President Chain Store (2912) Q3 2025 earnings summary

Executive summary

• Consolidated revenue grew 3.6% year-over-year in the first nine months of 2025, led by 7-Eleven Taiwan, COSMED, Starbucks, and others.

• Gross margin improved by 0.39% year-over-year, reaching 34%, due to product mix optimization and economies of scale.

• Operating profit increased 2.4% to NT$11.28 billion, while net income after tax declined 4% to NT$8.90 billion due to one-off items; excluding these, profit was flat or slightly up.

• Earnings per share for the nine months were NT$8.56 basic and NT$8.54 diluted.

• Core businesses, especially 7-Eleven Taiwan and COSMED, showed robust profit growth.

Financial highlights

• 7-Eleven Taiwan revenue rose 4.4% year-over-year, with a net increase of 109 stores, reaching 7,186 by September.

• COSMED delivered strong performance and economies of scale, with net profit growing at a double-digit rate year-to-date.

• Consolidated ROE reached 27.52% in 2024; parent company ROE at 28.80%.

• Cash and cash equivalents at period end were NT$48.57 billion, down from NT$55.59 billion a year earlier.

• Dividends of NT$9.00 per share were distributed in 2025 and 2024, with payout ratios above 80%.

Outlook and guidance

• Projected net increase of 150-200 stores per year in Taiwan for 2025 and 2026.

• 7-Eleven Philippines expects a net increase of 300-400 stores per year, focusing on large format stores and affordable product lines.

• Medium- and long-term goals focus on expanding store count and quality, digital integration, and leveraging AI.

• Management expects continued growth in core convenience store operations and ongoing investment in logistics and digital transformation.

• New IFRS standards effective from 2026 are not expected to have a significant impact.