FY25 Management Discussion & Analysis
Advanced Info Service Public Company Limited
(ADVANC:TB)
To lead a sustainable Thai digital society through ecosystems and partnerships
1
Further information is available in the investor materials on AIS IR websiteExecutive Summary
Core business resilience underpinned by strong
connectivity and ecosystem-led value creation
In FY25, the Thai economy experienced a modest recovery amid global uncertainties and trade tensions, alongside domestic factors that continued to weigh on consumer sentiment. Nevertheless, demand for connectivity remained resilient, supported by the accelerating adoption of digital behaviors. Against this backdrop, AIS delivered solid growth in core service revenue of Bt173,316mn, up 6.7% YoY, exceeded guidance, driven by sustained demand for high-quality connectivity across mobile, broadband, and enterprise. Growth was further supported by value-added digital lifestyle services enabled by a strong ecosystem of strategic partners.
Mobile business sustaining growth momentum amid rising data consumption and 5G upselling Mobile service revenue continued to grow, reaching Bt130,926mn, up 5.8% YoY, driven by higher data consumption from increased usage of social media and video streaming. This trend supported AIS's upselling strategy toward higher data-allowance packages, including ongoing customer adoption of 5G, in line with evolving usage behaviors. In addition, the offering of value-added services, particularly entertainment services, including flagship content such as the English Premier League, contributed to revenue growth while reinforcing AIS's brand proposition through perceived superior quality and differentiation.
AIS continued to prioritize 5G network development, enhancing both coverage and network performance, with population coverage exceeding 95% nationwide. In parallel, the Company is further strengthening network security, monitoring, and customer screening measures in response to heightened risks of network misuse, in line with regulatory requirements. These initiatives underscore AIS's commitment to service integrity, customer trust, regulatory compliance, and
Enterprise robust growth supported by demand for integrated connectivity and digital solutions Enterprise service revenue (non-mobile revenue) amounted to Bt7,828mn, up 11% YoY, supported by rising digital adoption across enterprise sectors as businesses seek to enhance operational efficiency amid a softer economic environment. AIS continued to focus on serving B2B customers with end-to-end solutions, ranging from connectivity infrastructure such as 5G for enterprise and EDS, to cloud, data center, and digital solutions tailored to enterprise needs.
Retail business advanced growth through enhanced customer experience and telco-driven strengths
Sales revenue amounted to Bt43,708mn, up 15% YoY, driven by expanded product offering across devices, accessories, and device protection. This is further supported by a strengthened retail strategy tailored to customer needs.
Sustainable profit growth supported by operational strength and disciplined cost management
In FY25, AIS reported EBITDA of Bt123,270mn, up 8.6% YoY, exceeded guidance driven by quality-focused revenue growth and effective cost management, while EBITDA margin of 54.5% expanded from 53.1% in FY24.
Net profit was Bt47,886mn, increasing 37% YoY, reflecting strong operating performance and efficient financial cost management, while Norm profit was Bt46,020mn, increasing 32% YoY. Profit margin was at 21.2% (Normalized at 20.3%) , increased from 16.4% in FY24 supported by the company's focus on profitability and a one-time tax-related item.
FY25 Performance Highlight
the sustainability of long-term mobile revenue.
FBB delivered steady growth driven by subscriber
Performance
% Change
Guidance
momentum and value-focused offerings
Fixed broadband revenue continued to expand, reaching Bt32,255mn, up 9.6% YoY, driven by subscriber growth of 4.7% YoY. Growth was supported by a strategic focus on quality customers, the offering of flagship entertainment content, and effective upselling to personalized premium packages, resulting in FBB ARPU growth of 4.0% in FY25.
AIS continued to enhance the customer experience across both AIS and 3BB through its ongoing integration, aimed at delivering seamless customer care and improving operational efficiency. The integration remains on track toward a one-operation, one-organization by FY26.
Core Service Revenue
CAPEX
Normalized Profit
173,316
Bt mn
26
Bt bn
46,020
Bt mn
+6.7%
YoY
-
+32%
YoY
Around 4-6%
Approx. Bt 26-27 bn
N/A
EBITDA
123,269
Bt mn
+8.6%
YoY
Around 4-6%
Net Profit
47,886
Bt mn
+37%
YoY
N/A
Market and Competitive Environment
In FY25, the Thai economy operated in a challenging environment amid global uncertainties and trade tensions, alongside domestic factors that continued to weigh on consumer sentiment. While government support measures and temporary export tailwinds provided some support, overall economic conditions remained pressured.
The mobile industry maintained positive momentum, supported by sustained customer demand for reliable, high-quality connectivity, driving data usage growth and ongoing 5G adoption, alongside demand for value-added services such as premium sports content. Stricter SIM registration requirements further enhanced user security and raised overall industry standards. Competition remained centered on value-based and personalized offerings to address evolving digital needs.
The fixed-broadband industry continued to expand, driven by rising household connectivity demand and increasing adoption of innovative products and entertainment. Demand increasingly reflected the adoption of higher-speed broadband, bundled content, smart routers, and IoT-based services that enhanced the in-home digital experience. In FY25, competitive dynamics moved beyond pure connectivity, with operators emphasizing product innovation and network reliability.
The enterprise segment benefited from accelerating digital transformation among Thai corporates, together with ongoing investments by global OTT and big-tech players. These trends sustained demand for enterprise connectivity, cloud services, and data-center solutions.
The IT retail industry delivered solid growth in FY25, supported by device upgrade cycles and accelerated purchasing amid concerns over potential increases in device prices related to tax tariffs. Demand was observed across both premium and entry-level segments, with higher unit sales and increased 5G smartphone penetration. The launch of the iPhone 17 further supported market demand and helped sustain sales momentum.
Significant Events in FY25 & event after the reporting periodAppointment of CEO and Director
On 31 October 2025, the Board appointed Mr. Pratthana Leelapanang (Deputy CEO and COO) as Chief Executive Officer (CEO), effective 3 November 2025, succeeding Mr. Somchai Lertsutiwong upon retirement. On 18 December 2025, he is appointed as a Director, replacing Mr. Somchai Lertsutiwong following his resignation from the Board.
