Vingroup Joint Stock Company (VIC) Q4 2025 earnings summary

Executive summary

• Achieved record adjusted revenue of VND 340,528 billion in FY2025, up 60% year-over-year and surpassing targets.

• Net profit after tax reached VND 11,146 billion, up 111% year-over-year.

• Net revenue for Q4 2025 surged 163% year-over-year, primarily driven by a significant increase in sales of inventory properties.

• Net profit after tax attributable to equity holders increased 209% year-over-year, despite higher finance and selling expenses.

• Strong performance across all business segments, with significant growth in Industrials, Real Estate, and Hospitality.

Financial highlights

• Adjusted revenue rose 60.4% to VND 340,528 billion in 2025 compared to 2024.

• Q4 2025 net revenue: VND 163,159 billion, up from VND 62,152 billion in Q4 2024.

• Gross profit increased 23.7% to VND 130,818 billion; EBITDA up 42.4% to VND 119,097 billion.

• Profit before tax surged 57.1% to VND 26,300 billion.

• Total assets reached VND 1,121 trillion, with a CAGR of 24.8% from 2022-2025.

Outlook and guidance

• 2026 targets robust growth in Industrials, with VinFast expanding in Vietnam and international markets.

• Real Estate expects strong topline growth from major projects and a record unbilled sales backlog.

• Hospitality aims to optimize occupancy and expand ancillary services, targeting new market segments.

• Social Enterprises plan to expand healthcare and education networks, focusing on talent and infrastructure.

• Management expects continued growth in real estate sales and manufacturing, supported by ongoing project development and expansion.