X-Stock | DRC VND18,500 +17%: Q4/2025 Earnings Update

EARNINGS UPDATE

Q4/2025 results: Net revenue reached VND1,213bn (+8% YoY, -2% QoQ), while NPAT-MI reached VND40bn (-33% YoY, -1% QoQ).

• Gross margin reached 18.6% (+5.9 ppts YoY, +5.1 ppts QoQ). Gross margin continued to recover compared with the first three quarters of the year and the same period last year, supported by lower raw material costs, mainly rubber, which helped reduce COGS while revenue continued to grow.
• Selling and G&A expenses reached VND161bn (+99% YoY, +45% QoQ), with the expense/net revenue ratio widening to 13.3% (+6.0 ppts YoY, +4.3 ppts QoQ). The sharp increase in expenses mainly reflected the company’s provision for receivables from export customers, which pushed G&A expenses up to VND76bn (+139% YoY, +231% QoQ).
• Net financial expenses reached VND12bn, compared with net financial income of VND13bn in the same period last year, mainly due to lower FX gains YoY.

Overall, Q4/2025 net profit margin reached 3.3%, down 2 ppts YoY and broadly flat compared with Q3.

For full-year 2025: net revenue reached VND5,004bn (+7% YoY), while NPAT-MI reached VND121bn (-48% YoY).