Advanced Info Service Public Company Limited (SET: ADVANC or AIS), Thailand’s largest mobile operator, posted a solid second-quarter performance for fiscal year 2025, reporting a net profit of 11 billion baht. This marks a 28% rise from a year earlier and a 3.8% increase sequentially, closely matching both the estimates of CGS International Securities (Thailand) and the average analyst forecasts tracked by Bloomberg.
For the first half of 2025, AIS delivered net profits equal to 54% of CGSI’s full-year projection, keeping the company firmly on target. The company’s earnings before interest, tax, depreciation, and amortization (EBITDA) climbed 7.9% from the previous year and edged up 0.8% compared to the prior quarter, lifting the EBITDA margin to 53.3% from 52.6% in the first quarter.
Total service revenues, excluding interconnection charges, advanced 6.8% year-on-year and rose by 2.5% from the previous quarter, surpassing AIS’ full-year guidance range of 3-5% for core service revenue expansion.
Driving this robust performance was the mobile segment, which saw service revenue climb 5.3% from a year ago and 2.4% quarter-on-quarter. The key metric of prepaid average revenue per user (ARPU) surged by 8% annually and 3.5% sequentially. Although postpaid ARPU dipped 1.3% over the year, it held steady compared to the prior quarter. Blended ARPU increased by 3.9% year-on-year and 2.2% quarter-on-quarter.
AIS reversed the previous quarter’s decline in subscribers by adding a net 290,000 mobile customers in the second quarter—consisting of 165,000 new prepaid users and 123,000 postpaid additions—after losing 50,000 in the first quarter.
Reflecting its strong performance, AIS management raised their 2025 service revenue growth forecast to 4-6% from a previous outlook of 3-5%, and similarly lifted EBITDA growth guidance to 4-6%. Capital expenditure plans remain unchanged at 26-27 billion baht. The company is scheduled to brief analysts on August 7.
In tandem with the results, AIS announced an interim dividend of 6.89 baht per share, representing a payout ratio of 95%. This exceeds CGSI’s full-year assumption of a 90% payout and is seen as a positive catalyst for the stock.
CGS International Securities (Thailand) continues to rate AIS as “Add,” maintaining a 2025 price target of 301 baht a share.
