Interim report
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TRUE CORPORATION PUBLIC COMPANY LIMITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL INFORMATION (UNAUDITED) 30 SEPTEMBER 2026
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True Corporation Public Company Limited Statements of Financial Position As at 30 September 2026 Unaudited Audited Unaudited Audited 30 September 31 December 30 September 31 December 2026 2025 2026 2025 Notes Baht Thousand Baht Thousand Baht Thousand Baht Thousand Assets Current assets Cash and cash equivalents 17,687,492 17,890,903 2,810,834 4,437,493 Restricted cash at bank 40,009 36,531 39,870 36,375 Financial assets at fair value through profit or loss 5 - 119 - - Derivative assets 5 233,795 5,781 - - Trade and other current receivables, net 8 37,718,660 36,703,877 2,883,595 5,060,513 Short-term loans to related parties 21 2,000 2,000 3,749,685 1,361,326 Inventories 1,084,189 1,863,659 211 569 Income tax deducted at source 6,567,422 6,376,588 1,095,035 877,896 Claimable value added tax 4,097,781 4,113,479 8,591 15,481 Other current assets 4,182,969 4,947,561 54,095 45,034 Total current assets 71,614,317 71,940,498 10,641,916 11,834,687 Non-current assets Restricted cash at bank 19,498 19,907 - - Long-term loans to related parties 21 - - 223,327,700 228,025,800 Financial assets at fair value through profit or loss 5 1,614,650 1,620,310 1,600 1,600 Financial assets at fair value through other comprehensive income 5 215,283 61,042 1,200 1,200 Derivative assets 5 983,075 11,617 859,360 - Investment in subsidiaries 9 - - 307,776,691 307,551,691 Investment in associates and joint ventures 9 22,100,887 21,291,725 27,055,406 27,055,406 Investment property 857,321 935,892 - - Property, plant and equipment 10 186,860,923 195,850,393 2,019,961 2,233,900 Right-of-use assets 11 91,075,173 96,365,011 576,348 271,451 Intangible assets 12 126,095,086 137,173,594 243,179 338,418 Goodwill 121,140,615 121,140,615 34,957,698 34,957,698 Deferred tax assets 13,471,416 14,215,361 83,621 247,821 Other non-current assets 4,931,805 3,604,132 135,214 140,646 Total non-current assets 569,365,732 592,289,599 597,037,978 600,825,631 Total assets 640,980,049 664,230,097 607,679,894 612,660,318 Consolidated Separate financial information financial information The accompanying notes on pages 14 to 33 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 September 2026 Unaudited Audited Unaudited Audited 30 September 31 December 30 September 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 3,590,507 397,717 3,444,651 7,549 Trade and other current payables 13 71,134,310 82,509,158 10,191,701 10,437,081 Current portion of long-term borrowings 14 76,145,736 65,511,378 69,078,870 53,393,745 Current portion of lease liabilities 15 19,589,596 17,435,729 218,102 46,299 Current corporate income tax payable 51,714 278,965 - - Other current liabilities 2,336,514 2,630,487 615,901 754,905 Total current liabilities 172,848,377 170,363,434 83,549,225 66,239,579 Non-current liabilities Long-term borrowings 14 246,017,539 259,051,717 232,525,645 235,042,647 Derivative liabilities 5 1,950,508 9,779,281 1,928,470 9,041,703 Deferred tax liabilities 3,813,932 4,087,323 - - Lease liabilities 15 83,747,814 90,052,042 240,868 82,904 Liabilities under agreements and licences for operations 16 33,957,757 37,683,370 - - Provisions for employee benefits 2,691,412 2,721,742 1,148,215 1,143,393 Other provisions 7,955,634 8,027,727 90,099 81,494 Other non-current liabilities 7,119,694 7,316,009 - - Total non-current liabilities 387,254,290 418,719,211 235,933,297 245,392,141 Total liabilities 560,102,667 589,082,645 319,482,522 311,631,720 The accompanying notes on pages 14 to 33 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 September 2026 Unaudited Audited Unaudited Audited 30 September 31 December 30 September 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) (202,203,572) (207,850,524) 11,168,926 24,166,681 Other components of equity (1,961,692) (2,056,230) (1,487,890) (1,654,419) Equity attributable to owners of the parent 81,229,701 75,488,211 288,197,372 301,028,598 Non-controlling interests (352,319) (340,759) - - Total equity 80,877,382 75,147,452 288,197,372 301,028,598 Total liabilities and equity 640,980,049 664,230,097 607,679,894 612,660,318 The accompanying notes on pages 14 to 33 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 September 2026 30 September 30 September 30 September 30 September 2026 2025 2026 2025 Notes Baht Thousand Baht Thousand Baht Thousand Baht Thousand Revenues Revenues from telephone and other services 42,063,628 43,023,533 2,516,572 2,571,456 Revenues from product sales 4,783,128 4,206,389 - - Total revenues 46,846,756 47,229,922 2,516,572 2,571,456 Costs Cost of providing services 24,012,325 26,396,680 1,512,546 1,347,273 Cost of sales 4,756,565 4,304,266 - - Total costs 28,768,890 30,700,946 1,512,546 1,347,273 Gross profit 18,077,866 16,528,976 1,004,026 1,224,183 Other income 17 528,318 603,212 2,654,748 2,540,697 Selling expenses and distribution costs (4,774,935) (4,837,193) (153,815) (227,194) Administrative expenses (2,591,597) (2,591,190) (156,373) (247,671) Other expenses (629,041) (3,520,282) (729) (11,500) Finance costs 7 (4,548,857) (5,186,121) (2,812,903) (2,812,351) Share of results 767,021 732,870 - - Profit before income tax 6,828,775 1,730,272 534,954 466,164 Income tax (186,884) (154,549) (11,987) 9,893 Profit for the period 6,641,891 1,575,723 522,967 476,057 Other comprehensive income: Items that will not be reclassified subsequently to profit or loss: Remeasurements of post - employment benefit obligation, net of tax - 698 - - Items that will be reclassified subsequently to profit or loss: Cash flow hedges 334,094 (179,126) 334,094 (179,126) Exchange differences on translation 83 (2,248) - - Total comprehensive income for the period 6,976,068 1,395,047 857,061 296,931 The accompanying notes on pages 14 to 33 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 September 2026 30 September 30 September 30 September 30 September 2026 2025 2026 2025 Baht Thousand Baht Thousand Baht Thousand Baht Thousand Profit attributable to: Owners of the parent 6,670,089 1,572,898 522,967 476,057 Non-controlling interests (28,198) 2,825 - - 6,641,891 1,575,723 522,967 476,057 Total comprehensive income attributable to: Owners of the parent 7,004,266 1,392,122 857,061 296,931 Non-controlling interests (28,198) 2,925 - - 6,976,068 1,395,047 857,061 296,931 Basic earnings per share attributable to owners of the parent Basic (Baht per share) 0.19 0.05 0.02 0.01 financial information financial information The accompanying notes on pages 14 to 33 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 nine-month period ended 30 September 2026 30 September 30 September 30 September 30 September 2026 2025 2026 2025 Notes Baht Thousand Baht Thousand Baht Thousand Baht Thousand Revenues Revenues from telephone and other services 125,356,786 135,061,856 7,539,074 8,398,828 Revenues from product sales 13,783,893 13,200,155 - - Total revenues 139,140,679 148,262,011 7,539,074 8,398,828 Costs Cost of providing services 71,318,267 86,718,090 4,595,503 3,947,393 Cost of sales 13,745,712 13,504,175 - - Total costs 85,063,979 100,222,265 4,595,503 3,947,393 Gross profit 54,076,700 48,039,746 2,943,571 4,451,435 Other income 17 1,028,027 978,112 7,831,590 