True Corporation has announced its first-quarter financial results for 2026, marking its fifth consecutive quarter of profitability. The company reported a net profit after tax of Bt 6.6 billion, supported by sustained subscriber growth, network modernization, and disciplined cost management. EBITDA reached Bt 28.0 billion, a 10.9% year-on-year (YoY) increase, primarily driven by spectrum acquisition savings. Despite macroeconomic challenges, the company maintained positive momentum in its core mobile and online broadband segments.
Sigve Brekke, Group CEO of True Corporation, highlighted that Q1 2026 saw strong performance across all business groups, achieving record-high customer satisfaction alongside excellent financial results. He noted that the company’s ongoing network modernization and organizational transformation remain key differentiators, enhancing operational efficiency and long-term competitive value for stakeholders while remaining cautious of economic headwinds.
Operational Excellence and Subscriber Growth
True Corporation saw significant growth in its subscriber base during Q1 2026:
- Mobile Business: Added 614,000 subscribers quarter-on-quarter (QoQ), bringing the total to 48.1 million. This was driven by effective churn management and participation in the Ministry of Education’s “Study Anywhere, Anytime” initiative. 5G users reached 18.4 million.
- Online Broadband: Added 36,000 subscribers, the highest quarterly growth since the amalgamation, credited to improved network reliability and lower downtime.
- Digital Transformation: Increased adoption of digital self-service channels successfully reduced call center interactions, improving both operational efficiency and the overall customer experience.
Financial Discipline and Dividend Declaration
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 Bt 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 Bt 6.6 billion. The Board of Directors has approved an interim dividend based for the first three months of 2026 of Bt 4.8 billion, representing a payout ratio of 73% and Bt 0.14 Dividend Per Share (DPS). Capital expenditure for the quarter amounted to Bt 4.3 billion, with CAPEX representing 9% of sales for the period.
Key Financial Highlights for Q1 2026
- Service revenue excluding IC:
- Bt 41.0 billion in Q1 2026, declining 0.6% year-on-year and 0.4% quarter-on-quarter
- EBITDA:
- Bt 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):
- Bt 6.6 billion for Q1 2026
- Interim Dividend:
Moving forward, True Corporation’s priorities remain focused on prudent financial management and selective investments in value-accretive growth areas to continue creating long-term value for shareholders.
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