Financials CP ALL

Equities

CPALL

TH0737010Y08

Food Retail & Distribution

End-of-day quote Thailand S.E. Other stock markets 16/01/2026			5-day change	1st Jan Change
42.50 ^THB	+0.59%		-0.58%	-2.30%

14/11	Tranche Update on CP ALL Public Company Limited's Equity Buyback Plan announced on May 13, 2025.	CI
14/11	CP ALL Public Company Limited's Equity Buyback announced on May 13, 2025, has closed with 71,598,000 shares, representing 0.8% for THB 3,358.43 million.	CI

Projected Income Statement: CP ALL

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	5,25,884	5,65,207	8,29,099	8,95,281	9,58,998	10,03,280	10,54,036	11,06,983
Change	-	7.48%	46.69%	7.98%	7.12%	4.62%	5.06%	5.02%
EBITDA ¹	48,502	42,992	72,352	78,034	87,269	91,540	97,084	1,02,511
Change	-	-11.36%	68.29%	7.85%	11.83%	4.89%	6.06%	5.59%
EBIT ¹	27,852	18,196	35,808	41,451	50,064	54,132	57,666	61,687
Change	-	-34.67%	96.79%	15.76%	20.78%	8.13%	6.53%	6.97%
Interest Paid ¹	-8,526	-12,643	-16,832	-16,558	-15,495	-14,938	-14,480	-14,545
Earnings before Tax (EBT) ¹	19,262	12,577	20,082	26,454	35,893	39,796	43,579	47,905
Change	-	-34.7%	59.67%	31.73%	35.68%	10.87%	9.5%	9.93%
Net income ¹	16,102	12,985	13,272	18,482	25,346	28,143	30,941	33,931
Change	-	-19.36%	2.2%	39.26%	37.14%	11.04%	9.94%	9.66%
Announcement Date	22/02/21	24/02/22	23/02/23	23/02/24	25/02/25	-	-	-

¹THB in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	1,31,823	1,28,549	1,32,146	1,25,287	1,79,226	1,94,409	2,08,210	2,07,617	2,18,863	2,15,895	2,25,603	2,20,051	2,33,732	2,34,315	2,40,948	2,34,044	2,49,691	2,45,798	2,48,865	2,42,599	2,52,516	2,50,898	2,61,352
Change	-	-2.48%	2.8%	-5.19%	43.05%	8.47%	7.1%	-0.29%	5.42%	-1.36%	4.5%	-2.46%	6.22%	0.25%	2.83%	-2.87%	6.69%	-1.56%	1.25%	-2.52%	4.09%	-0.64%	4.17%
EBITDA ¹	12,633	11,221	13,770	9,955	18,518	17,740	17,291	-	18,770	18,750	19,088	18,783	21,413	14,816	21,137	20,926	23,865	23,345	22,062	21,581	22,550	-	-
Change	-	-11.17%	22.71%	-27.71%	86.03%	-4.2%	-2.53%	-	-	-0.11%	1.81%	-1.6%	14%	-30.81%	42.66%	-1%	14.04%	-2.18%	-5.5%	-2.18%	4.49%	-	-
EBIT ¹	6,968	5,852	5,849	4,436	-	8,780	8,310	9,272	9,313	9,765	9,985	9,582	12,119	12,207	12,039	11,715	14,104	14,054	12,904	12,033	13,852	14,124	14,713
Change	-	-16.01%	-0.05%	-24.16%	-	-	-5.36%	11.57%	0.45%	4.85%	2.25%	-4.04%	26.48%	0.72%	-1.37%	-2.7%	20.39%	-0.35%	-8.19%	-6.75%	15.12%	1.96%	4.17%
Charge d'intérêts ¹	-2,678	-2,901	-3,529	-2,600	-3,613	-3,825	-3,977	-4,283	-4,747	-4,408	-4,145	-3,995	-4,010	-3,902	-3,878	-3,861	-1,548	-3,769	-3,803	-3,592	-3,751	-	-
Earnings before Tax (EBT) ¹	4,227	3,080	2,496	1,837	-	5,200	4,548	5,277	5,057	5,996	6,099	6,045	8,314	8,944	8,563	7,607	10,779	10,582	9,393	8,870	9,240	-	-
Change	-	-27.15%	-18.95%	-26.42%	-	-	-12.55%	16.04%	-4.17%	18.58%	1.71%	-0.88%	37.53%	7.58%	-4.26%	-11.17%	41.71%	-1.83%	-11.24%	-5.57%	4.17%	-	-
Net income ¹	3,573	2,599	2,190	1,493	6,704	3,453	3,004	3,677	3,138	4,123	4,438	4,424	5,497	6,319	6,239	5,608	7,179	7,585	6,768	6,597	7,138	-	-
Change	-	-27.25%	-15.75%	-31.82%	349.01%	-48.49%	-13%	22.4%	-14.66%	31.39%	7.66%	-0.32%	24.24%	14.97%	-1.26%	-10.12%	28.02%	5.66%	-10.77%	-2.54%	8.21%	-	-
Announcement Date	22/02/21	12/05/21	11/08/21	11/11/21	24/02/22	11/05/22	10/08/22	11/11/22	23/02/23	10/05/23	10/08/23	10/11/23	23/02/24	10/05/24	13/08/24	12/12/24	25/02/25	13/05/25	13/08/25	12/11/25	-	-	-

