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FMC – Expectation of Early Refund of Anti-Dumping Duty for POR20 in 2026

• In 2025, FMC recorded stable growth with net revenue reaching VND 8,815 billion (+18% YoY), completing 125% of the planned target. Net profit attributable to parent company shareholders (NPAT-MI) for the full year reached VND 349 billion (+14% YoY), fulfilling 98% of the target. The profit growth was mainly driven by an improved gross margin of 11.9% (+102 bps YoY), thanks to lower shrimp feed costs following the decline in soybean meal prices. However, selling expenses surged 88% YoY due to an additional provision of VND 332 billion (equivalent to 10.2% of the anti-dumping duty for POR20, covering the period from February 1, 2024 to December 31, 2025).
• In Q4/2025, although net revenue declined slightly by 2% YoY to VND 1,335 billion, the company still recorded a clear recovery in profitability thanks to a 10% YoY reduction in shrimp feed costs. NPAT-MI in Q4/2025 reached VND 141 billion (+28% YoY), pushing the NPAT-MI margin to 10.6% (+ 253 bps YoY).
• Entering Q1/2026, FMC faced multiple challenges as shrimp export volume dropped sharply by 27% YoY. The main reasons were the company’s cautious decision to limit exports to the US while awaiting the final anti-dumping duty ruling for POR19, coupled with the impact of EHP disease, which caused an 18% decline in raw shrimp production volume. Nevertheless, NPAT-MI in Q1/2026 is still expected to increase 62% YoY to VND 48 billion, supported by an improved gross margin (raw shrimp input costs down 2% YoY), a 35% YoY reduction in selling expenses, and strong financial income.
• For the full year 2026, the company has set a target of VND 8,000 billion in revenue (+23% compared to the 2025 plan) and pre-tax profit of VND 452 billion (+10% YoY), while maintaining a dividend payout ratio of 20% of par value. Business performance in 2026 could grow stronger if the POR20 anti-dumping duty outcome is favorable. Currently, FMC has made a provision of VND 332 billion (equivalent to a 10.2% tax rate).