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Masan Group Joint Stock Company (HOSE: MSN) reported unaudited business results for Q1 2026, posting its highest quarterly profit to date. Net profit after tax reached 1,974 billion VND, up 2x year-over-year.
Operating profit (EBIT) for the consumer goods and retail platform rose to 2,455 billion VND, up 23.6% year-over-year.
Preliminary results for Q2 2026 indicate net profit after tax is expected to increase by about 60% year-over-year.
WinCommerce, operator of the WinMart/WinMart+/WiN retail network, recorded Q1 2026 net profit after tax of 204 billion VND, up 3.5x year-over-year, with an EBIT margin of 1.8%.
In Q1 2026, WinCommerce opened 225 net new stores, bringing the total number of stores nationwide to 4,817. The company said 100% of new stores reached EBITDA break-even at the store level during the quarter.
Like-for-like revenue growth was positive across all formats, supported by higher foot traffic. In Q1 2026, minimarts posted 11.8% LFL growth, while supermarkets recorded 19.9% LFL growth. Supermarkets reported a positive EBIT margin of 3.5%, up 386 basis points year-over-year. As of March 2026, 60 supermarkets completed upgrades, with the remainder expected before year-end.
Masan Consumer reported Q1 2026 revenue of 8,472 billion VND, up 13.1% year-over-year. After-tax profit before minority interest reached 1,800 billion VND, up 11.5%.
Retail Supreme continued to improve key operating metrics through March 2026, including availability at around 500,000 points, 5.5 SKUs per order, about 57,000 points distributing six or more categories, and around 50,000 points applying display standards. Gross margin remained robust at 46.7%.
Masan MEATLife posted Q1 2026 revenue of 2,479 billion VND, up 19.8% year-over-year. After-tax profit was 147 billion VND, up 27.2%. EBIT increased threefold, with an EBIT margin of 7.4%. Total MML revenue in the WinCommerce system rose 30.2% year-over-year.
Phuc Long Heritage recorded net revenue of 569 billion VND in Q1 2026, up 34%. EBITDA margin was 20.8%, and after-tax profit rose 1.6x, with net margin at 10.3%. Growth was attributed to expanded delivery channels and improved store productivity, with daily average sales (ADS) at standard stores reaching 26.3 million VND, up 21.2%.
Masan High-Tech Materials reported quarterly after-tax profit of 537 billion VND, reversing from a loss of 222 billion VND in Q1 2025. The improvement was linked to healthier commodity price levels, improved operating efficiency, and lower net interest expense.
Net revenue reached 2,993 billion VND, up 114.9% year-over-year, driven by APT revenue of 2,445 billion VND, up 3.2x. The average APT price in Q1 2026 was USD 1,865 per mtu, and USD 3,150 per mtu as of 31 March 2026, compared with the plan’s assumption of around USD 1,200 per mtu. MSR said that if current price levels are sustained for the rest of the year, it expects materially stronger financial results.
Processing capacity is expected to recover from Q2 2026 and accelerate in Q3 2026 after a 28 million-ton mining license adjustment, supporting annual ore throughput above 2025 levels. MSR expects stronger operating cash flow and faster deleveraging. Company targets show net debt to EBITDA falling from 3.5x in Q1 2026 to 1.7x by year-end. With an assumption of APT prices above USD 1,500 per mtu, MSR targets net debt/EBITDA of 0.1x by end-2027 and a cautious path toward a positive cash balance by end-2028. The company said this could reduce interest costs, improve profitability quality, and potentially support dividends in coming years.
Masan also announced plans to move MSR’s listing to HOSE to better reflect intrinsic value, broaden the shareholder base, improve liquidity, and support strategic investors.
Profit contributions from Techcombank (HOSE: TCB) in Q1 2026 reached 1,316 billion VND, up 11.8% year-over-year.
Following record Q1 results, Masan expects first-half 2026 revenue and after-tax profit to reach 51,500 billion VND and 4,600 billion VND, respectively, up 38% and 76% year-over-year.
Masan said it expects stronger operating cash flow in H1 2026 of around 6,200 billion VND, up about 60% year-over-year, supported by improved profitability at subsidiaries and ongoing working capital discipline.
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