Masan (MSN) posts record profit in 2025, targets double-digit earnings growth in 2026

Masan (MSN) posts record profit in 2025, targets double-digit earnings growth in 2026

Masan Group Corporation (HOSE: MSN) posted revenues of VNĐ23.25 trillion (US$890.68 million) in the fourth quarter of 2025 and VNĐ81.62 trillion ($3.12 billion) for the full year, representing year-on-year growth of 10.6 per cent and 8.7 per cent on a like-for-like basis, according to unaudited results released on January 28.

Consumers buying Masan Consumer’s Chin-Su fish sauce. — Photo courtesy of Masan

Masan Group Corporation (HOSE: MSN) posted revenues of VNĐ23.25 trillion (US$890.68 million) in the fourth quarter of 2025 and VNĐ81.62 trillion ($3.12 billion) for the full year, representing year-on-year growth of 10.6 per cent and 8.7 per cent on a like-for-like basis, according to unaudited results released on January 28.

Net profit after tax before minority interest (NPAT pre-MI) reached nearly VNĐ2.3 trillion ($88.2 million) in Q4, up 48.5 per cent year-on-year. For the full year, NPAT pre-MI rose 1.6 times to VNĐ6.76 trillion ($258.5 million), surpassing 139 per cent of base-case guidance and marking the highest profit in the group’s history.

WinCommerce (WCM) remained a key growth engine, recording fourth-quarter revenue of VNĐ10.52 trillion and nearly VNĐ39 trillion for the year, up 22.9 per cent and 18.3 per cent year-on-year, respectively. NPAT pre-MI reached VNĐ257 billion in Q4 and VNĐ501 billion for the full year.

Its EBIT margin improved to 2.2 per cent in 2025, up 130 basis points year-on-year, while NPAT margin rose to 1.3 per cent. WCM added a net 764 stores during the year, bringing its nationwide network to 4,592 outlets. More than 90 per cent of new stores surpassed breakeven at the store EBITDA level.

WCM became net-cash-positive for the first time, enabling rapid expansion without adversely impacting the balance sheet.

Masan Consumer Corporation (HOSE: MCH) reported Q4 revenue of VNĐ9.27 trillion, up 3.7 per cent year-on-year, while full-year revenue reached VNĐ30.55 trillion, down 1.1 per cent year-on-year.

NPAT pre-MI declined by 11.1 per cent in Q4 and 14.6 per cent for the year to VNĐ2.1 trillion and VNĐ6.76 trillion, respectively, mainly due to lower financial income following substantial cash dividend payouts.

The company’s direct distribution initiative, Retail Supreme, began delivering results in Q4. The number of active selling outlets rose by around 70 per cent year-on-year, while salesman productivity and assortment penetration improved sharply. Modern trade, HORECA, e-commerce and global business channels all recorded strong double-digit growth.

MCH maintained its leadership in core categories and gained market share elsewhere. Seasonings rebounded in Q4, while Convenience Foods and Home and Personal Care remained key growth drivers.

Masan MEATLife (UPCoM: MML) posted Q4 revenue of nearly VNĐ2.44 trillion and VNĐ9.23 trillion for the year, up 10.6 per cent and 20.7 per cent year-on-year. NPAT pre-MI reached VNĐ153 billion in the quarter and VNĐ619 billion for the year.

Phuc Long Heritage (PLH) recorded Q4 and full-year revenues of VNĐ518 billion and VNĐ1.89 trillion, up 24.1 per cent and 16.7 per cent year-on-year. Full-year NPAT pre-MI rose 57.2 per cent to VNĐ195 billion.

Masan High-Tech Materials (UPCoM: MSR) marked an inflection year, returning to full-year profitability and delivering its highest quarterly profit since 2022. Revenue reached VNĐ2.39 trillion in Q4 and VNĐ7.44 trillion for the year.

2026 outlook

For 2026, Masan forecasts consolidated net revenue of VNĐ93.5 trillion ($3.58 billion) to VNĐ98 trillion ($3.74 billion), representing growth of 15–20 per cent. NPAT pre-MI is expected to reach VNĐ7.25 trillion to VNĐ7.9 trillion, up 7–17 per cent year-on-year.

WCM targets revenue growth of 15–21 per cent and aims to lift NPAT margins to 1.8–3 per cent.

MCH expects revenue growth of 11–15 per cent, with Retail Supreme contributing 30–40 per cent of total growth.

MML, PLH and MSR target revenue growth of 9–14 per cent, 22–32 per cent and 60–68 per cent, respectively.

While Dr Nguyễn Đăng Quang said he was proud of Masan’s record performance last year, he noted that the results did not fully reflect the transformational value the group has created.

“We digitised our general trade platform, developed a profitable modern-trade consolidation model, and laid the foundation to become an integrated consumer-retail-tech company. In 2026, we will merge our general trade partners and WinCommerce into one common retail platform, build an end-to-end digital operating system and scale our membership platform to understand 100 million consumers through a unified data platform – modernising Việt Nam's consumer-retail landscape.” 

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