Vingroup Joint Stock Company (VIC) Q3 2025 earnings summary

Executive summary

• Achieved strong 9M2025 results, with adjusted revenue up 30% YoY and net profit after tax up 86% YoY, supporting a positive outlook for 2026.

• Net revenue for Q3 2025 was VND 39,135 billion, down 38% YoY, mainly due to lower sales of inventory properties.

• Net profit after tax for Q3 2025 reached VND 3,025 billion, up 50% YoY, driven by higher finance income and lower tax expenses.

• Maintained leadership in Vietnam's EV market, with VinFast deliveries up 149% YoY and e-scooter deliveries up 489% YoY.

• Real estate segment saw robust growth, with Vinhomes' contracted sales up 96% YoY and unbilled sales up 93% YoY.

Financial highlights

• Adjusted revenue for 9M2025 reached VND 177,369 billion, up 30% YoY.

• Net profit after tax was VND 7,565 billion for 9M2025.

• Gross profit margin improved to 31.3% and EBITDA margin to 21.3% for 9M2025.

• Finance income surged 291% YoY to VND 33,505 billion in Q3 2025, mainly from gains on disposal of investments and subsidiaries.

• Industrials revenue surged 80% YoY, while hospitality & entertainment services grew 29% YoY.

Outlook and guidance

• Solid 9M2025 performance underpins a positive outlook for 2026, with Vietnam targeting 10%+ GDP growth by 2030.

• Management expects continued volatility in real estate sales but anticipates stable performance in manufacturing and services.

• Continued expansion in EV, real estate, and hospitality segments expected to drive future growth.