ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES
notes to the financial statements
FOR THE YEAR ENDED DeceMBER 31, 2025
Notes ContentsGeneral information
Basis of preparation and presentation of the financial statements
Material accounting policies
Cash and cash equivalents
Specifically-designated bank deposits
Trade and other current receivables
Contract assets
Inventories
Investments in subsidiaries
Investments in associates and joint ventures
Property, plant and equipment
Right-of-use assets
Goodwill
Spectrum licenses
Other intangible assets other than goodwill
Deferred tax assets
Interest-bearing liabilities
Trade and other current payables
Spectrum licenses payable
Provisions for employee benefit
Share capital
Segment financial information and disaggregation of revenue
Expenses by nature
Finance costs
Tax expense
The International Business Centre
Earnings per share
Dividends
Related parties
Notes ContentsFinancial instruments
Commitments with non-related parties
Significant events, commercial disputes and litigations
Events after the reporting period
ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES
notes to the financial statements
FOR THE YEAR ENDED DeceMBER 31, 2022
ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES
notes to the financial statements
FOR THE YEAR ENDED DeceMBER 31, 2025
2
2
These notes form an integral part of the financial statements.
The financial statements issued for Thai statutory and regulatory reporting purposes are prepared in the Thai language. These English language financial statements have been prepared from the Thai language statutory financial statements, and were approved and authorised for issue by the Board of Directors on February 3, 2026.
1. GENERAL INFORMATION
Advanced Info Service Public Company Limited (the "Company") is incorporated in Thailand and has its registered office at 414 Phaholyothin Road, Samsen Nai, Phayathai, Bangkok, Thailand.
The Company was listed on the Stock Exchange of Thailand in November 1991.
As at December 31, 2025, Gulf Development Public Company Limited is a major shareholder, holding 40.44% (as at December 31, 2024 : Intouch Holdings Public Company Limited ("INTUCH") was a major shareholder, holding 40.44%) of the authorised share capital of the Company and is incorporated in Thailand and Singtel Strategic Investments Pte Ltd.is a shareholder, holding 24.76% (as at December 31, 2024: 23.31%) of the authorised share capital of the Company and is incorporated in Singapore
Change in Major Shareholding Structure
Intouch Holdings Public Company Limited ("INTUCH") was a major shareholder, holding 40.44% of the Company's shares until March 31, 2025. Subsequently, on April 1, 2025, INTUCH completed its amalgamation with Gulf Energy Development Public Company Limited. As a result of this amalgamation, INTUCH has ceased to exist as a juristic person. A new public company has been established under the name, Gulf Development Public Company Limited.
The major principal business operations of the Company are to provide consulting and management services to its subsidiaries. The principal business operations of the subsidiaries (the "Group") are summarised as follows:
1) Advanced Wireless Network Company Limited. ("AWN"), a subsidiary, has been granted permission from the Office of the National Broadcasting and Telecommunications Commission ("NBTC") to operate and service a Cellular Mobile Telephone Network. AWN can use the granted frequencies under each license's conditions to use the spectrum and is obliged to pay for the license fee at the bid price and comply with various conditions of various frequency bands as follows:
Frequency Band | Range | Grant period | |
Start | End | ||
700 MHz | 723 - 733 MHz and 778 - 788 MHz | January 15, 2021 | January 14, 2036 |
733 - 738 MHz and 788 - 793 MHz | April 1, 2021 | March 31, 2036 | |
738 - 743 MHz and 793 - 798 MHz | October 24, 2023 | March 31, 2036 | |
900 MHz | 895 - 905 MHz and 940 - 950 MHz | July 1, 2016 | June 30, 2031 |
1800 MHz | 1725 - 1740 MHz and 1820 - 1835 MHz | November 26, 2015 | September 15, 2033 |
1740 - 1745 MHz and 1835 - 1840 MHz | September 24, 2018 | September 15, 2033 | |
2100 MHz | 1950 - 1965 MHz and 2140 - 2155 MHz | December 7, 2012 | December 6, 2027 |
1965 - 1980 MHz and 2155 - 2170 MHz | August 4, 2025 | August 3, 2040 | |
2600 MHz | 2500 - 2600 MHz | February 21, 2020 | February 20, 2035 |
26 GHz | 25.2 - 26.4 GHz | February 18, 2021 | February 17, 2036 |
2) Super Broadband Network Company Limited ("SBN"), a subsidiary, has been granted permission from the Office of the National Broadcasting and Telecommunications Commission ("NBTC") under the broadcasting network license for national non-frequency business. The license certificate (the "License") No. B1-N21331-0001-60, dated on March 20, 2017, will expire on March 19, 2032. In addition, SBN has been granted licenses from NBTC for the operation of television broadcasting service on several channels for the period of 1 - 8 years each. SBN is obliged to comply with various conditions and pay fees within the time period as specified in the License.
3) CS LoxInfo Public Company Limited ("CSL"), an indirect subsidiary, has been granted permission from the Office of the National Broadcasting and Telecommunications Commission ("NBTC") under the Telecom Operation License type I and type II to operate internet data centres, provide internet and satellite uplink-downlink services for domestic and international communications and distribute internet equipment.
4) AD Venture Public Company Limited ("ADV"), an indirect subsidiary, has been granted permission from the Office of the National Broadcasting and Telecommunication Commission ("NBTC") under the Telecom Operation License type I to operate short message service - SMS.
5) Triple T Broadband Public Company Limited ("TTTBB"), an indirect subsidiary, has been granted permission from the Office of the National Broadcasting and Telecommunications Commission ("NBTC") under the Telecom Operation License type I and type III to operate internet service and telecom network services, resale of mobile phone and voice over internet phone services.
6) Triple T Internet Company Limited ("TTTI"), an indirect subsidiary, has been granted permission from the Office of the National Broadcasting and Telecommunications Commission ("NBTC") under the Telecom Operation License type I to operate resale of fixed line service, resale of leased circuit service and resale of mobile phone service.
According to the conditions specified by NBTC, provided that the authorised licensee is not in significant violation of the conditions specified in the license, NBTC will consider renewing the license as a normal procedure.
Details of subsidiaries, associates and joint ventures as at December 31, are as follows:
Country of | Ownership interest | ||||
Name of the entities | Type of business | incorporation | (%) | ||
2025 | 2024 | ||||
Direct subsidiaries | |||||
Advanced Contact Center Company Limited | Service provider of call center | Thailand | 99.99 | 99.99 | |
Digital Phone Company Limited | Ceased mobile phone operation | Thailand | 98.55 | 98.55 | |
Advanced Magic Card Company Limited 3 | Ceased providing electronic payment network services | Thailand | 99.99 | 99.99 | |
Advanced Mpay Company Limited | Electronic money and electronic payment service provider and prepaid cards | Thailand | 99.99 | 99.99 | |
AIN GlobalComm Company Limited | Service provider of international telephone | Thailand | 99.99 | 99.99 | |
Advanced Wireless Network Company Limited | Service provider of cellular telephone network, distributor of handsets and international telephone service, network operator, telecommunication service operator and internet | Thailand | 99.99 | 99.99 | |
Super Broadband Network Company Limited | Network operator and telecom service operator, including as service provider of broadcasting network and television broadcasting service several channels | Thailand | 99.99 | 99.99 | |
AIS Digital Life Company Limited | Service provider of digital platform | Thailand | 99.99 | 99.99 | |
Fax Lite Company Limited | Service provider of operation in space, land and building services, and related facilities | Thailand | 99.98 | 99.98 | |
MIMO Tech Company Limited | Developer of IT systems service provider of content aggregator and outsourcing service for billing and collection | Thailand | 99.99 | 99.99 | |
Advanced Broadband Network Company Limited | As a holding company | Thailand | 99.99 | 99.99 | |
Advanced Digital Distribution Company Limited | Service provider of insurance broker | Thailand | 99.99 | 99.99 | |
LearnDi Company Limited | Service provider of training | Thailand | 99.99 | 99.99 | |
AIS DC Venture Company Limited | As a holding company | Thailand | 99.97 | 99.97 | |
G-AIS Company Limited (Formerly : AIS Broadband Company Limited) | As a holding company | Thailand | - 2 | 99.98 | |
Indirect subsidiaries | |||||
CS LoxInfo Public Company Limited | Service provider of internet data center services, internet and distribute internet equipment | Thailand | 99.77 1 | 99.771 | |
Teleinfo Media Public Company Limited | Service provider of the online advertising and being the outsourced contact center | Thailand | 99.99 1 | 99.99 1 | |
AD Venture Public Company Limited | Service provider of mobile contents, develop application and digital marketing | Thailand | 99.99 1 | 99.99 1 | |
Yellow Pages Commerce Company Limited | Service provider of online advertising business | Thailand | 99.94 1 | 99.94 1 | |
Triple T Broadband Public Company Limited | Voice communication and broadband Internet data service provider | Thailand | 99.87 1 | 99.87 1 | |
Triple T Internet Company Limited | Internet service provider | Thailand | 99.86 1 | 99.86 1 | |
In Cloud Company Limited | Software development, distribution and general software service provider and software Supporting High-Speed internet service | Thailand | 99.86 1 | 99.86 1 | |
Three BB Company Limited | Online Domain Name provider | Thailand | 99.87 1 | 99.87 1 | |
Associates | |||||
Information Highway Company Limited | Service provider of transmission network | Thailand | 29.00 1 | 29.00 1 | |
Choco Card Enterprise Company Limited | Develop a customer relationship management system | Thailand | 17.35 1 | 17.35 1 | |
Datafarm Company Limited | Service provider of information system security | Thailand | 25.00 1 | 25.00 1 | |
Swift Dynamics Company Limited | Service provider of IoT technology | Thailand | 16.67 1 | 16.67 1 | |
3BB Internet Infrastructure Fund | Infrastructure business fund | Thailand | 19.00 2 | 19.00 2 | |
GSA Holdings Company Limited | As a holding company | Thailand | 25.00 1,2 | 25.00 1,2 | |
Thai Trinity Holding Company Limited | As a holding company | Thailand | 39.00 2 | - | |
Joint Ventures | |||||
Amata Network Company Limited | Service provider of infrastructure developer of fibre optic network | Thailand | 60.00 1 | 60.00 1 | |
Saha Advance Network Company Limited | Service provider of infrastructure developer of fibre optic network | Thailand | 70.00 1 | 70.00 1 | |
G-AIS Company Limited (Formerly : AIS Broadband Company Limited) | Service provider of digital platform and cloud-based services | Thailand | 50.00 2 | - | |
1 % ownership interest in indirect subsidiaries, associates and joint ventures are presented by ownership interest held by subsidiaries.
2 See Note 10.
3 The company received approval from the Bank of Thailand to cease its electronic payment services business, effective from December 11, 2025.
2. BASIS FOR PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS
The financial statements are prepared in accordance with Thai Financial Reporting Standards ("TFRS"), guidelines promulgated by the Federation of Accounting Professions and applicable rules and regulations of the Thai Securities and Exchange Commission. The financial statements are presented in Thai Baht, which is the Company's functional currency. The accounting policies, described in the note 3, have been applied consistently to all periods presented in these financial statements.
The preparation of financial statements in conformity with TFRS requires management to make judgements, estimates and assumptions that affect the application of the Group's accounting policies. Actual results may differ from these estimates. Estimates and underlying assumptions that are described in the note 3 are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.
3. MATERIAL ACCOUNTING POLICIES
The financial statements have been prepared under the measurement basis of historical cost except as disclosed in the material accounting policies as follows:
(a) Basis of consolidation
The consolidated financial statements relate to the Company and its subsidiaries (together referred to as the "Group") and the Group's interests in its associates and joint ventures.
Business combinations
The Group and the Company apply the acquisition method for all business combinations when control is transferred to the Group other than those with entities under common control.
Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group and the Company take into consideration potential voting rights that currently are exercisable. The acquisition date is the date on which control is transferred to the acquirer. Judgment is applied in determining the acquisition date and determining whether control is transferred from one party to another.
Goodwill is measured as the fair value of the consideration transferred including the recognised amount of any non-controlling interest in the acquiree, less the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date.
Consideration transferred includes the fair values of the assets transferred, liabilities incurred by the Group and the Company to the previous owners of the acquiree, and equity interests issued by the Group and the Company. Consideration transferred also includes the fair value of any contingent consideration and share-based payment awards of the acquiree that are replaced mandatorily in the business combination. If a business combination results in the termination of pre-existing relationships between the Group and the Company and the acquiree, then the lower of the termination amount, as contained in the agreement, and the value of the off-market element is deducted from the consideration transferred and recognised in other expenses.
A contingent liability of the acquiree is assumed in a business combination only if such a liability represents a present obligation and arises from a past event, and its fair value can be measured reliably.
The Group and the Company measure any non-controlling interest (NCI) at its proportionate interest in the identifiable net assets of the acquiree.
Transaction costs that the Group and the Company incur in connection with a business combination such as legal fees, other professional and consulting fees are expensed as incurred.
Acquisitions from entities under common control
Business combinations of entities or businesses under common control are accounted for using a method similar to the pooling of interest method and in accordance with the Guideline issued in 2009 by the Federation of Accounting Professions.
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.
Loss of control
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related non-controlling interests and other components of equity. Any resulting gain or loss is recognised in the statement of profit or loss and the statement of profit or loss and other comprehensive income. Any interest retained in the former subsidiary is measured at fair value when control is lost.
Interests in equity - accounted investees
The Group's interests in equity-accounted investees comprise interests in associates and joint ventures.
The Company's interests in equity-accounted investees comprise interests in subsidiaries, associates and joint venture.
An associate is an entity in which the Group has significant influence including in case of the representation on the board of directors or equivalent, material transactions between the Group and its investees, an investor holding less than 20%, but not control or joint control, over the financial and operating policies.
A joint venture is a joint arrangement whereby the parties that have a joint control arrangement and have rights to the net assets of the arrangement.
Interests in associates, subsidiaries and joint ventures are accounted for using the equity method. They are recognised initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated and separate financial statements include the Group's and the Company's share of profit or loss of equity-accounted investees in the profit or loss and other comprehensive income, until the date on which significant influence or joint control ceases.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group's interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
0. Foreign currencies
Transactions in foreign currencies are translated to the functional currency (Thai Baht) of the Group at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the foreign exchange rates ruling at that date. Foreign exchange differences arising on translation are recognised in the statement of profit or loss.
Non-monetary assets and liabilities measured at cost in foreign currencies are translated to the functional currency using the foreign exchange rates ruling at the dates of the transactions.
0. Financial instruments
Financial assets and financial liabilities are recognised in the Group and the Company consolidated statement of financial position and separate statement of financial position when the Group and the Company becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
Financial assets
All recognised financial assets are measured subsequently in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.
Classification of financial assets
Debt instruments that meet the following conditions are measured subsequently at amortised cost;
• The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
• The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL).
Despite the foregoing, the Group and the Company may make the following irrevocable election/designation at initial recognition of a financial asset;
• The Group and the Company may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if certain criteria are met (see (2) below); and
• The Group and the Company may irrevocably designate a debt investment that meets the amortised cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch (see (3) below).
(1) Amortised cost and effective interest method
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period.
Interest income is recognised in profit or loss and is included in the "finance income" line item.
(2) Equity instruments classified as at FVTOCI
On initial recognition, the Group and the Company may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments as at FVTOCI. Designation at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognised by an acquirer in a business combination.
Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction costs.
Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and accumulated in the investments revaluation reserve. The cumulative gain or loss is not be classified to profit or loss on disposal of the equity investments, instead, it is transferred to retained earnings.
The Group and the Company have designated all investments in equity instruments that are not held for trading as at FVTOCI on initial application of TFRS 9.
(3) Financial assets at FVTPL
Financial assets that do not meet the criteria for being measured at amortised cost or FVTOCI (see (1) to (2) above) are measured at FVTPL.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss to the extent they are not part of a designated hedging relationship (see hedge accounting policy). The net gain or loss recognised in profit or loss and is included in the "gain (loss) from fair value measurement of derivative assets" line item. Fair value is determined in the manner described in Note 3(v).
Impairment of financial assets
The Group and the Company recognise a loss allowance for expected credit losses on trade receivables and contract assets. The amount of expected credit losses is updated at each reporting period date to reflect changes in credit risk since initial recognition of the respective financial instrument.
The Group and the Company always recognise lifetime ECL for trade receivables and contract assets. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group and the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.
Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.
(1) Write-off policy
The Group and the Company write-off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. Financial assets written-off may still be subject to enforcement activities under the Group's and the Company's recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss.
(2) Measurement and recognition of expected credit losses
The measurement of expected credit losses is a function of the probability of default, loss given default and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information. As for the exposure at default, for financial assets, this is represented by the asset's gross carrying amount at the reporting date.
If the Group and the Company have measured the loss allowance for a financial instrument at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Group and the Company measure the loss allowance at an amount equal to 12-month ECL at the current reporting date, except for assets for which simplified approach was used.
Financial liabilities
All financial liabilities are measured subsequently at amortised cost using the effective interest method or at FVTPL.
A financial liability may be designated as at FVTPL upon initial recognition if;
· Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or
· The financial liability is managed and its performance is evaluated on a fair value basis, in accordance with the Group's and the Company's documented risk management or investment strategy, and information about the grouping is provided internally on that basis.
Financial liabilities measured subsequently at amortised cost.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability.
Derivative financial instruments
The Group and the Company enter into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks, including foreign exchange forward contracts and interest rate swaps.
Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements. A derivative is presented as a non-current asset or non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities.
Hedge accounting
The Group designates certain derivatives as hedging instruments in respect of interest rate risk in cash flow hedges.
At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair value or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements;
· There is an economic relationship between the hedged item and the hedging instrument;
· The effect of credit risk does not dominate the value changes that result from that economic relationships; and
· The hedged ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
Interest rate benchmark reform
When the basis of determining the contractual cash flows of a financial asset or financial liability measured at amortised cost changed as a result of interest rate benchmark reform (IBOR reform), the Group first updated the effective interest rate of the financial asset or financial liability to reflect the change that is required by IBOR reform. If there were any other additional changes, the Group applied the policies on accounting for modifications to those changes.
Hedges directly affected by IBOR reform
When the basis for determining the contractual cash flows of the hedged item or hedging instrument changes as a result of IBOR reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Group amends the hedge documentation of that hedging relationship to reflect the changes required by IBOR reform. For this purpose, the hedge designation is amended once the following changes:
- designating an alternative benchmark rate as the hedged risk;
- updating the description of the hedged item, including the description of the designated portion of the cash flows or fair value being hedged
The Group amends the formal hedge documentation by the end of the reporting period during which a change required by IBOR reform is made to the hedged risk, hedge item or hedging instrument. These amendments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designation of a new hedging relationship.
If changes are made in addition to those changes required by IBOR reform, then the Group first considers whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in the discontinuation of the hedge accounting relationship, then the Group amends the formal hedge documentation for changes required by IBOR reform as mentioned above.
When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by IBOR reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Group deems that the hedging reserve recognised in OCI for that hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based.
Cash flow hedges
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualified as cash flow hedges is recognised in other comprehensive income.
The Group designates only the change in fair value of the spot element of interest rate swap as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of interest rate swap is recognised in a cash flow hedging reserve within equity.
For all other hedged forecast transactions, the amount accumulated in the cash flow hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expired, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the cash flow hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item's cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss.
If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the cash flow hedging reserve are immediately reclassified to profit or loss.
0. Cash and cash equivalents
Cash and cash equivalents comprise cash, cash at banks being types of current accounts, saving accounts and fixed accounts not exceeding 3 months, excluding cash at banks used as collateral, and highly liquid short-term investments with original maturities of three months or less.
0. Trade and other current receivables
Trade and other current receivables are stated at cost less allowance for expected credit losses.
The allowance for expected credit losses has disclosed in Note 6.
0. Inventories
Inventories comprise mobile phones, sim cards and spare parts used for repairs and services.
Inventories are stated at the lower of cost and net realisable value. The Group's and the Company's cost of inventories are calculated by using moving weighted average method.
Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs to complete and to make the sale.
0. Investments
Investments in subsidiaries, associates and joint ventures
Investments in subsidiaries in the separate financial statements of the Company and investments in associates and joint ventures in the consolidated and separate financial statements are accounted for using the equity method.
Investments in fixed deposit at banks
Fixed deposit at bank is classified as part of current investment with maturities over three months, not exceeding one year.
0. Property, plant and equipment
Recognition and measurement
Owned assets
Property is stated at cost less allowance for impairment (if any).
Plant and equipment are stated at cost less accumulated depreciation and allowance for impairment loss.
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and capitalised borrowing costs. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items for each major components of property, plant and equipment.
Gains or losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognised net in the statement of profit or loss.
Subsequent costs
The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and the Company, and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in the statement of profit or loss as incurred.
Depreciation
Depreciation is calculated based on the depreciable amount, which is the cost of plant and equipment, or other amount substituted for cost, less its residual value.
