Slides
Page 1
Sigve Brekke, Group CEO Q4/FY 2025 Financial results 20 February 2026 True Corporation PCL
Page 2
Q425 2 Q425 2 A look back at 2025 • Reported NPAT since Q125 • FY25 dividend of THB 10.7 Bn • Completion of ONE Network • Largest spectrum portfolio • Always with customers through difficult times • Unified & digital - first customer experience Sustained Profitability ONE Network Customers @ Core Back to Growth Q125 Q225 Q325 Q425 +1.2% QoQ Mobile Service Revenue +580K QoQ Mobile Subscribers +3.2% QoQ EBITDA
Page 3
Nakul Sehgal, Co - CFO Q4/FY 2025 Financial Results 20 February 2026 True Corporation PCL
Page 4
Q425 4 FY25 & Q425: Financial Highlights Service Revenue¹ • - 0.2% YoY • Flat QoQ EBITDA • +10.3% YoY • +3.2% QoQ NPAT • THB 4.0 Bn • THB 6.1 Bn normalized Leverage 4.0x • - 0.2x YoY • - 0.2x QoQ Dividend • Final: THB 4.1 Bn (0.12 DPS) • FY25 payout ratio 56% of normalized profit FY25¹ • - 0.2% YoY FY25 • +7.0% YoY FY25 reported • THB 9.2 Bn ¹Excluding domestic roaming revenue
Page 5
Q425 5 Q425 5 165.9 164.8 ( 0.8 ) 0.5 ( 0.6 ) ( 0.3 ) FY24 Mobile Online PayTV Others FY25 Service revenue Interconnection revenue Network Equipment Rental Product sales revenue Service revenue for Q425 declined 1.0% YoY due to lower domestic roaming & PayTV Total Revenue (THB Bn) • Normalized¹ service revenue remained flat QoQ and declined 0.2% YoY • FY service revenue declined due to lower contribution from mobile & PayTV Service Revenue development YoY Service Revenue (THB Bn) • Product Sales for Q425 increased 36.9% QoQ due to the launch of iPhone • FY25 total revenue declined 5% YoY due to lower network equipment rental (expiry of spectrum arrangement contract with NT following the acquisition of spectrum) 41.6 41.2 ( 0.3 ) 0.1 ( 0.2 ) ( 0.0 ) Q424 Mobile Online PayTV Others Q425 ¹Normalized for domestic roaming revenue 32.9 32.3 32.7 6.3 6.5 6.4 1.5 1.7 1.3 0.8 0.7 0.8 41.6 41.3 41.2 Q424 Q325 Q425 Mobile Online Pay TV Others 130.9 130.1 25.1 25.7 6.6 6.0 3.3 3.0 165.9 164.8 2024 2025 - 0.2% - 1.0 % - 0.7% 41.6 41.3 41.2 0.3 0.3 0.3 5.0 1.5 0.2 5.8 4.2 5.8 52.7 47.2 47.4 Q424 Q325 Q425 165.9 164.8 1.1 1.0 20.2 10.9 18.9 19.0 206.0 195.7 2024 2025 +0.4% - 10.1 % - 5.0 % Domestic roaming Domestic roaming
Page 6
Q425 6 Q425 6 426 421 422 215 223 225 121 130 133 Q424 Q325 Q425 Prepaid Postpaid Blended 34.2 31.9 32.4 15.2 15.1 15.2 49.4 46.9 47.5 Q424 Q325 Q425 Prepaid Postpaid Mobile service revenue¹ for Q425 improved 0.2% YoY and 1.4% QoQ ARPU² (THB/sub/month) • Mobile revenue increased 1.2% QoQ from seasonality & net subscriber addition • FY mobile revenue declined due to lower domestic roaming revenue +1.2% - 3.9% Subscribers (Mn) Mobile Service revenue (THB Bn) • 1.5% QoQ increase in prepaid subscribers with 0.7% QoQ growth in postpaid subscribers • 3.9% YoY decline in subscribers due to focus on quality acquisition, worsening macro trends & lower tourist inflow • Blended ARPU improved 4.5% YoY & 1.1% QoQ to THB 225 • Postpaid ARPU increased 0.4% QoQ while prepaid ARPU improved 2.6% QoQ ¹Normalized for domestic roaming revenue ²NT domestic roaming revenue is excluded from ARPU calculation - 1.0% YoY +0.4% QoQ +4.5% YoY +1.1% QoQ +9.8% YoY +2.6% QoQ 32.6 32.2 32.7 0.3 0.1 0.01 32.9 32.3 32.7 Q424 Q325 Q425 Service Revenue NT Domestic Roaming +1.2% - 0.8 % - 0.6% 129.7 129.7 1.2 0.4 130.9 130.1 2024 2025
Page 7
