BMP – Update Q4/2025 business results and business outlook for 2026
• BMP ended 2025 with strong business performance, with full-year revenue reaching VND 5,510 billion (+19.4% YoY) and net profit totaling VND 1,229 billion (+24% YoY). Growth was mainly driven by the recovery in consumption and a record-high gross profit margin of 46.1%, supported by the bottoming out of input PVC resin prices. However, performance in Q4/2025 showed signs of slowing and fell short of expectations, with net profit reaching only VND 261 billion (-25% QoQ).• Entering 2026, BMP’s business outlook is expected to remain positive, with projected revenue of VND 6,336 billion (+15% YoY) and net profit of VND 1,270 billion (+22% YoY). Growth is mainly supported by the broader recovery of the construction industry and the company’s strategy to gradually ease discount policies to expand market share.
• Although PVC resin prices are experiencing a short-term increase as Chinese manufacturers accelerate exports ahead of the planned removal of VAT refunds in April 2026, the significant domestic oversupply is expected to limit any sharp price surge. As a result, BMP is projected to maintain a high gross profit margin of around 45.5%, providing sufficient room to absorb higher selling expenses while continuing its strategy to expand market share.
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