* VJC reported Q2 2026 revenue of VND30.5tn (+71% YoY; +45% QoQ), while NPAT-MI declined to VND334bn (-49% YoY; -67% QoQ). This brought H1 2026 revenue to VND51.5tn (+44% YoY; 44% of our 2026F forecast) and NPAT-MI to VND1.35tn (+4% YoY; 27% of our 2026F forecast). We are reviewing our forecasts for VJC, pending a fuller assessment.
* Reported Q2 revenue growth was mainly driven by SALB & ROFR transactions, which came in at VND12.2tn, equivalent to 28.3x Q2 2025 and 9.2x Q1 2026 levels.
* Q2 transportation revenue was VND17.3tn (+6% YoY; -8% QoQ). International passenger revenue increased to VND4.3tn (+41% YoY; -32% QoQ), serving as the main passenger-revenue growth driver, while domestic passenger revenue remained broadly stable at VND4.9tn (+1% YoY; +11% QoQ). Meanwhile, ancillary revenue declined to VND5.4tn (-22% YoY; -14% QoQ). The elevated jet-fuel prices amid Middle East tensions have added pressure through regional airspace disruptions, rerouting requirements and thus, higher operating costs.
* VJC carried more than 6.2mn passengers on nearly 33,000 flights in Q2 2026. In H1 2026, the airline transported more than 13.4mn passengers on nearly 72,000 flights.
* In H1 2026, financial income was VND1.5tn (+17% YoY; 187% of our full-year forecast), while financial expenses declined to VND2.5tn (-4% YoY; 133% of our full-year forecast).
* H1 2026 operating cash flow increased to VND993bn from VND470bn in H1 2025. The improvement was mainly supported by favorable movements in payables and working-capital items, which more than offset cash outflows from higher receivables, inventory accumulation, and prepaid expenses.
VJC’s Q2 & H1 2026 results
VND bn | Q2 2025 | Q1 2026 | Q2 2026 | QoQ | YoY | H1 2025 | H1 2026 | YoY | H1 2026/2026F |
Revenue | 17,885 | 21,037 | 30,499 | 45% | 71% | 35,837 | 51,536 | 44% | 44% |
- Transportation | 16,319 | 18,808 | 17,266 | -8% | 6% | 33,727 | 36,074 | 7% | N.A. |
+ International | 3,052 | 6,306 | 4,300 | -32% | 41% | 8,157 | 10,606 | 30% | N.A. |
+ Domestic | 4,914 | 4,440 | 4,945 | 11% | 1% | 9,464 | 9,385 | -1% | N.A. |
+ Ancillary | 6,893 | 6,205 | 5,357 | -14% | -22% | 13,116 | 11,562 | -12% | N.A. |
+ Charter flights | 1,459 | 1,857 | 2,663 | 43% | 83% | 2,989 | 4,520 | 51% | N.A. |
- SALB & ROFR | 429 | 1,323 | 12,157 | 819% | 2734% | 429 | 13,480 | 3042% | N.A. |
Gross Profit | 2,417 | 2,830 | 1,702 | -40% | -30% | 4,821 | 4,532 | -6% | 39% |
Operating Profit | 1,333 | 1,749 | 799 | -54% | -40% | 2,895 | 2,548 | -12% | 37% |
Financial income | 896 | 376 | 1,141 | 203% | 27% | 1,302 | 1,517 | 17% | 187% |
Financial expenses | -1,474 | -983 | -1,521 | 55% | 3% | -2,617 | -2,504 | -4% | 133% |
Net other income | 60 | 0 | 1 | N.M. | -97% | 71 | 2 | -7% | N.M. |
PBT | 815 | 1,142 | 420 | -63% | -48% | 1,651 | 1,562 | -5% | 27% |
NPAT-MI | 652 | 1,013 | 334 | -67% | -49% | 1,293 | 1,347 | 4% | 27% |
Margins |
|
|
|
|
|
|
|
|
|
GPM | 13.5% | 13.5% | 5.6% |
|
| 13.5% | 8.8% |
|
|
OPM | 7.5% | 8.3% | 2.6% |
|
| 8.1% | 4.9% |
|
|
NPM | 3.6% | 4.8% | 1.1% |
|
| 3.6% | 2.6% |
|
|
Source: VJC, Vietcap
Powered by Froala Editor
