The PAN Group sees room for growth in 2026

The business plan was shared at the AGM of the PAN Group on April 21

Agriculture and food group PAN expects to book gains from the divestment of Bibica JSC (BBC) in 2026, with estimated profit of around VND500 billion ($20 million) in its consolidated financial statements. At the parent company level, total profit and dividends from BBC are expected to exceed $44 million, subject to accounting timing and conditions.

2026 is projected to remain a period of significant volatility, as geopolitical risks, rising trade protectionism, fluctuations in exchange rates, interest rates, and logistics costs may continue to exert pressure on production, exports, and consumption. Given the sustained high proportion of export revenue of the group, such factors may continue to affect market demand, profit margins, and delivery schedules in certain key export markets.

However, demand for essential goods, branded agricultural and food products, and the group’s competitively advantaged product lines is expected to remain positive; at the same time, certain challenges faced by the agriculture sector in 2025 are anticipated to be gradually resolved in 2026. On that basis, the group’s 2026 business plan has been formulated with a focus on selective growth, ensuring a balance between expansion, operational efficiency, and risk management.

Consolidated revenue for 2026 is projected to reach $720 million, an increase of 2.4 per cent compared to 2025, despite the Group only consolidating the revenue and profit of BBC in the first quarter of 2026. The decrease in revenue and consolidated profit contribution from BBC compared to full-year 2025 is expected to be offset by growth in the subsidiaries' operations, particularly in the agriculture and seafood sectors.

Consolidated profit before tax is projected at VND2.01 trillion, consolidated profit after tax at $8.4 million, and profit after tax attributable to shareholders of the parent company at $50 million. The consolidated profit plan for 2026, as mentioned above, includes profits recognised from the divestment of BBC in the first quarter of 2026, as well as the estimated benefits derived from cash flows at the Parent Company following the transaction from the second quarter of 2026 onward.

Excluding the expected profit from the divestment of BBC and its related impacts, the profit after tax attributable to shareholders of the parent company is expected to still achieve growth of approximately 18 per cent, thereby reflecting that growth from the Group’s core business operations is expected to be sustained in 2026.

On a company-by-company basis, Vinaseed is projected to be a key growth driver of the Group in 2026, with the expected revenue growth of approximately 24 per cent and profit before tax growth of approximately 14 per cent in comparison with 2025, based on a gradual stabilisation of the agricultural and food market, as well as continued improvements in management efficiency and distribution network.

VFG is expected to maintain a positive growth, with the revenue expected to grow approximately 10 per cent and the profit before tax is projected to grow approximately 7 per cent, based on recovery in demand for agricultural inputs and with its operational foundation becoming more solid.

Regarding seafood, FMC is expected to achieve profit growth of approximately 10 per cent under the base-case scenario, supported by expectations of more favourable tax policies in the US market and continued improvements in operational efficiency. ABT adopts a more cautious approach in its planning, with projected revenue growth of around 9 per cent and profit before tax growth of approximately 5 per cent, reflecting a more challenging outlook in 2026 for basa fish products, as well as the high base of record business performance in 2025.

Following the BBC transaction, the Group’s revenue and profit structure is expected to shift, with a significant reduction in the contribution from packaged foods at the consolidated level, as PAN is expected to consolidate BBC’s results only through the first quarter of 2026.

For the continuing operations post-transaction, LAF is projected to achieve revenue growth of approximately 14 per cent and profit before tax growth of around 11 per cent, while 584 Nha Trang is expected to record revenue growth of about 25 per cent and profit before tax growth of approximately 14 per cent.

Accordingly, the decline in consolidated revenue and profit due to the absence of a full-year contribution from BBC is expected to be largely compensated by growth at the remaining subsidiaries, particularly Vinaseed, VFG, FMC, LAF, and 584 Nha Trang.

In 2025, PAN reported consolidated revenue of $704 million, up 9 per cent on-year, while post-tax profit reached $46.8 million, marking modest growth. Profit attributable to parent company shareholders rose 10.5 per cent to $26.9 million. Excluding one-off gains recorded in 2024, core earnings expanded by 17 per cent.

70 Vietnamese firms among ASEAN's Top 500 70 Vietnamese businesses have been listed on the first-ever Southeast Asia Fortune 500 list, which operate in various sectors of the economy, most notably banking, energy, services, and production.

Vietnamese firms must strengthen ESG policies to attract investment The Vietnam Institute of Directors (VIOD) held its seventh Annual Forum in Ho Chi Minh City on December 5, focusing on corporate governance as a strategy to attract investment.

The PAN Group shaping a better future with ESG strategy With a well-orchestrated sustainable development strategy, The PAN Group has embedded environmental, social, and governance criteria as the guiding principle for all its operations, affirming its role in the journey towards responsible and transparent development.

The PAN Group acquires $56 million in after-tax profit in 2025 The PAN Group achieved an after-tax profit of VND1.37 trillion ($54.8 million) in 2025, signifying a slight increase of 2 per cent compared to 2024.

The PAN group completes VND2.63 trillion Bibica sale On March 26, agriculture conglomerate The PAN group completed the sale of food company Bibica JSC, transferring all of its capital contribution in Bibica Capital Co. to Momogi Group VN.