True Corporation Public Company Limited (SET: TRUE) announced its financial results for the first quarter of 2026, delivering continued profitability supported by sustained subscriber momentum, improving customer experience following network modernization, and disciplined cost management. For the quarter, the Company reported Net Profit After Tax of THB 6.6 billion while EBITDA reached THB 28.0 billion, growing 10.9% year‑on‑year, driven by cost savings from spectrum acquisition. Despite macroeconomic headwinds, True continued to deliver positive operational momentum across its core mobile and online broadband businesses.
Mr. Sigve Brekke, Group Chief Executive Officer of True Corporation Public Company Limited, said, “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.”
Operational Highlights
During the first quarter, mobile subscribers increased by 614,000 QoQ, reflecting effective churn management, proactive retention initiatives and participation in the Ministry of Education’s “Study Anywhere, Anytime” initiative, taking total mobile subscribers to 48.1 million. Online subscribers grew by 36,000 QoQ, representing the highest quarterly net additions since amalgamation, supported by improved network reliability and service quality. Continued network modernization of the online business resulted in a reduction in network downtime, contributing to improved net promoter score. Accelerated adoption of digital self‑service channels led to decreased call center interactions, improving both customer experience and operational efficiency. At the end of the quarter, 5G subscribers reached 18.4 million.
Mr. Nakul Sehgal, Chief Financial Officer of True Corporation Public Company Limited, said, “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, supported by subscriber growth and ongoing investments in network and customer experience. At the same time, operating expenses declined significantly year‑on‑year, reflecting tangible benefits from spectrum acquisition, synergy realization, and tighter cost control, which supported EBITDA growth and margin expansion. Reported Net Profit After Tax substantially improved both year-on-year and quarter-on-quarter, and as such, the Board of Directors has approved an interim dividend of THB 4.8 billion, equivalent to a payout ratio of 73%, reflecting our confidence in the sustainability of earnings. Leverage declined to 3.8 times, driven by 0.4pp year-on-year and 0.1pp quarter-on-quarter reduction in effective interest rate, as a result of effective debt management and early call-back of debentures in the fourth quarter of 2025.
Looking ahead, our priorities remain clear with focus on prudent financial management, selective investment in value accretive growth areas, and continued progress toward long-term shareholder value creation.”
Financial Performance Highlights
True Corporation recorded its fifth consecutive quarter of net profit after tax, supported by cost savings from spectrum acquisition and operational efficiencies. Service revenue excluding interconnection for Q1 2026 declined 0.6% year-on-year and 0.4% from the previous quarter, driven by lower contribution from PayTV segment offset by growth in mobile and online businesses. Adjusted for lower domestic roaming revenue, service revenue declined 0.2% year-on-year and 0.4% quarter-on-quarter. Anticipated reduction in network rental income following the expiration of network rental agreement with National Telecom (NT) from August 2025 contributed to a total revenue decline of 9.8% year-on-year. Product sales decline 2.2% year-on-year and 14.6% quarter-on-quarter following higher sales during the previous quarter from the launch of iPhone.
Operating expenses excluding depreciation and amortization recorded a substantial decline of 29.8% year‑on‑year, primarily on account of elimination of spectrum rental cost due to expiry of spectrum arrangement contract with NT. Network costs decreased 25.2% year‑on‑year, benefited by acquisition of spectrum and cost savings from network modernization. SG&A expenses increased 5.3% year‑on‑year, due to accrual of performance bonus and lower bad debts during Q1 2025. Other cost of providing services declined 13.1% year-on-year due to lower content costs (no EPL).
Since the completion of its amalgamation, True Corporation has achieved an EBITDA improvement of THB 8.6 billion, or a 44% growth. For Q1 2026, the Company reported an EBITDA improvement of 10.9% year-on-year, driven by the benefits of spectrum acquisition. The Company’s EBITDA margin to service revenue improved by 7.1 percentage points year-on-year, reaching 68.3% for the quarter. True Corporation’s leverage ratio stood at 3.8x at the end of Q1 2026, reflecting a reduction of 0.3x from both the prior year and 0.2x from the previous quarter.
For the first quarter of 2026, True Corporation reported a net profit after tax of THB 6.6 billion. The Board of Directors has approved an interim dividend based for the first three months of 2026 of THB 4.8 billion, representing a payout ratio of 73% and THB 0.14 Dividend Per Share (DPS). Capital expenditure for the quarter amounted to THB 4.3 billion, with CAPEX representing 9% of sales for the period.
Key Financial Indicators for Q1 2026
- Service revenue excluding IC:
- THB 41.0 billion in Q1 2026, declining 0.6% year-on-year and 0.4% quarter-on-quarter
- EBITDA:
- THB 28.0 billion in Q1 2026, increasing by 10.9% year-on-year and 0.7% quarter-on-quarter
- EBITDA margin (to service revenue):
- 68.3% for Q1 2026
- Net profit After Tax (NPAT):
- THB 6.6 billion for Q1 2026
- Interim Dividend:
- THB 4.8 billion for Q1 2026
- THB 0.14 Dividend Per Share
- 73% Payout Ratio