Acquisition of 2100MHz Spectrum
In June, AWN secured 2 x 15MHz of 2100MHz spectrum at an auction for a total value of Bt14,850mn. The 15-year license will take effect on 4 August 2025.
Virtual bank
On 19 June 2025, AIS, together with its business partners KTB and PTTOR, received approval from the Minister of Finance to establish a virtual bank.
On 9 July 2025, The partners jointly established Thai Trinity Holdings Co., Ltd., with shareholding proportions of 41% for KTB, 39% for AIS, and 20% for PTTOR. Subsequently, Clicx Bank Public Company Limited (Clicx) was incorporated on 8 August 2025 as part of the preparatory steps to fulfill regulatory requirements, with the objective of commencing virtual banking services within 2026.
Debenture issuance
During 10-12 November 2025, AIS successfully issued THB 15 billion of No. 1/2025 debentures to the public, fully subscribed, with proceeds allocated to digital infrastructure investment.
Connected Transactions in Data Center and Cloud Businesses
In June 2025, AIS executed connected transactions, including a Bt375 million shareholder loan to GSA to support data center operations and Bt50mn in funding to G-AIS (AISBB) for cloud business development.
In February 2026, AIS entered into a related-party transaction to provide financial assistance to GSA02 amounting to Bt910 million, to support the operation of data center business.
Investment in GSA Data Center 03 Company Limited (GSA03)
In January 2026, GSA03 issued ordinary shares with a par value of Baht 100 per share, partially paid up at Baht 25 per share. AIS DC Venture Company Limited ("AISDC") subscribed for a total of 22,959,000 shares for an aggregate investment of approximately Baht 574 million. Following the capital increase, AISDC holds a 30% equity interest in GSA03.
Announced Annual and Special Dividend
On 3 February 2026, the Board approved an annual dividend at 15.3 Baht per share, representing a 95% payout ratio in line with the Company's ordinary dividend policy.
In addition, the Board approved a special dividend at 19 Baht per share as a one-time capital return, reflecting strong cash flow generation after funding committed investments for growth across mobile, broadband, enterprise, and digital services, including network leadership and future digital foundations. Following the payment, the Company maintains a prudent leverage level and financial flexibility consistent with an investment-grade credit profile. The special dividend does not constitute any change to the Company's ordinary dividend policy, which is aligned with earnings growth and cash flow sustainability.
FY25 Operational SummaryMobile Service: In 2025, AIS recorded 46.8 million mobile subscribers, with net additions of 1.0 million, comprising 393k prepaid and 616k postpaid subscribers. Subscriber growth was supported by effective churn management and a differentiated entertainment proposition especially in 4Q25 under a quality-focused strategy, despite stricter personal identification requirements that moderated new SIM acquisitions. These measures improved subscriber quality and reinforced the Company's focus on attracting higher-value customers. Blended ARPU increased 5.5% YoY, driven by prepaid ARPU uplift from continued upselling and improved quality mix. Data usage (VOU) rose 16% YoY, supported by increasing 5G adoption and higher consumption of application and streaming-based content. 5G subscribers reached 17.9 million up 47% YoY, representing 38% of the total base.
Fixed-broadband Service: In 2025, Broadband subscribers reached 5.2 million, with net additions of 234k. Net additions softened in 4Q25 due to the reallocation of operational resources to support flood relief efforts in southern Thailand. Overall growth was supported by nationwide network coverage and effective churn management. Strong content offerings particularly the EPL enhanced the entertainment ecosystem and strengthened customer stickiness. FBB ARPU increased to Bt530, up 4.0% YoY, reflecting the company's focus on upselling higher-value packages and cross-selling value-added services, including premium content and beyond-connectivity solutions.
Mobile Business | 4Q24 | 3Q25 | 4Q25 | %YoY | %QoQ |
Subscribers | |||||
Postpaid | 13,013,800 | 13,435,600 | 13,629,800 | 4.7 % | 1.4 % |
Prepaid | 32,747,200 | 32,839,100 | 33,140,100 | 1.2 % | 0.9 % |
Total subscribers | 45,761,000 | 46,274,700 | 46,769,900 | 2.2 % | 1.1 % |
Net additions (Churns) | |||||
Postpaid | 98,400 | 146,800 | 194,200 | 97 % | 32 % |
Prepaid | (619,500) | 124,500 | 301,000 | NM % | 142 % |
Total net additions | (521,100) | 271,300 | 495,200 | NM % | 83 % |
ARPU (Baht/sub/month) | |||||
Postpaid | 443 | 440 | 441 | -0.3 % | 0.3 % |
Prepaid | 143 | 150 | 158 | 10 % | 4.9 % |
Blended | 228 | 234 | 240 | 5.5 % | 2.5 % |
VOU (GB/data sub/month) | |||||
Postpaid | 35.8 | 37.7 | 40.0 | 12 % | 6.1 % |
Prepaid | 27.0 | 31.1 | 32.1 | 19 % | 3.2 % |
Blended | 29.8 | 33.2 | 34.6 | 16 % | 4.2 % |
5G subscribers | |||||
5G subscribers | 12,157,400 | 15,788,100 | 17,860,300 | 47 % | 13 % |
Fixed Broadband Business | |||||
FBB subscribers | 5,008,900 | 5,204,500 | 5,242,500 | 4.7 % | 0.7 % |
FBB net addition | 64,100 | 68,000 | 38,000 | -41 % | -44 % |
FBB ARPU (Baht/user/month) | 509 | 528 | 530 | 4.0 % | 0.3 % |
4Q25 Snapshot
4Q25, Core service revenue was Bt44,825mn, expanding 7.0% YoY, driven by solid performances in both mobile and fixed-broadband businesses and 2.8% QoQ supported by continued momentum and seasonal strength in the mobile segment. Mobile revenue increasing 7.3% YoY and 3.7% QoQ, underpinned by ARPU uplift from quality subscriber acquisition, 5G upselling, and a seasonal rebound in tourist arrivals. Fixed broadband grew 9.2% YoY and 1.3% QoQ, supported by subscriber expansion and higher ARPU from a continued focused on value-based packages offering. Enterprise revenue rose 2.3% YoY, reflecting increasing demand for enterprise connectivity, while decreased -4.3% QoQ from a large cloud project in 3Q25. Other service revenue declined -22% YoY due to lower NT roaming revenue, while increased 0.5% QoQ due to mobile insurance product, following the seasonal launch of the new iPhone model. Sim and Device sales increased 19% YoY and 53% QoQ, supported by strong demand of iPhone17, with improved sales margin to 5.7% from a reflecting a strengthened retail strategy, including enhanced staff capabilities, store renovations, and sustained handset demand from the ongoing device upgrade cycle.