7,074,847 Selling expenses and distribution costs (14,378,564) (14,244,374) (486,773) (565,575) Administrative expenses (7,406,465) (7,681,659) (507,672) (669,024) Other expenses (1,256,426) (9,079,800) (17,757) (29,148) Finance costs 7 (14,014,204) (15,411,975) (8,472,160) (7,883,703) Share of results 9 2,260,908 2,244,046 - - Profit before income tax 20,309,976 4,844,096 1,290,799 2,378,832 Income tax 18 (528,512) 373,209 (122,568) 4,512 Profit for the period 19,781,464 5,217,305 1,168,231 2,383,344 Other comprehensive income : Items that will not be reclassified subsequently to profit or loss: Remeasurements of post - employment benefit obligation, net of tax - 698 - - Change in fair value of equity instruments at fair value through other comprehensive income, net of tax - (521) - - Items that will be reclassified subsequently to profit or loss: Cash flow hedges 223,451 (843,043) 223,451 (843,043) Hedging loss reclassified to profit or loss (56,922) - (56,922) - Exchange differences on translation 6,556 (13,728) - - Total comprehensive income for the period 19,954,549 4,360,711 1,334,760 1,540,301 The accompanying notes on pages 14 to 33 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 nine-month period ended 30 September 2026 30 September 30 September 30 September 30 September 2026 2025 2026 2025 Baht Thousand Baht Thousand Baht Thousand Baht Thousand Profit attributable to: Owners of the parent 19,812,938 5,237,926 1,168,231 2,383,344 Non-controlling interests (31,474) (20,621) - - 19,781,464 5,217,305 1,168,231 2,383,344 Total comprehensive income attributable to: Owners of the parent 19,988,032 4,380,706 1,334,760 1,540,301 Non-controlling interests (33,483) (19,995) - - 19,954,549 4,360,711 1,334,760 1,540,301 Basic earnings per share attributable to owners of the parent Basic (Baht per share) 0.57 0.15 0.03 0.07 financial information financial information The accompanying notes on pages 14 to 33 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 nine-month period ended 30 September 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 Change in equity for period Addition investment in subsidiary by purchasing shares from non-controlling interests - - - - - - - - - - - (9) (9) Liquidation of subsidiary - - - - - - - - - - - (531,387) (531,387) 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 for the period - - - - 5,238,624 (521) (843,043) (14,354) - (857,918) 4,380,706 (19,995) 4,360,711 Closing balance at 30 September 2025 138,208,403 145,075,526 51,060 1,927,081 (205,156,306) (213,244) (1,436,084) (25,108) (161,116) (1,835,552) 78,270,212 (232,812) 78,037,400 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 - - - - - - - - (90,738) (90,738) (90,738) (11,112) (101,850) Disposal of subsidiary (Note 9) - - - - - - - - 10,182 10,182 10,182 33,035 43,217 Dividends paid (Note 22) - - - - (14,165,986) - - - - - (14,165,986) - (14,165,986) Total comprehensive income for the period - - - - 19,812,938 - 166,529 8,565 - 175,094 19,988,032 (33,483) 19,954,549 Closing balance at 30 September 2026 138,208,403 145,075,526 51,060 2,059,976 (202,203,572) (213,244) (1,487,890) (18,783) (241,775) (1,961,692) 81,229,701 (352,319) 80,877,382 The accompanying notes on pages 14 to 33 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 nine-month period ended 30 September 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 for the period - - - - 2,383,344 (843,043) 1,540,301 Closing balance at 30 September 2025 138,208,403 137,722,481 51,060 2,401,497 30,588,871 (1,436,084) 307,536,228 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) - - - - (14,165,986) - (14,165,986) Total comprehensive income for the period - - - - 1,168,231 166,529 1,334,760 Closing balance at 30 September 2026 138,208,403 137,722,481 51,060 2,534,392 11,168,926 (1,487,890) 288,197,372 Separate financial information The accompanying notes on pages 14 to 33 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 nine-month period ended 30 September 2026 30 September 30 September 30 September 30 September 2026 2025 2026 2025 Notes Baht Thousand Baht Thousand Baht Thousand Baht Thousand Cash flows from operating activities Profit before income tax 20,309,976 4,844,096 1,290,799 2,378,832 Adjustments for: Depreciation and amortisation 54,002,954 52,874,891 825,123 775,632 Interest income (178,006) (230,462) (6,326,084) (5,581,687) Interest expense 7 12,476,744 13,738,141 8,063,159 7,601,623 Finance costs related to licences 7 1,070,489 1,258,672 - - Dividends income 17 (34,134) - (1,459,996) (1,456,896) Loss (gain) on disposals of property, plant and equipment 484,291 1,018,450 926 (4,746) (Gain) loss on termination of right-of-use assets (42,382) 151,617 (1,701) (3,951) Loss on retirement of assets 10 172,593 6,630,502 - 2,101 Loss on obsolete inventories 17,499 61,772 - - Expected credit loss (reversal) 1,618,104 1,602,793 - (206) Loss from revaluation of financial assets at fair value recognised in profit or loss 5 8,097 13,172 - - Loss from disposal of subsidiary 9 17,204 - - - Loss from unclaimable tax - - 114 220 Loss from impairment of loan to related party 21 161,200 - - - Increase in employee benefits obligations 209,889 206,393 92,349 91,030 Unrealised gain on foreign exchange (117,385) (62,414) (233) (829) Share of results 9 (2,291,035) (2,273,214) - - Loss from liquidation of subsidiaries - 2 - - Employee benefit obligation - benefit paid (240,218) (172,827) (87,527) (87,487) Changes in operating assets and liabilities - Trade and other current receivables (2,160,934) 6,907,483 668,567 2,019,310 - Inventories 2,502,748 830,053 358 3,963 - Other current assets (3,031,454) (2,564,016) (5,013) 20,176 - Film and program rights (1,015,581) (1,037,703) - - - Other non-current assets (1,253,910) 351,178 2,648 2,000 - Trade and other current payables (2,271,623) (10,929,353) (393,724) (1,450,266) - Other current liabilities (293,973) (903,959) (125,326) 7,723 - Other non-current liabilities 264,675 (94,445) (1,745) (24,196) Cash generated from operations 80,385,828 72,220,822 2,542,694 4,292,346 Add Interest received 150,195 187,728 7,826,264 4,750,480 Income tax received 916,379 280,770 - - Less Interest paid (12,523,141) (13,803,374) (8,084,201) (7,543,066) Income tax paid (1,434,093) (1,542,123) (217,139) (146,783) Net cash generated from operating activities 67,495,168 57,343,823 2,067,618 1,352,977 Consolidated Separate financial information financial information The accompanying notes on pages 14 to 33 are an integral part of this interim financial information. 11
