{"id":180704,"date":"2026-02-20T10:56:58","date_gmt":"2026-02-20T03:56:58","guid":{"rendered":"https:\/\/www.thestorythailand.com\/?p=180704"},"modified":"2026-02-20T10:58:05","modified_gmt":"2026-02-20T03:58:05","slug":"true-q4-2025-profit","status":"publish","type":"post","link":"https:\/\/www.thestorythailand.com\/en\/true-q4-2025-profit\/","title":{"rendered":"True reports fourth straight quarterly profit, Proposes THB 4.1 billion dividend"},"content":{"rendered":"\n

True Corporation Public Company Limited has reported its fourth consecutive quarter of profitability for Q4 2025. The company recorded a net profit after tax of THB 4.0 billion and a normalized profit of THB 6.1 billion. EBITDA for the quarter reached THB 27.8 billion, benefiting from recent spectrum acquisitions. Consequently, the Board of Directors has proposed a final dividend of THB 4.1 billion, bringing the total 2025 dividend to THB 10.7 billion.<\/p>\n\n\n\n

Sigve Brekke<\/strong>, Group CEO, attributed the performance to improved customer satisfaction, quality subscriber growth, and the completion of the “One Network” modernization. He noted that the company\u2019s “AI First Program” is currently driving operational efficiency. True enters 2026 with an emphasis on sustaining progressive dividends.<\/p>\n\n\n\n

The company continued to prioritize quality acquisition over volume. Despite macroeconomic challenges, mobile subscribers grew by 578,000 to 47.5 million by the end of 2025. The 5G user base reached 17.1 million, while online subscribers increased 1.0% quarter-on-quarter to 3.3 million.<\/p>\n\n\n\n

Nakul Sehgal<\/strong>, Co-CFO, stated that the full-year net profit of THB 9.2 billion demonstrates strong operational discipline. The proposed final dividend of THB 0.12 per share brings the total 2025 payout to THB 0.31 per share. This represents 116% of reported net profit, supported by improved working capital and cash-generation capabilities.<\/p>\n\n\n\n

Financial Performance Highlights<\/h3>\n\n\n\n

The return to profitability was supported by cost efficiencies following the spectrum acquisition and the expiration of the network rental agreement with National Telecom (NT). While total revenue declined 10.1% year-on-year due to the end of the NT contract, product sales rose 36.9% quarter-on-quarter following the iPhone launch.<\/p>\n\n\n\n

Operating expenses (excluding depreciation and amortization) fell 28.8% year-on-year. Network costs specifically decreased 27.5% due to modernization and the elimination of spectrum rental fees. However, SG&A expenses rose 5.5% due to increased outsourcing and marketing activities.<\/p>\n\n\n\n

Since its amalgamation, True has achieved a THB 8.4 billion EBITDA improvement. For Q4 2025, EBITDA rose 10.3% year-on-year, with the EBITDA margin to service revenue reaching 67.5%. The company\u2019s leverage ratio improved to 4.0x. The reported net profit of THB 4.0 billion included THB 2.1 billion in one-time non-cash impairments. Capital expenditure for the quarter was THB 11.5 billion, accounting for 24% of sales.<\/p>\n\n\n\n

Key Financial Indicators for FY25 and Q425<\/h3>\n\n\n\n