X-Stock | BSR 33,800 VND +30%: Q2 2026 Business Results Update – Crack Spreads Remain Elevated in 2H2026

BUSINESS RESULTS UPDATE

Q2 2026 results: Net revenue reached VND 58,716bn (+60% YoY, +28% QoQ), while NPAT-MI reached VND 7,460bn (+782% YoY, -10% QoQ).

• Gross margin reached 14.7% (+11.9 ppts YoY, -6.0 ppts QoQ). The strong YoY improvement was supported by high crack spreads across key products. Compared with the previous quarter, gross margin narrowed from its peak, mainly due to lower Diesel and RON92 crack spreads, while the Jet A1 crack spread remained broadly at the high level recorded in Q1.

• Selling and G&A expenses reached VND 460bn (+21% YoY, -16% QoQ), with the SG&A/net revenue ratio declining to 0.8% (-0.3 ppts YoY, -0.4 ppts QoQ). The cost-to-revenue ratio continued to improve due to economies of scale, despite employee expenses and other cash expenses increasing 76% YoY to VND 133bn.

• Net financial income reached VND 303bn (-7% YoY, +9% QoQ). Net interest income from deposits reached VND 483bn (+97% YoY, +22% QoQ), helping offset a net FX loss of VND 180bn in Q2 2026, compared with a net FX gain in the same period last year.

1H2026 results: Net revenue reached VND 104,636bn (+52% YoY), while NPAT-MI reached VND 15,725bn (+1,163% YoY).

BSC VIEW & 2026 OUTLOOK

• Q2 2026 results exceeded BSC’s forecasts, mainly because crack spreads for key products remained high and came in above our estimates.

(i) Diesel gross margin reached 21.0% (+14.9 ppts YoY), easing from its Q1 2026 peak of 29.4%.

(ii) Jet A1 gross margin reached 28.0% (+15.5 ppts YoY, +0.2 ppts QoQ), maintaining the positive trend seen in Q1 2026 (27.8%).

In 1H2026, BSR completed 52% and 66% of our revised full-year revenue and earnings forecasts, respectively.

• 2026F forecast: BSC forecasts revenue of VND 201,139bn (+42% YoY) and NPAT-MI of VND 23,717bn (+357% YoY), representing upward revisions of 12% and 53%, respectively, versus our latest report, mainly due to higher crack spread assumptions.

KEY INFORMATION TO WATCH

(i) 2026 outlook and forecast revisions (Page 2); and
(ii) Crack spread update (Page 2).