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Q326 1 Sigve Brekke, Group CEO Third Quarter 2026 Financial Results 2 November 2026 True Corporation PCL
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Q326 2 Mobile YoY • +3.1% Revenue* • +1.8 Mn Subscribers Online YoY • +1.1% Revenue • +125K Subscribers Q326 Interim Dividend • THB 0.16 DPS • 83% Payout Ratio Q326: Sustained topline recovery *excl. domestic roaming revenue
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Q326 3 Q326 3 Topline recovery led by mobile & online Topline and EBITDA on track Operational efficiencies contribute to EBITDA Q125 Q225 Q325 Q425 Q126 Q226 Q326 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 Q326 EBITDA (THB Bn) 0.2% (1.2%) 7.9% 3.2% 0.7% 1.1% • Service revenue recovery offset by weaker B2B and PayTV • Topline recovery boosting EBITDA while opex remains well controlled % Growth QoQ % Growth QoQ 0.7% 0.6%
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Q326 4 Q326 4 Macroeconomic Environment Rebounding performance amid challenging operating environment Business Performance and Mitigation • Late - September floods: 21 provinces incl. Bangkok, ~1 million households affected • Tourist arrivals remain soft with seasonal uplift: - 5.0% YoY, +3.5% QoQ • Private Consumption slowly recovering: +3.3% YoY, +2.0% QoQ 1 Source : Bank of Thailand / Ministry of Tourism & Sports • Maintained network continuity throughout the floods through 24/7 response • Organic growth in mobile driven by base management, improved retention & increased consumption • Dynamic cost management to sustain EBITDA trajectory
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Q326 5 Q326 5 Big Move on AI AI - first reinvention: driving growth & efficiency Focus on AI Groundwork Domain Reinvention Growth empowered by AI AI Tools & AI Builders From AI Users to AI Builders • 50% employees upskilled in AI fundamentals • 130+ advanced AI builders AI Agents & AI Operating Model AI agents embedded into end - to - end workflows • 35% AI Coding - agent assisted • 135 AI FTEs working with CS Agents Reinventing B2B Sales Engine for Future growth • +60% sales opportunities • +7.1pp win rate • +42% contract value Deep Dive Customer Value Management Scaling AI - Powered personalization into an established growth engine
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Q326 6 Q326 6 0 590 Q325 Q326 Big Move on Growth • 3 - year partnership • Minimal additional investment • First of its kind Gainshare Customer Value Management Partnership Hyper - personalization AI Engine Enhancing customer experience & value creation Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 Reduced Postpaid churn (%) - 1.2pp Q325 Q326 +2.7pp Postpaid Beyond Connectivity penetration (%) Unified MarTech stack driving a consistent experience across all channels Customer 360 profile with data on customer touchpoints, network, transactions AI engine defining the next - best - action & offer at segment of 1 granularity Total Incremental Value Creation¹ (THB Mn) Q225 Q126 Postpaid Prepaid Online Q326 1 Incremental value creation refers to value delivered from this partnership on top of existing CVM measures Customer Value Management (CVM) delivering measurable value at scale
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Q326 7 Q326 7 Big Move on Experience Significant YoY improvement in Net Promoter Score across all segments Best Network in Thailand¹ Improved Customer Satisfaction Increased Shift to Digital Q325 Q326 Net Promoter Score +48% Q325 Q326 Monthly Active Users (Mn) 24% Q325 Q326 33% Q325 Q326 - 17% Q325 Q326 2.0pp App transactions Mari AI Chat resolutions Call Center Traffic • Top 5G availability 90.2% • Fastest Download 41.1 Mbps • 5G Download 102.7 Mbps • Reliability 1Thailand, August 2026, Mobile Network Experience Report | Opensignal Network leadership & digital - first service are lifting customer advocacy
