X-Stock | ACV 58,000 +10%: All beginnings are difficult

BUSINESS RESULTS UPDATE

In Q3 2025, ACV recorded net revenue and NPAT-MI (excluding airfield assets) of VND 6,476bn (+15% YoY) and VND 2,767bn (+40% YoY), respectively. BSC highlights the following key points:

1. Net revenue increased 15% YoY, driven by:

• Aeronautical service revenue reached VND 5,382bn (+15% YoY), supported by passenger throughput across ACV’s airports, estimated at 30.7 million passengers (+8.2% YoY), including: (1) international passengers of 11.7 million (+15% YoY); and (2) domestic passengers of 19 million (+5% YoY).
• Non-aeronautical service revenue reached VND 845bn (+20% YoY), supported by the recovery in revenue from commercial space leasing, infrastructure services and VIP lounges, in line with the recovery in passenger traffic.

2. NPAT-MI increased 40% YoY, driven by:

• Financial expenses declined to VND 41bn (-95% YoY), as favorable movements in the JPY/VND exchange rate during Q3 2025 enabled ACV to avoid recording foreign exchange losses, compared with an FX loss of VND 771bn in the same period last year.
• On the other hand, gross margin declined to 61.7%, down 2.7 ppts YoY, mainly due to an estimated 45% YoY increase in depreciation expenses following the commencement of operations at Tan Son Nhat Terminal 3 in early May 2025, with total investment of nearly VND 11tn.

BSC believes ACV’s strong YoY earnings growth was mainly driven by non-recurring items, particularly foreign exchange gains/losses. In addition, we expect the company’s gross margin to continue declining in the near term as major new assets commence operations before reaching high utilization levels. However, the strong recovery in international passenger traffic should partially offset the pressure on gross margin.