Vingroup Joint Stock Company (VIC) Q1 2026 earnings summary

Executive summary

• Achieved best first quarter in 15 years, reinforcing confidence in Vietnam's growth outlook and company strategy.

• Net revenue for Q1 2026 rose 24% year-over-year to VND104,352 billion, driven by higher sales of inventory properties and manufacturing activities.

• Net profit after tax increased, with one source reporting a 150% surge to VND5,611 billion and another reporting a 72% rise to VND19,300 billion.

• Strong performance across all major business segments, including industrials, real estate, and hospitality.

• Gross profit margin improved, and other profit surged due to increased disposal of fixed assets and lower other expenses.

Financial highlights

• Consolidated revenue for 1Q2026 was VND104,352 billion, a 24% increase year-over-year.

• Gross profit from sales and services was VND25,938 billion, up 35% year-over-year.

• Net profit after tax rose year-over-year, with one source citing a 150% increase to VND5,611 billion and another a 72% increase to VND19,300 billion.

• Gross profit margin improved to 28.6% from 25.2% in 1Q2025.

• EBITDA margin increased to 31.1% from 28.4% in 1Q2025.

Outlook and guidance

• Targeted consolidated revenue for 2026 is VND485,000 billion, up 46% from 2025.

• Targeted profit after tax for 2026 is VND35,000 billion, 3.2 times 2025 profit.

• Management expects continued growth in sales of inventory properties and manufacturing, with cost of goods sold and tax expense rising in line with revenue and profit.

• Key growth drivers include industrials and technology expansion in Asia, new real estate launches, and hospitality growth.