Naureen Quayum: Good morning, everyone. Welcome to True Corporation Opportunity Day with SET for the second quarter of 2026. My name is Naureen. I'm the Head of Investor Relations, and with me is our CFO, Khun Nakul. I will request Khun Nakul to start our presentation.
Nakul Sehgal: [Foreign Language]. Good morning, everybody. Let me start the presentation for Q2 with the results that we just announced yesterday. In terms of the key highlights for this quarter, we have a service revenue growth of 0.8% on a year-on-year basis, first time after many quarters. We are back to growth and also a 0.8% quarter-on-quarter growth as well on service revenue. If you look at our EBITDA, it's grown 13.5% from last year same quarter and also Q-on-Q growth of 1.1%. As far as profit is concerned, we have the sixth consecutive quarter of profit for True Corporation at THB 6.6 billion, with an increase of 3.2x since the same quarter last year. The leverage is 3.7x, which has reduced 0.3x as compared to the same quarter last year and also 0.1x from the previous quarter. And last but not the least, the Board of Directors have approved an interim dividend of THB 5.2 billion, which is THB 0.15 per share and a payout ratio on consolidated profits of 79%. Let me just explain the performance a little bit. Why we say that the top line has improved first time after many quarters is what you can see from the slide. If you see Q1 '25 until Q3 '25, our top line was in a decline. And it was a 0.6% decline in Q1 '25, 0.5% decline in Q2, and a decline in Q3 as well. And since then, as we had committed to the capital markets, we would be back to growth. And that's what you consistently see in our performance since Q4 of 2025. And this is quarter-on-quarter growth. Of course, for Q2 '26, we do register a year-on-year growth as well, but 0.7% growth in Q4, a 0.2% growth Q-on-Q in Q1 and another 0.5% growth in Q2 '26. We are saying that we are back to growth. And this is on the back of good recovery that has happened in the mobile business and the online business with softer development in B2B as well as the Pay TV. And Pay TV, as you already know, was already expected. Then as far as profitability is concerned, with the disciplined OpEx that we have seen since amalgamation, where the cost has reduced significantly we have shown EBITDA growth consistently over this period as well. So barring Q2 2025, where there was a decline in EBITDA. Every quarter since amalgamation, we've registered a quarter-on-quarter growth in EBITDA and that's something that makes us very proud. So much so that in Q2 of '26, we have registered a 1.1% growth in EBITDA as well. Total EBITDA growth year-on-year is 13.5%. And while the costs are very well controlled, the top line weak is in terms of the B2B business. We have revised the guidance on the top line to 1% to 2% of growth, but maintained the good development of the OpEx and hence, the EBITDA growth of 7% to 9%. Then just wanted to focus a little bit on the execution-led transformation amidst the macroeconomic uncertainties. You're aware that there have been uncertainties in the geopolitical situation globally and also on the macroeconomic front as well. The tourist arrivals are actually 5% lower on a YTD basis. And since, we have a higher market share on tourists and the migrants, it has impacted us more than the competition. The geopolitical and global supply chain uncertainties also persist. Having said that, we have shown that there is discipline in terms of how we can mitigate those risks, which has been seen from the good development on the EBITDA. Also, the macro backdrop is improving as the government has increased the forecast as well as the GDP growth is concerned. And with our efforts on proactive cost and risk mitigation, ongoing negotiations with our vendors, we are confident that we can deliver the EBITDA growth that we have set out for the year at 7% to 9%, and we are focused on building the resilience that our business needs. With this, I hand over to Naureen to take over some financial numbers, please. Thank you.