Depreciation is recognised in the statement of profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. The estimated useful lives are as follows:
Land improvements | 10 - 30 | years |
Buildings and building improvements | 5 - 30 | years |
Leasehold building improvements | 5, 10 | years |
Computer, computer equipment, tools and equipment | 3 - 30 | years |
Furniture, fixtures and office equipment | 2 - 20 | years |
Vehicles | 5 | years |
The Group and the Company have no depreciation provided on freehold land and assets under construction and installation.
Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.
0. Right-of-use assets and lease liabilities
The Group and the Company as lessee
The Group and the Company assess whether a contract is or contains a lease, at inception of the contract. The Group and the Company recognise a right-of-use asset and corresponding lease liability with respect to all lease arrangements in which it is the lease, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group and the Company recognise the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group and the Company use its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
· Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable;
· Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;
· The amount expected to be payable by the lease under residual value guarantees;
· The exercise price of purchase options, if the lease is reasonably certain to exercise the options; and
· Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
The lease liability is presented as a separate line in the consolidated statement of financial position and the separate statement of financial position.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The Group and the Company remeasure the lease liability (and make a corresponding adjustment to the related right-of-use asset) whenever:
· The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.
· The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a yield interest rate, in which case a revised discount rate is used).
· A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Whenever the Group and the Company incur an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under TAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group and the Company expect to exercise a purchase option, the related right-of-use is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
Depreciation of right-of-use assets is calculated by reference to their costs on a straight-line basis over the shorter of the lease term and the estimated useful lives as follows:
Land and buildings | 1 - 15 | years |
Spectrum licenses | 6 | years |
Leasehold for towers | 9 | years |
Equipment for telecom | 1 - 15 | years |
Office buildings | 1 - 5 | years |
Vehicles | 1 - 5 | years |
Computer and computer equipment | 3 | years |
The right-of-use assets are presented as a separate line in the consolidated statement of financial position and the separate statement of financial position.
The Group and the Company applied TAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the "Property, Plant and Equipment" policy.
Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included in the line "Cost of rendering of service and administrative expense" in profit or loss.
As a practical expedient, TFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Group and the Company have used this practical expedient.
The Group as lessor
The Group enters into lease agreements as a lessor with respect to some of space and equipment.
Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.
When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. The sub-lease is classified as a finance lease or operating lease by reference to the right-of-use asset arising from the head lease.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group's net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group net investment outstanding in respect of the leases.
When a contract includes both lease and non-lease components, the Group applies TFRS 15 revenue from contracts with customers to allocate the consideration under the contract to each component.
0. Intangible assets
Goodwill
Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets. The measurement of goodwill at initial recognition is described in Note 3(a). Subsequent to initial recognition, goodwill is measured at cost less impairment losses. In respect of equity-accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment.
Spectrum licenses
Spectrum licenses are measured at the cash equivalent price based on the present value of the installments. The difference between the total payment to be made and the cash equivalent price is recognised as finance cost over the license fee payment period, with the cost being amortised starting on the effective date of the license.
Other intangible assets
Other intangible assets are consist of customer relationship, customer contracts, fibre optics licenses and software licenses which are acquired by the Group and the Company, which have finite useful lives, are measured at cost less accumulated amortisation and impairment losses (if any).
Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in the statement of profit or loss.
Amortisation
Amortisation is based on the cost of the asset, or other amount substituted for cost, less its residual value.
Amortisation is recognised in the statement of profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset.
The estimated useful lives are as follows:
Spectrum licenses | Over the license period |
Customer relationships | 5 - 8 years |
Customer contracts | 5 years |
Fibre optics licenses | Over the remaining agreement period |
Software licenses | 3 - 10 years |
The Group and the Company have no amortisation provided on assets under installation.
Amortisation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.
The amortisation of spectrum licenses is included in cost of rendering of services and equipment rentals and other intangible assets is included in administrative expenses.
0. Other assets
Deferred charges
Deferred charges represent international circuit and cost of motion picture production, and are stated at cost less accumulated amortisation and impairment losses (if any).
Amortisation
Amortisation is based on the cost of the asset, or other amount substituted for cost, less its residual value.
Amortisation is recognised in the statement of profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset.
The estimated useful lives are as follows:
International circuit | Over the agreement period |
Cost of motion picture production | Over the agreement period |
0. Impairment
The carrying amounts of the Group's and the Company's assets are reviewed at the end of the reporting period to determine whether there is any indication of impairment. If any such indication exists, the assets' recoverable amounts are estimated. For goodwill that has indefinite useful lives, the recoverable amount is estimated each year at the same time.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. The impairment loss is recognised in the statement of profit or loss.
Calculation of recoverable amount
The recoverable amount of a non-financial asset is the greater of the assets' value in use or fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
Reversals of impairment
An impairment loss in respect of goodwill is not reversed.
An impairment loss in respect of a financial asset is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after the impairment loss was recognised in the statement of profit or loss.
Impairment losses recognised in prior periods in respect of other non-financial assets are assessed at the end of the reporting period for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
0. Interest-bearing liabilities
Interest-bearing liabilities are recognised initially at fair value less attributable transaction charges. Subsequent to initial recognition, interest-bearing liabilities are stated at amortised cost with any difference between cost and redemption value being recognised in the statement of profit or loss over the period of the borrowings on an effective interest basis.
0. Trade and other current payables
Trade and other current payables are stated at cost.
0. Employee benefits
Provident fund
The Group and the Company had a provident fund which is a defined contribution plan. The fund's asset of the provident fund is separated from the Group's and the Company's asset and has been managed by a licensed fund manager. The provident fund receives a cash contribution from employee and the related Group and the Company. The contribution expenditure of the provident fund is recognised as expense in the statement of profit or loss of the reporting period that transaction occurred.
Post-employment benefit and long-term service award
The provision in respect of post-employment benefits that provide compensation according to labour law and long-term service award are recognised in the Group's and the Company's financial statements based on calculations by a qualified actuary using the projected unit credit method.
The Group and the Company recognised all gains (losses) on remeasurements of defined benefit plans arising from provisions for employee benefit in statement of profit or loss and other comprehensive income and all expenses related to provisions for employee benefit in the statement of profit or loss.
Termination benefits
Termination benefits are recognised as an expense in the statement of profit or loss when the Group and the Company are committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy or the Group and the Company have made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the end of the reporting period, then they are discounted to their present value.
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are recognised as an expense in the statement of profit or loss as the related service is provided.
A liability is recognised for the amount expected to be paid under short-term cash bonus or profit sharing plans if the Group and the Company have a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.
0. Provisions
A provision is recognised if, as a result of a past event, the Group and the Company have a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.
0. Recognition of revenue and expense
Revenue recognition
Revenue is measured at the fair value of the standalone selling price of each performance obligation in contracts.
Revenue from sale of goods is recognised in the statement of profit or loss when control is passed to the buyer.
Revenue from rendering of mobile phone service, internet service and other services are recognised when the services are transferred to customers.
Revenue from design contract and installation of internet network, computer and communication ("ICT") is recognised based on the percentage of completion at the end of reporting period and in the period which the services were provided.
Revenue from contracts with multiple elements are allocated by fair value of standalone selling price in each performance obligation. In case of contracts have both obligations to perform at point of time and overtime, difference from revenue recognition and performance obligations at the beginning of contracts is recognised as contract assets or contract liabilities and recognised over the contracts periods.
Contract assets are stated at net book value after allowance for terminated contracts.
Allowance for terminated contracts is primarily assessed on analysis of payment histories, future expectations of customer payments and cancellation contracts history. Contract assets will be written off when contracts are cancelled.
Rental income
Rental income from rental equipment is recognised in the statement of profit or loss and on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income.
Interest income
Interest income is recognised in the statement of profit or loss on the accrual basis.
Expense
Expense is recognised in the statement of profit or loss on the accrual basis.
0. Finance costs
Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions and contingent consideration, fair value losses on financial assets at fair value through the statement of profit or loss, impairment losses recognised on financial assets (other than trade receivables), and losses on hedging instruments that are recognised in the statement of profit or loss.
Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in the statement of profit or loss using the effective interest method.
0. Tax expenses
Tax expense for the year comprises current and deferred tax. Current and deferred tax are recognised in the statement of profit or loss except to the extent that they relate to a business combination, or items recognised directly in shareholders' equity or in other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted and any tax adjustment items in respect of previous years.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of goodwill; the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; and differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future.
The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Group and the Company expect, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they adjust, using tax rates enacted or substantively enacted at the end of the reporting period.
In determining the amount of current and deferred tax, the Group and the Company take into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Group and the Company believe that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Group and the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the reporting period that such a determination is made.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets are reviewed at the end of the reporting period and reduced to the extent that it is no longer probable that the related tax benefit will be realised.
0. Earnings per share
The Group and the Company present basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Group and the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding adjusted with own shares held and the effects of all dilutive potential ordinary shares.
0. Segment financial information
Segment results that are reported to the Group's chief operating decision maker include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
0. Fair value measurements
Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group and the Company take into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements are determined on such basis.
In addition, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirely, which are described as follows:
- Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.
- Level 2 inputs are inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly.
- Level 3 inputs are unobservable inputs for the asset or liability.
4. CASH AND CASH EQUIVALENTS
Cash and cash equivalents as at December 31, are as follows:
Unit: Million Baht
Notes | Consolidated | Separate | ||||||
financial statements | financial statements | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Cash on hand | 16 | 13 | - | 1 | ||||
Cash at bank - current accounts | 30 | 3,112 | 3,742 | 10 | 16 | |||
Cash at bank - savings accounts | 30 | 22,674 | 19,295 | 1,622 | 3,712 | |||
Cash at bank - fixed accounts | ||||||||
not exceeding 3 months | 23 | 137 | - | - | ||||
25,825 | 23,187 | 1,632 | 3,729 | |||||
Less Specifically - designated bank deposits | 5 | (471) | (580) | - | - | |||
Total | 25,354 | 22,607 | 1,632 | 3,729 |
As at December 31, 2025, the effective interest rate of the Group and the Company on cash and cash equivalents are 0.00% - 1.32% and 0.04% - 1.32% per annum, respectively (as at December 31, 2024: 0.00% - 1.80% and 0.04% - 1.80% per annum, respectively).
5. SPECIFICALLY-DESIGNATED BANK DEPOSITS
In order to comply with the Notification of the Bank of Thailand applicable to the electronic cash card business, the subsidiaries held deposits at call with banks not less than to the subsidiaries' outstanding balance of advance received from customers which cannot be used for other purposes apart from payments to service providers in the consolidated financial statements as at December 31, 2025 amounting to Baht 471 million (as at December 31, 2024 : amounting to Baht 580 million).
6. TRADE AND OTHER CURRENT RECEIVABLES
Trade and other current receivables as at December 31, are as follows:
Unit: Million Baht | ||||||||
Notes | Consolidated | Separate | ||||||
financial statements | financial statements | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Trade receivables | ||||||||
Related parties | 29 | |||||||
Trade receivables | 246 | 293 | 76 | 47 | ||||
Accrued income | 36 | 90 | - | 671 | ||||
282 | 383 | 76 | 718 | |||||
Other parties | ||||||||
Trade receivables | 10,755 | 12,659 | 10 | 10 | ||||
Accrued income | 6,465 | 6,325 | - | - | ||||
17,220 | 18,984 | 10 | 10 | |||||
Total trade receivables | 17,502 | 19,367 | 86 | 728 | ||||
Less Allowance for expected credit losses | (1,938) | (1,745) | (9) | (9) | ||||
Trade receivables - net | 15,564 | 17,622 | 77 | 719 | ||||
Other current receivables | ||||||||
Prepaid expense | 29 | 1,975 | 1,016 | 18 | 21 | |||
Value-added tax receivable | 168 | 47 | - | 2 | ||||
Others | 29 | 209 | 231 | 236 | 403 | |||
Total other current receivables | 2,352 | 1,294 | 254 | 426 | ||||
Total trade and other current receivables | 17,916 | 18,916 | 331 | 1,145 | ||||
Aging analysis for trade receivables are as follows:
Unit: Million Baht
Consolidated | Separate | ||||||
financial statements | financial statements | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Related parties | |||||||
Current - overdue 3 months | 280 | 381 | 75 | 717 | |||
Overdue 3 - 6 months | 1 | - | - | - | |||
Overdue 6 - 12 months | - | 1 | - | - | |||
Overdue over 12 months | 1 | 1 | 1 | 1 | |||
282 | 383 | 76 | 718 | ||||
Other parties | |||||||
Current - overdue 3 months | 16,338 | 17,910 | - | - | |||
Overdue 3 - 6 months | 541 | 616 | - | - | |||
Overdue 6 - 12 months | 139 | 189 | - | - | |||
Overdue over 12 months | 202 | 269 | 10 | 10 | |||
17,220 | 18,984 | 10 | 10 | ||||
Less Allowance for expected credit losses | (1,938) | (1,745) | (9) | (9) | |||
15,282 | 17,239 | 1 | 1 | ||||
Trade receivables - net | 15,564 | 17,622 | 77 | 719 |
The normal credit term granted by the Group and the Company ranges from 14 days to 120 days.
The following table shows the movement in lifetime expected credit losses that has been recognised for trade receivables by collectively assessed in accordance with the simplified approach set out in TFRS 9.
Unit: Million Baht
Consolidated | Separate | |||||||
financial statements | financial statements | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Balance as at January 1, | (1,745) | (1,975) | (9) | (9) | ||||
Expected credit losses | (2,058) | (2,098) | - | - | ||||
Amounts written off | 1,702 | 2,154 | (2) | (2) | ||||
Amounts recovered | 163 | 174 | 2 | 2 | ||||
Balance as at December 31, | (1,938) | (1,745) | (9) | (9) |
7. CONTRACT ASSETS
Contract assets as at December 31 are as follows: (Separate financial statements : nil)
Unit: Million Baht
Consolidated | |||
financial statements | |||
2025 | 2024 | ||
Current assets | |||
Sales of device and monthly service contract | 3,008 | 2,747 | |
Less Allowance for expected credit losses | (71) | (68) | |
Contract assets - net | 2,937 | 2,679 | |
(Reversal of) loss on termination of contract assets | |||
for the year ended December 31, | (101) | 7 |
Contract assets are from sales of devices and monthly service contracts with customers. The contract assets arise from price allocations to device sales which are recognised as revenues at the point in time when the Group transfers control of the device to customers. Contract assets will decrease as monthly service payments are received. Monthly network services are recognised as revenues over time or a percentage of completion basis.
Contract assets in respect of contracts which are terminated or expected to be terminated before the end of the contract period are reduced and recognised as loss on terminated of contract assets.
The following table shows the movement in lifetime expected credit losses that has been recognised for contract assets in accordance with the simplified approach set out in TFRS 9 (Separate financial statements : nil).
Unit: Million Baht
Consolidated | |||
financial statements | |||
2025 | 2024 | ||
Balance as at January 1, | (68) | (44) | |
Expected credit losses | (3) | (24) | |
Balance as at December 31, | (71) | (68) |
8. INVENTORIES
Inventories as at December 31, are as follows:
Unit: Million Baht
Consolidated | |||
financial statements | |||
2025 | 2024 | ||
Finished goods | 3,587 | 4,585 | |
Spare parts for network maintenance | 520 | 482 | |
Inventories - net | 4,107 | 5,067 |
The Group reversed expenses and recognised expense in respect of allowance for obsolescence and decline in value of inventory for the year ended December 31, 2025 and 2024 in consolidated financial statements of Baht 52 million and Baht 158 million, respectively (Separate financial statements: nil).
9. INVESTMENTS IN SUBSIDIARIES
Movements in investments in subsidiaries for the years ended December 31, are as follows:
Unit: Million Baht
Separate | ||||
financial statements | ||||
2025 | 2024 | |||
Subsidiaries | ||||
Balance as at January 1, | 93,577 | 67,506 | ||
Dividends received during the years | (10,591) | (6,910) | ||
Disposal of investment in a subsidiary | (1) | - | ||
Share of profit of subsidiaries accounted for using equity method | 46,025 | 33,208 | ||
Share of other comprehensive gain (loss) of subsidiaries accounted for using equity method | (341) | (227) | ||
As at December 31, | 128,669 | 93,577 |
2
Investments in subsidiaries as at December 31 and dividend received for the years then ended, are as follows:
Unit : Million Baht | |||||||||||||||
Separate financial statements | |||||||||||||||
Ownership interest | Paid-up capital | Cost | Investment as equity method | Dividend received | |||||||||||
for the years | |||||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||
% | |||||||||||||||
Subsidiaries | |||||||||||||||
Advanced Contact Center Company Limited | 99.99 | 99.99 | 272 | 272 | 811 | 811 | 435 | 437 | 47 | 67 | |||||
Digital Phone Company Limited | 98.55 | 98.55 | 914 | 914 | 10,226 | 10,226 | 4,291 | 4,255 | - | - | |||||
Advanced Magic Card Company Limited | 99.99 | 99.99 | 250 | 250 | 250 | 250 | 282 | 281 | - | - | |||||
Advanced Mpay Company Limited | 99.99 | 99.99 | 300 | 300 | 336 | 336 | 1,074 | 1,045 | 732 | 985 | |||||
AIN GlobalComm Company Limited | 99.99 | 99.99 | 100 | 100 | 100 | 100 | 127 | 124 | - | - | |||||
Advanced Wireless Network Company Limited | 99.99 | 99.99 | 1,350 | 1,350 | 1,485 | 1,485 | 104,690 | 68,399 | - | - | |||||
Super Broadband Network Company Limited | 99.99 | 99.99 | 300 | 300 | 300 | 300 | 1,837 | 2,603 | 3,390 | 3,738 | |||||
AIS Digital Life Company Limited | 99.99 | 99.99 | 50 | 50 | 50 | 50 | (449) | (234) | - | - | |||||
Fax Lite Company Limited | 99.98 | 99.98 | 1 | 1 | 1 | 1 | 10,936 | 12,445 | 6,347 | 2,063 | |||||
MIMO Tech Company Limited | 99.99 | 99.99 | 50 | 50 | 50 | 50 | 4,945 | 3,828 | - | - | |||||
Advanced Broadband Network Company Limited | 99.99 | 99.99 | 100 | 100 | 100 | 100 | 404 | 352 | 40 | 25 | |||||
Advanced Digital Distribution Company Limited | 99.99 | 99.99 | 5 | 5 | 5 | 5 | 41 | 29 | 4 | - | |||||
LearnDi Company Limited | 99.99 | 99.99 | 1 | 1 | 1 | 1 | 74 | 39 | 31 | 32 | |||||
AIS DC Venture Company Limited | 99.97 | 99.97 | 1 | 1 | 1 | 1 | (18) | (27) | - | - | |||||
G-AIS Company Limited (Formerly : AIS Broadband Company Limited) 1 | - | 99.98 | - | 1 | - | 1 | - | 1 | - | - | |||||
Total | 13,716 | 13,717 | 128,669 | 93,577 | 10,591 | 6,910 |
1 See note 10
10. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Movements in investment in associates in the consolidated and separate financial statements for the years ended December 31, are as follows:
Unit: Million Baht
Consolidated | |||
financial statements | |||
2025 | 2024 | ||
As at January 1, | 12,136 | 12,218 | |
Share of profit of associates accounted for using equity method | 842 | 982 | |
Dividends received during the years | (452) | - | |
Acquisition of investments in associates | 494 | 174 | |
Unrealised intercompany gain from sale investment | - | (27) | |
Disposal of investment in associate | - | (147) | |
Capital reduction of investments in associate | (486) | (1,064) | |
As at December 31, | 12,534 | 12,136 |
Separate | |||
financial statements | |||
2025 | 2024 | ||
As at January 1, | 11,708 | 11,772 | |
Share of profit of associate accounted for using equity method | 1,072 | 1,000 | |
Dividends received during the years | (444) | - | |
Acquisition of investment in associate | 195 | - | |
Capital reduction of investment in associate | (486) | (1,064) | |
As at December 31, | 12,045 | 11,708 |
Advanced Info Service Public Company Limited ("The Company")
· On February 20, 2024, Jasmine Broadband Internet Infrastructure Fund ("JASIF"), an associate was renamed 3BB Internet Infrastructure Fund ("3BBIF").
· During the year ended December 31, 2025, the Company received a capital reduction from 3BBIF, totalling Baht 486 million (2024: Baht 1,064 million). As at December 31, 2025, the Company held 19% of 3BBIF's units.
GSA Data Centre Company Limited ("GSADC")
On December 18 2024, AIS DC Venture Co., Ltd. ("AISDC"), a subsidiary, sold all ordinary shares in GSADC at the total number of 3,937,500 shares or equivalent to 25% of all the total issued and paid-up shares of GSADC to GSA Holdings Company Limited ("GSAHLD"), an associated of AIS, at Baht 44.03 per share, totaling Baht 174 million.
