X-Stock | GMD 92,900 +23%: Q2/2026 Business Results Update

BUSINESS RESULTS UPDATE

1. Q2/2026 results: Net revenue = VND 1,762 billion (+18% YoY), NPAT-MI = VND 1,133 billion (+153% YoY). Excluding the one-off gain from the divestment of the associate CJ Logistics, core NPAT-MI is estimated to have grown 49% YoY.

• Port operations segment: price offsetting volume. Revenue reached VND 1,468 billion (+12% YoY) entirely driven by price. ASP reached VND 1.93 million/TEU (+17% YoY) after GMD proactively raised prices across the board for yard services and value-added services — enough to offset a decline in container throughput (excluding Gemalink) to 760,000 TEU (-4% YoY), as MSC shifted service routes from Nam Dinh Vu to Lach Huyen.
• Margins: improved at the gross level, offset at the EBIT level. Gross margin expanded 6.3 ppt to 49.4% (from 43.1%), reflecting the ASP increase plus reductions in outsourcing and other cash costs. However, EBIT margin narrowed 0.5 ppt to 28.9% (from 29.4%) due to (1) certain costs being reclassified from cost of goods sold to selling expenses, and (2) higher commission/discount rates aimed at attracting new volume and routes for NDV3.
• Associates and joint ventures: Gemalink is the driver. Profit from associates/JVs reached VND 382 billion (+57% YoY), contributed mainly by the Gemalink deep-water port with throughput of 577,000 TEU (+28% YoY) and container handling prices up 10% since February 2026.

2. 6M/2026 cumulative: Net revenue reached VND 3,213 billion (+16% YoY), NPAT-MI reached VND 1,667 billion (+102% YoY). Of which, core NPAT-MI is estimated to have grown 39% YoY.

BSC'S ASSESSMENT
Net revenue and NPAT-MI in 6M/2026 completed 45%/79% of BSC's full-year forecast, respectively. However, excluding the one-off financial income, net profit reached 54% of the forecast. (1) Revenue came in below expectations, mainly due to Nam Dinh Vu throughput falling -10% YoY as shipping lines prioritized the China market and MSC shifted service routes to Lach Huyen. (2) Profit outpaced the schedule, thanks to improved gross margin and a larger-than-expected contribution from GML (reaching 56% of the full-year forecast).