## Executive Summary

- Profit growth sharply outpaced revenue growth. Net profit rose +36.5% on only +6.0% revenue growth, driven by margin expansion and flat-to-lower expenses.
- Leverage improved meaningfully. The debt-to-equity ratio fell from 3.43× to 2.92×, and shareholders' equity grew +10.2% while total assets declined slightly.
- Cash generation remained robust. Operating cash flow increased +3.6% to 120.8 billion baht, but investing outflows deepened by ~10.3 billion baht.
- Source reconciliation required. The SET snapshot reports 2025 revenue of 226,998.24 million baht, while AIS investor relations reports 226,264 million baht — a 734 million baht (~0.3%) difference that should be verified before executive presentation.

## Revenue, Expenses & Net Profit (2022–2025)

## Margin Trends

## Leverage — Debt-to-Equity

## Cash Flow Profile (2022–2025)

## 2025 vs 2024 Change %

## Return Metrics

## 2025 vs 2024 Movement Table

Metric | Unit | 2024 | 2025 | Change | Change %
--- | --- | --- | --- | --- | ---
Revenues | million baht | 214,147.68 | 226,998.24 | +12,850.56 | +6.00%
Expenses | million baht | 163,184.91 | 162,527.77 | −657.14 | −0.40%
Net Profit | million baht | 35,075.36 | 47,885.90 | +12,810.54 | +36.52%
Assets | million baht | 431,432.09 | 420,273.21 | −11,158.88 | −2.59%
Liabilities | million baht | 334,108.20 | 312,992.84 | −21,115.36 | −6.32%
Shareholders' Equity | million baht | 97,222.42 | 107,175.53 | +9,953.11 | +10.24%
Operating Cash Flow | million baht | 116,622.15 | 120,809.61 | +4,187.46 | +3.59%
Investing Cash Flow | million baht | −36,931.70 | −47,235.27 | −10,303.57 | −27.90%
Financing Cash Flow | million baht | −71,828.57 | −70,827.85 | +1,000.72 | +1.39%
EPS | baht | 11.79 | 16.10 | +4.31 | +36.56%
Gross Profit Margin | percent | 36.60 | 39.69 | +3.09 pp | —
Net Profit Margin | percent | 16.38 | 21.10 | +4.72 pp | —
Debt-to-Equity Ratio | times | 3.43 | 2.92 | −0.51 | −14.87%
ROE | percent | 37.35 | 46.86 | +9.51 pp | —
ROA | percent | 11.80 | 15.38 | +3.58 pp | —

## Key Observations

1. Margin expansion is the dominant story.

With revenue up 6% and expenses flat, net profit margin jumped 4.7 percentage points to 21.1%. Gross profit margin also rose 3.1 pp to 39.7%. This suggests either pricing power, mix shift, or one-off cost items — the data alone cannot distinguish the cause.

2. Balance sheet deleveraging.

Liabilities fell 6.3% while equity grew 10.2%, pushing the D/E ratio below 3.0× for the first time in the four-year series. Total assets are down 2.6% from 2024, though still above 2022 levels.

3. Cash flow profile: steady operations, heavier investment.

Operating cash flow continues its upward trend (+3.6%), but investing outflows increased by ~10.3 billion baht. Financing remains a large outflow (~70.8 billion baht), consistent with debt repayment or dividend distributions.

4. Returns surged.

ROE climbed to 46.9% (+9.5 pp) and ROA to 15.4% (+3.6 pp), reflecting the profit jump on a slightly smaller asset base.

## Risks, Caveats, and Source Checks

Issue | Detail | Recommended Action
--- | --- | ---
Revenue reconciliation | SET snapshot: 226,998.24M baht; AIS IR: 226,264M baht. Delta = ~734M baht (~0.3%). | Verify whether the difference stems from rounding, reclassification, or timing. State which source the final memo will use.
Expense decline on rising revenue | Expenses fell 0.4% despite 6% revenue growth. | Check for non-recurring items, accounting-policy changes, or classification differences in the annual report.
Investing cash flow jump | Outflows deepened by ~10.3B baht. | Confirm whether this reflects capex, M&A, spectrum/license payments, or other strategic investments.
Snapshot vs. audited figures | The SET snapshot is a compact public disclosure. | Cross-check material figures against the audited annual report (Form 56-1) before any executive sign-off.
No segment or QoQ breakdown | The CSV provides annual totals only. | Request segment revenue, EBITDA, and quarterly trends if the review meeting needs granularity.

## Audit or Management Questions for the Team

1. Source authority: Should we anchor the memo to the SET snapshot, the AIS annual report, or a reconciliation of both?
2. Expense variance: What explains the flat/lower expense base against rising revenue? Is any portion non-recurring?
3. Investing outflows: What specific investments or assets drove the 10.3 billion baht increase in investing cash outflows?
4. Dividend and debt policy: Given the large financing outflows (~70.8B baht), what is the planned dividend and debt-repayment schedule for 2026?
5. Margin sustainability: Is the 21.1% net profit margin a new baseline, or does it reflect one-off benefits we should flag?
6. Control check: Have the 2025 figures been through internal management review, or are we working from preliminary disclosures?