True Corporation announced its financial results for the second quarter of 2026, delivering another quarter of profitability supported by topline recovery and disciplined financial management. Despite heightened macroeconomic headwinds, operational performance remained positive across all business segments. For the quarter, the Company reported Net Profit After Tax of THB 6.6 billion, while EBITDA reached THB 28.3 billion, increasing 13.5% year-on-year.
Mr. Sigve Brekke, Group Chief Executive Officer of True Corporation Public Company Limited (SET: TRUE), said, “True Corporation delivered another strong quarter, driven by service revenue growth across all business segments, continued subscriber momentum, and improved operational efficiency. Our investments in mobile and fiber network modernization, localized and granular execution, and AI-enabled customer experiences and operations are translating into stronger customer outcomes and business performance. Looking ahead, we will strengthen AI-powered transformation across the company, through our AI Centre of Excellence, a strong data foundation and end-to-end domain reinvention to scale innovation, productivity, and sustainable growth.”
Mobile subscribers increased by 479,000 QoQ, benefited by the “Thai Help Thai” government stimulus program, participation in Ministry of Education “Study Anywhere, Anytime” initiative, and compliance with NBTC regulations, taking total mobile subscribers to 48.6 million. Online subscribers grew by 28,000 QoQ supported by improved network reliability and service quality. At the end of the quarter, 5G subscribers reached 19.3 million.
Mr. Nakul Sehgal, Chief Financial Officer of TRUE, said, “The second quarter marked another strong quarter of execution for True Corporation. Service revenue returned to year-on-year growth, EBITDA increased 13.5% and net profit after tax reached THB 6.6 billion marking sixth consecutive quarters of profitability. These results reflect continued financial discipline and focused execution, even as the quarter was marked by heightened macroeconomic uncertainty, geopolitical developments, and ongoing supply chain pressures. The Board of Directors has approved an interim dividend based for the second quarter of 2026 of THB 5.2 billion, representing a payout ratio of 79% and THB 0.15 Dividend Per Share (DPS).”
Key Financial Indicators for 2Q26
- Service revenue excluding IC: THB 41.4 billion increasing 0.8% year-on-year driven by growth in mobile and online segments and 0.8% quarter-on-quarter from growth across all business segments. Adjusted for lower domestic roaming revenue, service revenue increased 1.1% year-on-year and 0.8% quarter-on-quarter.
- EBITDA: THB 28.3 billion in Q226, increasing by 13.5% year-on-year driven by topline improvement and benefits arising from the acquisition of spectrum. EBITDA improved 1.1% quarter-on-quarter. EBITDA margin (to service revenue) improved by 7.6 percentage points year‑on‑year, reaching 68.5% for Q226. Since the completion of its amalgamation, True Corporation has achieved an EBITDA improvement of THB 8.9 billion, or a 46% growth.
- Leverage: 3.7x at the end of Q2 2026, reflecting a reduction of 0.3x from the prior year and 0.1x from the previous quarter.
- Net profit After Tax (NPAT): THB 6.6 billion, increasing 3.2x year-on-year while remaining flat quarter-on-quarter.
- Revised Guidance 2026:
o Service Revenue Excl. IC: +1-2% YoY
o EBITDA: + 7-9% YoY (Unchanged)
o CAPEX: THB 25-27 Bn (Unchanged)
