Masan fulfills its commitment to shareholders to grow profitably

The third quarter results mark an important milestone for Masan in its journey to comprehensively modernize Vietnam's retail consumer industry in a sustainable and profitable manner.

On October 27, 2025, Masan Group Corporation (HOSE: MSN) announced its unaudited financial statements for the third quarter of 2025 and the first 9 months of 2025.

Dr. Nguyen Dang Quang, Chairman of Masan Group, shared: “The third quarter results mark an important milestone for Masan in its journey to comprehensively modernize the Vietnamese consumer retail industry in a sustainable and profitable manner. We expect to create strong synergies by building a unified membership program, connecting WinCommerce’s modern retail channel with Masan Consumer’s direct distribution model, thereby expanding access and serving traditional points of sale more effectively nationwide. Our goal is to connect brands, retailers and consumers, whether online or offline, to fully serve the needs of more than 100 million Vietnamese people. This will be a solid foundation for sustainable growth and creating long-term value for shareholders.”

Masan Group Corporation's revenue in the third quarter reached VND21,164 billion (up 9.7% year-on-year on a LFL basis); profit after tax reached VND1,866 billion, 1.4 times higher than the same period. In the first 9 months of the year, revenue reached VND58,376 billion, up 8.0% year-on-year on a LFL basis); profit after tax reached VND4,468 billion, up 63.9% year-on-year, equivalent to completing more than 90% of the yearly plan.

The Group's growth was driven by strong profit performance at WCM, MML, PLH, along with better profit contribution from TCB and the divestment of HC Starck (HCS), despite MCH being in the early stages of finalising its new distribution model as well as a slight increase in net finance costs.

WinCommerce (WCM) alone had revenue in the third quarter of VND10,544 billion, up 22.6% year-on-year; profit after tax reached VND175 billion, up 8.7x year-on-year, equivalent to a profit margin of 1.7%, driven by LFL revenue growth of 11% and 9.7% year-on-year for mini-supermarket and supermarket chains, respectively. In the first 9 months of the year, revenue reached VND28,459 billion, up 16.6% year-on-year; profit after tax reached VND243 billion, up VND447 billion year-on-year, driven by LFL revenue growth and network expansion in the Central region with WinMart+ stores.

Year-to-date, WCM has opened a net 464 stores, exceeding its base target and on track to achieve the high-end scenario by year-end. Notably, over 80% of all new stores have reached break-even at the store EBITDA level, cementing WCM’s position as Vietnam’s most profitable modern retailer by point of sale, with approximately 4,500 stores expected nationwide by year-end.

Rural areas, home to more than 60% of Vietnam’s population, continue to be the main growth driver for WCM. As a result, nearly 75% of new stores opened by Q3/2025 will be under the WinMart+ model in rural areas to tap into the untapped growth potential in this area. Notably, mini-supermarkets in rural areas recorded a 17.4% LFL growth over the same period, reflecting strong acceptance by rural consumers.

The Central region recorded a 12.4% LFL growth for the mini-supermarket model in Q3/2025, thanks to a product portfolio that is suitable for consumer needs and a pioneering advantage in occupying high-traffic locations. By Q3/2025, about 50% of new stores will be located in the Central region, further strengthening WCM's leading position in this region.

Masan Consumer Corporation (UpCOM: MCH) also recorded revenue of VND 7,517 billion in Q3/2025, down 5.9% YoY, with EBIT margin reaching 24.2%. Revenue in the first 9 months of the year reached VND 21,281 billion, down 3.1% YoY; EBIT reached VND 4,965 billion, down 4.2% YoY); profit after tax reached VND 4,660 billion, down 16.1% YoY, affected by the synchronous implementation of the "Direct Distribution" model nationwide in the traditional sales channel (GT), however, the results recorded improvements month by month in the quarter and by quarter, creating momentum for growth in the next stages.

As of Q3 2025, the average number of active points of sale reached approximately 345,000, up 40% YoY, while average sales team productivity improved to 102 points of sale/salesperson/quarter, up 50% YoY. Sales efficiency also improved, with the average number of products per order reaching 3.4 products, up 50% YoY, reflecting better sales quality and product mix.

Notably, the average sales value per point of sale in the early stages has increased month by month, demonstrating increasingly efficient sales productivity. Inventory levels at distributors have also improved, to 15 days as of Q3/2025, down 8 days compared to the same period last year, demonstrating optimized distribution channel inventory management.

