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true EG True Corporation PCL Sigve Brekke , Group CEO Second Quarter 2026 Financial Results 4 August 2026 true
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Q226 2 Mobile YoY • +1.1 Mn Subscribers • +1.6% Revenue Online YoY • +113K Subscribers • +1.7% Revenue Q226 Interim Dividend • THB 0.15 DPS • 79% Payout Ratio Q226: Topline back to growth YoY
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Q226 3 Q226 3 Topline recovery offset by weaker B2B & PayTV Resilient topline performance while financial discipline keeps EBITDA on track Disciplined OPEX keeps EBITDA growth Q125 Q225 Q325 Q425 Q126 Q226 Service Revenue* (THB Bn) *Excluding domestic roaming revenue and seasonal concert revenue (0.6%) (0.5%) (0.2%) 0.7% 0.2% 0.5% Q125 Q225 Q325 Q425 Q126 Q226 EBITDA (THB Bn) 0.2% (1.2%) 7.9% 3.2% 0.7% 1.1% • Topline rebound driven by steady recovery across mobile and online segments • Service revenue weighed down by softer B2B & PayTV performance; guidance revised • Well-controlled OPEX amidst fading synergy benefits continues to drive EBITDA • EBITDA guidance unchanged at 7 – 9% growth YoY % Growth QoQ % Growth QoQ
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Q226 4 Q226 4 1H26: Heightened macroeconomic uncertainties Execution-led transformation amidst lingering macro uncertainties 2H26: Disciplined execution to drive recovery Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Monthly Tourist Arrivals¹ • Tourist Arrivals -5% YTD YoY; -30% QoQ • Geo-political & global supply-chain uncertainties persist • Private sector consumption impacted by rising inflation & energy costs; partially offset by consumer stimulus 1Source: Ministry of Tourism & Sport; 2Source: Bank of Thailand • Improving macro backdrop - 2026 GDP² forecast lifted to 2.3% • Proactive cost & risk mitigation - ongoing negotiations with supply chain with 2026 deliveries secured • Focused transformation to build resilience
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Q226 5 Q226 5 TrueOnline : Transform to be Value-Driven Big Moves on Growth Continuous transformation of our businesses TrueID : Transform to become Engagement Platform Driving ARPU Uplift Through Content: Deepening engagement beyond core connectivity Tatang by TrueID Launched in Partnership with DramaBox: A new vertical short-drama format tailored to Thai viewing behavior Scaled via Ecosystem Integration: Bundled with True 5G and promoted across TrueID, TrueMoney, True App, and the CP ecosystem MyPlan personalized bundles contributed to ~50% of GA with 23% higher ARPU Expanding Home AI ecosystem under TrueOnline HomeNext • AI Pet Care: First AI-powered 24/7 pet sitter, scaled through Origin Property partnership • Ami: First localized AI home assistant
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Q226 6 Q226 6 End-to-End AI Development Internally Big Moves on AI Embedding AI across True while unlocking value from Arise ecosystem Leveraging Arise Ecosystem to Strengthen True True brings scale, network, brand and data — Arise brings technology, platforms and hyperscaler access • True IDC – cloud and data center cross-sell • TrueMoney / Virtual Bank – consumer scale and share-of- wallet expansion • Microsoft / Google / Accenture – hyperscaler capability without building organically Building Single Data Foundation Domain Transformation for better productivity & efficiency, starting with uplifting B2B sales Establish AI Center of Excellence & operating model Fostering AI talents, upskill Employee’s AI capabilities to accelerate adoption in organization Setting up central Value Realization framework for AI use cases
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Q226 7 Q226 7 Global Sustainability Ratings Consistently outperforming Thai and regional peers Rated “Leading” Rated “A” Rated “Leading” 4.4 4.5 4.8 2023 2024 2025 Scale: 0 – 5 BB BBB A 2023 2024 2025 Scale: CCC to AAA N/A 2.73 4.97 2023 2024 2025 Above Median Leading Score Level: Leading, Above Median, Median, Leading
