True Corporation Pcl

Welcome to True Corporation's earnings disclosure for the fourth quarter and full year of 2025. My name is Noreen. I'm the head of investor relations. With us today are our group CEO, Khunsik Bey, and our co-CFO, Khun Nakul. I would also like to welcome all the analysts who have joined us in the room today and to those of you who are joining us online. Our presentation today is going to be a bit different. We will have the first segment, which will focus on the results of the fourth quarter and the full year. And we will have the second segment, which will focus on the strategy and the mid to long-term guidance that we have provided. All our presentations are available for download on our website. We will take Q&A at the end of the presentation. For those of you who are online, please raise your hand or drop your questions in the comment box. We will do a mix of questions from the room and questions online. With that, I now welcome Konsek Wei to start our presentation.

Sorry. Thanks, Noreen, and good morning to all of you, our Asian colleagues, and good afternoon or whatever to the rest of the world. And good to see also several of the analysts being present here in the room. Let me take one look back before we go forward. And I'm taking a look back on 2025. And some key highlights from that year. First, 2025 was the year where we became profitable. We reported a net profit after tax for the first time in Q1 last year and continued to be a profitable company ever since. And more importantly, we declare our first dividend since the amalgamation in Q3 2025, reinforcing our commitment to disciplined capital allocation and shareholder return. Secondly, we also last year achieved a significant milestone on our network. We completed our one network integration successfully and actually ahead of plan. And with the acquisition of the 2.3 megahertz and the 1500 megahertz, we now have the biggest spectrum portfolio in the market, which puts us in a very good position to deliver best network experience going forward. And thirdly, customers remain at the core of everything we do. And we had some challenges during the year, being the earthquake, being flood, being border situation, and also being the network outage that we had. But throughout that, we kept the relationship with our customers. We also unified ex-DITA customers and ex-TRUE customers into a one digital first platform, delivering a seamless and consistent experience through the new TRUE app, where our customers then could get the first digital platform experience. Finally, We also started to see in the fourth quarter signs of growth momentum returning. I said when we had our third quarter presentation that we are bottoming out and returning back to growth. And that was exactly what happened in the fourth quarter. Mobile service revenue increased quarter on quarter. EBITDA continued to expand significantly. This affects a shift towards a healthier, more sustainable growth with customers firmly at the core. These milestones represent what I call a shift from integration that we have done the last three years to a disciplined execution and a sustainable performance going forward. And I'm going to talk more about that. But first, let me ask Nakul to go through some of the financials from the quarter. Please, Nakul.

