X-Stock | GAS VND96,800 +18%: Q1/2026 Earnings Update

EARNINGS UPDATE

Q1/2026 results: Net revenue reached VND37,485bn (+48% YoY, -13% QoQ), while NPAT-MI reached VND2,945bn (+7% YoY, +116% QoQ).

• Gross margin reached 26%, broadly flat compared with the same period last year (+0.1 ppts YoY). Net profit margin reached 12%, down slightly by 0.5 ppts YoY, due to higher financial expenses and G&A expenses.
• Gross margin reached 11.7% (-4.0 ppts YoY, +2.9 ppts QoQ). The YoY decline was mainly due to margin contraction in the core dry gas and LNG business, with gross margin narrowing from 21.3% to 13.9%, amid pressure from the increasing contribution of imported LNG, which carries a lower margin than traditional dry gas. However, compared with the previous quarter, gross margin recovered by 2.9 ppts, supported by margin expansion in the LPG segment to 5.3% and high operating efficiency in the gas transportation segment, which reached 83.6%.
• Selling and G&A expenses reached VND1,021bn (+11% YoY, -59% QoQ). The SG&A/net revenue ratio stood at 2.7% (-0.9 ppts YoY, -3.1 ppts QoQ), supported by optimization of fixed operating costs and personnel expenses on a larger revenue base.

BSC’S ASSESSMENT & 2026 OUTLOOK

• Q1/2026 earnings were broadly in line with BSC’s forecast, with Q1 results completing 23% and 21% of our full-year revenue and profit forecasts, respectively.
• For full-year 2026, BSC forecasts revenue of VND162,908bn (+25% YoY) and NPAT-MI of VND13,783bn (+3% YoY). BSC currently maintains its forecasts for the coming period.
• Risks: (i) risk of disruption to the import supply chain: geopolitical uncertainties could trigger force majeure events, disrupting imported LPG supply and increasing spot costs; and (ii) technical risk related to listing maintenance: failure to meet the required free-float ratio under regulations could put pressure on liquidity and valuation multiples if the state ownership restructuring roadmap is prolonged.

Key information to watch: 2026 AGM update on (page 2) and 2026 business outlook on (page 3).