Masan hits over 50 per cent of 2025 profit target

In Q2, Masan Group’s net revenue reached VND18.32 trillion ($700.4 million), while earnings before interest, taxes, depreciation, and amortization (EBITDA) reached VND3.75 trillion ($143.3 million).

Q2 and H1 net profit after tax post-minority interest (NPAT pre-MI) nearly doubled on-year to VND1.62 trillion ($61.9 million) and VND2.6 trillion ($99.4 million), respectively, exceeding 50 per cent of full-year guidance. Growth was led by strong profitability at WinCommerce (WCM) and Masan MEATLife (MML), supported by lower net financial expenses and an earnings uplift from the HC Starck (HCS) deconsolidation.

Consumer-retail businesses contributed approximately VND472 billion ($18 million) to the EBIT uplift in H1, led by a VND319 billion ($12.2 million) on-year improvement at WCM and VND156 billion ($5.96 million) on-year improvement at MML, offset by a VND40 billion ($1.53) on-year decrease at Masan Consumer (MSH) due to general trade disruption. Much of the 14.9 per cent on-year EBIT uplift was accredited to the improved sales productivity and operational leverage of WCM, and better farming operations and higher pork value at MML.

In the retail segment, WCM posted VND9.13 trillion ($349 million) in revenue for Q2, up 16.4 per cent on-year. Meanwhile, Q2 NPAT Pre-MI reached VND10 billion ($382,366), an on-year increase of VND159 billion. This marked the fourth consecutive quarter with profitability, underpinned by strong operational execution and disciplined expansion.

WCM also recorded H1 revenue of VND17.92 trillion ($685 million) and 1H NPAT Pre-MI of VND68 billion ($2.3 million), up 13.4 per cent and VND292 billion ($11.2 million) on-year, respectively, driven by like-for-like revenue growth and network expansion in rural areas.

By quarter-end with a net addition of 318 stores, WCM had achieved 80 per cent of its base-case new store opening target, and is on track to exceed the high-case target by year-end, reinforcing its position as Vietnam’s number-one MT retailer by footprint with 4,146 stores nationwide.

MCH reported revenue of VND6.28 trillion ($240 million), down 15.1 per cent on-year, and EBITDA of VND1.61 trillion ($61.5 million), down 12.9 per cent on-year in Q2. Despite this, H1 revenue was down just 1.5 per cent on-year thanks to strong Q1 results. The revenue softness was largely due to reduced stock levels and cautious channel activity.

In Q2, MCH faced short-term headwinds driven by structural shifts in Vietnam’s retail landscape. The implementation of new household business tax regulations triggered a temporary disruption in the general trade channel, where MCH has traditionally maintained strong exposure. The result was widespread destocking across both large and small retailers, reducing inventory days by approximately eight and three days, respectively. This led to an estimated revenue loss of VND600-800 billion ($22.9-30.6 million) for MCH during the quarter.

In response, MCH accelerated the transition to a more resilient distribution model. Key initiatives included shifting towards direct coverage, reducing dependence on big traditional retailers, and strengthening route-to-market capabilities. Within H1, MCH improved outlet coverage by 62 per cent on-year in pilot regions and increased average monthly outlets with at least one order served per salesman by 48 per cent on-year. These structural changes are expected to restore growth momentum in the coming quarters.

Despite channel disruption, several categories remained resilient. The Q2 performances of coffee (up 1.8 per cent on-year), HPC (up 1.3 per cent on-year), and exports (up 7.7 per cent on-year) helped offset weakness in seasonings (down 20.9 per cent on-year), convenience foods (down 11.6 per cent on-year), and bottled beverages (down 25.9 per cent on-year). Omachi continued to lead premiumisation, gaining a 0.8 per cent market share despite a contracting convenience foods market due to channel disruption.

MML delivered NPAT Pre-MI of VND249 billion ($9.52 million) in Q2, a VND281 billion ($10.7 million) on-year improvement, continuing the profitability momentum. The EBIT margin reached 4.5 per cent, up by 420bps on-year as the business continues to scale efficiently. Revenue reached VND2.34 trillion ($89.5 million), up 30.7 per cent on-year, supported by strong double-digit growth in both the farm segment (up 66.4 per cent on-year) and meat segment (up 20.5 per cent on-year).

The meat segment revenue increase was fuelled by higher live pork prices, the expanding footprint of WinCommerce, fast-growing processed meat, and emerging growth channels like HORECA for chicken. Processed meat grew by 22.6 per cent on-year in Q2, reflecting MML’s focus on value-added offerings.

Additionally, MML deepened its integration with WinCommerce, where average daily sales per store grew 10.9 per cent on-year in Q2. As of quarter-end, MML held a 62 per cent market share in the protein category at WCM, maintaining leadership across both fresh and processed meat, with respective shares of 91 per cent and 29 per cent.

Phuc Long Heritage (PLH) reported VND434 billion ($16.6 million) in Q2 revenue and VND43 billion ($1.64 million) in Q2 NPAT, rising 10.8 per cent and 38.8 per cent on-year. PLH also posted a revenue of VND858 billion ($32.8 million) in the first half of the year, marking a 10.3 per cent increase on-year, while its NPAT rose by 63.5 per cent on-year to VND86 billion ($3.3 million). Operational improvement was driven by stronger transaction volumes from delivery and increased revenue contributions from food.

Masan High-Tech Materials (MHT) achieved Q2 revenue of VND1.6 trillion ($61.2 million), up 27.9 per cent on-year on an LFL basis, and NPAT of VND6 billion ($229,000), an improvement of VND400 billion ($15.3 million) from the same period last year. In H1, the company generated revenue of nearly VND3 trillion ($114.67 million), up 20 per cent on-year on an LFL basis, while NPAT stood at negative VND212 billion ($8.1 million), up VND885 billion ($33.8 million) on-year. Operational improvement was driven by rising commodity prices and lowered unit production costs and the deconsolidation of HCS.

For Techcombank (TCB), MSN’s profit share of TCB in Q2 was VND1.22 trillion ($44.64 million), down by 1.6 per cent on-year, accredited to the dilution impacts from TCB’s employee stock ownership plan.

Subject to customary corporate approvals, macroeconomic conditions, and consumer market recovery, Masan forecasts 2025 consolidated net revenue to range between VND80 trillion (about $3 billion) and VND85.5 trillion ($3.27 billion), representing 7 per cent to 14 per cent on-year LFL growth after adjusting for the deconsolidation of HCS.

In 2025, total consolidated revenue, excluding MHT, is expected to be within the range of VND74.01 trillion ($2.83 billion) and VND78 trillion ($2.98 billion), representing 8 per cent to 13 per cent on-year growth. NPAT Pre-MI is projected to be VND4.88 trillion ($186.5 million) to VND6.5 trillion ($248.5 million), reflecting robust growth of 14 per cent to 52 per cent compared to VND4.3 trillion (164.4 million) in 2024.

Masan posts nearly $15 million Q1 post-tax profit Masan Group recorded net profit after tax post-minority interest (NPAT Post - MI) of VND394 billion ($15 million) in the first quarter, marking a 278.8 per cent on-year increase.

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