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FRT – 4Q2025: Long Chau reinforces its leadership in pharmaceutical retail, FPT Shop rebounds

• FRT’s 2025 results are broadly in line with our revenue expectations, while earnings came in slightly stronger thanks to margin improvement at Long Chau and better operating cost control at FPT Shop as its store network gradually stabilizes.
• 4Q2025 net revenue reached VND 14,913 billion (+30% yoy), with Long Chau contributing 64.7%. Both chains recorded over 24% YoY growth, underscoring the increasingly evident recovery of FPT Shop. Full-year cumulative revenue totaled VND 51,083 billion, exceeding the company’s plan by 6%.
o FPT Shop has entered an operational optimization phase after its restructuring, with 623 existing stores. Average revenue per store/month reached VND 2.8 billion (+26.7% yoy), driving the full-year average revenue per store/month up 13% yoy.
o Long Chau maintained over 30% revenue growth in Q4, reaffirming its leading position in the pharmaceutical retail sector. Strong store expansion since the beginning of the year enabled the chain to accelerate its rollout plan, reaching 474 pharmacies (135% of plan) and 97 vaccination centers (121% of plan). Average annual revenue per store/month maintains at a stable VND 1.2 billion (+4.7% yoy).
• EBT reached 135% of the plan. 4Q2025 NPAT-MI amounted to VND 289.5 billion (+160.6% yoy, 32.4% qoq), full-year cumulative NPAT-MI reached VND 794.9 billion (+150% yoy). A key highlight during this period was the improvement in NPAT-MI margin at Long Chau and FPT Shop on a yoy basis. Long Chau’s NPAT-MI margin reached 2.2% in Q4 and 2.1% for the full year, which are record highs, despite the chain not yet having entered a cost-optimization phase as it remains in an accelerated expansion stage.
• As of 31 December 2025, Long Chau had recorded VND 2,037 billion in proceeds from share issuance and capital contributions from shareholders. According to some sources, Creador has completed the disbursement of its investment in Long Chau. On this basis, we preliminarily estimate that the post-money valuation implied by the transaction corresponds to a 2025 P/S multiple of 0.9-1.0x, implying a standalone valuation for Long Chau in 2026 of ~VND 200,000/share.