Thank you so much. Good morning. Good afternoon, everyone. Let me walk you through the financial highlights of Q4 25 and full year of 25. First, as far as the service revenue is concerned, on a normalized basis, excluding the impact of the decline in domestic roaming, we are delivering a negative 0.2% year on year for Q4 and a flat on a quarter on quarter basis. For the full year, we are negative 0.2%, a shade lower than the guidance that we are given to the capital markets. As far as the EBITDA is concerned, a 10.3% growth on an year-on-year basis and a 3.2% on a Q1Q, with the full year being 7% growth. The net profit after tax, 4 billion of reported profits, 2.5x of what you saw in the previous quarter. And at the same time, normalized profit was 6.1 billion, with the full year reported profit being 9.2. And as Kunsigwe said, fourth consecutive quarter of profit for the company. The leverage continues to decline. It's a negative 0.2x on an year-on-year and also on a quarter-on-quarter basis. And even here, we meet or slightly exceed the guidance that we had given to the capital markets. We do also announce final dividend for the year at about 4.1 billion, which is 12 satang. With this, the F525 payout is 56% of our normalized profits. Then, if I go into the financial numbers in a little bit more detail, as far as the service revenue for Q4 is concerned, even though it's declined 1% on a year-on-year basis, that's primarily on account of domestic roaming and pay TV. But on a normalized basis, it remained flat on a Q1Q and declined on a negative 0.2% on a deal on it basis. The full year service revenue declined due to lower contribution from mobile as well as the pay TV segments. And I'll explain that in the second graph that you see in the middle. If you look at the waterfall from Q424 to Q425 and also for the full year 24 to full year 25, the two businesses that have declined is basically mobile and pay TV. where there is growth registered in online. The decline in the mobile business is primarily on account of domestic roaming, while the underlying core mobile business has grown. As far as the total revenue is concerned, first, if you can see the product sales for Q4-25 has increased approximately 37% due to launch of the iPhone. And this is where you see the numbers clearly indicating that increase. 4.2 billion has gone up to 5.8%. And then also, as far as the full year is concerned, the decline of 5% that you see is primarily on account of the reduction in the network rental revenue, which is as expected. You know, expiration of the spectrum rental arrangement that we had with NT, and that's the reason why there is a decline. Other than that, it's stable. Then if I move on to the different businesses, first the mobile business. Let me first walk you through the middle section, which is the subscriber growth. As Kunsikbe mentioned, we had kind of promised in Q3 that we're going to be back to growth in this business. And as a consequence, we are pleased to report 580,000 net ads positive in this quarter, 100,000 coming from postpaid and about 480,000 coming from prepaid. The growth in postpaid is basically on account of B2B. With the growth in the subscribers and also an improvement in the ARPU, as you can see on the extreme right, the ARPU in the prepaid space has improved 2.6% Q1Q. Full year is approximately 10%. Also, as far as the postpaid business is concerned, it's a slight improvement, 0.4% quarter on quarter. That's primarily because of the seasonal roaming revenues. And as a consequence, the Q1Q and year-on-year blended ARPU has shown a good increase, reaching at 225 baht, which is a 4.5% increase year-on-year. The revenue development is a function of the subscriber and ARPU. And as a consequence, you can see Q1Q, the mobile business has grown 1.2%. And the growth normalized for the roaming is about 1.4. And that's where we are saying that we are back to growth as far as this business is concerned. Then let me move on to online. We registered a 1.5% growth year-on-year in online revenues, which is basically driven by the growth in subscribers. If you see the number of subscribers, we report 32,000 net ads positive in this quarter, but the subscriber number will be a little bit of surprise to you, and let me address this question up front. What we've done is we've actually revised how we report the subscribers on the broadband space, where we've done two adjustments. Number one, we've excluded B2B broadband subscribers here because that was doing the ARPU very differently because B2B ARPU is much higher because of the corporate solutions. And the second, we had historically double counted certain subscribers who were using a fixed line phone and also using a broadband connection. And over a period of time, these fixed line subscribers Subscribers don't really pay for the fixed line phone anymore. So that's why we thought it was more appropriate to show a normalized view of the subscribers. And hence you see a 3.3 million subs, which is increasing 32,000 on a quarter-on-quarter basis. ARPU has more or less remained flat. And as a consequence, you see on the left-hand side, the subscription revenue has marginally improved 0.8% Q&Q. The full revenue, including B2B, has declined 1.9%, but that's, as we had mentioned earlier, it's because of the one-time revenues on certain corporate solutions that we had in Q3. Full year is a growth of 2.2%. Then I move on to pay TV. Pay TV, as you know, Q3 was a quarter where we had reported some exceptional revenues, which was basically on account of music and entertainment. These are seasonal in nature and come once in a while at different times of the year. So even though on a reported basis you see a 14.3% decline year on year and a 24.4% on a quarter on quarter, the majority of the decline is because of the lower seasonal concerts in Q4 as compared to Q3. As far as the subscriber is concerned, the trend is continuing from what you had seen in the past. It's roughly about a 4% decline and the ARPU is more or less stable from Q3 and Q4. The other reason for the big reduction on our subscription revenues is, you are all aware, it's because of EPL not being in our portfolio anymore. And let me once again reiterate, losing EPL is net positive for us as a business, even though what we are trying to do is the net savings from EPL is being re-channelized into other content that we want to do to retain our customers. Then let me move on to the OPEX picture. There is a 28.8% year-on-year decline in OPEX, which is benefited by acquisition of Spectrum and also on the synergies. But first, the regulatory cost, as you are all aware, has increased 12.6% on an year-on-year basis, which is basically on account of the full-year effect on the rate, which is because of the expiry of Spectrum. Some more of this effect is going to come in 2026. As far as the network cost is concerned, it declined 27.5% year-on-year and also 9.2% Q-on-Q, which is benefited by two things. One is because of the acquisition of Spectrum, because certain costs are not booked now. They are actually booked below the line, even though they are much smaller. And the second is on account of the network modernization that has taken place, wherein we have reduced approximately 18,000 sites. The cost of sales have declined 4% year on year, but they have increased 33.7% in tandem with the increase in the sales of the handsets as well. So this should be looked at jointly. We have eliminated the spectrum rental cost. Of course, this is due to the expiry of the spectrum rental arrangement. And as you can see from the left-hand side of the chart, 1.9 billion cost in Q3-25 is not there anymore in Q4 of 25. The other cost of providing services has declined 8.4%, mainly driven by the net savings from EPL, but of course there are many items that are actually considered here. And as a consequence, the total OPEX has declined roughly 28.8% year-on-year and 3.4% on a quarter-on-quarter basis. Then let me move on to the profitability matrices. We report a 10.3% increase in the EBITDA on an year-on-year basis. This is driven by benefit from spectrum and also on the synergies. Q&Q, as mentioned earlier, is also a 3.2% growth. Full year, at a 7% growth, we are actually at the lower end of the guidance that we have communicated to the capital markets. But what may be a positive surprise to some of you, we report a very healthy BBA margin to service revenue, which currently stands at 67.5% for Q4. For the full year, it's 63.7%. Another thing that we are quite proud of is since amalgamation through cooperation has improved the ABDA by 8.4 billion baht which is 43% since amalgamation. Then as far as net profit is concerned the reported profit in Q4 is 4 billion baht which is increasing about 2.5x from 1.6 billion in Q3. As far as the normalized profit is concerned, we report a 6.1 billion. Basically, there are roughly about 2.1 billion of normalizations. And let me just walk you through those normalizations briefly because I'm sure you'll have some questions on that. First normalization that we've done, an annual impairment exercise has been carried out for the significant investments that we have in the company and for which we have recorded a 2.4 billion impairment. Second, the usual suspect that you see every quarter because we have been doing a network modernization. So the redundant assets that are not to be used pursuing the network modernization have been written off. That's about 1.2 billion. Then at the same time, we've recorded an annual impairment of half a billion on account of goodwill for the TV business. Number fourth, we have recorded a gain, which is a deferred tax asset that has been recorded on the losses of the company of about 1.5 billion and also unrealized loss on forward contracts, totaling about 1.8. And this has been recorded as a gain in this quarter. The reason why the deferred tax asset has been recorded is because now we are reporting a full year of profit. So that's why it is an opportune time for us to record the DTA. Last but not the least, we also have a gain of half a billion from our investment in associates, which is basically the revaluation of assets at DIF and annual exercise, as you already know. Another thing that we are quite proud of is the financial cost has actually decreased 4% on an year-on-year basis, and also the DNA has slightly increased 1.7% year-on-year due to acquisition of the new spectrum. As far as the capex is concerned, we report roughly 11.5 billion capex in Q4 with a full year being about 31.2 billion at capex to sales of about 17%, a shade higher than what we had guided to the capital markets. The reason why the CAPEX is slightly higher is because we have accelerated investment into the broadband network, an area that we had told you many a times in the past that we have been under-investing in that area, so we want to resurrect that. So that's the reason for the 1 billion increase as compared to what we had mentioned earlier. I will tell you the long-term projections on CAPEX to sales, you know, at the end of the presentation. Then on the leverage, from a 4.2x Q3 2025 of leverage, we are down to 4x. Actually, we had mentioned that we are going to be less than 4.1. So we are actually less than 4.1 at about 4x on the leverage. The good story that you continue to see is the effective interest rate on our borrowings. From 4.1%, now we are down to 3.8%. The net debt has decreased Q and Q basically on account of the disciplined cash flow management that you've seen over the last 12, 13 quarters and also reduced gross borrowings. The lease liabilities have actually increased year on year basically on account of the transfer of assets to DIF and accounting adjustment that we've been explaining to you since the last couple of quarters. We've also issued debentures of about 16 billion at 2.88% weighted average rate, which continues to reduce on every round of borrowing that we do. And at the same time, the tenor of the borrowing also increases. So this actually really shows our effective debt management. We have refinanced 126 billion during the year 24, 113 billion in 25, and what we need to refinance in 26 is actually only 66 billion. So, this shows that now it's, you know, getting more and more easier for us to manage our debt portfolio. Then, just to give you a perspective of 24 versus 25. On the left, you have the total revenues, but I also want to indicate that even though there is a 5% reduction in total revenues, the reduction is mainly on account of the spectrum rental going away pursuant to the spectrum arrangement that has expired. It is net positive to the EBITDA as well as to the net income, as you are already aware. The service revenue is a negative 0.2% year-on-year, normalized for the effect of the anti-roaming. The total OPEX, as you have seen, is reducing about 16% on a year-on-year basis from 24 to 25. And as a consequence, the EBITDA has improved 7%. The net profit after tax is about 9.4 billion for the full year, which is increasing 20.2 billion since 24. Then, just to give you a perspective of what we have guided to the capital markets and what we have achieved. We guided a flat to 1% growth in service revenues. We are a shade lower to that at a negative 0.2%, as I have just explained. Even with the flat to 1% growth in the revenues, we had guided a 7% to 8% growth in EBITDA. I'm happy to announce that we meet that guidance at about 7% growth. CapEx, we had indicated at about 30 billion. We end the year at about 31 billion. And last but not the least, we had said that we are going to be profitable on a reported basis for the year. And we are profitable since Q1 of 2025. I will end this section of the presentation by talking about the dividend for Q4. At about 4.1 billion baht, this is about 12 satang as final dividend. The record date is going to be 11th of May with the payout being on 26th of May. Of course, subject to the approval of the shareholders. The total dividend for the year is about 31 satang, which is at 116% payout ratio on the reported profits. And as we have explained to you, on the reported profits, it is always going to be higher because of a lot of one-offs that we have in the last one year. So therefore, on the normalized profit, the payout ratio is about 56%. The total dividend is roughly 10.7 billion for the full year. With this, I pass it on to Kunsigbe to walk you through the big moves for the next three years.

