Masan’s Net Profit Attributable to Parent Company Shareholders Rose 205.3% in the First Nine Months
Masan’s revenue rose 52.7% and net profit attributable to parent company shareholders grew 205.3% in the first nine months of 2026. Retail and consumer revenue increased, free cash flow improved, and net debt leverage declined. Its high-tech materials business also signed a memorandum of understanding with a Japanese company covering a proposed stake purchase and product distribution.
Masan Group reported consolidated net revenue of VND 891.18 billion for the first nine months of 2026, up 52.7% year on year. Net profit attributable to parent company shareholders reached VND 80.42 billion, up 205.3%. Its high-tech materials business benefited from higher tungsten prices, while its consumer and retail businesses also grew.
Retail business WinCommerce reported third-quarter revenue of VND 127.75 billion, up 21.2% year on year, and after-tax profit of VND 3.25 billion, up 86%. By the end of September, it operated 5,486 stores, a net increase of 894 since the start of the year, while revenue at existing stores rose by about 7%. Masan Consumer reported third-quarter revenue of VND 87.43 billion, up 16.3% year on year.
On November 9, Masan signed a memorandum of understanding with Japanese company Sojitz. Under the agreement, Sojitz plans to acquire a 5% stake in Masan High-Tech Materials and distribute its tungsten and fluorite products in Japan. The proposed stake purchase has not been described as completed.
Masan Group’s chief financial officer said on October 26 that free cash flow for the 12 months through the end of the third quarter of 2026 was about VND 108 billion, up 16% year on year, while cash at quarter-end was about VND 212 billion. The ratio of net debt to EBITDA fell from 2.7 times at the end of 2025 to 2.0 times at the end of the third quarter. After accounting for the October payment to increase its stake in Masan Consumer, the ratio was estimated at about 2.4 times.
Ho Chi Minh City Securities Corporation raised its profit forecasts for Masan Group for 2026 through 2028 on October 26, mainly citing an improved outlook for the high-tech materials business. The firm forecasts net profit attributable to parent company shareholders of VND 122.22 billion in 2026; this is a forecast, not a reported result.
Source: VietVance
