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Vinhomes (VHM) investor relations material
Vinhomes Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.9M2026 performance and FY targets
9M2026 net revenue VND 202.6tn, up 302% YoY; adjusted revenue VND 232.6tn, up 234% YoY.
9M2026 net profit after tax VND 75.1tn, up 390% YoY; equal to 125% of the FY2026 target.
Contracted sales reached VND 219.6tn, up 35% YoY; unbilled sales were VND 185.6tn at 1H2026-end, 1.7x the 2021–2025 average.
FY2026 targets: adjusted revenue VND 285tn, up 56% vs. 2025 actuals, and net profit after tax VND 60tn, up 38%+; 9M achievement was ~82% and 125%, respectively.
Revenue recognition expected from Green Paradise, Golden City, Green City, Saigon Park, Global Gate Ha Long and Hai Van Bay; presales supported by new launches and ongoing projects.
Market backdrop
Vietnam’s 2021–2025 GDP CAGR was 6.2%; 9M2026 FDI disbursement reached USD 21.1bn, up 12% YoY.
2026F nominal GDP was USD 525bn and GDP per capita USD 5,250; infrastructure investment and administrative reforms were highlighted as growth supports.
Hanoi and HCMC transport projects advanced, including ring roads, bridges and expressway works, supporting regional connectivity and property-market access.
Land bank and operating platform
Residential land bank totaled 384m sqm, with 84% allocated to pipeline projects; the portfolio was 10.2x larger than the next developer cited.
Diversified operations span residential development, leasing, property management, industrial real estate and construction services, with residential offerings from luxury to social housing.
Integrated urban projects combine housing with education, healthcare, retail, transport and hospitality; the strategy emphasizes ESG, smart living and transit-oriented development.
Land-clearance execution can reduce timelines from 2–3 years to ~9–12 months; upfront payment of up to 70% supports self-funded growth and lowers credit reliance.
- A record backlog and vast land bank underpin ambitious FY2026 growth targets.VHM
Investor presentation - VND 162.6T in 9M contracted sales and VND 223.9T in unbilled sales support growth targets.VHM
Investor presentation - 9M results exceeded guidance, but Q3 earnings and operating cash flow weakened.VHM
Q3 2023 - FY growth and a VND 99.7tn backlog contrasted with a sharp Q4 earnings decline.VHM
Q4 2023 - VND 111.8tn in unbilled bookings supports FY2024 targets despite sharply lower Q1 earnings.VHM
Q1 2024 - VND 118.7tn in unbilled bookings supports the 2H outlook despite weaker 1H earnings.VHM
Q2 2024 - VND 116.3tn in unbilled sales supports growth amid lower profits and negative operating cash flow.VHM
Q3 2024 - Q1 earnings and contracted sales strengthened, backed by VND 120tn in unbilled sales.VHM
Q1 2025 - 1H sales and backlog support FY2025 targets despite softer earnings.VHM
Q2 2025
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