Q425 7 Q425 7 3.2 3.2 3.3 Q424 Q325 Q425 499 498 498 1.5% YoY growth in online revenue driven by growth in subscribers¹ Subscribers (Mn) & ARPU (THB/sub/month) Online Revenue (THB Bn) +1.0% +3.3 % • 1.9% QoQ decline in online revenue due to one - time positive impact in Q325 • Subscribers¹ revised to exclude inactive broadband & B2B customers since Q124; ARPU recalculated • Flat QoQ in ARPU with 1.0% QoQ growth in subscribers • Ongoing improvement in subscribers and ARPU resulting in increase in online revenue 4.7 4.8 4.8 1.6 1.7 1.6 6.3 6.5 6.4 Q424 Q325 Q425 B2C Subscription Revenue Data & Corporate Internet - 1.9% +1.5 % +2.2% 18.5 19.2 6.6 6.4 25.1 25.7 2024 2025
Page 8
Q425 8 Q425 8 14.3% YoY decline in PayTV revenue due to lower subscription revenue; QoQ decline due to seasonal concerts in Q325 ARPU (THB/sub/month) Subscribers (Mn) Pay TV Revenue (THB Bn) 1.2 1.1 1.1 Q424 Q325 Q425 - 3.9% - 14.3% 314 257 255 200 220 240 260 280 300 320 340 360 380 400 Q424 Q325 Q425 - 18 . 6 % YoY - 0.5% QoQ 1.2 0.9 0.8 0.4 0.9 0.5 1.5 1.7 1.3 Q424 Q325 Q425 Subscription & Installation Others 4.5 3.9 2.1 2.1 6.6 6.0 2024 2025 - 24.4% - 14.3 % - 9.1 %
Page 9
Q425 9 Q425 9 18.1 17.3 27.1 14.3 22.0 20.2 19.5 19.3 15.3 13.1 1.4 1.3 4.6 5.2 107.9 90.6 2024 2025 4.5 4.3 4.2 6.8 1.9 5.0 5.1 5.3 6.0 4.3 5.8 3.8 3.1 2.8 0.4 0.3 0.3 1.0 1.3 1.3 27.5 20.3 19.6 Q424 Q325 Q425 Regulatory Cost Interconnection Cost Network Cost Cost of Sales Selling & Admin Expenses Spectrum Rental Cost Other cost of Providing Services 28.8% YoY decline in Opex , benefited by acquisition of spectrum & synergies • Regulatory cost for FY25 increased 12.6% YoY due to change in full year effective rate pursuant to expiry of spectrum arrangement with NT • Network cost for Q425 declined 27.5% YoY and 9.2% QoQ benefitted by acquisition of spectrum and network modernization • Cost of Sales for Q425 declined 4.0% YoY while increasing 33.7% QoQ in tandem with product sales • SG&A increased 5.5% YoY due to increase in outsourcing cost & slightly higher marketing spends • Elimination of spectrum rental cost due to expiry of spectrum arrangement contract with NT following the acquisition of spectrum in from 3 Aug’25 • Other Cost of providing services declined 8.4% YoY mainly driven by net savings from EPL • Total Opex excluding depreciation & amortization declined 28.8% YoY and 3.4% QoQ - 3.4 % - 28.8% Total Opex excl. D&A (THB Bn) - 16.0%
Page 10
Q425 10 Q425 10 60.6% 65.3% 67.5% 59.2% 63.7% 47.8% 57.1% 58.7% 47.6% 53.7% Q424 Q325 Q425 2024 2025 % EBITDA to Service revenue % EBITDA to Total revenue 10.3% YoY EBITDA improvement driven by benefit from spectrum acquisition & synergies EBITDA Margin (%) EBITDA (THB Bn) & Growth (%) • EBITDA improved by THB 2.6 Bn YoY and THB 0.9 Bn QoQ, benefited by savings on account of spectrum acquisition • EBITDA to service revenue increased by 6.9 pp YoY to 67.5% for Q425 • THB 8.4 Bn or ~43% growth in quarterly EBITDA since amalgamation 25.2 27.0 27.8 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Q424 Q325 Q425 +3.2% +10.3% 98.1 105.0 2024 2025 +7.0% +2.2pp +6.9pp +4.6pp
Page 11
Q425 11 Q425 11 THB 4.0 Bn reported NPAT in Q425 with THB 6.1 Bn normalized NPAT NPAT development YoY (THB Bn) Net Profit After Tax (THB Bn) • Net Profit in Q425 was impacted by one - time (non - cash) items of THB 2.1 Bn primarily pertaining to: • Impairment of investments¹ amounting to THB 2.4 Bn • Impairment of redundant assets related to network modernization¹ of THB 1.2 Bn • Annual impairment of goodwill¹ amounting to THB 0.5 Bn • Creation of deferred tax asset² on c/f losses & unrealized loss on forward contracts of THB 1.8 Bn • Gain from investment in associates³ of THB 0.5 Bn • Financial cost decreased 4.0 % YoY • Depreciation & amortization increased 1.7% YoY due