KBC – Expectations for positive 2026 performance
• In 2025, KBC recorded revenue and gross profit of VND 6.7 trillion (+141% YoY) and VND 3.2 trillion (+149% YoY), respectively. Industrial park (IP) land and infrastructure leasing generated VND 4.4 trillion in revenue (+251% YoY), reflecting a clear recovery as the company recorded 121 ha of leased area (+265% YoY), primarily driven by the Hung Yen Industrial Cluster (92 ha). Additionally, a major client (Goertek) signed a 26-ha lease agreement at the Nam Son Hap Linh IP, based on the MOU signed in 2024.• Following an aggressive site clearance (land acquisition) phase to accumulate land bank in 2025, we expect KBC to benefit from a dual-growth driver in 2026: (i) development and leasing at new IPs and (ii) a resurgence in FDI capital inflows. Total leasable area is projected to reach 165 ha (+38% YoY), focused on the Trang Due 3, Que Vo 2 expansion, and Nam Son Hap Linh IPs.
• The Trang Cat Urban Area project completed its land use fee obligations in 2025, thereby qualifying the project for partial divestment and the recognition of significant revenue and cash flow in 2026, against a backdrop of improving regional infrastructure.
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