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Q326 8 Nakul Sehgal, CFO Third Quarter 2026 Financial results 2 November 2026 True Corporation PCL
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Q326 9 Q326: Financial Highlights Service Revenue¹ • +2.0% YoY • +0.7% QoQ EBITDA • +5.7% YoY • +0.6% QoQ Reported NPAT • +324% YoY • +1.8% QoQ Leverage 3.6x • - 0.5x YoY • - 0.1x QoQ Interim Dividend • THB 5.5 Bn (0.16 DPS) • 79 % Payout Ratio YTD *excl. seasonal PayTV revenue
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Q326 10 Q326 10 41.3 41.6 1.0 (0.1) 0.1 ( 0.6 ) ( 0.03 ) Q325 Mobile NT Domestic Roaming Online PayTV Others Q326 Service revenue Interconnection revenue Network Equipment Rental Product sales revenue 2.0%* YoY service revenue improvement; continued QoQ growth amidst macro headwinds Total Revenue (THB Bn) • *Normalized for decline in seasonal PayTV revenues, service revenue increased ~2 .0 % YoY driven by growth in mobile & online segments Service Revenue development YoY Service Revenue (THB Bn) • Product Sales in creased 13.7% YoY and 17.1% QoQ due to seasonality • Total revenue declined 0.8% YoY due to lower network equipment rental (expiry of spectrum arrangement contract with NT following the acquisition of spectrum) 32.3 32.9 33.2 6.5 6.5 6.6 1.7 1.1 1.1 0.7 0.7 0.7 41.3 41.4 41.6 Q325 Q226 Q326 Mobile Online Pay TV Others +0.6 % +0.9% 41.3 41.4 41.6 0.3 0.2 0.2 1.5 0.2 0.2 4.2 4.1 4.8 47.2 45.9 46.8 Q325 Q226 Q326 +2.1 % - 0 .8% • Topline improvement YoY driven by growth in mobile and online , offset by decline in PayTV +0. 9
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Q326 11 Q326 11 223 220 222 221 224 130 130 134 Q325 Q226 Q326 421 420 421 414 413 Postpaid excl. MOE Postpaid Blended excl. MOE Blended Prepaid 31.9 33.1 33.2 15.1 15.5 15.5 46.9 48.6 48.8 Q325 Q226 Q326 Prepaid Postpaid Mobile service revenue¹ improved 3.1% YoY ARPU² (THB/sub/month) +0.3 % +3.9% Subscribers (Mn) Mobile Service Revenue (THB Bn) • 95K QoQ increase in prepaid subscribers & 47K QoQ increase in postpaid subscribers • Postpaid ARPU dilution QoQ mainly due to lower contribution from B2B • Prepaid ARPU improvement of 2.6% QoQ driven by growth in consumption ¹Normalized for domestic roaming revenue ²NT domestic roaming revenue is excluded from ARPU calculation 32.2 32.9 33.2 0.1 0.01 0.01 32.3 32.9 33.2 Q325 Q226 Q326 Service Revenue NT Domestic Roaming +0.8 % +2.8% • Revenue improvement QoQ primarily driven by growth in prepaid business; YoY driven by both prepaid & postpaid
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Q326 12 Q326 12 498 504 508 3.2 3.3 3.3 Q325 Q226 Q326 5.8% YoY growth in online B2C revenue driven by growth in subscribers and ARPU Subscribers (Mn) & ARPU (THB/sub/month) Online Revenue (THB Bn) +0.9 % +3.9% • 1.6% QoQ growth in B2C revenue driven by net subscriber addition of 30K and continued growth in ARPU • 12.1% YoY decline in B2B revenue due to lower contribution from USO project (partially renewed for Q426) • Continued investment in network & improvement of customer experience to drive growth 4.8 5.0 5.1 1.7 1.6 1.5 6.5 6.5 6.6 Q325 Q226 Q326 B2C Subscription Revenue Data & Corporate Internet +0.6 % +1.1 % +5.8 % YoY - 12.1% YoY
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Q326 13 Q326 13 34.1% YoY decline in PayTV revenue mainly due to lower seasonal concerts ARPU (THB/sub/month) Subscribers (Mn) Pay TV Revenue (THB Bn) 1.1 1.0 0.9 Q325 Q226 Q326 - 3.5% - 13.7 % 257 272 275 100 150 200 250 300 350 400 Q325 Q226 Q326 + 7 . 3 % YoY +1.1 % QoQ 0.9 0.8 0.8 0.6 0.2 0.2 0.3 0.1 0.2 1.7 1.1 1.1 Q325 Q226 Q326 - 0.5 % - 34.1% Subscription & Installation Concert Revenue Others
