X-Stock | HHV 12,300 +31%: Q2/2026 Business Results Update

In Q2/2026, HHV posted net revenue of VND 970bn (+2% YoY) and NPATMI of VND 145bn (+11% YoY), with growth still driven mainly by the BOT segment. Specifically:  

• BOT revenue reached VND 590bn (+9% YoY), mainly on solid traffic growth across toll stations, particularly BOT Deo Ca - Cu Mong (+39% YoY) and BOT Bac Giang - Lang Son (+24% YoY), offsetting declines at BOT An Dan (-45% YoY) and Ninh Loc (-13% YoY).
• Construction revenue reached VND 312bn (-13% YoY), contributed by expressway projects including Dong Dang – Tra Linh, Quang Ngai – Hoai Nhon, etc. BSC attributes the -13% YoY decline in construction revenue mainly to newly signed 2026 contracts not yet reaching their revenue recognition stage (HHV's total backlog is approximately VND 5,500bn).
• Maintenance revenue reached VND 49bn (+124% YoY), mainly due to the expansion of services to new component projects of the Eastern North - South Expressway.
• Gross margin reached 45% (+4 ppts YoY), driven by 2 factors: (i) BOT gross margin rose to 68% (+3% YoY) on higher revenue and (ii) a revenue mix shift toward the higher-margin BOT segment (BOT share of total revenue increased from 57% to 61%).

Accordingly, NPATMI grew +11% YoY, mainly thanks to the improved BOT gross margin, which offset the decline in the construction segment
6M cumulative: Net revenue reached VND 1,877bn (+12% YoY), NPATMI reached VND 325bn (+17% YoY)