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True Corporation Public Company Limited Statements of Cash Flows (Unaudited) (Cont’d) For the nine-month period ended 30 September 2026 30 September 30 September 30 September 30 September 2026 2025 2026 2025 Notes Baht Thousand Baht Thousand Baht Thousand Baht Thousand Cash flows from investing activities Increase in restricted cash at bank (3,070) (4,987) (3,495) (5,864) Loans made to related parties 21 (161,200) - (33,379,330) (69,942,779) Acquisition of property, plant and equipment (22,648,019) (19,444,380) (27,455) (29,982) Acquisition of intangible assets (9,947,178) (30,177,233) (105,762) (88,945) Acquisition of investment property (28,238) (26,047) - - Acquisition of investment in subsidiary 9 - - (225,000) - Acquisition of financial asset at fair value through profit or loss 5 (158,129) - - - Proceeds from financial asset at fair value through profit or loss 1,570 20,397 - - Proceeds from financial asset at fair value through other comprehensive income - 47,725 - - Proceeds from disposals of equipment and intangible assets 447,761 481,482 642 40,839 Proceeds from disposal of investment in subsidiary - 38,122 - - Proceeds from loan to related parties 21 - 5,000 35,689,073 35,029,414 Dividends received 9, 17 1,516,005 1,517,224 1,459,996 1,456,896 Net cash (used in) generated from investing activities (30,980,498) (47,542,697) 3,408,669 (33,540,421) Cash flows from financing activities Addition of investment in subsidiaries by purchasing shares from non-controlling interests (101,850) - - - Proceeds from short-term borrowings 9,981,977 25,959,888 8,981,977 19,459,888 Proceeds from borrowings 73,452,589 69,434,926 73,452,589 69,434,926 Proceeds from loans from related parties 21 - - 9,584,207 - Repayment to short-term borrowings (11,600,000) (26,000,882) (10,600,000) (19,500,000) Repayments to borrowings 14 (80,226,200) (73,650,971) (64,641,600) (41,920,200) Repayment to loans from related parties 21 - - (9,584,207) - Repayments to lease liabilities (14,154,588) (12,315,047) (129,926) (139,073) Dividends paid 22 (14,165,986) - (14,165,986) - Net cash (used in) generated from financing activities (36,814,058) (16,572,086) (7,102,946) 27,335,541 Net decrease in cash and cash equivalents (299,388) (6,770,960) (1,626,659) (4,851,903) Opening balance 17,890,903 26,831,693 4,437,493 12,059,508 Effects of exchange rate changes 95,977 6,884 - - Closing balance 17,687,492 20,067,617 2,810,834 7,207,605 The accompanying notes on pages 14 to 33 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 nine-month period ended 30 September 2026 Non-cash transactions The significant non-cash transactions are as follows: 30 September 30 September 30 September 30 September 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Acquisition of right-of-use assets 10,377.59 30,429.75 464.72 36.90 Acquisition of property, plant and equipment and intangible assets, not yet paid 21,891.98 41,233.42 3.72 23.48 Disposal of investment in subsidiary which has not yet been received - 1.93 - - The accompanying notes on pages 14 to 33 are an integral part of this interim financial information. financial information financial information Consolidated Separate 13
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 14 1 General information True Corporation Public Company Limited (“the Company”) is a public limited company and listed on the Stock Exchange of Thailand. The Company is incorporated and domiciled in Thailand. The address of the Company’s registered office is as follows: 18 True Tower, Ratchadaphisek Road, Huai Khwang, Bangkok, Thailand. The principal business operations of the Company and its subsidiaries (“the Group”) are providing telecommunications services and various value-added services, which include, among others, mobile services, broadband internet, WIFI, television and digital platforms. The interim consolidated and separate financial information are presented in Thai Baht, unless otherwise stated. 2 Basis of preparation The interim financial information has been prepared in accordance with Thai Accounting Standard (TAS) no. 34, Interim Financial Reporting and other financial reporting requirements issued under the Securities and Exchange Act. The interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2025. An English version of these interim financial information has been prepared from the interim financial information that is in the Thai language. In the event of a conflict or a difference in interpretation between the two languages, the Thai language interim financial information shall prevail. 3 Material accounting policies The accounting policies used in the preparation of the interim financial information are consistent with those used in the annual financial statements for the year ended 31 December 2025, except for the following: 1) The adoption of the new and amended financial reporting standards as described in Note 4. 2) Change in accounting estimates in relation to useful lives of property, plant and equipment disclosed in Note 10.
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 15 4 Adoption of new and amendment financial reporting standards 4.1 Amended financial reporting standard that is effective for the accounting period beginning on or after 1 January 2026 which are relevant to the Group. a) Amendments to TAS 21 The Effects of Changes in Foreign Exchange Rates added requirements to help entities to determine whether a currency is exchangeable into another currency, and the spot exchange rate to use when it is not. Prior to these amendments, IAS 21 set out the exchange rate to use when exchangeability is temporarily lacking, but not what to do when lack of exchangeability is not temporary. The Group assessed that the amended financial reporting standard do not have material impact to the Group. 4.2 Amended financial reporting standards and accounting guidance that are effective for the accounting period beginning on or after 1 January 2027 which are relevant to the Group The following amended TFRS and accounting guidance were not mandatory for the current reporting period and the Group has not early adopted them. a) Amendments to TFRS 9 Financial Instruments and TFRS 7 Financial Instruments: Disclosures - Amendments to the Classification and Measurement of Financial Instruments The key amendments are as follows: Clarify the requirements for the timing of recognition and derecognition of financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system. Clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion. Add new disclosures for certain instruments with contractual terms that can change cash flows, such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets. Make updates to the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). b) Annual Improvements - Volume 11 These amendments are part of the Annual Improvements to IFRS Accounting Standards. Annual improvements are limited to changes that either clarify the wording in an Accounting Standard or correct relatively minor unintended consequences, oversights or conflicts between the requirements in the Accounting Standards. The amended TFRS include the following: TFRS 7 Financial Instruments: Disclosures - replaces “inputs that were not based on observable market data” with “unobservable inputs” to align the terminology with TFRS 13 Fair Value Measurement. TFRS 9 Financial Instruments Provides further clarification on the derecognition of lease liabilities. The amendments clarify that lease liabilities recognised by a lessee are subject to the derecognition requirements, with any resulting gain or loss recognised in profit or loss. Removal of the reference to ‘transaction price’. Amended to replace the reference to “transaction price as defined by TFRS 15 Revenue from Contracts with Customers” with “the amount determined by applying TFRS 15”. TFRS 10 Consolidated Financial Statements - revises paragraph B74 to clarify that it provides only one example of a situation in which judgement is required to identify a de facto agent, thereby aligning it with paragraph B73. TAS 7 Statement of Cash Flows -replaces “cost method” with “at cost” to reflect the earlier removal of the definition of cost method.
