- Strong Profit Growth: Net profit surged 37% YoY to THB 47.9 billion, with normalized profit up 32% to THB 46 billion.
- Generous Dividend Payout: Approved THB 15.30/share ordinary dividend (95% payout ratio) and THB 19/share special dividend, totaling over THB 50 billion in shareholder returns.
- 5G Adoption Surge: 5G subscribers hit 17.9 million (38% of total), up 50% YoY, with data consumption rising 16% to 34 GB/subscriber.
- 2026 Guidance: Targets 3-5% core revenue growth and 2-4% EBITDA growth, supported by THB 30-35 billion in CapEx and THB 8-10 billion in new investments (virtual bank, data centers).
- ESG Leadership: Maintained MSCI AA ESG rating and AAA from Stock Exchange of Thailand, reinforcing its position as a sustainability leader.
Operational Highlights
AIS's 5G adoption reached 17.9 million subscribers, or 38% of its subscriber base, growing nearly 50% year-on-year. Data consumption exceeded 34 gigabytes per subscriber, up 16% year-on-year. The broadband service grew steadily with subscribers exceeding 5.2 million and ARPU at THB 530, both up more than 4% year-on-year. The Enterprise business delivered double-digit growth, supported by strong connectivity demand.
Outlook and Guidance
AIS guided for 3-5% core service revenue growth and 2-4% EBITDA growth in 2026, with CapEx investment of THB 30-35 billion. The company expects to drive growth through expanding digital infrastructure, including data centers and cloud services. The revenue growth is expected to be lower this year due to macroeconomic headwinds, but AIS aims to grow its ARPU, with opportunities in mobile, broadband, and enterprise services.
Valuation and Dividend
At current levels, the stock trades at a P/E Ratio of 22.92 and a Dividend Yield of 3.42%. The Board approved an ordinary dividend of THB 15.30 per share, representing a 95% payout ratio, and a one-time special dividend of THB 19 per share. The company's capital management strategy aims to optimize its capital structure to provide an optimal return to shareholders and growth for the business.
Growth Initiatives
AIS is progressing well with its virtual bank initiative, targeting commercialization within 2026, and its data center business through GSA, with the first data center already commercialized and two more expected to be ready by 2027. The company is also exploring emerging technologies, including low earth orbit broadband satellite business and 6G technology, which may provide new opportunities for growth.