to acquisition of new spectrum THB Bn Q424 Q325 Q425 2024 2025 Reported NPAT (7.5) 1.6 4.0 (11.0) 9.2 One - time effects¹ 11.1 3.0 4.3 20.8 12.7 Adjusted for tax gain² - - (1.8) - (2.3) Adjusted for gain from share of results in subsidiaries & associates³ - - (0.5) - (0.5) Normalized NPAT 3.6 4.6 6.1 9.9 19.2 ¹One - time, non - cash, recorded in line item “Other income (expense)” in P&L ²One - time, non - cash, recorded in line item “Income tax (expense) revenue” in P&L ³One - time, non - cash, recorded in line item “Share of results in subsidiaries and associates” in P&L (7.5) 1.6 4.0 3.6 4.6 6.1 Q424 Q325 Q425 (7.5) 4.0 2.6 (0.3) 0.2 4.1 4.9 Q424 EBITDA D&A Financial Cost Tax & Others Other Items (write-off) Q425 (11.0) 9.2 9.9 19.2 2024 2025
Page 12
Q425 12 Q425 12 CAPEX remained in line with expectations Capex to Sales¹ (%) CAPEX (THB Bn) 11.4 6.9 11.5 Q424 Q325 Q425 31.0 31.2 2024 2025 24% 15% 24% 17% 17% Q424 Q325 Q425 2024 2025 • CAPEX for FY25 primarily focused on network modernization was reported at THB 31.2 Bn • CAPEX to sales for FY25 reached 16.9% • CAPEX for FY25 was higher than guidance driven by investment to improve the broadband network ¹Capex as a % of Total Revenue excluding Spectrum arrangement (Network equipment rental)
Page 13
Q425 13 Q425 13 4.2x 4.2x 4.0x Leverage 298 287 266 42 48 60 96 111 107 (27) (20) (18) 409 426 416 4Q24 Q325 Q425 Debentures Other borrowings Lease liabilities (excl. spectrum) Cash 64 36 0.4 34 11 66 99 47 2026 2027 2028 Debentures Other borrowings • Net debt decreased QoQ driven by disciplined cash flow management and reduced gross borrowings; lease liabilities increased Y oY on account of transfer of assets to DIF • Issued debentures of THB 16 Bn @2.88% weighted average interest rate during Q126 • THB 126 Bn refinanced during the year of 2024, THB 113 Bn refinanced during 2025 (including callable exercises) Debt Maturity Profile³ (THB Bn) Effective Interest Rate² (%) Net Debt³ (THB Bn) & Leverage¹ (x) ¹Leverage (x) = Net Debt / trailing twelve months EBITDA ²Effective Interest Rate = Gross Interest Expense (loan & debentures) / average gross debt (loan & debentures) ³All foreign borrowings are fully hedged at fixed rate 4.1% 3.9% 3.8% 0.030 0.035 0.040 0.045 0.050 Q424 Q325 Q425 Effective Interest Rate Leverage reduction of 0.2x YoY
Page 14
Q425 14 Q425 14 165.9 164.8 1.1 1.0 20.2 10.9 18.9 19.0 206.0 195.7 2024 2025 Service revenue Interconnection revenue Network Equipment Rental Product sales revenue EBITDA (THB Bn) Total Opex excl. D&A (THB Bn) Total Revenue (THB Bn) Net Profit After Tax¹ (THB Bn) ¹Normalized NPAT excludes one - time negative effect pertaining to impairment of redundant assets related to network modernization and tax gain ²Service Revenue growth excludes domestic roaming revenue from NT 2024 vs 2025 development Q425 14 18.1 17.3 27.1 14.3 22.0 20.2 19.5 19.3 15.3 13.1 1.4 1.3 4.6 5.2 107.9 90.6 2024 2025 Other cost of Providing Services Spectrum Rental Cost Selling & Admin Expenses Cost of Sales Network Cost Interconnection Cost Regulatory Cost - 16.0 % +7.0 % - 5.0 % +9.4 Bn 98.1 105.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 110.0 2024 2025 (11.0) 9.2 9.9 19.2 2024 2025 Reported NPAT Normalized NPAT - 0.2² % +2 0.2 Bn
Page 15
Q425 15 Q325 15 Guidance vs Achievement FY25 Guidance for 2025 Actual FY25 Service Revenue excl. IC & domestic roaming with NT Flat to +1% - 0.2% EBITDA +7 – 8% +7% CAPEX (including integration capex) ~THB 30 Bn THB 31 Bn Net Profit/(Loss) Profitable (Reported) Profitable since Q125 Q425 15
Page 16
