Central Pattana Public Company (CPN) Q4 2025 earnings summary

Executive summary

• Achieved record high revenue, gross profit margin, and net profit after tax (NPAT) for the third consecutive year in 2025, with total revenue of Bt 53.0bn (+2% YoY) and NPAT of Bt 18.8bn (+13% YoY).

• Maintained strong capital discipline, with net D/E ratio improving to 0.45x from 0.58x in FY2024.

• Continued robust performance across retail, hotel, and residential segments, supported by a diversified mixed-use strategy.

Financial highlights

• Total revenue for 2025 reached Bt 53.0bn (+2% YoY); core rental & service revenue grew 4% YoY to Bt 43.7bn.

• Gross profit margin hit a record 58% (+3ppt YoY); operating margin at 43% (+3ppt YoY); net profit margin at 36% (+4ppt YoY).

• Core net profit for 2025 was Bt 16.7bn (+7% YoY); core operating profit at Bt 22.0bn (+8% YoY).

• Announced dividend of Bt 2.4/share (57% payout, +14% YoY).

• Finance costs reduced by 13% YoY; resilient cash flow maintained.

Outlook and guidance

• Consistent revenue and NPAT growth projected for 2025–2029 at ~10% CAGR.

• Ongoing asset enhancement and new project launches, including Central Park and Central Krabi, to drive future growth.

• Pipeline includes major openings and renovations through 2027, such as Central Khonkaen Campus, Central Northville, and Central Phuket luxury zone.