Advanced Info Service Public Company Limited - ADR

Performance Highlights: AIS reported a net profit of THB 47.9 billion, marking a 37% year-on-year (YOY) increase. This growth was driven by strong mobile data consumption, which exceeded 34GB per subscriber (up 16% YOY), and a 5G subscriber base reaching 17.9 million, representing 38% of total subscribers and nearly 50% YOY growth.

Core Revenue and EBITDA Guidance: For 2026, AIS expects core service revenue growth of 3% to 5%, down from 7% achieved last year. EBITDA growth is projected between 2% and 4%. This drop is attributed to anticipated challenges from subdued economic growth and increased operational costs linked to investments in IT systems and content development, which may impact margins.

Investment in Growth Areas: AIS emphasized its commitment to enhancing its digital infrastructure, with increased investment in data centers, cloud services, and AI. Capital expenditure (CapEx) is projected to rise to THB 30-35 billion in 2026, approximately 15% of total revenue, indicating a shift towards long-term growth initiatives.