Q425 16 Q325 16 Committed to sustainable & progressive dividends with semi - annual payments (interim & final) Q425 Final Dividend of THB 4.1 Bn Record Date: 11 May 2026; Payout Date: 26 May 2026 1.6 2.0 1.6 6.6 4.0 4.1 Reported NPAT (THB Bn) Dividend FY25 (THB Bn) Q425 Q325 Q225 Q125 Dividend Policy: Pay no less than 50% of its net profits on a semi - annual basis, based on the consolidated financial statements (after deduction of legal reserve), in compliance with applicable laws and regulations, and subject to its financial position and future business plans. Q425 16 9.2 FY25 116% Payout Ratio 56% of normalized profit FY25 THB 0.31 DPS (0.19 interim + 0.12 final) 10.7 Interim Final Q425 16
Page 17
Q425 17 Sigve Brekke, Group CEO Big Moves 20 February 2026 True Corporation PCL
Page 18
Q425 18 Q425 18 Fundamentals in place for 2026 Experience & speed enhancement 94% 5G pop. coverage & 23% 5G speed improvement ~28% YoY NPS improvement Focus on quality acquisition Net adds back to positive with reduced churn ~45% efficiency since amalgamation Flatter organization Superior Network Back to Growth Modernized Organization Q125 Q225 Q325 Q425 Subscribers net add
Page 19
Q425 19 Q425 19 Agility to Win - 2026 To Telecom - Tech From traditional telecommunications 2026 – 2028 : The Evolving Industry Landscape Subscriber - Led Growth Mass, One - size fits all Best Network Experience ARPU / ARPA - Led Growth Hyper - Personalization & Granular Execution Best E2E Customer Experience +6.2% Digital Economy YoY Booming Digital Economy¹ 30% of GDP by 2027 4x AI Adoption from 2024 ¹Ministry of Digital Economy and Society, Digital Policy Alert and Open AI
Page 20
Q425 20 Q325 20 True Big Moves
Page 21
Q425 21 Q425 21 Big Move on Experience • Leading Spectrum Portfolio • Deliver best 5G speeds through 2300 MHz, 2600MHz & selective 1500MHz • Network modernization • E2E customer journey simplification • Simplify IT architecture • IT upgrades to improve performance • Touch - free operations • True App = Shop & Call Center • Tailored personalized experience • Human - alike conversational AI Best 5G Speed Uplift True Online E2E Experience Modernize IT for Simplification Seamless digital - first experience 65% 68% 75% 2024 2025 2026 2028 % Digital Touchpoint Contribution 5G Penetration Net Adds Customer Journey Efficiency
Page 22
Q425 22 Q425 22 Big Move on Growth - Consumers Granular Execution More for More Expanding household value through smart add - ons, targeting 2.0 X growth beyond connectivity by 2028 Data Intelligence Insights P&L | Business Performance Customer Insights | Network Performance Nano Cluster CEO Strategy Resources Execution • Local plan of attack • Local proposition • Dedicated Functional Team • Optimizing Asset Utilization • Best Network Experience • Campaign Execution & Awareness Convergence Content Home AI Solutions Digital Services AI Personalized Recommendation Segment of One Omni - Channel Execution Area Management → Granular Plan 6,635 Nano Clusters
Page 23
Q425 23 Q425 23 Big Move on Growth - Enterprise & SMEs From Connectivity Provider to ‘Trusted Digital Transformation Partner’ Solutions B ig Data Analytics S ecurity A I 5 G & Connectivity E verything as a Service C loud Computing • Affordable, accessible SME solutions delivered through a simple subscription - based, as - a - service model AI Camera AI Service CRM Service • Industry - specific and tailored solutions that address enterprise specific pain points Smart Energy Network as a Service Cyber SOC SME Enterprise True Business currently accounts for 7 – 8% of service revenue, compared with a regional benchmark of around 15%, indicating meaningful room for growth
