Cp All Public Company Limited · SET:CPALL
Cp All Public — FY2025 Earnings Presentation
24 slides from Cp All Public's earnings presentation, February 2026
Slide 1: SEIS IG
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Slide 2: 2025: CVS and Consolidated Performance
2025 : CVS and Consolidated Performance On-plan Execution of Excellence in a Dynamic Environment Company Only Consolidated Performance Performance 500,182 MB Margin icon 29.4% 1,022,143 MB Margin icon 22.7% +5.7% YoY +40 bps YoY +3.5% YoY +10 bps YoY Total Revenues Gross Profit Margin Total Revenues
Slide 3: 4Q25: CVS and Consolidated Performance
4Q25 : CVS and Consolidated Performance On-plan Execution of Excellence in a Dynamic Environment Company Only Consolidated Performance Performance 125,440 MB Margin icon 29.3% 262,194 MB Margin icon 22.5% +3.4% YoY +20 bps YoY +1.7% YoY -40 bps YoY Total Revenues Gross Profit Margin Total Revenues G
Slide 4: Business Segment Performance
Business Segment Performance CVS & Others and Grocery Wholesaling and Retailing FY2025 Revenue contribution FY2025 EBIT contribution before elimination before elimination 6% 11% 21% 14% 46% 14% 61% 27% CVS Makro Lotus's Others CVS Makro Lotus's Others Note: Exhibited figures include minority shareho
Slide 5: Store Types Breakdown
Store Types Breakdown Expanding Reach, Strengthening Presence 49% 58% 51% 42% 14% 2025 700 2024 700 86% 2023 707 2022 704 2021 702 5
Slide 6: Store Expansion in FY2025
Store Expansion in FY2025 Steady Growth with Strategic Refinements 26 Stores (+16) 15,945 Stores (+700) 112 Stores 6
Slide 7: Same Store Sales Growth
Same Store Sales Growth Resilient Sales Despite Challenges, Supported by Online Channels SSSG (%) Average daily sales / store (Baht) 80,837 83,906 83,777 2021 2022 2023 2024 2025 76,327 66,085 -6.7% +15.9% +5.5% +3.8% -0.3% Spending per ticket (Baht) 82 84 83 85 88 2021 2022 2023 2024 2025 No. of cu
Slide 8: Product Sales Mix and Gross Margin
Product Sales Mix and Gross Margin Strategic Product Mix Shaping for Margin Uplift Product Sales Mix Product Margin Foods Non Foods 29.1% 26.3% 26.1% 24.8% 24.0% 23.7% 28.8% 27.8% 27.8% 27.6% 73.7% 73.9% 75.2% 76.0% 76.3% 26.8% 26.9% 27.4% 26.4% 27.2% 26.4% 26.6% 2021 2022 2023 2024 2025 26.4% 26.2%
Slide 9: SG&A Expenses
SG&A Expenses Balanced Cost Control That Reinforces Growth Company Only SG&A Expense Consolidated SG&A Expense +6.5% YoY (Unit: Million Baht) +4.5% YoY (Unit: Million Baht) 28.2% 27.0% 27.0% 27.0% 21.1% 19.3% 19.6% 19.7% 19.9% 26.8% 135,251 194,588 203,279 115,846 126,982 165,414 179,912 90,436 103,
Slide 10: Profitability Ratios – Company Only
Profitability Ratios – Company Only Ongoing Margin Momentum Across All Operational Fronts Gross Profit (Sales & Services) EBIT (Unit: Million Baht) +6.7% YoY (Unit: Million Baht) +12.0% YoY EBITDA Net Profit (Unit: Million Baht) +9.2% YoY (Unit: Million Baht) +15.9% YoY 10
Slide 11: Profitability Ratios – Consolidated
Profitability Ratios – Consolidated Ongoing Margin Momentum Across All Operational Fronts Gross Profit (Sales & Services) EBIT (Unit: Million Baht) (Unit: Million Baht) +4.0% YoY +4.7% YoY EBITDA Net Profit (Unit: Million Baht) (Unit: Million Baht) +3.6% YoY +11.3% YoY 11
Slide 12: Leverage Ratios
Leverage Ratios Disciplined Capital Structure and Optimized Funding Choices CPALL (Consolidated) Cash& Cash Interest equivalent bearing debt Other 326,271 liabilities MB Other assets Equity As of December 31, 2025 CPALL CPAXT (Company Only) (Consolidation) • As of 31 December 2025, CPALL reported co
