Hoa Phat post VND9.056 trillion in Q1 net profit, up 170% year-on-year

On April 21, 2026, in Hanoi, Hoa Phat Group’s Annual General Meeting of Shareholders approved its 2026 business plan, targeting revenue of VND210 trillion (up 32.6% from 2025) and after-tax profit of VND22 trillion (up 41.8% year-on-year). In the first quarter of the year, Hoa Phat recorded revenue of over VND53.3 trillion and net profit of VND9.056 trillion, representing increases of 40% and 170%, respectively, compared to the same period in 2025.

The meeting was attended by around 1,300 shareholders and delegates, representing more than 5 billion shares, equivalent to 68% of total voting shares

The meeting was attended by around 1,300 shareholders and delegates, representing more than 5 billion shares, equivalent to 68% of total voting shares. All agenda items were approved, including the 2026 business plan; the 2025 dividend plan (10% in shares and 5% in cash); the proposed 2026 dividend policy; the Board of Directors for the 2026–2031 term; and fund allocation plans.

Strong Q1 performance: profit up 170%

At the meeting, Chairman Tran Dinh Long highlighted positive signals for the group’s growth outlook

At the meeting, Chairman Tran Dinh Long highlighted positive signals for the group’s growth outlook. He emphasized that the core steel segment is expected to perform strongly this year, supported by global market trends and the initial returns from major investments such as the Hoa Phat Dung Quat Steel Integrated Complex.

In 2025, the group reported revenue of VND158.332 trillion and net profit of VND15.515 trillion, up 13% and 29% year-on-year, respectively. Steel production - its core business - accounted for 93% of total revenue. Total steel sales exceeded 10 million tonnes for the first time, up 25% year-on-year, with hot-rolled coil (HRC) growing by more than 70%. Hoa Phat maintained its No.1 market share in Vietnam for both construction steel and steel pipes, at 37.6% and 31.2%, respectively.

In Q1 2026, revenue reached over VND53.3 trillion, representing 40% year-on-year, while net profit of VND9.056 trillion fulfilled 41% of the full-year profit target.

The group produced 3.3 million tons of crude steel (billets), up 25% compared to Q1 2025 and 8% compared to the previous quarter. Total sales of construction steel, high-quality steel, HRC, and billets reached 3 million tons, up 26% year-on-year. Of this, construction steel and high-quality steel accounted for 1.4 million tons, up 20% year-on-year and 8% quarter-on-quarter. Hoa Phat maintained a 36% domestic market share and exports to more than 45 countries and territories worldwide.

For HRC, sales volume exceeded 1.4 million tonnes, up 48% year-on-year, with nearly 80% consumed domestically. The group also produces and supplies downstream steel products such as steel pipes, coated sheets, and prestressed steel, both for domestic use and export. In Q1, Hoa Phat delivered 241,000 tonnes of steel pipes and 106,000 tonnes of steel sheets, up 30% and 19% year-on-year, respectively. Prestressed steel and drawn wire products totaled over 62,000 tonnes, up 63% year-on-year.

Agriculture contributed 3.8% to Q1 results. In real estate, Hoa Phat is preparing to break ground on Ly Thuong Kiet Industrial Park in northern province of Hung Yen and Hoang Dieu Industrial Park in Hai Phong City. In the home appliance segment, the group is investing in a new refrigerator factory in Phu My Industrial Park in HCM City and a circuit board manufacturing system at Hoa Mac  Industrial Park to enhance product development capabilities.

Steady growth: An average annual growth rate of 15% during 2026–2031

During the discussion session, Chairman Tran Dinh Long and the management board openly addressed shareholder and investor questions regarding business plans, dividend policy, railway steel production,...

During the discussion session, Chairman Tran Dinh Long and the management board openly addressed shareholder and investor questions regarding business plans, dividend policy, railway steel production, special steel projects, real estate developments, and post-listing expansion of the agriculture segment. These areas are expected to be key drivers for achieving an average annual growth rate of 15% during 2026–2031.

To reach this target, Hoa Phat will continue investing heavily in steel, particularly high-quality and specialty steel products such as railway rails, automotive steel, cold-formed steel, prestressed steel, non-alloy spring steel, and steel for the energy sector.

The group is accelerating the Hoa Phat Dung Quat special steel and rail producing Plant project, with a capacity of 700,000 tonnes per year. After three months of construction, the project is 35% complete. Equipment installation is expected to begin in June, with the first railway rail products scheduled for Q1 2027.

Chairman Tran Dinh Long noted: “Only a few companies in Austria and Germany could produce rail manufacturing lines. Hoa Phat has selected the most reputable and highest-quality technology and equipment suppliers, and has partnered with TÜV SÜD of Germany - one of the world’s leading certification organisations with strict railway safety standards. We expect our railway products to be qualified for market supply by Q2 2027.”

In agriculture, the group is optimising farms and feed mills to improve efficiency, targeting 900,000 commercial pigs annually and feed production capacity of 1 million tonnes per year by 2030.

In real estate, Hoa Phat plans to invest in infrastructure, urban areas, and housing projects with strong liquidity and pricing aligned with average income levels in major cities. The strategy emphasizes careful development, focusing on prime locations from the outset. One example is participation in the Red River Landscape Boulevard project in Hanoi.

“This is a very large and beautifully located project. Hoa Phat is participating as a minority partner, not the controlling investor. It has the potential to transform the capital’s urban landscape - turning areas that once faced away from the river into vibrant riverfront spaces. We are deeply committed to contributing to urban development and making Hanoi more beautiful,” Mr. Long said.

Responding to shareholders, Deputy CEO Nguyen Thi Thao Nguyen said revenue in 2025 was five times higher than in 2021, and the group became the first Vietnamese company to export refrigerators to the US

Responding to shareholders, Deputy CEO Nguyen Thi Thao Nguyen said the home appliance segment still accounts for a small share of total revenue and profit. However, among Vietnamese manufacturers, Hoa Phat ranks among the leaders. Revenue in 2025 was five times higher than in 2021, and the group became the first Vietnamese company to export refrigerators to the US. Despite intense competition, the group remains confident in overcoming challenges.

Shareholders and investors expressed concern and raised questions about geopolitical risks, including Middle East tensions and export tariffs

The management board also addressed concerns about geopolitical risks, including Middle East tensions and export tariffs. Chairman Tran Dinh Long emphasized that Hoa Phat closely monitors global developments and commodity market fluctuations to respond proactively. The Group prioritises the domestic market while keeping exports below 20% to diversify demand and avoid over-reliance on a single market.

For 2026, Hoa Phat plans a dividend payout ratio of 15%, aiming to maintain strong cash flow and resilience amid global uncertainties, particularly changing US tariff policies.

Board of Directors for the 2026–2031 term

The AGM approved all proposals, including the election of a 10-member Board of Directors for the 2026–2031 term, with three independent members:

• Mr. Tran Dinh Long – Chairman
• Mr. Tran Tuan Duong – Vice Chairman
• Mr. Nguyen Manh Tuan – Vice Chairman
• Mr. Doan Gia Cuong – Vice Chairman
• Mr. Nguyen Viet Thang – Board Member, CEO
• Mr. Nguyen Ngoc Quang – Board Member
• Mr. Hoang Quang Viet– Board Member
• Mr. Chu Quang Vu – Independent Board Member
• Mr. Dang Ngoc Khanh – Independent Board Member
• Mr. Ta Tuan Quang – Independent Board Member