Net revenue improved gradually quarter-on-quarter, with the revenue decline in 3Q25 narrowing to -5.9% yoy, compared to -15.1% in 2Q25. In parallel, MT channel revenue increased by 12.5% ​​and exports increased by 14.8% yoy, reflecting MCH’s structural shift to a formal retail model and improved operational efficiency in international markets.

Going forward, the comprehensive expansion process, which will be implemented from Q3/2025, is expected to bring MCH back to positive revenue growth. Together with product innovation initiatives in the following quarters, MCH has established a clear roadmap to improve profit margins and achieve sustainable growth from 2026 onwards, consolidating the company's leading position in the essential consumer goods sector in Vietnam.

For Masan MEATLife (MML), revenue in the third quarter reached VND2,384 billion, up 23.2% year-on-year; EBIT reached VND144 billion, up 3.2x year-on-year; profit after tax reached VND101 billion (up 5.2x year-on-year). Revenue in the first 9 months of the year reached VND6,794 billion, up 24.7% year-on-year; EBIT reached VND310 billion, up 5.7x year-on-year; profit after tax reached VND466 billion, up VND526 billion year-on-year, thanks to continued effective operations with increased sales volume in all segments (livestock, fresh meat and processed meat), increased cooperation between MML and WCM and optimized pork value.

Operating efficiency continued to improve, reflected in an EBIT margin of 6.0%, up 370 basis points. Revenue growth from both livestock and meat increased 30.1% year-on-year and 21.5% year-on-year, driven by higher productivity and strong value chain integration with WinCommerce, which helped drive sales and optimize distribution.

MML continued to accelerate its value-added product development strategy, with processed meat growing 14.2% and innovative products contributing 33% of total portfolio revenue. MML continued to deepen its integration with WinCommerce in 3Q25, with average daily revenue/store reaching VND2.3 million, up 17.9% YoY. By the end of the quarter, MML had 65% market share of protein products in WCM, up 90 basis points YoY, maintaining its leadership position in both fresh and processed meat.

PLH recorded revenue of VND516 billion in the third quarter of 2025, up 21.2% year-on-year, with a net profit margin of 10.8%, 2.1 times higher than the same period. Revenue in the first 9 months of the year reached VND1,373 billion, up 14.1% year-on-year; profit after tax reached VND141 billion, up 80.1% year-on-year. The growth driver came from the food segment including cakes, ice cream and yogurt, up 45.3%, affirming its role as a new revenue driver.

The delivery channel continued to expand strongly, with revenue from this channel increasing 20.7% year-on-year in Q3/2025, accounting for 32.9% of retail revenue, up 540 basis points year-on-year, helping to expand out-of-store consumption occasions. PLH launched a brand repositioning campaign in Q3/2025, during which the network opened 6 new stores and closed 1 store, bringing the total number of stores outside the WCM system to 189 nationwide. Overall, this campaign marked an important milestone in PLH's restructuring process, helping average daily LFL revenue reach VND 23.5 million, up 8.8%.

For Masan High-Tech Materials (MHT), Q3 revenue reached VND2,041 billion, up 33.4% YoY on a like-for-like basis; profit after tax reached VND5 billion, up VND279 billion YoY. Revenue for the first 9 months of the year reached VND5,048 billion, up 25.1% YoY on a LFL basis; profit after tax recorded -VND211 billion, up VND1,159 billion YoY, thanks to improved operating efficiency, driven by rising commodity prices, lower unit production costs and the divestment of HC Starck (HCS).

Techcombank (TCB), the profit that Masan recorded from TCB in the third quarter of 2025 reached VND 1,242 billion, up 9.4% over the same period. For more details on TCB's performance, please refer to the bank's official website.

Subject to the Company's internal approvals, macroeconomic conditions and recovery of the consumer market, Masan expects consolidated net revenue in 2025 to be in the range of VND80,000 billion to VND85,500 billion, representing LFL growth of 7% to 14% yoy (after adjusting for the HCS demerger). In 2025, total consolidated revenue, excluding MHT, is expected to be in the range of VND74,013 billion to VND78,013 billion, representing growth of 8% to 13% yoy. NPAT Pre-MI is expected to reach VND4,875 billion to VND6,500 billion, representing strong growth of 14% to 52% compared to VND4,272 billion in 2024.

Continue to focus on revenue and profit growth with a focus on core consumer - retail business.

MCH returns to double-digit revenue growth while maintaining strong profitability.

WCM focuses on profitable growth by accelerating new store openings while maintaining strong LFL growth.

Develop a unified operating system based on a unified technology platform to drive operational efficiency and enhance integration within MSN's consumer-retail platform. This is done through the WiN membership program and increased collaboration between Masan brands and WinCommerce.

