Vinhomes (VHM) Q2 2025 earnings summary

Executive summary

• 1H2025 contracted sales rose 31% YoY to VND 67.5T, with VND 138.2T in unbilled sales supporting future revenue recognition.

• FY2025 targets are VND 180T adjusted revenue and VND 42T PAT.

Financial highlights

• Q2 net revenue was VND 19,022,223 million and net profit after tax was VND 8,348,170 million; adjusted revenue was VND 25.7T, down 35% YoY.

• 1H net revenue was VND 34,720,140 million, down 5% YoY; adjusted revenue was VND 45.0T, down 6%.

• 1H gross profit was VND 9.7T, down 7% YoY; adjusted gross profit was VND 14.3T, down 24%, and reported gross margin was 27.9% versus 28.6%.

• 1H operating profit was VND 12,577,626 million and profit before tax was VND 12,945,102 million; net profit attributable to parent shareholders was VND 10,242,403 million.

• H1 basic EPS was VND 2,494 versus VND 2,704 in H1 2024.

Outlook and guidance

• FY2025 adjusted revenue target is VND 180T, up 27% vs. 2024 actuals; PAT target is VND 42T, up 20%.

• Revenue sources include unbilled contracted sales, new retail and bulk sales in 2H, leasing, property management and general contractor services.

• Presales and earnings contributors include Wonder City, Golden City, Green City, Royal Island, Ocean Park 2-3, Golden Avenue and potential new launches.

• Vietnam’s 2025 GDP target of 8.3–8.5% and credit growth target of 16% were cited as supportive of real estate demand.