¹THB in Million

Estimates

Fiscal Period: December	2022 S1	2023 S1	2024 S1	2025 S1
Net sales ¹	4,02,619	4,41,498	4,75,263	4,94,663
Change	-	9.66%	7.65%	4.08%
EBITDA ¹	35,031	37,838	42,478	45,063
Change	-	8.01%	12.26%	6.09%
EBIT ¹	17,090	19,751	-	26,983
Change	-	15.57%	-	-
Charge d'intérêts ¹	-7,802	-8,553	-7,780	-7,572
Earnings before Tax (EBT) ¹	9,748	12,095	-	19,975
Change	-	24.07%	-	-
Net income ¹	6,457	8,561	12,559	14,354
Change	-	32.59%	46.7%	14.29%
Announcement Date	10/08/22	10/08/23	13/08/24	13/08/25

¹THB in Million

Estimates

Forecast Balance Sheet: CP ALL

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	2,52,342	3,65,143	2,79,928	2,60,029	2,36,312	3,12,317	3,06,020	2,93,235
Change	-	44.7%	-23.34%	-7.11%	-9.12%	32.16%	-2.02%	-4.18%
Announcement Date	22/02/21	24/02/22	23/02/23	23/02/24	25/02/25	-	-	-

¹THB in Million

Estimates

Cash Flow Forecast: CP ALL

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	15,387	14,072	25,698	24,270	22,915	39,800	35,409	35,710
Change	-	-8.55%	82.62%	-5.55%	-5.58%	73.68%	-11.03%	0.85%
Free Cash Flow (FCF) ¹	23,761	32,247	44,176	62,902	53,254	37,636	47,613	54,521
Change	-	35.71%	36.99%	42.39%	-15.34%	-29.33%	26.51%	14.51%
Announcement Date	22/02/21	24/02/22	23/02/23	23/02/24	25/02/25	-	-	-

¹THB in Million

Estimates

Forecast Financial Ratios: CP ALL

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	9.22%	7.61%	8.73%	8.72%	9.1%	9.15%	9.24%	9.26%
EBIT Margin (%)	5.3%	3.22%	4.32%	4.63%	5.22%	5.4%	5.48%	5.57%
EBT Margin (%)	3.66%	2.23%	2.42%	2.95%	3.74%	3.98%	4.15%	4.33%
Net margin (%)	3.06%	2.3%	1.6%	2.06%	2.64%	2.82%	2.94%	3.07%
FCF margin (%)	4.52%	5.71%	5.33%	7.03%	5.55%	3.75%	4.52%	4.93%
FCF / Net Income (%)	147.56%	248.33%	332.85%	340.34%	210.11%	133.25%	154.03%	160.68%
Profitability
ROA	3.58%	1.78%	1.43%	2%	2.71%	3.01%	3.19%	3.41%
ROE	16.91%	12.93%	12.96%	17.46%	21.31%	21.21%	21.19%	20.95%
Financial Health
Leverage (Debt/EBITDA)	5.2x	8.49x	3.87x	3.33x	2.71x	3.41x	3.15x	2.86x
Debt / Free cash flow	10.62x	11.32x	6.34x	4.13x	4.44x	8.3x	6.43x	5.38x
Capital Intensity
CAPEX / Current Assets (%)	2.93%	2.49%	3.1%	2.71%	2.39%	3.97%	3.36%	3.23%
CAPEX / EBITDA (%)	31.73%	32.73%	35.52%	31.1%	26.26%	43.4%	36.4%	34.84%
CAPEX / FCF (%)	64.76%	43.64%	58.17%	38.58%	43.03%	105.75%	74.37%	65.5%
Items per share
Cash flow per share ¹	4.084	5.156	7.778	9.704	8.479	7.928	8.065	8.635
Change	-	26.24%	50.85%	24.76%	-12.62%	-6.5%	1.73%	7.07%
Dividend per Share ¹	0.9	0.6	0.75	1	1	1.524	1.689	1.873
Change	-	-33.33%	25%	33.33%	0%	52.37%	10.88%	10.9%
Book Value Per Share ¹	10.77	11.59	11.21	12.36	14.12	15.56	17.26	19.2
Change	-	7.62%	-3.28%	10.2%	14.29%	10.18%	10.9%	11.26%
EPS ¹	1.68	1.33	1.39	2.01	2.77	3.143	3.461	3.8
Change	-	-20.83%	4.51%	44.6%	37.81%	13.48%	10.11%	9.79%
Nbr of stocks (in thousands)	89,83,101	89,83,101	89,83,101	89,83,101	89,83,101	89,11,503	89,11,503	89,11,503
Announcement Date	22/02/21	24/02/22	23/02/23	23/02/24	25/02/25	-	-	-