FPT (FPT) Q2 2025 earnings summary

Executive summary

• Consolidated revenue for Q2 2025 reached VND 16,625 billion, up 9.0% year-over-year; profit after tax was VND 2,740 billion, up 19.8% year-over-year.

• For the first half of 2025, revenue was VND 32,683 billion (+11.4%) and profit after tax VND 5,336 billion (+20.0%) compared to the same period in 2024.

• Growth was driven by strong performance in the Japanese market (+26.1% in Q2, +28.1% in H1) and robust domestic telecommunications.

• Associates and joint ventures contributed an additional VND 110 billion in profit, up 83% year-over-year.

Financial highlights

• Net revenue for H1 2025: VND 32,683 billion; gross profit: VND 12,322 billion; net profit after tax: VND 5,336 billion.

• Gross margin for H1 2025: 37.7%, up from 38.1% in H1 2024.

• Basic EPS for H1 2025: VND 3,007, up from VND 2,515 in H1 2024.

• Cash and cash equivalents at 30/6/2025: VND 10,020 billion, up from VND 9,315 billion at 31/12/2024.

• Total assets at 30/6/2025: VND 81,602 billion; equity: VND 39,876 billion.

Outlook and guidance

• Management highlights continued optimization and market expansion as key growth drivers.

• Japanese and domestic markets expected to remain strong contributors.