TRUE reports strong full-year profit of thb 9.2 billion, declares 116% dividend payout

TRUE Corporation (TRUE) has announced a solid financial performance for the full year of 2025, reporting a net profit of THB 9.2 billion, reflecting the company’s continued recovery and growth. Despite facing pressures from competition and network costs earlier, TRUE has steadily improved its financial position, marking its return to profitability.

The company’s strong performance is attributed to significant cost adjustments and the successful integration following its merger. TRUE also reported a higher-than-expected dividend payout, highlighting its confidence in future cash flow generation.

High Dividend Payout: 116% of Net Profit

TRUE’s board of directors has approved a total dividend payout of THB 10.7 billion for the year, or THB 0.31 per share. This represents an impressive 116% dividend payout ratio of net profit. The substantial dividend payout reflects the company's strong free cash flow and its commitment to returning value to shareholders.

Strategic Recovery and Confidence in Future Growth

For the fourth quarter of 2025, TRUE reported a net profit of THB 4 billion, continuing its positive momentum. The company’s EBITDA also grew by 10.3% year-on-year, reflecting strong operating efficiency and solid financial discipline. Analysts remain positive about TRUE’s future prospects, with the company expected to maintain its "cash machine" status thanks to ongoing cost optimizations and new growth strategies, such as AI-driven innovations.

Key Factors Behind Analysts' Positive Outlook

Continuous Profit Growth

TRUE has posted profits for four consecutive quarters, signaling increasing stability and the company’s ability to generate consistent profit. This demonstrates that TRUE is entering a phase of structural stability, moving beyond one-off gains to sustained profitability.

Margin Expansion

Analysts have emphasized that margin expansion is more significant than revenue growth for TRUE. While revenue remained stable or slightly declined, EBITDA grew by double digits, showing strong operating leverage. This highlights TRUE’s ability to drive profitability without relying solely on revenue competition, which is especially important in a saturated telecom industry.

High Dividend Payout

TRUE’s payout ratio of over 100% with THB 10.7 billion in dividends reflects confidence in its cash flow. This payout level indicates that the company is not just creating a positive image but is confident in its free cash flow moving forward, which is crucial for long-term investor confidence.

AI-First Strategy

TRUE's AI-driven strategy is seen as a significant upside. As the telecom industry transitions to tech-driven operations, TRUE’s centralized network and reduced network costs will provide a solid foundation for monetizing data and building future ecosystems. This strategy positions the company for continued growth and profitability in the years to come.

Conclusion: Sustainable Profitability and Dividend Confidence

TRUE’s strong full-year performance and substantial dividend payout underscore its ability to navigate challenges and generate stable cash flow. Investors remain optimistic about TRUE’s long-term prospects, with a focus on its ongoing structural recovery, cost management, and strategic investments for future growth.