Central Pattana Public Company (CPN) Q1 2026 earnings summary

Executive summary

• Achieved record high quarterly performance in 1Q26, with three consecutive quarters of record revenue and profit.

• Maintained market leadership as Thailand's largest retail property developer with a nationwide footprint and diversified mixed-use portfolio.

• Total assets increased to 306,683 million Baht as of 31 March 2026, up from 302,623 million Baht at year-end 2025.

• Total liabilities slightly decreased to 182,492 million Baht from 183,362 million Baht at year-end 2025.

• Equity attributable to owners rose to 114,739 million Baht, with total equity at 124,192 million Baht.

Financial highlights

• 1Q26 total revenue reached 13,515 million Baht, up from 12,667 million Baht in Q1 2025.

• Gross profit rose 8% YoY to Bt 7,640m, with a record gross profit margin of 61% (+2ppt YoY, +5ppt QoQ).

• Net profit for Q1 2026 was 5,069 million Baht, compared to 4,305 million Baht in Q1 2025.

• Core net profit to parent company was Bt 4,872m, up 27% YoY and 2% QoQ; reported net profit was Bt 4,971m.

• Basic earnings per share increased to 1.11 Baht from 0.94 Baht year-over-year.

Outlook and guidance

• 2026 rental & services business expected to grow high single digit percent; hotel and residential business to be maintained.

• New NLA to increase by ~8% from 4Q25 to mid-2026, with six new hotels (557 keys) and two new condominiums launching.

• Cost of debt projected to decrease by 10–20 bps, with net D/E to remain around 0.5x.

• Five-year revenue CAGR targets: ~5% for retail, ~8% for office, ~10% for residential.

• Continued growth in revenue and profit is indicated by the year-over-year improvement.