X-Stock | VHC 58,100 +17%: Q2/2026 Business Results Update

BUSINESS RESULTS UPDATE 
Q2/2026 results: Net revenue and NPATMI reached VND 3,394bn (+6% YoY) and VND 475bn (-8% YoY), respectively.

1. Revenue growth slowed markedly from Q1/2026 (+12% YoY) as US front-loading momentum faded toward quarter-end. Monthly revenue peaked in Apr 2026 at VND 1,254bn (+23% YoY; US alone +43% YoY), then fell to VND 1,014bn in Jun 2026 (+5% YoY; US alone -2% YoY).

2. Q2/2026 gross margin reached 20.7% (+0.9 ppt YoY, +6.1 ppt QoQ). Excluding the reversal of inventory write-down provisions, core gross margin was 18.3%, versus 15.6% in Q1/2026 and 14.2% in Q2/2025. Margins improved even though feed and fingerling prices remained high, as selling prices rose while COGS did not yet reflect the new cost base.

• ASP reached USD 3.0k/ton (+8% YoY) on a market mix tilted toward higher-margin segments — the US accounted for 55% of export volume, with selling prices up 12% YoY.
• BSC believes COGS fell as the share of externally purchased fish declined seasonally. With 70–75% raw material self-sufficiency, VHC sells at market prices but pays market prices only on the 25–30% of volume bought externally; the rest is booked at the internal cost of the previous farming cycle - the gap between the two is the margin expansion. This also explains the low Q1/2026 margin: orders recovered quickly while in-house fish had not reached harvest size, forcing VHC to buy more externally just as raw fish prices rose; in Q2, with stable demand and in-house fish at harvest size, the share of external purchases fell again

3. NPATMI fell 8% YoY despite gross profit rising 11% YoY due to (1) financial income falling 54% YoY to VND 52bn, mainly as FX gains reached only VND 24bn; (2) financial expenses rising to VND 35bn (vs. VND 4.5bn a year earlier), with interest expense up 109% YoY as outstanding debt at period-end rose to VND 2,470bn (+20.7% YTD).

6M/2026 cumulative: Net revenue reached VND 6,349bn (+9% YoY) and NPATMI VND 741bn (+5% YoY).