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Q226 8 Nakul Sehgal, CFO Second Quarter 2026 Financial results 4 August 2026 True Corporation PCL
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Q226 9 Q226: Financial Highlights Service Revenue • +0.8% YoY • +0.8% QoQ EBITDA • +13.5% YoY • +1.1% QoQ Reported NPAT • THB 6.6 Bn • 3.2x YoY; Flat QoQ Leverage 3.7x • -0.3x YoY • -0.1x QoQ Interim Dividend • THB 5.2 Bn (0.15 DPS) • 79% Payout Ratio
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Q226 10 Q226 10 41.1 41.4 0.6 (0.1) 0.1 (0.3) 0.03 Q225 Mobile NT Domestic Roaming Online PayTV Others Q226 Service revenue Interconnection revenue Network Equipment Rental Product sales revenue Service revenue improvement QoQ driven by growth across all business segments Total Revenue (THB Bn) • Normalized for domestic roaming revenue, service revenue increased 1.1% YoY driven by growth in mobile Service Revenue development YoYService Revenue (THB Bn) • Product Sales decreased 17.0% QoQ due to seasonality • Total revenue declined 7.5% YoY due to lower network equipment rental (expiry of spectrum arrangement contract with NT following the acquisition of spectrum) 32.4 32.7 32.9 6.4 6.5 6.5 1.5 1.0 1.1 0.7 0.7 0.7 41.1 41.0 41.4 Q225 Q126 Q226 Mobile Online Pay TV Others +0.8% +0.8% 41.1 41.0 41.4 0.2 0.2 0.2 4.3 0.2 0.2 4.0 4.9 4.1 49.6 46.4 45.9 Q225 Q126 Q226 -1.1% -7.5% • Topline improvement YoY driven by growth in mobile and online, partially offset by decline in PayTV +0.5
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Q226 11 Q226 11 124 133 130 Q225 Q126 Q226 Prepaid Postpaid Blended 424 416 414 32.4 32.7 33.1 15.2 15.4 15.5 47.5 48.1 48.6 Q225 Q126 Q226 Prepaid Postpaid 219 224 220 Mobile service revenue¹ improved 2.0% YoY ARPU² (THB/sub/month) +1.0% +2.2% Subscribers (Mn)Mobile Service Revenue (THB Bn) • 407K QoQ increase in prepaid subscribers & 71K QoQ increase in postpaid subscribers • QoQ improvement in prepaid churn • Postpaid ARPU dilution of 0.5% QoQ mainly due to participation in Ministry of Education (MoE ) “Study Anywhere, Anytime” initiative • Prepaid ARPU dilution of 1.7% QoQ due to reactivation of low-ARPU subs & compliance with NBTC regulations¹Normalized for domestic roaming revenue ²NT domestic roaming revenue is excluded from ARPU calculation -2.3% YoY -0.5% QoQ +0.6% YoY -1.5% QoQ +4.9% YoY -1.7% QoQ 32.3 32.7 32.9 0.1 0.01 0.01 32.4 32.7 32.9 Q225 Q126 Q226 Service Revenue NT Domestic Roaming +0.6% +1.6% • Revenue improvement of 1.6% YoY driven by net subscriber addition & higher ARPU
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Q226 12 Q226 12 503 498 504 3.2 3.3 3.3 Q225 Q126 Q226 1.7% YoY growth in online revenue driven by growth in subscribers Subscribers (Mn) & ARPU (THB/sub/month)Online Revenue (THB Bn) +0.8% +3.5% • 2.2% QoQ growth in B2C revenue driven by net subscriber addition of 28K • THB 6 QoQ growth in ARPU mainly driven by improvement in acquisition ARPU • Ongoing improvement in subscribers resulting in increase in online revenue • Continued investment in network & improvement of customer experience to drive growth 4.8 4.9 5.0 1.6 1.7 1.6 6.4 6.5 6.5 Q225 Q126 Q226 B2C Subscription Revenue Data & Corporate Internet +0.1% +1.7%
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Q226 13 Q226 13 22.1% YoY decline in PayTV revenue mainly due to lower subscription; 11.3% QoQ increase due to higher seasonal concerts ARPU (THB/sub/month)Subscribers (Mn)Pay TV Revenue (THB Bn) 1.1 1.0 1.0 Q225 Q126 Q226 -3.7% -14.7% 298 264 272 100 150 200 250 300 350 400 Q225 Q126 Q226 -8.7% YoY +3.2% QoQ 1.1 0.8 0.8 0.4 0.2 0.3 1.5 1.0 1.1 Q225 Q126 Q226 Subscription & Installation Others +11.3% -22.1%
