Interim report
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TRUE CORPORATION PUBLIC COMPANY LIMITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL INFORMATION ( UNAUDITED ) 30 JUNE 2026
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True Corporation Public Company Limited Statements of Financial Position As at 30 June 2026 Unaudited Audited Unaudited Audited 30 June 31 December 30 June 31 December 2026 2025 2026 2025 Notes Baht Thousand Baht Thousand Baht Thousand Baht Thousand Assets Current assets Cash and cash equivalents 16,036,045 17,890,903 1,755,628 4,437,493 Restricted cash at bank 75,677 36,531 75,537 36,375 Financial assets at fair value through profit or loss 5 - 119 - - Derivative assets 5 166,832 5,781 - - Trade and other current receivables, net 8 36,956,391 36,703,877 5,937,828 5,060,513 Short-term loans to related parties 21 2,000 2,000 2,169,814 1,361,326 Inventories 1,512,296 1,863,659 415 569 Income tax deducted at source 6,570,422 6,376,588 1,020,071 877,896 Claimable value added tax 4,121,153 4,113,479 16,883 15,481 Other current assets 4,868,350 4,947,561 32,297 45,034 Total current assets 70,309,166 71,940,498 11,008,473 11,834,687 Non-current assets Restricted cash at bank 16,819 19,907 - - Long-term loans to related parties 21 - - 233,825,800 228,025,800 Financial assets at fair value through profit or loss 5 1,597,424 1,620,310 1,600 1,600 Financial assets at fair value through other comprehensive income 5 61,042 61,042 1,200 1,200 Derivative assets 5 118,944 11,617 - - Investment in subsidiaries 9 - - 307,551,691 307,551,691 Investment in associates and joint ventures 9 21,809,457 21,291,725 27,055,406 27,055,406 Investment property 884,767 935,892 - - Property, plant and equipment 10 188,028,808 195,850,393 2,085,044 2,233,900 Right-of-use assets 11 91,903,915 96,365,011 516,876 271,451 Intangible assets 12 129,763,963 137,173,594 267,065 338,418 Goodwill 121,140,615 121,140,615 34,957,698 34,957,698 Deferred tax assets 13,782,772 14,215,361 179,131 247,821 Other non-current assets 3,530,926 3,604,132 134,692 140,646 Total non-current assets 572,639,452 592,289,599 606,576,203 600,825,631 Total assets 642,948,618 664,230,097 617,584,676 612,660,318 Consolidated Separate financial information financial information The accompanying notes on pages 14 to 31 are an integral part of this interim financial information. 2
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True Corporation Public Company Limited Statements of Financial Position (Cont’d) As at 30 June 2026 Unaudited Audited Unaudited Audited 30 June 31 December 30 June 31 December 2026 2025 2026 2025 Notes Baht Thousand Baht Thousand Baht Thousand Baht Thousand Liabilities and equity Current liabilities Short-term borrowings - 1,600,000 - 1,600,000 Derivative liabilities 5 5,040,382 397,717 4,836,276 7,549 Trade and other current payables 13 69,141,697 82,509,158 10,379,604 10,437,081 Current portion of long-term borrowings 14 81,517,685 65,511,378 76,819,994 53,393,745 Current portion of lease liabilities 15 17,640,208 17,435,729 158,766 46,299 Current corporate income tax payable 59,892 278,965 - - Other current liabilities 2,505,332 2,630,487 753,428 754,905 Total current liabilities 175,905,196 170,363,434 92,948,068 66,239,579 Non-current liabilities Long-term borrowings 14 244,220,369 259,051,717 227,591,450 235,042,647 Derivative liabilities 5 3,120,298 9,779,281 3,054,827 9,041,703 Deferred tax liabilities 3,887,918 4,087,323 - - Lease liabilities 15 85,043,389 90,052,042 232,460 82,904 Liabilities under agreements and licences for operation 16 33,998,109 37,683,370 - - Provisions for employee benefits 2,701,631 2,721,742 1,153,758 1,143,393 Other provisions 8,049,090 8,027,727 81,115 81,494 Other non-current liabilities 6,938,594 7,316,009 - - Total non-current liabilities 387,959,398 418,719,211 232,113,610 245,392,141 Total liabilities 563,864,594 589,082,645 325,061,678 311,631,720 The accompanying notes on pages 14 to 31 are an integral part of this interim financial information. Consolidated Separate financial information financial information 3
