Central Pattana Public Co. Ltd. · SET:CPN

Central Pattana Public — 4Q25 Earnings Presentation

47 slides from Central Pattana Public's earnings presentation, 2026

  1. Slide 1: 4Q25 Corporate Presentation

    4Q25 Corporate Presentation Confidential

  2. Slide 2: Disclaimer

    DISCLAIMER The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in Central Pattana Public Company Limited (“Central Pattana, “CPN” and sh

  3. Slide 3: Agenda

    AGENDA • Key Highlights • Company Overview • 4Q25 Business Updates • Announced Project Pipeline • Financial Performance 3

  4. Slide 4: Key Highlights

    CENTRALPATIANA KEY HIGHLIGHTS

  5. Slide 5: Key Investment Considerations

    KEY INVESTMENT CONSIDERATIONS The largest retail property developer in Thailand and the only player who can offer nationwide footprint and complete “center of life” ecosystem with big data from Central Group Well-diversified portfolio through retail-led mixed-use strategy with synergy between retail

  6. Slide 6: The 360-Degree Center of Life Through Support from The 1

    THE 360-DEGREE CENTER OF LIFE THROUGH SUPPORT FROM THE 1 44 • 1 million+ daily footfall traffic overall • More than 2,500 brands and 7,000+ tenants (42 Malls, 15 Com Mall) (40+ Projects) (10 Projects) 1,000+ Keys • Central Group’s The 1 is Thailand’s largest loyalty platform with over 20 million mem

  7. Slide 7: Retail-led mixed-use strategy with marketing events and new experiences drive consistent traffic growth

    RETAIL-LED MIXED-USE STRATEGY WITH MARKETING EVENTS & NEW EXPERIENCES DRIVE CONSISTENT TRAFFIC GROWTH

  8. Slide 8: 2025 Marked the 3rd Consecutive Year of Record High Performance

    2025 MARKED THE 3RD CONSECUTIVE YEAR OF RECORD HIGH PERFORMANCE Strong capital discipline 17% Bt 2.4/share ~10% driving sustainable growth Record high ROE Announced Dividend ( 57% payout) Consistent revenue and NPAT growth (+14 %YoY) 2025-2029 Resilient cash flow powering a 0.45x - 13% Net D/E ratio

  9. Slide 9: New Experiences from International and Local Brands

    NEW EXPERIENCES FROM INTERNATIONAL AND LOCAL BRANDS

  10. Slide 10: Various Collaborations and All-Year-Round Events

    VARIOUS COLLABORATIONS AND ALL-YEAR-ROUND EVENTS

  11. Slide 11: Company Overview

    CENTRALPATIANA COMPANY OVERVIEW

  12. Slide 12: Central Group Structure

    CENTRAL GROUP STRUCTURE CPN is the property development arm of Central Group, the largest retail conglomerate in Thailand (est 1980) (est 1956) (est 1980) Owner, developer, and manager of Multi-format retail operators Owner, developer, and manager of hotel retail-led mixed-use development chains and

  13. Slide 13: CPN at a Glance (as of Dec 2025)

    CPN AT A GLANCE (AS OF DEC 2025) A top regional retail-led diversified property developer More than 40 years as industry leadership in Thailand 43 Shopping Malls 60 Majority of Retail Projects 16 Community Malls 1 Mega Bangna 2.3 90+ % #1 asset base 11 35 11 Including community malls parent co. of O

  14. Slide 14: Market Leadership in Thailand

    MARKET LEADERSHIP IN THAILAND 1  Chiangmai Central Pattana’s shopping malls are in 23 strategic provinces MARKET SHARE   Chiangrai Lampang nationwide, residential projects and hotels will continue to be  Phitsanulok added to create “Centre of Life” destinations 22% Hypermarket 28% (5 provinces)

