Techcom Securities (TCX) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with revenue and profit before tax both exceeding targets by wide margins, driven by robust growth across all business segments.

• Successfully completed a landmark IPO, raising 10,800 billion VND, with demand 2.5 times the offering, and became the first Vietnamese securities firm with market capitalization over 100 trillion VND.

• Maintained industry leadership in profitability, capital base, and margin lending, while expanding digital platforms and product offerings.

Financial highlights

• Total revenue reached 11,217 billion VND, up 47% year-over-year and 20% above plan.

• Profit before tax was 7,109 billion VND, up 48% year-over-year and 23% above plan.

• Net profit after tax reached 5,683 billion VND, up 48% year-over-year.

• Basic EPS increased 38% to 2,713 VND per share.

• Total assets at year-end were 80,632 billion VND, up 51% from 2024.

• Equity reached 44,100 billion VND, up 68% year-over-year.

• Margin loan balance hit 43,860 billion VND, up 69% year-over-year, maintaining #1 market share.

Outlook and guidance

• 2026 targets continued double-digit growth, leveraging technology, expanding product range, and maintaining zero-fee brokerage.

• Focus on digital transformation, AI-driven advisory, and sustainable finance, with plans to further grow market share in core businesses.