Yeah, bear with me. Sorry. Bear with me now for some slides because we are now going to look into the next three years. And you are more than welcome to ask questions about Q4 also in the end. And I'm going to give you some perspectives on both how we see the industry but also what we plan to do ourselves. And as the headline of this slide, we feel that after three years of amalgamation and synergy focus, we have now built a solid fundament to move forward. And that's what this story is going to be about. The first fundament that is in place is our network. And we have seen a significant improvement after we consolidated the network into one. We have now reached 94% 5G population coverage. We have increased the 5G speed with 23%. And with these improvements, we now see that our network promoter score has improved by approximately 28% year-on-year. The other phenomenon that is in place, that we see an improvement in our customer interaction. Customer complaints are significantly down. And customers are now changing to digital interaction with us with a higher customer satisfaction. Churn both on postpaid and on prepaid and on online business is also significantly down. And this comes from a focus on quality acquisitions. And as a result of these improvements, we are now back to growth with also a positive subscriber in the FATS as we showed. We have also made significant progress since the amalgamation around our organization. Our organizational efficiency has improved approximately 45%, supported by a flatter structure and early gains from also automation and use of AI. And look ahead then into 2026 and 2028. And let me start with how we see the industry landscape. The industry landscape is evolving, and we want to be an agile part of building our strategy around those changes. The external environment continues to be supportive for long-term digital growth. Thailand's digital economy is actually growing much faster than the GDP at such, with a 6.2% year-on-year growth. The digital economy in Thailand is expected to account for around 30% of the GDP by 2027. And at the same time, AI adoption is accelerating very rapidly, with growth estimated of four times compared with the level we saw in 2024. And it's in this picture we want to position ourselves for this digital future, with significant growth opportunities. And to do that, we need to prepare ourselves for the industry shifts. An important part of this is to acknowledge that our customers' expectations are changing and evolving beyond only delivering network performance and traditional customer acquisition. And let me go through the three main shifts that we see in the industry and that we are preparing ourselves for. First, best network experience is now a basic expectation. It's a hygiene factor, not a differentiator. And customers increasingly value a seamless and end-to-end customer experience across digital channels, service interactions, and also various touchpoints. So it's a shift from focusing on delivering a network experience alone to an end-to-end seamless customer experience. In parallel with that, when the overall telecom market now is reaching maturity, with a total growth approaching its peak, as a result of that, we need to shift. And our focus needs to shift from a subscriber-led focus, which we've had for 25 years, into an ARPU and also an ARPA-led value creation. And you will hear more about that a little bit later. This shift also requires a change in how we go to the market. We are moving from a mass-market product approach in our marketing and our sales efforts, where we basically had a one-size-fits-all offering, to now a hyper-personalized and a much, much more granular execution model, enabled with all the data we have from all customers, but also from our network. And this evolution from a traditional way of running a telco operation that we have done for 25 years to a more telco tech model underpins the strategy we have for the coming two years. And it allows us now to combine the strength of our scale with the agility required to win in the next phase of the growth. And as a result of this, You will hear me talking about these four big moves in the coming quarters. We have concentrated our strategy around these four big moves. It's a growth move, it's an experience move, it's an AI move, and it's a people move. And let me go through each of the four to explain a little bit more in detail. Our first move is on customer experience. Because, as I said, experience is now the primary way to differentiate yourself in the industry. On mobile, our key focus will be on delivering the best 5G network, the best 5G speed, and the best 5G consistency. And we are now truly leveraging our leading spectrum portfolio. across the 2.3 MHz spectrum we have, the 2.6 MHz spectrum we have, and also selectively on our 1500 MHz spectrum. We are also refarming our 2.6 MHz spectrum now to free up more capacity, both for 4G and 5G. And such improvements will significantly help us to increase 5G penetration with our customers. For True Online, we are revamping the entire customer experience. This includes network experience, and they are investing in the online network. It includes simplifying our customer journeys. And we expect these efforts to enable us to reduce churn further in our online business. And in addition to that, take our fair share of the online market growth that we still see existing in this market. In parallel with that, We will continue to modernize our IT systems for greater simplification and adept performance. This includes simplifying our IT architecture through system consolidation. I'm talking about system consolidation on building platforms or CRM platforms and IT customer front platforms. It includes upgrade key systems to improve performance and reliability. And it also includes enabling what we call touch-free operations for faster issue resolutions. Finally, we will also focus on delivering a seamless digital-first experience, where customers can interact with us constantly across digital channels, shops, and call centers. This includes enhancing the true digital true app, with more features to be at service parity with the service you get when you walk into a shop or when you call a call center. To move those physical interactions into different interactions. It includes leverage AI to provide personalized experiences and issue the solutions as well as human alike conversational AI agents. Our second big move is on growth. And let me start with consumer. The growth we are pursuing on the consumer side is very different from the growth we have done in the past. And let me explain what the difference is. We are shifting from selling individual products, basically SIM cards, voice, and then data, into now winning the entire household through a more-for-more concept. Most of our customers have only one product with True. So the first step is to have them to use our connectivity services, both on the go, as they do on mobile, but also when they are at home through a better conversion offering. However, it's more than conversions. We don't want to stop there. We also want to provide our customers with relevant add-on services that addresses their entire needs that they have in the various customer segments. That being games, that being content, that being home AI solutions, or other digital services. Both to drive customer stickiness and to drive value creation. To do that successfully, we need to be smart in how we approach our customers. We already leverage data and AI engine to create personalized offers for each customer, so we can cross-sell relevant services to the right person, and the right moment, and through the most appropriate channels. And when we do that, We see that a customer churn, when a customer is using more than one product with us, is going significantly down, and we see the output or the value creation going up. In our TV and content business, investments in original content is our primary, prime differentiator, after we moved out of the EPL. Allowing us to drive engagement across various segments of customers, not only the TV, but also the mobile and online business. In 2026, we will aggressively scale up our production to more than 30 Thai original content series and partner up with 20 leading studios. With a library already exceeding 500 titles, we claim that we own the cultural conversation in Thailand. And this content doesn't only drive viewership, it anchors our data ecosystem and fuels our core connectivity businesses through various engagement activities, offerings and privileges, across the TV products and across the mobile business and across the online business. Customer and network data allow us to move to much more granular operating models. And this is a big shift in the way we are going to do our business. And let me explain what I mean by a granular execution model. We want to shift from a traditional area management into a nano-cluster execution model, where we are breaking up the country in more than 6,600 small areas, clusters, and have an execution model around those 6,600. There are three main elements in that strategy. The first one is a data-led and local insight. So we are using the data we have from our networks, from our point of sales, from our customers. And we are leveraging that deep local customer knowledge and network insights in actually making P&L per cluster to drive performance management. To do that, we need to empower local teams. We are going to assign clear nanocluster ownership with our people, with our teams, and then to be dedicated to drive them faster decision and stronger accountabilities on the ground. And the last thing in this area is to target execution on each and one of those nanocluster areas. To deploy highly targeted local plants per nanocluster, precision campaigning and optimized network utilization, where we are filling up the network where we have spare capacity and taking down capacity where we have full capacity. That's going to be almost base station by base station. Our next focus area on the growth big move is on the enterprise and SMEs. We are deliberately not shifting our focus on SME and the enterprise market. From being today mainly a connectivity provider to becoming a trusted digital transformation partner. Today, our B2B business counts for around 7-8% of our overall service revenues. And if I compare that with reading the benchmark, it should be closer to 15% of our overall revenues. And we see this gap as a clear opportunity to grow by moving beyond standalone connectivity and into higher value digital solutions. Customers in both enterprise and SME segments are no longer looking for only network connectivity. They are looking for integrated solutions that can combine connectivity, cloud, security, data and AI to solve real business problems. And that's where we see the growth coming in the B2B segment. And our approach is going to be focused and different. For SMEs, we want to make digital transformation simple. platform services, accessible and through subscription-based as a service offerings. For enterprises, we want to co-create industry-specific solutions that are tailor-made to our enterprise customers' needs. And to do that, we need partnerships. We don't want to do all those services and products alone. We want to do it in partnership. For example, we are closely working together with TrueIDC, our data center provider. We are working closely together with hyperscalers, being the Western hyperscalers, but also the Chinese hyperscalers, to strengthen our data center and server-in-cloud capabilities. That will allow us to meet growing requirements both in data residency, security, and regulatory compliance, especially for those customers that increasingly are asking for more trusted, locally hosted infrastructure solutions. And by combining our network strength, our digital platforms, and our strategic partnerships, we want to build a scalable capability to be a leader in the B2B segment. Then, let me move to the third big move, AI. We have already started, of course, to use AI in our business. A couple of examples on that. On the customer side, our conversational AI, Mary, as we called her, now offloads 96% of all messaging transactions that have been delivered. and more than 45% of all the transactions is now happening through the AI tool, compared with 2023. On the network side, AI-driven energy optimization has delivered already 367, 370 million in savings since 2023 through using AI to identify low-risk, high-impact cell sites and applying intelligent sleep and wake automation in the network. We are also now working on customer value management. We're doing that together with some global consultancy help and also with some global AI players. And we are building a hyper-personalized AI engine powered by a unified customer data platform where we are using more than 15 billion data points to reflect the true context of our customers. We are then using those 15 billion data points to understand their behaviors and preferences. We already see an output effect coming out from these initiatives, but we have just started. Moving forward, we have established three key priorities on AI. The first one, it's AI for all. We want to democratize AI by upskilling our own people, but also our customers. accelerate the adoption and ensure responsible, authentic AI across the organization. We want to use AI as a growth engine. And I already mentioned an example with using AI for hyper-personalized offers. And we want to use AI to power operation. We are building now autonomous touch-free operations to improve efficiency and use that to scale performance. Our fourth and last big move is on people. Because none of what I'm talking about now is possible without the right capabilities, cultures, and way of working. Organizational excellence. We will continue. We have done a lot of organizational efficiency already, and I talked about that earlier. We want to continue to modernize our organization to improve efficiency and improve productivity through using digital tools and process automation. AI and simplification are going to be cornerstones in this multi-year organizational efficiency program. Future-ready capabilities. AI capabilities becoming a core skill set. We are rolling now out a structured AI upskilling project and scholarships to ensure that all our employees can innovate and apply AI responsibly in their role. The ambition is that 100% of our employees will have necessary AI skills. And last but not least, performance-driven culture. We are now fostering a systematic performance-driven culture, combining innovation to be able to both deliver on the financial ambition we have, but also to become the best place to work. Ultimately, these moves will help us to create an organization that is more agile, more capable, and better at executing in this three-year strategy. Let me close off with a slide on efficiency. And what we plan to do to actually deliver the profitability focus that Konakul is going to talk about now in a second. Over the past two years, we have fundamentally reshaped our cost structure, driven by disciplined execution and full synergy realisation. From 23 to 25, two years, our OPEX have reduced with 12%, driven by a 3% CAGR reduction in our revenue-generated OPEX. We are now splitting our OPEX in revenue-generating and non-revenue-generating. So 3% reduction on the revenue-generating OPEX and a 13% reduction in the non-revenue-generating OPEX. This reduction of cost was mainly driven by realization of synergies, performance-based culture, and benefits, of course, from the Spectrum acquisition. But going forward, we will continue our focus on efficiency, leveraging on AI and synergies from scalability. And let me give you some examples of what we're going to do. Over the past years, last two years, we have made significant network movements in making our network more autonomous. But we are still not there. The plan is to run the entire network in an autonomous model. This means smarter traffic steering, energy saving solutions, and capabilities to reduce manual intervention in our network. Yes, simplifying our IT stacks by retiring legacy, moving to more modular architecture, and standardizing the data pipelines via integration of AI can operate also our IT infrastructure at scale. This will lead us to automate all the workflows end-to-end and accelerate time-to-market and also enable analytics in every decision based on machines, not on human interaction. Our strategy on experience is a digital first by design. We are empowering key steps in our customer journey by personalizing them with AI. Customers see fewer forms, faster resolution, and offers that are relevant to their context, whatever day comes through the app, web, or contact center. And to sustain momentum, We are transforming how we work. Teams are being upskilled on AI, empowered with automation tools, and measured by speed and outcomes. This cultural shift of tech plus talents is what turns today's efficiency into tomorrow's growth strategy. To then summarize, the 2025 marked a transition from, as I said, integration into execution for the three coming years. So we are done with integration, more or less done with integration. We are done with amalgamation. We are done with putting those two organizations together. Now, for the coming three years, our focus is going to be on transforming the business to an execution. We entered 2016 on a strong network foundation, improved customer metrics, disciplined financial management, and a clear growth energy across customer enterprise and AI transformation. And with the focus we have now on experience, growth, AI, and people I think we are well equipped to deliver on the guidance that Kunsigwe is now going through both for the three years and for 2026. Thank you.

