X-Stock | DPM 28,000 +10%: Q42025 Business Results Update

EARNINGS UPDATE

Q4/2025 results: Net revenue reached VND 3,414 billion (+8% YoY, -8% QoQ), while NPAT-MI reached VND 230 billion (+535% YoY, -3% QoQ). The sharp YoY profit growth was mainly driven by strong gross margin improvement and higher financial income.

• Gross margin reached 19.6% (+7.2 ppts YoY, +0.3 ppts QoQ), mainly supported by: (i) a 15% YoY increase in urea prices; and (ii) a 10% YoY decrease in input gas prices.
•  Selling and G&A expenses reached VND 623 billion (+47% YoY, +42% QoQ), equivalent to 18.3% of revenue (+4.8 ppts YoY). In particular:

(i) G&A expenses surged by 75% YoY and 70% QoQ to VND 356 billion, driven by a 152% YoY increase in management staff expenses to VND 66 billion and a doubling of other expenses to VND 241 billion.

(ii) Selling expenses reached VND 267 billion (+21% YoY), due to slight increases in staff expenses and transportation costs.

• Net financial income reached VND 188 billion (+90% YoY), helping offset the sharp increase in SG&A expenses.

For full-year 2025, net revenue reached VND 16,564 billion (+23% YoY), while NPAT-MI reached VND 1,074 billion (+81% YoY).

BSC’S ASSESSMENT & 2026 OUTLOOK

Q4/2025 earnings were in line with BSC’s forecast, as:

(i) Actual gross profit was more positive than expected thanks to improved selling prices and lower input gas prices;

(ii) High G&A expenses, including management staff expenses and other G&A expenses, eroded profit.

Overall, Q4/2025 NPAT-MI was broadly in line with BSC’s forecast. For full-year 2025, net revenue and NPAT-MI completed 98% and 100% of BSC’s forecasts, respectively.

Key information to watch: (i) Update on guarantee obligations on page 2; and (ii) update on domestic fertilizer prices: urea prices have reversed and increased slightly by 4%–5% compared with end-2025, while NPK prices have remained broadly stable on a sideways trend on page 3.