X-Stock | DDV 32,800 +8%: Q42025 Business Results Update

EARNINGS UPDATE

Q4/2025 results: Net revenue reached VND 1,470 billion (+63% YoY, +5% QoQ), while NPAT-MI reached VND 138 billion (+135% YoY, -38% QoQ). In particular, DAP revenue reached VND 1,062 billion (+23% YoY, accounting for 72% of revenue), while NH3 revenue reached VND 406 billion, compared with VND 14 billion in the same period last year, accounting for 28% of revenue.

• Gross margin reached 14.3% (+1.2 ppts YoY, -7.5 ppts QoQ), narrowing significantly from the previous quarter, mainly due to an 8.3-ppt QoQ decline in DAP gross margin amid higher raw material costs. Specifically, sulfur, which accounts for around 35% of raw material costs, and ammonia, which accounts for around 32%, are estimated to have increased by 36% and 46% QoQ, respectively.
• Selling and G&A expenses reached VND 67 billion (+10% YoY, +40% QoQ), with the expense/net revenue ratio at 5% (-2.2 ppts YoY, +1.1 ppts QoQ). The ratio increased slightly from the previous quarter due to higher management staff expenses, but remained well controlled compared with the same period last year.
• Financial income reached VND 31 billion (+79% YoY, +60% QoQ), continuing to make a positive contribution to overall earnings.
•  Net profit margin reached 9% (+2.8 ppts YoY, -6.5 ppts QoQ), coming under downward adjustment pressure from the record-high base in Q3.

For full-year 2025, net revenue reached VND 5,624 billion (+67% YoY), while NPAT-MI reached VND 634 billion (+277% YoY).

BSC’S ASSESSMENT & 2026 OUTLOOK

• Q4/2025 earnings were in line with BSC’s forecast. In particular: (i) net revenue and gross profit were close to our estimates, completing 99% of forecast; while (ii) selling and G&A expenses were higher than expected, reaching 133% of forecast.
•  Overall, Q4/2025 NPAT-MI was broadly in line with BSC’s forecast. For full-year 2025, actual net revenue and NPAT-MI completed 100% and 96% of BSC’s forecasts, respectively.
•  Key information to watch: (i) update on key investment progress in Q1/2026 on page 2; and (ii) update on 2026 outlook and forecasts; domestic fertilizer prices, with DAP remaining at high levels, on page 3.