GSA Holdings Company Limited ("GSAHLD")
On December 12, 2024, AIS DC Venture Co., Ltd. ("AISDC"), a subsidiary, entered into an agreement with Gulf Edge Co., Ltd. and Nexra TH Pte Ltd., to invest in GSA Holdings Co., Ltd. ("GSAHLD"). The registered capital of GSADC is 10,000 ordinary shares with a par value of Baht 100 each, totalling Baht 1 million. AISDC invested in a total of 2,500 of GSAHLD's shares, AISDC made fully payment of Baht 100 per share, or Baht 0.25 million.
On December 18, 2024, GSAHLD issued 15,750,000 additional ordinary shares with a par value of Baht 100 each, totalling Baht 1,575 million which have been partial paid up at Baht 44.03 per share. AISDC invested in 3,937,500 of GSAHLD's additional shares, totalling Baht 174 million.
On September 25, 2025, GSA Holding Co., Ltd.("GSAHLD") issued 39,610,000 additional shares with a par value of Baht 100 each with paid-up Baht 30.20 each. AIS DC Venture Co., Ltd. ("AISDC"), a subsidiary, invested in 9,902,500 shares of GSAHLD's additional ordinary shares with paid-up Baht 30.20 each, totalling Baht 299.06 million. As at December 31, 2025, AISDC held 25% of GSAHLD's shares.
Thai Trinity Holding Company Limited ("TTYH")
On June 19, 2025, the Company and it's business partners which are Krungthai Bank Public Company Limited ("KTB") and PTT Oil and Retail Business Public Company Limited ("PTTOR") obtained the approval for the establishment of a virtual bank from the Minister of Finance.
On July 9, 2025, the Company established a new holding company, Thai Trinity Holding Company Limited ("TTYH") with KTB and PTTOR. The registered capital of TTYH is 5 million ordinary shares with a par value of Baht 10 each, totalling Baht 50 million. The Company invested in a total of 1.95 million of TTYH's shares. The Company made a full payment of Baht 10 per share, totalling Baht 19.50 million or 39% of TTYH's shares.
On August 8, 2025, the Company and its business partners jointly established Clicx Bank Public Company Limited ("Clicx") to operate a virtual bank business that TTYH have held the ordinary shares. Clicx issued 50 million ordinary shares with a par value of Baht 10 each, totalling Baht 500 million.
On August 25, 2025, TTYH issued 45 million additional ordinary shares with a par value of Baht 10 each, totalling Baht 450 million. The company invested in 17.55 million shares of TTYH's ordinary shares, totalling Baht 175.50 million. As at December 31, 2025, TTYH held 99.99% of total shares.
Movements in investment in joint ventures in the consolidated financial statements for the years ended December 31, are as follows:
Unit: Million Baht
Consolidated | |||||||
financial statements | |||||||
2025 | 2024 | ||||||
As at January 1, | 276 | 232 | |||||
Dividends received during the years | (30) | (26) | |||||
Increase in investment in joint venture | 100 | - | |||||
Share of profit of joint ventures accounted for using equity method | 82 | 70 | |||||
As at December 31, | 428 | 276 |
Unit: Million Baht
Separate | |||||||
financial statements | |||||||
2025 | 2024 | ||||||
As at January 1, | - | - | |||||
Transfer of investment in subsidiary to joint venture | 1 | - | |||||
Increase in investment in joint venture | 100 | - | |||||
Share of profit of joint ventures accounted for using equity method | 1 | - | |||||
As at December 31, | 102 | - |
G-AIS Company Limited (Formerly : AIS Broadband Company Limited)
During the year, the Company disposed of 5,000 ordinary shares of AIS Broadband Co., Ltd. ("AISBB") to the noncontrolling interests at a price of Baht 100 per share, for total consideration of Baht 0.50 million. The transaction reduced the Company's equity interest in AISBB from 99.99% to 50%. Consequently, the Company no longer retained control over AISBB, and the investment was reclassified from a subsidiary to a joint venture.
On August 8, 2025, AIS Broadband Co., Ltd. ("ABB"), a joint venture, was renamed G-AIS Co., Ltd. ("G-AIS")
On October 10, 2025, G-AIS issued 1,990,000 additional ordinary shares with a par value of Baht 100 each, totalling Baht 199 million. The Company invested in 995,000 shares with a par value of Baht 100 of G-AIS's additional shares, totalling Baht 99.5 million, fully paid. As at December 31, 2025, the proportion of G-AIS's shares held in 50% of total shares.
ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES
notes to the financial statements
FOR THE YEAR ENDED DeceMBER 31, 2025
2
Investments in associates and joint ventures as at December 31, and dividend income from those investments for the years then ended are as follows:
Unit: Million Baht | |||||||||||||||||||
Consolidated financial statements | |||||||||||||||||||
% of ownership interest | Paid-up capital | Cost | Equity | Dividend received for the years | |||||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||
Associates | |||||||||||||||||||
Information Highway Co., Ltd. | 29 | 29 | 50 | 50 | 15 | 15 | 62 | 59 | 8 | - | |||||||||
Choco Card Enterprise Co., Ltd. | 17.35 | 17.35 | 7 | 7 | 22 | 178 | 22 | 151 | - | - | |||||||||
Datafarm Co., Ltd. | 25 | 25 | 7 | 7 | 12 | 29 | 12 | 37 | - | - | |||||||||
Swift Dynamics Co., Ltd. | 16.67 | 16.67 | 4 | 4 | 5 | 32 | 6 | 34 | - | - | |||||||||
3BB Internet Infrastructure Fund | 19 | 19 | 67,244 | 69,804 | 10,078 | 10,564 | 11,850 | 11,708 | 444 | - | |||||||||
GSA Holdings Company Limited | 25 | 25 | 1,891 | 694 | 473 | 174 | 387 | 147 | - | - | |||||||||
Thai Trinity Holding Company Limited | 39 | - | 500 | - | 195 | - | 195 | - | - | - | |||||||||
Joint ventures | |||||||||||||||||||
Amata Network Co., Ltd. | 60 | 60 | 100 | 100 | 60 | 60 | 295 | 249 | 30 | 26 | |||||||||
Saha Advance Network Co., Ltd. | 70 | 70 | 30 | 30 | 21 | 21 | 32 | 27 | - | - | |||||||||
G-AIS Co.,Ltd. (Formerly: AIS Broadband Co., Ltd.) | 50 | - | 200 | - | 100 | - | 101 | - | - | - | |||||||||
Separate financial statements | |||||||||||||||||||
% of ownership interest | Paid-up capital | Cost | Equity | Dividend received for the years | |||||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||
Associate | |||||||||||||||||||
3BB Internet Infrastructure Fund | 19 | 19 | 67,244 | 69,804 | 10,078 | 10,564 | 11,850 | 11,708 | 444 | - | |||||||||
Thai Trinity Holding Company Limited | 39 | - | 500 | - | 195 | - | 195 | - | - | - | |||||||||
Joint ventures | |||||||||||||||||||
G-AIS Co.,Ltd. (Formerly: AIS Broadband Co., Ltd.) | 50 | - | 200 | - | 100 | - | 101 | - | - | - | |||||||||
Summarised financial position in respect of associates and joint ventures and performance for the years then ended are as follows:
Unit: Million Baht
Reporting date | % of Ownership interest | Current assets | Non-current assets | Total assets | Current liabilities | Non-current liabilities | Total liabilities | Total revenues | Total expenses | Profit/ (loss) | |||||||||
2025 | |||||||||||||||||||
Associates | |||||||||||||||||||
Information Highway Co., Ltd. | December 31 | 29 | 89 | 212 | 301 | 29 | 67 | 96 | 185 | 149 | 36 | ||||||||
Choco Card Enterprise Co., Ltd. | December 31 | 17.35 | 218 | 17 | 235 | 45 | - | 45 | 209 | 222 | (13) | ||||||||
Datafarm Co., Ltd. | December 31 | 25 | 81 | 14 | 95 | 36 | - | 36 | 110 | 107 | 3 | ||||||||
Swift Dynamics Co., Ltd. | December 31 | 16.67 | 50 | 3 | 53 | 29 | - | 29 | 60 | 82 | (22) | ||||||||
3BB Internet Infrastructure Fund | December 31 | 19 | 32 | 79,493 | 79,525 | 1,149 | 9,339 | 10,488 | 8,317 | 1,273 | 7,044 | ||||||||
GSA Holdings Company Limited | December 31 | 25 | 3,207 | 7,825 | 11,032 | 4,529 | 4,850 | 9,379 | 184 | 421 | (237) | ||||||||
Thai Trinity Holding Company Limited | December 31 | 39 | - | 500 | 500 | - | - | - | - | - | - | ||||||||
Joint ventures | |||||||||||||||||||
Amata Network Co., Ltd. | December 31 | 60 | 450 | 78 | 528 | 36 | 1 | 37 | 185 | 59 | 126 | ||||||||
Saha Advance Network Co., Ltd. | December 31 | 70 | 41 | 12 | 53 | 5 | 2 | 7 | 15 | 8 | 7 | ||||||||
G-AIS Co.,Ltd. (Formerly: AIS Broadband Co., Ltd.) | December 31 | 50 | 366 | - | 366 | 164 | - | 164 | 345 | 342 | 3 | ||||||||
Unit: Million Baht
Reporting date | % of Ownership interest | Current assets | Non-current assets | Total assets | Current liabilities | Non-current liabilities | Total liabilities | Total revenues | Total expenses | Profit/ (loss) | |||||||||
2024 | |||||||||||||||||||
Associates | |||||||||||||||||||
Information Highway Co., Ltd. | December 31 | 29 | 94 | 271 | 365 | 112 | 54 | 166 | 180 | 148 | 32 | ||||||||
Choco Card Enterprise Co., Ltd. | December 31 | 17.35 | 244 | 15 | 259 | 56 | - | 56 | 304 | 387 | (83) | ||||||||
Datafarm Co., Ltd. | December 31 | 25 | 63 | 6 | 69 | 14 | - | 14 | 90 | 94 | (4) | ||||||||
Swift Dynamics Co., Ltd. | December 31 | 16.67 | 35 | 2 | 37 | 8 | - | 8 | 46 | 44 | 2 | ||||||||
GSA Data Centre Company Limited | December 31 | - | - | - | - | - | - | - | 2 | 51 | (49) | ||||||||
3BB Internet Infrastructure Fund | December 31 | 19 | 815 | 77,964 | 78,779 | 1,031 | 10,861 | 11,892 | 7,527 | 2,248 | 5,279 | ||||||||
GSA Holdings Company Limited | December 31 | 25 | 1 | 693 | 694 | - | - | - | - | - | - | ||||||||
Joint ventures | |||||||||||||||||||
Amata Network Co., Ltd. | December 31 | 60 | 360 | 88 | 448 | 31 | 2 | 33 | 165 | 55 | 110 | ||||||||
Saha Advance Network Co., Ltd. | December 31 | 70 | 35 | 15 | 50 | 10 | - | 10 | 12 | 7 | 5 | ||||||||
ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES
notes to the financial statements
FOR THE YEAR ENDED DeceMBER 31, 2025
2
11. PROPERTY, PLANT AND EQUIPMENT
Movements in property, plant and equipment for the years ended December 31, are as follows:
As at December 31, 2025
Unit: Million Baht | |||||||||||
Consolidated financial statements | |||||||||||
Balance as at | Increase | Decrease | Transfer | Reclassification | Balance as at | ||||||
January 1, | December 31, | ||||||||||
2025 | 2025 | ||||||||||
Cost | |||||||||||
Land | 810 | 3 | (98) | - | - | 715 | |||||
Land Improvements | - | 1 | - | - | 17 | 18 | |||||
Building and building improvements | 2,624 | - | (21) | - | 124 | 2,727 | |||||
Leasehold building improvements | 2,352 | 278 | (63) | 81 | 9 | 2,657 | |||||
Computer, tools and equipment | 331,397 | 11,026 | (17,893) | 2,730 | 8 | 327,268 | |||||
Furniture, fixtures and office equipment | 2,268 | 142 | (35) | - | (158) | 2,217 | |||||
Vehicles | 41 | 1 | (4) | - | - | 38 | |||||
Total | 339,492 | 11,451 | (18,114) | 2,811 | - | 335,640 | |||||
Accumulated depreciation | |||||||||||
Land Improvements | - | - | - | - | (6) | (6) | |||||
Building and building improvements | (1,223) | (117) | 20 | - | (121) | (1,441) | |||||
Leasehold building improvements | (1,912) | (189) | 56 | - | (9) | (2,054) | |||||
Computer, tools and equipment | (205,156) | (23,697) | 16,099 | - | (7) | (212,761) | |||||
Furniture, fixtures and office equipment | (1,930) | (121) | 33 | - | 143 | (1,875) | |||||
Vehicles | (27) | (2) | 2 | - | - | (27) | |||||
Total | (210,248) | (24,126) | 16,210 | - | - | (218,164) | |||||
Assets under construction and installation | 5,657 | 5,524 | (48) | (2,811) | - | 8,322 | |||||
Less Allowance for impairment | (7,902) | (1,475) | 2,205 | - | - | (7,172) | |||||
Property, plant and equipment | 126,999 | (8,626) | 253 | - | - | 118,626 |
During the year 2025, the Group has reversal of net loss on impairment of unused equipment assets amounting to Baht 730 million (2024: net loss on impairment of unused equipment assets amounting to Baht 1,026 million).
As at December 31, 2024
Unit: Million Baht | |||||||||||
Consolidated financial statements | |||||||||||
Balance as at | Increase | Decrease | Transfer | Reclassification | Balance as at | ||||||
January 1, | December 31, | ||||||||||
2024 | 2024 | ||||||||||
Cost | |||||||||||
Land | 735 | - | - | - | 75 | 810 | |||||
Building and building improvements | 816 | 1 | (1) | - | 1,808 | 2,624 | |||||
Leasehold building improvements | 2,272 | 228 | (148) | - | - | 2,352 | |||||
Computer, tools and equipment | 319,977 | 12,204 | (11,641) | 12,740 | (1,883) | 331,397 | |||||
Furniture, fixtures and office equipment | 2,226 | 105 | (64) | 1 | - | 2,268 | |||||
Vehicles | 41 | - | - | - | - | 41 | |||||
Total | 326,067 | 12,538 | (11,854) | 12,741 | - | 339,492 | |||||
Accumulated depreciation | |||||||||||
Building and building improvements | (503) | (24) | 1 | - | (697) | (1,223) | |||||
Leasehold building improvements | (1,864) | (195) | 147 | - | - | (1,912) | |||||
Computer, tools and equipment | (190,095) | (26,156) | 10,398 | - | 697 | (205,156) | |||||
Furniture, fixtures and office equipment | (1,857) | (134) | 61 | - | - | (1,930) | |||||
Vehicles | (24) | (3) | - | - | - | (27) | |||||
Total | (194,343) | (26,512) | 10,607 | - | - | (210,248) | |||||
Assets under construction and installation | 14,376 | 4,032 | (10) | (12,741) | - | 5,657 | |||||
Less Allowance for impairment | (6,876) | (2,113) | 1,087 | - | - | (7,902) | |||||
Property, plant and equipment | 139,224 | (12,055) | (170) | - | - | 126,999 |
Depreciation for the years ended December 31, | |||||||
2025 | Million Baht | 24,126 | |||||
2024 | Million Baht | 26,512 |
As at December 31, 2025
Unit: Million Baht
Separate financial statements | |||||||
Balance as at | Increase | Decrease | Balance as at | ||||
January 1, | December 31, | ||||||
2025 | 2025 | ||||||
Cost | |||||||
Building and building improvements | 128 | - | (8) | 120 | |||
Leasehold building improvements | 308 | 1 | - | 309 | |||
Computer, tools and equipment | 71 | 1 | - | 72 | |||
Furniture, fixtures and office equipment | 492 | 4 | (7) | 489 | |||
Vehicles | 21 | - | (3) | 18 | |||
Total | 1,020 | 6 | (18) | 1,008 | |||
Accumulated depreciation | |||||||
Building and building improvements | (127) | - | 8 | (119) | |||
Leasehold building improvements | (293) | (10) | - | (303) | |||
Computer, tools and equipment | (67) | (2) | - | (69) | |||
Furniture, fixtures and office equipment | (475) | (7) | 7 | (475) | |||
Vehicles | (10) | (1) | 1 | (10) | |||
Total | (972) | (20) | 16 | (976) | |||
Property, plant and equipment | 48 | (14) | (2) | 32 |
As at December 31, 2024
Unit: Million Baht
Separate financial statements | |||||||
Balance as at | Increase | Decrease | Balance as at | ||||
January 1, | December 31, | ||||||
2024 | 2024 | ||||||
Cost | |||||||
Building and building improvements | 128 | - | - | 128 | |||
Leasehold building improvements | 308 | - | - | 308 | |||
Computer, tools and equipment | 72 | - | (1) | 71 | |||
Furniture, fixtures and office equipment | 493 | 3 | (4) | 492 | |||
Vehicles | 21 | - | - | 21 | |||
Total | 1,022 | 3 | (5) | 1,020 | |||
Accumulated depreciation | |||||||
Building and building improvements | (127) | - | - | (127) | |||
Leasehold building improvements | (281) | (12) | - | (293) | |||
Computer, tools and equipment | (66) | (2) | 1 | (67) | |||
Furniture, fixtures and office equipment | (471) | (8) | 4 | (475) | |||
Vehicles | (8) | (2) | - | (10) | |||
Total | (953) | (24) | 5 | (972) | |||
Property, plant and equipment | 69 | (21) | - | 48 |
Depreciation for the years ended December 31, | |||||
2025 | Million Baht | 20 | |||
2024 | Million Baht | 24 |
12. RIGHT-OF-USE ASSETS
Movements in right-of-use assets for the year ended December 31, are as follows:
As at December 31, 2025
Unit: Million Baht
Consolidated financial statements | |||||||
Balance as at | Increase | Decrease | Balance as at | ||||
January 1, | December 31, | ||||||
2025 | 2025 | ||||||
Cost | |||||||
Land and Buildings | 11,251 | 4,215 | (2,640) | 12,826 | |||
Spectrum Licenses | 20,582 | - | (20,582) | - | |||
Leaseholds for Towers | 39,599 | - | - | 39,599 | |||
Equipment for Telecom | 67,407 | 244 | (268) | 67,383 | |||
Office Buildings | 3,189 | 707 | (1,595) | 2,301 | |||
Vehicles | 414 | 94 | (26) | 482 | |||
Computer and computer equipment | 5 | - | - | 5 | |||
Total | 142,447 | 5,260 | (25,111) | 122,596 | |||
Accumulated depreciation | |||||||
Land and Buildings | (4,592) | (3,334) | 2,342 | (5,584) | |||
Spectrum Licenses | (18,415) | (2,167) | 20,582 | - | |||
Leaseholds for Towers | (22,004) | (4,396) | - | (26,400) | |||
Equipment for Telecom | (5,216) | (4,549) | 265 | (9,500) | |||
Office Buildings | (1,304) | (1,198) | 1,568 | (934) | |||
Vehicles | (200) | (100) | 24 | (276) | |||
Computer and computer equipment | (5) | - | - | (5) | |||
Total | (51,736) | (15,744) | 24,781 | (42,699) | |||
Right-of-use assets | 90,711 | (10,484) | (330) | 79,897 |
As at December 31, 2024
Unit: Million Baht
Consolidated financial statements | |||||||
Balance as at | Increase | Decrease | Balance as at | ||||
January 1, | December 31, | ||||||
2024 | 2024 | ||||||
Cost | |||||||
Land and Buildings | 9,764 | 5,137 | (3,650) | 11,251 | |||
Spectrum Licenses | 20,582 | - | - | 20,582 | |||
Leaseholds for Towers | 39,599 | - | - | 39,599 | |||
Equipment for Telecom | 67,271 | 702 | (566) | 67,407 | |||
Office Buildings | 2,667 | 1,759 | (1,237) | 3,189 | |||
Vehicles | 477 | 22 | (85) | 414 | |||
Computer and computer equipment | 5 | - | - | 5 | |||
Total | 140,365 | 7,620 | (5,538) | 142,447 | |||
Accumulated depreciation | |||||||
Land and Buildings | (4,461) | (3,509) | 3,378 | (4,592) | |||
Spectrum Licenses | (14,726) | (3,689) | - | (18,415) | |||
Leaseholds for Towers | (17,596) | (4,408) | - | (22,004) | |||
Equipment for Telecom | (891) | (4,835) | 510 | (5,216) | |||
Office Buildings | (1,291) | (1,177) | 1,164 | (1,304) | |||
Vehicles | (174) | (100) | 74 | (200) | |||
Computer and computer equipment | (1) | (4) | - | (5) | |||
Total | (39,140) | (17,722) | 5,126 | (51,736) | |||
Right-of-use assets | 101,225 | (10,102) | (412) | 90,711 |
Depreciation for the years ended December 31, | |||||||
2025 | Million Baht | 15,744 | |||||
2024 | Million Baht | 17,722 |
As at December 31, 2025
Unit: Million Baht | |||||||
Separate financial statements | |||||||
Balance as at | Increase | Decrease | Balance as at | ||||
January 1, | December 31, | ||||||
2025 | 2025 | ||||||
Cost | |||||||
Office building | 433 | 11 | (64) | 380 | |||
Vehicle | 19 | 1 | (1) | 19 | |||
Total | 452 | 12 | (65) | 399 | |||
Accumulated depreciation | |||||||
Office building | (144) | (148) | 64 | (228) | |||
Vehicle | (9) | (4) | 1 | (12) | |||
Total | (153) | (152) | 65 | (240) | |||
Right-of-use assets | 299 | (140) | - | 159 |
As at December 31, 2024
Unit: Million Baht | |||||||
Separate financial statements | |||||||
Balance as at | Increase | Decrease | Balance as at | ||||
January 1, | December 31, | ||||||
2024 | 2024 | ||||||
Cost | |||||||
Office building | 163 | 385 | (115) | 433 | |||
Vehicle | 22 | - | (3) | 19 | |||
Total | 185 | 385 | (118) | 452 | |||
Accumulated depreciation | |||||||
Office building | (96) | (163) | 115 | (144) | |||
Vehicle | (8) | (4) | 3 | (9) | |||
Total | (104) | (167) | 118 | (153) | |||
Right-of-use assets | 81 | 218 | - | 299 |
Depreciation for the years ended December 31, | |||||||
2025 | Million Baht | 152 | |||||
2024 | Million Baht | 167 |
13. GOODWILL
Movements in goodwill for the years ended December 31, are as follows:
Unit: Million Baht
Consolidated | ||||
financial statements | ||||
Note | 2025 | 2024 | ||
Cost | ||||
As at January 1, | 26,062 | 26,062 | ||
As at December 31, | 26,062 | 26,062 | ||
Accumulated amortisation | ||||
As at January 1, | (7,662) | (7,662) | ||
As at December 31, | (7,662) | (7,662) | ||
Allowance for impairment | (6,655) | (6,655) | ||
Total | 11,745 | 11,745 |
Most of the goodwill arose from Advanced Wireless Network Company Limited the entire business transfer transaction of (1) CS LoxInfo Public Company Limited and its subsidiaries both directly and indirectly and (2) Triple T Broadband Public Company Limited and its subsidiaries both directly and indirectly.
