Central Pattana Public Company (CPN) Q2 2026 earnings summary

Executive summary

• Maintains position as Thailand's largest retail property developer with a nationwide footprint and robust mixed-use ecosystem.

• Revenue for the six months ended 30 June 2026 increased to THB 26,905 million from THB 25,356 million year-over-year.

• Net profit for the same period rose to THB 9,912 million, up from THB 8,700 million year-over-year.

• Achieved record-high rental and service revenue in 2Q26, driven by new mall openings and strong same-store growth.

• Continues to enhance shareholder value through capital management and asset recycling.

Financial highlights

• 2Q26 total revenue reached 13,105 mn THB, up 8% YoY but down 2% QoQ.

• Core net profit to parent company was 4,652 mn THB, up 19% YoY and down 5% QoQ.

• Revenue from rental and services for six months was THB 22,957 million, up from THB 21,516 million year-over-year.

• Gross profit margin at 59%, operating margin at 44%, and net profit margin at 35% for 2Q26.

• Earnings per share for the six months ended 30 June 2026 was THB 2.17, compared to THB 1.90 year-over-year.

Outlook and guidance

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

• New NLA to increase by ~8% from 4Q25 to mid-26, with several asset enhancement projects completing.

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

• Net D/E ratio to remain around 0.5x, with cost of debt reduction of 10–20 bps.

• Dividend payments for the period amounted to THB 10,769 million.