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Q226 14 Q226 14 4.5 3.8 4.0 5.9 5.0 5.1 5.3 4.1 5.0 4.0 3.6 2.8 2.6 0.3 0.3 0.3 1.3 1.4 1.3 24.6 18.4 17.6 Q225 Q126 Q226 Regulatory Cost Interconnection Cost Network Cost Cost of Sales Selling & Admin Expenses Spectrum Rental Cost Other cost of Providing Services 28.7% YoY decline in Opex, benefited by acquisition of spectrum & synergies • Regulatory cost increased 2.0% YoY due to change in full year effective rate pursuant to expiry of spectrum arrangement with NT while declining 6.4% QoQ due to one-time benefit in Q226 • Network cost declined 27.1% YoY benefitted by acquisition of spectrum & network modernization while declining 5.8% QoQ due to discount from vendor negotiations • Cost of Sales declined 1.6% YoY & 19.2% QoQ in tandem with product sales • SG&A increased 7.4% YoY due to performance bonus accrual while increasing 4.4% QoQ due to higher spends related to marketing campaigns • 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 increased 4.9% QoQ due to seasonal content costs • Total Opex excluding depreciation & amortization declined 28.7% YoY & 4.4% QoQ Total Opex excl. D&A (THB Bn) -4.4% -28.7%
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Q226 15 Q226 15 60.8% 68.3% 68.5% 50.4% 60.4% 61.7% Q225 Q126 Q226 % EBITDA to Service revenue % EBITDA to Total revenue 13.5% YoY EBITDA improvement driven by benefit from spectrum acquisition & synergies EBITDA Margin (%)EBITDA (THB Bn) & Growth (%) • EBITDA improved by THB 3.4 Bn YoY benefited by savings on account of spectrum acquisition • Continued EBITDA improvement - THB 0.3 Bn QoQ • EBITDA to service revenue increased by 7.6pp YoY to 68.5% for Q226 • THB 8.9 Bn or ~46% growth in quarterly EBITDA since amalgamation 25.0 28.0 28.3 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 Q225 Q126 Q226 +0.2pp +7.6pp+1.1% +13.5%
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Q226 16 Q226 16 2.0 6.6 3.4 (0.9) 0.3 (0.4) 2.1 Q225 EBITDA D&A Financial Cost Tax & Others Other Items (write-off) Q226 THB 6.6 Bn reported NPAT, improving 3.2x YoY NPAT development YoY (THB Bn)Net Profit After Tax (THB Bn) • Net Profit for Q226 remained flat QoQ at THB 6.6 Bn • NPAT for Q226 was impacted by one-time net effects of THB 0.2 Bn¹ (details in MD&A) normalized for which, NPAT reached THB 6.7 Bn • Financial cost decreased 6.9% YoY & 1.3% QoQ due to 0.4 pp YoY & 0.1 pp QoQ reduction in effective interest rate • Depreciation & amortization increased 5.2% YoY due to acquisition of new spectrum & 0.7% QoQ from seasonality and new capex investmentTHB Bn Q225 Q126 Q226 Reported NPAT 2.0 6.6 6.6 One-time effects¹ 2.5 (0.1) 0.2 Adjusted for tax gain² (0.4) - - Normalized NPAT 4.2 6.5 6.7 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 2.0 6.6 6.6 4.2 6.7 Q225 Q126 Q226 Reported NPAT One-offs Flat 3.2x Normalized NPAT 6.5
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Q226 17 Q226 17 THB 4.6 Bn CAPEX investment in Q226 Capex to Sales¹ (%)CAPEX (THB Bn) 7.2 4.3 4.6 Q225 Q126 Q226 16% 9% 10% Q225 Q126 Q226 • CAPEX 2026 was primarily focused on strengthening core capabilities: about 45% invested in mobile, 35% in online (including B2B), 20% on IT and others • CAPEX to sales for Q226 stood at 10% ¹Capex as a % of Total Revenue excluding Spectrum arrangement (Network equipment rental)
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Q226 18 Q226 18 4.0x 3.8x 3.7x Leverage 287 258 240 40 65 86 90 106 102 (14) (18) (16) 402 412 412 Q225 Q126 Q226 Debentures Other borrowings Lease liabilities (excl. spectrum) Cash 32 45 35 1 34 12 32 79 46 2H26 2027 2028 Debentures Other borrowings • Lease liabilities increased YoY on account of transfer of assets to DIF • Issued debentures of THB 16.5 Bn @2.61% weighted average interest rate during Q326 • THB 113 Bn refinanced during 2025 (including callable exercises), THB 57 Bn refinanced during 1H26 (including callable exercises) • Approximately THB 79 Bn of outstanding debt is sustainability-linked 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 4.0% 3.7% 3.6% 0.030 0.035 0.040 0.045 0.050 Q225 Q126 Q226 Effective Interest Rate Leverage reduction of 0.3x YoY -0.1pp -0.4pp
