True Corporation Public Company (TRUE) Q2 2026 earnings summary

Executive summary

• Topline returned to year-over-year growth in Q2 2026, led by mobile and online segments.

• EBITDA rose 13.5% YoY, supported by disciplined OPEX and synergy benefits from spectrum acquisition.

• Net profit after tax (NPAT) reached THB 6.6 Bn, a 3.2x increase YoY and flat sequentially.

• Interim dividend of THB 0.15 per share declared, with a 79% payout ratio.

• Interim financials for the six months ended 30 June 2026 were reviewed with no material misstatements found, but material uncertainties exist due to ongoing lawsuits.

Financial highlights

• Service revenue increased 0.8% YoY and 0.8% QoQ, driven by mobile and online growth.

• EBITDA margin improved by 7.6pp YoY to 68.5% of service revenue.

• Total consolidated revenues for the six months ended 30 June 2026 were Baht 92,293.9 million, down from Baht 101,032.1 million year-over-year.

• Gross profit for the six-month period was Baht 35,998.8 million, up from Baht 31,510.8 million year-over-year.

• Net profit attributable to owners for the six months was Baht 13,142.8 million, compared to Baht 3,665.0 million in the prior year.

Outlook and guidance

• 2026 service revenue growth guidance revised to 1–2% (from 2–3%) due to lower tourist arrivals and B2B/Pay TV softness.

• EBITDA growth guidance unchanged at 7–9% YoY.

• CAPEX guidance maintained at THB 25–27 Bn for 2026.

• Material uncertainties related to the outcome of lawsuits may impact future financial results.

• Quarterly dividend payout policy of at least 70% of consolidated net profit, subject to board approval.