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True Corporation Public Company Limited Statements of Financial Position (Cont’d) As at 30 June 2026 Unaudited Audited Unaudited Audited 30 June 31 December 30 June 31 December 2026 2025 2026 2025 Baht Thousand Baht Thousand Baht Thousand Baht Thousand Liabilities and equity (Cont'd) Equity Share capital Authorised share capital Common shares, 34,552,100,801 shares of par Baht 4 each 138,208,403 138,208,403 138,208,403 138,208,403 Issued and fully paid-up share capital Common shares, 34,552,100,801 shares of paid-up Baht 4 each 138,208,403 138,208,403 138,208,403 138,208,403 Premium on share capital 145,075,526 145,075,526 137,722,481 137,722,481 Premium on treasury shares 51,060 51,060 51,060 51,060 Retained earnings Appropriated - legal reserve 2,059,976 2,059,976 2,534,392 2,534,392 Retained earnings (deficits) (203,690,975) (207,850,524) 15,828,645 24,166,681 Other components of equity (2,295,757) (2,056,230) (1,821,983) (1,654,419) Equity attributable to owners of the parent 79,408,233 75,488,211 292,522,998 301,028,598 Non-controlling interests (324,209) (340,759) - - Total equity 79,084,024 75,147,452 292,522,998 301,028,598 Total liabilities and equity 642,948,618 664,230,097 617,584,676 612,660,318 The accompanying notes on pages 14 to 31 are an integral part of this interim financial information. Consolidated Separate financial information financial information 4
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True Corporation Public Company Limited Statements of Comprehensive Income (Unaudited) For the three-month period ended 30 June 2026 30 June 30 June 30 June 30 June 2026 2025 2026 2025 Notes Baht Thousand Baht Thousand Baht Thousand Baht Thousand Revenues Revenues from telephone and other services 41,817,634 45,629,577 2,508,597 2,896,431 Revenues from product sales 4,083,398 3,966,901 - - Total revenues 45,901,032 49,596,478 2,508,597 2,896,431 Costs Cost of providing services 23,836,929 29,835,304 1,591,104 1,264,233 Cost of sales 4,018,631 4,083,822 - - Total costs 27,855,560 33,919,126 1,591,104 1,264,233 Gross profit 18,045,472 15,677,352 917,493 1,632,198 Other income 17 336,943 159,758 2,618,801 2,301,205 Selling expenses and distribution costs (4,793,340) (4,662,466) (132,766) (188,141) Administrative expenses (2,369,789) (2,625,871) (188,953) (231,866) Other expenses (705,386) (2,613,902) (47,853) (12,924) Finance costs 7 (4,708,820) (5,063,229) (2,863,864) (2,578,924) Share of results 758,872 767,097 - - Profit before income tax 6,563,952 1,638,739 302,858 921,548 Income tax (23,238) 367,837 11,653 (8,432) Profit for the period 6,540,714 2,006,576 314,511 913,116 Other comprehensive income (expense): Items that will not be reclassified to profit or loss: Change in fair value of equity instruments at fair value through other comprehensive income (expense), net of tax - (39) - - Items that will be reclassified subsequently to profit or loss: Cash flow hedges (513,180) (303,763) (513,180) (303,763) Hedging loss reclassified to profit or loss (56,922) - (56,922) - Exchange differences on translation 5,610 (10,256) - - Total comprehensive income (expense) for the period 5,976,222 1,692,518 (255,591) 609,353 The accompanying notes on pages 14 to 31 are an integral part of this interim financial information. Consolidated Separate financial information financial information 5
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True Corporation Public Company Limited Statements of Comprehensive Income (Unaudited) (Cont’d) For the three-month period ended 30 June 2026 30 June 30 June 30 June 30 June 2026 2025 2026 2025 Baht Thousand Baht Thousand Baht Thousand Baht Thousand Profit attributable to: Owners of the parent 6,554,129 2,031,150 314,511 913,116 Non-controlling interests (13,415) (24,574) - - 6,540,714 2,006,576 314,511 913,116 Total comprehensive income (expense) attributable to: Owners of the parent 5,990,152 1,716,580 (255,591) 609,353 Non-controlling interests (13,930) (24,062) - - 5,976,222 1,692,518 (255,591) 609,353 Basic earnings per share attributable to owners of the parent Basic (Baht per share) 0.19 0.06 0.01 0.03 financial information financial information The accompanying notes on pages 14 to 31 are an integral part of this interim financial information. Consolidated Separate 6