Further reduce financial leverage to improve balance sheet and reduce financing costs.

Reduce holdings in non-core businesses after selling HC Starck to simplify the group structure and become a more focused retail consumer platform.

Masan aims to promote digital transformation as a core strategic pillar in its journey to build an integrated consumer-retail platform. At WinCommerce, the company is developing a unified system to digitize the entire operational cycle, from supply chain, commercial activities to store management, including all stages related to goods, data, cash flow and workflow.

By centralizing functions such as demand forecasting, replenishment, promotions, and job management on a single data platform, WCM improves operational efficiency, optimizes costs, and ensures consistency in implementation across a network of approximately 4,500 stores. Even saving a minute per process at this scale delivers significant cost benefits, while freeing up frontline sales teams to focus on serving consumers.

MCH aims to return to growth trajectory through the implementation of strategic initiatives and the development of a comprehensive digital supply chain. In the second half of 2025, MCH will focus on four key areas: (1) refreshing the seasonings portfolio with upgraded products and a strengthened distribution network; (2) strengthening brand power and driving recovery in the convenience food category, especially Omachi and Kokomi; (3) expanding the beverage portfolio with new flavors and relaunching BupNon Tea365 to stimulate growth across the entire category; and (4) scaling up the modern Direct Distribution model after nationwide deployment, to increase point-of-sale coverage, improve sales efficiency and accelerate revenue recovery across all categories.

WCM expects to achieve net revenue of VND35,600 billion to VND36,900 billion in 2025, representing a growth rate of 8-12% year-on-year, and record a positive profit after tax for the whole year. This result is driven by the expansion of the store network and the acceleration of sales growth on a comparable basis (LFL). In the second half of 2025, WCM will focus on maintaining the current network expansion rate to achieve the target of point of sale scale by the end of the year, while continuing to strictly implement cost control measures to ensure full-year profit efficiency.

Accelerate the opening of new stores with 400-700 mini supermarkets in 2025 with a regional focus strategy.

Accelerate LFL growth for mini-marts through optimized merchandise mix strategies. Strengthen collaboration with Masan brands to create distinct product assortment and launch strategies, as well as personalized promotions and marketing for WiN members.

Achieved high single-digit LFL growth for supermarkets through successful renovation under new model: Urban WinMart and Rural WinMart.

MML is expected to generate revenue of VND8,250 billion to VND8,749 billion, representing a growth of 8% to 14% YoY. This will be achieved on MML’s ongoing transformation journey to become a meat processing company and deepening its partnership with WinCommerce. In the second half of 2025, MML will accelerate innovation in the processed meat segment, with a strategic focus on enhancing the value of pork by increasing the utilization rate in processed products and optimizing the value from by-products.

Increase the finished product value of each pig raised for meat to 10 million VND/head, equivalent to a growth rate of about 10% over the same period last year by maximizing the utilization rate.

Continue to invest in the processed meat segment with the target of contributing 36-37% of sales to MML's sales structure.

Launch "Meat Corner" within the WCM chain, aiming to increase the market share of processed meat sales within the WCM chain from 16.6% to 20% in 2025. Aiming for 40% in the long term.

PLH targets to achieve revenue of VND1,910 billion to VND2,200 billion in 2025, representing a growth rate of 18-36% year-on-year, by promoting growth on a like-for-like basis (LFL) and improving profit margins. In the second half of 2025, PLH will continue to focus on increasing the contribution of the food product group to total revenue as a key growth driver. At the same time, PLH will accelerate network expansion and increase average daily revenue to consolidate its position in the Hanoi market.

Improve same-store sales growth (SSSG) with local marketing campaigns, national promotions, integration into WiN Membership, and other seasonal projects.

Rebrand and implement new store formats to define distinct value propositions that attract existing and new customers.

MHT expects to achieve revenue growth on a like-for-like basis (LFL) of 3% to 19% YoY following the HCS divestment, with a revenue target of VND6,487 billion to VND7,487 billion, driven by improved profitability due to higher commodity prices. In the second half of 2025, MHT expects to continue to benefit from favorable price trends for metals such as tungsten, fluorspar and copper, while maintaining discipline in optimizing operating costs. In parallel, MHT is still actively promoting discussions related to the divestment process.

In addition, continue to optimize operating costs. Maximize copper and by-product sales. Study strategic solutions to reduce leverage.

Source: https://thoibaonganhang.vn/masan-thuc-hien-cam-ket-voi-co-dong-tang-truong-quy-mo-co-loi-nhuan-172570.html