Cash-generating units ("CGUs") containing goodwill
For the purposes of impairment testing, goodwill has been allocated to the Group's CGUs as follows:
Unit: Million Baht
Consolidated | ||||
financial statements | ||||
2025 | 2024 | |||
Allocated goodwill | ||||
CS LoxInfo Public Company Limited | ||||
and its subsidiaries ("CSL's Group") | 2,847 | 2,847 | ||
Advanced Mpay Company Limited | 35 | 35 | ||
Broadband business's Group | 8,863 | 8,863 | ||
As at 31 December | 11,745 | 11,745 |
Impairment testing for carrying amount of goodwill
The recoverable amount was based on its value in use, determined by discounting future cash flows to be generated from the going concern and the continuing use of assets of CSL's Group and Broadband business's Group, majority from Triple T Broadband Public Company Limited ("TTTBB"), Advanced Wireless Network Company Limited. ("AWN") and Super Broadband Network Company Limited ("SBN") . The values assigned to the key assumptions represented management's assessment of future trends in the relevant industries and were based on historical data from external and internal sources. The key assumptions used in the estimation of the recoverable amount were as follows:
Discount rate
The discount rate of CSL's Group and Broadband business's Group was based on weighted average cost of capital-net tax, with average industry cost of debt, risk free rate government bond, market risk premium and average industry beta which is 6% to 7%. ( 2024 : 7% to 8%)
Terminal value growth rate
Terminal value growth rate of CSL's Group and Broadband business's Group was determined based on average gross domestic product ("GDP") growth rate and inflation rates at 2%. ( 2024 : 2%)
Budgeted earning before interest, income tax, depreciation and amortisation (EBITDA) growth rate.
Budgeted EBITDA was based on expectations of future outcomes taking into account past experience, adjusted for anticipated revenue growth. Revenue growth was projected taking into account and the estimated revenue growth for the next five years. The Compound Annual Growth Rate (CAGR) of EBITDA of CSL's Group and Broadband business's Group are 3% and 9% ( 2024 : 3% to 9% ), respectively.
Based on the impairment testing, the recoverable amount of CGU was estimated to be higher than its carrying amount and no impairment was required to these financial statements.
14. SPECTRUM LICENSES
Movements in spectrum licenses in the consolidated financial statements for the years ended December 31, are as follows (Separate financial statements: nil):
As at December 31, 2025
Unit: Million Baht
Consolidated financial statements | ||||||
Balance as at | Increase | Balance as at | ||||
January 1, | December 31, | |||||
2025 | 2025 | |||||
Cost | ||||||
Spectrum licenses | 200,063 | 14,134 | 214,197 | |||
Total | 200,063 | 14,134 | 214,197 | |||
Accumulated amortisation | ||||||
Spectrum licenses | (92,006) | (13,485) | (105,491) | |||
Total | (92,006) | (13,485) | (105,491) | |||
Spectrum licenses | 108,057 | 649 | 108,706 |
As at December 31, 2024
Unit: Million Baht
Consolidated financial statements | ||||||
Balance as at | Increase | Balance as at | ||||
January 1, | December 31, | |||||
2024 | 2024 | |||||
Cost | ||||||
Spectrum licenses | 200,063 | - | 200,063 | |||
Total | 200,063 | - | 200,063 | |||
Accumulated amortisation | ||||||
Spectrum licenses | (78,909) | (13,097) | (92,006) | |||
Total | (78,909) | (13,097) | (92,006) | |||
Spectrum licenses | 121,154 | (13,097) | 108,057 |
Amortisation for the years ended December 31, | |||||
2025 | Million Baht | 13,485 | |||
2024 | Million Baht | 13,097 |
The costs of spectrum licenses are initially recognised at cash equivalent price based on the present value of their acquisition cost.
Acquisition of License for mobile telecommunications
During the year ended December 31, 2025, Advanced Wireless Network Company Limited. ("AWN"), a subsidiary, won the auction for spectrum license from the Office of the National Broadcasting and Telecommunications Commission ("NBTC") to operate and service a Cellular Mobile Telephone Network, which total bid price is Baht 14,850 million. The license was granted on August 4, 2025.
On July 29, 2025, AWN has completed first instalment payment for the spectrum license in the amount of Baht 7,425 million.
15. OTHER INTANGIBLE ASSETS OTHER THAN GOODWILL
Movements in other intangible assets other than goodwill for the years ended December 31, are as follows:
As at December 31, 2025
Unit: Million Baht | |||||||||
Consolidated financial statements | |||||||||
Balance as at | Increase | Decrease | Transfer | Balance as at | |||||
January 1, | December 31, | ||||||||
2025 | 2025 | ||||||||
Cost | |||||||||
Customer relationships | 998 | - | - | - | 998 | ||||
Customer contracts | 139 | - | - | - | 139 | ||||
Fibre optics licenses | 86 | - | (86) | - | - | ||||
Software licenses | 40,839 | 5,466 | (233) | 1,206 | 47,278 | ||||
Total | 42,062 | 5,466 | (319) | 1,206 | 48,415 | ||||
Accumulated amortisation | |||||||||
Customer relationships | (284) | (103) | - | - | (387) | ||||
Customer contracts | (139) | - | - | - | (139) | ||||
Fibre optics licenses | (86) | - | 86 | - | - | ||||
Software licenses | (18,626) | (4,295) | 85 | - | (22,836) | ||||
Total | (19,135) | (4,398) | 171 | - | (23,362) | ||||
Assets under installation | 2,040 | 1,894 | - | (1,206) | 2,728 | ||||
Less Allowance for impairment | (137) | (8) | - | - | (145) | ||||
Other intangible assets | 24,830 | 2,954 | (148) | - | 27,636 |
As at December 31, 2024
Unit: Million Baht | |||||||||
Consolidated financial statements | |||||||||
Balance as at | Increase | Decrease | Transfer | Balance as at | |||||
January 1, | December 31, | ||||||||
2024 | 2024 | ||||||||
Cost | |||||||||
Customer relationships | 998 | - | - | - | 998 | ||||
Customer contracts | 139 | - | - | - | 139 | ||||
Fibre optics licenses | 86 | - | - | - | 86 | ||||
Software licenses | 33,743 | 6,481 | (8) | 623 | 40,839 | ||||
Total | 34,966 | 6,481 | (8) | 623 | 42,062 | ||||
Accumulated amortisation | |||||||||
Customer relationships | (167) | (117) | - | - | (284) | ||||
Customer contracts | (139) | - | - | - | (139) | ||||
Fibre optics licenses | (86) | - | - | - | (86) | ||||
Software licenses | (14,854) | (3,780) | 8 | - | (18,626) | ||||
Total | (15,246) | (3,897) | 8 | - | (19,135) | ||||
Assets under installation | 1,162 | 1,501 | - | (623) | 2,040 | ||||
Less Allowance for impairment | - | (137) | - | - | (137) | ||||
Other intangible assets | 20,882 | 3,948 | - | - | 24,830 |
Amortisation for the years ended December 31, | |||||||||
2025 | Million Baht | 4,398 | |||||||
2024 | Million Baht | 3,897 |
As at December 31, 2025
Unit: Million Baht
Separate financial statements | |||||||
Balance as at | Increase | Decrease | Balance as at | ||||
January 1, | December 31, | ||||||
2025 | 2025 | ||||||
Cost | |||||||
Software licenses | 324 | - | - | 324 | |||
Total | 324 | - | - | 324 | |||
Accumulated amortisation | |||||||
Software licenses | (321) | - | - | (321) | |||
Total | (321) | - | - | (321) | |||
Other intangible assets | 3 | - | - | 3 |
As at December 31, 2024
Unit: Million Baht
Separate financial statements | |||||||
Balance as at | Increase | Decrease | Balance as at | ||||
January 1, | December 31, | ||||||
2024 | 2024 | ||||||
Cost | |||||||
Software licenses | 324 | - | - | 324 | |||
Total | 324 | - | - | 324 | |||
Accumulated amortisation | |||||||
Software licenses | (321) | - | - | (321) | |||
Total | (321) | - | - | (321) | |||
Other intangible assets | 3 | - | - | 3 |
Amortisation for the years ended December 31, | ||||||||
2025 | Million Baht | - | ||||||
2024 | Million Baht | - |
16. DEFERRED TAX ASSETS
Deferred tax assets and liabilities as at December 31, are as follows:
Unit: Million Baht
Consolidated | Separate | ||||||
financial statements | financial statements | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Deferred tax assets | 14,361 | 15,327 | 495 | 493 | |||
Deferred tax liabilities | (8,068) | (11,025) | (17) | (21) | |||
Deferred tax - net | 6,293 | 4,302 | 478 | 472 |
Movements in deferred tax assets and liabilities for the years ended December 31, are as follows:
As at December 31, 2025
Unit: Million Baht
Consolidated financial statements | |||||||
Balance as at | (Charged)/credited to | Balance as at | |||||
January 1, 2025 | Profit or loss | Other comprehensive income | December 31, 2025 | ||||
Deferred tax assets | |||||||
Trade receivables (allowance for expected credit loss) | 300 | 43 | - | 343 | |||
Inventories (allowance for obsolescence and decline in value) | 67 | (10) | - | 57 | |||
Unearned income (income recognised difference) | 423 | (5) | - | 418 | |||
Accrued expense | 410 | - | - | 410 | |||
Provisions for employee benefit | 630 | 34 | 70 | 734 | |||
Spectrum licenses payable (deferred interest) | 1,617 | (6) | - | 1,611 | |||
Allowance for impairment | 406 | (87) | - | 319 | |||
Other current financial liabilities | 25 | (19) | - | 6 | |||
Other non-current financial liabilities | 28 | - | 3 | 31 | |||
Leased liabilities | 9,957 | (2,933) | - | 7,024 | |||
Accumulated tax loss carried forward on a subsidiary | - | 1,761 | - | 1,761 | |||
Others | 1,464 | 183 | - | 1,647 | |||
Total | 15,327 | (1,039) | 73 | 14,361 | |||
Deferred tax liabilities | |||||||
Contract assets | (260) | (6) | - | (266) | |||
Other non-current assets | (25) | 5 | 5 | (15) | |||
Property, plant and equipment | (1,115) | 244 | - | (871) | |||
Right of use | (9,511) | 2,741 | - | (6,770) | |||
Others | (114) | (32) | - | (146) | |||
Total | (11,025) | 2,952 | 5 | (8,068) | |||
Deferred tax - net | 4,302 | 1,913 | 78 | 6,293 |
As at December 31, 2024
Unit: Million Baht
Consolidated financial statements | |||||||
Balance as at | (Charged)/credited to | Balance as at | |||||
January 1, 2024 | Profit or loss | Other comprehensive income | December 31, 2024 | ||||
Deferred tax assets | |||||||
Trade receivables (allowance for expected credit loss) | 297 | 3 | - | 300 | |||
Inventories (allowance for obsolescence and decline in value) | 36 | 31 | - | 67 | |||
Unearned income (income recognised difference) | 420 | 3 | - | 423 | |||
Accrued expense | 410 | - | - | 410 | |||
Provisions for employee benefit | 563 | 25 | 42 | 630 | |||
Spectrum licenses payable (deferred interest) | 1,559 | 58 | - | 1,617 | |||
Allowance for impairment | 317 | 89 | - | 406 | |||
Other current financial liabilities | 22 | 3 | - | 25 | |||
Other non-current financial liabilities | 24 | - | 4 | 28 | |||
Leased liabilities | 12,987 | (3,030) | - | 9,957 | |||
Others | 1,319 | 145 | - | 1,464 | |||
Total | 17,954 | (2,673) | 46 | 15,327 | |||
Deferred tax liabilities | |||||||
Contract assets | (180) | (80) | - | (260) | |||
Other non-current assets | (28) | (2) | 5 | (25) | |||
Property, plant and equipment | (1,390) | 275 | - | (1,115) | |||
Right of use | (12,469) | 2,958 | - | (9,511) | |||
Others | (184) | 70 | - | (114) | |||
Total | (14,251) | 3,221 | 5 | (11,025) | |||
Deferred tax - net | 3,703 | 548 | 51 | 4,302 |
As at December 31, 2025
Unit: Million Baht
Separate financial statements | |||||||
Balance as at | (Charged)/credited to | Balance as at | |||||
January 1, | Profit | Other | December 31, | ||||
2025 | or loss | comprehensive | 2025 | ||||
income | |||||||
Deferred tax assets | |||||||
Accrued expense | 410 | - | - | 410 | |||
Provisions for employee benefit | 71 | 1 | 1 | 73 | |||
Leased liabilities | 9 | (4) | - | 5 | |||
Others | 3 | 4 | - | 7 | |||
Total | 493 | 1 | 1 | 495 | |||
Deferred tax liabilities | |||||||
Other non-current assets | (5) | (1) | - | (6) | |||
Right of use | (10) | 5 | - | (5) | |||
Others | (6) | - | - | (6) | |||
Total | (21) | 4 | - | (17) | |||
Deferred tax - net | 472 | 5 | 1 | 478 |
As at December 31, 2024
Unit: Million Baht
Separate financial statements | |||||||
Balance as at | (Charged)/credited to | Balance as at | |||||
January 1, | Profit | Other | December 31, | ||||
2024 | or loss | comprehensive | 2024 | ||||
income | |||||||
Deferred tax assets | |||||||
Accrued expense | 410 | - | - | 410 | |||
Provisions for employee benefit | 69 | 2 | - | 71 | |||
Leased liabilities | 1 | 8 | - | 9 | |||
Others | 3 | - | - | 3 | |||
Total | 483 | 10 | - | 493 | |||
Deferred tax liabilities | |||||||
Other non-current assets | (4) | (1) | - | (5) | |||
Right of use | (3) | (7) | - | (10) | |||
Others | (6) | - | - | (6) | |||
Total | (13) | (8) | - | (21) | |||
Deferred tax - net | 470 | 2 | - | 472 |
Deferred tax assets arising from significant temporary differences and loss carry forward that have not been recognised in the financial statements as at December 31, are as follows:
Unit: Million Baht
Consolidated financial statements | Separate financial statements | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Loss carry forward | 2,982 | 4,249 | 66 | - | |||
Others | 2 | 2 | 2 | 2 | |||
Total | 2,984 | 4,251 | 68 | 2 |
The Group and the Company has a cumulative tax loss amounting to Baht 14,909 million and Baht 332 million (2024: the Group: Baht 21,247 million, the Company: nil), which will expire in 2027 to 2031. Management estimates the probable of future taxable profits and ability of the Group to utilise those losses in the future to support the recognition of deferred tax assets and it is uncertain that future taxable profits would be available against which such tax losses can be utilised. Therefore, the Group had not recognised deferred tax assets from tax losses.
17. INTEREST-BEARING LIABILITIES
Interest-bearing liabilities as at December 31, are as follows:
Unit: Million Baht
Note | Consolidated | Separate | ||||||
financial statements | financial statements | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Current | ||||||||
Short-term borrowings | 29 | - | 12,000 | - | 12,000 | |||
Current portion of long-term liabilities | ||||||||
- Current portion of long-term borrowings - net | 29 | 5,384 | 9,099 | - | - | |||
- Current portion of long-term debentures - net | 15,178 | - | 7,999 | - | ||||
Total current portion of long-term liabilities | 20,562 | 9,099 | 7,999 | - | ||||
Current portion of lease liabilities - net | 29 | 13,372 | 14,805 | 129 | 146 | |||
Short-term borrowings from related parties | 29 | - | - | 6,410 | 8,050 | |||
Total current | 33,934 | 35,904 | 14,538 | 20,196 | ||||
Non-current | ||||||||
Long-term liabilities | ||||||||
- Long-term borrowings - net | 29 | 10,539 | 20,091 | - | - | |||
- Long-term debentures - net | 67,450 | 67,631 | 58,452 | 51,456 | ||||
Total long-term liabilities | 77,989 | 87,722 | 58,452 | 51,456 | ||||
Lease liabilities - net | 29 | 80,291 | 90,004 | 32 | 155 | |||
Total non-current | 158,280 | 177,726 | 58,484 | 51,611 | ||||
Total | 192,214 | 213,630 | 73,022 | 71,807 |
The periods to maturity of interest-bearing liabilities as at December 31, are as follows:
Unit: Million Baht
Consolidated | Separate | ||||||
financial statements | financial statements | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Within one year | 33,934 | 35,904 | 14,538 | 20,196 | |||
After one year but within five years | 83,542 | 103,477 | 29,011 | 28,632 | |||
After five years | 74,738 | 74,249 | 29,473 | 22,979 | |||
Total | 192,214 | 213,630 | 73,022 | 71,807 |
18.
