Financials Advanced Info Service

Equities

ADVANC

TH0268010Z03

Wireless Telecommunications Services

End-of-day quote Thailand S.E. Other stock markets 13/01/2026			5-day change	1st Jan Change
332.00 ^THB	+1.53%		+3.43%	+6.07%

18/12	Advanced Info Service Public Company Limited Announces Board Changes, Effective December 19, 2025	CI
15/12	Bangkok Dusit Medical Services Public Company Limited Expands Scope and Renames Corporate Governance Committee to Corporate Governance and Sustainability Committee, Effective December 15, 2025	CI

Projected Income Statement: Advanced Info Service

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,72,890	1,81,333	1,85,485	1,88,873	2,13,569	2,24,230	2,30,332	2,34,749
Change	-	4.88%	2.29%	1.83%	13.08%	4.99%	2.72%	1.92%
EBITDA ¹	89,385	91,408	89,862	93,527	1,11,612	1,20,585	1,25,873	1,28,717
Change	-	2.26%	-1.69%	4.08%	19.34%	8.04%	4.39%	2.26%
EBIT ¹	37,543	38,034	36,960	40,646	50,384	61,082	66,012	68,687
Change	-	1.31%	-2.82%	9.97%	23.96%	21.23%	8.07%	4.05%
Interest Paid ¹	-5,917	-5,626	-5,230	-6,145	-9,185	-8,400	-8,437	-7,691
Earnings before Tax (EBT) ¹	32,526	32,894	32,182	35,998	43,069	54,720	59,521	62,244
Change	-	1.13%	-2.17%	11.86%	19.64%	27.05%	8.78%	4.57%
Net income ¹	27,434	26,922	26,011	29,086	35,075	44,318	48,494	50,768
Change	-	-1.87%	-3.38%	11.82%	20.59%	26.35%	9.42%	4.69%
Announcement Date	08/02/21	07/02/22	09/02/23	06/02/24	07/02/25	-	-	-

¹THB in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	46,074	45,861	42,757	42,377	50,338	45,279	45,273	46,234	48,699	46,712	44,774	46,069	51,318	53,293	51,332	52,209	56,736	56,311	56,044	54,362	56,986	56,592	57,165	55,449
Change	-	-0.46%	-6.77%	-0.89%	18.79%	-10.05%	-0.01%	2.12%	5.33%	-4.08%	-4.15%	2.89%	11.39%	3.85%	-3.68%	1.71%	8.67%	-0.75%	-0.47%	-3%	4.83%	-0.69%	1.01%	-3%
EBITDA ¹	22,109	22,622	23,053	22,943	22,790	22,433	22,376	22,127	22,926	22,596	23,296	23,649	23,986	27,768	27,621	27,696	28,527	29,593	29,973	30,649	29,964	30,614	30,924	29,995
Change	-	2.32%	1.91%	-0.48%	-0.67%	-1.57%	-0.25%	-1.11%	3.61%	-1.44%	3.1%	1.52%	1.43%	15.77%	-0.53%	0.27%	3%	3.74%	1.28%	2.26%	-2.24%	2.17%	1.01%	-3%
EBIT ¹	9,084	9,613	9,676	9,501	9,244	9,064	9,184	8,905	9,807	9,441	10,159	10,805	10,241	12,529	12,458	12,221	13,176	14,787	15,130	16,536	14,835	15,664	15,822	15,347
Change	-	5.82%	0.66%	-1.81%	-2.7%	-1.95%	1.32%	-3.03%	10.13%	-3.74%	7.61%	6.35%	-5.22%	22.33%	-0.56%	-1.9%	7.81%	12.23%	2.32%	9.29%	-10.28%	5.58%	1.01%	-3%
Charge d'intérêts ¹	-1,358	-1,386	-1,460	-1,414	-1,366	-1,320	-1,323	-1,294	-1,294	-1,250	-1,333	-1,366	-2,196	-2,300	-2,391	-2,293	-2,201	-2,081	-2,005	-1,972	-1,935	-	-	-
Earnings before Tax (EBT) ¹	8,293	8,121	8,612	7,774	8,387	7,855	7,773	7,443	9,111	8,354	8,905	10,035	8,704	10,444	10,565	10,654	11,406	13,165	13,615	15,125	15,507	-	-	-
Change	-	-2.07%	6.05%	-9.73%	7.88%	-6.34%	-1.04%	-4.25%	22.42%	-8.31%	6.58%	12.69%	-13.26%	19.99%	1.15%	0.84%	7.06%	15.42%	3.42%	11.09%	2.53%	-	-	-
Net income ¹	7,164	6,644	7,041	6,374	6,863	6,311	6,305	6,032	7,363	6,757	7,180	8,146	7,003	8,451	8,577	8,788	9,259	10,584	10,982	12,039	11,998	-	-	-
Change	-	-7.27%	5.97%	-9.47%	7.68%	-8.05%	-0.09%	-4.33%	22.07%	-8.23%	6.26%	13.46%	-14.04%	20.69%	1.49%	2.46%	5.36%	14.31%	3.76%	9.62%	-0.34%	-	-	-
Announcement Date	08/02/21	30/04/21	03/08/21	01/11/21	07/02/22	10/05/22	08/08/22	03/11/22	09/02/23	08/05/23	07/08/23	30/10/23	06/02/24	30/04/24	06/08/24	01/11/24	07/02/25	06/05/25	06/08/25	04/11/25	-	-	-	-

