Advanced Info Service Public Company Limited (SET: ADVANC) has reported robust third quarter 2025 financial results, with net profit soaring to THB 12,038.86 million, marking a 37% increase from THB 8,788.13 million in the same period last year.
The impressive earnings, announced on November 4, reflect strength across the company’s core segments—mobile, high-speed internet, and digital services—as well as effective cost management, surpassing analysts’ expectations.
Gross profit for the quarter rose 16% year-on-year to THB 22,713 million, while EBITDA reached THB 31,406 million, up 10% from last year and 3.8% from the previous quarter. The EBITDA margin improved to 57.8% from 54.0% in the previous quarter, bolstered by expanding mobile service revenue, solid growth in AIS Fibre (home internet), and prudent management of spectrum and operating costs.
Total revenue for 3Q25 was THB 54,362 million, a 4.1% increase year-on-year, driven by growth in all major business segments: mobile, broadband, and enterprise services. Despite a decline in partnership revenue from NT, growth in the company’s core business segments more than compensated for this, though total revenue dropped 3.0% quarter-on-quarter due to seasonal declines in partnership and device sales.
Looking ahead to the fourth quarter, ADVANC anticipates an uptick in expenditures relating to marketing, content, and ongoing merger process costs. The company is also continuing its investments in IT systems, network modernization, and the integration of high-speed internet services into a unified platform by 2026, aiming to ensure sustainable, strong performance into the future.
Yuanta Securities (Thailand) noted that ADVANC reported 3Q25 net profit of THB 12,000 million, up 37% YoY and 10% QoQ. Excluding FX-related items, normalized profit was THB 11,990 million, about 5% above analyst estimates and higher than the market’s THB 11,300 million forecast, marking an all-time high.
Mobile business revenue was THB 33,800 million, up 1.3% QoQ and 6.1% YoY, with net new additions of 125,000 prepaid and 147,000 postpaid users. Prepaid ARPU grew consistently (1.4% QoQ, 9.5% YoY), the highest YoY increase in five quarters.
Fixed Broadband revenue reached THB 8,200 million, up 3.1% QoQ and 10.1% YoY, with 68,000 new customers and ARPU up 1.7% QoQ and 4.6% YoY—the highest growth in four quarters.
For 4Q25, the company expects continued performance growth amid soft market competition and improving consumer purchasing power due to government stimulus, plus the benefit from a full quarter of reduced spectrum costs for the first time.
Yuanta expects a positive market response to ADVANC’s results, forecasting an upward revision of net profit estimates for the year—previously around THB 42,000 million—but this is seen as conservative.
The brokerage firm maintains its “BUY” recommendation with a target price of THB 334.
Kasikorn Securities also sees high potential for ADVANC’s full-year results to outperform expectations. The company will hold a results briefing for analysts and investors on the morning of November 5, 2025, to update on strategy.
The securities firm also maintains its “BUY (Outperform)” recommendation with a target price of THB 331.32, based on a weighted average cost of capital (WACC) of 9.2% and long-term growth rate of 3%.
Bualuang Securities cited ADVANC’s 3Q25 net profit at THB 12 billion, up 37% YoY and 10% QoQ, with core profit up 42% YoY and 10% QoQ—above company and market forecasts, attributed mainly to highly efficient cost management, reflected in increasing gross margins YoY and QoQ.
The broker maintains a “BUY” recommendation for ADVANC shares with a target price of THB 323, still seeing opportunities for further upward earnings revision, driven by better cost management as well as the continued growth outlook for both ARPU and digital service revenue.
