X-Stock | DHA VND 56,000 -1%: Q4/2025 Earnings Update

In Q4/2025, DHA recorded net revenue of VND 104 billion (+47% YoY) and NPAT of VND 19 billion (+147% YoY). Key highlights include:
1. Net revenue increased by 47% YoY, mainly driven by growth from the Nui Gio quarry:

• Nui Gio quarry: Revenue reached VND 39 billion (+149% YoY), supported by civil construction stone prices in Binh Phuoc remaining at high levels and stable demand.
• Tan Cang 3 quarry: Revenue reached VND 33 billion (-8% YoY), as most of the licensed reserves had been exploited during the year.
• Thanh Phu 2 quarry: Revenue reached VND 23 billion (+26% YoY), as selling prices of construction stone remained high, up 30% YoY.
• Tay Ka Rom 1 quarry: Revenue reached VND 9 billion; however, the quarry is still in the trial operation phase and recorded a pre-tax loss of around VND 4 billion.

2. Gross margin reached 31.7% (+5.3 ppts YoY), thanks to a change in product mix and higher selling prices of construction stone at key quarries.
3. Financial income reached VND 13 billion (+460% YoY), supported by dividend income from VLB and bank deposit interest income.
4. G&A expenses reached VND 26 billion (+140% YoY), due to an additional provision of VND 17 billion for doubtful receivables during the quarter.
Overall, DHA’s NPAT increased by 147% YoY, mainly driven by: (1) the Nui Gio quarry (+149% YoY); and (2) financial income (+460% YoY).