Against a backdrop of uneven consumer demand, this recovery is particularly meaningful as it reflects structural improvement, rather than a short-lived uplift driven by promotions or distribution expansion.
Restructuring Creates Momentum for the Distribution System
During 2025, Masan Consumer’s performance was affected by the full-scale rollout of the Retail Supreme model across the traditional trade channel. According to the latest disclosures, 4Q2025 net revenue reached VND 9,275 billion, up 3.7% year-on-year. For the full year, net revenue totaled VND 30,557 billion, down 1.1% YoY. Notably, December 2025 revenue grew by over 8% YoY, indicating a strengthening recovery trajectory on a month-by-month basis. Core operating metrics improved markedly, signaling that the platform is being optimized and standardized.
By year-end, Retail Supreme coverage expanded to nearly 420,000 outlets, up approximately 70% from pre-implementation levels. Sales force productivity increased by nearly 40%, reflecting significantly improved cross-selling capabilities and in-store execution. Reduced reliance on wholesale distribution (from 60% to 33%) and stronger direct connections with retail outlets have enabled Masan Consumer to exercise better control over distribution quality and market data. These developments form a critical foundation for more sustainable revenue recovery, rather than growth driven purely by volume expansion.
Modern Channels Drive Structural Rebalancing
A clear positive highlight in 2025 was double-digit growth across most non-traditional channels. Modern trade grew by approximately 14.2%, exports by nearly 27%, e-commerce surged by 66%, and the HORECA channel recorded growth of close to 53%. These channels are structurally aligned with long-term consumption modernization and deeper integration into international markets.
This momentum is helping Masan Consumer gradually rebalance its revenue mix, reducing dependence on the traditional trade channel, which faces intensifying competition and evolving consumer behavior. More importantly, modern and export channels typically offer greater scalability and operating leverage, allowing the Company to better capitalize on brand strength, supply chain capabilities, and product innovation over the long term.
Strong growth across these channels also underscores the adaptability of Masan Consumer’s portfolio to evolving consumption trends particularly in convenience foods, beverages, and products catering to fast-paced consumption needs.
Core Categories Begin to Reassert Leadership
By category, 4Q2025 growth was led by Convenience Foods (+19% YoY) and Home & Personal Care (+~19% YoY). For the full year, Convenience Foods maintained positive growth of approximately 1.2%, despite broader industry-wide consumption pressure.
Within seasonings a high-frequency purchase category including products such as chili sauce long-term growth prospects remain intact, supported by premiumization, brand upgrading, and the ongoing shift from unbranded to branded products. These categories tend to exhibit defensive characteristics, lower cyclicality, and sustained value expansion over time.
Convenience Foods continue to benefit from lifestyle changes, accelerating urbanization, and rising demand for convenience. A continued focus on product innovation, packaging upgrades, and portfolio premiumization has helped preserve volumes while improving the quality of revenue.
The combination of stable, resilient categories and fast-growing channels is shaping a more balanced growth structure for Masan Consumer in the post-transformation phase.
From Foundation Building to the Next Phase
The return to revenue growth in the most recent quarter suggests that the restructuring strategy is progressing as intended particularly as modern channels and core categories have begun to demonstrate tangible traction. That said, the consumer market remains highly competitive, with rapidly evolving purchasing behavior. Sustainable recovery will therefore depend on Masan Consumer’s ability to continue leveraging its restructured distribution system, maintain the pace of product innovation, and defend brand leadership across core categories.
Encouragingly, recent developments indicate that Masan Consumer has moved past a critical foundation-building phase and is beginning to enter a new stage one in which a strengthened operating platform can be more fully leveraged to create long-term value. This journey requires discipline and a long-term perspective, as results are built progressively through consistent execution rather than achieved overnight.