EARNINGS RELEASE

VIETCAP ACHIEVES PROFIT BEFORE TAX OF VND271BN IN Q2 2026

Vietcap Securities (HOSE: VCI, “Vietcap,” or “the Company”) announces its business results for the second quarter of 2026 (Q2 2026) and first half of 2026 (H1 2026).


Q2 2026 and H1 2026 financial summary

Profit before tax (PBT): For Q2 2026, PBT was VND271bn (USD10.2mn), 33% lower than Q1 2026 (VND404bn) but 28% higher than Q2 2025 (VND211bn). For H1 2026, PBT was VND675bn (USD25.5mn), 19% higher than H1 2025 (VND567bn) and fulfilling 29% of Vietcap’s 2026 guidance of VND2,300bn (USD86.8mn).

Return on equity (ROE): TTM ROE was 9.8% for H1 2026. Excluding the net of differences in equity due to asset revaluation (amounting to VND1,443bn/USD54.5mn as of end-June 2026), Vietcap’s TTM ROE stood at 11.0%.

Total equity: VND17,138bn (USD646.7mn) as of end-June 2026 — 5% lower than at end-December 2025 (VND18,010bn).


Q2 2026 and H1 2026 business segment highlights

Brokerage

  • Brokerage recorded Q2 2026 revenue of VND217bn (USD8.2mn; 29% lower than Q1 2026 – VND306bn) and PBT of VND60bn (USD2.3mn; 54% lower than Q1 2026 – VND131bn). For H1 2026, brokerage recorded revenue of VND523bn (USD19.8mn; 36% higher than H1 2025 – VND385bn) and PBT of VND191bn (USD7.2mn; 40% higher than H1 2025 – VND137bn). The quarter-on-quarter decline in brokerage revenue was mainly driven by softer market liquidity in Q2 2026 following an exceptionally active Q1 2026. The average daily trading value in Q2 2026 was USD0.92bn, 31% lower compared to USD1.33bn in Q1 2026. For H1 2026, the average daily trading value was USD1.11bn, 36% higher than in H1 2025 (USD0.82bn).
  • Vietcap ranked fourth on HOSE in Q2 2026 with brokerage market share of 7.00%, easing from 7.35% in Q1 2026 but up from 6.55% market share in full-year 2025.

Margin Lending

  • Margin lending recorded revenue of VND481bn in Q2 2026 (USD18.2mn; 9% higher than Q1 2026 – VND441bn) and PBT of VND134bn (USD5.0mn; 56% higher than Q1 2026 – VND86bn). For H1 2026, margin lending recorded revenue of VND922bn (USD34.8mn; 63% higher than H1 2025 – VND567bn) and PBT of VND219bn (USD8.3mn; 2% higher than H1 2025 – VND215bn). Revenue growth was driven by a higher average margin lending balance as well as a higher effective lending yield during the quarter.
  • Vietcap’s margin lending balance reached a new record-high of VND17,146bn (USD647.0mn) as of end-June 2026, compared to VND16,613bn (USD624.6mn) at end-March 2026. Vietcap’s margin lending balance to total equity ratio stood at 1.0x as of end-June 2026.

Investment Banking

  • Investment banking recorded revenue of VND22bn in Q2 2026 (USD0.8mn; compared with VND48bn in Q1 2026 and VND2bn in Q2 2025). For H1 2026, investment banking recorded revenue of VND70bn (USD2.6mn; compared with VND15bn in H1 2025) and PBT of VND44bn (USD1.6mn; compared with a net loss of VND6bn in H1 2025). The strong year-on-year improvement reflects advisory fees recognized during H1 2026, including, among others, the initial public offering (IPO) of Hoa Phat Agriculture Development and Vietcap's role as exclusive sell-side advisor on the acquisition of the remaining 51% stake in Hop Tri by Summit Agro International (a wholly owned subsidiary of Sumitomo Corporation). 

Investment 

  • Investment recorded Q2 2026 revenue of VND471bn (USD17.8mn; 26% lower than Q1 2026 – VND633bn) and PBT of VND66bn (USD2.5mn; 57% lower than Q1 2026 – VND154bn). The quarter-on-quarter decline was mainly driven by less favorable market conditions in Q2 2026, as market liquidity contracted 31% from Q1 2026 and the market underwent a broad correction late in the quarter. In Q2 2026, Vietcap made several trades in MWG, VPB, FPT, HPG, and MBB, among others. 
  • For H1 2026, investment recorded revenue of VND1,103bn (USD41.6mn; 3% higher than H1 2025 – VND1,072bn) and PBT of VND220bn (USD8.3mn; broadly flat compared to H1 2025 – VND220bn).

 

H1 2026 financial position highlights

  • Vietcap’s total debts were VND21,704bn (USD819.0mn) as of end-June 2026, 35% higher than at end-December 2025 (VND16,065bn). These debts were all short-term and mainly used to fund margin lending activities.
  • Vietcap’s total debt to equity ratio increased to 126.6% at end-June 2026 compared to 89.2% at end-December 2025.
  • Vietcap’s total assets were VND39,727bn (USD1.5bn) at end-June 2026 — 10% higher than at end-December 2025 (VND36,006bn).

