CP ALL Public Company (CPALL) Q2 2025 earnings summary

Executive summary

• Achieved record consolidated revenue of 256,574 million Baht and net profit of 6,768 million Baht in 2Q25, up 3.4% and 8.5% year-over-year, respectively.

• Company-only net profit surged 35.8% year-over-year to 9,155 million Baht in 2Q25, with revenue up 7.0%.

• 1H25 consolidated revenue totaled 509,430 million Baht, up 4.1% year-over-year; net profit was 14,354 million Baht, up 14.3%.

• Operated 15,595 stores globally by 2Q25, expanding from 15,245 at year-end 2024, including 18 international stores.

• Interim financial statements received an unqualified review from the independent auditor.

Financial highlights

• Consolidated gross profit margin rose to 22.8% in 2Q25, up from 21.9% a year earlier.

• EBIT margin improved to 5.1% in 2Q25, with EBITDA margin at 8.8%.

• Company-only gross margin reached 29.3% and EBIT margin 9.4% in 2Q25.

• Basic EPS for the six months was THB 1.57, compared to THB 1.37 in the prior year period.

• Total assets as of 30 June 2025 were THB 931.8 billion, with total equity of THB 319.5 billion.

Outlook and guidance

• Projected 7-Eleven store expansion of 700 new stores in Thailand for 2025, with CAPEX of 12,000–13,600 million Baht.

• International expansion continues with new stores in Cambodia and Laos.

• Capital commitments of THB 5.9 billion as of 30 June 2025 for property, plant, and equipment.

• No material impact from the global minimum top-up tax was noted for the period.