Naureen Quayum: Thank you, everyone. Thank you, Khun Nakul. Let me start with service revenue first. On service revenue, as you can see, we have improved 0.8% year-on-year and quarter-on-quarter, as Nakul has just mentioned. This is our return to year-on-year growth after a few quarters, as Nakul has already shown you. For a quarter-on-quarter level, our service revenue improvement comes from all the business segments. You can see there is growth in mobile, broadband and TV as well. On a year-on-year level, if you look at the graph in the center, you can see that the improvement in service revenue is actually a healthy contribution from mobile and also a contribution from broadband. We are partially offset by the decline in the TV business. On the total revenue level, the decline that you see of 7.5% year-on-year is mainly because the NT domestic roaming revenue that we used to get -- I'm sorry, the spectrum arrangement revenue that we used to get from NT is no longer there since August of 2025. So this is a well-known fact. This is part of the arrangement that comes because of the acquisition of spectrum. So the revenue is not there, cost is also not there. We have a benefit to EBITDA. So that is the main reason that you have a decline in the total revenue. On a quarter-on-quarter level, the decline in the total revenue mainly comes on account of the lower handset sales. Quarter 2 is not a handset sales season for us. iPhone launches in quarter 3, then quarter 4 and 1, we have good growth. So quarter 2 is not a handset sales season. Let me move on to the mobile business specifically. If you see, we have a 1.6% growth year-on-year. And even though the NT domestic roaming revenue here, which is on the top part, has declined significantly year-on-year. If we normalize for the decline in NT domestic roaming revenue, we actually have a growth of 2% year-on-year in mobile. On a quarter-on-quarter level, we have a 0.6% growth, which is mainly coming NT, you can consider to be not there anymore and it's basically coming on account of the improvement we have in the business. We have a subscriber growth of 1% in mobile overall, of which 407,000 came from prepaid and 71,000 was a net addition in postpaid. And on a quarter-on-quarter level, we also have a decline in our churn in the prepaid side. On ARPU, as you would have also seen during the first quarter, we participated in the Ministry of Education, Study Anywhere, Anytime program, where we are giving out SIM cards to educational institutes, which are a low-priced SIM card. These are postpaid SIM cards. As a result, we have growth in subscribers, but because the value of the SIM card is lower, our ARPU is diluted. So it happened in quarter 1. It happened again in quarter 2. Additionally, on the prepaid side, we have 2 external impacts. One is because of the government subsidy Thais Help Thais. A lot of customers reactivated their connections during May or activated a data connection or were not using our connection much and has reactivated because they need an active data connection to use the Thais Help Thais app. On that account, we gained back some customers who are low ARPU users. Additionally, there is a regulation by the NBTC, which was effective from 14th of May, where any prepaid customer who has at least THB 3 balance in their SIM card will be considered an active subscriber. So both of these are low ARPU customer acquisitions, which are diluting our prepaid ARPU overall. And therefore, you see the blended ARPU declining. This is overall overview on the mobile side of our business this quarter. On the broadband side, we have a growth of 1.7% on revenue this quarter, which is coming on account of the B2C growth. Our ARPU has improved THB 6 and a part of this is also coming from the MyPlan that we launched earlier this year, which is giving us almost 50% acquisition these days as well as driving up ARPU by about 23% for the quarter. Our subscriber growth is 0.8%. This is 28,000 on a Q-on-Q level. We also did a healthy growth last quarter. On the TV side, on a year-on-year level, we have a decline mainly on account of no EPL. Also, there are lower seasonal concerts on a year-on-year level. On a Q-on-Q level, we had seasonal concerts, which is the reason that you see an improvement in the revenue in the quarter. Subscribers continue to decline. We have about 