FRT – Sustaining Q3 growth momentum with signs of FPT Shop recovery to exceed the 2025 plan
• Q3 net revenue reached VND 13,110.9 billion (+26% YoY, +15% QoQ), NPAT-MI came in at VND 219 billion (+55% YoY, +84% QoQ). Cumulative 9M2025 achieved 71% and 73% of VDSC's forecast.o Long Chau maintained strong growth, contributing 67% of total revenue (+31% YoY, +9% QoQ), supported by 151 new stores (126 pharmacies, 25 VCs) and stable average revenue per store of VND 1.16 billion (+3% QoQ). NPAT-MI reached VND 170 billion (78% of total) with NPAT-MI margin of 2% (+0.2 pps QoQ).
o FPT Shop recovered with revenue growth of 11% YoY and returned to profitability in Q3 with VND 48 billion - the highest level in the past 3 years (if excluding financial income recorded in Q3/2024).
• NPAT-MI margin improved to 1.7% (+0.3 pps YoY, +0.7 pps QoQ) thanks to the more favorable contribution mix from higher GPM items such as CE (TVs, refrigerators), dietary supplements, ETC drugs. SG&A/revenue increased slightly but remained controlled at 16.8% (+0.8 pps YoY, -1.1 pps QoQ), supporting faster top-line growth across both chains.
• We maintain a positive outlook for consumer demand in Q4 and into 2026, particularly in the pharmaceutical retail and vaccination segments. Meanwhile, demand for electronics and home appliances is expected to recover at FPT Shop from late 2025 to early 2026.
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