Thank you so much Kunsigwe. Then I just have a couple of slides to walk you through the financial outlook for 2026 to 2028 and also deep diving a little bit on 2026 itself. As you are aware, the EBITDA to service revenue, and I am talking about the left to right, the purple bar that you see, or the purple line that you see, you were at 54% in 2023, and we had a commitment to you as capital markets to reach 63% by 2025. Right now, as we finish 2025, as you are already aware, we are at 64%, with Q4 2025 being 67.5%. We now show you the ambition for the period 2026 as well as until 2028 to reach up to 69% of EBITDA as a percentage to service revenue, which is a whopping 15 percentage point improvement since amalgamation. Focus as usual is going to be on the performance driven culture as we continue to unlock the next phase of growth and also efficiency at the same time with the core principle based on which we have always been working is the EBITDA growing faster than revenue. In year 2026 you are already aware the spectrum savings are also going to play an important part which is already been factored in these numbers. The second is on the capex to sales. You have seen that we have spoken about reduced capex intensity over a period. The network modernization is behind us now. We are sitting on a 5G network which is at 94% population coverage. And as a consequence, even though the year 25, the CapEx sales is a shade higher than what we had told you. And the reason is what we have already mentioned is investment into the broadband business. This is going to continue to taper down as we go forward with approximately 13 to 14 percent until the year 2028. With 2026 in specific being roughly 14 percent. The disciplined CapEx management that we have spoken about is going to be the bedrock of how we invest into the business. Last but not the least is on the leverage. Let me first remind you, this is something that we are really proud of. We were 5.7x leverage on Q1 of 23. We ended the year 23 at about 5.2. We had an ambition to be lower than 4.1 by year 25. We ended at about 4x. And now we continue to say that we will be improving the leverage going forward. reaching approximately 3.5 levels by 26 and approximately 3x levels by the year 2028. This is going to be followed by discipline capex management, efficiency focus and also how we are going to improve the cash flows as we go forward as we have demonstrated in the past. I must remind you 2026 as of the year is going to be benefited significantly by the spectrum payments being much lower as compared to what was there in 25 roughly 24 billion of savings in 26 alone is going to come from spectrum I think most of you have already factored these in your numbers but I just wanted to reiterate that for the rest of the audience with this leverage we've also considered a dividend of 70% of the consolidated net profit of the company Then deep diving a little bit more into 2026, the service revenue excluding interconnect is expected to grow 2 to 3% for the year 26, which is higher than the expected growth in GDP from the Bank of Thailand of about 1.5%. The growth is on the fundamentals of the following. A lot of it has been explained by Consigwe, but there should be an ARPU growth in mobile, a subscriber growth in online, Growth in digital TV or media should be offsetting the degrowth that we have seen as a decline in pay TV. And last but not the least, we expect a higher contribution from B2B. Ambitions have already been shared by Kuntsegbe already. The continuous EBITDA focus is going to be there for 26 as well, with EBITDA growth outpacing the growth in service revenue of about 7 to 9 percent. And efficiency, like I mentioned, is on the core of the DNA of this company. The capex is going to be tapered down. We ended the year 25, as you recall, at about 31 billion with roughly 30-35% of the spends happening on network modernization. And as a consequence, now for the year 26, we're guiding capex levels to about 25-27 billion. I reiterate the dividend, which is going to be a semi-annual dividend consideration of at least 70% of the consolidated net profit. Of course, this is subject to the approval of the Board of Directors. With this, then I hand over to Khun Noreen to take over through the Q&A. Thank you so much.

