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PAN Group said it will not pursue growth “at any cost” in 2026, instead focusing on “growth better,” with priorities including improving product quality, capital efficiency, governance, and sustainability.
At its 2026 Annual General Meeting on April 21, 2026, in Hanoi, PAN Group Joint Stock Company (ticker: PAN-HOSE) faced questions from investors about the company’s share price performance. Chairman Nguyen Duy Hung said the leadership’s focus is on business operations, creating core value, and generating growth for the company.
Hung stated that the company will not engage in any activity aimed at manipulating share prices, adding that shareholder value should be increased through business performance rather than short-term price movements.
According to Hung, sustainable growth is not simply about distributing all available resources, but about reinvesting them. He said the group’s funds are continually deployed to generate returns, with investment opportunities assessed based on where they can deliver the highest returns.
For 2026, PAN targets consolidated revenue of VND 18,000 billion, up about 2%, and after-tax profit of VND 1,780 billion, up 53% year-on-year. The company said the plan reflects a shift toward optimizing operating efficiency across segments and member units, and it also includes contributions from the Bibica divestment.
In its standalone Q1 2026 financial report, PAN recorded financial revenue of VND 1,235 billion, up 10x year-on-year. After-tax profit reached VND 1,094 billion, up nearly 40x. The company attributed the increase mainly to financial income, including more than VND 705 billion in dividends and VND 522 billion from gains on investment transfers.
PAN said the spike was largely driven by its divestment of 98.3% of Bibica in March 2026. The total benefit from the transaction is estimated at about VND 2,630 billion, comprising approximately VND 1,748 billion from equity value, about VND 660 billion from dividends, and nearly VND 220 billion from asset value.
Before executing the transaction, PAN reportedly separated some assets to optimize value rather than selling everything at once. With the cash inflow, the company plans to raise its 2026 cash dividend payout to 30%, the highest since 2007, exceeding the previously mentioned 5% dividend guidance.
PAN also proposed a share issuance to increase equity from retained earnings by 20% via a stock dividend. The issuance volume is nearly 41.8 million shares, with execution planned in 2026 after approval from the State Securities Commission.
Vice Chair of the Board and General Director Nguyen Thi Tra My said 2025 was volatile, but PAN delivered higher-quality growth. She cited risks including geopolitics, exchange-rate fluctuations, logistics constraints, and pressures on global purchasing power, while emphasizing a cautious, flexible approach with a long-term orientation.
Looking ahead to 2026, PAN reiterated it will not chase growth at any cost, and will pursue “growth better” by improving product quality, capital efficiency, management capacity, and sustainability. The company said it will prioritize deeper investment in agriculture, aquaculture, and essential foods, while leveraging synergies across its ecosystem, with each unit of capital allocated to create higher and longer-term value.
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