The cost of services declined -9.3% YoY and -2.7% QoQ mainly from lower Depreciation and amortization, which decreased -9.1% YoY and -2.4% QoQ. This reflected the full-quarter impact of the expiration of the NT 2100MHz roaming agreement in August 2025 and the full depreciation of 3G network assets, partially offset by higher amortization from newly acquired spectrum licenses. Network OPEX also decreased by -28% YoY and -17% QoQ in line with the termination of the 2100MHz agreement with NT and the corresponding reduction in NT partnership revenue. Excluding the impact of the NT agreement, normalized network OPEX increased 23% YoY due to higher costs associated with broadband integration while lower QoQ due to lower integration cost. Total SG&A decreased by -14% YoY from one-time provision recorded in 4Q24 and increased 11% QoQ due to higher staff-related expenses and seasonally higher marketing costs.
Other income was Bt217mn, decreased -50% YoY and -58% QoQ, mainly from impairment of
investment in this quarter.
4Q25 EBITDA increased by 8.9% YoY supported by broad-based business expansion and disciplined cost control. Net profit reported at Bt14,282mn, growing 54% YoY reflecting strong operating performance, lower spectrum costs, reduced finance expenses with average borrowing cost at 2.7%, and the utilization of tax loss carryforward. Excluding the one-time tax related item, normalized profit amounted to Bt12,470mn, growing 35% YoY and 3.9% QoQ.
FY25 Financial Summary
Revenue
In FY25, AIS achieved a total revenue of Bt226,264mn, increasing 5.9% YoY, from growth across all core businesses and sales revenue, offset by lower NT partnership revenue after ending 2100MHz agreement.
Core service revenue (excluding IC and NT partnership) was at Bt173,316mn, increasing 6.7% YoY driven by strong connectivity demand across both mobile and broadband businesses, as well as growth from enterprise services and higher 700MHz roaming revenue with NT.
Mobile revenue was at Bt130,926mn, increasing 5.8% YoY driven by ARPU uplift through quality-focused, 5G upselling, cross-selling of value-added content, and additional subscriber growth supported by superior network quality and user experience.
Fixed broadband revenue was at Bt32,255mn, increasing 9.6% YoY from reflecting continued subscriber base expansion and higher ARPU from both new and existing customers through effective upselling and cross-selling initiatives.
Enterprise non-mobile revenue was at Bt7,828mn, increasing 11% YoY, from strong demand for enterprise connectivity, particularly EDS and cloud services.
Others service revenue was at Bt2,306mn, increasing 11% YoY, supported by higher 700MHz roaming revenue with NT.
Revenue from interconnection charge (IC) and NT partnership was at Bt9,240mn, decreasing
-30% YoY from lower NT partnership revenue following the expiration of the 2100MHz NT roaming agreement and lower IC revenue.
SIM & Device sales reported Bt43,708mn, increasing 15% YoY, boosted by the strong demand amid concern of tax tariff in 2Q25 and seasonal launch of the new iPhone model in 4Q25. AIS reported net sales (sales revenue less cost of sales) of Bt2,148mn at 4.9% margin, compared to Bt2,115mn at 5.6% margin in FY24, due to a higher proportion of lower-margin product mix while total sales revenue drove the net sales expansion.
Cost & Expense
In FY25, the cost of service was Bt94,907mn, decreasing -4.6% YoY, mainly due to lower network OPEX following the end of the 2100MHz agreement with NT and reduced depreciation from fully-depreciated 3G assets, partially offset by higher costs related to broadband integration.
Regulatory fee was Bt6,961mn, increasing 11% YoY in-line with core service revenue growth. The regulatory fee as a percentage of core service revenue stood at 4.0% in FY25.
Depreciation & amortization was at Bt56,109mn, decreasing -5.8% YoY, mainly due to lower amortized right-of-use assets following the expiration of the 2100MHz NT agreement in Aug25 and lower depreciation benefited from fully depreciated 3G assets.
Network OPEX & NT partnership cost was at Bt21,112mn, decreasing -8.2% YoY, due to lower NT partnership cost after agreement ending in line with reduction in NT partnership revenue, offset by higher costs related to broadband integration.
Other costs of services were at Bt10,725mn, increasing 0.8% YoY mainly from higher cloud-related expenses and content cost in line with revenue growth, partially offset by lower international call costs and lower IC cost.
SG&A expenses were Bt26,061mn, decreasing
-6.2% YoY from the high base of provision for obsolete assets in FY24 and cost optimization during this year, offset by higher marketing expense.
Marketing expense was Bt6,076mn, increasing 5.5% YoY reflecting higher marketing activities and incentives in line with revenue growth. The marketing expense accounted for 2.7% of total revenue in FY25, unchanged from FY24.
Admin & other expenses totaled Bt19,985mn, decreasing -9.3% YoY due to the high base from the provision for obsolete assets in FY24 and cost optimization. The provision for bad debts as a percentage of postpaid and FBB revenue was 1.9%, lower from 2.0% in FY24, supported by the continued strategic focus on high-quality subscriber.
Net FX gain (loss) was Bt121mn in FY25, compared to an FX gain of Bt239mn in FY24. AIS has a policy to mitigate currency risk using hedging instruments where applicable.
Other Income (expense) was Bt1,658mn, increasing 1.7% YoY supported by the continued recognition of the 3BBIF and higher financial income offset by investment impairment in 4Q25.
Finance cost was Bt7,973mn, decreasing -13% YoY, benefited from debt refinancing and loan repayments result on lower interest-bearing debt. The average cost of borrowing was at 2.8% in FY25 compared to 3.2% in FY24.
