Gemadept Group (GMD) Q3 2025 earnings summary

Executive summary

• 9M 2025 revenue was VND 4,331 billion, up 27% YoY, and PBT was VND 1,772 billion, up 25%; full-year plan attainment was 89% for revenue and 98% for PBT.

• YTD operating profit rose to VND 1.998tn from VND 1.744tn, while parent-attributable profit fell to VND 1.163tn from VND 1.225tn and EPS to VND 2,556 from VND 3,734.

• Port-system throughput reached 3.671 million TEUs, up 16% YoY, versus 13% growth in nationwide container throughput.

Financial highlights

• Q3 revenue was VND 1,560 billion, up 23% YoY; PBT was VND 511 billion versus VND 501 billion.

• Q3 gross profit was VND 894.3bn versus VND 682.8bn; 9M consolidated profit after tax was VND 1.564tn versus VND 1.549tn.

• 9M core-business PBT was VND 1,772 billion versus VND 1,728 billion, up 3% YoY.

• 9M financial income was VND 388.4bn versus VND 141.0bn; financial expenses were VND 134.5bn versus VND 127.1bn.

Outlook and guidance

• Gemalink Phase 2A construction is expected to begin in early 2026 and become operational in 2027, lifting total port capacity above 3 million TEUs annually.

• Nam Dinh Vu Phase 3 welcomed its first commercial vessel in late September 2025; the port cluster's stated capacity is nearly 2 million TEUs annually.

• Global container throughput is forecast to grow 2.5%–3.5% in 2025, supported by Intra-Asia, Indian Subcontinent, Latin American and African routes.