X-Stock | HT1 16,700 +24%: Q3/2026 Business Results Update

In 3Q2026, HT1 posted net revenue of VND 2,269 bn (+22% YoY, 0% QoQ) and NPATMI of VND 99 bn (+16% YoY), driven by two main factors: 

• Solid cement volume growth, while HT1 maintained selling prices on the back of the real estate market recovery.  Specifically, cement and clinker revenue reached VND 2,357 bn (+18% YoY), mainly driven by (1) volume +14% YoY and (2) estimated ASP +6% YoY.   
• HT1 cut its interest expense: Interest expense fell sharply to VND 1.1 bn (-88% YoY), mainly as HT1 fully repaid its short-term borrowings in 3Q2026

Compared to 2Q, revenue was flat while NPAT declined 28% QoQ, mainly due to a gross margin of 11.6% (-1.3 ppts YoY). BSC attributes this mainly to higher input material costs (notably coal prices +24% vs. 3Q2025).
In 9M2026, HT1 recorded net revenue of VND 6,390 bn (+19% YoY, fulfilling 80% of the full-year plan) and NPATMI of VND 315 bn (+67% YoY, fulfilling 79% of the full-year plan).  

ASSESSMENT OF 9M2026 BUSINESS RESULTS

• 9M2026 results: Net revenue reached 73% and NPAT reached 72% of BSC's full-year forecasts. 
• Although 3Q is the low season for consumption (rainy season in the South), HT1's 3Q volume still grew strongly at +14% YoY, offsetting higher COGS driven by rising global coal prices.
• Lower interest and G&A expenses in 3Q offset a below-forecast gross margin.