Income Tax was Bt9,652mn, increasing 21% YoY, in line with the growth in profit before tax. Effective tax expense for the quarter was reduced by Bt1.77bn following the utilization of tax loss carry forwards. As a result, the effective tax rate for FY25 was at 17.0%, compared to 19.0% in FY24.
Profit
In FY25, Gross Profit was Bt89,797mn, increasing 15% YoY supported by revenue expansion and lower spectrum costs.
Gross profit margin was 39.7%, improving YoY aligned with profitable revenue growth.
In FY25, EBITDA was at Bt123,270mn, increasing 8.6% YoY driven by core service revenue growth, efficient spending and cost-reduction initiatives.
EBITDA margin was at 54.5%, rising from 53.1% in FY24, driven by a focus on profitable revenue growth and the absence of NT partnership revenue following the end of the 2100MHz NT roaming contract. Service EBITDA margin was 66.3%, increasing from 63.5% in FY24.
EBIT was Bt65,516mn, increasing 25% YoY in line with EBITDA growth and supported by lower amortized right-of-use assets following the expiration of the 2100MHz NT agreement, lower new 2100MHz spectrum cost and fully-depreciated 3G assets.
EBIT margin was at 29.0%, improved from 24.5% in FY24.
The reported net profit was at Bt47,886mn, increasing 37% YoY driven by solid operating performance, lower depreciation and amortization, reduced finance costs, and a tax benefit. Norm profit exclude one-time tax related item and FX was at Bt46,020mn increasing 32% YoY.
Net profit margin was at 21.2% (Norm. profit margin at 20.3%) from 16.4% in FY24 supported by the company's focus on profitability and a one-time tax benefit.
Financial Ratio
Liquidity
For FY25, current ratio was 0.5x, stable from FY24. Nonetheless, AIS has ample operating cash flow to repay its debt obligation and ensure liquidity is managed efficiently.
Leverage
Net debt to EBITDA (including lease liabilities and license payable) declined to 1.7x in FY25 from 2.2x in FY24, reflecting lower interest-bearing debt, lease liability and spectrum payable.
AIS maintained debt repayment capability with interest coverage ratio of 15.5x and Debt service coverage ratio of 3.6x, indicating strong EBITDA generation to cover debt obligations.
The company aims to maintain its investment grade credit profile and currently holds a BBB+ rating by S&P Global.
Turnover
Inventory days for FY25 was 39 days decreased from 48 days in FY24 from strong demand of new iPhone launching. The average collection period (days) for FY25 was 27 days decreased from 30 days in FY24. Account payable days was 37 day decreased from 41 days in FY24. The cash cycle decreased from 37 days in FY24 to 29 days, positive as AIS manage payment terms to ensure cost efficiency.
Credit term and Collection period
The normal credit term granted by the Company ranges from 14 days to 120 days depending on the type of provided service and clients.
For our vendors and suppliers, the company's standard payment term is 30-60 days or as specified in the contract.
Payment delays may occur due to non-compliance with purchase order conditions or incorrect / incomplete documentation.
Financial position
Total asset as of ending quarter decreasing -2.6% from the end of 2024 to Bt420,273mn. Current assets was at Bt52,704mn, increasing 5.4% mainly from higher cash balance. Total non-current assets was at Bt367,569mn, decreasing -3.6% due to the amortization of PPE and right-of-use assets.
Total liabilities amounted to Bt312,993mn, decreasing -6.3% from the end of 2024 due to
lower long-term borrowing from debt repayment, lower lease liability, and lower spectrum payable.
Interest-bearing debt stood at Bt98,551mn, decreasing by -9.4%. Total equity was at Bt107,280mn, increasing 10% from higher retained earning.
Cash flow
In FY25, cash flow from operation (after tax) reported at Bt120,810mn, increasing 3.6% compared to FY24 following an improvement in