2
Long-term borrowings
The details of long-term borrowings as at December 31, are summarised as follows: (Separate financial statements: nil)
Unit: Million Baht
Interest rate | Term of | Principal payment term | Consolidated | ||
(per annum) | interest | financial statements | |||
payment | 2025 | 2024 | |||
Advanced Wireless Network Co., Ltd. | |||||
THOR plus margin | Semi-annual | 6 equal installments from 2023 to 2026 | 334 | 1,000 | |
THOR plus margin | Quarterly | 4 equal installments from 2024 to 2025 | - | 5,000 | |
THOR plus margin | Semi-annual | 14 installments from 2022 to 2028 | 11,250 | 12,750 | |
THOR plus margin | Semi-annual | 6 installments from 2025 to 2027 | 1,800 | 2,000 | |
Fixed interest rate as stipulated in the agreement | Semi-annual | 6 installments from 2025 to 2027 | 540 | 600 | |
6MBIBOR plus margin | Semi-annual | 7 installments from 2022 to 2025 | - | 86 | |
6MBIBOR plus margin | Semi-annual | 7 installments from 2021 to 2025 | - | 90 | |
6MBIBOR plus margin | Semi-annual | 2 installments from 2024 to 2025 | - | 210 | |
6MBIBOR plus margin | Semi-annual | 5 equal installments from 2023 to 2025 | - | 120 | |
6MBIBOR plus margin | Semi-annual | 3 installments from 2024 to 2025 | - | 5,340 | |
THOR plus margin | Semi-annual | 10 equal installments from 2026 to 2031 | 300 | 300 | |
THOR plus margin | Semi-annual | 6 equal installments from 2028 to 2031 | 1,200 | 1,200 | |
THOR plus margin | Quarterly | 20 equal installments from 2026 to 2031 | 500 | 500 | |
Total loans | 15,924 | 29,196 | |||
Less transaction cost | (1) | (6) | |||
Long-term borrowings | 15,923 | 29,190 |
Long-term debentures
As at December 31, the Group and the Company's long-term debentures represent unsubordinated and unsecured debentures with a par value of Baht 1,000 each are as follows:
Unit: Million Baht | |||||||||||||||||
Issue date | No. of units | Amount | Interest rate | Term of | Principal payment term | Consolidated | Separate | ||||||||||
(Million) | (per annum) | interest | financial statements | financial statements | |||||||||||||
payment | As at | As at | As at | As at | |||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||
Advanced Info Service PCL. | |||||||||||||||||
May 7, 2021 | 1.00 | 1,000 | Fixed interest rate of 1.58% | Semi-annual | Entirely redeemed on May 7, 2026 | 1,000 | 1,000 | 1,000 | 1,000 | ||||||||
May 7, 2021 | 2.50 | 2,500 | Fixed interest rate of 2.14% | Semi-annual | Entirely redeemed on May 7, 2028 | 2,500 | 2,500 | 2,500 | 2,500 | ||||||||
May 7, 2021 | 3.00 | 3,000 | Fixed interest rate of 2.69% | Semi-annual | Entirely redeemed on May 7, 2031 | 3,000 | 3,000 | 3,000 | 3,000 | ||||||||
May 12, 2023 | 7.00 | 7,000 | Fixed interest rate of 2.71% | Semi-annual | Entirely redeemed on May 12, 2026 | 7,000 | 7,000 | 7,000 | 7,000 | ||||||||
May 12, 2023 | 7.00 | 7,000 | Fixed interest rate of 3.15% | Semi-annual | Entirely redeemed on May 12, 2028 | 7,000 | 7,000 | 7,000 | 7,000 | ||||||||
May 12, 2023 | 3.00 | 3,000 | Fixed interest rate of 3.40% | Semi-annual | Entirely redeemed on May 12, 2030 | 3,000 | 3,000 | 3,000 | 3,000 | ||||||||
May 12, 2023 | 3.00 | 3,000 | Fixed interest rate of 3.70% | Semi-annual | Entirely redeemed on May 12, 2033 | 3,000 | 3,000 | 3,000 | 3,000 | ||||||||
November 13, 2024 | 2.00 | 2,000 | Fixed interest rate of 2.54% | Semi-annual | Entirely redeemed on November 13, 2027 | 2,000 | 2,000 | 2,000 | 2,000 | ||||||||
November 13, 2024 | 2.31 | 2,310 | Fixed interest rate of 2.74% | Semi-annual | Entirely redeemed on November 13, 2028 | 2,310 | 2,310 | 2,310 | 2,310 | ||||||||
November 13, 2024 | 9.19 | 9,190 | Fixed interest rate of 2.76% | Semi-annual | Entirely redeemed on November 13, 2029 | 9,190 | 9,190 | 9,190 | 9,190 | ||||||||
November 13, 2024 | 4.50 | 4,500 | Fixed interest rate of 2.92% | Semi-annual | Entirely redeemed on November 13, 2031 | 4,500 | 4,500 | 4,500 | 4,500 | ||||||||
November 13, 2024 | 7.00 | 7,000 | Fixed interest rate of 3.22% | Semi-annual | Entirely redeemed on November 13, 2034 | 7,000 | 7,000 | 7,000 | 7,000 | ||||||||
November 13, 2025 | 6.00 | 6,000 | Fixed interest rate of 1.92% | Semi-annual | Entirely redeemed on November 13, 2030 | 6,000 | - | 6,000 | - | ||||||||
November 13, 2025 | 6.00 | 6,000 | Fixed interest rate of 2.29% | Semi-annual | Entirely redeemed on November 13, 2032 | 6,000 | - | 6,000 | - | ||||||||
November 13, 2025 | 3.00 | 3,000 | Fixed interest rate of 2.47% | Semi-annual | Entirely redeemed on November 13, 2035 | 3,000 | - | 3,000 | - | ||||||||
Advanced Wireless Network Co., Ltd. | |||||||||||||||||
May 11, 2016 | 7.18 | 7,180 | Fixed interest rate of 2.78% | Semi-annual | Entirely redeemed on May 11, 2026 | 7,180 | 7,180 | - | - | ||||||||
November 30, 2017 | 9.00 | 9,000 | Fixed interest rate of 3.35% | Semi-annual | Entirely redeemed on November 30, 2027 | 9,000 | 9,000 | - | - | ||||||||
Total debentures | 82,680 | 67,680 | 66,500 | 51,500 | |||||||||||||
Less bond issuing cost | (52) | (49) | (49) | (44) | |||||||||||||
Long-term debentures | 82,628 | 67,631 | 66,451 | 51,456 |
Under the terms and conditions of the long-term borrowings and debentures, the Group and the Company have to comply with certain restrictions.
As at December 31, 2025 and 2024, the Group had no undrawn long-term borrowing credit facilities.
The carrying amount (gross of issue costs) and fair values of long-term debentures as at December 31, are as follows:
Unit: Million Baht
Consolidated financial statements | |||||||
Carrying amount | Fair values* | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Long-term debentures | 82,680 | 67,680 | 85,604 | 68,711 |
Unit: Million Baht
Separate financial statements | |||||||
Carrying amount | Fair values* | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Long-term debentures | 66,500 | 51,500 | 69,067 | 52,283 |
* Fair values for traded debentures have been determined based on quoted selling prices from The Thai Bond Market Association at the close of the business at the end of the reporting period.
Movement of interest-bearing liabilities arising from financing activities for the years ended December 31, are as follows:
Unit: Million Baht | ||||||||||
Consolidated financial statements | ||||||||||
Short-term borrowings | Long-term borrowings | Long-term debentures | Lease liabilities | Total | ||||||
As at January 1, 2025 | 12,000 | 29,190 | 67,631 | 104,809 | 213,630 | |||||
Cash flows items: | ||||||||||
Addition | 19,000 | - | 15,000 | - | 34,000 | |||||
Repayments | (31,000) | (13,272) | - | (16,080) | (60,352) | |||||
Transaction cost | (4) | - | - | - | (4) | |||||
Bond issuing cost | - | - | (15) | - | (15) | |||||
Total cash flows items | (12,004) | (13,272) | 14,985 | (16,080) | (26,371) | |||||
Non-cash changes items: | ||||||||||
Addition | - | - | - | 5,073 | 5,073 | |||||
Termination | - | - | - | (138) | (138) | |||||
Unrealised gain on foreign exchange | - | - | - | (1) | (1) | |||||
Amortisation as expenses | 4 | 5 | 12 | - | 21 | |||||
Total non-cash changes items | 4 | 5 | 12 | 4,934 | 4,955 | |||||
As at December 31, 2025 | - | 15,923 | 82,628 | 93,663 | 192,214 |
Unit: Million Baht | ||||||||||
Consolidated financial statements | ||||||||||
Short-term borrowings | Long-term borrowings | Long-term debentures | Lease liabilities | Total | ||||||
As at January 1, 2024 | 41,976 | 34,615 | 50,653 | 115,139 | 242,383 | |||||
Cash flows items: | ||||||||||
Addition | 31,000 | 2,000 | 25,000 | - | 58,000 | |||||
Repayments | (61,000) | (7,432) | (8,011) | (17,524) | (93,967) | |||||
Transaction cost | (5) | (1) | - | - | (6) | |||||
Bond issuing cost | - | - | (27) | - | (27) | |||||
Total cash flows items | (30,005) | (5,433) | 16,962 | (17,524) | (36,000) | |||||
Non-cash changes items: | ||||||||||
Addition | - | - | - | 7,620 | 7,620 | |||||
Termination | - | - | - | (428) | (428) | |||||
Amortisation as expenses | 29 | 8 | 16 | 2 | 55 | |||||
Total non-cash changes items | 29 | 8 | 16 | 7,194 | 7,247 | |||||
As at December 31, 2024 | 12,000 | 29,190 | 67,631 | 104,809 | 213,630 |
Unit: Million Baht | |||||||||
Separate financial statements | |||||||||
Short-term borrowings | Short-term borrowings from related parties | Long-term debentures | Lease liabilities | Total | |||||
As at January 1, 2025 | 12,000 | 8,050 | 51,456 | 301 | 71,807 | ||||
Cash flows items: | |||||||||
Addition | - | 5,600 | 15,000 | - | 20,600 | ||||
Repayments | (12,000) | (7,240) | - | (152) | (19,392) | ||||
Transaction cost | (4) | - | - | - | (4) | ||||
Bond issuing cost | - | - | (15) | - | (15) | ||||
Total cash flows items | (12,004) | (1,640) | 14,985 | (152) | 1,189 | ||||
Non-cash changes items: | |||||||||
Addition | - | - | - | 12 | 12 | ||||
Amortisation as expenses | 4 | - | 10 | - | 14 | ||||
Total non-cash changes items | 4 | - | 10 | 12 | 26 | ||||
As at December 31, 2025 | - | 6,410 | 66,451 | 161 | 73,022 |
Unit: Million Baht | |||||||||
Separate financial statements | |||||||||
Short-term borrowings | Short-term borrowings from related parties | Long-term debentures | Lease liabilities | Total | |||||
As at January 1, 2024 | 36,976 | 5,920 | 26,477 | 65 | 69,438 | ||||
Cash flows items: | |||||||||
Addition | 10,000 | 6,290 | 25,000 | - | 41,290 | ||||
Repayments | (35,000) | (4,160) | - | (149) | (39,309) | ||||
Transaction cost | (5) | - | - | - | (5) | ||||
Bond issuing cost | - | - | (27) | - | (27) | ||||
Total cash flows items | (25,005) | 2,130 | 24,973 | (149) | 1,949 | ||||
Non-cash changes items: | |||||||||
Addition | - | - | - | 385 | 385 | ||||
Amortisation as expenses | 29 | - | 6 | - | 35 | ||||
Total non-cash changes items | 29 | - | 6 | 385 | 420 | ||||
As at December 31, 2024 | 12,000 | 8,050 | 51,456 | 301 | 71,807 |
The effective weighted interest rates as at December 31, are as follows:
Unit: Percent per annum
Consolidated | Separate | ||||||
financial statements | financial statements | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Short-term borrowings | - | 3.01 | 0.76 | 3.04 | |||
Long-term borrowings | 2.59 | 3.51 | - | - | |||
Long-term debentures | 2.81 | 2.95 | 2.74 | 2.91 | |||
Lease liabilities | 5.48 | 5.50 | 3.06 | 3.04 |
The effective weighted interest rates of long-term borrowings for the Group and the Company are calculated with the rate after hedging.
19. TRADE AND OTHER CURRENT PAYABLES
Trade and other current payables as at December 31, are as follows:
Unit: Million Baht | ||||||||
Note | Consolidated | Separate | ||||||
financial statements | financial statements | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Trade payables | ||||||||
Related parties | 29 | 13 | 5 | 10 | 11 | |||
Other parties | 13,754 | 14,212 | 24 | 2 | ||||
Total trade payables | 13,767 | 14,217 | 34 | 13 | ||||
Other current payables | ||||||||
Accrued expenses | 29 | 26,997 | 22,562 | 3,035 | 2,892 | |||
Valued-added tax payable | 105 | 604 | 17 | - | ||||
Withholding tax payable | 244 | 255 | 9 | 9 | ||||
Others | 2,450 | 2,025 | 1 | - | ||||
Total other current payables | 29,796 | 25,446 | 3,062 | 2,901 | ||||
Total trade and other current payables | 43,563 | 39,663 | 3,096 | 2,914 |
20. SPECTRUM LICENSES PAYABLE
Spectrum licenses payable in the consolidated financial statements as at December 31, are as follows (Separate financial statements: nil):
Unit: Million Baht
Notes | Consolidated | |||
financial statements | ||||
2025 | 2024 | |||
Spectrum licenses payable are as follows: | ||||
· License certificate for 900 MHz | 1 | - | 7,443 | |
· License certificate for 2600 MHz | 1 | 13,972 | 16,580 | |
· License certificate for 700 MHz (Allocated License) | 1 | 8,333 | 9,873 | |
· License certificate for 700 MHz (Auction License) | 1 | 8,137 | 9,656 | |
· License certificate for 700 MHz (Transfer License) | 1 | 7,968 | 9,412 | |
· License certificate for 2100 MHz | 1, 14 | 6,791 | - | |
45,201 | 52,964 | |||
Less current portion of spectrum licenses payable | (8,079) | (15,522) | ||
Spectrum licenses payable | 37,122 | 37,442 |
Movements in spectrum licenses payable in the consolidated financial statements for the years ended December 31, are as follow (Separate financial statements: nil):
Unit: Million Baht
Consolidated | ||||
financial statements | ||||
2025 | 2024 | |||
As at January 1, | 52,964 | 64,209 | ||
Addition | 14,134 | - | ||
Payments | (23,114) | (12,755) | ||
Amortisation of deferred interest expense | 1,217 | 1,510 | ||
As at December 31, | 45,201 | 52,964 |
21. PROVISIONS FOR EMPLOYEE BENEFIT
The Group and the Company have provisions for employee benefit based on the requirement of Thai Labour Protection Act B.E. 2541 (1998) to provide retirement benefits to employees based on pensionable remuneration and length of service and long - term service awards.
The defined benefit plans expose the Group and the Company to actuarial risks, such as longevity risk, interest rate risk and market (investment) risk.
Movements in the present value of the provisions for employee benefit for the years ended December 31, are as follows:
Unit: Million Baht
Present value of the defined benefit obligations | Consolidated financial statements | Separate financial statements | ||||||
2025 | 2024 | 2025 | 2024 | |||||
At 1 January | 3,701 | 3,262 | 387 | 331 | ||||
Recognised in profit or loss: | ||||||||
Current service cost | 212 | 190 | 54 | 58 | ||||
Interest on obligation | 87 | 92 | 9 | 10 | ||||
Curtailment gain | (20) | - | - | - | ||||
Loss on remeasurements of long-term service awards | 23 | 9 | 1 | 1 | ||||
Recognised in other comprehensive income: | ||||||||
Actuarial (gain) loss | ||||||||
· Financial assumptions | 264 | 181 | 23 | 15 | ||||
· Experience adjustment | 145 | 61 | 7 | (4) | ||||
Transfer employee to subsidiaries | - | - | (17) | (9) | ||||
Benefit paid | (96) | (94) | (30) | (15) | ||||
At 31 December | 4,316 | 3,701 | 434 | 387 |
Principal actuarial assumptions | Consolidated financial statements | Separate financial statements | |||||
2025 | 2024 | 2025 | 2024 | ||||
(%) | |||||||
Discount rate | 1.11% - 2.67% | 1.99% - 3.40% | 1.11% - 2.67% | 1.99% - 3.40% | |||
Future salary growth | 4.50% | 4.50% | 4.50% | 4.50% |
Assumptions regarding future mortality for the years ended December 31, 2025 and 2024 are based on published statistics and Thailand Mortality Ordinary Life table 2017 ("TMO17").
At December 31, 2025, the weighted-average duration of the defined benefit obligation was 14.0 years (2024:13.6 years).
Sensitivity analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below.
Consolidated financial statements | |||||||
Effect to the defined benefit obligation | 1% increase in assumption | 1% decrease in assumption | |||||
At 31 December | 2025 | 2024 | 2025 | 2024 | |||
(in million Baht) | |||||||
Discount rate | (387) | (349) | 446 | 402 | |||
Future salary growth | 410 | 378 | (365) | (335) |
Separate financial statements | |||||||
Effect to the defined benefit obligation | 1% increase in assumption | 1% decrease in assumption | |||||
At 31 December | 2025 | 2024 | 2025 | 2024 | |||
(in million Baht) | |||||||
Discount rate | (32) | (29) | 36 | 33 | |||
Future salary growth | 33 | 31 | (30) | (28) |
22. SHARE CAPITAL
Movements of share capital for the years ended December 31, are as follows:
| (Million shares/Million Baht) | |||||||||
Par value | 2025 | 2024 | |||||||
per share (in Baht) | Number of share | Amount | Number of share | Amount | |||||
Authorised | |||||||||
As at January 1, | |||||||||
- ordinary shares | 1.00 | 4,997 | 4,997 | 4,997 | 4,997 | ||||
As at December 31, | |||||||||
- ordinary shares | 1.00 | 4,997 | 4,997 | 4,997 | 4,997 | ||||
Issued and paid | |||||||||
As at January 1, | |||||||||
- ordinary shares | 1.00 | 2,974 | 2,974 | 2,974 | 2,974 | ||||
As at December 31, | |||||||||
- ordinary shares | 1.00 | 2,974 | 2,974 | 2,974 | 2,974 |
As at December 31, 2025 and 2024, the total issued number of ordinary shares is 2,974 million and 2,974 million respectively, shares with a par value of Baht 1.00 per share. All issued shares are fully paid.
The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the Company.
Share premium
According to the Public Companies Act B.E. 2535, Section 51 requires companies to set aside share subscription monies received in excess of the par value of the shares issued to a reserve account ("share premium"). Share premium is not available for dividend distribution.
23. SEGMENT FINANCIAL INFORMATION AND DISAGGREGATION OF REVENUE
The Group has three reportable segments, as described below, which are the Group's strategic divisions. The strategic divisions offer different products and services, and are managed separately because they require different technology and marketing strategies. For each of the strategic divisions, the Group's chief operating decision maker reviews internal management reports on at least a quarterly basis. The following summary describes the operations in each of the Group reportable segments.
| Segment 1 | Mobile phone services |
| Segment 2 | Mobile phone and equipment sales |
| Segment 3 | Datanet and broadband services |
Information regarding the results of each reportable segment is included below. Performance is measured based on segment profit before tax, as included in the internal management reports that are reviewed by the Group's chief operating decision maker. Segment profit before tax is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries.
Information about reportable segments
Performance for the years ended December 31, are as follows:
Unit: Million Baht
Mobile phone | Mobile phone and | Datanet and | Total | ||||||||||||
services | equipment sales | broadband services | reportable segments | ||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||
External revenue | 142,087 | 138,238 | 43,315 | 37,910 | 40,862 | 37,421 | 226,264 | 213,569 | |||||||
Finance income | 330 | 214 | 1 | 3 | 1 | 19 | 26 | 350 | 243 | ||||||
Finance costs | (4,992) | (6,174) | - | (1) | (2,981) | (3,010) | (7,973) | (9,185) | |||||||
Depreciation and amortisation | (47,361) | (50,568) | (6) | (8) | (10,386) | (10,651) | (57,753) | (61,227) | |||||||
Material items of expenses | (16,905) | (16,878) | (340) | (881) | (3,656) | (3,461) | (20,901) | (21,220) | |||||||
Segment profit before | |||||||||||||||
income tax expense | 47,081 | 35,464 | 1,659 | 1,213 | 8,803 | 6,392 | 57,543 | 43,069 |
Reportable assets and liabilities as at December 31, are as follows:
Unit: Million Baht
Mobile phone | Mobile phone and | Datanet and | Total | ||||||||||||
services | equipment sales | broadband services | reportable segments | ||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||
Segment assets | 311,557 | 306,801 | 8,080 | 11,065 | 100,636 | 113,566 | 420,273 | 431,432 | |||||||
Segment liabilities | 230,488 | 249,008 | 1,646 | 1,958 | 80,859 | 83,142 | 312,993 | 334,108 |
The significant amount of additions to non-current assets for the years ended December 31, are as follows:
Unit: Million Baht
Mobile phone | Mobile phone and | Datanet and | Total | ||||||||||||
services | equipment sales | broadband services | reportable segments | ||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||
Capital expenditure | 39,512 | 26,929 | - | 2 | 4,217 | 5,241 | 43,729 | 32,172 |
Revenue
Disaggregation of revenue
The Group has recognised revenue from sale of goods and rendering of services to customer at a point in time and overtime by type of goods or main services according to the disclosure of segment financial information and disaggregation of revenue for the years ended December 31, are as follows:
Unit: Million Baht | ||||
2025 | 2024 | |||
Timing of revenue recognition | ||||
Point in time | ||||
Segment 2 | · Mobile phone and equipment sales | 43,315 | 37,910 | |
Segment 3 | · Datanet and broadband services | 393 | 166 | |
43,708 | 38,076 | |||
Over time | ||||
Segment 1 | · Mobile phone services | 142,087 | 138,238 | |
Segment 3 | · Datanet and broadband services | 40,469 | 37,255 | |
182,556 | 175,493 | |||
Total | 226,264 | 213,569 |
Geographical segments
The Group operates principally in Thailand. There are no material revenues derived from or assets located in foreign countries.
Major customer
No single customer represents a major customer because the Group has a large number of customers, who are end users covering businesses and individuals.
