X-Stock | C4G VND7,100 -11%: Q4/2025 Earnings Update

In Q4/2025, C4G recorded net revenue of VND1,016bn (-3% YoY) and NPAT-MI of VND33bn (+44% YoY). Key highlights include:

1. Net revenue declined slightly by 3% YoY, mainly due to:

Construction segment: Net revenue reached VND927bn (-2% YoY). During the quarter, C4G continued to execute key contract packages such as Long Thanh Airport, with estimated revenue of VND500bn, and Hau Giang – Ca Mau, with estimated revenue of VND355bn, among others.

Materials segment: Net revenue reached VND32bn (+58% YoY).

BOT toll collection segment: Net revenue reached VND34bn (-49% YoY), as the Vinh Bypass BOT project failed to meet its revenue target after the North–South Expressway came into operation, with road users switching to the Nghi Son – Dien Chau Expressway on the Ha Tinh section, which has not yet started toll collection.

2. Gross margin reached 11%, down 5 ppts YoY, mainly due to a 2-ppt YoY decline in gross margin of construction projects and a 23-ppt YoY decline in gross margin of the BOT toll collection segment.

3. Profit from associates reached VND4bn (+115% YoY), mainly contributed by Yen Lenh Bridge BOT Co., Ltd.

4. General and administrative expenses reached VND56bn (-31% YoY), mainly due to a 21% YoY decline in provision expenses.

Overall, despite a decline in core business performance, NPAT-MI increased by 44% YoY, mainly driven by lower interest expenses and G&A expenses, together with additional profit contribution from the Yen Lenh Bridge BOT project in Q4.

 

For full-year 2025, C4G recorded net revenue of VND3,195bn (-2% YoY) and NPAT-MI of VND100bn (-44% YoY). Key highlights include:

1. Construction segment: Net revenue reached VND2,910bn (+3% YoY), supported by the accelerated completion of key public investment projects in the final year of the investment cycle.

2. BOT toll collection segment: Net revenue reached VND161bn (-50% YoY), mainly due to the sharp decline in revenue from the Vinh Bypass BOT project after the North–South Expressway came into operation.

3. Gross margin reached 12%, down 3 ppts YoY, mainly due to the significant decline in profit contribution from the BOT segment, with BOT gross margin down 18 ppts YoY.

4. Financial expenses reached VND161bn (-18% YoY), mainly driven by a 31% YoY decline in interest expenses.