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True Corporation Public Company Limited Statements of Comprehensive Income (Unaudited) For the six-month period ended 30 June 2026 30 June 30 June 30 June 30 June 2026 2025 2026 2025 Notes Baht Thousand Baht Thousand Baht Thousand Baht Thousand Revenues Revenues from telephone and other services 83,293,158 92,038,323 5,022,502 5,827,372 Revenues from product sales 9,000,764 8,993,767 - - Total revenues 92,293,922 101,032,090 5,022,502 5,827,372 Costs Cost of providing services 47,305,943 60,321,410 3,082,957 2,600,120 Cost of sales 8,989,147 9,199,909 - - Total costs 56,295,090 69,521,319 3,082,957 2,600,120 Gross profit 35,998,832 31,510,771 1,939,545 3,227,252 Other income 17 651,578 376,287 5,216,137 4,534,190 Selling expenses and distribution costs (9,603,629) (9,407,181) (332,959) (338,381) Administrative expenses (4,814,869) (5,090,469) (351,297) (421,352) Other expenses (779,252) (5,560,905) (56,324) (17,689) Finance costs 7 (9,465,347) (10,225,854) (5,659,257) (5,071,352) Share of results 9 1,493,888 1,511,176 - - Profit before income tax 13,481,201 3,113,825 755,845 1,912,668 Income tax 18 (341,627) 527,758 (110,581) (5,381) Profit for the period 13,139,574 3,641,583 645,264 1,907,287 Other comprehensive income : Items that will not be reclassified to profit or loss: Change in fair value of equity instruments at fair value through other comprehensive income (expense), net of tax - (521) - - Items that will be reclassified subsequently to profit or loss: Cash flow hedges (110,642) (663,917) (110,642) (663,917) Hedging loss reclassified to profit or loss (56,922) - (56,922) - Exchange differences on translation 6,473 (11,480) - - Total comprehensive income for the period 12,978,483 2,965,665 477,700 1,243,370 The accompanying notes on pages 14 to 31 are an integral part of this interim financial information. Consolidated Separate financial information financial information 7
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True Corporation Public Company Limited Statements of Comprehensive Income (Unaudited) (Cont’d) For the six-month period ended 30 June 2026 30 June 30 June 30 June 30 June 2026 2025 2026 2025 Baht Thousand Baht Thousand Baht Thousand Baht Thousand Profit attributable to: Owners of the parent 13,142,849 3,665,029 645,264 1,907,287 Non-controlling interests (3,275) (23,446) - - 13,139,574 3,641,583 645,264 1,907,287 Total comprehensive income attributable to: Owners of the parent 12,983,767 2,988,584 477,700 1,243,370 Non-controlling interests (5,284) (22,919) - - 12,978,483 2,965,665 477,700 1,243,370 Basic earnings per share attributable to owners of the parent Basic (Baht per share) 0.38 0.11 0.02 0.06 financial information financial information The accompanying notes on pages 14 to 31 are an integral part of this interim financial information. Consolidated Separate 8
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True Corporation Public Company Limited Statements of Changes in Equity (Unaudited) For the six-month period ended 30 June 2026 Issued and Premium Premium Measurement of Translating Change in Total other Total Non- fully paid-up on share on treasury Legal equity investment Cash flow financial non-controlling components owners of Controlling share capital capital shares reserve Deficits at fair value hedges statements interest of equity the parent interests Total Opening balance at 1 January 2025 138,208,403 145,075,526 51,060 1,927,081 (210,142,655) (464,998) (593,041) (10,754) (161,109) (1,229,902) 73,889,513 295,174 74,184,687 Addition investment in subsidiary by purchasing shares from non-controlling interests - - - - - - - - - - - (8) (8) Dilution due to increase in non-controlling interests - - - - - - - - (7) (7) (7) 7 - Disposal of investment in subsidiary - - - - - - - - - - - 23,398 23,398 Transfer of loss on disposal of equity instrument at fair value through other comprehensive income to deficits - - - - (252,275) 252,275 - - - 252,275 - - - Total comprehensive income (expense) for the period - - - - 3,665,029 (521) (663,917) (12,007) - (676,445) 2,988,584 (22,919) 