24. EXPENSES BY NATURE
The statements of profit or loss for the years ended December 31, include an analysis of expenses by function. Significant expenses by nature disclosed in accordance with the requirements of various Thai Financial Reporting Standards are as follows:
Unit: Million Baht
Notes | Consolidated | Separate | ||||||
financial statements | financial statements | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Depreciation of buildings and | ||||||||
equipment | 11 | 24,126 | 26,512 | 20 | 24 | |||
Depreciation of right-of-use assets | 12 | 15,744 | 17,722 | 152 | 167 | |||
Amortisation of spectrum licenses | 14 | 13,485 | 13,097 | - | - | |||
Amortisation of other intangible | ||||||||
assets other than goodwill | 15 | 4,398 | 3,897 | - | - | |||
Expected credit loss | ||||||||
(bad debts recovery) | 1,894 | 1,925 | (2) | (2) | ||||
(Reversal of) loss on terminate | ||||||||
contract assets | 7 | (101) | 7 | - | - | |||
Marketing expenses | 5,179 | 4,948 | - | - | ||||
Staff costs | 13,929 | 14,340 | 1,394 | 1,372 |
25. FINANCE COSTS
Finance costs for the years ended December 31, are as follows:
Unit: Million Baht
Note | Consolidated | Separate | ||||||
financial statements | financial statements | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Interest expense | 29 | 3,045 | 3,767 | 1,863 | 1,990 | |||
Finance cost related to spectrum license | 19 | 1,217 | 1,510 | - | - | |||
Interest on lease liabilities | 3,621 | 3,795 | 7 | 10 | ||||
Others | 90 | 113 | 17 | 16 | ||||
Total | 7,973 | 9,185 | 1,887 | 2,016 |
26. TAX EXPENSE
Tax expense (income) recognised in the statements of profit or loss for the years ended December 31, are as follows:
Unit: Million Baht
Note | Consolidated | Separate | ||||||
financial statements | financial statements | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Current tax expense | ||||||||
Current year | 11,386 | 8,535 | 24 | 60 | ||||
Adjustment for prior years | 179 | 5 | 4 | (19) | ||||
11,565 | 8,540 | 28 | 41 | |||||
Deferred tax expense (income) | 16 | |||||||
Movements in temporary | ||||||||
differences | (1,913) | (548) | (5) | (2) | ||||
Total tax expense | 9,652 | 7,992 | 23 | 39 |
Tax expense (income) recognised in the statements of profit or loss and other comprehensive income for the year ended December 31, 2025 and 2024 are as follows:
Unit: Million Baht
Consolidated financial statements | ||||||
Before | Tax | Net of | ||||
tax | benefit | tax | ||||
For the year ended December 31, 2025 | ||||||
Loss on investment in equity at fair value | (2) | - | (2) | |||
Loss on cash flow hedges | (39) | 8 | (31) | |||
Loss on remeasurements of defined benefit plans | (409) | 70 | (339) | |||
Total | (450) | 78 | (372) | |||
For the year ended December 31, 2024 | ||||||
Loss on investment in equity at fair value | (6) | 1 | (5) | |||
Loss on cash flow hedges | (40) | 8 | (32) | |||
Loss on remeasurements of defined benefit plans | (242) | 42 | (200) | |||
Total | (288) | 51 | (237) |
Unit: Million Baht
Separate financial statements | ||||||
Before | Tax | Net of | ||||
tax | benefit | tax | ||||
For the year ended December 31, 2025 | ||||||
Loss on remeasurements of defined benefit plans | (31) | 1 | (30) | |||
Loss on investment in equity designated | ||||||
at fair value through other comprehensive income | (1) | - | (1) | |||
Total | (32) | 1 | (31) | |||
For the year ended December 31, 2024 | ||||||
Loss on remeasurements of defined benefit plans | (11) | - | (11) | |||
Gain on investment in equity designated | ||||||
at fair value through other comprehensive income | 1 | - | 1 | |||
Total | (10) | - | (10) |
Reconciliation of effective tax rate for the years ended December 31, are as follows:
Unit: Million Baht
Consolidated financial statements | |||||||
2025 | 2024 | ||||||
Rate (%) | Rate (%) | ||||||
Profit before income tax | 57,543 | 43,069 | |||||
Income tax using the applicable tax rate | 20 | 11,509 | 20 | 8,614 | |||
Expenses not deductible for tax purposes | |||||||
(Addition expenditure deduction allowed) | (376) | (218) | |||||
Additional capital expenditure deduction allowed | (4) | (258) | |||||
Adjustment for prior years | 179 | 5 | |||||
Share profit of joint ventures and associates | |||||||
accounted for using equity method | (185) | (210) | |||||
Effect of different tax rate from granted | |||||||
International Business Centre | (209) | (121) | |||||
Recognition of previously unrecognised tax losses | (1,332) | - | |||||
Current year losses for which no deferred tax asset | |||||||
was recognized | 70 | 180 | |||||
Total | 17 | 9,652 | 19 | 7,992 |
Unit: Million Baht
Separate financial statements | |||||||
2025 | 2024 | ||||||
Rate (%) | Rate (%) | ||||||
Profit before income tax | 47,909 | 35,114 | |||||
Income tax using the applicable tax rate | 20 | 9,582 | 20 | 7,023 | |||
Share of profit of subsidiaries and an associate | (9,420) | (6,842) | |||||
Additional expenditure deduction allowed, net | (1) | (2) | |||||
Effect of different tax rate from granted | |||||||
International Business Centre | (209) | (121) | |||||
Current year losses for which no deferred tax asset | |||||||
was recognized | 67 | - | |||||
Adjustment for prior years | 4 | (19) | |||||
Total | 1 | 23 | 1 | 39 |
The Group and the Company have applied the tax rate of 3% - 20% for calculated income tax expense and deferred income tax for the years ended December 31, 2025 and 2024.
27. THE INTERNATIONAL BUSINESS CENTRE
On September 18, 2023 the Company was granted International Business Centre status. Under this status, qualifying business centre income, less related Thailand incurred expenses is assessed for income tax at concessionary rates ranging from 3% - 8%. For each reporting period, the applicable tax rate is as follows:
· If the expenses incurred in the year exceed Baht 60 million, the tax rate will be 8%.
· If the expenses incurred in the year exceed Baht 300 million, the tax rate will be 5%.
· If the expenses incurred in the year exceed Baht 600 million, the tax rate will be 3%.
Qualifying business centre income is derived from providing group management services and technical and other support services to AIS Group entities. The status commenced on September 12, 2023 and will remain effective for 15 years. During this period the Company is required to meet various specified conditions.
28. EARNINGS PER SHARE
Basic earnings per share
The calculation of basic earnings per share for the years ended December 31, is based on the profit for the years attributable to ordinary shareholders of the Group and the Company and the weighted average number of ordinary shares outstanding during the years as follows:
(in million Baht/million shares)
Consolidated | Separate | ||||||
financial statements | financial statements | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Profit attributable to ordinary shareholders of | |||||||
the Company (basic) | 47,886 | 35,075 | 47,886 | 35,075 | |||
Weighted average number of ordinary shares outstanding (basic) | 2,974 | 2,974 | 2,974 | 2,974 | |||
Earnings per share (basic) (in Baht) | 16.10 | 11.79 | 16.10 | 11.79 |
Diluted earnings per share
The calculation of diluted earnings per share for the years ended December 31, is based on the profit for the years attributable to equity holders of the Group and the Company and the weighted average number of ordinary shares outstanding during the years after adjusting for the effects of all dilutive potential ordinary shares as follows:
(in million Baht/million shares)
Consolidated | Separate | ||||||
financial statements | financial statements | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Profit attributable to equity holders of | |||||||
the Company (basic) | 47,886 | 35,075 | 47,886 | 35,075 | |||
Profit attributable to equity holders of the Company (diluted) | 47,886 | 35,075 | 47,886 | 35,075 | |||
Weighted average number of ordinary shares outstanding (basic) | 2,974 | 2,974 | 2,974 | 2,974 | |||
Weighted average number of ordinary shares outstanding (diluted) | 2,974 | 2,974 | 2,974 | 2,974 | |||
Earnings per share (diluted) (in Baht) | 16.10 | 11.79 | 16.10 | 11.79 |
29. DIVIDENDS
At the Annual General Meeting of the Shareholders of the Company held on March 25, 2024, the shareholders approved the appropriation of dividend of Baht 8.61 per share. The Company paid an interim dividend at the rate of Baht 4.00 per share on September 5, 2023, therefore the remaining dividend to be paid was Baht 4.61 per share, amounting to Baht 13,709 million. The dividend was paid to shareholders on April 17, 2024.
On August 6, 2024, the Board of Directors approved the declaration of an interim dividend of Baht 4.87 per share, amounting to Baht 14,484 million. The interim dividend was paid to the shareholders on September 3, 2024.
At the Annual General Meeting of the Shareholders of the Company held on March 24, 2025, the shareholders approved the appropriation of dividend of Baht 10.61 per share. The Company paid an interim dividend at the rate of Baht 4.87 per share on September 3, 2024, therefore the remaining dividend to be paid was Baht 5.74 per share, amounting to Baht 17,071 million. The dividend was paid to shareholders on April 10, 2025.
On August 6, 2025, the Board of Directors approved the declaration of an interim dividend of Baht 6.89 per share, amounting to Baht 20,490 million. The interim dividend was paid to the shareholders on September 3, 2025
30. RELATED PARTIES
Enterprises and individuals that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common control with the Company, including holding companies, subsidiaries and fellow subsidiaries are related parties of the Company. Individuals owning, directly or indirectly, an interest in the voting power of the Company that gives them significant influence over the enterprise, key management personnel, including directors and officers of the Company and close members of the family of these individuals and companies associated with these individuals also constitute related parties.
In considering each possible related party relationship, attention is directed to the substance of the relationship, and not merely the legal form.
During the year, the Group and the Company have entered into a number of transactions with related parties, the terms of which are negotiated in the ordinary course of business and according to normal trade conditions. Purchases of products and services are charged at reasonable prices and those prices are comparable to the market rate with general trading conditions. Consulting and management service fees are charged on a mutually agreed basis calculated based on activities performed for the counter parties in each year.
Relationships between the Group and the Company with related parties are as follows:
Name of entities | Country of incorporation/ nationality | Nature of relationships |
Subsidiaries | Thailand | Subsidiaries are entities controlled by the Group. |
Gulf Development Public Company Limited ("Gulf") and its related parties ("Gulf Group") | Thailand | Gulf is a direct shareholder who has significant influence over the Company and has some joint directors. (see note 1) |
Singtel Strategic Investments Pte Ltd. ("Singtel") and its related parties ("Singtel Group") | Singapore | Singtel is a shareholder which has significant influence over the Company and has some joint directors. |
Information Highway Company Limited | Thailand | An associate. |
Choco Card Enterprise Company Limited | Thailand | An associate. |
Datafarm Company Limited | Thailand | An associate. |
Swift Dynamics Company Limited | Thailand | An associate. |
GSA Data Centre Company Limited | Thailand | An associate. (see note 10) |
GSA Holdings Company Limited | Thailand | An associate. (see note 10) |
3BB Internet Infrastructure Fund | Thailand | An associate. (see note 10) |
Thai Trinity Holding Company Limited | Thailand | An associate. |
Amata Network Company Limited | Thailand | A joint venture. |
SAHA Advanced Network Company Limited | Thailand | A joint venture. |
G-AIS Company Limited | Thailand | A joint venture (see note 10) |
Other related parties | Thailand | Other parties have some joint directors and directors of related parties. |
Significant transactions with related parties for the years ended December 31, are as follows:
Unit: Million Baht | |||||||
Consolidated | Separate | ||||||
financial statements | financial statements | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Revenue from sale, rendering of service and | |||||||
equipment rentals | |||||||
Subsidiaries | - | - | 2,972 | 2,485 | |||
Gulf Group | 110 | 105 | - | - | |||
Singtel Group | 138 | 274 | - | - | |||
Joint ventures | 2 | 2 | - | - | |||
Associates | 471 | 440 | 1 | 2 | |||
Other related parties | 730 | 322 | - | - | |||
Total | 1,451 | 1,143 | 2,973 | 2,487 | |||
Dividend received from | |||||||
Subsidiaries | - | - | 10,591 | 6,910 | |||
Joint ventures | 30 | 26 | - | - | |||
Associates | 452 | - | 444 | - | |||
Total | 482 | 26 | 11,035 | 6,910 | |||
Sale of property and other assets | |||||||
Joint ventures | - | 3 | - | - | |||
Associates | 143 | - | - | - | |||
Total | 143 | 3 | - | - | |||
Finance income | |||||||
Subsidiaries | - | - | - | 1,557 | 2,147 | ||
Joint ventures | 1 | - | 1 | - | |||
Associates | 64 | 18 | - | - | |||
Other related parties | 74 | - | - | - | |||
Total | 139 | 18 | 1,558 | 2,147 | |||
Other income | |||||||
Subsidiaries | - | - | 42 | 53 | |||
Joint ventures | 11 | 10 | - | - | |||
Total | 11 | 10 | 42 | 53 | |||
Rental and other service expenses | |||||||
Subsidiaries | - | - | 101 | 85 | |||
Gulf Group | 66 | 51 | 7 | 8 | |||
Singtel Group | 318 | 320 | - | - | |||
Joint ventures | 317 | 71 | - | - | |||
Associates | 4,124 | 4,670 | - | - | |||
Other related parties | 19 | 3 | - | - | |||
Total | 4,844 | 5,115 | 108 | 93 | |||
Management benefit expenses | |||||||
Short-term employee benefit | 212 | 227 | 212 | 227 | |||
Long-term employee benefit | 3 | 2 | 3 | 2 | |||
Total | 215 | 229 | 215 | 229 | |||
Purchase of property and other assets | |||||||
Subsidiaries | - | - | - | 1 | |||
Gulf Group | 16 | 456 | - | - | - | ||
Singtel Group | - | 11 | - | - | |||
Joint ventures | - | 1 | - | - | |||
Associates | - | 1 | - | - | |||
16 | 469 | - | 1 | ||||
Finance costs | |||||||
Subsidiaries | - | - | 69 | 81 | |||
Gulf Group | 1 | - | - | - | |||
Singtel Group | - | - | 1 | - | - | ||
Associates | 2,961 | 2,983 | - | - | |||
Other related parties | 484 | 776 | 79 | 279 | |||
Total | 3,446 | 3,760 | 148 | 360 | |||
Dividend paid to | |||||||
INTOUCH (Dissolved during the year) | 6,904 | 11,402 | 6,904 | 11,402 | |||
Gulf | 8,286 | - | 8,286 | - | |||
Singtel Group | 8,759 | 6,573 | 8,759 | 6,573 | |||
Total | 23,949 | 17,975 | 23,949 | 17,975 | |||
Balances with related parties as at December 31, are as follows:
Unit: Million Baht | |||||||
Consolidated | Separate | ||||||
financial statements | financial statements | ||||||
As at | As at | As at | As at | ||||
December 31, | December 31, | December 31, | December 31, | ||||
2025 | 2024 | 2025 | 2024 | ||||
Cash and cash equivalents | |||||||
Bank deposit | |||||||
Other related parties | 9,761 | 301 | 1 | 1 | |||
Trade and other current receivables | |||||||
Trade receivables | |||||||
Subsidiaries | - | - | 75 | 46 | |||
Gulf Group | 6 | 9 | - | - | |||
Singtel Group | 32 | 29 | 1 | 1 | |||
Associates | 199 | 161 | - | - | |||
Other related parties | 9 | 94 | - | - | |||
Total | 246 | 293 | 76 | 47 | |||
Accrued income | |||||||
Subsidiaries | - | - | - | 671 | |||
Gulf Group | 12 | 9 | - | - | |||
Singtel Group | 2 | - | - | - | |||
Other related parties | 22 | 81 | - | - | |||
Total | 36 | 90 | - | 671 | |||
Total trade receivables | 282 | 383 | 76 | 718 | |||
Other current receivables | |||||||
Accrued interest income and prepaid expense | |||||||
Subsidiaries | - | - | 234 | 402 | |||
Joint ventures | 68 | - | - | - | |||
Associates | 21 | 19 | - | - | |||
Total other current receivables | 89 | 19 | 234 | 402 | |||
Total trade and other current receivables | 478 | 402 | 310 | 1,120 |
Short-term loans to related parties | |||||||
Subsidiaries | - | - | 44,021 | 65,148 |
As at December 31, 2025 short-term loans to related parties of the Company representing promissory notes at call, bearing interest at the average rate of 2.79 % per annum (As at December 31, 2024 : average rate of 2.95 % per annum).
Movements of short-term loans to related parties for the years ended December 31, are as follows:
Unit: Million Baht
Consolidated | Separate | ||||||
financial statements | financial statements | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Short-term loans to related parties | |||||||
As at January 1, | - | - | 65,148 | 85,841 | |||
Increase | 825 | - | 9,751 | 8,417 | |||
Decrease | (825) | - | (30,878) | (29,110) | |||
As at December 30, | - | - | 44,021 | 65,148 |
Unit: Million Baht
Consolidated | |||||||
financial statements | |||||||
As at | As at | ||||||
December 31, | December 31, | ||||||
2025 | 2024 | ||||||
Current portion of long-term loan to | |||||||
related parties | |||||||
Associate | 1,105 | - | |||||
Long-term loan to related parties - net | |||||||
Associate | 125 | 670 | |||||
Total | 1,230 | 670 | |||||
As at December 31, 2025, the Group has long-term loans to a related parties representing credit facility agreement, bearing interest at the average rate of 5.00 % per annum (As at December 31, 2024: average rate of 5.00% per annum). The current portion of the loan is repayable within November 2026. The loans are unsecured.
Movements of long-term loans to related parties for the years ended December 31, are as follows:
Unit: Million Baht
Consolidated | |||||||
financial statements | |||||||
2025 | 2024 | ||||||
Long-term loan to related party | |||||||
As at January 1, | 670 | 185 | |||||
Increase | 560 | 485 | |||||
As at December 31, | 1,230 | 670 |
Unit: Million Baht | |||||||
Consolidated | Separate | ||||||
financial statements | financial statements | ||||||
As at | As at | As at | As at | ||||
December 31, | December 31, | December 31, | December 31, | ||||
2025 | 2024 | 2025 | 2024 | ||||
Trade and other current payables | |||||||
Trade payables | |||||||
Subsidiaries | - | - | 10 | 11 | |||
Gulf Group | 6 | 1 | - | - | |||
Singtel Group | - | 1 | - | - | |||
Joint ventures | 2 | - | - | - | |||
Associates | 4 | 3 | - | - | |||
Other related parties | 1 | - | - | - | |||
Total trade payables | 13 | 5 | 10 | 11 | |||
Other current payables | |||||||
Accrued expenses | |||||||
Subsidiaries | - | - | 21 | 41 | |||
Gulf Group | 4 | 4 | - | - | |||
Singtel Group | 266 | 301 | - | - | |||
Joint ventures | 116 | - | - | - | |||
Associates | 1 | 1 | - | - | |||
Other related parties | 106 | 160 | - | 1 | |||
Total other current payables | 493 | 466 | 21 | 42 | |||
Total trade and other current payables | 506 | 471 | 31 | 53 | |||
Lease liabilities | |||||||
Gulf Group | 1 | 9 | - | - | |||
Singtel Group | - | 4 | - | - | |||
Joint ventures | - | 5 | - | - | |||
Associates | 70,375 | 74,804 | - | - | |||
Other related parties | 16 | - | - | - | |||
Total lease liabilities | 70,392 | 74,822 | - | - | |||
Short-term borrowings from | |||||||
related parties | |||||||
Subsidiaries | - | - | 6,410 | 8,050 | |||
Other related parties | - | 4,000 | - | 4,000 | |||
Total | - | 4,000 | 6,410 | 12,050 |
As at December 31, 2025, short-term borrowings from related parties of the Company represented promissory notes at call, bearing interest at the average rate of 0.76% per annum, and are unsecured (As at December 31, 2024 : the Group and the Company bearing interest at average rate of 2.69% and 1.73% per annum, respectively).
