Central Pattana Public Company (CPN) Q3 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 diversified portfolio and nationwide presence.

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

• Total assets reached 299.6 billion Baht as of 30 September 2025, with equity at 114.9 billion Baht and liabilities at 184.8 billion Baht.

• Net profit for the nine-month period ended 30 September 2025 was 14.2 billion Baht, compared to 13.0 billion Baht in the prior year.

Financial highlights

• 2024 total revenue reached Bt 51.1bn, up 9% year-over-year; gross profit margin at 55% (+200bps YoY); core NPAT at Bt 16.4bn (+18% YoY).

• 3Q25 total revenue was Bt 13.9bn, up from 12.8bn Baht YoY; core net profit at Bt 4,186m (+12% YoY, +7% QoQ); reported net profit at Bt 5,424m (+31% YoY, +26% QoQ).

• Gross profit margin in 3Q25 rose to 59% (+2% YoY, +1% QoQ); operating margin at 44%; net profit margin at 34%.

• Basic earnings per share for the nine months was 3.11 Baht, up from 2.86 Baht year-over-year.

• Announced all-time-high dividend of Bt 2.1/share (56% payout, +17% YoY); dividends paid during the nine months totaled 9.5 billion Baht.

Outlook and guidance

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

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

• Committed CAPEX of ~Bt120bn for 2025–2029, focusing on mixed-use, retail, residential, and asset enhancement.

• International expansion planned, especially in Vietnam and Southeast Asia.

• Continued investment in properties and stable cash flows from operations suggest ongoing growth focus.