3.7% decline this quarter, and there is a marginal improvement in the ARPU as well. On OpEx, we have a decline of 28.7% year-on-year, and this is mainly on the payment that we were making to NT, as part of the spectrum arrangement which has gone away as well as synergy benefits. On a quarter-on-quarter level, we have a few items this quarter. One is we had a onetime benefit on regulatory cost, which is amounting to a 6.4% decline in the regulatory cost this quarter. Network cost is benefited because we have lower number of towers on a year-on-year level. And during this quarter, we have made some negotiations with our vendors, leading to a reduction in prices, which you see coming in the OpEx line for network. Cost of sales is related to handset sales, and this moves in tandem with the handset sales. So lower sales results in lower cost here. On SG&A, we have a slight increase quarter-on-quarter, this is because we spend on some marketing campaigns. We have had some events that are happening. We've participated -- we brought back Academy Fantasia, which is a very popular content as well as we sponsored The Voice, which is a musical program that also happens in the quarter. On this -- this is the biggest item that I've already mentioned, the spectrum rental cost, which is eliminated as of 3rd August last year. So it will be normalizing out very soon. On other cost of providing services, we have a slight increase, which is related to the concerts on the TV side, which I just mentioned to you. So the concerts coming back and thus there's marginal costs related to that. Overall, our OpEx, excluding D&A declined 4.4% on a Q-on-Q level. Moving to EBITDA, we have a growth of 13.5%. A part of this is coming because of the spectrum arrangement, but another part of this is also driven by our synergies, our top line improvement and the cost discipline that we are showing in the business. This is our highest ever EBITDA since amalgamation, which is a 46% growth if I compare versus quarter one of 2023, which was our first quarter after amalgamation. Our EBITDA to service revenue currently stands at 68.5%, which is also an all-time high for us. It has improved 7.6 percentage points from last year and 0.2 percentage point from last quarter. With this, I hand -- sorry, let me just finish this one. On net profit, we are registering a reported profit of THB 6.6 billion, which slide has not changed -- on net profit, we are reporting a THB 6.6 billion , which is flat quarter-on-quarter, but on a year-on-year level, it is a 3.2x improvement. We have a onetime effect this quarter, we have details of this in our MD&A. But if we normalize for the onetime initiative, which is THB 0.2 billion, our reported profit is actually landing at around THB 6.7 billion, which is a growth quarter-on-quarter. And if we also normalize for the onetime in quarter one, THB 6.5 billion goes up to THB 6.7 billion for the second quarter. In the other items, we also have financial costs, which decreased both year-on-year and quarter-on-quarter because we have an improvement in effective interest rate, which I will show you in the next slide. Our depreciation and amortization increased 5.2%, because first, we have an acquisition of spectrum, which you are aware of, we did last year in June. And we have new CapEx investment that we are also making which is affecting depreciation. For the second quarter, our CapEx investment has been THB 4.6 billion, which is -- we are roughly landing at about 10% CapEx to sales ratio. On the CapEx that we spent during the quarter about 45% went into our mobile network business. Our 35% went into broadband, which includes the B2B investment and the remaining is in IT and the other parts of our business. On leverage, as Khun Nakul has already mentioned, we have a 0.3x reduction in leverage. This is driven by our improvement in EBITDA. On effective interest rate, we have a reduction of 0.4 percentage points, 4% went down to 3.6%. This is because of effective debt management. We have exercised calling callback options on debentures as well and overall, an improvement in the business. For third quarter, in fact, earlier this week, we have launched a new set of debentures at THB 16.5 billion -- of THB 16.5 billion at a weighted average interest rate of 2.6%. And with this, I hand back to Khun Nakul to walk you through our dividend.
