Gemadept Group (GMD) Q2 2026 earnings summary

Executive summary

• Q2 revenue rose 18% YoY to VND1,762bn and core PBT increased 39% to VND942bn; 1H revenue reached VND3,214bn, up 16%, and core PBT was VND1,550bn.

• 1H profit after tax was VND1.939T versus VND1.132T in 1H 2025; management attributed the increase to core growth and gains on capital transfers.

• Port operations contributed 78% of 1H PBT; port-system throughput grew 16.1% YoY to 2.579m TEU.

• The interim financial information review found nothing indicating the statements failed to present a true and fair view in all material respects.

Financial highlights

• Q2 revenue was VND1,762bn versus VND1,497bn in Q2 2025; core PBT was VND942bn versus VND677bn.

• 1H revenue was VND3,214bn versus VND2,771bn; gross profit was VND1.561T, net operating profit VND2.313T and profit after tax VND1.939T.

• Parent-attributable profit was VND1.658T versus VND848.2B; NCI profit was VND280.2B versus VND283.5B.

• 1H revenue and core PBT achieved 49% and 59% of the respective 2026 plan.

• Financial income rose to VND749.7B from VND91.5B, including VND599.8B in gains from transfers of long-term financial investments; financial expenses were VND86.4B versus VND52.3B.

Segment performance

• Port-operation revenue was VND2.836T versus VND2.447T; logistics-services revenue was VND377.9B versus VND323.1B.

• 1H segment performance was VND1.063T for port operations and VND63.7B for logistics; rubber-tree planting recorded a VND36.1B loss, with VND135.5B in segment deductions.

• Logistics and shipping contributed ~22% of 1H PBT; local customer revenue was VND3.082T and overseas revenue VND131.8B.

• Dung Quat handled oversized stadium roof structures and steel-plant equipment; Nam Dinh Vu discharged 108 BESS packages weighing nearly 5,000 tons.

• Nam Dinh Vu cluster capacity exceeds 2m TEU annually and can receive 55,000-DWT vessels at reduced draft.