TNH insider seeks to acquire an additional 2 million shares

Mr. Nguyễn Anh Đĩnh, an insider of TNH Hospital Group Joint Stock Company (TNH-HOSE), has registered to buy 2 million TNH shares to increase his ownership stake. The transaction is scheduled to take place from 16 April 2026 to 15 May 2026 via a negotiated deal and/or on-market matching trades.

Insider transaction details

After completion, Đĩnh is expected to increase his TNH shareholding from about 6.2 million shares (3.7%) to about 8.2 million shares (4.91% of TNH’s capital).

Previously, from 5 November to 27 November, Đĩnh successfully purchased 6 million TNH shares registered, bringing his holding to the current level.

Current holdings of Đĩnh and related parties

At present, Đĩnh’s father, Nguyễn Văn Thủy, owns more than 3.9 million TNH shares, while his brother-in-law, Triệu Xuân Hưng, holds 96,918 TNH shares. Combined, shares held by Đĩnh and related parties exceed 10.179 million, representing 6.14% of TNH’s capital.

2025 financial performance and company explanation

According to TNH’s audited 2025 financial statements, net revenue increased 16% to nearly VND 510 billion, while after-tax profit fell 307% to -VND 93.224 billion.

TNH attributed the decline in 2025 net profit after tax to costs rising much faster than revenue, despite the revenue growth.

Revenue: up 16% but below expectations

Sales of goods and services in 2025 rose 16%, supported by the stabilization of TNH Viet Yen Hospital and by TNH’s pharmaceutical subsidiary taking on the role of retail drug sales from August 2025, adding new revenue streams across the system.

However, TNH said revenue growth did not meet expectations due to unfavorable weather, natural disasters, and a challenging macro environment that reduced patient volumes at times.

Financial revenue: up 10.923% but non-recurring

Financial revenue increased by 10.923%, largely due to gains from disposing part of an investment in TNH Hanoi Hospital JSC, generating a gain of about VND 8.19 billion. TNH noted this gain is non-recurring and therefore not sufficient to offset the sharp rise in costs during the period.

Costs: cost of goods sold up 51%

Cost of goods sold in 2025 rose 51%, significantly higher than revenue growth. TNH said the main driver was higher depreciation costs from TNH Viet Yen Hospital during the initial operation phase, when utilization was not optimal.

The company also continued heavy investment in professional operations, including modern medical equipment and training for new techniques—strategic expenditures intended to improve service quality and expand capacity in the long term, but which increase short-term costs.

Operating expenses: selling up 153%, administrative up 64%

Selling expenses rose 153% and administrative expenses increased 64%, mainly due to higher personnel costs following structural reorganization, the addition of management personnel, and efforts to enhance human resource quality.

TNH also cited additional costs to standardize staff image, demeanor, and communication quality, as well as salary increases to align with market wages in the healthcare labor market and retain employees.

Financing costs: up 154%

Financing costs increased 154% due to interest expenses. TNH highlighted interest at TNH Viet Yen Hospital in the initial phase, when revenue had not yet covered costs, and costs related to the TNH Lang Son Hospital project (owned by TNH Lang Son Hospital JSC as investor), which is under construction and has not generated corresponding revenue yet.

Corporate governance update

TNH’s Board has approved extending the time for the 2026 annual general meeting of shareholders to no later than the end of May 2026.