Novaland publishes annual general meeting materials, targets strong profit growth in 2026

Novaland (HOSE: NVL) has released its 2026 annual general meeting (AGM) materials, outlining a wide range of proposals scheduled for approval at the meeting on April 23. The company’s 2026 targets include net revenue of VND 22,715 billion, up 3.26 times versus 2025, and net profit after tax of VND 1,852 billion. Novaland also stated it has no plan to pay dividends in 2026.

2026 business plan: construction acceleration and handovers

In 2026, Novaland plans to accelerate construction and project handovers across Aqua City, NovaWorld Phan Thiet, NovaWorld Ho Tram, The Grand Manhattan, Victoria Village, Palm City, and other projects.

For land-title work, the company expects certificates to be handed over at Sunrise Riverside, Kingston Residence, The Sun Avenue, Lucky Palace, Sunrise City, Orchard Garden, Palm City, Tresor, Golden Mansion, and Garden Gate.

Restructuring status and timeline

Novaland said its comprehensive restructuring has basically completed Phase 1, with progress reported in finances, corporate governance, and project development. The company described 2026 as the final year of the restructuring process, as it seeks to fulfill commitments to customers and investors and move toward sustainable growth.

Financial restructuring proposals

Private placement of 350 million shares

Novaland plans to continue pursuing financial restructuring options. For the planned private placement of 350 million shares that was not completed in 2025, the company said it will seek long-term investors aligned with its selection criteria in 2026.

Novaland also intends to propose increasing the number of shares and adjusting pricing to maximize the value of the issuance and benefits for shareholders.

Bond restructuring and bondholder input

For bond-restructuring options that include swapping principal into equity, Novaland said it sought bondholder input but did not reach consensus. As a result, implementation was not possible in 2025 and is expected to continue in 2026.

Convertible-right bonds

Regarding bonds with convertible rights, Novaland said that in 2025 it mobilized VND 2,500 billion for a 3-year term from the disbursement date. The company is actively seeking suitable investors to continue implementing options approved in 2026. The board said that, given current stock and financial market conditions, these funding channels remain viable.

International bond package: USD 300 million-plus

For the international bond package worth more than USD 300 million (coupon rate 5.25% per year), which has undergone multiple amendments since 2024, Novaland plans to propose a new restructuring. The proposal would extend interest payments and extend maturity by one year.

Novaland also reported recent conversions by bondholders. The board approved issuing nearly 2.48 million shares to one foreign investor to convert 15 bonds with a total conversion value of VND 84.2 billion on 31/03/2026.

Earlier, on 31/12/2025, four foreign investors were issued a total of 20.75 million shares to convert 133 bonds with a total conversion value of VND 747 billion.

AGM proposals: board changes and leadership

At the upcoming AGM, Novaland said the board will propose adding two more board members and one independent director. The board structure will be five members, including one independent director. To replace three current directors whose terms expire in 2026, NVL plans to elect two board members and one independent director for a five-year term.

To strengthen leadership for the new term, Novaland said it aims to recruit leaders who share the group’s core values and have systemic thinking, digital and green transformation capabilities, practical execution, and a bold approach, to lay a stable foundation for sustainable development.