True Corporation Posts Sixth Straight Quarterly Profit and Approves THB 5.2bn Dividend
Thai telecom-tech giant reports THB 6.6bn net profit in Q2 2026, driven by mobile growth, AI integration, and a 13.5% EBITDA jump
- True Corporation reported its sixth consecutive profitable quarter, posting a net profit of 6.6 billion baht for Q2 2026.
- Following the strong results, the company's board approved an interim dividend payout of 5.2 billion baht, or 0.15 baht per share.
- The profit was driven by a 13.5% year-on-year increase in EBITDA, growth in mobile subscribers, and the integration of AI into operations.
- Due to the strong performance, the company upgraded its full-year 2026 guidance for service revenue growth.
The Thai telecom-tech giant reports a 6.6 billion baht net profit in Q2 2026, driven by mobile growth, AI integration, and a 13.5% EBITDA jump.
True Corporation Public Company Limited has posted its sixth consecutive quarter of profitability, delivering a net profit after tax of 6.6 billion baht ($198 million) for the second quarter of 2026.
The performance reflects a 3.2-fold increase year-on-year, underpinned by service revenue recovery, mobile subscriber expansion, and strict fiscal discipline amidst broader macroeconomic headwinds.
Following the solid performance, the company's Board of Directors approved an interim dividend payout of 5.2 billion baht ($156 million) for Q2 2026, representing a payout ratio of 79% and a dividend per share (DPS) of 0.15 baht.
Strong Operating Momentum and AI Integration
Service revenue excluding interconnection charges (IC) reached THB 41.4 billion ($1.24 billion) for the quarter, up 0.8% year-on-year and 0.8% sequentially. Adjusted for lower domestic roaming revenues, underlying service revenue rose 1.1% year-on-year.
Group Chief Executive Officer Sigve Brekke attributed the growth to localised commercial execution, network modernisation, and the deployment of artificial intelligence across customer services and network operations.
"True Corporation delivered another strong quarter, driven by service revenue growth across all business segments, continued subscriber momentum, and improved operational efficiency," Brekke said. "Our investments in mobile and fiber network modernisation, localised and granular execution, and AI-enabled customer experiences and operations are translating into stronger customer outcomes and business performance."
He added that the company will accelerate its AI-powered transformation via its AI Centre of Excellence and data infrastructure to scale long-term productivity and sustainable growth.
Subscriber Base Expansion
Commercial execution was bolstered by government stimulus measures and regulatory compliance initiatives:
Mobile Subscribers: Added 479,000 net subscribers quarter-on-quarter, taking total mobile subscriptions to 48.6 million. Gains were supported by participation in the Ministry of Education’s "Study Anywhere, Anytime" programme and the government's "Thai Help Thai Plus" stimulus initiative.
5G Adoption: Total 5G subscribers expanded to 19.3 million by the end of Q2 2026.
Online/Fixed Broadband: Added 28,000 subscribers quarter-on-quarter, driven by network reliability improvements.
Earnings and Synergies Lift Margins
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 13.5% year-on-year and 1.1% quarter-on-quarter to 28.3 billion baht ($847 million). The EBITDA margin relative to service revenue expanded by 7.6 percentage points year-on-year to 68.5%.
Since completing its amalgamation, True Corporation has generated an aggregate EBITDA improvement of 8.9 billion baht ($266 million)—representing a 46% cumulative increase—driven by post-merger integration benefits and spectrum acquisition efficiencies.
Chief Financial Officer Nakul Sehgal noted that the results demonstrate operational resilience against external pressures.
"These results reflect continued financial discipline and focused execution, even as the quarter was marked by heightened macroeconomic uncertainty, geopolitical developments, and ongoing supply chain pressures," Sehgal said.
The group’s financial leverage ratio improved to 3.7x net debt to EBITDA at the end of the quarter, representing a 0.3x reduction year-on-year and a 0.1x deleveraging quarter-on-quarter.
Key Financial Indicators (Q2 2026)
Service Revenue (excl. IC): THB 41.4 billion / $1.24 billion (+0.8% YoY)
EBITDA: THB 28.3 billion / $847 million (+13.5% YoY)
EBITDA Margin: 68.5% (up 7.6 percentage points YoY)
Net Profit After Tax: THB 6.6 billion / $198 million (3.2x YoY)
Net Debt to EBITDA: 3.7x (down from 4.0x YoY)
Interim Dividend: THB 5.2 billion / $156 million (THB 0.15 per share)
Revised Full-Year 2026 Guidance
On the back of the Q2 performance, True Corporation updated its full-year guidance for 2026:
Service Revenue (excl. IC): Upgraded to between +1% and +2% year-on-year.
EBITDA Growth: Reaffirmed at +7% to +9% year-on-year.
Capital Expenditure (CAPEX): Maintained between THB 25 billion and THB 27 billion ($748 million to $808 million).