2,965,665 Closing balance at 30 June 2025 138,208,403 145,075,526 51,060 1,927,081 (206,729,901) (213,244) (1,256,958) (22,761) (161,116) (1,654,079) 76,878,090 295,652 77,173,742 Opening balance at 1 January 2026 138,208,403 145,075,526 51,060 2,059,976 (207,850,524) (213,244) (1,654,419) (27,348) (161,219) (2,056,230) 75,488,211 (340,759) 75,147,452 Change in equity for period Addition investment in subsidiaries by purchasing shares from non-controlling interests (Note 9) - - - - - - - - (90,627) (90,627) (90,627) (11,201) (101,828) Disposal of subsidiary (Note 9) - - - - - - - - 10,182 10,182 10,182 33,035 43,217 Dividends paid (Note 22) - - - - (8,983,300) - - - - - (8,983,300) - (8,983,300) Total comprehensive income (expense) for the period - - - - 13,142,849 - (167,564) 8,482 - (159,082) 12,983,767 (5,284) 12,978,483 Closing balance at 30 June 2026 138,208,403 145,075,526 51,060 2,059,976 (203,690,975) (213,244) (1,821,983) (18,866) (241,664) (2,295,757) 79,408,233 (324,209) 79,084,024 The accompanying notes on pages 14 to 31 are an integral part of this interim financial information. Consolidated financial information Baht Thousand Attributable to owners of the parent Other components of equity Other comprehensive income (expense) 9
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True Corporation Public Company Limited Statements of Changes in Equity (Unaudited) (Cont’d) For the six-month period ended 30 June 2026 Baht Thousand Other comprehensive income (expense) Issued and Premium Premium fully paid-up on share on treasury Legal Retained Cash flow share capital capital shares reserve earnings hedges Total Opening balance at 1 January 2025 138,208,403 137,722,481 51,060 2,401,497 28,205,527 (593,041) 305,995,927 Change in equity for period Total comprehensive income (expense) for the period - - - - 1,907,287 (663,917) 1,243,370 Closing balance at 30 June 2025 138,208,403 137,722,481 51,060 2,401,497 30,112,814 (1,256,958) 307,239,297 Opening balance at 1 January 2026 138,208,403 137,722,481 51,060 2,534,392 24,166,681 (1,654,419) 301,028,598 Change in equity for period Dividends paid (Note 22) - - - - (8,983,300) - (8,983,300) Total comprehensive income (expense) for the period - - - - 645,264 (167,564) 477,700 Closing balance at 30 June 2026 138,208,403 137,722,481 51,060 2,534,392 15,828,645 (1,821,983) 292,522,998 Separate financial information The accompanying notes on pages 14 to 31 are an integral part of this interim financial information. 10
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True Corporation Public Company Limited Statements of Cash Flows (Unaudited) For the six-month period ended 30 June 2026 30 June 30 June 30 June 30 June 2026 2025 2026 2025 Notes Baht Thousand Baht Thousand Baht Thousand Baht Thousand Cash flows from operating activities Profit before income tax 13,481,201 3,113,825 755,845 1,912,668 Adjustments for: Depreciation and amortisation 35,671,153 34,646,237 532,840 516,663 Interest income (123,512) (149,390) (4,237,262) (3,549,891) Interest expense 7 8,425,951 9,095,228 5,396,156 4,888,677 Finance costs related to licences 7 724,974 844,768 - - Dividends income 17 (22,701) - (974,364) (971,264) Loss (gain) on disposals of property, plant and equipment 244,718 151,634 780 (4,787) (Gain) loss on termination of right-of-use assets (32,786) 114,935 (1,701) (3,135) Loss on retirement of assets 10 30,741 4,552,754 - 1,163 Loss on obsolete inventories 29,304 32,345 - - Expected credit loss (reversal) 1,166,711 1,021,002 - (206) Loss from revaluation of financial assets at fair value recognised in profit or loss 5 25,321 2,540 - - Loss from disposal of subsidiary 9 17,204 - - - Loss from unclaimable tax - - 76 154 Loss from impairment of loan to related party 21 161,200 - - - Increase in employee benefits obligations 139,777 137,551 61,566 60,686 Unrealised (gain) loss on foreign exchange (40,958) (9,912) 41,035 (379) Share of results 9 (1,513,970) (1,530,621) - - Employee benefit obligation - benefit paid (159,888) (123,071) (51,201) (66,981) Changes in operating assets and liabilities - Trade and other current receivables (1,514,520) 505,027 (1,940,799) 235,101 - Inventories 467,554 909,972 