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Q326 14 Q326 14 4.3 4.0 4.0 1.9 5.1 5.3 5.2 4.3 4.0 4.8 3.1 2.6 2.7 0.3 0.3 0.3 1.3 1.3 1.4 20.3 17.6 18.4 Q325 Q226 Q326 Regulatory Cost Interconnection Cost Network Cost Cost of Sales Selling & Admin Expenses Spectrum Rental Cost Other cost of Providing Services 9.5% YoY decline in Opex , benefited by acquisition of spectrum & synergies • Regulatory cost increased 10.4 % YoY due to change in full year effective rate pursuant to expiry of spectrum arrangement with NT while increasing 9.2% QoQ due to one - time benefit in Q226 • Network cost declined 10.7% YoY benefitted by acquisition of spectrum & network modernization; marginally increasing QoQ due to retrospective adjustment in Q226 from vendor negotiations • Cost of Sales increased 10.5% YoY & 18.4% QoQ in tandem with product sales ; ongoing improvement in device margin • SG&A increased 0.9 % YoY due to higher consultancy fees while decreasing 3.4% QoQ due to improved bad debts and lower 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 decreased 0.5% QoQ Total Opex excl. D&A (THB Bn) +4.5% - 9.5 %
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Q326 15 Q326 15 65.3% 68.5% 68.4% 57.1% 61.7% 60.8% Q325 Q226 Q326 % EBITDA to Service revenue % EBITDA to Total revenue 5.7% YoY improvement in EBITDA EBITDA Margin (%) EBITDA (THB Bn) & Growth (%) • EBITDA improved by THB 1.5 Bn YoY and THB 0.2 Bn QoQ • YoY improvement driven by topline growth, benefit from spectrum acquisition & operational efficiencies • EBITDA to service revenue increased by 3.1 pp YoY to 68.4% for Q326 • THB 9.0 Bn or ~46% growth in quarterly EBITDA since amalgamation 27.0 28.3 28.5 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 Q325 Q226 Q326 Flat +3.1pp +0.6% + 5.7 %
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Q326 16 Q326 16 1.6 6.7 1.5 0.07 0.6 (0.002) 2.9 Q325 EBITDA D&A Financial Cost Tax & Others Other Items (write-off) Q326 THB 6.7 Bn reported NPAT, improving 4.2x YoY NPAT development YoY (THB Bn) Net Profit After Tax (THB Bn) • Net Profit for Q326 increased 1.8 % QoQ to THB 6.7 Bn • NPAT for Q326 was impacted by one - time net effects of THB 0.3 Bn ¹ (details in MD&A) normalized for which, NPAT reached THB 7.0 Bn • Financial cost decreased 11.8% YoY & 2.8% QoQ due to 0.5 pp YoY & 0.2 pp QoQ reduction in effective interest rate coupled with lower debt • Depreciation & amortization marginally decreased 0.4% YoY while increasing 1.9% QoQ from seasonality and new capex investment THB Bn Q325 Q226 Q326 Reported NPAT 1.6 6.6 6.7 One - time effects¹ 3.0 0.2 0.3 Normalized NPAT 4.6 6.7 7.0 ¹One - time, non - cash, recorded in line item “Other income (expense)” in P&L 1.6 6.6 6.7 4.6 6.7 7.0 Q325 Q226 Q326 Reported NPAT One-offs +1.8% +324.1% Normalized NPAT
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Q326 17 Q326 17 THB 8.1 Bn CAPEX investment in Q326 Capex to Sales¹ (%) CAPEX (THB Bn) 6.9 4.6 8.1 Q325 Q226 Q326 15% 10% 17% Q325 Q226 Q326 • CAPEX 2026 was primarily focused on strengthening core capabilities • 55% invested in mobile • 30 % in online (including B2B) • 15% on IT and others • CAPEX to sales for Q326 stood at 17% • YTD Capex reached THB 17.0 Bn while Capex to sales stood at 12% ¹Capex as a % of Total Revenue excluding Spectrum arrangement (Network equipment rental)
