VGI – Strongly delivered on 2025 growth targets, with solid financial health maintained
• 4Q2025 net revenue reached VND 12,306bn (+27.6% yoy). FY2025 net revenue totaled VND 44,188bn (+24.9% yoy), fulfilling 114.3% of the company’s annual target. All three regional markets recorded strong growth of over 20% in Q4 and 14% for the full year. Africa and Latin America posted growth rates of over 30%, around 5-6 times higher than the industry average.• Profits and margins reached record highs in 2025. PBT increased by 42.5%, achieving 200% of the company’s plan. 4Q2025 NPAT-MI came in at VND 3,835bn, bringing FY2025 NPAT-MI to VND 11,292bn. SEA market delivered the highest profitability, with NPAT margins exceeding 73% in 4Q and 54% for the full year, driven by faster capital payback compared to other markets.
• A key contributor to NPAT growth was the reversal of VND 626bn in provisions in 4Q, as Mytel accelerated repayments of overdue debts in line with the plan announced at the 2025 AGM. For the full year, this item declined by 51% yoy, contributing to lower SG&A expenses, with the SG&A-to-revenue ratio reaching 24.7% (-4.7 pps yoy).
• VGI is in a solid and sustainable growth phase, with 7/9 markets having already reached payback, allowing the company to focus on expanding and further monetizing its services. FY2025 results exceeded our expectations, surpassing our revenue and PBT forecasts by 4% and 10%. Our prel. 2026F revenue growth of 16% yoy and PBT growth of 34% yoy for VGI
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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