits derived from spectrum acquisition and rigorous operational efficiency measures, which significantly boosted EBITDA and reduced operating expenses despite ongoing macroeconomic challenges impacting service revenue.

True Corporation’s Q325 NPAT of THB 1.6 billion reflects the third straight quarter of profit for the company. Excluding one-time, non-cash items amounting to THB 3.0 billion related to asset impairment from network modernization and the 850 MHz shutdown, the normalized NPAT for the quarter was THB 4.6 billion. EBITDA for the quarter reached THB 27.0 billion, representing a 7.9% increase both year-on-year and quarter-on-quarter. The EBITDA margin to service revenue rose by 5.1 percentage points year-on-year, reaching 65.3% for Q325, underscoring the success of its integration strategy since the amalgamation.

Mr. Sigve Brekke, Group Chief Executive Officer of True Corporation, commented on the results, stating, “We closed this quarter with sustained profitability, highlighted by the first-time dividend payout. Healthier profitability on account of EBITDA improvement, disciplined financial management, and more focused beyond-the-core business portfolios are the critical factors enabling us to deliver value to our customers and shareholders.” He added that the company is executing its priorities to strengthen its foundation, capitalize on existing digital assets and innovations, and explore future growth, referencing a recently announced strategic partnership with a global tech player to establish AI and cloud infrastructure in Thailand.

The interim dividend for 9M25, approved by the Board, amounts to THB 6.6 billion, or THB 0.19 per share. Mr. Nakul Sehgal, Co-Chief Financial Officer, highlighted the decision: “With a Net Profit After Tax of THB 5.2 billion for the first nine months of 2025, the Board has approved an interim dividend… This decision reiterates the company’s commitment to returning value to shareholders while maintaining financial discipline and delivering profitable growth.”

Operationally, the company saw its service revenue, excluding interconnection charges, decline by 0.6% year-on-year to THB 41.3 billion, primarily due to softness in the mobile segment and a 7.1% year-on-year decline in total revenue, which was also affected by a reduction in network rental income following the expiration of the network rental agreement with National Telecom (NT) in August 2025. However, this was partially offset by growth in the online and PayTV segments, and product sales also increased due to the launch of the iPhone during the quarter. The company’s focus on building a healthy subscriber base resulted in a decline in the total number of mobile subscribers by 2.4 million (4.8%) from Q324, settling at 46.9 million. Conversely, online subscribers increased 2.0% year-on-year to 3.8 million, and 5G subscribers reached 15.5 million by the end of Q325.

True Corporation achieved a substantial 21.6% year-on-year reduction in total operating expenses (excluding depreciation and amortization), driven by network cost savings of 16.3% from spectrum acquisition and network modernization, and a 6.2% decline in SG&A expenses from organizational modernization and targeted commercial initiatives. CAPEX for the quarter amounted to THB 6.9 billion, representing 15% of sales. The company’s leverage ratio stood at 4.2x at the end of Q325.