Thaicom Reports Q1/2025 Results

• The Company generated a core profit¹ of Baht 144 million, surpassing the full year 2024 core profit¹ by Baht 35 million.
• Thaicom has secured a contract valued at approximately Baht 234 million withthe Geo-Informatics and Space Technology Development Agency (“GISTDA”) to supply antenna systems for the THEOS satellite constellation and leverage Earth Observation imagery for advanced space technology services.
• Thaicom was awarded a bid for the professional services for THAICOM 4 and THAICOM 6 satellites from National Telecom Public Company Limited (“NT”), valued at over Baht 118 million.

Bangkok, Thailand, 7 May 2025 – Thaicom Public Company Limited (the “Company” or “THCOM”), a satellite operator, announced its financial results for Q1/2025.

In Q1/2025, the Company generated a core profit¹ of Baht 144 million, representing a significant increase of Baht 124 million (QoQ) from Q4/2024 and an increase of Baht 132 million (YoY) from Q1/2024. Focusing solely on the satellite business, the Company’s satellite business generated Baht 180 million in core profit, excluding non-satellite business and the share of loss from the telecommunications business, surpassing normal core profit by Baht 36 million. This also represents an increase of Baht 111 million when compared to the corresponding period of the previous year. These results underscore the core business’s robust profitability.

The Company recorded a net profit attributable to the owner of the Company of Baht 119million, representing a decrease from both Q4/2024 (QoQ) and Q1/2024 (YoY). This decline was primarily due to foreign exchange fluctuations caused by the appreciation of the Thai Baht in Q1/2025. This surge in the Baht’s value has adversely impacted Thailand’s exports, including the Company, which derives a significant portion of its revenues internationally. Recognizing the inherent volatility of exchange rates, the Company has proactively implemented various mitigation measures, including foreign exchange risk management, business diversification, and the exploration of new business opportunities. However, the Company recognized other income totaling Baht 240 million, a significant increase compared to Q4/2024 (QoQ) and Q1/2024 (YoY), which recorded other income of Baht (36) million and Baht 2 million, respectively. This increase was primarily attributable to the Company’s effective management of historical obligations related to property and equipment, which resulted in the elimination of future payment obligations under the associated contracts.

The Company reported revenue from sales and services of Baht 500 million in Q1/2025, representing a decrease of 9.4% from Baht 552 million in Q4/2024 (QoQ) and a decrease of 17.9% from Baht 609 million in Q1/2024 (YoY). The primary reason for this decrease was the gradual recognition of revenue from the Universal Service Obligation (“USO”) Phase 2 project, operated under the National Broadcasting and Telecommunications Commission (“NBTC”), which has yet to return to normal levels following a contractual transition period. Revenue from this project is expected to gradually increase in Q2/2025. Notably, this year will include the USO Phase 3 project, with a substantial budget of Baht 5.8 billion, which will encompass satellite services. The Company has proactively prepared and implemented measures to accommodate the anticipated increase in demand.

In Q1/2025, the Company successfully secured a contract valued at approximately Baht 234 million with GISTDA. This contract designates the Company as the provider of antenna systems for receiving signals and controlling the THEOS satellite constellation, under the project for the procurement of antenna systems for satellite signal reception and control. Furthermore, in early April 2025, the Company was awarded a bid for the professional services for THAICOM 4 and THAICOM 6 satellites from NT, valued at over Baht 118 million. These achievements underscore the Company’s position as Thailand’s leading company with over 30 years of expertise in advanced satellite and space technology.

Regarding telephone business abroad, the Company’s share of loss of investment in the joint venture has significantly improved, driven by the continued growth in revenue and net profit of Lao Telecommunications Public Company (“LTC”), which reaped significant benefits from the tariff restructuring for telecom services implemented by The Ministry of Telecommunication and Communication of the Lao PDR. However, despite the Lao Kip’s appreciation against the U.S. dollar in Q1/2025, the Company continued to incur a share of loss from this investment, primarily due to finance costs arising from interest expenses incurred by Shenington Investments Pte. Ltd.

LTC, which is the leading telecom provider in the Lao PDR, launched the “Super X” — the first integrated super app encompassing both financial and telecommunications services (M-Service and My TPlus). Unveiled at Lao Digital Week 2025, this pioneering innovation marks a major milestone for the Lao fintech landscape, significantly enhancing the digital user experience while reinforcing LTC’s commitment to developing new technologies and innovations to propel the Lao PDR towards a stable and sustainable digital era.

[1] Core profit means profit attributable to owner of the Company before unrealized gain (loss) on exchange rate of the Company and joint ventures, and before extra items.