True Corporation has reported a record-high quarterly net profit of THB 6.6 billion for the first quarter of 2026. This milestone marks the company’s fifth consecutive quarter of profitability since its amalgamation, representing a staggering 303.3% year-on-year improvement. The results signal strong operational resilience despite a softening Thai economy pressured by geopolitical tensions and rising living costs.
The company’s bottom line was bolstered by EBITDA of THB 28.0 billion, an increase of 10.9% compared to the previous year. This growth was primarily fueled by synergy realization, disciplined cost management, and significant savings following the acquisition of new spectrum and the expiration of rental agreements with National Telecom. Notably, total operating expenses excluding depreciation and amortization plummeted by 30% year-on-year.
In terms of service performance, mobile blended ARPU (Average Revenue Per User) saw a healthy 4.5% year-on-year increase, reaching THB 224. This was driven largely by a 10.3% jump in prepaid ARPU. While total mobile subscribers slightly declined year-on-year to 48.1 million, the company saw a positive rebound in the prepaid segment during the quarter and continues to lead the 5G market with 18.4 million subscribers. Meanwhile, the online business segment remained a growth engine, with service revenue rising 3.4% year-on-year as its subscriber base grew to 3.3 million.
Management attributed much of this momentum to the “True Big Moves” framework, which prioritizes customer experience and digital transformation. Strategic initiatives, such as the personalized “My Plan” bundles and enhanced digital self-service tools, have led to a 42% year-on-year reduction in churn and shifted 71% of customer transactions to digital channels.
Reflecting its strong financial position, the Board of Directors approved an interim dividend of THB 4.8 billion, based on the first three months of 2026. This translates to THB 0.14 per share, with a payout ratio of 73%. The record date for the right to receive dividends is set for 21 May 2026, with payment scheduled for 5 June 2026.
More importantly, True Corp has officially revised its dividend policy from a semi-annual to a quarterly basis. Under the new policy, the company intends to pay out no less than 50% of its net profits every quarter, subject to its financial standing and future business requirements. This shift underscores management’s confidence in sustaining its current profitability momentum and its commitment to delivering consistent value to its shareholders.
