X-Stock | PHP: Q3/2025 Earnings Update

EARNINGS UPDATE

1. 9M/2025 results: Net revenue reached VND 1,936 billion (+3% YoY), while NPAT-MI reached VND 596 billion (-8% YoY).
2. Q3/2025 results: Net revenue reached VND 700 billion (+7% YoY), while NPAT-MI reached VND 261 billion (-22% YoY). However, excluding the extraordinary income from compensation paid by Hai Phong City for the relocation of Hoang Dieu Port in 2024, core NPAT-MI recorded growth of 47% YoY.

• Net revenue increased by 7% YoY, supported by: (1) Chua Ve and Tan Vu ports operating at over 90% of designed capacity, with estimated throughput of 375,000 TEUs, equivalent to 13% YoY growth; and (2) river ports in the Hai Phong area raising value-added service fees by 5%–10% in 2025.
• Gross margin improved strongly from 39% to 51% (+12 ppts), thanks to the optimization of labor costs and outsourced service expenses. The key driver was Dinh Vu Port’s investment in four additional STS cranes, which enhanced cargo handling capacity and significantly reduced the need for outsourcing at other ports. In addition, higher average service fees also supported gross margin improvement compared with the same period last year. However, net profit declined by 22% YoY as the company no longer recorded extraordinary income from compensation related to Hoang Dieu Port.

3.Other updates:

• Preliminary 2025 results: Net revenue reached VND 2,956 billion (+14% YoY), while PBT reached VND 1,286 billion (+7% YoY). In particular: (1) full-year revenue grew positively compared with the 9M figure, mainly due to the consolidation of Lach Huyen Port revenue; and (2) core PBT increased by 31% YoY.
• PHP is under warning for potential cancellation of its public company status due to not meeting the criterion on the number of shareholders. However, under Law No. 56/2024/QH15, the company has one year from January 1, 2026 to make adjustments to comply with the standards set by the State Securities Commission.