  15. Slide 15: Completing a Placemaker Ecosystem

    COMPLETING A PLACEMAKER ECOSYSTEM 2016-2017 ON 2018 2019 2020 2021 2022 onwards 15

  16. Slide 16: 4Q25 Business Updates

    CENTRALPATIANA 4Q25 BUSINESS UPDATES

  17. Slide 17: Rental & Service

    RENTAL & SERVICE RETAIL Traffic/Day 2025 retail highlights 1,500,000 • The portfolio delivered consistent mid-single digit 1,000,000 same-store rental revenue growth throughout the year, driven by resilient increase in traffic YoY that 500,000 translated into higher tenants’ sales - Jan Feb Mar Apr

  18. Slide 18: Key Marketing Events in 4Q25

    KEY MARKETING EVENTS IN 4Q25 CPN’s Nationwide Countdown Event in 13 locations with 1.5 mn visitors centralwOrld countdown event with 350K visitors

  19. Slide 19: Tailwinds from Government Stimulus Programs in 4Q25

    TAILWINDS FROM GOVERNMENT STIMULUS PROGRAMS IN 4Q25

  20. Slide 20: New Excitements Coming Soon

    NEW EXCITEMENTS COMING SOON New brands & expansion 3 STRATEGIES FOR ALL DAY ACTIVITIES INDOOR AREA FOR GLASS HOUSE COMMUNITY: CITY GLOW CLUB BY GROOVE

  21. Slide 21: Nationwide Events in 1Q26TD

    NATIONWIDE EVENTS IN 1Q26TD fi CENIrRAL 6 A.w. 69 - 16 9.W. 69 AgudémsAnsunsarious:ina ‘9 sBunga Sasad un 71.0. 68 ‘v Gungatnsw Suh 139. 69 ¥ Gunsa oyser Sutl4nw.69 WY iungadwro Sul 14 nw. 69 rr coat i | Bo. “eeg t i ¢ 7 © semi dovovudqytinuts THSnwWouriU SuwS!" "Charles & Keith Flower" HONTUATGUWAL

  22. Slide 22: Dusit Central Park

    DUSIT CENTRAL PARK Residential: Dusit Residences Open date: 4Q25 Office: Central Park Offices CPN stake 30% Bldg. format: Grade A Open date: Sep 4, 2025 Hotel: Dusit Thani Bangkok CPN stake 100% Open date: Sep-24 CPN stake 30% Retail: Central Park Total floors: 7+UG Open date: Sep 4, 2025 CPN stake

  23. Slide 23: Land

    LAND AREA 23 RAI TOTAL MIXED-USE PROJECT INVESTMENT 46,000 MB Envisioning Bangkok ss Metropolis he from the future of the city Design forthe Future ide the city antes atthe Corner of Silom-Ram@la Thtersection 130,000 SQ.M. (GBA) tii OFFICES 130,000 SQ.M. (GBA) CENTRAL RK Curated Platform The Future

  24. Slide 24: Opened Oct 24, 2025

    Opened Oct 24, 2025 Investment 2,300MB NLA 20,000 sqm

  25. Slide 25: The Completion of Renovated Malls

    THE COMPLETION OF RENOVATED MALLS CENTRAL PINKLAO CENTRAL CHAENGWATTANA Completed in Nov-25 One of CPN’s Flagship Mall in the Western part of Bangkok Completed in Jan-26 • 500+ Brands Mix • Traffic reached 80K visit/day after renovation MARKET PLACE PRACHA UTHIT Completed in Nov-25

  26. Slide 26: Retail: Asset Enhancement Plans

    RETAIL: ASSET ENHANCEMENT PLANS SHOPPING MALLS COMMUNITY MALLS J AVENUE To be completed in 1Q26 To be completed 1H26 To be completed 2H26 LA VILLA To be completed in 2H26 NANGLINCHEE To be completed in 2H26

