Central Pattana Public Company (CPN) Q2 2025 earnings summary

Executive summary

• Achieved all-time-high revenue, gross profit margin, and core net profit after tax (NPAT) in 2024, driven by a retail-led mixed-use strategy and robust ecosystem integration.

• Maintains market leadership as Thailand's largest retail property developer with a nationwide footprint and diversified portfolio.

• Strong ESG commitment, ranked #1 DJSI World among Thai real estate management & development, and progressing on a net zero journey.

• Total assets reached 307,657.9 million Baht as of 30 June 2025, up from 304,214.8 million Baht at year-end 2024.

• Total revenue for the six-month period ended 30 June 2025 was 25,355.9 million Baht, a year-over-year increase.

Financial highlights

• 2024 total revenue reached Bt51.1bn, up 9% YoY; gross profit margin at 55% (+200bps); core NPAT at Bt16.4bn, up 18% YoY.

• 2Q25 total revenue was Bt12,147m, with core net profit at Bt3,902m (-3% YoY, +1% QoQ); gross profit margin at 58%.

• Rental and services revenue for six months was 21,516.1 million Baht, up from 20,375.2 million Baht year-over-year.

• ROE at 15% for 2024; dividend payout ratio at 56% with Bt2.1/share (+17% YoY).

• Net D/E improved to 0.58x in 2024 and 0.63x in 2Q25.

Outlook and guidance

• 2H25 expected to outpace 1H25, driven by new retail launches and condo transfers.

• Five-year revenue CAGR targeted at ~10% (2024–2028); retail NLA to exceed 2.8m sqm by 2029.

• Committed five-year CAPEX of Bt120bn (2025–2029), focusing on mixed-use, retail, residential, and asset enhancement.