By the end of Q3/2025, Masan recorded net profit after tax (NPAT) of VND 1,866 billion, up 43% YoY, marking the first time its quarterly profit exceeded the VND 1,800 billion threshold since Q1/2022. Cumulatively for 9M/2025, Masan achieved VND 4,468 billion in profit, completing more than 90% of its full-year plan, underscoring the superior operational efficiency of its integrated ecosystem.
Synergy Across the Integrated Consumer-Retail Ecosystem
Masan’s strong performance was driven by synchronized recovery across its subsidiaries, clearly demonstrating the power of its Consumer-Retail-Technology model.
WinCommerce (WCM), the leading force in Vietnam’s retail modernization, achieved revenue of VND 10,544 billion (+22.6% YoY) and net profit of VND 175 billion, representing 8.7x growth versus last year. With 464 net new stores opened, WCM surpassed its baseline target and maintained a 1.7% net profit margin, affirming its position as Vietnam’s most profitable modern retailer.
In the FMCG segment, Masan Consumer (UPCOM: MCH) posted a solid recovery, driven by the rollout of its new Direct Coverage distribution model, which expanded coverage to over 345,000 outlets and improved sales productivity by 50%. Modern trade revenue rose 12.5%, while exports grew 14.8%, reflecting a sustainable growth trajectory.
Masan MEATLife (MML) sustained strong growth with revenue of VND 2,384 billion (+23.2% YoY) and profit of VND 101 billion, 5.2x higher than the same period last year. The value-added processed meat category accounted for 33% of revenue, further strengthening profit margins.
In the F&B segment, Phúc Long Heritage (PLH) delivered record-high revenue of VND 516 billion (+21.2%) and profit of VND 55 billion (+2.1x), with a net margin of 10.8%, driven by the successful “Ủ Vị Tâm Giao” (Brewed from the Heart) rebranding campaign and robust expansion of the delivery channel. This marked the highest quarterly revenue since Phúc Long was consolidated into Masan in 2022.
Meanwhile, Masan High-Tech Materials (UPCOM: MSR) posted its second consecutive profitable quarter, supported by rising global prices for key commodities such as APT and bismuth.
Thanks to the synergistic performance across business pillars, operating profit in the consumer-retail segment increased 6.2%, with WCM, MML, and PLH being the main growth engines - a testament to Masan’s operational excellence and strong post-restructuring momentum. “Growth and profitability can go hand in hand when strategy is built on efficiency and innovation,” said Danny Le, CEO of Masan Group, reiterating the company’s commitment made at its 2025 Annual General Meeting.
If the 2020-2024 period marked the “Foundation Phase” - focusing on restructuring, ecosystem integration, and retail expansion - then 2025 represents Phase 2: “Digital Transformation & Profitable Growth.”
Domestic Demand Recovery - A Macro Tailwind for the Profit Cycle
Vietnam’s economy is showing clear signs of recovery, especially heading into Q4/2025. According to S&P Global, Vietnam’s Manufacturing PMI reached 54.5 points in October 2025, a sharp increase from 50.4 in September and the highest since July 2024. This indicates stronger output, new orders, and employment - a positive signal for supply chains and domestic consumption. “Vietnam’s manufacturing sector started Q4 on a strong footing, reflecting a robust recovery in both domestic and international demand,” S&P Global noted in its latest PMI report.
At the same time, Vietnam’s total retail sales of goods and services for the first 10 months of 2025 grew by over 9% YoY, reaffirming domestic consumption as the key driver of economic growth. The Government’s extension of the VAT reduction from 10% to 8% until end-2026 continues to ease consumer spending pressure and enable businesses to maintain competitive pricing.
This is a significant boost for essential consumption - particularly FMCG and modern retail, where Masan maintains clear market leadership.
Against this backdrop, the UPCOMing year-end shopping season and Lunar New Year 2026 are expected to be vibrant, providing a strong tailwind for Masan’s consolidated revenue and profit in the final quarter of the year.
Positive Outlook and Strengthened Financial Position
Masan’s solid business outlook has led major brokerages to maintain positive valuations. BVSC (Bảo Việt Securities) reaffirmed its OUTPERFORM rating with a target price of VND 106,000/share, well above current market levels - reflecting expectations of strong earnings growth and stable cash flow. Meanwhile, VDSC (Rồng Việt Securities) forecasts 2025 net profit of VND 4,800-6,500 billion, representing 14-52% YoY growth versus 2024.
However, analysts also noted potential short-term pressures from retail competition and input cost fluctuations, emphasizing the need for Masan to maintain financial discipline and supply chain optimization.
On the financial front, Masan continues to deleverage, with net debt-to-EBITDA reduced to 2.8x and free cash flow (FCF) up nearly 9% YoY versus end-2024, establishing a robust foundation for the next phase of profitable growth.