154 (141) - Other current assets (2,036,020) (1,325,610) 11,872 32,236 - Film and program rights (702,364) (586,527) - - - Other non-current assets 80,633 435,280 4,143 26,295 - Trade and other current payables (3,812,481) (4,024,750) (38,263) (1,510,092) - Other current liabilities (125,156) (479,231) (1,476) (199,940) - Other non-current liabilities (70,088) (73,719) (275) (24,197) Cash generated from (used in) operations 50,511,998 47,260,267 (440,874) 1,342,630 Add Interest received 115,825 145,441 5,301,945 3,052,133 Income tax received 558,483 280,611 - - Less Interest paid (8,605,504) (9,155,062) (5,555,949) (4,961,505) Income tax paid (1,037,962) (1,048,870) (142,175) (86,041) Net cash generated from (used in) operating activities 41,542,840 37,482,387 (837,053) (652,783) The accompanying notes on pages 14 to 31 are an integral part of this interim financial information. Consolidated Separate financial information financial information 11
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True Corporation Public Company Limited Statements of Cash Flows (Unaudited) (Cont’d) For the six-month period ended 30 June 2026 30 June 30 June 30 June 30 June 2026 2025 2026 2025 Notes Baht Thousand Baht Thousand Baht Thousand Baht Thousand Cash flows from investing activities Increase in restricted cash at bank (36,059) (3,022) (39,162) (6,617) Loans made to related parties 21 (161,200) - (27,374,588) (38,642,560) Acquisition of property, plant and equipment (15,695,991) (13,101,426) (13,943) (2,400) Acquisition of intangible assets (8,558,106) (15,719,211) (94,399) (502) Acquisition of investment property (17,307) (12,870) - - Acquisition of subsidiary 9 (101,828) - - - Acquisition of financial asset at fair value through profit or loss 5 (3,886) - - - Proceeds from financial asset at fair value through profit or loss 1,570 12,789 - - Proceeds from financial asset at fair value through other comprehensive income - 47,725 - - Proceeds from disposals of equipment and intangible assets 255,563 254,883 626 40,707 Proceeds from disposal of investment in subsidiary - 33,705 - - Proceeds from loan to related parties 21 - 5,000 20,766,099 20,010,234 Dividends received 9, 17 1,018,939 1,031,592 974,364 971,264 Net cash used in investing activities (23,298,305) (27,450,835) (5,781,003) (17,629,874) Cash flows from financing activities Proceeds from short-term borrowings 3,981,977 18,959,888 3,981,977 16,459,888 Proceeds from borrowings 56,952,589 35,882,500 56,952,589 35,882,500 Proceeds from loans from related parties 21 - - 9,584,207 - Repayment to short-term borrowings (5,600,000) (16,000,882) (5,600,000) (13,500,000) Repayments to borrowings 14 (57,143,500) (53,466,771) (42,328,800) (28,949,900) Repayment to loans from related parties 21 - - (9,584,207) - Repayments to lease liabilities (9,314,154) (8,407,378) (86,275) (86,751) Dividends paid 22 (8,983,300) - (8,983,300) - Net cash (used in) generated from financing activities (20,106,388) (23,032,643) 3,936,191 9,805,737 Net decrease in cash and cash equivalents (1,861,853) (13,001,091) (2,681,865) (8,476,920) Opening balance 17,890,903 26,831,693 4,437,493 12,059,508 Effects of exchange rate changes 6,995 8,380 - - Closing balance 16,036,045 13,838,982 1,755,628 3,582,588 The accompanying notes on pages 14 to 31 are an integral part of this interim financial information. Consolidated Separate financial information financial information 12
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True Corporation Public Company Limited Statements of Cash Flows (Unaudited) (Cont’d) For the six-month period ended 30 June 2026 Non-cash transactions The significant non-cash transactions are as follows: 30 June 30 June 30 June 30 June 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Acquisition of right-of-use assets 4,961.12 3,373.34 353.33 34.21 Acquisition of property, plant and equipment and intangible assets, not yet paid 22,039.42 28,714.28 6.55 0.50 Disposal of investment in subsidiary which has not yet been received - 6.34 - - The accompanying notes on pages 14 to 31 are an integral part of this interim financial information. financial information financial information Consolidated Separate 13