Notable corporate actions in H1 2026

  • In January 2026, Vietcap paid a 2025 first interim cash dividend of VND500/share.
  • In April 2026, Vietcap paid a 2025 second interim cash dividend of VND250/share. 
  • In April 2026, Vietcap completed a 20:7 bonus share scheme (equivalent to 297.5 million new shares issued). Vietcap’s total outstanding shares as of end-June 2026 were 1,147.6 million shares.
  • In June 2026, Vietcap completed the issuance of 4.6 million ESOP shares under its 2026 ESOP program (equivalent to 0.4% of total outstanding shares prior to the ESOP issuance). The new shares became effective in July 2026 and are therefore not included in Vietcap’s total outstanding shares of 1,147.6 million shares as of end-June 2026. Vietcap’s total outstanding shares after the ESOP issuance are currently 1,152.2 million shares.
  • In June 2026, Vietcap signed an unsecured syndicated loan facilities agreement for USD170mn (equivalent to VND4,471bn) with a greenshoe option for a facility size of up to USD370mn (equivalent to VND9,731bn) — Vietcap’s largest financing to date. The loan was arranged and/or committed by, among others, the following banks: Maybank Securities Pte. Ltd., Bank of China (Hong Kong), CTBC Bank Co., Ltd., Singapore Branch, Cathay United Bank Co., Ltd., First Commercial Bank, Offshore Banking Branch, Hua Nan Commercial Bank, Offshore Banking Branch, KGI Bank Co., Ltd. and Taipei Fubon Commercial Bank Co., Ltd.

Income Statement Highlights 

VND bn

Q1 2025

 

Q2 2025

 

Q3

2025

 

Q4

2025

 

Q1

2026

 

Q2

2026

QoQ

YoY

H1

2025

H1

2026

YoY

2025

Total revenue and income

875

1,164

1,449

1,533

1,428

1,191

-17%

2%

2,039

2,619

28%

5,021

Brokerage

159

226

384

299

306

217

-29%

-4%

385

523

36%

1,069

Margin Lending

293

274

331

389

441

481

9%

75%

567

922

63%

1,287

Investment Banking

13

2

2

37

48

22

-53%

N.M.

15

70

375%

53

Investment

410

662

732

807

633

471

-26%

-29%

1,072

1,103

3%

2,611

Operating expenses

314

772

686

619

632

516

-18%

-33%

1,086

1,147

6%

2,391

Loss on FVTPL (1)

155

591

411

379

443

309

-30%

-48%

746

752

1%

1,536

Provisions (2)

0

0

0

0

0

0

N.M.

N.M.

0

0

N.M.

0

Other operating expenses /(Net of (1) and (2))

 

159

181

274

240

189

206

9%

14%

340

396

16%

855

Financial expenses

183

153

203

314

346

360

4%

135%

337

706

110%

854

Profit before tax

355

211

519

544

404

271

-33%

28%

567

675

19%

1,629

Net profit after tax

295

184

420

443

341

251

-26%

36%

479

591

24%

1,342

Balance Sheet Highlights

VND bn

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

Q2 2026

Balance sheet highlights

 

 

 

 

 

 

 

Cash and cash equivalents

643

1,132

3,424

788

4,744

3,214

3,649

FVTPL

615

1,222

665

122

846

2,238

2,463

Held-to-maturity (HTM)

106

754

886

380

598

412

300

Margin lending

3,882

7,701

5,279

7,992

11,222

16,167

17,146

Available-for-sale (AFS)

2,713

5,324

3,734

6,604

8,409

13,308

14,047

Debt

3,364

8,327

6,873

9,099

12,574

16,065

21,704

Short-term debts

3,364

8,327

6,873

9,099

12,574

16,065

21,704

Long-term debts

0

0

0

0

0

0

0

Total Assets

8,382

16,636

14,243

17,255

26,592

36,006

39,727

Total Liabilities

3,861

10,094

7,747

9,884

13,648

17,996

22,589

Total Equity

4,522

6,542

6,495

7,371

12,944

18,010

17,138

Key financial ratios

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

Q2 2026

Total Debts / Equity

74.4%

127.3%

105.8%

123.4%

97.1%

89.2%

126.6%

Net Debts (*) / Equity

60.2%

110.0%

53.1%

112.8%

60.5%

71.4%

105.3%

Total Liabilities / Total Assets

46.1%

60.7%

54.4%

57.3%

51.3%

50.0%

56.9%

ROAA (TTM)

9.8%

12.0%

5.6%

3.1%

4.2%

4.3%

4.7%

ROAE (TTM)

17.9%

27.1%

13.3%

7.1%

9.0%

8.7%

9.8%

ROAE (TTM) (**)

19.7%

33.4%

16.8%

8.8%

11.1%

10.4%

11.0%

BVPS (VND)

5,984

8,611

8,499

9,600

13,352

15,693

14,933

(*) Net debt = Total debts – CCE (cash & cash equivalents)

(**) This ROAE ratio is calculated based on total equity net of differences due to asset revaluation


 

 

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