Page 24
Q425 24 Q425 24 What we are doing on AI Big Move on AI Key Priorities on AI Selected AI Initiatives • Hyper - personalization • AI Voice Analytics for call center • B2C Credit Scoring AI Growth Engine • True AI Hub • AI Upskilling AI for all Naureen Quayum <naureen.quayum@truecorp.co.th> • Autonomous Network • Touch - free operations • Workflow Automation AI - powered Operations +45% Mari Transactions 2023 vs 2025 96 % Messaging Transactions Offloaded in 2025 Mari: Human - alike conversational AI THB 367 Mn Energy Savings 2023 - 2025 • Identify Low Risk / High Return Optimizable Cell Site • Automate sleep and wake cycles for network elements GENIE: G reen E nergy N etwork I ntelligence • Maximize Loyalty & CLV • Predictive Value Creation • Household 360 Customer Value Management: (CVM) Excellence Program
Page 25
Q425 25 Q425 25 Big Move on People • Modernize organization to improve efficiency • Digital tools adoption and process automation • Empowered teams, faster execution • Build the Best Place to Work through collaboration, recognition, & empowerment • AI upskilling courses and AI scholarships (China & USA) • Develop future leaders through True Next Gen Program An Organization with Excellent Employees Experience and Outstanding Capabilities Organization Excellence Performance - Driven Culture Future Ready Capabilities Three Levels of AI Competences to Drive AI Innovation 10% Advanced 30% Intermediate 60% Foundation
Page 26
Q425 26 Q425 26 Full synergy realization; fueling growth through efficiency 2023 2024 2025 Spectrum Rental Cost Cost of sales Non - revenue generating opex Revenue generating opex 117.3 107.9 90.6 Continued efficiency focus leveraging AI & synergies from scale Consistent reduction benefitted by synergies, ongoing financial discipline, & spectrum acquisition - 12% Y23 - 25 Y25 - 28 - 13% - 2% - 3% +2% CAGR • Autonomous network led cost efficiencies, synergies from scale • IT transformation and modernization, leverage AI capabilities • E2E customer journey simplification, tailored AI based digital - first experience • Organization transformation, AI upskilling, digital and automation advancement
Page 27
Q425 27 Nakul Sehgal, Co - CFO Financial Outlook 2026 – 2028 20 February 2026 True Corporation PCL
Page 28
Q425 28 Q425 28 5.2 4.2 4.0 20% 17% 17% 54% 59% 64% Mid to long term performance targets • Performance - driven culture to continue to drive the next phase of growth • EBITDA benefitted by savings pertaining to acquisition of spectrum in 2026 • Reduced Capex intensity post completion of network modernization • Disciplined management of CAPEX • Spectrum payments in 2026 lower by ~ THB 24 Bn, strengthening cash flow • Dividend consideration of at least 70% of consolidated net profit EBITDA as a % of service revenue Capex to Sales (%) Leverage (x) (Net Debt/TTM EBITDA) 54% 59% 63% 68% 69% 2023 2024 2025 2026 2028 20% 17% 16% 14% 13 – 14% 2023 2024 2025 2026 2028 5.2 4.2 4.1 ~3.5 ~3.0 2023 2024 2025 2026 2028 Target Actual +15pp - 7.0pp - 2.2x
Page 29
Q425 29 Q425 29 2026: Guidance and Rationale +2 - 3% +7 - 9% THB 25 - 27 Bn GUIDANCE 2026 Service Revenue Excl. IC EBITDA CAPEX Rationale • Industry predicted to outpace the GDP forecast for Thailand in 202 6 (1.5%)¹ • ARPU improvement in Mobile, subscriber growth in Online, growth in digital TV/media to off - set the decline in PayTV coupled with higher contribution from B2B • EBITDA improvement benefited by savings pertaining to acquisition of spectrum in 2025, performance - focused culture, & continued financial discipline • Semi - annual dividend consideration of at least 70% of consolidated net profit subject to approval of the Board of Directors ¹Bank of Thailand GDP outlook for 2026