Slide 13: Financial and Capital Allocation
Financial and Capital Allocation Enhancing Returns through Financial and Capital Allocation Share Buyback Cash Cycle Day CAPEX (CVS) Measured Repurchase Working Capital Efficiency Appropriate CAPEX Allocation Share Repurchase: 72 million shares Negative Cash Cycle Days 10% % of paid-up shares: 0.80%
Slide 14: Appendix
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Slide 15: Consolidated Financial Statement
Consolidated Financial Statement Balance Sheet 2021 2022 2023 2024 2025 Unit : Million Baht Cash & Cash equivalent 97,134 71,424 67,234 54,613 53,207 Inventory 50,535 58,183 57,501 61,269 74,143 Fixed assets 257,022 257,540 258,326 273,272 283,025 Right of use assets 77,266 82,246 86,543 94,229 102,
Slide 16: Consolidated Financial Statement
Consolidated Financial Statement 16
Slide 17: Consolidated Financial Statement
Consolidated Financial Statement Financial Ratios 2021 2022 2023 2024 2025 Gross margin (sales & service) (%) 21.3% 21.5% 21.9% 22.6% 22.7% Operating margin (%) 4.3% 4.3% 4.7% 5.2% 5.3% EBITDA margin (%) 8.5% 8.6% 8.6% 9.0% 9.0% Net margin (%) 2.2% 1.6% 2.0% 2.6% 2.8% ROAA (%) 1.8% 1.4% 2.0% 2.7% 2.
Slide 18: Company Only Financial Statement
Company Only Financial Statement Balance Sheet 2021 2022 2023 2024 2025 Unit : Million Baht Cash & Cash equivalent 19,457 20,995 25,956 24,149 24,427 Inventory 16,316 18,007 19,339 22,123 24,586 Fixed assets 40,782 43,454 46,569 48,075 49,359 Right of use assets 38,727 43,560 45,333 51,877 53,070 Ot
Slide 19: Company Only Financial Statement
Company Only Financial Statement Income Statement 2021 2022 2023 2024 2025 Unit : Million Baht Revenue from Sales & Services 290,228 354,973 399,558 439,787 462,854 Other Income 30,207 27,517 29,938 33,222 37,329 Total revenue 320,435 382,490 429,496 473,009 500,182 Cost of Sales & Services 210,778
Slide 20: Company Only Financial Statement
Company Only Financial Statement Financial Ratios 2021 2022 2023 2024 2025 Gross margin (sales & service) (%) 27.4% 27.4% 28.2% 29.0% 29.4% Operating margin (%) 6.0% 5.6% 6.2% 7.1% 7.5% EBITDA margin (%) 11.0% 9.9% 10.1% 10.8% 11.2% Net margin (%) 2.8% 3.0% 3.6% 4.6% 5.0% ROAA (%) 2.2% 2.7% 3.5% 4.8
Slide 21: ESG: Progress Towards 2030 Sustainability Goals
ESG: Progress Towards 2030 Sustainability Goals for Phase 2 in 2021-2030 Significant material topics in 2024 Governance and Economic Environmental Dimension Social Dimension Dimension 7 Go Green 7 Go Together 7 Go Right 2024 2024 2024 Topic Goal Performance Topic Goal Performance Topic Goal Performa
Slide 22: CPALL Stock Information and Major Shareholders
CPALL Stock Information and Major Shareholders CPALL Stock Information Price (Feb 19, 2026) : Bt. 54.50 Hi/Low (12-month) : 56.50/40.50 Avg. daily turnover : 1,504.7 M. No. of shares : 8,952 M. (Par Bt1.00) Market capitalization : 487,884 MB. First trade date : Oct 14, 2003 Major Shareholders (as of
Slide 23: Consistent Dividend Payment
Consistent Dividend Payment Enhancing Returns through Disciplined Capital Allocation 83% 71% 64% 59% 57% 60% 59% 58% 59% 54% 56% 56% 1.65 1.35 1.20 1.25 1.10 1.00 1.00 0.90 0.90 0.80 0.75 0.60 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* Dividend per share (Baht) Dividend payout rati
Slide 24: Disclaimer
Disclaimer Items published on this presentation as IR information are intended to provide financial information or business information or etc. of CPALL. Some content may contain forward-looking statements, that based on management’s view upon the information currently available to us. These informa