X-Stock | CTI VND26,000 +13%: Q4/2025 Earnings Update

Q4/2025 EARNINGS UPDATE

By the end of Q4/2025, CTI recorded net revenue of VND485bn (+49% YoY) and NPAT-MI of VND46bn (+164% YoY). Key highlights include:

• Construction and pipe installation segment: Revenue reached VND274bn (+66% YoY), mainly driven by the implementation of construction projects around the Dong Nai area, particularly the Bien Hoa – Vung Tau Expressway project.
• Stone segment: Revenue reached VND41bn (+219% YoY), contributed by: (1) 100% from the existing Xuan Hoa quarry, with estimated output up 136% YoY; and (2) stone selling prices up 35% YoY. BSC has discussed the reasons for the sustained increase in stone prices in previous reports, mainly due to: (1) stone supply shortages; and (2) strong demand for stone from public investment projects in the Mekong Delta region and the recovery in real estate. At the end of Q3 and the beginning of Q4, the Xuan Hoa quarry continued to raise stone prices.
• BOT segment: Revenue reached VND149bn (+15% YoY), mainly driven by the completion of repair works at the National Highway 1 BOT project and higher traffic volume at BOT 319, which is connected to the industrial park area on the Long Thanh side.
• Q4/2025 gross margin reached 28.5%, lower than 32.4% in the same period last year. This was mainly due to the larger contribution from the construction segment, which has a lower margin than the BOT segment.
• Other income recorded a loss of VND11bn, related to asset liquidation at the Dao O – Dong Truong tourism area.

QUICK ASSESSMENT OF Q4/2025 EARNINGS

• For full-year 2025, CTI recorded revenue of VND1,478bn (+33% YoY) and NPAT-MI of VND147bn (+49% YoY), completing 108% and 99% of BSC’s revenue and profit forecasts, respectively. The trends in CTI’s core operating metrics remain consistent with BSC’s view in the previous report, including: (1) solid performance in the construction segment, supported by accelerated progress at the Bien Hoa – Vung Tau Expressway project; and (2) continued increases in stone prices and strong sales volume in the stone segment.