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 16 c) The amendments to the accounting guidance for business combinations under common control The key amendments are as follows: The principle for recognition of the “cost of business combinations under common control”, requiring the use of cost. No explicit definition of such cost is provided, consistent with a principle-based approach. Additional requirements specify that transactions between entities under common control that result in “joint control” must also be accounted for in accordance with this guidance. Provide clarification on the elimination of “premium (discount) arising from business combinations under common control” that will also apply when there is clear evidence that the business has been transferred out of the entity. The Group’s management is currently assessing impact from the amended financial reporting standards and accounting guidance to the Group. 4.3 New and amended financial reporting standards that are effective for the accounting period beginning on or after 1 January 2028 which are relevant to the Group The following new and amended TFRS was not mandatory for the current reporting period and the Group has not early adopted them. a) TFRS 18 Presentation and Disclosure in Financial Statements . This is the new standard on presentation and disclosure in financial statements, which replaces TAS 1, Presentation of Financial Statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in TFRS 18 relate to: the structure of the statement of profit or loss with defined subtotals; requirement to determine the most useful structured summary for presenting expenses in the statement of profit or loss required disclosures in a single note within the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures); and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general b) TAS 7 Statement of cash flows was amended as a consequence of the adoption of TFRS 18 to require entities to use the operating profit or loss subtotal as the starting point for the indirect method of reporting cash flows from operating activities; and to introduce new requirements for the classification of interest and dividend cash flows in the statement of cash flows. The Group’s management is currently assessing impact from the new and amended financial reporting standards to the Group. 5 Fair value Fair value estimation The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: - Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). - Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 17 The following table presents the group’s financial assets and liabilities that are measured at fair value. Consolidated financial information Level 2 Level 3 30 September 31 December 30 September 31 December 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Assets Financial assets at fair value through profit or loss Current Mutual fund - 0.12 - - Derivative receivables 233.80 5.78 - - Non-current General investments - equity securities - - 1,614.65 1,620.31 Derivative receivables 123.72 11.62 - - Financial assets at fair value through other comprehensive income Non-current General investments - equity securities - - 215.28 61.04 Derivative receivables 859.36 - - - Liabilities Financial liabilities at fair value through profit or loss Current Derivative payables 145.86 390.17 - - Non-current Derivative payables 36.28 737.58 - - Financial liabilities at fair value through other comprehensive income Current Derivative payables 3,444.65 7.55 - - Non-current Derivative payables 1,914.23 9,041.70 - - Separate financial information Level 2 Level 3 30 September 31 December 30 September 31 December 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Assets Financial assets at fair value through profit or loss Non-current General investments - equity securities - - 1.60 1.60 Financial assets at fair value through other comprehensive income Non-current General investments - equity securities - - 1.20 1.20 Derivative receivables 859.36 - - - Liabilities Financial liabilities at fair value through profit or loss Non-current Derivative payables 14.24 - - - Financial liabilities at fair value through other comprehensive income Current Derivative payables 3,444.65 7.55 - - Non-current Derivative payables 1,914.23 9,041.70 - -
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 18 5.1 Valuation techniques used to derive Level 2 fair values Level 2 Equity securities are fair valued using a Net Asset Valuation (“NAV”) approach as at period end date. The data is publicity available on the Thai Bond Market Association, which is calculated by fund manager of the mutual fund. Level 2 Derivatives instruments are measured based on input that are observable for the types of instruments such as foreign exchange rates observable at commonly quoted in publicly available sources on the statements of financial position date. Level 2 Forward foreign exchange contracts are calculated using the net present value technique which is the estimated amount that a bank would receive or pay to terminate the forward contracts at the financial position date. 5.2 Valuation techniques used to measure at fair value level 3 Level 3 general investments are fair valued using the comparable company analysis model and discounted cashflow analysis model. Changes in level 3 financial instruments for the nine-month period ended 30 September 2026 is as follows: Unlisted equity securities Consolidated financial information Separate financial information Baht Million Baht Million Opening balance at 1 January 2026 1,681.35 2.80 Addition investment 158.13 - Loss recognised in profit or loss (8.10) - Sales of investment (1.45) - Closing balance at 30 September 2026 1,829.93 2.80 The following table summarises the quantitative information about the significant unobservable inputs used in level 3 fair value measurements. Fair value Range of inputs 30 September 2026 31 December 2025 Unobservable inputs 30 September 31 December Baht Million Baht Million 2026 2025 Unlisted equity securities 1,829.93 1,681.35 Enterprise value to revenue 2.1x - 7.5x 1.4x - 9.5x Revenue growth factors 4.07% - 8.56% 4.07% - 8.56% Discount rate 10.10% - 10.60% 10.10% - 10.60% Relationship of significant unobservable inputs to fair value are shown as follows: Change in fair value Increase in assumptions Decrease in assumptions Increase in assumptions Decrease in assumptions % % % % Unobservable inputs Movement 30 September 2026 30 September 2026 31 December 2025 31 December 2025 Unlisted equity securities Enterprise value to revenue 0.5 time Increase by 2.10 Decrease by 2.10 Increase by 3.12 Decrease by 3.12 Revenue growth factors 0.50% Increase by 23.21 Decrease by 22.82 Increase by 23.21 Decrease by 22.82 Discount rate 0.50% Decrease by 3.74 Increase by 4.08 Decrease by 3.74 Increase by 4.08 The Group’s valuation processes Valuation team discuss valuation processes and results every quarter. Significant unobservable input of fair value hierarchy level 3 is risk adjusted discount rate. It is estimated based on public companies’ weighted average cost of capital that, are in opinion of the Group, in a comparable financial position with the counterparty in the contract.
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 19 6 Segment and revenue information The Group’s management is the Group’s Chief Operating Decision-Maker (“CODM”). The Group Management has determined the operating segment based on the information internally reviewed on quarterly basis. The following are the Group’s reportable segments. Mobile ; Pay TV ; and Broadband internet and others. The Group’s management considers that the Group operates in a single geographic area, namely in Thailand, representing 99.98% and has therefore, only one major geographic segment. The operating performances are measured based on profit (loss) before tax which is more relevant and comparable with other entities in the relevant industries. Consolidated reportable segments: For the nine-month periods ended 30 September 30 September 2026 2025 Baht Million Baht Million External revenue: Mobile 114,480.10 122,406.40 Pay TV 3,529.54 4,930.83 Broadband internet and others 21,131.04 20,924.78 Total 139,140.68 148,262.01 Segment profit (loss) before income tax: Mobile 18,593.32 5,221.98 Pay TV (573.73) (74.58) Broadband internet and others 950.50 114.48 Total 18,970.09 5,261.88 Intersegment 1,339.89 (417.78) Total 20,309.98 4,844.10 As at 30 September 31 December 2026 2025 Baht Million Baht Million Segment assets: Mobile 527,497.91 546,348.60 Pay TV 8,536.43 8,045.55 Broadband internet and others 104,945.71 109,835.95 Total 640,980.05 664,230.10 Segment liabilities: Mobile 507,332.78 524,892.50 Pay TV 3,066.17 3,620.77 Broadband internet and others 49,703.72 60,569.38 Total 560,102.67 589,082.65
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 20 7 Finance costs Consolidated financial information Separate financial information For the three-month periods ended 30 September 30 September 30 September 30 September 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Interest - borrowings 2,902.53 3,434.85 2,664.14 2,711.17 - lease liabilities 1,148.27 1,208.06 2.86 1.77 Foreign exchange gain (9.77) (2.57) - - Finance cost related to licences 345.52 413.90 - - Other financial fees 162.31 131.88 145.90 99.41 Total 4,548.86 5,186.12 2,812.90 2,812.35 Consolidated financial information Separate financial information For the nine-month periods ended 30 September 30 September 30 September 30 September 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Interest - borrowings 8,919.36 10,276.61 8,054.54 7,595.60 - lease liabilities 3,557.38 3,461.53 8.62 6.02 Foreign exchange loss 1.74 8.45 - - Finance cost related to licences 1,070.49 1,258.67 - - Other financial fees 465.23 406.72 409.00 282.08 Total 14,014.20 15,411.98 8,472.16 7,883.70 8 Trade and other current receivables Consolidated financial information Separate financial information 30 September 31 December 30 September 31 December 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Billed customers 14,596.79 15,863.22 0.64 283.66 Receivables and accrued income from related parties (Note 21) 15,863.26 15,044.85 1,330.99 2,053.27 Trade accounts receivable 30,460.05 30,908.07 1,331.63 2,336.93 Accrued income 4,473.76 5,740.25 748.69 1,134.14 Total trade accounts receivable 34,933.81 36,648.32 2,080.32 3,471.07 Less Expected credit loss (2,444.23) (3,694.89) - (687.09) Trade accounts receivable, net 32,489.58 32,953.43 2,080.32 2,783.98 Prepaid expenses 2,071.00 1,086.18 119.80 85.66 Other current receivables 3,140.66 2,661.57 13.14 20.35 Interest receivable 17.42 2.70 670.34 2,170.52 Trade account and other current receivables 37,718.66 36,703.88 2,883.60 5,060.51
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 21 At 30 September 2026 and 31 December 2025, trade receivables, included in trade and other current receivables in statements of financial position, can analyses aging as follows: Consolidated financial information Separate financial information 30 September 31 December 30 September 31 December 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Trade accounts receivable Current 8,683.42 8,834.43 - 0.46 Less than 3 months 3,260.39 3,581.39 0.44 1.31 3 - 6 months 861.27 1,030.33 - - 6 - 12 months 1,229.64 1,502.26 - - More than 12 months 562.07 914.81 0.20 281.89 Trade accounts receivable 14,596.79 15,863.22 0.64 283.66 Receivables and accrued income from related parties Current 9,569.78 10,631.83 1,102.99 1,471.33 Less than 3 months 2,329.37 2,342.90 33.99 541.08 3 - 6 months 2,931.62 1,652.34 192.74 2.99 6 - 12 months 784.58 115.21 0.09 - More than 12 months 247.91 302.57 1.18 37.87 Receivables and accrued income from related parties (Note 21) 15,863.26 15,044.85 1,330.99 2,053.27 30,460.05 30,908.07 1,331.63 2,336.93 Accrued income 4,473.76 5,740.25 748.69 1,134.14 Total trade accounts receivable 34,933.81 36,648.32 2,080.32 3,471.07 Less Expected credit loss (2,444.23) (3,694.89) - (687.09) Trade accounts receivable, net 32,489.58 32,953.43 2,080.32 2,783.98 Accrued income from customer usage at the close of the billing period is transferred to trade receivable within one month.
