CP ALL Public Company Limited (SET: CPALL) posted third-quarter 2026 total revenues of Baht 262,011 million, up 4.5% year-over-year. Consolidated reported net profit declined 6.6% year-over-year to Baht 6,162 million, impacted by non-recurring store closure expenses linked to subsidiary CP Axtra Plc.’s strategic optimization plan. Stripping out these restructuring charges, CP ALL’s adjusted net profit expanded 7.2% year-over-year to Baht 7,070 million, underpinned by resilient convenience store performance and gross margin expansion.
Key Financial Highlights
- Total Revenues: Baht 262,011 million (+4.5% YoY)
- Adjusted Net Profit: Baht 7,070 million (+7.2% YoY)
- Gross Profit Margin: 23.1% (up from 22.8% in 3Q25)
- Earnings Per Share (EPS): Baht 0.68
The flagship convenience store segment (7-Eleven) served as the central engine of earnings growth, generating sales and service revenue of Baht 121,390 million, a 6.6% increase year-over-year. Same-store sales growth (SSSG) rose 2.5%, driven by product mix optimization in high-demand fresh foods and scaling Offline-to-Online (O2O) channels—such as 7Delivery and All Online—which contributed 11% of segment revenue. Operating profit for convenience stores climbed 15.3% to Baht 9,605 million, pushing net profit for the unit up 22.4% to Baht 6,366 million.
For the first nine months of 2026, convenience and supporting operations generated 53% of pre-elimination revenue and 81% of operating profit. In contrast, the wholesale, retail, and mall segment (CP Axtra/Lotus’s) contributed 47% of revenue but only 19% of operating profit, held back by store optimization costs.
Consolidated gross profit margin expanded 30 basis points year-over-year to 23.1%, aided by favorable product selection in high-margin food and beverage categories (accounting for 77.4% of retail sales) and effective supply chain management. Operating expenses rose 7.8% year-over-year to Baht 54,970 million, driven by employee benefits, store management fees, and promotional campaigns tied to network expansion. The divergence between reported net profit (-6.6%) and adjusted net profit (+7.2%) highlights healthy underlying core operations despite temporary restructuring drag.
CP ALL maintained a conservative capital structure, ending the quarter with a net debt to adjusted equity ratio of 0.84x, well inside its 2.0x bond covenant limit. Cash and cash equivalents decreased 31.5% from year-end 2025 to Baht 36,451 million following scheduled debenture redemptions. Capital efficiency remained high, reflected in a negative 22-day cash conversion cycle.
Management reiterated plans to open approximately 700 new 7-Eleven stores in Thailand during 2026, alongside ongoing store rollouts in Lao PDR and strategic repositioning in Cambodia. Capital expenditures for 2026 are budgeted at Baht 12,000 million to Baht 13,600 million, supporting store rollouts, store renovations, distribution center infrastructure, and IT system enhancements.
