Maysenee Ratnavijarn, Director of Investor Relations at CP Axtra Public Company Limited (SET: CPAXT), disclosed the company’s business overview during the Opportunity Day event organized by the Stock Exchange of Thailand (SET) on November 9, 2026.
The head of IR stated that the company generated total revenue of THB 130,362 million and a normalized net profit of THB 2,013 million, driven by sales from the wholesale business, online sales growth of over 26%, operations in Malaysia, and gross margin expansion resulting from pricing strategies and efficiency in retail inventory shrinkage management.
Meanwhile, for the fourth-quarter 2026 outlook, the gross margin is projected to expand by approximately 0.5% – 0.6% year-on-year, reflecting a continuous recovery trend in profitability.
Maysenee added that CPAXT’s capital structure remains robust, with an interest-bearing debt-to-equity (IBD/E) ratio of approximately 0.4 times, well below the financial covenant threshold of no more than 2.5 times. This underscores the company’s financial management capability and its capacity to support long-term business operations.
At the same time, the company is proceeding with the portfolio adjustment of its Lotus’s Go Fresh retail business by closing a total of 673 non-profitable stores. Consequently, selling space decreased by approximately 7%, while revenue declined by only 6%. This indicates that the store closures were targeted at reducing loss-making stores to enhance the overall quality of the business portfolio, rather than focusing solely on store count expansion.
The store portfolio adjustment will enable the company to lower cost burdens and generate cost savings starting from 4Q26 onwards. Furthermore, it unlocks high-potential locations for redevelopment into larger format stores to better meet product demands and consumer behavior in each respective area.
Regarding the increase in goodwill during the third quarter of 2026, the company clarified that it resulted from the acquisition of The Food Purveyor Sdn. Bhd. (TFP). The fair value assessment of assets and the purchase price allocation process are currently underway and are expected to be completed within the fourth quarter of this year.
For the overall full-year performance outlook, the company maintains its original targets, confirming that expense management remains on track and within set parameters. The Happitat project is expected to have an expense impact of approximately THB 500 million on the full-year operating performance.
In addition, CPAXT aims to enhance operational efficiency through three core strategies: improving operational efficiency and profitability, strengthening product assortments, and developing shopping center capabilities to drive organic growth from existing operations and build long-term competitiveness.
In terms of shopping center development under the “Happy and Healthy Mall” concept, the company continues to enhance its retail space capabilities. Projects executed during 2024 – 2025 have yielded clear positive results, with foot traffic increasing by approximately 31% and occupancy rates rising by 5% compared to the period prior to the implementation of the Mall Extension Program.
Following this positive reception, the company plans to expand and develop projects across a total of 60 strategic locations, divided into 8 projects within 2026 and another 52 projects within 2027. This initiative is expected to increase net leasable area by approximately 11%.
The company intends to drive these strategies concurrently to maximize efficiency in its core business, unlock growth opportunities from existing spaces and assets, and enhance its ability to deliver returns and sustainable long-term growth.
