EARNINGS RELEASE
VIETCAP ACHIEVES PROFIT BEFORE TAX OF VND1,629BN IN 2025
Vietcap Securities (HOSE: VCI, “Vietcap,” or “the Company”) announces its business results for the fourth quarter of 2025 (Q4 2025) and the full year of 2025 (FY2025).
Q4 2025 and 2025 financial summary
Profit before tax (PBT): For Q4 2025, PBT was VND544bn (USD20.6mn), growing 5% vs Q3 2025 and 115% vs Q4 2024. For FY2025, PBT was VND1,629bn (USD61.7mn), growing 50% compared to FY2024 and surpassing Vietcap’s 2025 guidance of VND1,420bn (USD53.8mn) by 15%.
Return on equity (ROE): TTM ROE was 8.7% for FY2025. Excluding the net of differences in equity due to asset revaluation (amounting to VND2,694bn/USD102.1mn as of end-December 2025) and the new equity raised from December 2025’s private placement (amounting to VND3,953bn/USD149.7mn), Vietcap’s ROE stood at 12.2% at end-2025.
Total equity: VND18,010bn (USD682.2mn) as of end-December 2025 — 39% higher than at end-December 2024.
Q4 2025 and full-year 2025 business segment highlights
Brokerage
- Brokerage recorded Q4 2025 revenue of VND299bn (USD11.3mn; 22% lower compared to last quarter – Q3 2025 - but 48% higher than Q4 2024). The quarter-on-quarter dip in revenue of the brokerage segment was mainly driven by a market liquidity drop in Q4 2025 from the quarterly record-high level in Q3 2025. The average daily trading value in Q4 2025 was USD1.12bn, 34% lower compared to Q3 2025 but remained at the second-highest quarterly level since 2022, equivalent to a 70% increase from Q4 2024’s level.
- For FY2025, brokerage recorded revenue of VND1,069bn (USD40.5mn; growing 39% compared to FY2024).
- Vietcap ranks fourth on HOSE in FY2025 with a brokerage market share of 6.55%, increasing from 6.08% market share in FY2024.
- In Q4 2025, Vietcap officially introduced Warren - a personalized artificial intelligence (AI) investment mentor built on real-time market data and in-depth analysis from the Vietcap Research team. Warren is built to accompany investors through market volatility and to support in achieving superior investment performance.
Margin Lending
- Margin lending saw revenue of VND389bn in Q4 2025 (USD14.7mn; 18% higher compared to Q3 2025 and 37% higher compared to Q4 2024). Strong revenue growth in Q4 2025 on both a quarter-on-quarter and year-on-year basis was driven by an increased margin landing balance to a record-high of VND16,167bn (USD612.4mn).
- For FY2025, margin lending recorded revenue of VND1,287bn (USD48.8mn; 38% higher compared to FY2024).
- Despite margin landing balance continuously reaching record highs over the last three quarters, Vietcap’s margin lending balance to total equity ratio remained at a healthy level of 0.9x as of end-December 2025. This provides Vietcap with ample room for further growth of its margin lending balance.
Investment Banking
- Investment banking recorded revenue of VND37bn in Q4 2025 (USD1.4mn; compared to VND2bn in Q3 2025 and VND17bn in Q4 2024). In Q4 2025, Vietcap recorded parts of the fees from notable advisory deals, including but not limited to the initial public offering (IPO) of VPBankS and the IPO of Hoa Phat Agricultural.
- For FY2025, investment banking recorded revenue of VND53bn (USD2.0mn; increasing 54% compared to FY2024).
Investment
- Investment recorded Q4 2025 revenue of VND807bn (USD30.6mn; 10% higher than Q3 2025 and 55% higher compared to Q4 2024). In Q4 2025, Vietcap made several trades in FPT, KDH, MBB, ACB, and STB, among other stocks; as well as receiving cash dividends from some of its investments.
- For FY2025, investment recorded revenue of VND2,611bn (USD98.9mn; growing 30% compared to FY2024).
2025 financial position highlights
- Vietcap’s total debts were VND16,065bn (USD608.5mn) as of end-December 2025, 28% higher compared to end-December 2024. These debts were all short term and mainly used to fund margin lending activities.
- Vietcap’s total debt to equity ratio increased to 89.2% at end-December 2025 compared to 97.1% at end-December 2024.
- Vietcap’s total assets were VND36,006bn (USD1.4bn) at end-December 2025 — 35% higher compared to end-December 2024.
Notable corporate actions in FY2025
- In February 2025, Vietcap paid a 2024 second interim cash dividend of VND250/share.
- In July 2025, Vietcap signed unsecured club loan financing for USD41.6mn (equivalent to VND1,061bn). The loan was arranged and/or committed by, among others, the following banks: CTBC Bank Co., Ltd., Cathay United Bank Co., Ltd., Taipei Fubon Commercial Bank Co., Ltd., First Commercial Bank Co., Ltd., Offshore Banking Branch, and Union Bank of Taiwan.
- In July 2025, Vietcap issued 4.5 million ESOP shares (equivalent to 0.6% of total outstanding shares prior to the ESOP issuance). Vietcap’s total outstanding shares as of end-July 2025 were 722.6 million shares.
