Q1 2026 True Corporation PCL Earnings Call Transcript
Key Points
- True Corp PCL (TCPFF) reported positive subscriber growth in both mobile and online segments, with over 600,000 new mobile subscribers and 36,000 online net adds.
- The company declared an interim dividend of THB0.14 per share for Q1, with a 73% payout ratio, and plans to pay quarterly dividends going forward.
- True Corp PCL (TCPFF) achieved a record high net promoter score, indicating improved customer satisfaction and reduced churn by 42% year over year.
- The company reported a 10.9% year-on-year increase in EBITDA, driven by spectrum acquisition benefits and synergies.
- True Corp PCL (TCPFF) is actively modernizing its network, resulting in a 36% year-over-year improvement in TrueOnline minutes lost per customer.
- Service revenues declined by 0.6% year-on-year and 0.4% quarter-on-quarter, primarily due to lower network equipment rental revenues.
- The company faces macroeconomic challenges, including geopolitical tensions and a slowdown in tourism, which could impact future performance.
- True Corp PCL (TCPFF) experienced a decline in pay TV revenues, attributed to the absence of EPL content and an organic decline in subscriptions.
- The company's leverage remains relatively high at 3.8x, although it has decreased from 5.7x at amalgamation.
- Fixed broadband ARPU remained flat quarter-on-quarter and lower year-on-year, indicating challenges in increasing revenue per user in this segment.
Good morning, everyone. Welcome to True Corporationâs earnings disclosure for the first quarter of 2026.
My name is Naureen, Iâm the Head of Investor Relations. With us today is our Group CEO, Khun Sigve, and our CFO, Khun Nakul. Iâd also like to welcome all the analysts whoâve joined us in True Tower today, and to those of you who are joining us online.
Before we start, for the Q&A, for those of you who are online, please raise your hand, or you can write your questions in the comment box. I will be alternating between questions from the room and questions online.
With that, Iâd like to hand over to Khun Sigve to start his presentation.
Thank you, Naureen, a very good morning to those of you that are in the room, and also to those of you that are online. Let me start with the key highlights from the first quarter.
As you may recall from the Q4 last year, that was the quarter when we
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