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Q226 19 Q226 Interim Dividend of THB 5.2 Bn Record Date: 18 August 2026; Payout Date: 02 September 2026 6.6 4.8 6.6 5.2 Reported NPAT (THB Bn) Dividend (THB Bn) Q226 Q126 Interim Interim 79% Payout Ratio¹ THB 0.15 DPS Dividend Policy: Pay no less than 50% of its net profits on a quarterly 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. ¹Excluding Non-controlling interests 19 10.0 13.1
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Q226 20 Q226 20 8.8 7.8 12.4 9.8 10.5 9.2 9.0 7.3 5.4 0.7 0.6 2.6 2.7 50.8 35.9 1H25 1H26 82.4 82.4 0.5 0.5 9.2 0.4 9.0 9.0 101.0 92.3 1H25 1H26 Service revenue IC Network Rental Revenue Product sale Other cost of Providing Services Spectrum Rental Cost Selling & Admin Expenses Cost of Sales Network Cost Interconnection Cost Regulatory Cost 1H25 vs 1H26 development -29.2% +12.2%-8.6% 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 ²Reported Service Revenue growth ³Service Revenue growth excluding domestic roaming revenue from NT 50.2 56.4 20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0 60.0 1H25 1H26 +0.5³% +0.1²% 4.7 Bn 9.5 Bn 3.7 13.1 8.5 13.3 1H25 1H26 Reported NPAT One-offs Normalized NPAT
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Q226 21 Q226 21 Revised Guidance 2026 +2 - 3% +7 - 9% THB 25 - 27 Bn Guidance 2026 Service Revenue Excl. IC EBITDA CAPEX +1 - 2% Unchanged Unchanged Revised Guidance 2026 Rationale • Revised topline guidance taking into consideration decline in tourist arrivals, uncertainties linked to geo-political situation & supply chain disruption, & lower contribution from B2B & PayTV • EBITDA outlook remains unchanged based on prudent cost and risk mitigation initiatives • Quarterly dividend consideration of at least 70% of consolidated net profit subject to approval of the Board of Directors
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Q226 22 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/
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Q226 23 Appendix
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Q226 24 Q226 24 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 3rd 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) 0² 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
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Q226 25 Summary of Operational Performance Second Quarter 2026 Mobile Q225 Q126 Q226 QoQ% YoY% Service Revenue (THB Mn) 32,432 32,739 32,947 0.6% 1.6% Total Customers (‘000) 47,544 48,131 48,610 1.0% 2.2% Prepaid Customers (‘000) 32,384 32,717 33,125 1.2% 2.3% Postpaid Customers (‘000) 15,160 15,414 15,485 0.5% 2.1% Blended ARPU (Baht/sub/month) 219 224 220 -1.5% 0.6% Pre-paid ARPU (Baht/sub/month) 124 133 130 -1.7% 4.9% Post-paid ARPU (Baht/sub/month) 424 416 414 -0.5% -2.3% Online Q225 Q126 Q226 QoQ% YoY% Service Revenue (THB Mn) 6,435 6,538 6,544 0.1% 1.7% Total Customers (‘000) 3,205 3,291 3,318 0.8% 3.5% ARPU (Baht/sub/month) 503 498 504 1.2% 0.2% PayTV Q225 Q126 Q226 QoQ% YoY% Service Revenue (THB Mn) 1,469 1,028 1,145 11.3% -22.1% Customers ('000 subs) 1,148 1,017 979 -3.7% -14.7% ARPU (Baht/sub/month) 298 264 272 3.2% -8.7%
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Q226 26 Free Cash Flow movement Second Quarter 2026 Unit in Mn THB 6 Months 2026 Source of Information Free cashflow to firm (FCFF) 8,930 Sum of (i), (ii), (iii) (i) Cashflow from Operating activities 41,543 Statement of cashflow - Net cash generated from operating activities (ii) Cashflow from Investing activities (23,298) Statement of cashflow - Net cash used in investing activities (iii) Lease payment (9,314) Statement of cashflow - Repayments to lease liabilities Net debt repayment (1,809) Statement of cashflow - Net cash (used in) generated from financing activities excluding repayments to lease liabilities Annual (2025) and Interim (Q126) Dividend (8,983) Statement of cashflow - Dividend paid Net cash movement (1,862) FCFF + Net debt repayment
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Q226 27 Spectrum Repayment Schedule (excluding VAT) Mobile Licenses 2025 (paid) 1H26 (paid) Remaining payment (THB million) 2H26 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 6,198 3,806 10,004 12,804 12,804 6,198