True Corporation continues to redefine its financial trajectory by securing its fifth consecutive quarter of net profitability, a milestone that signals the company’s successful transition following its historic amalgamation. By delivering a robust performance in the first quarter of 2026, the Thai telecom-tech leader has not only solidified its market position but also demonstrated an unwavering commitment to returning value to its shareholders through a substantial interim dividend. This period of sustained growth is underpinned by a strategic focus on network modernization and disciplined cost management, ensuring that the company remains resilient even amidst a shifting macroeconomic landscape.
The company’s financial health is most evident in its reported Net Profit After Tax, which reached an impressive THB 6.6 billion for the quarter. This bottom-line success was further bolstered by an EBITDA of THB 28.0 billion, representing a significant 10.9% year-on-year increase. Such performance metrics are a direct result of the company’s ability to extract synergies and realize cost savings, particularly through the strategic acquisition of spectrum and the expiration of legacy rental agreements.
Driven by this sustained profitability and high level of confidence in future earnings, the Board of Directors has officially approved an interim dividend of THB 4.8 billion. This represents a dividend per share of THB 0.14 and a payout ratio of approximately 73%, a clear signal to the investment community regarding True’s financial stability. As the company balances its capital expenditure with shareholder returns, the focus remains on selective investment in growth areas that promise long-term value creation.
Operational Excellence and Subscriber Momentum
The first quarter of 2026 saw True Corporation maintain strong operational momentum, particularly in its core mobile and online broadband segments. Total mobile subscribers reached 48.1 million, bolstered by a quarterly net addition of 614,000 users. This growth was not merely a matter of quantity but a reflection of improved customer retention and effective churn management, supported by proactive initiatives and community-focused programs such as the Ministry of Education’s “Study Anywhere, Anytime” initiative.
In the online broadband sector, the company achieved its highest quarterly net additions since the amalgamation, adding 36,000 new subscribers. This success is attributed to the tangible results of ongoing network modernization efforts, which have significantly enhanced network reliability and service quality. By reducing network downtime and focusing on the customer experience, True has seen a marked improvement in its Net Promoter Score, reflecting a higher level of trust and satisfaction among its user base.
The rapid adoption of 5G technology also remains a critical pillar of True’s operational strategy, with 5G subscribers surging to 18.4 million by the end of the quarter. The company has also successfully migrated a larger portion of its customer base to digital self-service channels. This shift has not only reduced the frequency of call center interactions but has also streamlined operational efficiency, allowing the company to serve its customers more effectively while lowering the overall cost of service.
Strategic Financial Management and Synergy Realization
True’s financial narrative for Q1 2026 is one of discipline and structural optimization. While service revenue faced some headwinds—largely due to lower contributions from the PayTV segment—the mobile and online businesses remained resilient. Total revenue experienced a 9.8% year-on-year decline, primarily because of the anticipated reduction in network rental income following the expiration of the agreement with National Telecom (NT) in 2025. However, this was strategically offset by a massive reduction in operating expenses.
Operating expenses, excluding depreciation and amortization, fell by a substantial 29.8% year-on-year. This dramatic decrease was largely driven by the elimination of spectrum rental costs and the benefits derived from network modernization. By acquiring its own spectrum and moving away from costly rental arrangements, True has successfully expanded its EBITDA margin to 68.3%, an improvement of 7.1 percentage points compared to the previous year. This margin expansion is a testament to the company’s ability to manage its resources more efficiently post-amalgamation.
Furthermore, the company has made significant strides in managing its debt profile. The leverage ratio declined to 3.8 times, supported by a reduction in effective interest rates through proactive debt management and the early call-back of debentures. This prudent financial stewardship ensures that the company maintains a strong balance sheet, providing the flexibility needed to navigate macroeconomic uncertainties while continuing to invest in high-value growth areas.
Leadership Perspectives on Sustainable Growth
The leadership team at True Corporation remains focused on the long-term differentiator of network and organizational transformation. Mr. Sigve Brekke, Group Chief Executive Officer, emphasized the balance between achieving record financial results and maintaining high levels of customer satisfaction. He noted that the company’s ongoing modernization efforts are essential for creating competitive value for stakeholders, especially as they remain cautious of the potential impacts of global macroeconomic headwinds.
“Our Q1 2026 performance was strong across our businesses. We delivered not only excellent financial results but also record-high customer satisfaction while we remain cautious of greater impact from macroeconomic headwinds as we focus on delivering our financial objectives. Our continued network modernization, business, and organizational transformation is a clear differentiator, as it enables continuous improvement of both customer experience, operational efficiency, and long-term competitive value for our key stakeholders.” — Mr. Sigve Brekke, Group Chief Executive Officer of True Corporation Public Company Limited.
Echoing this sentiment, Mr. Nakul Sehgal, Chief Financial Officer, highlighted the importance of post-merger discipline and the sustainability of the company’s earnings. He pointed out that the significant decline in operating expenses and the realization of synergies have been instrumental in supporting EBITDA growth. The decision to issue an interim dividend reflects the board’s confidence in the company’s trajectory and its ability to maintain a healthy cash flow.
“Our first-quarter performance reflects the continued discipline we have maintained following the amalgamation across our businesses. While service revenue faced modest pressure… operating expenses declined significantly year-on-year, reflecting tangible benefits from spectrum acquisition, synergy realization, and tighter cost control, which supported EBITDA growth and margin expansion… the Board of Directors has approved an interim dividend of THB 4.8 billion… reflecting our confidence in the sustainability of earnings.” — Mr. Nakul Sehgal, Chief Financial Officer of True Corporation Public Company Limited.
Future Outlook and Technological Leadership
Looking toward the remainder of 2026, True Corporation is positioning itself not just as a telecom provider, but as a leading telecom-tech entity that empowers society through AI-augmented innovation. The company’s capital expenditure of THB 4.3 billion in the first quarter—roughly 9% of sales—indicates a measured but firm commitment to upgrading infrastructure. These investments are geared toward creating a seamless lifestyle ecosystem for users, encompassing global entertainment, exclusive privileges, and high-speed connectivity.
The company’s strategic roadmap involves a “prudent financial management” approach that prioritizes value-accretive growth. By focusing on areas where digital transformation can yield the highest impact, such as 5G expansion and digital self-service enhancements, True aims to continue improving operational efficiency. This long-term strategy is designed to ensure that the company remains at the forefront of the industry while consistently delivering value to its shareholders.
Ultimately, True Corporation’s Q1 2026 results serve as a powerful validation of its amalgamation strategy. The combination of subscriber growth, significant cost reductions, and a commitment to technological advancement has created a self-sustaining cycle of profitability. As the company navigates the complexities of the digital age, its focus remains steadfast on advancing society sustainably through connected solutions and world-class services.
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