X-Stock | PHP Non-Rating: Q2/2026 Business Results Update

Earnings result update 

1. Q2/2026 earnings: Net revenue reached VND 950bn (+44% YoY), while NPATMI came in at VND 424bn (+123% YoY), marking the highest quarterly profit since equitization.
2. 1H2026 results: Net revenue reached VND 1,695bn (+37% YoY), while NPATMI came in at VND 735bn (+119% YoY), fulfilling 48% and 67% of the 2026 full-year revenue and profit targets, respectively.

• Net revenue increased 37% YoY, driven by two key components: port operations revenue of VND 1,459bn (+21% YoY) and infrastructure leasing revenue from Lach Huyen Berths 3 & 4 of VND 236bn, up 7x YoY
• Gross profit margin (GPM) reached 54.8% (+11.7ppt YoY). The port operations segment saw GPM improve from 42.1% to 50.7%, driven by (1) higher tariffs for yard-related services, including lift-on/lift-off, storage and ancillary services, and (2) restructuring of the stevedoring workforce. Meanwhile, the infrastructure leasing segment recorded a GPM of 80.5%, as the leasing of Lach Huyen Berths 3 & 4 incurs minimal direct operating costs, with the cost base consisting primarily of depreciation and maintenance expenses. 
• Profit from associates and joint ventures reached VND 157bn, up from VND 28bn in the same period last year, with HTIT (Lach Huyen Berths 3 & 4) contributing VND 107bn and SITC – Dinh Vu contributing VND 44bn. 
• Financial income reached VND 71bn (+116% YoY), supported by VND 2,237bn in cash and term deposits. Meanwhile, interest expense increased to VND 35bn, from VND 2.3bn in the same period last year. 

Other updates
1H2026 throughput update: (1) The river port cluster (comprising Chua Ve, Tan Vu and Dinh Vu) handled 905,876 TEUs (+1% YoY); and (2) The deep-sea port (HTIT) handled 305,415 TEUs, up 8x YoY.