1. Global IT services:
* Demand trends: Most of the recovery in 2025 global IT signed revenue was concentrated in Q4, primarily driven by APAC (especially Singapore). This recovery should support reported global IT revenue in 2026. By market, Japan is expected to remain resilient, supported by ongoing demand for digital transformation (DX) and legacy system modernization. Meanwhile, FPT expects single-digit revenue growth in the US in 2026 as IT budgets of some clients are no longer tightening, but expansion has yet to materialize.
* Revenue of AI & data analytics services reached ~USD100mn in 2025, representing more than 35% YoY growth and accounting for 15.5% of DX revenue.
* AI impacts on IT services: Management views AI as reshaping rather than replacing IT services. While certain traditional workloads may decline, AI is expected to generate new demand for IT service companies. FPT is positioning itself as a strategic partner supporting clients’ end-to-end AI transformation, backed by continued investment in AI capabilities. FPT’s capex on internal AI tools (AI platforms and model development, excluding AI factory capex) totaled ~USD20mn in 2025 and is expected to increase by ~10% YoY in 2026.
* Margins: Global IT PBT margin (excluding the AI factory project in Japan) improved YoY in 2025. However, reported PBT margin remained flat YoY due to losses incurred from the AI factory project. FPT expects slight PBT margin improvement in 2026 vs 2025, partly supported by its expectation for the AI factory project in Japan to reach breakeven by mid-2026.
2. Domestic IT services: FPT expects double-digit domestic IT revenue growth in 2026, driven mainly by demand from the public sector and SOEs. The company has secured several new DX and AI-related contracts in late 2025 and early 2026, including projects with government ministries.
3. Telecom: FPT expects double-digit growth across broadband, data centers, and pay TV.
4. Education:
* University segment: University enrollment fell 8% YoY in 2025 due to increased IT quotas at public universities (~10% annual expansion over the past two years). FPT expects single-digit enrollment growth in 2026. FPT is revamping its curriculum toward more domain-specific skills rather than generic IT program, leveraging its IT services insights to align curriculum with market demand.
* K–12 segment continues to see growth, supported by campus expansion.
* Profitability: FPT expects education margins to remain relatively flat in 2026.
5. Others:
* Data centers: The MoU between the FPT-Viet Thai consortium and G42 to develop a new data center remains at a very early stage. As such, FPT is unable to provide further details at this point.
* AI factory:
- Average utilization across AI factories in Vietnam and Japan is ~60%. The Vietnam AI factory operates at 70%-80% utilization and reached breakeven in December 2025. Meanwhile, the Japan AI factory remains loss-making but is expected to breakeven by mid-2026.
- There are no immediate expansion plans, though FPT may consider expansion if demand strengthens. Over the long term, FPT aims to bundle AI infrastructure with its AI solutions, rather than focusing on bare-metal GPU services.
- Clients are mainly from the banking and technology sectors.
* Semiconductor: Capex in the semiconductor business remains minimal, and FPT therefore expects limited financial contribution. The company is focusing on design, testing, and packaging, with current facilities primarily serving experimentation, capability building, and talent recruitment and development, rather than semiconductor fabrication.
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