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 22 9 Investment in subsidiaries, associates and joint ventures 9.1 Movements of investment in subsidiaries On 4 February 2026, Goldsky Co., Ltd. (“GSK”), a subsidiary of the Group that had already ceased its operations, was formally dissolved. Accordingly, the Group has discontinued the consolidation of GSK in the consolidated financial statements effective from 4 February 2026. On 22 May 2026, a subsidiary additionally invested in Chiwiborirak Co., Ltd. (“CHIIWII”), a subsidiary, amounting to Baht 101.83 million. The Group’s interest increased from 73.81% to 100.00%. CHIIWII remains classified as an investment in subsidiary.The Group recognised a loss from changes in the ownership interest in a subsidiary of Baht 90.63 million, which was recorded directly in equity in the consolidated financial statements. On 12 June 2026, Gold Palace Investments Limited (“GPI”), a subsidiary of the Group that had already ceased operations, was formally dissolved. Accordingly, the Group has discontinued the consolidation of GPI in the consolidated financial statements effective from 12 June 2026. On 25 June 2026, a subsidiary disposed investment in Mediaload Pte. Ltd. (“Mediaload”) for a consideration value of Baht 100.00. The Group ceased consolidating Mediaload since 25 June 2026. The Group recognised a loss from disposal of investment amounting to Baht 17.20 million under “Other expense” in the consolidated statement of comprehensive income for the nine-month period ended 30 September 2026. On 1 September 2026, the subsidiaries under the Group which are True Move H Universal Communication Co., Ltd. (“TUC”), Asia Wireless Communication Co., Ltd. (“AWC”), BFKT (Thailand) Limited (“BFKT”) and TeleAssets Co., Ltd. (“TELE”) completed a registration of their amalgamation with the Department of Business Development, Ministry of Commerce. As a result of the amalgamation, TUC continues to be a legal entity after the amalgamation, while AWC BFKT and TELE (“the amalgamating companies”) have ceased their status as a juristic person after the amalgamation. TUC received all assets, liabilities, rights, and obligations of the amalgamating companies by operation of law. Later, on 2 September 2026, the Company paid the remaining unpaid share capital of TUC amounting to Baht 225.00 million following a call for payment by TUC after the completion of its amalgamation. The Company’s shareholding interest was remain unchanged. On 13 October 2026, a subsidiary disposed of its entire investment in ZAPGROUP Inc. (“ZAP”), a subsidiary of the Group, for a consideration of US 1 Dollar. Consequently, ZAP ceased to be a subsidiary of the Group from that date. 9.2 Movements of investment in associates and joint ventures Movements of investment in associates and joint ventures for the nine-month period 30 September 2026 are as follows: Consolidated financial information Separate financial information Equity method Cost method Baht Million Baht Million Opening net book value 21,291.73 27,055.41 Share of results 2,291.04 - Dividend received (1,481.88) - Closing net book value 22,100.89 27,055.41
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 23 The amounts recognised in the statement of comprehensive income are as follows: Consolidated financial information For the nine-month periods ended 30 September 30 September 2026 2025 Baht Million Baht Million Share of results - Associates 2,232.64 2,203.08 - Joint ventures 58.40 70.13 2,291.04 2,273.21 Elimination (30.13) (29.16) 2,260.91 2,244.05 During the three-month and nine-month periods ended 30 September 2026, the Group and the Company received dividends from Digital Telecommunications Infrastructure Fund (“DIF”) of Baht 485.63 million and Baht 1,456.90 million, respectively (2025: Baht 485.63 million and Baht 1,456.90 million, respectively). Dividends were recognised directly to investment in associate in the consolidated financial information and recognised as “Other income” in the separate financial information. During the nine-month periods ended 30 September 2026, the Group received dividends from LINE Games- True-Kona Global Fund Limited Partnership (“LINE games-TRUE”) of Baht 16.35 million, respectively (2025: Baht 54.31 million). Dividends were recognised directly to investment in joint ventures in the consolidated financial information. During the nine-month periods ended 30 September 2026, the Group received dividends from True Touch Co., Ltd. (“TT”) of Baht 8.63 million (2025: Baht 6.01 million). Dividends were recognised directly to investment in joint ventures in the consolidated financial information. During the three-month and nine-month periods ended 30 September 2026, the Group received dividends from Genxas Whiz Co., Ltd. (“Genxas”) of Baht 0.04 million (2025: nil). Dividends were recognised as “Other income” in the consolidated financial information. On 10 September 2026, Genxas Whiz Co., Ltd. (“Genxas”) has completed the registered of dissolution to the Ministry of Commerce. The Group ceased taking equity in Genxas. On 15 September 2026, a subsidiary disposed investment in HG Robotics Co., Ltd. (“HG”) for a consideration value of Baht 0.85 million. The Group recognised a gain from disposal of investment amounting to Baht 0.85 million under “Other income” in the consolidated financial information. The Group ceased taking equity in HG. 10 Property, plant and equipment Movements of property, plant and equipment for the nine-month period ended 30 September 2026 are as follows: Consolidated financial information Separate financial information Baht Million Baht Million Opening net book value 195,850.39 2,233.90 Additions 13,569.42 27.17 Disposals/Write-off (926.07) (1.57) Disposal of subsidiary (0.73) - Transfers 209.57 0.49 Adjustments 3.30 - Depreciation (21,672.37) (240.03) Retirement (172.59) - Closing net book value 186,860.92 2,019.96
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 24 Significant transactions The Group invested in network equipment at cost of Baht 13,354.94 million to support business expansion. During the three-month and nine-month periods ended 30 September 2026, the management of the Group conducted the review of economic useful life of multimedia network equipment in some types according to the changes on objective of using those assets. The key factors taking into accounts of the review included regulatory requirements and infrastructure transformation, usage conditions, technology upgrade and industry benchmark. Consequently, the management has concluded to change the estimated useful life of certain assets from 30 years to 20 years commencing 1 January 2026 onward. The change in estimation over useful life of assets effects to the consolidated statement of comprehensive income for the three-month and nine-month periods ended 30 September 2026 is as follows: Previous New useful life useful life For the three-month periods ended 30 September 2026 Baht Million Baht Million Depreciation charges - Multimedia network equipment 1,295.34 1,502.51 Previous New useful life useful life For the nine-month periods ended 30 September 2026 Baht Million Baht Million Depreciation charges - Multimedia network equipment 3,917.67 4,534.17 Capital commitments Capital expenditure contracted at 30 September 2026 and 31 December 2025 but not recognised as liabilities is as follows: Consolidated financial information Separate financial information 30 September 31 December 30 September 31 December 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Capital expenditure 12,690.94 19,230.61 7.26 4.82 11 Right-of-use assets Movements of right-of-use assets for the nine-month period ended 30 September 2026 are as follows: Consolidated financial information Separate financial information Baht Million Baht Million Opening net book value 96,365.01 271.45 Additions 8,758.24 476.22 Termination of contracts (357.27) (5.35) Transfers (240.88) - Lease modification (294.37) 0.37 Depreciation (13,155.56) (166.34) Closing net book value 91,075.17 576.35
