- In Q2 2026, NLG reported underlying property revenue (including joint-venture/JV projects Mizuki Park and Izumi City) of VND417bn (USD16mn; -47% on both QoQ and YoY) and NPAT-MI of VND55bn (USD2.1mn; -19% QoQ, -44% YoY), primarily due to lower property handovers.
- For H1 2026, underlying property revenue was VND1.2tn (USD46mn; -41% YoY) and NPAT-MI was VND123bn (USD4.7mn; -41% YoY), with the key deliveries including Southgate and Can Tho.
- NLG’s H1 2026 presales increased 52% YoY to VND5.1tn (USD193mn), supported by Sol Garden (25% of total), Mizuki Park (20%), Izumi City (18%), and Southgate (14%).
- With H1 2026 NPAT-MI and presales reaching only 17% and 35% of our respective full-year forecasts, we see downside risks to our 2026F NPAT-MI forecast (VND710bn/USD27mn; +1% YoY) and presales forecast (VND14.4tn/USD546mn; +21% YoY), pending a fuller review.
- At end-Q2 2026, NLG remained in a net cash position, with net D/E of -6.5% vs -11.8% at end-Q1 2026 and -17.8% at end-2025.
- CEO transition: On July 28, NLG announced that Mr. Lucas Ignatius Loh Jen Yuh will resign as CEO, while Ms. Nguyen Thanh Huong – current CIO – was appointed acting CEO. We do not expect the leadership transition to affect the company's strategy or business performance in the medium term.
Figure 1: NLG’s property presales
VND bn | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | FY | H1 | H1 |
Akari City | 540 | 570 | 510 | 240 | 30 | 160 | 55 | 80 | - | 50 | 325 | 190 | 50 |
Southgate | 280 | 670 | 160 | 350 | 220 | 1,980 | 930 | 1,680 | 360 | 350 | 4,810 | 2,190 | 720 |
Mizuki Park | 250 | 220 | 50 | 130 | 20 | 120 | 80 | 890 | 620 | 400 | 1,110 | 140 | 1,030 |
Can Tho | 100 | 50 | 130 | 830 | 230 | 370 | 440 | 615 | 100 | 450 | 1,655 | 600 | 540 |
Izumi City | - | - | - | 130* | 50* | 160* | 65* | 1,790 | 610 | 310 | 2,060 | 210 | 910 |
An Zen Residences | - | - | - | - | - | - | 100 | 760 | 20 | 20 | 860 |
| 40 |
Elyse Island | - | - | - | - | - | - | - | 1,040 | 360 | 180 | 1,040 |
| 540 |
Sol Garden | - | - | - | - | - | - | - | - | - | 1,250 | - |
| 1,250 |
Total | 1,170 | 1,510 | 850 | 1,680 | 550 | 2,790 | 1,670 | 6,850 | 2,070 | 3,010 | 11,850 | 3,330 | 5,080 |
Source: NLG, Vietcap compilation (Presales rounded to nearest ten). Note: (*) Presold units at Izumi City P1, which were refunded by previous customers from the first launch in 2021.
Figure 2: NLG’s Q2 and H1 2026 results
VND bn | Q2 | Q2 | YoY | H1 | H1 | YoY | 2026F | H1 as % |
Net revenue | 773 | 415 | -46% | 2,064 | 1,695 | -18% | 5,417 | 31% |
| 696 | 287 | -59% | 1,906 | 1,511 | -21% | 5,074 | 30% |
| 77 | 129 | 67% | 158 | 184 | 16% | 343 | 54% |
Gross profit | 332 | 237 | -29% | 745 | 618 | -17% | 2,280 | 27% |
| 320 | 221 | -31% | 722 | 596 | -17% | 2,228 | 27% |
| 12 | 15 | 26% | 22 | 21 | -5% | 52 | 41% |
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SG&A expenses | -206 | -195 | -6% | -444 | -383 | -14% | -1,126 | 34% |
EBIT | 125 | 42 | -67% | 300 | 235 | -22% | 1,154 | 20% |
Financial income | 43 | 91 | 110% | 92 | 159 | 73% | 239 | 67% |
Financial expenses | -48 | -69 | 42% | -148 | -160 | 8% | -391 | 41% |
Profit from associates | 20 | 24 | 18% | 28 | 31 | 9% | 400 | 8% |
Other gain/loss | 8 | 7 | -21% | 19 | 7 | -61% | 30 | 25% |
PBT | 149 | 94 | -37% | 291 | 271 | -7% | 1,431 | 19% |
Effective tax expenses | -52 | -28 | -45% | -84 | -96 | 14% | -206 | 46% |
NPAT | 98 | 66 | -32% | 207 | 176 | -15% | 1,225 | 14% |
Minority interest | 2 | -11 | N.M. | 0 | -52 | N.M. | -515 | N.M. |
NPAT-MI | 99 | 55 | -44% | 208 | 123 | -41% | 710 | 17% |
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Gross margin | 42.9% | 57.0% |
| 36.1% | 36.5% |
| 42.1% |
|
| 45.9% | 77.3% | 37.9% | 39.5% | 43.9% |
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| 15.8% | 12.0% | 14.1% | 11.6% | 15.0% |
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SG&A as % of revenue | 26.7% | 46.9% |
| 21.5% | 22.6% |
| 20.8% |
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EBIT margin | 16.2% | 10.1% |
| 14.5% | 13.8% |
| 21.3% |
|
NPAT-MI margin | 12.9% | 13.3% |
| 10.1% | 7.3% |
| 13.1% |
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Source: NLG, Vietcap forecasts (Last updated May 11, 2026)
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