PHR – Profit in 2026 is expected to grow thanks to compensation for Bac Tan Uyen 1 IP
• The 4Q2025 results recorded a decline in profits as the Company increased SG&A expenses and financial revenue declined, although gross profit margin improved to 31%.• Accumulated for the whole year of 2025, PHR recorded revenue of VND 1,795 billion, which is a 10% YoY increase and in line with our expectations. NPAT-MI reached VND 513 billion, up 9% YoY but lower than expected, mainly due to G&A expenses being higher than initially estimated.
• Positive 2026 outlook thanks to extraordinary income: Profit is expected to break through thanks to compensation revenue from Bac Tan Uyen 1 (~VND 1,000 billion) and large contributions from VSIP III & NTC, helping NPAT-MI in 2026 estimated at VND 1,669 billion (+1.59 times YoY).
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