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 25 12 Intangible assets Movements of intangible assets for the nine-month period ended 30 September 2026 are as follows: Consolidated financial information Separate financial information Baht Million Baht Million Opening net book value 137,173.59 338.42 Additions 4,480.61 13.50 Disposals (15.04) - Disposal of subsidiary (3.49) - Transfers 31.26 (0.49) Amortisation (15,571.84) (108.25) Closing net book value 126,095.09 243.18 13 Trade and other current payables Consolidated financial information Separate financial information 30 September 31 December 30 September 31 December 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Trade accounts payable 31,872.76 36,977.10 1,508.62 2,012.32 Other current payables 951.53 1,531.76 45.31 41.61 Unearned income 7,491.62 6,883.18 89.25 152.69 Accrued expenses 30,818.40 37,117.12 8,548.52 8,230.46 Trade and other current payables 71,134.31 82,509.16 10,191.70 10,437.08 At 30 September 2026, the current portion of licence fee of Baht 9,803.27 million (31 December 2025 : Baht 11,489.68 million) (Note 16) is included in accrued expenses. 14 Borrowings Consolidated financial information Separate financial information 30 September 31 December 30 September 31 December 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Current - Other borrowings 31,024.84 350.00 31,024.84 350.00 - Debentures 45,120.90 65,161.38 38,054.03 53,043.75 Total Current 76,145.74 65,511.38 69,078.87 53,393.75 Non-current - Other borrowings 48,227.21 59,109.72 48,227.21 59,109.72 - Debentures 197,790.33 199,942.00 184,298.44 175,932.93 Total Non-current 246,017.54 259,051.72 232,525.65 235,042.65 Total 322,163.28 324,563.10 301,604.52 288,436.40
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 26 Movements of borrowings for the nine-month period ended 30 September 2026 are as follows: Consolidated financial information Separate financial information Baht Million Baht Million Opening net book value 324,563.10 288,436.40 Additional borrowings 73,087.88 73,087.88 Repayment of borrowings - cash item (80,226.20) (64,641.60) Interest during the period 73.98 73.98 Amortisation of debt issuance costs 326.62 310.28 Gain from derivative contracts 0.32 - Currency translations 4,337.58 4,337.58 Closing net book value 322,163.28 301,604.52 During the nine-month period ended 30 September 2026, the Company issued debenture and loan from financial institutions as follows: Thai Baht debentures of Baht 44,840.00 million, with fixed interest rates ranging from 2.15% to 3.40% per annum. The maturity dates are during 4 August 2029 to 4 August 2036. Thai Baht debenture of Baht 2,071.21 million, with discount rate of 2.12% per annum. The maturity date is 14 January 2028. Loan from financial institutions denominated in Thai Baht totaling Baht 3,000.00 million. The loan bears interest at THOR plus a fixed margin per annum. The maturity date is 27 November 2030. Loan from financial institutions denominated in Thai Baht totaling Baht 3,000.00 million. The loan bears interest at THOR Compound plus a fixed margin per annum. The maturity date is 25 February 2030. Loan from financial institutions denominated in Japanese Yen totaling to JPY101,400.00 million (equivalent to Baht 20,541.38 million). The loan bears interest at TONAR plus margin per annum. The maturity date is 27 February 2031. 15 Lease liabilities Consolidated financial information Separate financial information 30 September 31 December 30 September 31 December 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Current 19,589.60 17,435.73 218.10 46.30 Non-current 83,747.81 90,052.04 240.87 82.90 Total 103,337.41 107,487.77 458.97 129.20 Movements of lease liabilities for the nine-month period ended 30 September 2026 are as follows: Consolidated financial information Separate financial information Baht Million Baht Million Opening net book value 107,487.77 129.20 Additions 10,377.59 464.72 Interests (Note 7) 3,557.38 8.62 Repayments of lease liabilities (17,711.97) (138.54) Write off due to the termination of contracts (198.89) (5.39) Lease modification (221.62) 0.36 Currency translations 47.15 - Closing net book value 103,337.41 458.97
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 27 16 Liabilities under agreements and licences for operations Details of liabilities under agreements and licences for operations can be summarised as follows: Consolidated financial information 30 September 31 December 2026 2025 Baht Million Baht Million Current (included in “Accrued expenses”) (Note 13) 9,803.27 11,489.68 Non-current 33,957.76 37,683.37 Total 43,761.03 49,173.05 Movement of liabilities under agreements and licences for operations for the nine-month period ended 30 September 2026 are as follows: Consolidated financial information Baht Million Opening net book amount 49,173.05 Repayments (6,482.51) Finance costs (Note 7) 1,070.49 Closing net book amount 43,761.03 17 Other income Consolidated financial information Separate financial information For the three-month 30 September 30 September 30 September 30 September periods ended 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Interest income 54.49 81.07 5.51 18.13 Interest income - loan to subsidiaries - - 2,083.31 2,013.67 Gain on exchange rate 139.08 51.27 41.76 2.30 Dividend income 11.43 - 485.63 485.63 Others 323.32 470.87 38.54 20.97 Total other income 528.32 603.21 2,654.75 2,540.70 Consolidated financial information Separate financial information For the nine-month 30 September 30 September 30 September 30 September periods ended 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Interest income 178.01 230.46 23.19 50.95 Interest income - loan to subsidiaries - - 6,302.89 5,530.74 Gain on exchange rate 7.40 100.24 2.61 3.47 Dividend income 34.13 - 1,460.00 1,456.90 Others 808.49 647.41 42.90 32.79 Total other income 1,028.03 978.11 7,831.59 7,074.85
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 28 18 Income tax expense Income tax expense is recognised based on management’s estimate of the weighted average effective annual income tax rate expected for the full financial year. The average effective tax rate used for operations for the nine-month period ended 30 September 2026 for the consolidated financial information is 2.60% resulted from utilisation of previously unrecognised deferred tax asset (2025: tax benefit at 7.70%) and for the separate financial information is 9.50% resulted from income not subject to tax (2025: tax benefit at 0.19%). In December 2021, the Organisation for Economic Co-operation and Development (OECD) released the Pillar Two model rules to reform international corporate taxation that aim to ensure that large multinationals pay a minimum effective corporate tax rate of 15% in each jurisdiction in which they operate. The Group is within the scope of the Pillar Two model rules. In 2025, Pillar Two legislation was enacted in Thailand, the jurisdictions in which the Company has business operations, and came into effect on 1 January 2025. Under the legislation, the Group will be liable to pay a top-up tax, if there is any, for difference between its GloBE effective tax rate in the jurisdiction of the Group and the 15% minimum rate. 19 Contracts, litigations and Arbitration disputes Except as set forth, there is no new development in the litigations and arbitration disputes disclosed in Note 41 to the 2025 annual financial statements. Progress of litigations occurred during the period ended 30 September 2026 is summarised as follows: Litigation and arbitration disputes of the Company: Dispute in relation to the numbering fees: After the Central Administrative Court rendered a judgment dismissing the petitions of both the Company and NT to revoke the arbitral award, and ordered enforcement of the award of the majority of the arbitral tribunal, the Company and NT submitted the appeal against