operating performance. Net cash outflow from investing was at Bt47,235mn included Bt23,114mn for spectrum license. As a result, free cash flow for FY25 was at Bt57,494mn (OCF less ICF and lease liability). In summary, net cash increased by Bt2,747mn resulting in an outstanding cash of Bt25,354mn at the end of December 2025.
Consolidated Profit and Loss Statement
Income statement (Bt mn) | 4Q24 | 3Q25 | 4Q25 | %YoY | %QoQ | FY24 | FY25 | %YoY |
Mobile revenue | 31,726 | 32,837 | 34,048 | 7.3 % | 3.7 % | 123,803 | 130,926 | 5.8 % |
Fixed broadband revenue | 7,602 | 8,189 | 8,298 | 9.2 % | 1.3 % | 29,441 | 32,255 | 9.6 % |
Enterprise revenue | 1,942 | 2,076 | 1,988 | 2.3% | -4.3 % | 7,045 | 7,828 | 11 % |
Other service revenues | 628 | 488 | 491 | -22% | 0.5 % | 2,075 | 2,306 | 11 % |
Core service revenue | 41,898 | 43,591 | 44,825 | 7.0 % | 2.8 % | 162,363 | 173,316 | 6.7 % |
IC and NT partnership | 3,351 | 1,819 | 1,051 | -69 % | -42 % | 13,130 | 9,240 | -30 % |
Service revenue | 45,250 | 45,410 | 45,875 | 1.4 % | 1.0 % | 175,493 | 182,556 | 4.0 % |
SIM and device sales | 11,486 | 8,951 | 13,672 | 19 % | 53 % | 38,076 | 43,708 | 15 % |
Total revenues | 56,736 | 54,362 | 59,547 | 5.0 % | 9.5 % | 213,569 | 226,264 | 5.9 % |
Regulatory fee | 1,489 | 1,761 | 1,849 | 24 % | 5.0 % | 6,276 | 6,961 | 11 % |
Depreciation & Amortization | 14,929 | 13,896 | 13,566 | -9.1 % | -2.4 % | 59,534 | 56,109 | -5.8 % |
Network OPEX and NT partnership | 5,607 | 4,897 | 4,049 | -28 % | -17 % | 22,989 | 21,112 | -8.2 % |
Other costs of services | 2,775 | 2,587 | 3,041 | 9.6 % | 18 % | 10,636 | 10,725 | 0.8 % |
Cost of service | 24,800 | 23,141 | 22,505 | -9.3 % | -2.7 % | 99,434 | 94,907 | -4.6 % |
Cost of SIM and device sales | 10,798 | 8,508 | 12,892 | 19 % | 52 % | 35,960 | 41,560 | 16 % |
Total costs of service and sale | 35,597 | 31,649 | 35,397 | -0.6 % | 12 % | 135,394 | 136,467 | 0.8 % |
Gross profit | 21,138 | 22,713 | 24,151 | 14 % | 6.3 % | 78,175 | 89,797 | 15 % |
SG&A | 7,962 | 6,177 | 6,868 | -14 % | 11 % | 27,791 | 26,061 | -6.2 % |
Marketing expense | 1,749 | 1,500 | 1,660 | -5.1 % | 11 % | 5,758 | 6,076 | 5.5 % |
Admin and others | 6,212 | 4,678 | 5,208 | -16 % | 11 % | 22,033 | 19,985 | -9.3 % |
Operating profit | 13,176 | 16,536 | 17,283 | 31 % | 4.5 % | 50,384 | 63,736 | 26 % |
Net foreign exchange gain (loss) | 0 | 46 | 54 | NM % | 17 % | 239 | 121 | -49 % |
Other income (expense) | 431 | 515 | 217 | -50 % | -58 % | 1,630 | 1,658 | 1.7 % |
Finance cost | 2,201 | 1,972 | 1,915 | -13 % | -2.9 % | 9,185 | 7,973 | -13 % |
Income tax | 2,147 | 3,086 | 1,352 | -37 % | -56 % | 7,992 | 9,652 | 21 % |
Non-controlling interest | -0.3 | 0.1 | -4.9 | NM % | NM % | -1.8 | -4.6 | NM % |
Net profit for the period | 9,259 | 12,039 | 14,282 | 54 % | 19 % | 35,075 | 47,886 | 37 % |
Normalized profit* | 9,259 | 12,002 | 12,470 | 35 % | 3.9 % | 34,884 | 46,020 | 32 % |
EBITDA (Bt mn) | 4Q24 | 3Q25 | 4Q25 | %YoY | %QoQ | FY24 | FY25 | %YoY |
Operating profit | 13,176 | 16,536 | 17,283 | 31 % | 4.5 % | 50,384 | 63,736 | 26 % |
Other income, Finance income, and Share of profit | 431 | 515 | 217 | -50 % | -58 % | 1,630 | 1,658 | 1.7 % |
Depreciation & Amortization | 15,351 | 14,309 | 13,992 | -8.9 % | -2.2 % | 61,228 | 57,754 | -5.7 % |
Net foreign exchange gain (loss) | 0 | 46 | 54 | NM % | 17 % | 239 | 121 | -49 % |
EBITDA | 28,958 | 31,406 | 31,546 | 8.9 % | 0.4 % | 113,482 | 123,270 | 8.6 % |
EBITDA margin (%) | 51.0 % | 57.8 % | 53.0 % | 194bps | -480bps | 53.1 % | 54.5 % | 134bps |
Service EBITDA | 28,270 | 30,962 | 30,766 | 8.8 % | -0.6 % | 111,366 | 121,122 | 8.8 % |
Service EBITDA margin (%) | 62.5 % | 68.2 % | 67.1 % | 459bps | -112bps | 63.5 % | 66.3 % | 289bps |
EBIT | 13,607 | 17,097 | 17,554 | 29 % | 2.7 % | 52,254 | 65,516 | 25 % |
EBIT margin (%) | 24.0 % | 31.5 % | 29.5 % | 549bps | -197bps | 24.5 % | 29.0 % | 449bps |
Retail Business (Bt mn) | 4Q24 | 3Q25 | 4Q25 | %YoY | %QoQ | FY24 | FY25 | %YoY |
Net Sales | 688 | 443 | 780 | 13 % | 76 % | 2,116 | 2,148 | 1.5 % |
Sales Margin (%) | 6.0 % | 5.0 % | 5.7 % | -28bps | 75bps | 5.6 % | 4.9 % | -64bps |
*Normalized profit is calculated by excluding net foreign exchange gain (loss) and one-time items.
