Thailand’s Telecom Duopoly Drives Growth as TRUE Hits Record Revenue and Profit

Advanced Info Services Plc (ADVANC) or AIS and True Corporation Plc (TRUE) the 2 mobile phone operators reported profits that saw the duopoly see their fortunes turn around.

AIS reported its net profit of 13.5 billion Baht in the third quarter of 2026, maintaining a substantial lead over TRUE, whose earnings climbed to 6.7 billion Baht as the company recorded its seventh consecutive profitable quarter.

AIS reported third-quarter net profit of 13.504 billion Baht, an increase of 12% from the same period last year, while total revenue rose 6.8% to 58.061 billion Baht. EBITDA increased 4.5% to 32.834 Baht billion.

The results were supported by continued growth in mobile and fixed broadband services, as well as stronger sales of devices and SIM cards. Mobile service revenue increased 4.4% year-on-year to 34.273 billion Baht, while fixed broadband revenue rose 5.5% to 8.638 billion Baht.

Revenue from equipment and SIM sales climbed 29%, reflecting stronger demand for premium smartphones following new model launches. However, enterprise customer service revenue declined 5.4%, partly due to a change in the recognition of cloud-service revenue.

AIS also benefited from lower service costs, which declined 4.6% year-on-year. The reduction was partly associated with lower network expenses and the expiry of its 2,100MHz network partnership with National Telecom (NT). Gross profit consequently increased to 25.017 billion Baht, with gross margin reaching approximately 43.1%.

Not all cost pressures disappeared. Selling and administrative expenses increased 6.1%, reflecting higher personnel and IT expenses, while the company also recognised a share of losses from its virtual banking investment.

Despite the year-on-year improvement, AIS’s net profit declined approximately 1.5% quarter-on-quarter, indicating that its earnings momentum moderated slightly from the previous quarter.

TRUE extends its turnaround

Once the loss making, TRUE, delivered a different, but equally significant, set of results.

The company reported net profit of approximately 6.7 billion Baht, representing a 324% increase from the same period last year and a 1.6% improvement from the previous quarter. This marked TRUE’s seventh consecutive profitable quarter since the amalgamation of True and dtac.

Importantly, the headline growth rate needs context. TRUE said the quarter included approximately ฿300 million in one-off effects. Excluding the relevant exceptional items, analysts estimated underlying net profit at around 6.96 billion Baht, up approximately 51% year-on-year. This indicates that the improvement was not simply the result of a low comparison base.

TRUE’s service revenue reached 41.6 billion Baht, up around 2% year-on-year on a normalized basis. Growth was driven primarily by its mobile and broadband businesses. Mobile revenue increased 3.1% excluding domestic roaming revenue, while broadband revenue grew 1.1%.

The company added 1.8 million mobile subscribers and 125,000 broadband subscribers during the quarter, according to management. Its subscriber base and improving customer retention have helped support recurring service revenue.

TRUE’s EBITDA rose 5.7% to 28.5 billion Baht, while its EBITDA margin stood at 68.4% of service revenue. Management attributed the improvement to operational efficiencies, cost discipline and savings from its network and spectrum arrangements.

One particularly important development was the reduction in the cost of providing services, which fell 9.5% year-on-year. This helped TRUE expand profitability even as service revenue growth remained relatively modest.

The company also continued to strengthen its balance sheet. Its leverage ratio declined to 3.6 times, an improvement of 0.5 turns from a year earlier, reflecting continued deleveraging and lower financial pressure.

However, the recovery is not uniform across all businesses. Management acknowledged that its B2B and pay-TV operations remain weak and are areas requiring further improvement. It said it was working to restore growth in both segments.

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Advanced Info Services Plc (ADVANC) 或 AIS 和 True Corporation Plc (TRUE) 这两家移动电话运营商公布的利润使双头垄断的命运发生了转变。

AIS公布2026年第三季度净利润为135亿泰铢，大幅领先于TRUE，后者盈利攀升至67亿泰铢，这是该公司连续第七个季度实现盈利。

AIS公布第三季度净利润为135.04亿泰铢，较去年同期增长12%；总收入增长6.8%至580.61亿泰铢；EBITDA增长4.5%至328.34亿泰铢。

移动和固定宽带服务的持续增长，以及设备和SIM卡销售的强劲表现，支撑了业绩增长。移动服务收入同比增长4.4%，达到342.73亿泰铢；固定宽带收入同比增长5.5%，达到86.38亿泰铢。

设备和SIM卡销售收入增长29%，反映出新款智能手机发布后，市场对高端智能手机的需求更加强劲。然而，企业客户服务收入下降5.4%，部分原因是云服务收入确认方式的改变。

AIS也受益于服务成本的降低，同比下降4.6%。成本下降部分原因是网络费用降低以及与泰国国家电信（NT）的2100MHz网络合作协议到期。因此，毛利润增至250.17亿泰铢，毛利率约为43.1%。

并非所有成本压力都消失了。销售和管理费用增长了6.1%，反映出人员和IT支出增加，同时公司也确认了其虚拟银行投资的部分亏损。

尽管同比有所改善，但AIS的净利润环比下降约1.5%，表明其盈利势头较上一季度略有放缓。

TRUE延长了其扭亏为盈期

曾经亏损的 TRUE 取得了截然不同但同样重要的成果。

该公司公布净利润约为67亿泰铢，较去年同期增长324%，较上一季度增长1.6%。这是自True与dtac合并以来，TRUE连续第七个季度实现盈利。

重要的是，整体增长率需要结合具体情况来看。TRUE表示，该季度包含了约3亿泰铢的一次性影响。剔除相关特殊项目后，分析师估计其基本净利润约为69.6亿泰铢，同比增长约51%。这表明，业绩改善并非仅仅是由于去年同期基数较低所致。

TRUE的服务收入达到416亿泰铢，按正常化基准计算同比增长约2%。增长主要得益于其移动和宽带业务。剔除国内漫游收入后，移动收入增长3.1%，宽带收入增长1.1%。

据管理层透露，该公司本季度新增180万移动用户和12.5万宽带用户。用户基数的增长和客户留存率的提高，有助于支撑经常性服务收入。

TRUE的EBITDA增长5.7%至285亿泰铢，EBITDA利润率达到服务收入的68.4%。管理层将业绩提升归功于运营效率的提高、成本控制以及网络和频谱安排带来的成本节约。

其中一项尤为重要的进展是服务成本的降低，同比下降了9.5%。这帮助TRUE提高了盈利能力，即便服务收入增长仍然相对温和。

该公司也继续加强资产负债表。其杠杆率降至3.6倍，较上年同期改善0.5倍，反映出持续去杠杆化和财务压力降低。

然而，各业务的复苏情况并不均衡。管理层承认，其B2B和付费电视业务依然疲软，需要进一步改进。公司表示，正在努力恢复这两个领域的增长。

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