Nakul Sehgal: Thank you, Naureen. For the second quarter of '26, the Board of Directors has approved an interim dividend of THB 0.15, which is THB 5.2 billion at a payout ratio of 79% of the consolidated profits of the company. The record date for the dividend is 18th of August, and the payout is going to happen on 2nd of September. And this is the second consecutive dividend for the year that we have announced. One was in the previous quarter at THB 0.14 and now THB 0.15 for Q2. Then just to give you an overview of the year-on-year development of our numbers, which is first half of '26 as compared to first half of '25. If you see on the top line, especially the service revenue, there is an increase of about 0.1%. Normalized for NT domestic roaming, it's 0.5%. The OpEx is down 29% on a year-on-year basis for first half of '26 versus '25. And as a consequence, the EBITDA has improved to 12.2% year-on-year. The profit improvement on a reported basis is actually THB 9.5 billion for the same period. So now profit for 6 months is basically THB 13.3 billion. And this basically takes me to the last slide, which is on the guidance. If you look at the guidance that we had communicated to the capital markets in the beginning of the year was a service revenue growth of 2% to 3% and EBITDA growth of 7% to 9% and a CapEx spend ranging between THB 25 billion to THB 27 billion. As we stand today, we believe that there is a need to revise the guidance on the revenues to 1% to 2%, keeping in mind the macroeconomic uncertainties, the lower arrival of tourists and the slowness in the growth of the B2B business. So 1% to 2% is the growth that we are expecting on the service revenues. However, because of the good cost discipline, the optimization of spends that we have done so far and how we will manage to ride this macroeconomic uncertainty, the EBITDA guidance is remaining unchanged to 7% to 9%. CapEx spend will still be THB 25 billion to THB 27 billion. With this, I wrap up the presentation and hand it over for the Q&A, please. Thank you.
Naureen Quayum: Thank you, Khun Nakul. We already have a set of questions. Let me start with the first one. Understanding that the company gave out dividends from retained earnings stand-alone financial statements, how do you sustain the dividend paid given that stand-alone net profit is negative THB 255 million in 2Q? I don't believe that's correct. But let's just answer the dividend payment.
Nakul Sehgal: So I don't think the profit is negative THB 255 million, maybe the number can be checked. But we declared dividends considering the consolidated profits of the company. As a policy, the company says that based on consolidated profits, the dividends are going to be declared. But the payout, of course, happens from the stand-alone entities. And I think that's where you were referring to that a stand-alone True Corporation is sitting at some reserves of about THB 15-odd billion. The dividend is actually going to be paid out from that. What I want to clarify is that the subsidiaries and specifically the main subsidiary of the company, which is TUC, which has the mobile business that's there, is significantly profitable. The profit is in upwards of THB 6 billion. Of course, the consolidated company is a combination of many, many, many subsidiaries. The biggest one is already profitable. So as and when there is a need, we will upstream the dividend from the subsidiary to the parent company to make sure that there is sufficient reserves available at the consolidated level or at the parent level to pay the dividend. So please be rest assured that the subsidiaries are already profitable and upstreaming dividend to the parent company is not a problem.
Naureen Quayum: I'd just like to correct that there is actually a profit for second quarter on a stand-alone basis. The next question is, is Pay TV business profitable? How much of the cost is Pay TV?
Nakul Sehgal: Pay TV business on a stand-alone basis, we don't disclose it, but in general, it's kind of a breakeven. I mean, as far as the contribution to the margin, of course, it's quite low as compared to the other businesses because of significant investment that is done on the content side. Of course, we know that linear TV has been on a decline over the last many, many years. Because the shift is actually a pivot towards the OTT. And that's exactly what we have been focusing on. We are trying to move towards OTT business. And for that, with the TrueID, which is our flagship platform where we show the short-form content to our consumers, we have launched a product called Tatang, which basically is a short-form videos that the customers can enjoy actually a plethora of content that is available for them to watch, and our intention is actually to monetize that. The contribution of Pay TV business to the OpEx of the company, we don't disclose. But yes, I mean, we are trying to favor towards moving from linear to OTT and we expect that over a period of time, the decline in linear business is going to offset the growth in the digital. And for that, TrueID is one example. And of course, we also sell the long-form content as well through a different platform, which is tedious now.
Naureen Quayum: Thank you, Khun Nakul. There is a similar question on Pay TV already, so we are not going to answer that one. This one is a number of questions. So let me go one by one. What are True's top strategic priorities for the next 12 to 24 months? What will be the key growth drivers for True in the second half of this year and beyond? There's more, but let's take these 2 first.
