True Corporation Public Company Limited (SET: TRUE) reported net profit after tax of THB 1.6 billion for 1Q25, marking a milestone turnaround within 2 years of amalgamation. Excluding impact from one-off items, normalized profit for the first quarter of 2025 was reported at THB 4.3 billion. EBITDA continued to improve since amalgamation, driven by reduction in operational expenses from performance focus and financial discipline along with ongoing benefits from synergies.
Mr. Sigve Brekke, Group Chief Executive Officer of TRUE, said, “Bringing together True and dtac has been an astonishing feat. We united two industry leaders with a sharp focus on performance, financial discipline, and synergies, we have modernized our networks, infused AI into customer touchpoint, and most importantly, built a unified team with shared goals that is driving faster execution and stronger collaboration. I am incredibly proud of the dedication and resilience our team has shown every step of the way.
The results speak for themselves as we successfully turned the business around and achieved profitability in 1Q25.
Today, True Corporation is well-equipped, both operationally and financially, for the next stage of growth. Looking ahead, our ambition is to evolve from a telecom operator into a leading telecom-tech company that drives progress across every part of society. We are committed to scaling efficiently, leading with innovation, and delivering long-term value for all stakeholders. The progress we have made so far is a testament to the strength of our people and sets us up to move forward with an even greater purpose.”
In 1Q25, mobile subscribers declined by 638,000, or 1.3% from the previous quarter, reaching 48.8 million. Compared to the same period in the previous year, mobile subscribers declined 4.4% due to focus on quality subscriber acquisition during the year of 2024. Mobile postpaid subscribers increased 0.2% quarter on quarter to 15.3 million at the end of 1Q25. Mobile prepaid subscribers declined 2.0% quarter on quarter reaching 33.5 million due to seasonality. Online subscribers registered an increase of 0.7% quarter on quarter, reaching 3.8 million. At the end of 1Q25, 5G subscribers reached 14.2 million.
Mr. Nakul Sehgal, Chief Financial Officer (Co) of TRUE, said, “True Corporation has reached a significant milestone during the first quarter of 2025, reporting profit for the first time since amalgamation. The Company delivered Net Profit After Tax of THB 1.6 billion, holding up our promises to our shareholders. Maintaining profitability momentum, EBITDA marginally improved during the quarter despite challenging topline development from seasonality.”
Service revenue excluding interconnection revenue improved 0.1% year on year during the first quarter, driven by topline improvement in mobile and online business segments, offset by decline in PayTV. Service revenue in 1Q25 was impacted by seasonality and lower domestic roaming revenue, normalized for which, service revenue improved 0.3% year on year and from the previous quarter. TRUE reported total revenue growth of 0.2% year on year. The improvement in product sales from 1Q24 was partly off-set by lower network rental revenue due to migration of traffic from 850 MHz pursuant to expiration in August 2025.
For 1Q25, total operating expenses excluding depreciation and amortization declined 5.7% year on year. Network cost declined 4.8% year on year driven by network modernization and procurement savings. Selling, general, and administrative expenses (SG&A) declined 16.9% year on year benefitted by savings from organization modernization, commercial initiatives and improved collections. Through integration of performance management framework with focus on sustainable profitability, TRUE continues to keep operating expenses well controlled.
TRUE recorded an EBITDA improvement of THB 5.8 billion since the amalgamation, marking continuous improvement in EBITDA. During 1Q25, EBITDA improved by 7.1% year on year and 0.2% quarter on quarter. The growth in EBITDA was driven by realization of synergies and financial discipline. EBITDA to service revenue improved by 4.0 percentage points year on year to 61.2% for the first quarter of 2025.
In 1Q25, TRUE reported its first ever net profit after tax since amalgamation of THB 1.6 billion. TRUE recorded costs from one-time items amounting to THB 2.9 billion pertaining to impairment of assets related to network modernization. Normalized for one-time effects and tax gain in 1Q25 of THB 160 million, net profit after tax amounted to THB 4.3 billion, driven by improvement in EBITDA and reduction in depreciation & amortization and financial costs. CAPEX for the first quarter of 2025 amounted to THB 5.5 billion, of which almost half was integration cost pertaining to network modernization.
Key Financial Indicators for 1Q25
- Service revenue excluding IC: THB 41.3 billion, improving 0.1% YoY and declining 0.7% QoQ
- EBITDA: THB 25.3 billion in, increasing by 7.1% YoY and 0.2% QoQ
- EBITDA margin (to service revenue): 61.2%
- Net profit After Tax (NPAT): THB 1.6 billion, THB 4.3 billion (normalized for one-time effects)