Thank you, Consigwe. We can start with the questions in the room first. Khun Bisoot.

Hello, thanks for the opportunity and congratulations again on your report NetProfit this quarter. This is from Casicor Securities. I have two questions for this panel. First on the spectrum and network, if excluding the 1500 MHz band, to still hold a spectrum advantage over AIS, if I'm correct, and you have completed the network modernization over the past three years. Is it fair to conclude that this allow to structurally lower network topics while competitors, AIS to be precise, may need to step up the spending as you may see? And with that in mind, can not only defend the cellular level of market share, but potentially regain some shares in the coming quarter that you lost over the last one to two years. And another question on this one is how can you monetize the 1500 MHz band so far? Have you seen any issues about the device capability? compatibility in the market on this one. Thank you.

Yeah, I can start here. Yes, you are correct. We have a spectrum advantage. And I don't see that we have any problem now with delivering either 5G or 4G increased capacity to the customers. I don't want to comment on AIS, but for our sake, we can fully leverage that. And also to reform the 2.6 that we are sitting on, such that we can free up additional capacity. So that is our plan. The capex we are talking about for ourselves now for 2026 is roughly around 50-55 I think going into network because we need to invest now in utilizing the 10 megahertz extra we have on the 2.3, the 10 megahertz extra we got in the auction. And also the 1500. And they are going to not use 1500 to expand coverage. And to your question about do we see any limitation, not really. Because all the new handsets now are coming with 1500 also embedded in them. So there is a significant number of existing customers that have 1500. So the other part of our CapEx for this year is going to be on online. We have not prioritized that in the past. So we started to do that in the fourth quarter. Now we're going to put more money into online. So expect at 20% part of our capex going to online. The last part of it is going to IT and some other investments. IT, we need to continue to, what I call it, simplify our IT infrastructure. We are still operating with two building systems, two CRM systems, two customer run systems. So there will be investment going into that. But the majority of the network investment we already did. So I'm quite pleased with the situation we are in now on the network side. Will we use that in our competition? Yes, of course. But I've said in every quarter that don't expect us to be price aggressive. we are rather focusing on customer experience. And if the customer experience we can deliver now, based on our premium spectrum position, It's better than our competitors. Well, it's up to the customers to choose. But as I also said, it's not only about spectrum quality anymore or network quality. It's about the seamless experience that you have, that it really works across regardless of which apps you are using. So that's why I'm saying also that the focus we are having on the network side is shifting to seamless end-to-end customer experience, not only to make sure that the connectivity works where you are.

Thank you. My second question is on your core revenue growth guidance, which is about 2-3% this year. Now, it's almost two months past. Are you seeing momentum pick up? already in this quarter because last quarter you still lost the level by 1% year-on-year. This is more on the back end loaded which means that it's going to come in the second half rather than the first half in terms of the level of growth that you target, and could you break down the expected growth by business unit like mobile, broadband, and also the digital, as you mentioned, as Gunagu mentioned that the mobile growth has come from Apple uplift and broadband from the subscriber growth. If you can explain a little bit more, it's going to be good. And also the key initiative that convert from the negative to the positive growth. What was your initiative that you already deployed? Lastly, on your big move, how much should we expect of them to be converted into the core level of growth in the medium term? I think when you're talking about a big move, 2-3% doesn't seem big for me. I just want to hear from you. Thank you.

