Wholesale business under the brand name "Makro" and retail business under the brand name "Lotus's", including mall and commercial space management.
| 6M26 | 6M25 | 2025 | 2024 |
|---|
| Revenues | 268,334.00 | 259,030.00 | 520,706.00 | 512,042.00 |
| Expenses | 260,072.00 | 250,126.00 | 503,918.00 | 493,409.00 |
| Net Profit (Loss) | 4,668.00 | 4,929.00 | 9,356.00 | 10,569.00 |
| Assets | 571,298.00 | 544,438.00 | 576,671.00 | 546,531.00 |
| Liabilities | 270,560.00 | 246,412.00 | 276,284.00 | 247,914.00 |
| Shareholders' Equity | 299,534.00 | 297,107.00 | 299,457.00 | 297,674.00 |
| Operating | 7,494.00 | 5,234.00 | 21,052.00 | 24,162.00 |
| Investing | -10,304.00 | -7,767.00 | -25,786.00 | -16,816.00 |
| Financing | -2,529.00 | -4,684.00 | -258.00 | -19,645.00 |
| EPS (Baht) | 0.45 | 0.47 | 0.90 | 1.61 |
| GP Margin (%) | 14.10 | 14.40 | 14.30 | 14.40 |
| NP Margin (%) | 1.74 | 1.90 | 1.79 | 2.06 |
| D/E Ratio (x) | 0.90 | 0.83 | 0.92 | 0.83 |
| ROE (%) | 3.05 | 3.67 | 3.13 | 3.58 |
| ROA (%) | 3.02 | 2.01 | 3.09 | 3.55 |
1) Show the net profit attributable to owners of the parent and the
shareholders' equity attributable to owners of the parent.
2) EPS for 2024 calculated based on the weighted-average number of shares 6,582 million shares, with par value revised from 0.5 Baht to 1.0 Baht per share. On the equal number of shares, 2024 would be 1.01 Baht per share.
3) Show the gross profit margin from sales.
The Company targets revenue growth both domestic and oversea by strengthening the business across all dimensions. These include developing products to meet evolving customer needs, enhancing operational efficiency through Omni-Channel sales, developing technology and artificial intelligence across every stage of business value chain, expanding Online-to-Offline for e-commerce business, and expanding store networks in various formats including the development of shopping centers to be the Happy & Healthy mall. International operations, particularly in ASEAN, continue to be an important role in driving revenue growth with a commitment to prudent and disciplined business practices.
The Company adheres to sustainability goals, aligned with key stakeholder priorities, the CP Group’s sustainability framework, and the UNSDGs, with the following approaches:
- Environmental: Focuses on reducing environmental impacts with goals of zero food waste to landfill and carbon neutrality by 2030, and net-zero greenhouse gas emissions by 2050.
- Social: creates economic value for communities, enhances job creation and income, and reduces social inequality by supporting 400,000 jobs by 2030, while promote access to safe and nutritious food, partnering to build sustainable social value.
- Governance: Aims to establish efficient internal operations in compliance with laws, regulations, and standards, upholding ethical business practices with a risk management system and anti-corruption measures at all levels, building trust with all stakeholders, and proactively addressing cybersecurity threats.
Total revenue: Baht 268,334 million or grew by 3.6% YoY. Revenue from sale of goods was Baht 257,227 million or grew 3.5% YoY while revenue from rental and rendering retail service was Baht 7,358 million or grew 3.8% YoY which outpaced the growth rate of leasable area.
- Wholesale business: Revenue showed Baht 147,707 million, an increase of 4.8% YoY, driven by Makro Thailand which benefited from Thai Chuay Thai Plus program and Foodservice businesses as well as new store openings and Omni-Channel sales.
- Retail business: Revenue reported Baht 120,627 million, or increased by 2.1% YoY, supported by Lotus's Malaysia from product assortment optimization and dynamic pricing strategies to match customer preferences. Meanwhile, Lotus's Thailand was pressured by high comparison base from Shop Dee Mee Kuen in the previous year and negatively impacted by Thai Chuay Thai Plus program. However, growth in Omni Channel sales partially offset these impacts.
Gross profit from sales: Baht 36,182 million or increased by 1.2% YoY while gross profit margin stood at 14.1%.
Net profit attributable to owners of the parent: Baht 4,668 million or 1.7% of total revenue. The drop in net profit mainly due to higher distribution cost. Nevertheless, finance cost decreased by 7.5% YoY, supported by effective capital structure and financing cost management.
- In 1H2026, the retail business newly opened 4 large-format stores including 2 supermarkets in Thailand and 2 supermarket in Malaysia, along with 123 Lotus’s Go Fresh stores. Meanwhile, the wholesale business did not open any new stores.
The Company faces various risks in wholesale and retail, including geopolitical uncertainties in the Middle East which may directly disrupt supply chain, inflation from rising production and logistic costs, price fluctuations, and consumer shift to online shopping. The Company has prepared contingency plans for potential risks in the future and has adopted the COSO Enterprise Risk Management framework and ISO 31000: Risk Management – Guidelines for its enterprise-wide risk management processes, including the policy set up, objectives, risk management frameworks, and governance structures that align with these globally recognized standards.
Key risk management approaches include:
- Strategic Risk: Organizing workshops to set strategic goals, plan key projects supporting growth, and develop new business models that meet changing customer needs.
- Liquidity Risk: Continuously monitoring financial status, managing working capital and debt, and setting up credit lines to mitigate financial fluctuations.
- Food Safety and Product Quality Risk: Adhere to international standards like HACCP and GMP, and ensure product traceability through the "i-Trace" system enabling customers to directly verify the source of production.
For more details in One report section 2 Risk Management
- Makro PRO was ranked as the No. 1 Thai e-commerce platform for two consecutive years by Euromonitor International.
- Lotus's received the No. 1 Brand Thailand award for two consecutive years, reinforcing consumer trust nationwide.
- CPAXT received 4 awards at "Retail Asia Awards 2026", reaffirming leadership in Thai wholesale-retail on Asian stage.
| as of 30/06/26 | CPAXT | COMM | SET |
|---|---|---|---|
| P/E (X) | 16.34 | 16.06 | 16.92 |
| P/BV (X) | 0.51 | 1.34 | 1.46 |
| Dividend yield (%) | 4.77 | 4.12 | 4.02 |
| 30/06/26 | 30/12/25 | 30/12/24 | |
|---|---|---|---|
| Market Cap (MB) | 155,372.16 | 163,714.29 | 284,153.78 |
| Price (B/Share) | 14.90 | 15.70 | 27.25 |
| P/E (X) | 16.34 | 15.22 | 28.71 |
| P/BV (X) | 0.51 | 0.55 | - |
