CP ALL Public Company (CPALL) Q1 2025 earnings summary

Executive summary

• Achieved consolidated total revenue of 252,881 million Baht, up 4.8% year-over-year, and net profit of 7,585 million Baht, up 20.0% year-over-year for 1Q25.

• Company operated 15,430 stores as of March 31, 2025, with 185 new stores opened in 1Q25 and international expansion in Cambodia and Laos.

• Company-only revenue rose 6.4% year-over-year to 121,930 million Baht, with net profit up 3.0% to 6,365 million Baht.

• Continued positive same store sales growth (SSSG) at 3.0% for 1Q25, with average daily sales per store increasing.

• Net profit attributable to equity holders was Baht 7,585 million, a 20% increase from Baht 6,319 million in Q1 2024.

Financial highlights

• Consolidated EBIT margin improved to 5.7% (+11.7% YoY), and gross profit margin reached 22.8% (+7.5% YoY).

• EBITDA margin increased to 9.3% (from 9.1% in 1Q24), and net margin rose to 3.0% (from 2.6% in 1Q24).

• Basic EPS was Baht 0.83, up from Baht 0.69 year-over-year.

• Company-only gross margin reached 29.4% (+10.3% YoY), and EBIT margin was 8.0% (+4.2% YoY).

• Cash and cash equivalents at quarter-end were Baht 48,994 million, down from Baht 54,613 million at year-end 2024.

Outlook and guidance

• Projected 2025 CAPEX of 12,000–13,600 million Baht, focusing on store expansion, renovations, and new projects.

• Targeting 700 new stores in Thailand and further international growth in Cambodia and Laos.

• Dividends of Baht 1.35 per share (totaling Baht 12,127 million) for 2024 were approved, to be paid in May 2025.

• Share repurchase program up to Baht 7,500 million (max 150 million shares) approved, to run from May to November 2025.

• No material impact from the new global minimum top-up tax for Q1 2025.