True Corporation Public Company Limited · SET:TRUE
True Corporation Public — True Corporation PCL — Q4 2025 Earnings Presentation
35 slides from True Corporation Public's earnings presentation, Feb 20, 2026
Slide 1: True Corporation PCL Q4/FY 2025 Financial results
True Corporation PCL Sigve Brekke, Group CEO Q4/FY 2025 Financial results 20 February 2026
Slide 2: A look back at 2025
A look back at 2025 Sustained ONE Network Customers @ Core Back to Growth Profitability +1.2% QoQ Mobile Service Revenue Q125 Q225 Q325 Q425 +580K QoQ Mobile Subscribers • Reported NPAT • Completion of ONE • Always with since Q125 Network customers through • FY25 dividend of • Largest spectrum diffi
Slide 3: Q4/FY 2025 Financial Results
True Corporation PCL Nakul Sehgal, Co -CFO Q4/FY 2025 Financial Results 20 February 2026
Slide 4: FY25 & Q425: Financial Highlights
FY25 & Q425: Financial Highlights Service EBITDA NPAT Leverage 4.0x Dividend Revenue¹ • +10.3% YoY • THB 4.0 Bn • -0.2x YoY • Final: THB 4.1 • -0.2% YoY Bn (0.12 DPS) • +3.2% QoQ • THB 6.1 Bn • -0.2x QoQ • Flat QoQ normalized • FY25 payout ratio 56% of FY25¹ FY25 FY25 reported normalized profit • -0
Slide 5: Service revenue for Q425 declined 1.0% YoY due to lower domestic roaming & PayTV
Service revenue for Q425 declined 1.0% YoY due to lower domestic roaming & PayTV Service Revenue (THB Bn) Service Revenue development YoY Total Revenue (THB Bn) -1.0% -0.7% -10.1% -5.0 % -0.2% 41.6 (0.3 ) +0.4% 0.1 (0.2 ) 41.2 206.0 (0.0 ) 195.7 165.9 164.8 Domestic 18.9 41.6 41.3 41.2 roaming 52.7
Slide 6: Mobile service revenue for Q425 improved 0.2% YoY and 1.4% QoQ
Mobile service revenue¹ for Q425 improved 0.2% YoY and 1.4% QoQ Mobile Service revenue (THB Bn) Subscribers (Mn) ARPU² (THB/sub/month) -0.8 % -0.6% +1.2% -3.9% 426 422 -1.0% YoY +1.2% 421 +0.4% QoQ 130.9 130.1 32.9 32.7 1.2 0.4 49.4 32.3 46.9 47.5 0.3 0.01 223 225 +4.5% YoY 0.1 215 15.2 +1.1% QoQ 15
Slide 7: 1.5% YoY growth in online revenue driven by growth in subscribers
1.5% YoY growth in online revenue driven by growth in subscribers¹ Online Revenue (THB Bn) Subscribers (Mn) & ARPU (THB/sub/month) +1.5% +2.2% 499 • 1.9% QoQ decline in online 498 498 revenue due to one -time positive -1.9% 25.1 25.7 impact in Q325 +3.3% • Subscribers¹ revised to exclude 6.6 6.4 ina
Slide 8: 14.3% YoY decline in PayTV revenue due to lower subscription revenue
14.3% YoY decline in PayTV revenue due to lower subscription revenue; QoQ decline due to seasonal concerts in Q325 Pay TV Revenue (THB Bn) Subscribers (Mn) ARPU (THB/sub/month) -14.3 % -9.1% -24.4% -14.3% 6.6 -3.9% 6.0 1.7 2.1 -18.6% YoY 1.5 400 1.2 -0.5% QoQ 2.1 380 1.3 1.1 0.4 1.1 360 0.9 340 314
Slide 9: 28.8% YoY decline in Opex, benefited by acquisition of spectrum & synergies
28.8% YoY decline in Opex , benefited by acquisition of spectrum & synergies Total Opex excl. D&A (THB Bn) -28.8% -16.0% • Regulatory cost for FY25 increased 12.6% YoY due to -3.4 % change in full year effective rate pursuant to expiry of 107.9 spectrum arrangement with NT 4.6 1.4 • Network cost for
Slide 10: 10.3% YoY EBITDA improvement driven by benefit from spectrum acquisition & synergies
10.3% YoY EBITDA improvement driven by benefit from spectrum acquisition & synergies EBITDA (THB Bn) & Growth (%) EBITDA Margin (%) • EBITDA improved by THB 2.6 Bn YoY +10.3% +7.0% +6.9pp +4.6pp and THB 0.9 Bn QoQ, benefited by +3.2% +2.2pp savings on account of spectrum 105.0 acquisition 98.1 67.5%
Slide 11: THB 4.0 Bn reported NPAT in Q425 with THB 6.1 Bn normalized NPAT
