TRUE Cash Flow Statement - True Corporation PCL

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Price: 12.9 THB -1.53% Market Closed

Market Cap: ฿445.7B

Financial profile · Q3 FY2026

An infrastructure-heavy telecom moving from volatile earnings toward sustained profitability

Across the multi-year record, operating profitability and earnings have varied sharply, while the network-heavy model requires recurring capital expenditure. Depreciation and other non-cash charges make operating cash flow materially larger than net income, so cash conversion and debt service are central to the financial profile.

What changed

Trailing-year earnings have returned to profit as free cash flow expanded alongside higher operating cash generation and lower capital spending. This is a material recovery from prior loss-making periods, though the recurring need to fund network assets remains.

What matters next

Whether free cash flow remains positive as network investment continues and debt repayments proceed.

Metric	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Net Income	(12.7B)	(10.8B)	7B
Depreciation & Amortization	61.6B	72B	70.8B
Other Non-Cash Items	23.9B	39.4B	29.3B
Cash Taxes Paid	(1.7B)	(890.6m)	(1.5B)
Cash Interest Paid	16.9B	20.2B	18.5B
Change in Working Capital	(20.7B)	(22.2B)	(25B)
Cash from Operating Activities	52.2B	78.4B	82.1B
Capital Expenditures	(40.4B)	(45.3B)	(61.7B)
Other Items	2.2B	2.3B	3.5B
Cash from Investing Activities	(38.2B)	(43B)	(58.2B)
Net Issuance of Debt	(18.2B)	(42.2B)	(26.3B)
Cash Paid for Dividends	—	—	(6.6B)
Other	(17k)	(20.7m)	0
Cash from Financing Activities	(18.2B)	(42.2B)	(32.9B)
Effect of Foreign Exchange Rates	(10.3m)	(6.8m)	6m
Net Change in Cash	(4.3B)	(6.7B)	(8.9B)
Free Cash Flow	11.8B	33.2B	20.4B