HCM CITY — Masan Group Corporation (HOSE: MSN) has posted solid financial results for the second quarter (Q2) and first half of 2025, achieving more than 50 per cent of its full-year net profit target.

In Q2, net revenues were VNĐ18.3 trillion (US$699 million) and earnings before interest, taxes, depreciation and amortisation (EBITDA) were VNĐ3.75 trillion ($143.4 million).

Net profit after tax and before minority interests (NPAT pre-MI) in Q2 nearly doubled year-on-year to VNĐ1.62 trillion, while first-half NPAT pre-MI reached VNĐ2.6 trillion, exceeding 50 per cent of full-year guidance.

This growth was driven by WinCommerce (WCM), Masan MEATLife, reduced financial expenses and earnings uplift from the deconsolidation of H.C. Starck (HCS).

WCM, Masan’s retail subsidiary, reported VNĐ9.13 trillion in Q2 revenues, up 16.4 per cent. Its NPAT pre-MI rose by VNĐ159 billion to VNĐ10 billion, marking the fourth straight quarter of profitability.

In the first half, WCM posted VNĐ17.9 trillion in revenues and VNĐ68 billion in NPAT pre-MI, up 13.4 per cent and VNĐ292 billion driven by like-for-like (LFL) revenue growth and network expansion in rural.

By quarter-end with net addition of 318 stores, WCM had achieved 80 per cent of its base-case new store opening target and on track to surpass its best-case target this year, reinforcing its position as Việt Nam’s top modern trade retailer by footprint with 4,146 stores nationwide.

Masan Consumer Corporation (UPCoM: MCH) saw Q2 revenues decline by 15.1 per cent to VNĐ6.3 trillion, and EBITDA by 12.9 per cent to VNĐ1.6 trillion, due to a temporary disruption in the general trade channel.

The introduction of new household business tax regulations triggered widespread destocking by both large and small retailers, reducing inventory days and resulting in an estimated VNĐ600–800 billion in lost revenues during the quarter.

Despite this, MCH limited its first-half revenue fall to just 1.5 per cent on the back of a strong Q1 performance.

The company responded by accelerating its shift to a more resilient distribution model, expanding direct coverage and reducing reliance on large traditional retailers.

In trial regions, outlet coverage improved 62 per cent, and the number of active monthly ordering outlets per salesperson rose 48 per cent, laying the groundwork for a recovery in the second half.

Masan MEATLife continued its profitability momentum with VNĐ249 billion NPAT pre-MI in Q2, a VNĐ281 billion improvement.

Revenues increased by 30.7 per cent to VNĐ2.34 trillion, supported by 66.4 per cent growth in the farm segment and 20.5 per cent growth in the meat segment.

The EBIT margin rose to 4.5 per cent, up 420 basis points.

Growth in the meat segment was driven by higher live hog prices, the expanding footprint of WinCommerce and fast-growing processed meat and emerging growth channels like HORECA for meat chicken.

Phúc Long Heritage posted VNĐ434 billion in Q2 revenues, up 10.8 per cent, and NPAT of VNĐ43 billion, up 38.8 per cent.

First-half NPAT jumped 63.5 per cent to VNĐ86 billion, driven by stronger transaction volumes from delivery and increased revenue contributions from food.

Masan High-Tech Materials (MHT) generated VNĐ1.6 trillion in Q2 revenues, up 27.9 per cent on an LFL basis. NPAT turned positive at VNĐ6 billion, a VNĐ400 billion improvement, supported by higher commodity prices, cost reductions and the deconsolidation of HCS.

Subject to customary corporate approvals, macroeconomic conditions and consumer market recovery, Masan expects full-year consolidated net revenues to be VNĐ80-85.5 trillion ($3-3.3 billion), representing 7–14 per cent like-for-like growth after adjusting for the HCS deconsolidation.

NPAT pre-MI is projected at VNĐ4.8-6.5 trillion ($183.2 - 248 million), up 14–52 per cent from 2024. — VNS