the Central Administrative Court’s judgment to the Supreme Administrative Court. On 23 September 2026, the Company submitted an objection to the NT’s appeal. Currently, the case is under the Supreme Administrative Court’s proceedings. Cases relating to an additional payment revenue from services provided during the consumer protection period: After the Central Administrative Court rendered a judgment to partially revoke the NBTC’s order and requires the Company to remit revenue from services provided under the consumer protection period, the Company submitted appeal against the Central Administrative Court’s judgment to the Supreme Administrative Court. Currently, the case is under the Supreme Administrative Court’s proceedings. Dispute in relation to the amalgamation with Thailand Consumers Council with associates totaling 5 persons: After the Central Administrative Court rendered a judgment dismissing the case because the NBTC’s resolution acknowledging the business amalgamation by the NBTC was lawful, the Company received the appeal filed by the Consumer Council. The Company is currently in the process of preparing an objection to the appeal. Currently, the case is under the Supreme Administrative Court’s proceedings. Dispute in relation to Long-Distance Domestic Calls: TA 1234 campaign: After the Company received the NT’s appeal dated 19 September 2025, on 15 May 2026, the Company filed the Appellee's brief. Currently, the case is under the Supreme Administrative Court’s proceedings. Dispute regarding revenue sharing calculation in relation to Interconnection Charge (IC) revenue after the enforcement of the Interconnection Notification for the 18th to 20th concessions years: After the Company filed petitions to revoke the arbitral awards in disputes concerning additional revenue sharing for the 18th and 19th concession years and NT has filed petitions with the Central Administrative Court to enforce the arbitral awards for additional revenue sharing for 18th, 19th and 20th concession years, On 15 May 2026, the Central Administrative Court rendered the judgment to revoke the arbitral award and dismiss NT’s petition seeking enforcement of the arbitral award. Later, NT appealed the Central Administrative Court’s judgment in all three cases to the Supreme Administrative Court. Currently, the cases are under the Supreme Administrative Court’s proceedings. Case in relation to the Access Charges: After the Company filed a lawsuit against NT with the Central Administrative Court claiming NT to pay the Access Charges for the period during May 2006 to November 2006, on 24 July 2026, the Central Administrative Court read the order of the Supreme Administrative Court order refusing to acceptance the statement of claim. The case becomes final.
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 29 Dispute regarding revenue sharing calculation in relation to Interconnection Charge (IC) revenue after the enforcement of the Interconnection Notification for the 21st to 27th concessions years: After the Company and NT filed a petition to revoke the arbitration award with the Central Administrative Court and the Company received an order from the Central Administrative Court that the above two cases were combined and the Company filed a statement of defense at the Central Administrative Court. Later, on 25 September 2026, the Central Administrative Court rendered its judgment dismissing the petitions filed by both the Company and NT for revocation of the arbitral award. However, either party that disagrees with the judgment is entitled to file an appeal with the Supreme Administrative Court within 30 days as from the date of passing the judgment. Thereafter, on 22 October 2026, the Company filed an appeal against the judgment of the Central Administrative Court with the Supreme Administrative Court. And, on 2 October 2026, the Company received NT's petition for enforcement of the arbitral award, dated 17 September 2026. Currently, the Company is in the process of preparation and submission of an objection to the NT’s enforcement petition. The ultimate outcome of the litigations and arbitration disputes are presently unable to be determined, and accordingly, no revenue and provision for liability have been made in the interim financial information unless otherwise stated. Litigation and arbitration disputes of the Subsidiaries: Case in relation to administrative fine for non-compliance with NBTC notification regarding Mobile Number Portability (MNP) and MNP Porting Process Manual: After the Supreme Administrative Court ordered the subsidiary to submit an objection to the appeal, the subsidiary submitted an objection to the NBTC’s appeal. Currently, the case is under consideration by the Supreme Administrative Court. Case where NT filed an administrative lawsuit against a subsidiary on the ground that the subsidiary used the telecommunications equipment, which is delivered to NT after the end of contract to operate the radio service cellular DIGITAL PCN (PERSONAL COMMUNICATION NETWORK) 1800, during the period from 16 September 2014 until 17 July 2015: After the Central Administrative Court ruled that the subsidiary is not liable to the claim brought by NT and dismissed the NT’s complaint in respect of the subsidiary. Subsequently, NT filed an appeal with the Supreme Administrative Court, and the subsidiary filed the objection against the said appeal. On 17 September 2026, the Supreme Administrative Court rendered judgment dismissing NT’s claim with respect to the subsidiary’s liability. As a result, the subsidiary is not liable to NT. The case becomes final. The ultimate outcome of the litigations and arbitration disputes are presently unable to be determined, and accordingly, no revenue and provision for liability have been made in the interim financial information unless otherwise stated. 20 Commitments and contingent liabilities 20.1 Collateral Consolidated financial information Separate financial information 30 September 31 December 30 September 31 December 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Fixed and saving deposits 59.51 56.44 39.87 36.38 Under the terms of various agreements, the above assets have been pledged as collateral with the contracted parties. 20.2 Bank guarantees The bank guarantees provided by banks on behalf of the Group are as follows: Consolidated financial information Separate financial information 30 September 31 December 30 September 31 December 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Bank guarantees 51,054.26 57,936.86 403.03 578.11
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 30 21 Related-party transactions Enterprises and individuals that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common control with, the Company, including holding companies, subsidiaries, joint ventures and fellow subsidiaries are related parties of the Company. Associates and individuals owning, directly or indirectly, an interest in the voting power of the Company that gives them significant influence over the enterprise, key management personnel, including directors and officers of the Company and close members of the family of these individuals and companies associated with these individuals also constitute related parties. In considering each possible related party relationship, attention is directed to the substance of the relationship, and not merely the legal form. On 13 March 2026, Arise Digital Technology Company Limited (“Arise Group of companies”) purchased the Company's share from Telenor Thailand Investments Pte. Ltd. (“Telenor Group of companies”) 24.95%, resulting in Arise Group of companies has become a major shareholder of the Company replacing Telenor Group of companies. Consequently, the Group is jointly controlled by Arise Group of companies and CP Group of companies as the major shareholders of the Company. The following transactions were carried out with related parties: 21.1) Transactions with related parties Transactions with related parties for the three-month period ended 30 September 2026 and 2025 are as follows: Consolidated financial information Separate financial information 30 September 30 September 30 September 30 September 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Sales of goods and services Subsidiaries - - 2,509.53 2,569.74 Joint ventures 2.28 2.93 0.59 0.59 Associates 299.24 306.97 - - Related companies: CP Group of companies 645.60 2,495.95 0.22 0.23 Telenor Group of companies - 12.67 - - Arise Group of companies 2,572.11 - 1.30 - 3,519.23 2,818.52 2,511.64 2,570.56 Purchases of goods and services Subsidiaries - - 145.30 207.96 Joint ventures 321.72 290.48 - - Associates 3,124.47 2,994.45 2.43 (0.71) Related companies CP Group of companies 1,302.89 2,403.75 79.45 66.38 Telenor Group of companies - 129.75 - 41.26 Arise Group of companies 1,059.98 - 12.55 - 5,809.06 5,818.43 239.73 314.89