  27. Slide 27: Hotel

    HOTEL OCCUPANCY RATE AVERAGE ROOM RATE Baht/Night 73% 76% 75% 75% 77% 76% 70% 3,545 3,508 3,380 3,204 -9% YoY 3,067 2,859 -13% YoY 2,827 +13% QoQ 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 REVPAR 4Q25 STATISTICS Baht RevPar Brand No. Room Occ Rate ADR (Bt) RevPar (Bt) (YoY

  28. Slide 28: GO! Hotel Bangkok Suvarnabhumi Airport

    GO! Hotel Bangkok Suvarnabhumi Airport • Opened on Nov 29, 2025 • 5 km, 10 mins away from Suvarnabhumi Airport • Pet Friendly Hotel • 179 Rooms with 6 Room types • Restaurant – Sunny Side Up (Steak and Bar) 28

  29. Slide 29: Residential

    RESIDENTIAL PRE-SALE BACKLOG (as of end 4Q25) Unit: Million Baht Unit: Million Baht 7,629 5,624 -26% YoY 5,230 3,607 Total 307 6,318 6,625 1,967 1,840 -13% YoY 1,611 1,706 -7% QoQ 1,247 467 960 1,219 1,194 2,399 2,017 720 392 234 233 880 512 4Q24 1Q25 2Q25 3Q25 4Q25 FY2024 FY2025 Low-rise High-rise

  30. Slide 30: 2025 Residential New Launches – Tentative Timeline

    2025 Residential New Launches – Tentative Timeline 2025 Launch plan – 9 projects Launch value Bt 15.8bn Condominium Bt 6.5bn Low-rise Bt 9.3bn 1Q25 2Q25 3Q25 4Q25 • BAAN NIRATI • BAAN NIRADA • PHYLL PHUKET II • PHYLL KRABI CHAENGWATTNA- CHAENGWATTNA- • BAAN NINYA • ESCENT CHONBURI CHAIYAPHRUEK CHAIY

  31. Slide 31: Announced Project Pipeline

    ANNOUNCED PROJECT PIPELINE 31

  32. Slide 32: 2026 Pipeline

    2026 Pipeline Investment Bt2,000 MB Retail NLA ~25,000 sqm Residence TBD Hotel TBD Target opening May 2026 32

  33. Slide 33: 2026 Pipeline

    2026 Pipeline Investment Bt3,000 MB Retail NLA ~ 45,000 sqm Target opening 3Q26 33

  34. Slide 34: 2026 Pipeline

    2026 Pipeline Investment Bt17,000 MB Retail NLA ~100,000 sqm Target opening 4Q26 34

  35. Slide 35: 2026 Pipeline

    2026 Pipeline NLA ~10,000 sqm Q4/2026 35

  36. Slide 36: 2027 Pipeline

    2027 Pipeline 4 Sep 2025 Siam square Rama9 Investment Bt9,000 MB Investment Bt3,600 MB (Renovation & expansion) Retail GLA 30,000 sqm Addl Retail GLA 34,000 sqm Target opening 3Q27 Target opening 4Q27 36

  37. Slide 37: Financial Performance

    CENTRALPATIANA FINANCIAL PERFORMANCE

  38. Slide 38: 4Q25 Reported vs Core Financial Statement

    4Q25 REPORTED VS CORE FINANCIAL STATEMENT Impact from Rama 2 Core Unit: Baht mn Per F/S lease extension with Performance CPNREIT Revenue from rental & services 11,372 - 11,372 Revenue from other businesses 3,166 - 3,166 Other income 606 - 606 Total Revenue 15,144 - 15,144 Cost of rental & services (

  39. Slide 39: 2025 Reported vs Core Financial Statement

    2025 REPORTED VS CORE FINANCIAL STATEMENT p Impact from Rama 2 Core Unit: Baht mn Per F/S lease extension with Performance CPNREIT Revenue from rental & services 43,721 - 43,721 Revenue from other businesses 6,313 - 6,313 Other income 2,975 (1,234) 1,741 Total Revenue 53,009 (1,234) 51,775 Cost of r

