X-Stock | HT1 VND 15,900 +15%: Q1/2026 Earnings Update

Q1/2026 EARNINGS UPDATE
In Q1/2026, HT1 recorded net revenue of VND 1,860 billion (+17% YoY) and NPAT-MI of VND 78 billion (+948% YoY). Key highlights include:

1. Net revenue increased by 17% YoY, mainly driven by:

• Cement and clinker revenue reached VND 1,957 billion (+15% YoY), mainly due to: (1) an estimated 12% YoY increase in sales volume; and (2) a 3% YoY increase in cement selling prices.
• BOT revenue reached VND 39 billion (+35% YoY), as Phu Huu BOT raised toll fees from September 2025.
• ISO sand and other revenue reached VND 14 billion (+356% YoY).

2. Gross margin reached 13.4% (+5.0 ppts YoY). BSC believes the gross margin improvement was supported by a 3% YoY increase in selling prices, which offset other variable costs.

3. Interest expenses reached VND 11 billion (-24% YoY), as short-term debt declined by 29% YoY.

Overall, HT1 recorded NPAT-MI of VND 78 billion, compared with a loss of VND 9 billion in the same period last year, mainly driven by: (1) a 12% YoY increase in sales volume; and (2) additional profit contribution from the increase in Phu Huu BOT toll fees.