Page 30
Q425 30 True Corporation Public Company Limited 18 True Tower, Ratchadapisek Road, Huai Khwang , Bangkok 10310 Ticker: TRUE https://www.true.th/sustainability/en/ Investor Relations Email: ir_office@truecorp.co.th Website: https://investor.truecorp.co.th/
Page 31
Q425 31 Appendix
Page 32
Q425 32 Q425 32 Annual P&L savings¹ post acquisition of spectrum • Acquisition of 2300 MHz & 1500 MHz for THB 26.4 Bn for 15 years • Benefit from expiry of spectrum arrangement contract with NT from 3 rd Aug’25 • Subsequent transfer of assets to DIF pertaining to 850 MHz network Annualized, THB Bn EBITDA Below EBITDA NPAT Expiry of spectrum arrangement contract with NT ( i ) + (ii) + (iii) 7.1 (1.8) 5.3 ( i ) Spectrum arrangement (Network equipment rental) (22.4) (ii) Regulatory Cost (0.8) (iii) Spectrum rental cost 30.2 Capitalization of assets related to DIF 3 ( 3 ) 0 ² Net impact from acquisition of spectrum 10.1 ( 4.8 ) 5.3 ¹The simulation above represents annual savings compared to 2024 ²Initial negative impact on NPAT on account of interest, to be neutral over the lease period
Page 33
Q425 33 Summary of Operational Performance Fourth Quarter 2025 Mobile Q424 Q325 Q425 QoQ% YoY% 2024 2025 YoY% Service Revenue (THB Mn) 32,939 32,305 32,685 1.2 (0.8) 130,875 130,104 (0.6) Total Customers (‘000) 49,426 46,939 47,517 1.2 (3.9) 49,426 47,517 (3.9) Prepaid Customers (‘000) 34,210 31,872 32,352 1.5 (5.4) 34,210 32,352 (5.4) Postpaid Customers (‘000) 15,216 15,067 15,165 0.7 (0.3) 15,216 15,165 (0.3) Blended ARPU (Baht/sub/month) 215 223 225 1.1 4.5 209 220 5.3 Pre - paid ARPU (Baht/sub/month) 121 130 133 2.6 9.8 114 127 10.7 Post - paid ARPU (Baht/sub/month) 426 421 422 0.4 (1.0) 426 423 (0.8) Online Q424 Q325 Q425 QoQ% YoY% 2024 2025 YoY% Service Revenue (THB Mn) 6,294 6,512 6,390 (1.9) 1.5 25,116 25,663 2.2 Total Customers (‘000) 3,152 3,223 3,255 1.0 3.3 3,152 3,255 3.3 ARPU (Baht/sub/month) 499 498 498 0.0 (0.3) 495 500 0.9 PayTV Q424 Q325 Q425 QoQ% YoY% 2024 2025 YoY% Service Revenue (THB Mn) 1,526 1,729 1,308 (24.4) (14.3) 6,637 6,032 (9.1) Customers ('000 subs) 1,229 1,095 1,053 (3.9) (14.3) 1,229 1,053 (14.3) ARPU (Baht/sub/month) 314 257 255 (0.5) (18.6) 290 283 (2.5)
Page 34
Q425 34 Free Cash Flow movement Full Year 2025 Unit in Mn THB 12 Months 2025 Source of Information Free cashflow to firm (FCFF) (6,916) Sum of ( i ), (ii), (iii) ( i ) Cashflow from Operating activities 82,090 Statement of cashflow - Net cash generated from operating activities (ii) Cashflow from Investing activities (58,172) Statement of cashflow - Net cash used in investing activities (iii) Lease payment (17,002) Statement of cashflow - Repayments to lease liabilities Net debt repayment (9,298) Statement of cashflow - Net cash (used in) generated from financing activities excluding repayments to lease liabilities Interim Dividend (6,564) Statement of cashflow - Dividend paid Net cash movement (8,947) FCFF + Net debt repayment
Page 35
Q425 35 Spectrum Repayment Schedule (excluding VAT) Mobile Licenses 2025 (paid) Jan’26 (paid) Remaining payment (THB million) 2026 2027 2028 2029 2030 700 MHz 3,517 3,517 - 3,517 3,517 3,517 3,517 900 MHz 11,436 - 3,806 3,806 - - - 1500 MHz 2,327 - - - 1,163 1,163 - 2300 MHz 10,885 - - - 5,443 5,443 - 2600 MHz 2,681 - 2,681 2,681 2,681 2,681 2,681 Total 30,846 3,517 6,487 10,004 12,804 12,804 6,198