Business results continue to maintain positive profit growth thanks to the resonant strength of the consumer - retail - technology ecosystem, with 9-month profit reaching more than 90% of the annual plan.
In the third quarter of 2025, Masan recorded after-tax profit of VND 1,866 billion, up 1.4 times over the same period. Accumulated for 9 months, profit reached VND 4,468 billion, equivalent to completing more than 90% of the annual plan. This result reflects the Group's solid profit foundation in the context of the consumer market still in the process of recovery, while clearly demonstrating the development orientation based on operational efficiency and long-term value.
The main driving force comes from improved operational efficiency at WinCommerce (WCM) and Masan MEATLife (UpCom: MML), better profits from Techcombank and a positive contribution from the divestment of H.C. Starck (HCS). This achievement reinforces Masan's commitment at the 2025 General Meeting of Shareholders that "growth and profit can go hand in hand" when the strategy is built on an effective and innovative foundation.
The integrated consumer - retail platform continues to demonstrate Masan's resonant power in operations, as member units actively contribute to consolidated growth.
WinCommerce (WCM) continues to play a leading role in the modernization of the Vietnamese retail market, achieving a record revenue of VND10,544 billion, up 22.6% over the same period and maintaining a net profit of VND175 billion, with a profit margin of 1.7%. With 464 new stores opened net since the beginning of the year, WCM has exceeded the target of the facility and is on the way to completing the high-end scenario by the end of the year.
Notably, more than 80% of all new stores have reached a capital break in at the EBITDA level of stores, consolidating WCM's position as the most profitable modern retailer in Vietnam by selling point scale, with about 4,500 stores expected nationwide by the end of the year. WCM's expansion not only helps Masan increase modern retail coverage but also creates a solid distribution channel for the group's consumer brands, strengthening the connection throughout the ecosystem.
At the same time, Masan Consumer (UpCom: MCH) is gradually perfecting the "Direct Distribution" model, a strategic initiative to help businesses connect directly with hundreds of thousands of traditional points of sale nationwide. As of the third quarter of 2025, the average number of active points of sale reached ~345,000, up 40% over the same period, while the average sales team's productivity improved to 102 points of sales/setter/quarter, up 50% over the same period. Net revenue gradually improved quarterly, when the revenue reduction in the third quarter of 2025 narrowed to -5.9% over the same period, compared to -15.1% in the second quarter of 2025.
At the same time,MT channel revenue increased by 12.5% and exports increased by 14.8% over the same period, reflecting MCH's structural shift to a legitimate retail model and improved operational efficiency in international markets.
The recovery at MCH has contributed to strengthening the profitability of the entire ecosystem, while creating conditions for other units to continue to expand effectively. In the third quarter of 2025, Masan MEATLife (UpCom: MML) stood out with revenue of VND 2,384 billion, up 23.2%, and profit after tax of VND 101 billion, nearly 5.2 times higher than the same period, thanks to high consumption output and a strategy to boost the value-added processed meat segment. The effectiveness of integration with the WCM system helps MML expand product coverage and increase the proportion of contribution to the Group's general profit margin.
Meanwhile, Phuc Long Heritage (PLH) continued to maintain a stable growth momentum, with revenue reaching VND516 billion, up 21.2% over the same period, driven by the effectiveness of the brand repositionation campaign, good growth in the food segment and the breakthrough from the delivery channel. Masan High-Tech Materials (UPCom: MSR) recorded a positive profit for the second consecutive quarter, reflecting the positive impact of favorable commodity prices and a portfolio restructuring strategy to focus on areas with higher profit value.
The overall results of the member units show that the operational resonance efficiency is being strongly promoted, as each link in the ecosystem from production, distribution, retail to technology, together aiming for a common goal: building a modern consumer platform, sustainable growth and bringing long-term value to shareholders as well as Vietnamese consumers.
In the final period of 2025, Masan will continue to strengthen profitability through digital transformation, expand sustainable scale and optimize efficiency of the entire value chain, aiming to build a modern consumer infrastructure for Vietnam. Masan Consumer will recover strongly by expanding the "Directs Distribution" model, helping to increase sales coverage and improve profit margins; WinCommerce maintains a controlled expansion momentum with more than 4,500 stores and sustainable revenue growth; Masan MEATLife and Phuc Long Heritage continue to contribute to profit growth thanks to value-added products; while Masan High-Tech Materials maintains efficiency thanks to favorable commodity prices.
Along with reducing financial leverage and accelerating the digitalization of the entire value chain, Masan is gradually consolidating the foundation for the next stage of sustainable growth.
Masan Group Joint Stock Company is one of the leading consumer - retail enterprises in Vietnam, with the goal of providing quality essential products and services to domestic and international consumers.
Masan's ecosystem includes many areas with growth potential: fast-growing consumer goods (Masan Consumer with Chin-Su, Nam Ngu, Omachi, Kokomi, Wake-Up 247), branded meat (Masan MEATLife with MEATDeli, Ponnie, Heo Cao Boi), retail (WinCommerce with WinMart, WinMart+), tea and coffee (Phuc Long Heritage), and high-tech materials (Masan High-Tech Materials).