Movements of short-term borrowings from related parties for the years ended December 31, are as follows:
Unit: Million Baht
Consolidated | Separate | ||||||
financial statements | financial statements | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Short-term borrowings from related parties | |||||||
As at January 1, | 4,000 | 9,999 | 12,050 | 15,919 | |||
Increase | 4,000 | 4,000 | 5,600 | 10,290 | |||
Decrease | (8,000) | (9,999) | (11,240) | (14,159) | |||
As at December 31, | - | 4,000 | 6,410 | 12,050 |
Unit: Million Baht
Consolidated | |||||||
financial statements | |||||||
As at | As at | ||||||
December 31, | December 31, | ||||||
2025 | 2024 | ||||||
Current portion of long-term borrowings | |||||||
From a related party | |||||||
Other related parties | 3,750 | 1,500 | |||||
Long-term borrowing from a related party - net | |||||||
Other related parties | 8,000 | 11,750 | |||||
Total | 11,750 | 13,250 |
As at December 31, 2025 and 2024, the Group has long-term borrowings from a related party follows:
Unit: Million Baht
Interest rate | Term of | Principal payment term | Consolidated | ||
(per annum) | interest | financial statements | |||
payment | 2025 | 2024 | |||
THOR plus margin | Semi-annual | 14 installments from 2022 to 2028 | 11,250 | 12,750 | |
THOR plus margin | Quarterly | 20 equal installments from 2026 to 2031 | 500 | 500 | |
Total loans | 11,750 | 13,250 |
Movements of long-term borrowings from a related party for the years ended December 31, are as follows:
Unit: Million Baht
Consolidated | |||||||
financial statements | |||||||
As at | As at | ||||||
December 31, | December 31, | ||||||
2025 | 2024 | ||||||
Long-term borrowings from a related party | |||||||
As at January 1, | 13,250 | 13,499 | |||||
Increase | - | 500 | |||||
Decrease | (1,500) | (749) | |||||
As at December 31, | 11,750 | 13,250 |
Significant agreements with related parties
The Group and the Company have entered into agreements with related parties. There are commitment for receipts and payments according to rates under the terms and conditions stipulated in the agreements. The significant agreements with related parties are as follows:
1) The Group has entered into interconnection agreements among its related parties. The termination and suspension of the agreement are referred to the regulations and conditions of the National Telecommunications Commission.
2) The Group has entered into an international roaming service agreement with the Singtel Group, a related party. The counterparty has a right to terminate the agreement by giving advance written notice not less than of 60 days.
3) Advanced Wireless Network Company Limited ("AWN"), a subsidiary, has entered into a satellite transponder lease agreement and satellite equipment system management agreement with Thaicom Public Company Limited, a related party, AWN agreed to pay service fee on monthly basis according to the rate and condition specified in the agreement. The agreement is valid until November 19, 2028.
4) Advanced Wireless Network Company Limited, a subsidiary, has entered into fiber optic system and its site facilities agreement with Information Highway Company Limited ("IH"), an associate. IH will provide installation fiber optic transmission and maintenance services in specific areas. The counterparty has a right to terminate the agreement by giving the counterparty advance written notice not less than 30 days.
5) Advanced Wireless Network Company Limited, a subsidiary, has entered into agreement with TC Broadcasting Company Limited, a related party, to receive a satellite internet network service. AWN agreed to pay service fee on monthly basis according to the rate and condition specified in the agreement. The agreement is valid until November 19, 2028.
6) Advanced Wireless Network Company Limited, a subsidiary, and CS Loxinfo Public Company Limited, an indirect subsidiary, have entered into an agreement to develop the infrastructure of fiber optic network with Amata Network Company Limited, a joint venture. The counterparty has a right to terminate the agreement by giving the counterparty advance written notice not less than 30 days.
7) Super Broadband Network Company Limited, a subsidiary, has entered into agreement with TC Broadcasting Company Limited, a related party, to receive satellite reception services and satellite equipment system. The counterparty has a right to terminate the agreement by giving the counterparty advance written notice not less than 60 days.
8) The Group has entered into the Asset Sale and Transfer agreement and Optical fibers cores lease agreement with 3BB Internet Infrastructure Fund, a related party. The group agreed to pay service fee on monthly basis according to the rate and condition specified in the agreement. The agreement is valid until December 31, 2038.
9) The Group has entered into the Power Purchase Agreement and the Engineering, Procurement and Construction Agreement with Gulf1 Company Limited ("Gulf1"), a related company, as follows:
· The Power Purchase Agreement to produce electricity power by Solar Farm and Solar Rooftop for 5 sites, the contract period during 10 - 15 years and transfer its asset right when the contract have ended.
· The Engineering, Procurement and Construction Agreement to produce electricity power by Solar Rooftop and base stations for the period 25 years.
31. FINANCIAL INSTRUMENTS
Financial risk management policies
Risk management is integral to the whole business of the Group and the Company. The Group and the Company have a system of controls in place to create an acceptable balance between the cost of risks occurring and the cost of managing the risks. The management continually monitors the Group's and the Company's risk management process to ensure that an appropriate balance between risk and control is achieved.
Capital management
The Group and the Company aim to manage its capital structure to be stronger than industry peer and commit to be investment grade rating. This will allow the Group and the Company to retain superior financial flexibility in order to capture future growth prospect. The Group's and the Company's financial flexibility means diversified source of capital, ease of funding, and appropriate cost of capital.
Interest rate risk
Interest rate risk is the risk that future movements in market interest rates will affect the results of the Group's and the Company's operations and their cash flows because some of loan interest rates are floating interest rate. The Group and the Company have interest rate risk from their borrowings (see Note 17). The Group and the Company mitigate this risk by ensuring that the majority of its borrowings are at fixed interest rates and uses derivative financial instruments, principally interest rate swaps, to manage exposure to fluctuations in interest rates on specific borrowings.
Interest rate swap contracts
Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the fair value of issued fixed rate debt held and the cash flow exposures on the issued variable rate debt held. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the curves at the reporting date and the credit risk inherent in the contract, and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year.
As the critical terms of the interest rate swap contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding hedged items will systematically change in opposite direction in response to movements in the underlying interest rates. The main source of hedge ineffectiveness in these hedge relationships is the effect of the counterparty and the Group's own credit risk on the fair value of the interest rate swap contracts, which is not reflected in the fair value of the hedged item attributable to the change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships.
The following tables detail various information regarding interest rate swap contracts outstanding at the end of the reporting period in the consolidated financial statements and their related hedged items. (Separate financial statements : nil).
Cash flow hedges
Unit: Million Baht
· | Consolidated financial statements | |||||
Hedging instruments Outstanding receive floating, pay fixed contracts | Contracted fixed interest rate | Notional principal value | Carrying amount of the hedging instrument assets/(liabilities) | |||
As at December 31, 2025: | ||||||
Interest rate swap | 2.25% | 1,800 | (1) | |||
Interest rate swap | 3.90% | 2,250 | (60) | |||
4,050 | (61) |
Unit: Million Baht
· | Consolidated financial statements | |||||
Hedging instruments Outstanding receive floating, pay fixed contracts | Contracted fixed interest rate | Notional principal value | Carrying amount of the hedging instrument assets/(liabilities) | |||
As at December 31, 2024: | ||||||
Interest rate swap | 2.25% | 2,000 | 31 | |||
Interest rate swap | 3.29% - 3.90% | 7,550 | (47) | |||
9,550 | (16) |
Unit: Million Baht
Consolidated financial statements | |||
Hedged items | Nominal amount of the hedged item liabilities | ||
As at December 31: | 2025 | 2024 | |
Variable rate borrowings | 4,050 | 9,550 |
The following table details the effectiveness of the hedging relationship and the amounts reclassified from hedging reserve to profit or loss (Separate financial statements: nil):
Unit: Million Baht
Consolidated financial statements | |||
Hedged items | Current period hedging loss recognized in OCI | ||
2025 | 2024 | ||
Variable rate borrowings | (39) | (39) |
The interest rate swaps settle on a quarterly and semi-annual basis. The floating rate on the interest rate swaps is THOR plus margin. The Group will settle the difference between the fixed and floating interest rate on a net basis.
All interest rate swap contracts exchanging floating rate interest amounts for fixed rate interest amounts are designated as cash flow hedges to reduce the Group's cash flow exposure resulting from variable interest rates on borrowings. The interest rate swaps and the interest payments on the loan occur simultaneously and the amount accumulated in equity is reclassified to profit or loss over the period that the floating rate interest payments on debt affect profit or loss.
Foreign currency risk
The Group and the Company have foreign currency risk relating to expense, purchasing goods and equipment denominated in foreign currencies. The Group and the Company primarily utilise forward contracts, which are not more than 1 year, to hedge such financial liabilities denominated in foreign currencies.
The Group and the Company have foreign currency risk in respect of financial assets and liabilities denominated as at December 31, are as follows:
Unit: Million Baht | ||||||||
Consolidated | Separate | |||||||
financial statements | financial statements | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Cash and cash equivalents | ||||||||
US Dollar (USD) | 71 | 92 | - | - | ||||
Euro (EUR) | 32 | 20 | - | - | ||||
Total | 103 | 112 | - | - | ||||
Trade receivables | ||||||||
US Dollar (USD) | 424 | 524 | - | - | ||||
Euro (EUR) | 27 | 32 | - | - | ||||
Yen (JPY) | 2 | 2 | - | - | ||||
Sterling (GBP) | - | 1 | - | - | ||||
Total | 453 | 559 | - | - | ||||
Trade payables | ||||||||
US Dollar (USD) | (6,119) | (7,576) | - | - | ||||
Euro (EUR) | (7) | (10) | - | - | ||||
Yen (JPY) | (11) | (11) | - | - | ||||
Singapore Dollar (SGD) | (17) | (11) | - | - | ||||
Australian Dollar (AUD) | - | (1) | - | - | ||||
British Pound Sterling (GBP) | (4) | - | - | - | ||||
Total | (6,158) | (7,609) | - | - | ||||
Lease liabilities | ||||||||
US Dollar (USD) | (14) | (26) | - | - | ||||
Total | (14) | (26) | - | - | ||||
Gross statement of financial position exposure | (5,616) | (6,964) | - | - | ||||
Forward contracts | 2,013 | 4,521 | - | - | ||||
Net exposure | (3,603) | (2,443) | - | - |
Forward contracts are held to hedge currency risk for gross statement of financial position exposure as at December 31, 2025 and 2024 and to retain future purchases.
Classification of financial assets and liabilities as at December 31, are as follows:
Unit: Million Baht
Consolidated | ||||
financial statements | ||||
2025 | 2024 | |||
Current assets | ||||
Other current financial assets | ||||
Forward contracts | - | 26 | ||
Investment in debt instrument | 2 | - | ||
Total current assets | 2 | 26 | ||
Non-current assets | ||||
Other non-current financial assets | ||||
Investment in equity securities measured at fair value through other comprehensive income | 115 | 117 | ||
Interest rate swap | - | 31 | ||
Investment in debt instrument | - | 2 | ||
Total non-current assets | 115 | 150 | ||
Total assets | 117 | 176 | ||
Current liabilities | ||||
Other current financial liabilities | ||||
Forward contracts | (27) | (123) | ||
Interest rate swap | - | (3) | ||
Total current liabilities | (27) | (126) | ||
Non-current liability | ||||
Other non-current financial liability | ||||
Interest rate swap | (61) | (44) | ||
Total non-current liability | (61) | (44) | ||
Total liabilities | (88) | (170) | ||
Total | 29 | 6 |
Unit: Million Baht
Separate | ||||
financial statements | ||||
2025 | 2024 | |||
Non-current asset | ||||
Other non-current financial asset | ||||
Investment in equity securities measured at fair value through other comprehensive income | 62 | 63 |
Movement of financial assets and liabilities for the year ended December 31, in the consolidated financial statements are as follows:
Unit: Million Baht
Consolidated financial statements | |||||
Balance as at | Change in | Balance as at | |||
January 1, | fair value | December 31, | |||
2025 | during the | 2025 | |||
year | |||||
Current asset | |||||
Other current financial asset | |||||
Forward contracts | 26 | (26) | - | ||
Investment in debt instrument | - | 2 | 2 | ||
Non-current assets | |||||
Other non-current financial assets | |||||
Investment in equity securities measured at fair value through other comprehensive income | 117 | (2) | 115 | ||
Interest rate swap | 31 | (31) | - | ||
Investment in debt instrument | 2 | (2) | - | ||
Current liabilities | |||||
Other current financial liabilities | |||||
Forward contracts | (123) | 96 | (27) | ||
Interest rate swap | (3) | 3 | - | ||
Non-current liability | |||||
Other non-current financial liability | |||||
Interest rate swap | (44) | (17) | (61) | ||
Total | 6 | 23 | 29 |
Unit: Million Baht
Consolidated financial statements | |||||
Balance as at | Change in | Balance as at | |||
January 1, | fair value | December 31, | |||
2024 | during the | 2024 | |||
year | |||||
Current asset | |||||
Other current financial asset | |||||
Forward contracts | 17 | 9 | 26 | ||
Non-current assets | |||||
Other non-current financial assets | |||||
Investment in equity securities measured at fair value through other comprehensive income | 124 | (7) | 117 | ||
Interest rate swap | 65 | (34) | 31 | ||
Investment in debt instrument | 2 | - | 2 | ||
Current liabilities | |||||
Other current financial liabilities | |||||
Forward contracts | (109) | (14) | (123) | ||
Interest rate swap | - | (3) | (3) | ||
Non-current liability | |||||
Other non-current financial liability | |||||
Interest rate swap | (38) | (6) | (44) | ||
Total | 61 | (55) | 6 |
Unit: Million Baht
Separate financial statements | |||||
Balance as at | Change in | Balance as at | |||
January 1, | fair value | December 31, | |||
2025 | during the | 2025 | |||
year | |||||
Non-current asset | |||||
Other non-current financial asset | |||||
Investment in equity securities measured at fair value through other comprehensive income | 63 | (1) | 62 | ||
Total | 63 | (1) | 62 |
Unit: Million Baht
Separate financial statements | |||||
Balance as at | Change in | Balance as at | |||
January 1, | fair value | December 31, | |||
2024 | during the | 2024 | |||
year | |||||
Non-current asset | |||||
Other non-current financial asset | |||||
Investment in equity securities measured at fair value through other comprehensive income | 62 | 1 | 63 | ||
Total | 62 | 1 | 63 |
The following table presents valuation technique of financial instruments measured at fair value in statement of financial position, which have significant changes in valuation technique and unobservable input during the year.
Type | Valuation technique |
Interest rate swaps | Swap models: The present value of estimated future cash flows, using an observable yield curve. |
Forward contracts | Based on the rates quoted forward exchanged rates from commercial banks at the reporting date. |
The nominal amounts and fair values of forward contracts and interest rate swap as at December 31, are as follows:
Unit: Million Baht
Consolidated financial statements | |||||||
Nominal amounts** | Fair values* | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Forward contracts | 2,040 | 4,619 | 2,013 | 4,521 | |||
Interest rate swap | 4,050 | 9,550 | 61 | 16 | |||
Total | 6,090 | 14,169 | 2,074 | 4,537 |
* The fair value of forward contracts is the value of the original contracts which the Company entered with commercial banks at the end of the reporting period in order to reflect the current value of the contracts.
The fair value of interest rate swap is the value of difference between exchange rate of original contracts which the Company entered with commercial bank at the end of the reporting period in order to reflect the current value of the contracts.
** The nominal amount is the value of the original contracts which the Company entered with the commercial banks.
Credit risk
Credit risk is the potential financial loss resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Group and the Company as and when they fall due.
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount. At the end of the reporting period there were no significant concentrations of credit risk.
Liquidity risk
The Group and the Company monitor its liquidity risk and maintain a level of cash and cash equivalents deemed adequate by management to finance the Group's and the Company's operations and to mitigate the effects of fluctuations in cash flows.
Fair values of financial assets and liabilities
Financial assets and liabilities measured at fair value in the consolidated and separate statements of financial position as at December 31, are as follows:
Unit: Million Baht
Consolidated financial statements | |||||||||
Carrying amount | Fair value | ||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
As at December 31, 2025 | |||||||||
Forward contracts | (27) | - | - | (27) | (27) | ||||
Interest rate swap | (61) | - | - | (61) | (61) | ||||
Debentures | (82,680) | - | (85,604) | - | (85,604) | ||||
Investment in debt instrument | 2 | - | 2 | - | 2 | ||||
As at December 31, 2024 | |||||||||
Forward contracts | (97) | - | - | (97) | (97) | ||||
Interest rate swap | (16) | - | - | (16) | (16) | ||||
Debentures | (67,680) | - | (68,711) | - | (68,711) | ||||
Investment in debt instrument | 2 | - | 2 | - | 2 |
Unit: Million Baht
Separate financial statements | |||||||||
Carrying amount | Fair value | ||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
As at December 31, 2025 | |||||||||
Debentures | (66,500) | - | (69,067) | - | (69,067) | ||||
As at December 31, 2024 | |||||||||
Debentures | (51,500) | - | (52,283) | - | (52,283) |
Fair value hierarchy
The table above analyses recurring fair value measurements for financial assets. These fair value measurements are categorised into different levels in the fair value hierarchy based on the inputs to valuation techniques used. The different levels are defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group and the Company can access at the measurement date.
Level 2: other inputs than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3: unobservable inputs for the asset or liability.
For disclosure purposes, the Group determines Level 2 fair values for traded debentures have been determined based on quoted selling prices from the Thai Bond Market Association at the close of the business at the end of the reporting period.
For disclosure purposes, the Group determines Level 3 fair values for forward contracts were calculated using the rates quoted by the Group's and bankers which were based on market conditions existing at the statement of financial position date.
The fair value of trade and other current receivables and trade and other current payables are taken to approximate the carrying value.
The fair value of loans to and borrowings from related parties and lease liabilities are taken to approximate the carrying value because most of these financial instruments bear interest at market rate.
The fair value of long-term borrowings is taken to approximate the carrying value because most of these financial instruments bear interest at market rate.
Market risk
The Group is exposed to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk is as follows:
Interest rate risk
Interest rate risk is the risk that future movements in market interest rates will affect the results of the Group's operations and its cash flows because loan interest rates are mainly variable. So, the Group is primarily exposed to interest rate risk.
Managing interest rate benchmark reform (IBOR reform)
The Group holds interest rate swaps for risk management purposes that are designated in cash flow hedging relationships. The interest rate swaps have floating legs that are indexed to THOR. The Group's derivative instruments are governed by contracts based on the International Swaps and Derivatives Association (ISDA)'s master agreements.
32. COMMITMENTS WITH NON-RELATED PARTIES
Commitments with non-related parties as at December 31, are as follows:
Unit: Million
Consolidated | Separate | ||||||||
financial statements | financial statements | ||||||||
2025 | 2024 | 2025 | 2024 | ||||||
Capital commitments | |||||||||
Unrecognised contractual commitments | |||||||||
Buildings and equipment | |||||||||
Thai Baht (THB) | 5,545 | 1 | 5,359 | 123 | - | ||||
US Dollars (USD) | 166 | 119 | - | - | |||||
SG Dollars (SGD) | - | 1 | - | - | |||||
Service maintenance | |||||||||
Thai Baht (THB) | 2,570 | 2,804 | 25 | 10 | |||||
US Dollars (USD) | 28 | 17 | - | - | |||||
SG Dollars (SGD) | - | 3 | - | - | |||||
Services cloud | |||||||||
Thai Baht (THB) | - | 3,739 | - | - |
.
Unit: Million Baht
Consolidated | |||
financial statements | |||
2025 | 2024 | ||
Non-cancellable operating lease | |||
commitments | |||
Within one year | 94 | 9 | 55 |
After one year but within five years | 99 | 8 | |
Total | 193 | 63 |
The Group recorded the rental expenses under operating lease agreements which are the short-term lease and lease of low value assets in the consolidated statements of profit or loss for the year ended December 31, 2025 and 2024 of Baht 948 million and Baht 530 million, respectively (Separate financial statements : nil).
Unit: Million
Consolidated | Separate | |||||||
financial statements | financial statements | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Other | ||||||||
Thai Baht | ||||||||
Forward contracts | 2,040 | 4,619 | - | - | ||||
Bank guarantees: | ||||||||
- Spectrum license payable | 51,404 | 60,246 | - | - | ||||
- Others | 5,858 | 3,496 | 31 | 31 | ||||
Total | 59,302 | 68,361 | 31 | 31 | ||||
Significant agreements
· The Group has entered into the lease and related service agreements for office space and base station for periods ranging from 1 year to 3 years with options to renew.
· The Group has entered into a service agreement with a company, for the Group to receive the services relating to network station and other general services as stated in the agreement. The Group shall pay a service fee for the services at the rate as stated in the agreement. Such agreement will be terminated when a party submits advance written notice not less than 90 days.
· On September 4, 2019, the Group has mutually agreed with National Telecom Public Company Limited ("NT") to enter into a Dispute Resolution Agreement and an agreement for providing the Telecommunication Equipment Tower Service. Under the agreement the Group receives rental service of the telecommunication equipment towers from NT for the period from January 1, 2019 to December 31, 2028. The Group has letters of irrecoverable guarantees from domestic commercial banks amounting to Baht 434 million for use as collateral for the period of agreement.
· On September 8, 2023, Advanced Wireless Network Company Limited ("AWN"), a subsidiary, entered into service agreements with National Telecom Public Company Limited ("NT") as follow:
1) To provide network rental on NT's 700 MHz spectrum to NT by constructing a total of 13,500 base stations across the country from the date of signing until March 31, 2036.
2) To provide national roaming services to support NT users' use of NT's 700 MHz spectrum from the date of signing until March 31, 2036.
