True Corporation Posts Strong Q2 Profit Amid Economic Volatility

True Corporation delivered another strong quarter with net profit of 6.6 billion baht and EBITDA rising 13.5% year-on-year, buoyed by revenue growth across all business units, expanding customer base, and operational improvements. Chief Executive Sigve Brekke noted the company benefits from mobile network and fiber infrastructure upgrades, targeted regional operations, and artificial intelligence initiatives to elevate customer experience and business performance. Going forward, True will leverage AI transformation across all dimensions through an AI Centre of Excellence, building robust data foundations and upgrading end-to-end workflows to expand innovation capabilities, increase productivity, and drive sustainable growth.

Mobile subscribers increased by 479,000 lines compared to the previous quarter, supported by government stimulus programs including Thailand Helps Thailand Plus and the Education Ministry's "Study Anywhere Anytime" initiative, reaching a total of 48.6 million lines. Fixed broadband users grew by 28,000 subscriptions quarter-on-quarter thanks to network stability and improved service quality, with 5G subscribers now totaling 19.3 million.

Finance chief Nakul Sehgal stated that Q2 2025 marks the company's sixth consecutive profitable quarter, with service revenues returning to year-on-year growth despite macroeconomic uncertainty, geopolitical tensions, and ongoing supply chain pressures. The board approved an interim dividend of 5.2 billion baht for Q2 results, representing a 79% payout ratio or 0.15 baht per share.

Key financial metrics for Q2 2025 show service revenues excluding interconnection costs at 41.4 billion baht, up 0.8% year-on-year and 0.8% quarter-on-quarter from growth in mobile and online businesses. EBITDA reached 28.3 billion baht, up 13.5% year-on-year and 1.1% quarter-on-quarter, with the EBITDA-to-service-revenue ratio improving 7.6 percentage points to 68.5%.