Mobile World Investment (MWG) Q1 2026 earnings summary

Executive summary

• Q1 2026 net revenue reached VND46,462 billion, up 29% YoY; net profit after tax was VND2,757.6 billion, up 78% YoY.

• Operating cash flow was VND1.19tn, down from VND2.49tn in Q1 2025; cash and cash equivalents ended the period at VND4.55tn.

Financial highlights

• Gross profit was VND9.71tn versus VND7.20tn; operating profit was VND3.35tn versus VND1.94tn.

• Profit before tax was VND3.33tn versus VND1.93tn; net profit attributable to parent shareholders was VND2.71tn versus VND1.55tn.

• Net profit included VND227.0bn of deferred tax income, compared with VND10.9bn in Q1 2025.

• Revenue mix: phones, accessories and other ICT devices 37.6%; consumer electronics 28.8%; foods and FMCG 28.2%; other 5.4%.

• Online sales totaled VND3tn, equal to 6.5% of total revenue.

Outlook and guidance

• Q1 completion reached 25% of the VND185,000bn 2026 revenue target and 30% of the VND9,200bn NPAT target.

• April 2026 revenue was estimated at VND16tn, up 29% YoY; Dien May Xanh was VND10.8tn, up 30%, and Bach Hoa Xanh VND4.8tn, up 22%.