Nakul Sehgal: Okay. In terms of the top priorities, I think we disclosed that in the previous quarter, but just to give you some brief on that. We have big moves as part of our strategy for the next 3 years. Big move -- the first big move is basically big moves on growth. There is a big move on experience. There is a big move on AI and of course, on the people as well. As part of the strategy on experience, I think because we have a network leadership in the -- or we have a spectrum leadership in the country, we have 30% higher mid-band spectrum as compared to our competition. And also the fact that we are reaching the network supremacy because of the good spectrum that we've had. We intend to monetize the spectrum leadership to give a better experience to our customers. And one example from that is, from a year-on-year basis, there is roughly a 20% increase in data consumption. This data consumption is coming on the back of an excellent network that we provide to the customers today. Of course, now what remains to be seen is how we can monetize this increase in the data consumption that we have seen and a lot of measures on the pricing front are going to be taken to make sure that we can monetize this. Big moves on growth here, I gave you one example on what we are doing on TrueID, which is the Tatang short-form drama that we launched. Another example that we've done is, I think Naureen explained, is the MyPlan that we launched on online business. This is new price plans that we launched in March this year, which are basically modular prices. So there is a base plan and if the consumer wants to get a better speed then they need to top up or they need to increase the price level that they are paying to us. If they want to access more content, they need to pay something more to us. If they want to access the home solutions that we offer to the customers, which is basically the Pet solutions that we have, the AI cameras that are there, AI speakers that are there and all kinds of home solutions, they need to play something. These products are now contributing 50% of our ARPU -- of our gross adds in a quarter. And the ARPU from these products is 23% higher than the normal products that we were selling previously. So this is another example of how the big moves on growth with specifically to the online business has actually paid dividend for us. Going forward, I'm also conscious of time here. The focus that we will have is to make sure that we capture the fair share of growth in the market. If you see the Q1 performance, our growth in mobile business was pretty much in line with the competition. Of course, we lag as far as growth on online is concerned. And we expect to address that with the launch of the new products that I'm talking and the improvement in the network as well. Cost efficiency is in our DNA as we have shown in the past so many quarters since amalgamation, and that's going to continue to be something that we will focus on. Using artificial intelligence, we believe that there is scope for more efficiencies into our company. We had 18,500 people at the time of amalgamation. Now we are a shade less than 10,000, and we believe there is an opportunity to be more efficient in terms of how we can organize our company and the workforce as well by consolidating the IT systems as well. So overall, focus should be growth in the top line, which should be equal or slightly better than the GDP growth. And of course, if you are able to meet -- keep our OpEx flat, that means we will reduce our nonrevenue-generating OpEx by fueling growth with the revenue generating OpEX. If you are able to keep the OpEx flat, then there is going to be a higher growth in EBITDA. The mantra for our company will be to grow EBITDA faster than the revenue as what we've demonstrated over the last 3 months. Sorry for a long answer, but I think if you talk about strategy, and I'll need to explain this at detail.
Naureen Quayum: Actually, you answered the next 4 questions already. So thank you for that. Let me move on to then the last question. What is the company's current market share in the B2B enterprise segment? And how does it plan to increase that share?