THB 4.0 Bn reported NPAT in Q425 with THB 6.1 Bn normalized NPAT Net Profit After Tax (THB Bn) NPAT development YoY (THB Bn) 19.2 • Net Profit in Q425 was impacted by one - 4.9 4.0 time (non-cash) items of THB 2.1 Bn primarily pertaining to: 6.1 9.9 4.6 • Impairment of investments¹ amounting 3.6 4.1
Slide 12: CAPEX remained in line with expectations
CAPEX remained in line with expectations CAPEX (THB Bn) Capex to Sales¹ (%) • CAPEX for FY25 primarily focused on network modernization was reported at THB 31.2 Bn 31.0 31.2 24% 24% • CAPEX to sales for FY25 reached 17% 17% 16.9% 15% 11.4 11.5 • CAPEX for FY25 was higher than guidance driven by inve
Slide 13: Leverage reduction of 0.2x YoY
Leverage reduction of 0.2x YoY Net Debt³ (THB Bn) & Leverage¹ (x) Effective Interest Rate² (%) Debt Maturity Profile³ (THB Bn) 0.050 4.2x 4.2x 4.0x 426 99 0.045 409 416 4.1% 96 111 107 3.9% 66 34 0.040 3.8% 42 48 60 0.4 47 11 298 64 0.035 287 266 36 (27) (20) (18) 0.030 Q424 Q325 Q425 2026 2027 2028
Slide 14: 2024 vs 2025 development
2024 vs 2025 development Total Revenue (THB Bn) Total Opex excl. D&A (THB Bn) EBITDA (THB Bn) Net Profit After Tax¹ (THB Bn) -5.0 % -16.0 % +7.0% +9.4 Bn -0.2² % +20.2 Bn 107.9 4.6 105.0 206.0 110.0 195.7 1.4 98.1 19.2 90.6 18.9 100.0 15.3 5.2 19.0 20.2 1.3 9.9 90.0 1.1 10.9 19.5 13.1 1.0 80.0 19.3
Slide 15: Guidance vs Achievement FY25
Guidance vs Achievement FY25 Guidance for 2025 Actual FY25 Service Revenue excl. IC & domestic roaming Flat to +1% -0.2% with NT EBITDA +7 – 8% +7% CAPEX ~THB 30 Bn THB 31 Bn (including integration capex) Net Profit/(Loss) Profitable (Reported) Profitable since Q125 Q425 Q325 Q425 15 15
Slide 16: Q425 Final Dividend of THB 4.1 Bn
Q425 Final Dividend of THB 4.1 Bn Record Date: 11 May 2026; Payout Date: 26 May 2026 Committed to sustainable & progressive dividends with semi -annual payments (interim & final) 10.7 9.2 FY25 THB 0.31 DPS 4.1 (0.19 interim + 0.12 final) Final 4.0 Q425 1.6 Q325 6.6 2.0 Interim Q225 FY25 116% Payout
Slide 17: True Corporation PCL Big Moves February 2026
True Corporation PCL Sigve Brekke, Group CEO Big Moves 20 February 2026 Q425 17
Slide 18: Fundamentals in place for 2026
Fundamentals in place for 2026 Superior Network Back to Growth Modernized Organization Subscribers net add Q125 Q225 Q325 Q425 Experience & speed enhancement Focus on quality acquisition ~45% efficiency since amalgamation 94% 5G pop. coverage & 23% 5G Net adds back to positive with speed improvement
Slide 19: Agility to Win - 2026
Agility to Win - 2026 2026 – 2028 : The Evolving Industry Landscape Booming Digital From traditional To Telecom -Tech Economy¹ telecommunications +6.2% Digital Economy YoY 30% of GDP by 2027 Best Network Experience Best E2E Customer Experience 4x Subscriber -Led Growth ARPU / ARPA-Led Growth AI Adop
Slide 20: True Big Moves
True Big Moves Q425 Q325 20
Slide 21: Big Move on Experience
Big Move on Experience Uplift True Online Modernize IT for Seamless digital -first Best 5G Speed E2E Experience Simplification experience % Digital Touchpoint Contribution 68% 75% 65% 2024 2025 2026 2028 • Leading Spectrum Portfolio • Network modernization • Simplify IT architecture • True App = Sho
Slide 22: Big Move on Growth - Consumers
Big Move on Growth - Consumers More for More Granular Execution Expanding household value through smart add-ons, Area Management → Granular Plan targeting 2.0X growth beyond connectivity by 2028 6,635 Nano Clusters Convergence Data Intelligence Insights P&L | Business Performance Customer Insights |
Slide 23: Big Move on Growth - Enterprise & SMEs
Big Move on Growth - Enterprise & SMEs From Connectivity Provider to ‘Trusted Digital Transformation Partner’ Solutions 5G & C loud Everything Big Data S ecurity AI Connectivity Computing as a Service Analytics SME Enterprise AI Camera AI Service CRM Service Network as a Service Smart Energy Cyber S