¹THB in Million

Estimates

Fiscal Period: December	2021 S1	2022 S1	2024 S1	2025 S1
Net sales ¹	-	90,552	1,04,625	1,12,355
Change	-	-	15.54%	7.39%
EBITDA ¹	-	44,809	-	59,566
Change	-	-	-	-
EBIT ¹	-	18,247	24,987	29,918
Change	-	-	36.93%	19.73%
Charge d'intérêts ¹	-	-	-	-4,086
Earnings before Tax (EBT) ¹	-	15,628	-	26,779
Change	-	-	-	-
Net income ¹	13,685	12,616	17,028	21,565
Change	-	-7.81%	34.97%	26.64%
Announcement Date	03/08/21	08/08/22	06/08/24	06/08/25

¹THB in Million

Estimates

Forecast Balance Sheet: Advanced Info Service

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,37,992	1,26,224	1,19,403	2,27,640	1,91,023	1,93,776	1,56,210	1,40,786
Change	-	-8.53%	-5.4%	90.65%	-16.09%	1.44%	-19.39%	-9.87%
Announcement Date	08/02/21	07/02/22	09/02/23	06/02/24	07/02/25	-	-	-

¹THB in Million

Estimates

Cash Flow Forecast: Advanced Info Service

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	28,057	25,786	32,319	37,088	25,262	26,571	27,476	28,530
Change	-	-8.09%	25.34%	14.76%	-31.89%	5.18%	3.4%	3.83%
Free Cash Flow (FCF) ¹	57,573	60,848	49,086	50,553	91,360	66,062	66,849	68,973
Change	-	5.69%	-19.33%	2.99%	80.72%	-27.69%	1.19%	3.18%
Announcement Date	08/02/21	07/02/22	09/02/23	06/02/24	07/02/25	-	-	-

¹THB in Million

Estimates

Forecast Financial Ratios: Advanced Info Service

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	51.7%	50.41%	48.45%	49.52%	52.26%	53.78%	54.65%	54.83%
EBIT Margin (%)	21.72%	20.97%	19.93%	21.52%	23.59%	27.24%	28.66%	29.26%
EBT Margin (%)	18.81%	18.14%	17.35%	19.06%	20.17%	24.4%	25.84%	26.52%
Net margin (%)	15.87%	14.85%	14.02%	15.4%	16.42%	19.76%	21.05%	21.63%
FCF margin (%)	33.3%	33.56%	26.46%	26.77%	42.78%	29.46%	29.02%	29.38%
FCF / Net Income (%)	209.86%	226.01%	188.71%	173.8%	260.47%	149.06%	137.85%	135.86%
Profitability
ROA	8.58%	7.62%	7.5%	7.35%	7.92%	10.68%	11.66%	12.73%
ROE	37.88%	34.24%	31%	33%	37.35%	44.84%	45.84%	46.92%
Financial Health
Leverage (Debt/EBITDA)	1.54x	1.38x	1.33x	2.43x	1.71x	1.61x	1.24x	1.09x
Debt / Free cash flow	2.4x	2.07x	2.43x	4.5x	2.09x	2.93x	2.34x	2.04x
Capital Intensity
CAPEX / Current Assets (%)	16.23%	14.22%	17.42%	19.64%	11.83%	11.85%	11.93%	12.15%
CAPEX / EBITDA (%)	31.39%	28.21%	35.97%	39.66%	22.63%	22.04%	21.83%	22.16%
CAPEX / FCF (%)	48.73%	42.38%	65.84%	73.37%	27.65%	40.22%	41.1%	41.36%
Items per share
Cash flow per share ¹	28.79	29.13	27.37	29.47	39.21	36.63	39.95	36.16
Change	-	1.17%	-6.04%	7.66%	33.07%	-6.59%	9.07%	-9.48%
Dividend per Share ¹	6.92	7.69	7.69	8.61	10.61	13.64	15.1	15.98
Change	-	11.13%	0%	11.96%	23.23%	28.52%	10.76%	5.83%
Book Value Per Share ¹	25.41	27.47	28.81	30.46	32.69	34.02	36.19	36.32
Change	-	8.12%	4.88%	5.71%	7.33%	4.09%	6.38%	0.35%
EPS ¹	9.23	9.05	8.75	9.78	11.79	14.96	16.4	17.16
Change	-	-1.95%	-3.31%	11.77%	20.55%	26.85%	9.66%	4.62%
Nbr of stocks (in thousands)	29,73,554	29,73,926	29,74,210	29,74,210	29,74,210	29,74,210	29,74,210	29,74,210
Announcement Date	08/02/21	07/02/22	09/02/23	06/02/24	07/02/25	-	-	-