Masan Group reports strong Q3 growth nearing full-year targets

October 28, 2025 | 12:14

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Masan Group has reported strong third-quarter results, with revenue and profit both rising sharply and nearly reaching its full-year targets.

Masan Group reports strong Q3 growth nearing full-year targets

On October 27, Masan Group Corporation released its unaudited management accounts for the third quarter (Q3), showing revenue of VND21.2 trillion ($806.5 million), up 9.7 per cent on-year on a like-for-like basis. Net profit after tax post-minority (NPAT pre-MI) interest reached VND1.87 trillion ($71.1 million), a 43.4 per cent increase compared to the same period last year.

In the first nine months (9M) of 2025, Masan Group posted a revenue of VND58.4 trillion ($2.2 billion), up 8 per cent on-year on an LFL basis. Meanwhile, its NPAT Pre-MI VND4.5 trillion (over $171 million), up 64 per cent on-year. Growth was driven by stronger profitability at WinCommerce (WCM), Masan MEATLife (MML), and Phuc Long Heritage (PLH), alongside earnings uplift from Techcombank and the deconsolidation of HC Starck.

These gains were partly offset by slight increase in financial expenses and softer Masan Consumer Corporation (MCH) performance, which was affected by general trade channel’s new direct coverage sales model in the second quarter but showed early signs of recovery in Q3, providing momentum for a stronger rebound by the fourth quarter.

WCM recorded its Q3 revenue of VND10.5 trillion (almost $400 million), up 22.6 per cent on year while its Q3 NPAT Pre-MI stood at VND175 billion ($6.7 million), up 8.7 times on-year, equivalent to a 1.7 per cent margin, driven by strong LFL sales growth of 11 per cent for the minimart chain and 9.7 per cent for supermarkets.

WCM’s 9M revenue reached VND28.5 trillion ($1.1 billion), up 16.6 per cent on-year. Its 9M NPAT Pre-MI was VND243 billion ($9.3 million), up VND447 billion ($17 million) on-year – driven by LFL revenue growth and network expansion in central region with rural format.

MCH reported revenue of VND7.5 trillion ($285.3 million) in Q3, down almost 6 per cent on-year, with earnings before interest and taxes (EBIT) margin of 24.2 per cent in Q3. The company posted its 9M revenue of VND21.3 trillion (over $810 million), down around 3 per cent on-year; its 9M EBIT of VND4.9 trillion ($186.4 million), down 4.2 per cent on-year; its 9M NPAT of VND4.7 trillion ($178.8 million), down 16.1 per cent on-year – impacted by nationwide implementation of Direct Coverage initiative in the general trade sales channel, though performance has shown monthly sequential improvement within the quarter and on-quarter, providing momentum for the upcoming periods.

MML generated revenue of VND2.4 trillion ($91.3 million) in Q3, representing a 23.2 per cent on-year increase. EBIT reached VND144 billion ($5.5 million), rising 3.2 times from a year ago, while NPAT stood at VND101 billion ($3.8 million), up 5.2 times on-year.

MML recorded 9M revenue of VND6.8 trillion ($258.7 million), a 24.7 per cent increase on-year. Its 9M EBIT reached VND310 billion ($11.8 million), up 5.7 times from a year earlier, and 9M NPAT totalled VND466 billion ($17.7 million), an improvement of VND526 billion ($20 million) on-year. Operational improvement is driven by increased sales volume across all segments (farm, fresh meat, and processed meat), increased synergies between WCM and MML, and improved porker value.

Masan High-Tech Materials (MHT) reported a revenue of VND2 trillion ($76 million) in Q3, up 33.4 per cent on year on an LFL basis. NPAT reached VND5 billion ($190,186), an improvement of VND279 billion ($10.6 million) on-year.

MHT’s 9M revenue totalled VND5 trillion ($190.2 million), up 25.1 per cent on-year on an LFL basis, while the 9M NPAT was negative VND211 billion ($8 million), representing an improvement of VND1.2 trillion ($45.6 million) on-year. Operational improvement is driven by rising commodity prices and lowered unit production cost and deconsolidation of HCS.

PLH earned a revenue of VND516 billion ($19.6 million) in Q3, up more than 21 per cent on-year, and NPAT of VND55 billion ($2 million), up 2.1 times on-year.

PLH’s 9M revenue reached VND1.4 trillion ($53.3 million), an increase exceeding 14 per cent on-year, while its 9M NPAT totalled VND141 billion ($5.4 million), up a little over 80 per cent on-year.

The improvement was driven by higher delivery order volumes, larger bill sizes from food categories, and stronger LFL average daily sales (ADS) following the rebranding campaign in Q3. Revenue from food categories – including bakery, pastry, ice cream, and yoghurt – maintained strong momentum, rising 45.3 per cent on-year in Q3.

In parallel, revenue from delivery grew 20.7 per cent on-year in Q3, contributing 33 per cent of retail revenue, up 540 basis points on-year.

PLH executed its rebranding campaign in Q3, during which the network added six new stores and closed one, bringing the standalone store count (outside WCM) to 189 nationwide. Overall, the campaign marked a key milestone in PLH’s restructuring with overall LFL ADS of VND23.5 million ($894), up 8.8 per cent on-year.

TCB, MSN’s profit share of TCB in Q3 was VND1.2 trillion ($45.6 million), up by 9.4 per cent on-year.

"Our third-quarter results mark the next phase of Masan’s journey – profitably modernising Vietnam’s consumer-retail sector," said Nguyen Dang Quang, chairman of Masan Group. "We expect significant synergies from developing a unified digital membership platform that links WinCommerce’s modern trade network with Masan Consumer’s direct-to-general trade channel. Our goal is to connect brands and retailers with every consumer, online and offline, to drive sustainable growth and long-term shareholder value."

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