Slide 24: Big Move on AI
Big Move on AI What we are doing on AI Key Priorities on AI Selected AI Initiatives Mari: Human-alike conversational AI AI for all +45% 96% • True AI Hub Mari Transactions Messaging Transactions • AI Upskilling 2023 vs 2025 Offloaded in 2025 GENIE: Green Energy Network Intelligence AI Growth Engine
Slide 25: Big Move on People
Big Move on People An Organization with Excellent Employees Experience and Outstanding Capabilities Organization Excellence Future Ready Capabilities Performance -Driven Culture Three Levels of AI Competences to Drive AI Innovation 10% Advanced 30% Intermediate 60% Foundation • Modernize organizatio
Slide 26: Full synergy realization; fueling growth through efficiency
Full synergy realization; fueling growth through efficiency Consistent reduction benefitted by synergies, Continued efficiency focus ongoing financial discipline, & spectrum acquisition leveraging AI & synergies from scale -12% • Autonomous network led cost 117.3 107.9 efficiencies, synergies from s
Slide 27: Financial Outlook 2026 – 2028
True Corporation PCL Nakul Sehgal, Co -CFO Financial Outlook 2026 – 2028 20 February 2026 Q425 27
Slide 28: Mid to long term performance targets
Mid to long term performance targets EBITDA as a % of Leverage (x) Capex to Sales (%) service revenue (Net Debt/TTM EBITDA) +15pp -7.0pp -2.2x 20% 5.2 64% 17% 17% 59% 68% 69% 4.2 5.2 4.1 20% 54% 63% 17% ~3.5 16% ~3.0 59% 14% 13 – 14% 4.2 4.0 54% 2023 2024 2025 2026 2028 2023 2024 2025 2026 2028 2023
Slide 29: 2026: Guidance and Rationale
2026: Guidance and Rationale GUIDANCE 2026 Rationale • Industry predicted to outpace the GDP Service Revenue +2 - 3% forecast for Thailand in 202 6 (1.5%)¹ Excl. IC • ARPU improvement in Mobile, subscriber growth in Online, growth in digital TV/media to off-set the decline in PayTV coupled with high
Slide 30: Investor Relations
Investor Relations Email: ir_office@truecorp.co.th Website: https://investor.truecorp.co.th/ True Corporation Public Company Limited 18 True Tower, Ratchadapisek Road, Huai Khwang , Bangkok 10310 Ticker: TRUE https://www.true.th/sustainability/en/ Q425 30
Slide 31: Appendix
Appendix Q425 31
Slide 32: Annual P&L savings post acquisition of spectrum
Annual P&L savings¹ post acquisition of spectrum Below Annualized, THB Bn EBITDA NPAT EBITDA • Acquisition of 2300 Expiry of spectrum arrangement contract with MHz & 1500 MHz for NT (i) + (ii) + (iii) 7.1 (1.8) 5.3 THB 26.4 Bn for 15 years (i) Spectrum arrangement (Network equipment (22.4) rental) •
Slide 33: Summary of Operational Performance
Summary of Operational Performance Fourth Quarter 2025 Mobile Q424 Q325 Q425 QoQ% YoY% 2024 2025 YoY% Service Revenue (THB Mn) 32,939 32,305 32,685 1.2 (0.8) 130,875 130,104 (0.6) Total Customers (‘000) 49,426 46,939 47,517 1.2 (3.9) 49,426 47,517 (3.9) Prepaid Customers (‘000) 34,210 31,872 32,352
Slide 34: Free Cash Flow movement Full Year 2025
Free Cash Flow movement Full Year 2025 Unit in Mn THB 12 Months 2025 Source of Information Free cashflow to firm (FCFF) (6,916) Sum of (i), (ii), (iii) (i) Cashflow from Operating activities 82,090 Statement of cashflow - Net cash generated from operating activities (ii) Cashflow from Investing acti
Slide 35: Spectrum Repayment Schedule (excluding VAT)
Spectrum Repayment Schedule (excluding VAT) Remaining payment (THB million) 2025 Jan’26 Mobile Licenses (paid) (paid) 2026 2027 2028 2029 2030 700 MHz 3,517 3,517 - 3,517 3,517 3,517 3,517 900 MHz 11,436 - 3,806 3,806 - - - 1500 MHz 2,327 - - - 1,163 1,163 - 2300 MHz 10,885 - - - 5,443 5,443 - 2600