X-Stock | KBC 46,000 +33%: Q4/2025 Business Results Update

EARNINGS UPDATE RESEARCH

4Q2025 results: Net revenue of VND 579bn (+111% YoY, +22% QoQ) and NPATMI of VND 674bn (+212% YoY, +119% QoQ). Profit growth was driven mainly by a low base in 4Q24; on a QoQ basis, growth was driven by non-recurring items. • Industrial park lease revenue was flat QoQ at VND 715bn.

Financial income rose 225% QoQ, driven by a VND 168bn gain from the divestment of its stake in Saigon – Da Nang Investment JSC.

Other income rose 2,941% QoQ, driven by a VND 328bn revaluation gain on the step-up acquisitions of A&E Logistics Co., Ltd. and 3H Vietnam Investment and Construction Co., Ltd.

FY2025: Net revenue of VND 6,687bn (+141% YoY) and NPATMI of VND 2,104bn (+491% YoY). We estimate KBC recognised c.120 ha of industrial land leased in 2025, with the majority booked in 1H25 (85 ha).

BSC’S VIEW

Our assessment: KBC’s 2025 NPATMI came in 20% above our forecast (VND 2,259bn vs. VND 1,875bn), driven mainly by two one-off gains booked in 4Q25. Excluding these items, NPATMI was 10% below our forecast, as industrial park leasing activity in the first two months of 2025 did not recover as strongly as we expected.

2026 guidance: Management targets 250 ha of land lease contracts signed in 2026 (+200% YoY), above our forecast of 200 ha.

2026 outlook, forecast and recommendation: Versus our previous report, we maintain our 2026 forecast and recommendation for KBC shares.