I can take the last part of the question and then you can take the first one. Well, the 2-3% is a 2026 guiding. How it's going to look like in 2027 and 2028, we will come back to. And, of course, it takes time to build those big moves into a growth momentum. The key initiatives, I will say, are as following. One, we will continue to focus on quality inflow to get customers in on a higher up-to-level and then with a lower churn. So that we will do on prepaid, that we will do on postpaid, that we will do on online. So the customer inflow part of the effect that that will have on the revenues is one part of it. The second part of it, as I said, it's the customer value management that we are running now, where we are increasing R2 with existing customers. Get them over to packages which are more suited to their needs. And we see effects coming out of that already. So that's the second one. And then I will say the third one is to start to monetize services beyond connectivity. And that especially with conversions in the homes with all the IoT devices and this is the B2B segment.

Thank you for the question. Many subparts to one question. He is smarter now. I know. On the core revenue guidance, the first thing, and just to supplement what Kunjigbe mentioned, if you look at fourth quarter, annualize the fourth quarter, assuming there is no growth in 26, you are flat on a year-on-year basis. Unlike our competitor, they're sitting on a significant growth already because the momentum has been high for them. For us, we were going down and then we had a bump up in the fourth quarter. The way you should kind of project the numbers is keeping seasonality in mind. Of course, number of days plays a factor in Q1, but there should be a consistent growth in the businesses going forward. If there is a growth momentum coming on account of mobile, that momentum should continue, barring for the seasonalities that are there in the business. As far as broadband is concerned, online is concerned, yes, it is subscriber-led, but it will also be ARPU-led as well. ARPU playing a slightly lower factor as compared to the growth in the subs. We're sitting at an ARPU of 498. Our competitor is sitting at 530. So there is an opportunity for us to grow the ARPU as well with a plethora of services that Kunsikbe spoke about. I do not want to break the growth into each businesses but what I can indicate as I have always done in the past is growth in ARPU especially in the mobile business is going to be round about the growth that you see in the GDP, 1.5 odd percent. The growth in online business has to be higher for the average to be sitting at 2 to 3 percent because the subscriber-led growth coupled with the growth in the ARPU will obviously give us a better result as compared to the mobile growth only because the penetration in the mobile business is in the mid-40s or late-40s right now. And last but not the least, B2B is kind of an untapped opportunity, so we will be working on it as we go forward. So, yeah, I mean, you know, just keep in mind the Q4 numbers and then build a momentum on this going forward, keeping in consideration the seasonalities that are involved in the business as well.

Okay, thank you, Khun Bisod. Let us move to one of the questions online first. We will come back to the room. Piyush from HSBC, you can unmute yourself.

Hi. Good morning. Congratulations on great results. Two questions. Firstly, on capital allocation, you have raised the dividend payout ratio to at least 70%. I just want to understand, like, does it incorporate any future potential spectrum outflows, whether it is 2100 and 2027 or you know potential option of 3500 or would you kind of have flexibility to you know reduce the payout ratio if those needs arises that is first Secondly, on the management team side, last time you mentioned you would like to retain the Telenor executives and move them to local contracts, whether it is Nakul, Sharad, Nareen or head of networks. If you can update us on this frame. Thank you.

I can take the second one. Yes, I'm in dialogue with these guys to actually have them on local contracts, and I think it's fair to assume that all of them will do that. So I will retain the senior expats that are going from a Terranor expat contract into a local true employment contract. So don't expect any change in the management team.

Okay. Thanks for the question, Piyush. On the capital allocation, yes, we have raised the dividend payout ratio and this is with confidence that we see in the performance in the fourth quarter as well as the bumper cash flows that you will see in the year 26 because of the spectrum savings approximately 24 billion. Your question on whether it accounts for the renewal of 2100, the answer is yes. We have already factored in renewal of 2100. However, this does not include a 3500 auction because we do not have a visibility of 3500 yet.

Thank you.

Thank you. Can we have Kunjin next please?

Thank you. I have three questions. The first one, if you look at the mobile phone revenue growth, there's still quite a sizable gap between U.S. growth and your competitor growth in the fourth quarter of the year. And we are already a few quarters after the network disruption. So I would like to know your view. What is the main reason for the gap and how do you plan to narrow or close the gap in the next few years? The second question is on the guided CapEx2 sales. You guided that the CapEx2 sales was 17% last year. You would like to slash it to 13% to 14%. Now, your competitor has guided 15% CapEx2 sales in the next three years. Not much different from you. It's just 1% to 2% higher. But I think they did say that they would like to maintain 15% in order to widen the network quality gap. Do you think that would have an impact on your afford to close or to narrow revenue growth gap between the two firms? And then the last question, Target to grow EBITDA margin further by a few percentage point in the next few years. You did say that you can adopt the AI or make organization become simpler, but in terms of which item of the cost are you looking to slash? Is it network effects or is it depreciation expense or is it the SG&A? Thank you.

Yeah, I can take one and two and you take the third one. Now, the reason why AIS is still growing better than us in the fourth quarter, of course they have a different speed into the quarter than we had. So we came from a negative growth in the first three quarters, we came from a negative net customer growth into a quarter where we then turned positive on customer acquisition, 500 million or so, and then we started positive on growth. So I would say that's a timing effect with kind of the speed that they came with. For us, the fourth quarter was turning the curve. And that was what we promised also in the third quarter, that we are bottoming out and coming back. So I would say that's the main reason. And now we see that the churn is almost down to AIS level. Still have a little bit of a way to go. We see that the offerings are more or less similar. But of course, we have lost customers over the last three years, that being the network incident or not being good enough for customer experience. So going forward, we will both take our fair share of the net ads in the market and grow the number of subscribers, but also then grow the output with the subscribers that we have. On the capacity sale, I don't want to comment on what AI is planned to do, but what I can say is that the spectrum advantage that we now have The single network that we built last year, I'm not going to give up on the network parity that we have with AIS now. I don't think that neither of us are ahead, neither on speed nor on coverage. And I'm not going to give that up. So if AIS compete with us on getting the network experience better and better, so will we do. So that's the plan.

Yeah, and then your question on the EBITDA growth and which items of expense that we're looking at. I think the expense reduction is going to be broad-based. But primarily, AI is going to be the center point on how we're going to transform the organization. So it will be more the SG&A that is going to reduce. The S part of the SG&A is going to increase in tandem with the increase in revenues because the revenue generating OPEX is going to increase because we have to fuel the growth. But then the G&A part is going to be the ones that is going to be showing the improvement because of the upskilling that Kunshikbe spoke about, the IT transformation that we spoke about, the people efficiency that we spoke about as well. Additionally, there is going to be reduction in the IT spends of the company as well. But IT as a percentage of total OPEX is relatively very small. So the magnitude of that may not be very high. And last but not the least, the network as a cost is going to continue to be optimized. Of course, there is going to be certain expansion in the network that is always going to be there in case of a telco. But the autonomous network that Kunsikwe talked about, the efficiencies that Kunsikwe talked about of the scale, that is going to help us keep that expansion in check. So that's another efficiency area as well.

