- QNS released its H1 2026 results with revenue of VND6.1tn (+17% YoY) and NPAT-MI of VND958bn (+2% YoY), completing 57% and 44% of our respective full-year forecasts. Q2 2026 NPAT-MI came in at VND567bn (+4% YoY), accelerating from flat growth in Q1. The results miss our expectations.
- Soy milk: Q2 2026 revenue rose 19% YoY to VND1.6tn on +9% volume and +6% ASP, sustaining the premiumization trend. GPM came in at 47.5%, up 4.1 ppts YoY, though slightly easing from 48.9% in Q1. The strong margin expansion lifted segment gross profit up 31% YoY.
- Sugar: Q2 2026 revenue grew 8% YoY to VND1.0tn on +24% volume, though ASP fell ~13% YoY to ~VND15,600/kg. GPM improved to 19.4% from 16.1% in Q1, but remained 2.9 ppts below Q2 2025's 22.3% as lower realized prices continued to weigh on profitability. Segment gross profit declined 6% YoY to VND200bn.
- Consolidated gross profit rose 21% y/y to VND1,169bn and GPM expanded 2.5 ppts YoY to 35.5% in Q2, driven by soy milk margin gains, bringing H1 2026 GPM to 34.0% (+1.2 ppts YoY).
- However, SG&A surged 49% YoY in Q2 (VND585bn vs VND393bn), reflecting (1) elevated A&P spending to support new product launches and distribution expansion as well as (2) high logistics costs amid higer fuel prices.
- This compressed operating profit growth to just +2% YoY despite the strong gross profit performance. H1 2026 NPAT-MI was VND958bn (+2% YoY), completing 44% of our full-year forecast.
QNS’s H1 2026 preliminary results
VND bn | Q2 | Q1 | Q2 | Q2 2026 | Q2 2026 | H1 | H1 | H1 2026 | H1 2026/ |
Revenue | 2,918 | 2,763 | 3,289 | 13% | 19% | 5,187 | 6,052 | 17% | 57% |
Plant-based milk | 1,341 | 1,139 | 1,601 | 19% | 41% | 2,278 | 2,740 | 20% | 60% |
Sugar | 955 | 934 | 1,031 | 8% | 10% | 1,689 | 1,965 | 16% | 50% |
Others(1) | 622 | 691 | 656 | 5% | -5% | 1,220 | 1,347 | 10% | 62% |
Gross profit | 963 | 888 | 1,169 | 21% | 32% | 1,702 | 2,057 | 21% | 63% |
Plant-based milk | 582 | 557 | 760 | 31% | 36% | 980 | 1,317 | 34% | 73% |
Sugar | 213 | 150 | 200 | -6% | 33% | 390 | 350 | -10% | 35% |
Others(1) | 169 | 181 | 209 | 24% | 15% | 332 | 390 | 17% | 86% |
SG&A | 393 | 509 | 585 | 49% | 15% | 730 | 1,094 | 50% | 68% |
EBIT | 570 | 379 | 584 | 2% | 54% | 972 | 963 | -1% | 46% |
Non-op profits | 51 | 68 | 80 | 57% | 18% | 87 | 148 | 70% | 22% |
PBT | 621 | 447 | 664 | 7% | 49% | 1,059 | 1,111 | 5% | 40% |
NPAT-MI | 546 | 391 | 567 | 4% | 45% | 938 | 958 | 2% | 44% |
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GPM | 33.0% | 32.1% | 35.5% | +2.5ppt |
| 32.8% | 34.0% | +1.2ppt |
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Plant-based milk | 43.4% | 48.9% | 47.5% | +4.1ppt |
| 43.0% | 48.1% | +5.0ppt |
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Sugar | 22.3% | 16.1% | 19.4% | -2.9ppt |
| 23.1% | 17.8% | -5.3ppt |
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EBIT margin | 19.5% | 13.7% | 17.8% | -1.8ppt |
| 18.7% | 15.9% | -2.8ppt |
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NPM | 18.7% | 14.2% | 17.2% | -1.5ppt |
| 18.1% | 15.8% | -2.3ppt |
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Source: QNS, Vietcap. Preliminary revenue and volume figures include interco transactions. Other segments includes beer, confectionary, mineral water, and biomass power plant.
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