X-Stock | BSR 33,800 +22%: Q1 2026 Earnings Update - Elevated Crack Spreads Sustain Strong Performance

EARNINGS UPDATE

Q1/2026 results: Net revenue reached VND 45,920 billion (+44% YoY, +22% QoQ), while NPAT-MI reached VND 8,265 billion (+1,973% YoY, +172% QoQ), supported by: (i) crack spreads remaining at high levels due to geopolitical factors; (ii) margin support from low-cost inventory; and (iii) operating efficiency exceeding designed capacity, with sales volume reaching 2.03 million tonnes (+17% YoY, +1% QoQ).

•  Gross margin reached 20.7% (+19.5 ppts YoY, +11.0 ppts QoQ), marking a significant improvement thanks to the expansion of crack spreads for key products, notably diesel oil (DO), whose gross margin reached 29%, and Jet A1, whose gross margin reached 27%.
•  Selling and G&A expenses reached VND 550 billion (+94% YoY, -2% QoQ), equivalent to 1.2% of revenue, up 0.3 ppts YoY. The YoY increase was mainly due to higher G&A and selling expenses in line with the larger revenue scale.
•  Q1/2026 net financial income reached VND 279 billion (-23% YoY, -22% QoQ):

- Net deposit interest income reached VND 1,070 billion (+416% YoY, +225% QoQ), continuing to serve as the main supporting income source.

- Net FX gains reached VND 364 billion (+135% YoY, +1,151% QoQ). FX loss expenses were recorded at VND 205 billion (+456% YoY, +1,033% QoQ).

BSC’S ASSESSMENT AND 2026 OUTLOOK

Q1/2026 earnings exceeded BSC’s forecast, mainly driven by the sharp increase in crack spreads of key products and the low-cost inventory effect from favorable crude oil price movements. Gross profit expanded significantly thanks to:

(i) Diesel oil (DO) gross margin increasing to 29.0%, a significant improvement from 15.0% in Q4/2025 and 7.0% in the same period last year.

(ii) Jet A1 gross margin reaching 27.5%, significantly higher than 23.0% in Q4/2025 and 14.0% in the same period last year.

Key information to watch: (i) 2026 outlook on page 2 and 2026 forecasts on page 3; and (ii) crack spread movement update on page 4.