Source and Use of Fund: FY25 (Bt.mn) | |||
Source of fund | Use of fund | ||
Operating cash flow | 130,746 | Dividend paid | 37,563 |
Interest received | 344 | Spectrum license payment | 23,114 |
Dividend received & Other | 484 | CAPEX & Fixed assets | 23,665 |
Lease liability payment | 16,080 | ||
Net borrowings received | 10,272 | ||
Income tax paid | 9,937 | ||
Finance cost paid | 6,913 | ||
Net short-term investment | 616 | ||
Net investments in associates and joint ventures | 108 | ||
Net increase in long-term loan to related party | 559 | ||
Cash increase | 2,747 | ||
Total | 131,574 | 131,574 |
Debt Repayment Schedule | License Payment Schedule | ||||
Bt mn | Debenture | Loan | 2600MHz | 700MHz | 2100MHz |
2026 | 15,180 | 5,384 | 2,934 | 5,189 | |
2027 | 11,000 | 4,950 | 2,934 | 5,189 | |
2028 | 11,810 | 3,910 | 2,934 | 5,189 | 3,713 |
2029 | 9,190 | 560 | 2,934 | 5,189 | 3,713 |
2030 | 9,000 | 560 | 2,934 | 5,189 | |
2031 | 7,500 | 560 | |||
2032 | 6,000 | ||||
2033 | 3,000 | ||||
2034 | 7,000 | ||||
2035 | 3,000 | ||||
Credit Rating | |
Fitch | National rating: AAA (THA), Outlook: Stable |
S&P | BBB+, Outlook: Stable |
Key Financial Ratio | 4Q24 | 3Q25 | 4Q25 |
Debt to equity (times) | 3.4 | 3.4 | 2.9 |
Interest-bearing debt to equity (times)* | 1.1 | 1.2 | 0.9 |
Net debt to EBITDA (times)* | 0.8 | 0.8 | 0.6 |
Net debt & lease liability | 2.2 | 1.9 | 1.7 |
& spectrum license payable to EBITDA | |||
Current Ratio (times) | 0.5 | 0.3 | 0.5 |
Interest Coverage (times) | 12.4 | 15.1 | 15.5 |
Debt Service Coverage Ratio (times) | 3.2 | 2.0 | 3.6 |
Return on Equity | 37% | 47% | 47% |
Figures from P&L are YTD annualized. *Exclude Lease liability |
Financial Position (Bt mn, %to total asset) | As of 2024 | As of 2025 | ||
Cash | 22,607 | 5.2 % | 25,354 | 6.0 % |
ST investment | 580 | 0.1 % | 1,087 | 0.3 % |
Trade receivable | 17,622 | 4.1 % | 15,564 | 3.7 % |
Inventories | 5,067 | 1.2 % | 4,107 | 1.0 % |
Others | 4,151 | 1.0 % | 6,592 | 1.6 % |
Current Assets | 50,027 | 12 % | 52,704 | 13 % |
Spectrum license | 108,057 | 25 % | 108,706 | 26 % |
Network and PPE | 126,999 | 29 % | 118,626 | 28 % |
Right of use | 90,711 | 21 % | 79,897 | 19 % |
Intangible asset | 24,830 | 5.8 % | 27,636 | 6.6 % |
Defer tax asset | 4,302 | 1.0 % | 6,293 | 1.5 % |
Others | 26,507 | 6.1 % | 26,411 | 6.3 % |
Total Assets | 431,432 | 100 % | 420,273 | 100 % |
Trade payable | 14,217 | 3.3 % | 13,767 | 3.3 % |
ST loan & CP of LT loans | 21,099 | 4.9 % | 20,562 | 4.9 % |
CP of lease liabilities | 14,805 | 3.4 % | 13,372 | 3.2 % |
Accrued R/S expense | 3,361 | 0.8 % | 3,361 | 0.8 % |
CP of spectrum payable | 15,522 | 3.6 % | 8,079 | 1.9 % |
Others | 34,546 | 8.0 % | 43,037 | 10 % |
Current Liabilities | 103,550 | 24 % | 102,178 | 24 % |
Debenture & LT loans | 87,722 | 20 % | 77,989 | 19 % |
LT lease liabilities | 90,004 | 21 % | 80,291 | 19 % |
Spectrum payable | 37,442 | 8.7 % | 37,122 | 8.8 % |
Other | 15,390 | 3.6 % | 15,413 | 3.7 % |
Total Liabilities | 334,108 | 77 % | 312,993 | 74 % |
Retained earnings | 72,197 | 17 % | 82,183 | 20 % |
Others | 25,127 | 5.8 % | 25,097 | 6.0 % |
Total Equity | 97,324 | 23 % | 107,280 | 26 % |
Cash flow (Bt mn) | FY25 |
Cash flow from operation (After tax) | 120,810 |
Cash flow from investing | (47,235) |
Lease liabilities paid | (16,080) |
Free cash flow to firm
(Net Cash Flow From Operating Activities - Cash Flow From Investing - Lease Liability Paid) 57,494
Summary of accounting impact from 2100MHz National Telecom contract expiry and recent auction
Income statement (Bt bn) | FY25 2100MHz spectrum arrangement with NT* | FY26 Estimate impact from 2100MHz spectrum auction |
Core service revenue | - | - |
IC and NT partnership | 5.0 | - |
Total revenue | 5.0 | - |
Depreciation & Amortization | 2.2 | 0.9 |
Network OPEX and NT partnership | 5.0 | - |
Cost of service | 7.2 | 0.9 |
Finance cost | 0.02 | 0.2 |
Profit before tax | (2.2) | (1.2) |
Net Profit | (1.76) | (0.96) |
EBITDA | No impact | |
*The 2100MHz contract with NT expired on 3 August 2025.
Financial impact from the recent 2100MHz auction: Spectrum amortization & deferred Interest
Estimate Impact to Profit & Loss statement
Estimate Impact to Profit & Loss statement
*Assuming interest rate around 3% (Bt bn)
0.9
0.9 0.9
0.2
0.2
0.2
(Bt bn)
0.50.1
0.4
1.0 0.9 0.9 0.9
0.9
0.9
0.9
0.9
0.1
0.60.6
50%
25% 25%
FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY39 FY40
FY25 FY26 FY27 FY28 FY29
Deferred spectrum license Interest Amortization spectrum % of spectrum final price exclude VAT
2026 Guidance
Guidance | |
Core service revenue growth | Around 3-5% |
EBITDA growth | Around 2-4% |
CAPEX (exclude spectrum) | Approx. Bt 30 - 35bn |
Core service revenue guidance to be around 3-5% focusing on quality growth and an exceptional user experience
In 2026, core service revenue is expected to grow by approximately 3-5%, outpacing Thailand's GDP, supported by continued expansion of the digital economy. While the macroeconomic environment remains cautious amid global geopolitical risks, trade frictions, and softer consumer sentiment, AIS will continue to focus on disciplined execution, quality growth, and delivering an exceptional user experience. Structural tailwinds from rising mobile and fixed-broadband data usage, together with ongoing digital transformation across consumer and enterprise segments, continue to underpin growth. Revenue expansion will be driven by sustained connectivity demand, ARPU uplift, and the rollout of value-added digital services.
In the B2C segment, growth will be supported by rising connectivity demand, higher data consumption, and deeper penetration across mobile and home broadband services. AIS will continue to enhance ARPU through personalized offerings, premium digital, entertainment, and sports content via global partnerships, as well as expanded services beyond basic connectivity. These include smart-home solutions, IoT connectivity, AI-enabled cloud services for home and small-office use, and premium content delivered through the AIS Playbox platform, reinforcing customer engagement and revenue resilience.
In the B2B segment, growth is expected to be driven by accelerating demand for Enterprise Data Services (EDS), cloud solutions, and domestic and international data-center services. This momentum is supported by ongoing digital transformation across enterprises, increasing adoption of 5G-enabled use cases, and continued innovation in connectivity, cloud, and digital infrastructure solutions, positioning AIS as a trusted partner for enterprise digitalization.