And that's why we talk about splitting up the OPEX between revenue-generating OPEX and non-revenue-generating OPEX. The revenue-generating OPEX is going to increase. And the revenue-generating OPEX should be similar to the revenue growth that you have. Because that is the OPEX you use for your sales, marketing, and so on and so forth. which means that the non-revenue generated OPEX has to go down. And I have said many times that going forward, we should have a zero OPEX year on year. which means that the growth you have in revenue-generating OPEX will have to be balanced with the non-revenue-generating OPEX. I don't see why with new technology we shouldn't be able to have a flat OPEX year-on-year based on actually a revenue growth. We may not be able to do that this year because it takes some time to get those transformative activities in place. But going forward, that is my ambition.

Thank you.

Thank you, Kunjin. Can we move online to Arthur?

Hi, good morning. Thanks for the opportunity. Two questions, please. First, on the revenue growth guidance, can you please run us through how you get to this? Because I understand you've anchored this to the 1.5% GDP growth, but Thailand just recently raised their targets just this week. I'm just wondering how that flows through. And related to this, how do you interpret the difference in growth outlook between yourself and AIS? Are they looking at 3% to 5% and you're looking at 2% to 3%? Second question I had is a bit more boring, but with regard to your tax rates for 2026, 2027, are you able to guide for that given that you do have some tax credits on board which I assume are expiring? I'm just wondering how much of this can be consumed given that it does impact the dividend as well.

Yeah, thanks for the question, Arthur. Let me take both of them. I think the one on revenue we partly answered, that was I think Kunjian who asked about it. But let me just explain it in brief again. The reason why there is a difference in the outlook of our competitor and us is basically the momentum. And if you see, if you are, if you just do the math, if you're coming on a consecutive quarter of growth until Q4 of 25, if you do not even grow for the whole of 26, you're already sitting at a 3 plus percent growth. Whereas on the other hand, if you're coming on a lower momentum for three quarters and a slight growth in fourth quarter, then you're kind of sitting on a flat on a year-on-year basis. So hence, the way you should look at our progress is how the quarter-on-quarter we are performing versus the industry. I think I've already shared where the growth is going to come from, whether it's the mobile business, whether it's the broadband business, whether it's the pay TV, how we're going to make sure that we do not bleed down to the new business anymore, and of course the growth in the B2B and the digital as well. Then to your boring question, I'll give an exciting answer. As far as the tax rates are concerned, yes, we have enough NOLs, net operating losses carry forward, which will enable us not to pay any significant tax outflow for the next couple of years.

Thank you, Arthur. Did you have a follow-up? You're muted.

regard to the tax loss carry forward which can be consumed, is it mostly this year or is it going to be split between this year and next year?

Sorry, can you repeat that? I missed the first part.

Sorry, any guidance in terms of how much is left and how it will be consumed between this year and next year?

Yeah, I think we have enough annuals that can be absorbed in the next two years of profit. Twenty-two years. Yeah. Twenty-six and twenty-seven.

Got it. Thank you.

Thank you, Arthur. We can move on to the questions in the room. Khun Natapok first. Yes.

Thank you. Natapok from Tenacia Securities. Two questions, please. First one, you mentioned ARPU discrepancy from yourself and your competitor AASSO. Do you think customer mix have a play in that? And would that lead to different contents that you may... let out some, you get something else on that. And just one other thing on Apple is that your average Apple in both mobile and broadband seem to be at par or nearly below the, if I'm not wrong, starting package prices of both mobile and broadband. What would that mean, again, customer makes, or should we go another way around in the positive side that it mean like some discounts given out like past four or five years. I don't know. We will try to, that should recover soon. That's the first one on APU. And the second one on impairment set, two sub-questions to do. Number one is whether network topics impairment, if I may call, seems to still be high, like one, two billion in the fourth quarter, while your modernization things has completed. what happened or should they expect more in 2026, of course, and about the small investment in JVs, digital, smaller companies, I think that those are the results from Windsor capital boom past few years back. How big is that now in your portfolio and should we expect some kind of more empowerment? Thank you.

Yeah, I can try to take the argument. I would say that on prepaid, the argument should be more or less the same between ourselves and AIS. However, We are probably sitting on some existing prepaid customers that came in on a more aggressive package than what AIS is sitting on. So when those packages are expiring, of course, we will start migrating also prepaid customers over to packages which is more or less the packages that you see sold in the market today. And the prepaid offers you see for new customers today are more or less the same. So it's a climbing effect, I would say, where we will have very similar people at ARP as AIS. So I don't think the customer profile there is very different. On PostPaid it is. I think AIS is sitting on higher PostPaid ARP customers than we do. And that is basically also over the last three years, where we did not deliver good enough experience for our customers. With now a focus on experience as a network parity and a focus on customer experience, I think over time we also will take our fair share of those more high-value customers. On online, I think the network experience that we have had on online has not been good enough. And we have had quite some discounts for the inflow we have got on online over the last two, three years. And those packages are also now starting to remove. And don't expect us to be more price aggressive in the online segment than AIS is. So I will say prepaid online, there should be more or less the same output going forward. On the postpaid side, it will take some time.

Thank you for your question. Let me take the second one, but I just wanted to add something on the prepaid ARPU. Even though the starting plans that you see in the market are 150 baht, there is a certain section of customers who are receiving incoming calls. So they obviously don't have that much ARPU, so just keep that in mind. That's same for us and for our competitor as well. Then on the impairment, yes, the network capex impairment is slightly higher. This does not only include The mobile site includes the online site as well. And as we are upgrading our online network, we identified areas where we need to clean up or in terms of impair and that has been recorded in fourth quarter. So that explains why the 200 sites or 250 sites that we completed in Q4 is not leading to a similar impairment that you have seen in the previous period. As far as the other investments is concerned, we've recorded roughly 2.4 billion of impairment. This is on all the JV companies and, you know, the boom that you spoke about in the past, the investments that have been made there. I would say the net book value of these investments right now is not that significant anymore. So there should not be a significant exposure coming on the part of this in future.

Thank you, Khun Natapak. Can we move on to Khun Vasu here?

Good morning. Wasu from Maybank Securities. I have three questions. The first one is about network quality and network perception. So I'm aware that True will continue to spend on CapEx to improve quality. But how about on the perception side? Are there any plans to boost the network perception for both mobile and fixed broadband customers in the short to medium term? That's the first question. The second question is about digital services. If I heard Kunaku correctly, you were saying that the digital services growth should offset the decline in pay-to-view revenue. So what kinds of digital services do you expect to boost the revenue growth going forward? That's the second question. And my final question is about the long-term EBITDA margin target. So your original target, I think in early 2025, you were targeting 67% EBITDA margin by 2027. Now you are targeting more aggressive, 68% in this year. So what led you to be more optimistic about the EBITDA margin target? Is it better expectation of revenue or cost savings or both? That's my last question. Thank you.