Nakul Sehgal: I briefly mentioned about the fact that growth in B2B business has not been as per our expectations. And that's probably because of the macroeconomics and the geopolitical situation, of course, in the industry as such. B2B as a percentage of total revenues or total service revenues is roughly 8% to 9%. And this is consistent with the industry as such. So I mean, both the operators in the industry are having roughly 8% to 9% of the contribution of B2B to the total revenues. And this is something that if you compare it with the regional benchmarks in more mature markets, there are upwards in the mid-teens and the high teens, I mean 15% to 20%. We believe that Thailand in the long term or the mid- to long term can reach those percentage levels. Of course, it needs to reach an inflection point, where the focus of all the operators of at least our company should move from offering only connectivity to beyond connectivity services to our customers as well. And it includes offering anything as a service, whether it is IT platforms, whether it is Software as a Service or whether it is data as a service, those kind of products along with connectivity products as well, 5G private network and so on and so forth. So this is going to be the next wave of growth that will happen over a period of time. Of course, this requires us to build partnerships with other companies as well because we cannot create those kind of products and start selling because it takes a long, long time. So that's why the partnership model becomes very crucial as we start delivering. As you also know that Arise Group has a data center business with them and we partner with Arise or that company called TrueID IDC to resell the data center space. So of course, we do not make much investments into the data center, but we are able to monetize those investments by charging a small margin as we resell those products to the customers as well. So that's also going to continue to go on as well. So overall, B2B is 8% to 9% of the total revenues as an industry as such, and there is an opportunity over the mid- to long term to reach to the mid-teens level. And that's what is going to be the focus as far as the strategy for us is concerned over the next 3 years.
Naureen Quayum: Thank you, Khun Nakul. Can you please explain again why NBTC policy of THB 3 to keep SIM activate have an effect on number of subscribers?
Nakul Sehgal: So this is basically the definition of subscribers for us. I mean, as per definition, subscribers are active if they do a revenue-generating activity in the last 90 days. And if you are able to deduct the THB 3 from a customer's balance. So here, we are assuming customer already has a balance in the account. But the validity of the SIM has expired. Historically, that was not counted as a customer. So because the customer has a balance and we can deduct the THB 3 from a customer's account and that becomes a revenue-generating activity, a customer becomes an active customer. And the moment customer becomes an active customer, it is counted as a subscriber, but the ARPU from the customer is only THB 3. So that's why the subscriber base increases, but the ARPU goes down because the incremental revenue that we get from the customer is very low as compared to the normal ARPU that we have.
Naureen Quayum: And the NBTC regulation is, of course, an industry event.
Nakul Sehgal: That's right.
Naureen Quayum: Khun Nakul, I have another question for you. Are there any management from China Mobile? And how China Mobile involved with the company's strategic direction? Sorry, Thai is translated to English. It's taking a little bit of time.
Nakul Sehgal: No problem. This company does not have any management from China Mobile, if that's what the question is. Of course, China Mobile is a shareholder with a 7.81% share. They have a Board seat as well. There is active involvement in the Board as far as China Mobile is concerned, along with the other directors as well. We do share a lot of learnings or we do take a lot of learnings from our big brother, so to say, which is China Mobile. A few times in a year, a lot of teams from True Corporation actually visit China Mobile to learn the new technologies that they are implementing, whether it is on the technology, whether it is on artificial intelligence and even on the marketing side. Some of this you will see in the near future as well. The one that we have kind of learned from them is basically how we are able to use artificial intelligence and machine learning to optimize the site being big on air, means we are able to shut down the sites during off-peak hours to reduce the energy consumption. And this is not happening by somebody sitting at the back end and switching off and switching on a site. It is an automated AI or machine learning tool available, which is basically, we have learned from what China Mobile has done to make sure that we are able to optimize our energy cost. I think last year, we also gave a number, some THB 350 million of savings actually happened in energy cost because of this initiative now. Again, this is a learning for China Mobile. So being the bigger partner, the company at that scale, there is a lot of learning that we can take from China Mobile, and that's something that we continue to do. We have been doing it over the last few years, and we continue to do it as well.
Naureen Quayum: Khun Nakul, would you like to comment on the China Mobile situation though?
Nakul Sehgal: Yes. I'd like to address the rumors that have been there in the market regarding a potential disposal of 7.8% shares of China Mobile. Let me make it very, very clear, and this is based on discussions with China Mobile senior management already. The company, we have been confirmed from China Mobile that it has no intention to exit its entire investment in True Corporation. I repeat no intention to exit its entire investment in True Corporation. However, it is currently assessing a possible sale of up to 1% of its stake in True Corporation. So 1% out of the 7.81%, which is very small. And this is subject to different considerations. The reason for this is portfolio rebalancing. That's the only reason. It has nothing to do with the performance of True Corporation. The company does not expect this to have any significant impact on the operations of the company, as has been seen over the last many, many quarters. The fundamentals of True Corporation remain intact. The management of True Corporation is intact. The guidance of the company is intact, and the performance we've already seen over the last many, many quarters we have.