33. SIGNIFICANT EVENTS, COMMERCIAL DISPUTES AND LITIGATIONS
The Company
1) 900 MHz subscribers migration to 3G 2100 MHz
On September 25, 2014, the National Telecom Public Company Limited ("NT") submitted a dispute under Black case No. 80/2557 to the Arbitration Institute, demanding the Company to pay compensation for a breach in the Concession Agreement between the Company and NT, regarding the Company porting its 900 MHz subscribers to the 3G 2100 MHz system provided by its subsidiary. The compensation claimed was Baht 9,126 million bearing interest of 7.5% per annum from September 25, 2014 until the full amount is paid.
On March 29, 2016, NT submitted a revision to amend the compensation amount for the period from May 2013 to September 2015, the end date of operation agreement, to Baht 32,813 million plus VAT and interest at 1.25% per month from June 2013 until the full amount is paid.
On February 14, 2019, the Arbitral Tribunal dismissed the said dispute by giving the reason which the Company was not in breach of the Agreement.
On May 15, 2019, NT submitted Black case No.951/2562 to the Central Administrative Court to revoke the arbitrament.
On September 22, 2023, the Central Administrative Court dismissed NT's request to revoke the arbitration award.
On October 18, 2023, NT appealed the judgment by the Central Administrative Court to the Supreme Administrative Court Black case No.Or.2102/2566. The case is currently under the consideration of the Central Administrative Court.
The Company's management believes that the outcome of the dispute should be settled favourably and should not have a considerable impact on the financial statements of the Company.
2) The claim for additional revenue from the 6th and 7th Amendments to the Agreement for operations ("the Agreement")
On September 30, 2015, the Company submitted the dispute Black case No. 78/2558 to the Arbitration Institute, Court of Justice to decide regarding the 6th Amendment dated May 15, 2001 and the 7th Amendment dated September 20, 2002 to the Agreement for operations to conduct business of Cellular Mobile Telephone that the amendments bind the Company and National Telecom Public Company Limited ("NT") to comply with the amendments until the expiration of the Agreement for operations and the Company has no obligation to pay for the additional revenue according to the letter claimed by NT to the Company on September 29, 2015 regarding to request the payment of additional revenue in the amount of Baht 72,036 million which NT has claimed that the 6th and 7th Amendments were material which caused NT to receive lower revenue than the rate as specified in the Agreement for operations.
On November 30, 2015, NT submitted a dispute under Black case No.122/2558 to the Arbitration Institute to decrease the claimed amount to Baht 62,774 million, according to the percentage of adjustment to revenue sharing. This case is the same as the dispute under Black case No. 78/2558, so the Arbitration Committee tried these cases together.
The Company received the arbitrament from the Arbitration Committee dated January 23, 2020, with a majority vote ordering the Company to pay additional remuneration of Baht 31,076 million at an interest rate of 1.25% per month to NT from the day after November 30, 2015, until the full amount is paid.
The Company disagreed with the decision, and on April 22, 2020, the Company filed a request for revocation of the award to the Central Administrative Court (Black case No. 1165/2563).
On April 23, 2020, NT requested the revocation of the decision made by the Arbitration Committee to the Central Administrative Court that NT's claim of Baht 31,698 million related to after the claim period (Black case No. 1171/2563).
On July 26, 2022, the Central Administrative Court decided to revoke the Arbitration Committee's verdict because the 6th and 7th Amendments of the Agreement still have a binding effect on the parties. Therefore, the Company does not have to pay for the additional revenue as claimed by NT.
On August 24, 2022, NT appealed the judgment by the Central Administrative Court to the Supreme Administrative Court. The case is currently under the consideration of the Central Administrative Court.
Accordingly, the dispute has not yet been finalised, but the Company's management considers that the ultimate resolution of the above dispute should not have a considerable impact on the financial statements of the Company.
3) The Company submitted a claim to the Central Administrative Court for revocation of the National Telecommunication Commission order regarding revenue incurred from the temporary service for 900 MHz customer protection period after the Concession end
On May 1, 2017, the Company filed a lawsuit against the office of the National Broadcasting and Telecommunication Committee ("NBTC office"), the National Telecommunication Committee ("NTC"), the National Broadcasting and Telecommunication Committee ("NBTC") and 5 other persons to the Central Administrative Court under Black case No. 736/2560 to revoke the NBTC office's letter and resolution which ordered the Company to pay revenue during the subscriber protection period after the expiration of the Concession agreement from October 1, 2015, to June 30, 2016, amounting to Baht 7,221 million plus interest.
On June 15, 2017, the Company received an indictment dated April 21, 2017, in which the NBTC and the NBTC office filed a lawsuit, under Black case No. 661/2560, against the Company for the same amount to the Central Administration Court, ordering the Company to pay revenue during the customer protection period.
On June 12, 2020, the Central Administrative Court revoked the NBTC's order on the grounds that during the 900 MHz's customer protection period, the Company's expenses incurred from the service exceeded the revenues generated.
On July 8, 2020 and July 17, 2020, the NBTC and the NBTC office appealed to the Supreme Administrative Court. The case is currently under the consideration of the Central Administrative Court.
The Company's management has considered that the Company has complied with NBTC announcement regarding the Temporary Customer Protection Plan Following the Expiration of the Agreement for operations ("Telecommunication Service Agreement") and the Company was obliged to submit the revenue after deducting any expenses to NBTC office but the Company's expenses incurred from the service was greater than the revenue. Therefore, the Company has no remaining revenue to submit to NBTC Office as stipulated in the announcement.
4) Claim for the additional revenue sharing from the rental charge for providing transmission services
National Telecom Public Company Limited ("NT") submitted dispute No. A1/2018 dated January 12, 2018, to the Arbitration Institute, demanding the Company pay for the additional revenue sharing from the rental charges of the transmission system from October 2012 to September 2015, totalling Baht 1,121.92 million (including VAT), plus the default interest rate of 1.25% per month. According to NT's views, the Company has to collect the rental charges of the transmission system at the rate specified by NT, which is higher than the rate that the Company charged to the tenant.
On December 19, 2022, the Company received the award by the Arbitration Committee to revoke NT's dispute claims under the reason that such claims regarding the rental charges of the transmission system were disputes in relation to the compliance with the NBTC's notification and not the disputes in relation to the Concession Agreement.
On March 16, 2023, NT submitted the request to revoke the Arbitration Committee's award to the Central Administrative Court as the Black Case No. 516/2566. The case is currently under the consideration of the Central Administrative Court.
The Company's management believes that the Company has correctly complied with the relating conditions of the Agreement in all respects, therefore the outcome of the dispute should not materially impact the financial statements of the Company.
5) Claim for the usage of colocation, site facilities and related equipment rental for assets provided during the temporary customer protection period after the Cellular Mobile Telephone Concession ended
On February 15, 2018, the National Telecom Public Company Limited ("NT") submitted dispute No. A3/2018 to the Arbitration Institute, Ministry of Justice by Thailand Arbitration Center ("THAC") to claim for usage fees for colocation, site facilities and related equipment rental for assets under Cellular Mobile Telephone Concession during the temporary customer protection period after the Concession ended. The claim amounted to Baht 183.44 million (included VAT) plus the default interest rate of 1.25% per month.
On April 5, 2018, the Company submitted a dispute under Black case No.Kor.3/2561 to the Central Administrative Court to revoke the THAC's order for consideration for dispute No. A3/2018.
On April 25, 2018, the Central Administrative Court dismissed Black case No. Kor.3/2561.
Subsequently, on May 21, 2018, the Company appealed the dismissal of Black case No. Kor.3/2561.
On October 29, 2019, NT filed a petition to the Central Administrative Court to withdraw the dispute from THAC.
On February 13, 2020, the Arbitration Committee allowed NT to submit a petition to dismiss the above dispute.
On August 13, 2020, the Company received a copy of Black case No. 1746/2563 dated June 30, 2020.
On September 26, 2025, the Central Administrative Court rendered a judgment ordering to pay the amount of Baht 54 million plus the default interest.
On October 24, 2025, the Company submitted an appeal to the Supreme Administrative Court. The case is currently under the consideration of the Supreme Administrative Court.
The Company's management believes that the Company has correctly complied with the relating conditions of the Agreement and the announcement of the National Broadcasting and Telecommunication Committee in all respects, so the outcome of the dispute should be settled favourably and will not materially impact on the financial statements of the Company.
Digital Phone Company Limited ("DPC")
1. The claim for the usage/revenue arising from the use of telecommunication equipment and telecommunication network during the temporary customer protection period after the Concession ended
On May 20, 2015, the National Telecom Public Company Limited ("NT") filed a lawsuit against the office of the National Broadcasting and Telecommunication Committee ("NBTC Office"), National Telecommunication Committee ("NTC"), National Broadcasting and Telecommunication Committee ("NBTC"), True Move Company Limited ("True Move"), and DPC to the Central Administrative Court under Black case No.918/2558. The lawsuit asked the defendants to pay fees and compensation for the usage of telecommunication equipment and telecommunication network of NT during the temporary customer protection period, subject to the announcement of NBTC regarding the Temporary Customer Protection Plan Following the Expiration of the Agreement for operations ("Telecommunication Service Agreement"). The fees and compensation were calculated for the period from September 16, 2013, to September 15, 2014. The total amounts are as follows:
1. NBTC Office, NTC and NBTC amounting to Baht 24,117 million plus interest at the rate of 7.5% per annum.
1. True Move, NBTC Office, NTC and NBTC amounting to Baht 18,025 million plus interest at the rate of 7.5% per annum.
1. DPC, NBTC Office, NTC and NBTC amounting to Baht 6,083 million plus interest at the rate of 7.5% per annum.
On September 11, 2015, NT filed a lawsuit to the Central Administrative Court under Black case No. 1651/2558, claiming for usage fees/revenue from the usage of telecommunication equipment and telecommunication network of NT from September 16, 2014, to July 17, 2015. The total amounts are as follows:
1) NBTC Office, NTC and NBTC amounting to Baht 6,521 million plus interest at the rate of 7.5% per annum.
2) True Move, NBTC Office, NTC and NBTC amounting to Baht 4,991 million plus interest at the rate of 7.5% per annum.
3) DPC, NBTC Office, NTC and NBTC amounting to Baht 1,635 million plus interest at the rate of 7.5% per annum.
On May 27, 2016, NT filed a lawsuit to the Central Administrative Court under Black case No. 741/2559, claiming for usage fees/revenue from the usage of telecommunication equipment and telecommunication network of NT from July 18, 2015, to November 25, 2015. The total amounts are as follows:
1. NBTC Office, NTC and NBTC amounting to Baht 2,857 million plus interest at the rate of 7.5% per annum.
1. True Move, NBTC Office, NTC and NBTC amounting to Baht 2,184 million plus interest at the rate of 7.5% per annum.
1. DPC, NBTC Office, NTC and NBTC amounting to Baht 673 million plus interest at the rate of 7.5% per annum.
During December 2019, DPC received a request from the Central Administrative Court to amend the claim amounts in the petition filed by NT on September 24, 2019 to be as follows:
Black case No. 918/2558
1) NBTC Office, NTC and NBTC amounting to Baht 5,109 million plus interest at the rate of 7.5% per annum.
2) True Move, NBTC Office, NTC and NBTC amounting to Baht 3,651 million plus interest at the rate of 7.5% per annum.
3) DPC, NBTC Office, NTC and NBTC amounting to Baht 1,457 million plus interest at the rate of 7.5% per annum.
Black case No. 1651/2558
1) NBTC Office, NTC and NBTC amounting to Baht 4,169 million plus interest at the rate of 7.5% per annum.
2) True Move, NBTC Office, NTC and NBTC amounting to Baht 2,946 million plus interest at the rate of 7.5% per annum.
3) DPC, NBTC Office, NTC and NBTC amounting to Baht 1,223 million plus interest at the rate of 7.5% per annum.
Black case No. 741/2559
1) NBTC Office, NTC and NBTC amounting to Baht 1,858 million plus interest at the rate of 7.5% per annum.
2) True Move, NBTC Office, NTC and NBTC amounting to Baht 1,336 million plus interest at the rate of 7.5% per annum.
3) DPC, NBTC Office, NTC and NBTC amounting to Baht 522 million plus interest at the rate of 7.5% per annum.
On April 29, 2022, the Central Administrative Court dismissed the cases against DPC under Black case No. 918/2558 and 1651/2558 for a total requested amount from DPC of Baht 2,680 million. The court ordered NBTC to pay NT Baht 361 million including interest.
On May 30, 2022, NT filed an appeal regarding the Black Case No. 918/2558 and No. 1651/2558 to the Supreme Administrative Court as the Black Case No. Or. 1229/2565 and Or. 1203/2565. DPC received a notification from the Supreme Administrative Court on August 18, 2022 and October 10, 2022 respectively. Currently, the case is under the consideration by the Supreme Administrative Court.
On December 28, 2022, the Central Administrative Court dismissed the case against DPC under the Black case No. 741/2559 for a total requested amount from DPC of Baht 522 million. On January 26, 2023, NT submitted the appeal for the decision in the case no. 741/2559 as the Black Case No. Or.347/2566. Currently, the case is under the consideration by the Supreme Administrative Court.
The management of the Group believes that DPC has no obligation to pay for the usage fees and compensation from the usage of telecommunication equipment and telecommunication network as claimed by NT due to DPC has complied with the announcement of NBTC. Therefore, the outcome of the disputes should be settled favourably and have no considerable impact to the consolidated financial statements of the Group.
1. The claim for revocation of the National Telecommunication Committee's ("NTC") order regarding the revenue incurred from the temporary service during the customer protection period after the Concession ended
On November 16, 2015, DPC filed a lawsuit against the National Broadcasting and Telecommunication Committee ("NBTC") to the Central Administrative Court under case No. 1997/2558. This filed lawsuit revoked the NTC resolution, in which the office of the NBTC demanded that DPC deliver the revenue during the consumer protection period from September 16, 2013, to July 17, 2014, amounting to Baht 628 million.
In the same case, on September 16, 2016, the NBTC and the office of the National Broadcasting and Telecommunication Committee ("NBTC office") filed a complaint to the Central Administrative Court as the Black Case No. 1441/2559. This complaint requested DPC to deliver revenue sharing for the consumer protection period from September 16, 2013 to July 17, 2014. The claim amount was Baht 680 million (including interest up to the submitted date of Baht 52 million) plus interest at the rate of 7.5% per annum of the claim amount from the submitted date until DPC delivers all revenue sharing in full.
On September 7, 2018, the NTC issued a letter informing of their resolution to allow DPC to deliver the revenue from the service income during the protection of all subscribers, totalling Baht 869 million. However, the NBTC had ordered DPC to provide a payment of Baht 628 million for the first period, and the remaining amount to be paid is Baht 241 million. Subsequently, on December 7, 2018, DPC filed a lawsuit with the Central Administrative Court to revoke such a resolution of NTC.
On June 2, 2021, the Central Administrative Court ordered the merger of the three cases.
On March 30, 2022, the Central Administrative Court revoked the NTC's resolution, which ordered DPC to deliver the revenue from the service income during the protection of all subscribers in the total amount of Baht 869 million. The reason is that DPC had expenses incurred from the provision of services greater than the revenues generated.
On April 28, 2022, the NBTC submitted an appeal to the Supreme Administrative Court. Currently, the case is under the consideration by the Supreme Administrative Court.
The Group's management considers that DPC has complied with the NBTC announcement regarding the Temporary Customer Protection Plan Following the Expiration of the Agreement for operations ("Telecommunication Service Agreement") in 2013 and that DPC is obliged to submit the revenue after deducting any expenses to the NBTC office. However, DPC has expenses incurred from the service greater than the revenues generated. Therefore, DPC has no revenue remaining to submit to NBTC as stipulated in the announcement.
Advanced Wireless Network Company Limited ("AWN")
1) The claim for revocation of the NBTC's order regarding Mobile Number Portability (MNP)
During 2015 - 2020, AWN received an administrative order ("Order") from the Office of NBTC to pay administrative fines regarding a mobile number portability issue. AWN filed a revocation request of the Order to the Central Administrative Court for Black case No. 1357/2560, which claimed Baht 221 million from AWN, and for Black case No. 2212/2563, which claimed Baht 605 million from AWN.
On August 26, 2020, the Central Administrative Court gave a verdict on Black case No. 1357/2560 to revoke that the administrative fines shall not exceed Baht 20,000 per day. As a result, the administrative fines were decreased to Baht 0.82 million. On September 25, 2020, AWN appealed to the Supreme Administrative Court.
On September 20, 2024, the Central Administrative Court gave a verdict on Black case No. 2212/2563 to revoke that the administrative fines shall not exceed Baht 20,000 per day. As a result, the administrative fines were decreased to Baht 1.42 million. AWN appealed to the Supreme Administrative Court on October 18, 2024, to revoke all orders regarding administrative fines.
Currently, both cases are being considered by the Supreme Administrative Court.
The AWN's management believes that AWN conducted everything correctly with respect to the relevant agreement terms, therefore the outcome of this case should not have a significant impact on the consolidated financial statement of the Group.
Triple T Broadband Public Company Limited ("TTTBB")
1) In case of charging rental circuit service fee and other contracts from TT&T Public Company Limited (TT&T)
On December 7, 2021, the Official Receiver in the bankruptcy case of TT&T ordered TTTBB to pay outstanding debts in the amounting to Baht 1,152 million, including the interest on the principal amounting to Baht 723 million until the settlement is completed.
On August 15, 2022, TTTBB filed a petition against this order with the Central Bankruptcy Court and on May 10, 2023, the Central Bankruptcy Court ordered the removal of TTTBB from TT&T's debtor's list through the disposal of such debt out of TT&T's receivable account. TTTBB paid for the undisputed remaining debt to TT&T in the amount of Baht 75.65 million, and with the interest included, in the amount of Baht 159 million on February 28, 2024.
On August 9, 2023, the Official Receiver appealed against the Central Bankruptcy Court's order to the Court of Appeals for Specialized Cases regarding the disputed debts in the amount of Baht 1,033 million, plus the interest on the principal in the amount of Baht 647 million until the payment is completed.
On June 10, 2024, the Court of Appeal for Specialised Cases upheld the decision of the Central Bankruptcy Court which ordered to remove TTTBB out of the TT&T's receivable account, except for some remaining debts to pay in the principal amounting to Baht 0.02 million, including the interest until the settlement is completed. TTTBB paid the debts on August 30, 2024.
On July 8, 2024, the Official Receiver filed a petition to the Supreme Court for a permission to appeal and appealed against this order of the Court of Appeals for Specialized Cases.
On August 30, 2024, TTTBB filed an objection against the permission to Appeal from the Official Receiver.
On August 18, 2025, the Central Bankruptcy Court read the Supreme Court's order dismissing the Official Receiver's petition for appeal. Therefore, the case is considered final and TTTBB no longer has any obligations and liabilities to TT&T.
2) Laying of Optical Fiber on poles of the Provincial Electricity Authority
TTTBB has 7 ongoing cases regarding the disputes of the laying of communication cables on the poles under the possession of the Provincial Electricity Authority before receiving permission, with the computable monetary claims in the total amount of Baht 299 million. Currently, the case is under the consideration by the Civil Court.
34. EVENTS AFTER THE REPORTING PERIOD
Related transactions regarding data center business
Additional investments
On January 6, 2026, GSA Data Center 03 Company Limited ("GSA03") issued 10,000 ordinary shares with a par value of Baht 100 each, totaling Baht 1,000,000 which have been partial paid up at Baht 25 per share. AIS DC Venture Company Limited ("AISDC") invested in 3,000 of GSA03's shares, totaling Baht 75,000.
On January 21, 2026, GSA03 issued 76,520,000 additional ordinary shares with a par value of Baht 100 each, totaling Baht 7,652 million which have been partial paid up at Baht 25 per share. AISDC, invested in 22,956,000 of GSA03's additional shares, totaling Baht 574 million. AISDC will hold 30% of GSA03's shares.
Financial Assistance
On February 3, 2026, the Board of Directors' meeting passed a resolution proposing that AIS DC Venture Company Limited ("AISDC") provide financial assistance in proportion to the shareholding, amounting to Baht 910.25 million to GSA Data Center 02 Company Limited ("GSA02"), a subsidiary of GSA Holdings Company Limited ("GSAHLD"). The purpose of this funding is to be used as support data center business,including funding costs incurred during the pre-construction phase of the data center construction project.
Dividend
At the meeting of the Board of Directors held on February 3, 2026, the Board resolved to propose to the shareholders for approval the following dividend payments:
(a) Final dividend for the year ended 31 December 2025 at the rate of Baht 15.30 per share. The Company has already paid an interim dividend of 6.89 Baht per share on 3 September 2025; and
(b) Special dividend at the rate of Baht 19 per share.
The above dividend payments are subject to approval by the shareholders at the Annual General Meeting.
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