Gemadept Group (GMD) Q4 2025 earnings summary

Executive summary

• FY2025 revenue and PBT reached 123% and 139% of plan; port-system throughput rose 15% YoY to 5.079m TEUs.

• Core-business growth offset the absence of prior-year profit from the Nam Hai Port capital transfer.

• Independent auditors issued an unqualified opinion on the consolidated financial statements.

Financial highlights

• FY2025 revenue was VND5,956.0bn versus VND4,832.0bn; gross profit was VND2,739.5bn versus VND2,135.5bn.

• Profit before tax was VND2,520.8bn versus VND2,098.6bn; profit after tax was VND2,302.5bn, including VND1,755.6bn attributable to the parent.

• Core-business PBT reached VND2,596bn, up 23% YoY, compared with VND2,099bn in 2024.

• Financial income fell to VND228.5bn from VND426.1bn; prior-year income included a VND337.5bn gain on transfer of long-term investments.

Outlook and guidance

• Gemalink Phase 2 construction is expected to start in Q2 2026, with operations scheduled for 2027; the expansion is intended to accommodate ultra-large vessels.

• Nam Dinh Vu’s port cluster has nearly 2m TEUs of annual capacity; Phase 3 received its first commercial vessel in late September 2025.

• Investment priorities include transport fleets, warehousing, new infrastructure, and digital and green transformation.