Sai Gon Mien Trung Beer (SMB) Q4 2025 earnings summary

Executive summary

• Consolidated financial statements for the year ended December 31, 2025, were audited by KPMG and present a true and fair view in accordance with Vietnamese Accounting Standards and regulations.

• The group’s main business is the production and sale of beer, with other activities such as beverages and real estate being immaterial.

• No significant changes in profit after tax compared to the previous year; no material post-audit adjustments.

Financial highlights

• Net revenue for 2025 was VND 1,365.3 billion, down 5.6% year-over-year.

• Net profit after tax reached VND 176.9 billion, slightly down from VND 178.5 billion in 2024.

• Gross profit margin improved to 31.6% from 28.0% year-over-year.

• Basic EPS was VND 5,128, marginally lower than VND 5,174 in 2024.

• Total assets at year-end were VND 1,044.8 billion, up from VND 1,039.8 billion at the start of the year.

Outlook and guidance

• No official guidance provided; management expects continued focus on core beer business and prudent financial management.