EBITDA to growth around 2-4% broadly tracking revenue growth, as the Company prioritizes spending to build a foundation for long-term growth
EBITDA growth will be supported by revenue and device sales margin expansion. With a focus on sustaining long-term growth and competitiveness, AIS continues to invest in network and IT modernization, and selectively in content, aimed at enhancing digital capabilities, scalability, and elevating customer experience, which may moderate near-term margin expansion.
In addition, strategic investments in virtual banking among others are expected to establish new growth platforms and diversify future earnings beyond traditional connectivity services, although they may exert pressure on EBITDA in the early stages. AIS expects virtual bank to become profitable in year 4 onwards.
CAPEX is at approx. 30-35bn to sustain network quality leadership in line with increasing demand in connectivity and to build foundation for sustainable medium-term growth.
The CAPEX reflects a new investment phase aligned with anticipated growth in data consumption and long-term network quality leadership, with YoY increase primarily reflecting higher mobile network investment. Spending will focus on expanding network capacity and coverage to support continued growth in 5G and broadband usage, and accommodate rising traffic demand. Network modernization is expected to support customer stickiness and ARPU resilience.
In parallel, investment in core IT systems, including application rationalization, will improve operating efficiency, service agility, and long-term scalability, aiming to build solid digital foundation and improve customer experience.
The planned CAPEX allocation broadly comprising approximately 55-60% mobile, around 20% broadband, approximately 10% enterprise, and around 15% IT and others. Over the medium term, CAPEX is expected to remain around 15% of total revenue.
Dividend policy at minimum 70% of net profit
AIS is committed to driving long-term growth while delivering returns to shareholders. We place importance on maintaining strong financial health and flexibility to pursue future growth. Our dividend policy is to pay a minimum of 70% of net profit. By preserving cash flow, we ensure that we have the financial flexibility to lead, compete, and pursue growth prospects in any changing circumstances.
The dividend payment shall be made twice a year and is based on consolidated earnings and subjected to the availability of retained earnings on the separate financial statements. In all cases, dividend payment shall depend on cash flow and investment plan including any other future obligations of the Company and/or subsidiaries. Such dividends shall not adversely affect the Company and its subsidiaries' ongoing operations.
GlossarySubscriber | Number of registered SIM at ending period whose status is not defined as churn |
Postpaid churn | Subscribers whose payment status is overdue more than 60 days from due date |
Prepaid churn | Subscribers who do not refill to extend their validity within 45 days or subscribers who are inactive more than 90 days. For tourist sim who are inactive more than 30 days |
Net additions | Change of number of subscribers from beginning period to ending period |
Churn rate | Number of subscriber disconnections in the period divided by the sum of gross new subscribers in the period and the subscribers at the beginning period |
ARPU | Consolidated service revenue excluding inbound international roaming and interconnect revenues divided by average of subscriber at the beginning and ending period |
VOU | Number of billed gigabyte generated from subscriber divided by average subscriber |
EBIT | Operating Profit + Other income (expense) + Finance income + Share of profit (Loss) + Net foreign exchange gain (loss) |
EBITDA | Operating Profit + Other income (expense) + Finance income + Share of profit (Loss) + Depreciation & Amortization + Net foreign exchange gain (loss) |
EBITDA margin | EBITDA / Total Revenues |
Service EBITDA | Operating Profit + Other income (expense) + Finance income + Share of profit (Loss) + Depreciation & Amortization + Net foreign exchange gain (loss) - Sales revenue + Cost of SIM and device sales |
Service EBITDA margin | Service EBITDA / (Total Revenue - Sales revenue) |
Interest-Bearing Debt to Equity | Interest Bearing Debt / Ending Equity |
Debt to Equity | Ending Liability / Ending Equity |
Net Debt to EBITDA | (Interest Bearing Debt - Cash) / EBITDA |
Net Debt to EBITDA (Incl. lease liability and spectrum license payable) | (Interest Bearing Debt + Lease Liability + Spectrum License Payable - Cash) / EBITDA |
Interest Coverage | EBITDA / Finance Cost |
Debt Service Coverage Ratio | EBITDA / (Debt Repayment Within 1 Year Including Lease Liability) |
ROA | Net Profit / Average Asset Between Beginning and Ending Period |
ROE | Net Profit / Average Equity Between Beginning and Ending Period |
Free Cash Flow (FCF) | Net Cash Flow From Operating Activities - Cash Flow From Investing - Lease Liability Paid |
Contact us: https://investor.ais.co.th | investor@ais.co.th | (66) 2 029 5000
Recent development in Sustainability
Decarbonization Project Implementation
In 2025, the Board of Directors approved a new target to reduce GHG emissions intensity (Scope 1 and Scope 2) per unit of data traffic by 25% by 2030 (using 2024 as a baseline), following the achievement in GHG emission reduction in 2024 by 90% (from baseline 2015).
To support this goal, AIS has launched
Decarbonization Implementation starting in 2025.
The initiative focuses on three key areas.
Improving energy efficiency through smart cooling systems, inverter air conditioners, LED lighting, and consolidating 3BB network equipment.
Switching to cleaner transport by replacing vehicles with EVs, hybrids, and using e-forklifts.
Expanding renewable energy use by installing solar panels and sourcing green power.
These initiatives support AIS's goal to cut carbon emissions and operate more sustainably.
AIS ID: Mobile Identity Authentication Service
In November 2025, AIS launched "AIS ID" in collaboration with ETDA and the NBTC, introducing Thailand's first Mobile ID service in the telecom sector. The service allows customers to verify their identity for online transactions using their mobile number, with liveness detection technology to enhance security and prevent fraud, in line with national regulatory standards.
1185 Scam SMS Reporting Service
In October 2025, AIS launched the "1185 Snap & Share" service to enhance customer cyber safety. The service allows users to report scam SMS messages by simply sending a screenshot to SMS number 1185. AIS will verify and block fraudulent senders within 24 hours to prevent further scams. The service is free and unlimited for all AIS customers.
