Thaicom Reports Q2/2025 Results

• The Company generated revenue of Baht 535 million, marking a QoQ increase of Baht 35 million or 7.0% from Q1/2025.
• The Company and Advanced Info Service Public Company Limited (“AIS”) jointly supported the military’s satellite communication mission to safeguard the Thai-Cambodian border.
• The Company has signed a MoU with Concrete Products and Aggregate Co., Ltd. (“CPAC”), under Siam Cement Public Company Limited (“SCG”), and Kasetsart University to assess carbon sequestration in community forests in Lampang Province using the ‘CarbonWatch’ platform.
• The Company has signed a MoU with Global Green Chemicals Public Company Limited (“GGC”) to explore the application of scientific and technological systems for monitoring palm plantation areas and assessing carbon sequestration.

Bangkok, Thailand, 5 August 2025 – Thaicom Public Company Limited (the “Company” or “THCOM”), a leading Asian satellite operator and space tech company, announced its financial results for Q2/2025.

In Q2/2025, the Company reported revenue from sales and services of Baht 535 million, representing an increase of Baht 35 million or 7.0% from Baht 500 million in Q1/2025 (QoQ). This growth was primarily driven by revenue recognition from key projects, including the professional services for THAICOM 4 and THAICOM 6, under a contract with National Telecom Public Company Limited (“NT”), for which revenue recognition began in Q2/2025. Incremental revenue contribution came from the gradual return of revenue from the Universal Service Obligation (“USO”) Phase 2 project, operated under the National Broadcasting and Telecommunications Commission (“NBTC”). However, compared to Q2/2024 (YoY), revenue from sales and services declined by 16.2%, primarily due to the expiration of the USO Phase 2 project.

The Company recorded revenue growth in its Space Technology business during the quarter, with contributions from various projects, including the agricultural technology development initiative for the Agricultural Research Development Agency (“ARDA”) and a drone project for the Geo-Informatics and Space Technology Development Agency (“GISTDA”). Furthermore, progress was made on the ‘CarbonWatch’ initiative through strategic partnerships with leading organizations, including GGC, CPAC, under SCG, and Kasetsart University. These developments reflect the Company’s success in expanding its revenue base and executing its strategic roadmap effectively.

Despite ongoing challenges from foreign exchange volatility and macroeconomic headwinds, the Company generated a core profit¹ of Baht 14 million in Q2/2025, highlighting effective operational management and resilience. Focusing solely on the satellite business—excluding non-satellite segments and the share of loss from the telecommunications business—the Company reported Baht 38 million in core profit, exceeding the normal core profit of Baht 24 million. These results underscore the core business’s robust profitability.

The Company reported a net loss attributable to the owner of the Company of Baht 207 million in Q2/2025, primarily due to foreign exchange losses resulting from the appreciation of the Baht during the quarter. 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.  Acknowledging the volatility of exchange rates, the Company has taken proactive steps to mitigate the impact through foreign exchange risk management and business diversification strategies.

Regarding the telephone business abroad, the Company’s share of loss from investment in the joint venture significantly improved, driven by the continued growth in net profit of Lao Telecommunications Public Company (“LTC”), which benefited from the ongoing tariff restructuring for telecom services implemented by the Ministry of Telecommunication and Communication of the Lao PDR. However, despite the appreciation of the Lao Kip against the U.S. dollar in Q2/2025, 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. Nevertheless, the share of loss declined significantly—by 78.0% compared to Q2/2024 (YoY), which recorded a share of loss of Baht 41 million, and by 66.7% compared to Baht 27 million in Q1/2025 (QoQ). In Q2/2025, the Company recorded a share of loss of Baht 9 million, marking the lowest level since the end of 2024.

The Company and AIS have jointly supported the mission of Thai authorities in safeguarding the Thai-Cambodian border, particularly during periods of heightened sensitivity and close monitoring by all relevant sectors. This collaboration focuses on enhancing the security and reliability of communications in operational areas. In addition, the Company has provided and installed satellite equipment for the Second Army Region, enabling internet connectivity in remote areas along the border.