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 31 Transactions with related parties for the nine-month period ended 30 September 2026 and 2025 are as follows: Consolidated financial information Separate financial information 30 September 30 September 30 September 30 September 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Sales of goods and services Subsidiaries - - 7,520.57 8,375.07 Joint ventures 6.63 9.90 1.78 1.78 Associates 795.04 903.11 - - Related companies: CP Group of companies 4,102.45 9,095.87 0.66 0.64 Telenor Group of companies 25.17 38.85 - - Arise Group of companies 4,791.68 - 3.56 - 9,720.97 10,047.73 7,526.57 8,377.49 Purchases of goods and services Subsidiaries - - 460.63 512.62 Joint ventures 941.03 810.72 - - Associates 9,372.20 8,610.38 4.41 (1.21) Related companies CP Group of companies 4,368.44 7,080.51 198.78 165.25 Telenor Group of companies 50.36 335.68 31.61 111.97 Arise Group of companies 2,125.54 - 24.67 - 16,857.57 16,837.29 720.10 788.63 21.2) Outstanding balances arising from sales and purchases of goods and services The outstanding balances at the end of the reporting period in relation to transactions with related parties are as follows: Consolidated financial information Separate financial information 30 September 31 December 30 September 31 December 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Receivables and accrued income from related parties (included in “Trade account receivables”(Note 8)): Subsidiaries - - 1,307.42 1,957.32 Joint ventures 14.89 24.66 0.21 0.21 Associates 355.76 425.05 20.03 84.82 Related companies CP Group of companies 7,188.71 14,555.78 1.56 10.74 Telenor Group of companies - 39.36 - 0.18 Arise Group of companies 8,303.90 - 1.77 - 15,863.26 15,044.85 1,330.99 2,053.27 Payables to related parties (included in “Tradepayables”): Subsidiaries - - 1,298.46 1,514.97 Joint ventures 161.74 302.85 - 24.31 Associates 19.40 46.53 2.37 5.81 Related companies CP Group of companies 1,436.31 3,719.08 66.41 150.13 Telenor Group of companies - 407.80 - 120.93 Arise Group of companies 2,043.76 - 2.48 - 3,661.21 4,476.26 1,369.72 1,816.15
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 32 21.3) Loans to related parties Consolidated financial information Separate financial information 30 September 31 December 30 September 31 December 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Short term loans to related parties Subsidiaries - - 3,749.69 1,361.33 Associates 2.00 2.00 - - Total short-term loans to related parties 2.00 2.00 3,749.69 1,361.33 Long term loans to related parties Subsidiaries - - 223,327.70 228,025.80 Total long-term loans to related parties - - 223,327.70 228,025.80 Total 2.00 2.00 227,077.39 229,387.13 The movements of loans to related parties for the nine-month period ended 30 September 2026 are as follows: Consolidated financial information Separate financial information Baht Million Baht Million Opening net book amount 2.00 229,387.13 Additions 161.20 33,379.33 Payment received - (35,689.07) Impairment (161.20) - Closing net book amount 2.00 227,077.39 The loans to related parties were made on commercial terms and conditions. The loans carry interest for the consolidated and the separate financial information 6.10% per annum and between 1.07% to 5.15% per annum, respectively. The interest income in the consolidated financial information for the three-month and nine-month periods ended 30 September 2026 were Baht 0.03 million and Baht 0.09 million, respectively (2025 : Baht 0.03 million and Baht 0.15 million, respectively) and the separate financial information for the three-month and nine-month periods ended 30 September 2026 were Baht 2,083.31 million and Baht 6,302.89 million (2025 : Baht 2,013.67 million and Baht 5,530.74 million, respectively). 21.4) Loans from related parties Consolidated financial information Separate financial information 30 September 31 December 30 September 31 December 2026 2025 2026 2025 Baht Million Baht Million Baht Million Baht Million Short term loans to related parties Subsidiaries - - - - Total - - - -
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True Corporation Public Company Limited Condensed notes to the interim financial information (Unaudited) For the nine-month period ended 30 September 2026 33 The movements of loans from related parties for the nine-month period ended 30 September 2026 are as follows: Consolidated financial information Separate financial information Baht Million Baht Million Opening net book amount - - Additions - 9,584.21 Repayment - (9,584.21) Closing net book amount - - The loans from related parties were made on commercial terms and conditions. The loans carry interest for the separate financial information between 0.58% to 3.79% per annum, respectively. The interest expense in the separate financial information for the three-month and nine-month periods ended 30 September 2026 were Baht 0.15 million (2025 : nil). 22 Dividend per share On 30 April 2026, the Annual General Meeting of Shareholders for 2026 passed the resolution approving the annual dividend payment for the operating results of 2025 at the rate of Baht 0.12 per share, totaling Baht 4,146.14 million. Accordingly, the said annual dividend was duly paid on 26 May 2026. On 7 May 2026, the Board of Directors Meeting No. 3/2026 passed the resolution approving the interim dividend payment at the rate of Baht 0.14 per share, totaling Baht 4,837.16 million. Accordingly, the said interim dividend was duly paid on 5 June 2026. On 4 August 2026, the Board of Directors Meeting No. 4/2026 passed the resolution approving the interim dividend payment at the rate of Baht 0.15 per share, totaling Baht 5,182.69 million. Accordingly, the said interim dividend was duly paid on 2 September 2026. 23 Events after reporting date On 28 October 2026, the Company issued the debentures to refinance the Company’s maturing debts as following: 1) 5.36 million units at par value Baht 1,000.00, totalling Baht 5,355.70 million. The debentures carry interest at the rate of 2.50% per annum and will be redeemed at maturity date on 28 October 2031. 2) 1.00 million units at par value Baht 1,000.00, totalling Baht 1,004.80 million. The debentures carry interest at the rate of 2.80% per annum and will be redeemed at maturity date on 28 October 2033. 3) 1.64 million units at par value Baht 1,000.00, totalling Baht 1,639.50 million. The debentures carry interest at the rate of 3.15% per annum and will be redeemed at maturity date on 28 October 2036. On 2 November 2026, the Board of Directors Meeting No. 5/2026 passed the resolution approving the interim dividend payment at the rate of Baht 0.16 per share, totaling Baht 5,528.34 million. The record date for determining the shareholders entitled to receive the dividend is 16 November 2026, and the dividend shall be paid on 1 December 2026. 24 Authorisation of financial information The interim consolidated and separate financial information were authorised for issue by the Board of Directors on 2 November 2026.