191 Emergency Location Service
In August 2025, in collaboration with the Metropolitan Police Bureau, AIS announced the launch of Thailand's first "191 Emergency Location Service (191 ELS)", enabling automatic caller location identification for Android users on the AIS network without additional apps. Using Advanced Mobile Location (AML) technology, the system transmits the caller's location directly to emergency centers, enhancing accuracy, response time, and public safety through AIS's intelligent network.
Sustainability Updates
Drive Digital Economy |
Strive to develop digital innovations to enhance Thai people and business sector by providing safe digital services, protecting data privacy, and promoting digital literacy for AIS employees.
|
Sustainability Development Strategy |
In driving sustainable business operation, Sustainable Development Committee (SDC) was assigned to govern policy, strategies, goals, and material aspects with providing consultancy and support management to operate business as sustainability framework. AIS' sustainable development framework comprises three dimensions: |
as of 2025
Significance to stakeholders
Significance to AIS's operation
Drive Digital Economy
1
4
2
5
6
3
1
2
7 3
4
5
6
7
Materiality Assessment
Key Performance Table | Unit | 2023 | 2024 | 2025 |
New Digital Services Revenue | % | 4.1 | 3.8 | 4.8 |
Litigation or Fine from Data Leakage, Theft, or Loss | Number of cases | 0 | 0 | 0 |
Independent Director | % | 36 | 42 | 43 |
Women Director on Board | % | 18 | 17 | 21 |
Gender Employee Diversity (women) | % | 59 | 46 | 46 |
Promote Digital Inclusion |
AIS is committed to advancing Thai society through the digital infrastructure and digital platform and encouraging responsible use of digital technologies, as follows:
|
Digital Product and Services Cybersecurity and
Customer Privacy Protection
Human Resource Management
Promote Digital Inclusion Social Inclusion
Digital Wellness
Key Performance Table | Unit | 2023 | 2024 | 2025 |
5G Network Coverage | % Population | 90 | 95 | 95 |
Improving Socio-economic Condition and Quality of Life | Million Person | 2.57 | 3.46 | 3.64 |
Promoting Digital Wellness | Million Person | 0.51 | 0.79 | 1.49 |
Act on Climate | ||||
AIS aims to reduce environmental impacts through business operational management as follows:
| ||||
Act on Climate Climate Actions Waste Management
Disclosure standard and ESG Rating |
Disclosure Standards
of Thai Listed Companies by IOD |
Key Performance Table | Unit | 2023 | 2024 | 2025 |
GHG Emissions (scope 1 and 2) | Ton CO2e | 704,264 | 798,881 | 797,165 |
GHG Emissions (scope 3) | Ton CO2e | 414,205 | 729,107 | 671,443 |
GHG Emission Intensity | Ton CO2e /Terabyte | 0.056 | 0.018 | 0.015 |
Renewable Energy | % | 2.3 | 3.1 | 3.4 |
Water Discharge | % | 34 | 40 | 41 |
Disposal Electronics Waste to Landfill | Ton | 0 | 0 | 0 |
Remark
2025 figures are preliminary and may be subject to change following the year-end closing.
In 2024, data integration between AIS and TTTBB was carried out following AIS's acquisition of TTTBB. This has resulted in changes to the performance data compared to the previous year.
More information of sustainability development strategy and
performance can be found in AIS Sustainability Report 2025.
Sustainability Goals
as of 2025
Key Performance Indicator Target | 2025 Achievements and Progression by target | Target Year |
Drive Digital Economy | ||
Digital Products and Services 7% of revenue generated from new digital products and services that enable the digital economy | 4.8% from 7% | 2027 |
Cyber Security and Customer Privacy Protection
| Aligned with Target | Achieved (in 2025) |
Human Resource Management More than 90% of AIS employees will receive training in digital technology skills | 91% from 90% | Achieved (in 2025) |
Promote Digital Inclusion | ||
Social Inclusion Improve the socio-economic condition of 5 million people | 3.64 mn people from 5 mn 73% | 2027 |
Digital Wellness Empower digital citizenship by providing digital solutions and tools for 3 million people | 1.49 mn people form 3 mn 50% | 2027 |
Act on Climate | ||
Climate Actions 1 Reduce GHG emissions intensity as calculated from the ratio of direct (GHG scope 1) and indirect emissions (GHG scope 2) to data traffic, by 25% compared to the 2024 baseline |
| 2030 |
Waste Management Maintain zero e-waste to landfill | Aligned with Target | Achieved (in 2025) |
1 Rationale of current Climate Action target :
AIS main GHG emissions come from electricity use across network towers and data facilities, making utility-related emissions (Scope 2) the dominant source.
Structural Limitations in Thailand's Electricity Decarbonization Mechanisms
Power Purchase Agreements (PPAs): Corporate PPAs are not yet legally permissible in Thailand. As such, AIS cannot directly procure renewable electricity from independent producers-a key instrument typically used by global peers to achieve near-term decarbonization.
Renewable Energy Certificates (RECs): The Thai REC market faces double-counting issues, as renewable power fed into the national grid remains in the Grid Emission Factor (GEF) while producers issue RECs to corporate buyers. This leads to the same GHG reduction being claimed twice, conflicting with the GHG Protocol's principles of transparency and exclusivity.
Given these limitations, AIS must carefully assess the feasible decarbonization pathway before adopting a Net Zero emission target in line with the Science Based Targets initiative (SBTi). This includes monitoring the development and enforcement of clearer regulatory frameworks that will shape future compliance and implementation.
IR website: https://investor.ais.co.th
Email: investor@ais.co.th
Sustainability website: https://sustainability.ais.co.th Email: AISSustainability@ais.co.th
Some statements made in this material are forward-looking statements with the relevant assumptions, which are subject to various risks and uncertainties. These include statements with respect to our corporate plans, strategies and beliefs and other statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "anticipate", "intend", "estimate", "continue" "plan" or other similar words.
To lead a sustainable Thai digital society through ecosystems and partnerships
16
The statements are based on our management's assumptions and beliefs in light of the information currently available to us. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Please note that the company and executives/staff do not control and cannot guarantee the relevance, timeliness, or accuracy of these statements.