- In October 2025, FiinRatings announced an Issuer Credit Rating of ‘A’ to Vietcap with ‘Stable’ rating outlook. The FiinRatings rating reflects recognition of Vietcap's strong financial capacity, leading position in the securities industry, and effective risk management strategy.
- In November 2025, Vietcap signed unsecured syndicated loan financing for USD120mn (equivalent to VND3,165bn) with a greenshoe option for facility size of up to USD250mn (equivalent to VND6,595bn). The loan was arranged and/or committed by, among others, the following banks: Maybank Securities Pte. Ltd., Maybank International Labuan Branch, CTBC Bank Co., Ltd., Singapore Branch, Cathay United Bank Co., Ltd., Taipei Fubon Commercial Bank Co., Ltd., Taishin International Bank Co., Ltd., Singapore Branch, and Union Bank of Taiwan Co. Ltd.
- In December 2025, Vietcap successfully completed a private placement for 127.5 million new shares (equivalent to 18% of outstanding shares prior to the private placement) with an issuance price of VND31,000/share. Vietcap’s total outstanding shares as of end-December 2025 were 850.1 million shares.
Income Statement Highlights
VND bn | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | QoQ | YoY | 2024 | 2025 | YoY |
Total revenue |
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Brokerage | 186 | 194 | 186 | 202 | 159 | 226 | 384 | 299 | -22% | 48% | 769 | 1,069 | 39% |
Margin Lending | 190 | 244 | 215 | 284 | 293 | 274 | 331 | 389 | 18% | 37% | 932 | 1,287 | 38% |
Investment Banking | 4 | 12 | 2 | 17 | 13 | 2 | 2 | 37 | 2115% | 122% | 35 | 53 | 54% |
Investment | 433 | 484 | 575 | 521 | 410 | 662 | 732 | 807 | 10% | 55% | 2014 | 2,611 | 30% |
Operating expenses | 370 | 359 | 468 | 520 | 314 | 772 | 686 | 619 | -10% | 19% | 1717 | 2,391 | 39% |
Loss on FVTPL (1) | 168 | 198 | 253 | 373 | 155 | 591 | 411 | 379 | -8% | 2% | 992 | 1,536 | 55% |
Provisions (2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | N/M | N/M | 0 | 0 | N/M |
Other operating expenses (Net of (1) and (2)) | 202 | 161 | 215 | 147 | 159 | 181 | 273 | 240 | -12% | 63% | 726 | 855 | 18% |
Financial expenses | 185 | 197 | 197 | 218 | 183 | 153 | 203 | 314 | 55% | 44% | 798 | 854 | 7% |
Profit before tax | 228 | 344 | 265 | 253 | 355 | 211 | 519 | 544 | 5% | 115% | 1089 | 1,629 | 50% |
Net profit after tax | 198 | 279 | 215 | 218 | 295 | 184 | 420 | 443 | 5% | 103% | 911 | 1,342 | 47% |
Balance Sheet Highlights
VND bn | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
Balance sheet highlights |
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Cash and cash equivalents | 795 | 643 | 1,132 | 3,424 | 788 | 4,744 | 3,114 |
FVTPL | 795 | 615 | 1,222 | 665 | 122 | 846 | 2,238 |
Held-to-maturity (HTM) | 262 | 106 | 754 | 886 | 380 | 598 | 412 |
Margin lending | 3,032 | 3,882 | 7,701 | 5,279 | 7,992 | 11,222 | 16,167 |
Available-for-sale (AFS) | 1,731 | 2,713 | 5,324 | 3,734 | 6,604 | 8,409 | 13,308 |
Debt | 2,563 | 3,364 | 8,327 | 6,873 | 8,979 | 12,574 | 16,065 |
Short-term debts | 2,563 | 3,364 | 8,327 | 6,873 | 8,979 | 12,574 | 16,065 |
Long-term debts | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Assets | 7,243 | 8,382 | 16,636 | 14,243 | 17,255 | 26,592 | 36,006 |
Total Liabilities | 3,191 | 3,861 | 10,094 | 7,747 | 9,884 | 13,648 | 17,996 |
Total Equity | 4,052 | 4,522 | 6,542 | 6,495 | 7,371 | 12,944 | 18,010 |
Key financial ratios | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
Total Debts / Equity | 63.2% | 74.4% | 127.3% | 105.8% | 121.8% | 97.1% | 89.2% |
Net Debts (*) / Equity | 43.6% | 60.2% | 110.0% | 53.1% | 111.1% | 60.5% | 71.9% |
Total Liabilities / Total Assets | 44.1% | 46.1% | 60.7% | 54.4% | 57.3% | 51.3% | 50.0% |
ROA | 10.1% | 9.8% | 12.0% | 5.6% | 3.1% | 4.2% | 4.3% |
ROE | 18.0% | 17.9% | 27.1% | 13.3% | 7.1% | 9.0% | 8.7% |
ROE (**) | 19.9% | 19.7% | 33.4% | 16.8% | 8.8% | 11.1% | 10.0% |
BVPS (VND) | 9,446 | 10,502 | 15,112 | 14,915 | 16,849 | 18,026 | 21,186 |
(*) Net debt = Total debts – CCE (cash & cash equivalents)
(**) This ROE ratio is calculated based on total equity net of differences due to asset revaluation
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