Naureen Quayum: Thank you, Khun Nakul. I believe that was very important to clarify. I don't see any more questions. We're happy to wait a few more minutes for any further questions. Sorry, we have a question. How is True balancing subscriber growth with profitability and shareholder returns?
Nakul Sehgal: Let me talk about subscriber growth. See, not too long ago, maybe at the same time last year, there was a lot of questions on why are we losing subscribers to competition. I think at that time, we had lost roughly about 1 million or 1.5 million subscribers. Today, as we stand, we have gained 1.1 million subscribers in the last one year. And now the question has flipped around to say how we're balancing growth with a subscriber addition, and I think the cost is what you're talking about.
Naureen Quayum: Yes.
Nakul Sehgal: I mean growth in subscribers, of course, is important, right? I mean we have to make sure that we maintain our fair share of growth in the market. We capture a fair share of growth on the tourist and the migrant segment, that's there. And that because of the other better network because we have a better spectrum position, because there is a 20% increase in the data consumption in our network. We have gained subscribers over the last one year. So about 1.1 million subscribers we've gained. In fact, in this quarter alone, as I mentioned, 480,000 subscribers we've added. So this is something that we are quite pleased with in terms of the results because, of course, a higher number of subscribers guarantees that there is a growth in the business in the future. Of course, the ARPU is the one that I tried to explain that some of the subscribers that we've got are at a lower ARPU. So that obviously needs to be looked into on how we can increase the revenue from the subscribers. But we have advanced customer value management techniques, where even if we get a customer to reactivate, we can upsell those customers with better products and offers, which are tailored or customized to their personal needs, looking at the entire consumption pattern of the customer across different channels. So we are able to upsell them to our next best offer, and that is something that we continue to do. So growth in subscribers for any business is healthy, and we are pleased that we are having subscriber growth in the mobile business. In online as well, we've had 3.5% growth in subscribers over the last one year. I think 118,000 customers we've added over the last one year. And you know the online business as good as me. Right now, the penetration of homes that are connected in Thailand is about 40%, 45%. And of course, more mature markets are setting upwards of 55% to 60%. So there is a potential to increase the number of customers because there is underpenetration in the market. And also, there is a potential to increase the ARPU, which is what you've seen in this quarter as well. So subscriber growth is key for any business and of course, telecom business for us as well.
Naureen Quayum: Thank you. There was a related question, which you also answered right now. Have you noticed any changes since Telenor reduced its shareholding?
Nakul Sehgal: I mean changes in terms of the company's business direction? The answer is no. I mean I think we've explained it multiple times in the past. Change in shareholding has no impact on the business operations. I mean, we have delivered stellar results in the past. We will continue to try our level best to do the same. The management of the company has remained unchanged. Some of the executives that were there from Telenor are now local employees of True Corporation, myself being one of them, Naureen also being one of them and others are also there as well. So we are all committed to True Corporation, and we're committed to the growth and delivering as per our expectations. And that's what we'll continue to do going forward. So no change in business direction, strategy or management of the company because of any shareholder exit.
Naureen Quayum: Thank you, Khun Nakul. We have 6 minutes left. We will wait a few more minutes for any questions you have. Okay. We do not see any more questions. So we will end this call today. Thank you so much for joining us. In case you do have questions, and we could not answer them. Please get in touch with Investor Relations. We'll be happy to take your call.
Nakul Sehgal: Thank you so much, and thank you for being a valued shareholder in True Corporation. We look forward to working with you in the future as well. [Foreign Language].
Naureen Quayum: Thank you.