Mobile World Investment (MWG) Q3 2025 earnings summary

Executive summary

• 9M25 net revenue was VND113.607T, up 14% YoY, and NPAT was VND4.989T, up 73%; revenue reached 76% of the FY target and NPAT reached 103%.

• Operating cash flow was VND6.71T; total assets rose to VND80.29T at 30 September 2025 from VND70.44T at year-end 2024, with equity at VND31.80T.

Financial highlights

• 9M25 revenue was VND113.607T vs VND99.767T; gross profit was VND22.25T vs VND20.91T, operating profit VND6.17T vs VND4.23T, and NPAT VND4.989T vs VND2.881T.

• Q3 revenue was VND39.85T vs VND34.15T, while NPAT was VND1.78T vs VND805.8bn.

• Finance income increased to VND2.27T from VND1.74T; finance expense rose to VND1.15T from VND999.4bn, mainly reflecting higher interest expense.

Segment performance

• thegioididong.com and Dien May Xanh generated VND76.5T in 9M25 revenue, up 15% YoY, and VND27T in Q3 revenue, up 20%; 3,031 stores at quarter-end.

• BHX generated VND34.4T in 9M25 revenue, up 14% YoY, and VND11.8T in Q3 revenue, up 9%; 2,290 stores at quarter-end.

• BHX added 520 stores in 9M25, over half in Central Vietnam; 2025 openings were profitable after direct operating and logistics costs, with over 70% EBIT-positive.

• Segment reporting showed VND77.53T in 9M external revenue and VND13.47T gross profit for mobile phones, laptops and electronic equipment; foods and FMCGs generated VND34.42T revenue and VND8.27T gross profit.

• 9M25 revenue mix by chain was thegioididong 23%, Dien May Xanh 44.4%, BHX 30.3% and other 2.3%.