Yes, let me start with the first one. Yes, definitely. There is still a perception gap. The reality, I will say, there is no gap between ourselves and AIS anymore. That's a claim, and that is what we see from our network studies also. But there is still a perception gap, and we are going to deal with that. We are going to expect us to run both national campaigns, but more importantly local campaigns to deal with that. So hopefully during the year we have also closed that perception gap with areas of network. On the EBITDA, guiding up on EBITDA, I think it's a mix of those two things. We see now that the revenue momentum that we came out from Q4 on and taking into next year is good, but we also see that the transformational efficiency programs that we have really works. That's why we are more bullish on also continuing to cut costs going forward, which is not cost related to the synergies that we got from the amalgamation, but it's more cost related to a transformation of the business.

Thanks for the question. I was thinking that you will come much earlier in the day for the questions, but it's OK on the digital service versus pay TV. Let me just let me just correct you. What I mentioned was the decline in pay TV should be offset by the growth in digital media. And not the digital services as such. So that's what we intend to do right now. Intention is because the digital, sorry, the pay TV is declining roughly 4% on a quarter on quarter basis. We want to make sure that with the digital media, with the content that Consigbe spoke about, we are able to monetize it in a way that we are stemming the decline. Then just wanted to add on the EBITDA margin. In Q3, I remember you asked us a question that you're already sitting at 67% EBITDA margin. Won't you upgrade your guidance for the year? And now that we have upgraded the guidance, now you're asking us why have you upgraded the guidance. So Q4-25, we are sitting at 67.5% already. So that's why we're talking about 68% in 2016. Thank you.

Thank you. So when you're saying that you offset the growth from the digital media to offset the pay TV decline, does that mean when you look at the pay TV revenue in 2026, there should not be any significant decline anymore?

Except to the extent where you're still going to compare year on year for EPL. That's it, yes. Otherwise, it should be normalized.

Okay. Thank you.

Thank you for the opportunity.

I have two questions. The first one is about the dividend payout target. You already mentioned that the policy is at least 70% of net profit. My question is, is there any target on the normalized profit? Because, I mean, every quarter you have like, you know, one time expense. So should we expect a similar level at normalized profit for the payout? That's my first question. The second question is about the transaction with Arise. I mean, when do you expect the transaction to be completed? That's my second question. Thank you.

Now, on the second question, I think we expect that transaction to be completed during March sometimes.

Yes, on the dividend payout target, let me first correct, the dividend policy has not changed. The dividend policy is still at least 50% of the payout on a normalized, on a reported profit basis. However, in terms of our guidance, we have considered a 70% payout. And as far as is there a separate guidance for normalized, the answer is no. There is only one guidance on the reported profit. Because a bulk of the write-offs has already been done, network modernization is over. We have reviewed the investments that we have already. There should be a marginal difference between the normalized and the reported profit. That's why we are only going to guide on the reported profit going forward.

Thank you, Kal. Let me also add on the dividend. And I think we also have said that the dividend policy is unchanged, but we also have a policy, had a progressive dividend, meaning an actual increase in payouts year by year. So expect that also to happen.

Thank you, Kunkut Ison. We have a question online. Can we unmute Izoti?

Hello, can you hear me? Yes. Right. Just one question for me. Earlier in the presentation, I think I heard that we still are running on two billing systems and also CRM, even though a majority of the network has been consolidated. What's the plans on the consolidation for the backend systems? And if so, will there be implications to margins or some of the cost items or KPEX?

Yes, you are correct. We are running actually four different systems in parallel, and we haven't been prioritizing this because we want to have our network in place first. Now we are prioritizing that, and that is going to take us a couple of years to simplify and to modernize. But all this is in the plans that you have that we are writing. This is more, it's not big, big capex numbers if you think about what we invest in the network. It's more to make sure that there are no customer effects of it when you start migrating. We have started migrating some over to the new system already, but we do this step by step. So expect us, and as Konaku also said, there are not big, big cost savings out of this. This is more a customer simplicity and a customer journey effort. So we are doing that as we speak, but it will take us a couple of years. But that is all included in the guidance that we have.

Thank you, Izati. Any more questions from the room?

Sorry, Natapob again. Just two quick follow-ups. The first one, you mentioned progressive dividend. You mean payout, right? Not absolute. Payout percentage will also increase also.

No, not the percentage. I'm talking about the actual payout, the amount.

Okay, the amount. All right, thank you. And the second one, you mentioned about more aggressive fixed broadband investment infrastructure. Should that lead to, should we expect basically faster subscriber gain for you? And is that meaning you are entering into what I call new greenfield area? Or it's more like you are untapped area, but there will be some tenants already there. Thank you.

Yes, on the mobile, on the online side, we are going to do three things with our investments. The first one is to improve the network quality of where we already are. And there are areas where we are not happy with the minute loss or with the outages we have in our online network. So that's the first one. And this is everything from modernizing the last mile in broadband to replacing batteries to also all those type of things that have not been prioritized the first few years. The second thing we do is to try to be utilizing the network we have built better. And the ports that we have around in the areas where we have coverage should be better utilized. So we are trying then to pocket-wise go in and actually connect the homes where we have past network already. So that's the second one. And the third one is to also connect gradually move into areas where nobody has a broadband offer. So it's a combination of these three things. I think today there are a little bit less than 10 million households in Thailand having a broadband connection. That's combining us and what AIS do. And there are 22 million households in Thailand, so there's still a room to grow to connect those that still don't have a broadband connection. So those are the three things. But again, don't expect us to be price aggressive to do this. Expect us to be actually very much focusing on the customers that we have and with a better experience and with that an upsell opportunity for existing customers to hire speed packages, better utilization of the network that we already have and then in a granular way go into areas where we think that the customer should be served with a fixed solution.

Just one more question for Kunsikwe. So you were saying that you expect the OPEX to be flat in the long term, but not this year. How long term are we talking about?

I don't have any guiding on that, but as soon as possible. And this I have with me experience from my previous job. that is possible actually to grow revenues with the flat topics, if you do it right. So, and I said we may, I don't think it's realistic that we'll be able to do it this year. But you see already from the EBITDA guiding, which is significantly more than the revenue guiding. So some of this is already in there. But in the coming years, in the stretchy period to close it down to that, we should be able to deliver on that.

Thank you, Kunwasu. Any further questions, both online and in the room? No? Okay, then. Thank you so much to everyone. Thank you. And hope you all had a happy Chinese New Year and also Ramadan Tareem to everybody celebrating. We will see you next time.

Thank you.