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Q326 18 Q326 18 4.2x 3.7x 3.6x Leverage 287 240 244 48 86 79 111 102 103 (20) (16) (18) 426 412 408 Q325 Q226 Q326 Debentures Other borrowings Lease liabilities (excl. spectrum) Cash 18 45 35 1 34 2 19 79 36 Q4'26 2027 2028 Debentures Other borrowings • Issued debentures of THB 8.0 Bn @ 2.67% weighted average interest rate in October 2026 • Early prepayment of THB 10 Bn bank borrowings on top of THB 23 Bn debentures callback done in 1H26 to optimize funding cost 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 3.9% 3.6% 3.4% 0.030 0.035 0.040 0.045 0.050 Q325 Q226 Q326 Effective Interest Rate Leverage reduction of 0.5x YoY - 0.2 pp - 0.5 pp
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Q326 19 Q326 Interim Dividend of THB 5.5 Bn Record Date: 16 November 2026; Payout Date: 01 December 2026 6.6 4.8 6.6 5.2 6.7 5.5 Reported NPAT (THB Bn) Dividend (THB Bn) Q326 Q226 Q126 Payout Ratio¹ Q326 83% | YTD 79% THB 0.16 DPS ¹Excluding Non - controlling interests https : //investor . true . th/en/dividend 19 15.5 19.8
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Q326 20 Q326 20 123.6 124.1 0.7 0.7 10.7 0.6 13.2 13.8 148.3 139.1 9M25 9M26 Service revenue IC Network Rental Revenue Product sale 13.1 11.7 14.3 15.0 15.6 13.5 13.7 10.4 8.1 1.0 0.9 3.9 4.1 71.1 54.3 9M25 9M26 Other cost of Providing Services Spectrum Rental Cost Selling & Admin Expenses Cost of Sales Network Cost Interconnection Cost Regulatory Cost 9M25 vs 9M26 development - 23.6 % + 9.9 % - 6.2% 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 and seasonal PayTV concert revenues 77.2 84.9 - 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 9M25 9M26 +1.1³ % +0.3² % 7.1 Bn 14.6 Bn 5.2 19.8 13.1 20.2 9M25 9M26 Reported NPAT One-offs Normalized NPAT
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Q326 21 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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Q326 22 Appendix
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Q326 23 Q326 23 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
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Q326 24 Summary of Operational Performance Third Quarter 2026 Mobile Q325 Q226 Q326 QoQ% YoY% Service Revenue (THB Mn) 32,305 32,947 33,215 0.8% 2.8% Total Customers (‘000) 46,939 48,610 48,752 0.3% 3.9% Prepaid Customers (‘000) 31,872 33,125 33,220 0.3% 4.2% Postpaid Customers (‘000) 15,067 15,485 15,532 0.3% 3.1% Blended ARPU (Baht/sub/month) 223 220 222 1.0% - 0.2% Pre - paid ARPU (Baht/sub/month) 130 130 134 2.6% 3.2% Post - paid ARPU (Baht/sub/month) 421 414 413 - 0.4% - 1.9% Online Q325 Q226 Q326 QoQ% YoY% Service Revenue (THB Mn) 6,512 6,544 6,582 0.6% 1.1% Total Customers (‘000) 3,223 3,318 3,348 0.9% 3.9% ARPU (Baht/sub/month) 498 504 508 0.7% 2.0% PayTV Q325 Q226 Q326 QoQ% YoY% Service Revenue (THB Mn) 1,729 1,145 1,139 - 0.5% - 34.1% Customers ('000 subs) 1,095 979 945 - 3.5% - 13.7% ARPU (Baht/sub/month) 257 272 275 1.1% 7.3%
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Q326 25 Free Cash Flow movement 9 Months 2026 Unit in Mn THB 9 Months 2026 Source of Information Free cashflow to firm (FCFF) 22,258 Sum of ( i ), (ii), (iii) ( i ) Cashflow from Operating activities 67,495 Statement of cashflow - Net cash generated from operating activities (ii) Cashflow from Investing activities (31,082) Statement of cashflow - Net cash used in investing activities (iii) Lease payment (14,155) Statement of cashflow - Repayments to lease liabilities Net debt repayment (8,392) Statement of cashflow - Net cash (used in) generated from financing activities excluding repayments to lease liabilities Q425, Q126 & Q226 Dividend (14,166) Statement of cashflow - Dividend paid Net cash movement (299) FCFF + Net debt repayment
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Q326 26 Spectrum Repayment Schedule (excluding VAT) Mobile Licenses 2025 (paid) 9M26 (paid) Remaining payment (THB million) Q426 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