  40. Slide 40: Record High 4Q25 Quarterly Performance and New Highs in 2025

    RECORD HIGH 4Q25 QUARTERLY PERFORMANCE AND NEW HIGHS IN 2025 Bt m 4Q24 3Q25 4Q25 %YoY %QoQ 2024 2025 %YoY 4Q25 achievements Total revenue from Total Revenue 13,910 12,324 15,144 9% 23% 51,728 51,775 0% Rental & service revenue Total Revenue excl resi 11,934 11,698 12,514 5% 7% 45,498 47,424 4% Resid

  41. Slide 41: 4Q25 Core Rental Business Remained Resilient

    4Q25 CORE RENTAL BUSINESS REMAINED RESILIENT Rental & Service Business Hotel Business -2% YoY 550 455 537 +18% QoQ Hotel, 4% 4Q24 3Q25 4Q25 Rental & Service, 78% Residential, 18% 11,372 +5% YoY 10,834 10,835 +5% QoQ Residential Business 2,630 +33% YoY 1,976 626 4Q24 3Q25 4Q25 +320% QoQ 4Q24 3Q25 4Q2

  42. Slide 42: FY2025 Core Rental Business Remained Resilient

    FY2025 CORE RENTAL BUSINESS REMAINED RESILIENT Rental & Service Business Hotel Business Flat YoY 1965 1962 Rental & Service, Hotel, 4% FY2024 FY2025 87% Residential, 9% +4% YoY 43,721 41,989 Residential Business 6,231 4,351 -30% YoY FY2024 FY2025 FY2024 FY2025

  43. Slide 43: 4Q25 Gross Profit and GPM by Business

    4Q25 GROSS PROFIT AND GPM BY BUSINESS Rental & Service Business Hotel Business 67% 66% 67% Flat YoY +22% QoQ 368 368 301 Rental & 58% 60% 61% 4Q24 3Q25 4Q25 Service, 85% Hotel, 4% 6,936 +10% YoY 6,480 6,307 +7% QoQ Residential, 11% 4Q24 3Q25 4Q25 Residential Business 31% 31% 34% +48% YoY 901 610 +37

  44. Slide 44: FY2025 Gross Profit and GPM by Business

    FY2025 GROSS PROFIT AND GPM BY BUSINESS Rental & Service Business Hotel Business 67% 67% Flat YoY 1,309 1,315 Rental & 57% 60% FY2024 FY2025 Service, 91% Hotel, 4% +9% YoY 26,251 24,124 Residential, 5% FY2024 FY2025 Residential Business 35% 33% -33% YoY 1439 2153 FY2024 FY2025

  45. Slide 45: Profitability

    PROFITABILITY* SG&A CORE OPERATING PROFIT Unit: Bt m Unit: Bt m 44% 43% 40% 39% 20% 36% 18% 17% 16% 17% 22,047 20,376 +8% YoY -1% YoY 8,760 8,685 -3% YoY +21% YoY 2,686 2,776 5,059 5,420 1,961 6,121 +37% QoQ +13% QoQ 4Q24 3Q25 4Q25 FY2024 FY2025 4Q24 3Q25 4Q25 FY2024 FY2025 % to total revenues % ope

  46. Slide 46: Capital Structure

    CAPITAL STRUCTURE GEARING DEBT MATURITY 4Q25 average debt duration was 2.90 years 0.58 0.50 0.45 119,260 109,829 114,881 75% 68% Long-term (>1yr) 79% 68,875 63,449 61,280 8,806 5,292 7,045 4Q24 3Q25 4Q25 Short-term (<1yr) 25% 32% 21% Cash & current investments Interest-bearing debt (excl related-par

  47. Slide 47: For more information, please contact Investor Relations

    For more information, please contact Investor Relations Department Central Pattana Public Company Limited +662 667 5555 31st Fl, Central World Offices ext. 1614 / 1632 999-9 Rama I Rd., Patumwan, Bangkok 10330 Thailand http://www.centralpattana.co.th @ ir@centralpattana.co.th 47

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