Importantly, this represents Masan’s highest-ever profit after excluding prior one-off gains, reflecting a substantive improvement in operating efficiency and earnings quality from core businesses. The results underscore a clear strategic shift toward prioritizing earnings quality, stable cash flows, and capital discipline, rather than headline growth alone.
Core-Driven Earnings: The Business Model Reaches Maturity
Essential consumer needs, including retail, food, beverages, and integrated value chains centered on the end consumer. Consumer-retail EBIT increased by VND 612 billion year-on-year, representing a 7.5% rise. Within this, WinCommerce (WCM), Masan MEATLife (MML), and Phuc Long Heritage (PLH) delivered a combined EBIT uplift of VND 982 billion, or 2.6 times YoY, driven by improved sales productivity and operating leverage at WCM; higher farming and meat volumes alongside improved porker value at MML; and higher delivery order volumes and food sales that lifted like-for-like average daily sales at PLH.
After several years of sustained investment, Masan’s operating platforms have entered a phase of effective value extraction, enabling growth to be driven by operational efficiency, ecosystem leverage, and deeper engagement with consumer behavior rather than aggressive capacity expansion. This transition is a critical prerequisite for sustaining long-term growth without increasing risk. A key highlight of 2025 is that Masan’s profit is increasingly generated from businesses directly linked to
Strengthening Financial Structure and Cash Flow Discipline
Alongside earnings improvement, Masan continued to reinforce its financial structure and cash flow profile. In 2025, free cash flow reached approximately VND 9,309 billion, while capital expenditure declined to VND 1,879 billion, down 39.4% YoY, reflecting a stronger emphasis on capital efficiency and disciplined investment.
Net debt to trailing twelve-month EBITDA improved significantly to 2.74x, within the Group’s targeted capital management range. This reduction lowers financial pressure, enhances resilience against market volatility, and expands long-term capital allocation flexibility. In parallel, Masan continued to streamline its investment portfolio, focusing on businesses with sustainable cash generation and clear competitive advantages highlighting a strategic shift from scale expansion toward value optimization.
Ecosystem Integration Multiplies Value
As the Group’s scale reaches maturity, Masan’s competitive edge increasingly lies not in store count or market share alone, but in its ability to unlock ecosystem depth spanning data, technology platforms, brand connectivity, and supply chain optimization.
In retail, WinCommerce (operator of WinMart, WinMart+, and WiN) remained the cornerstone of the ecosystem, operating 4,597 stores nationwide, with 90.3% of stores surpassing store-level EBITDA breakeven. In 2025, WCM generated VND 38,979 billion in revenue (+18.3% YoY) and VND 501 billion in profit after tax, up nearly 87 times, marking a clear inflection in profitability and scalability. Net additions of 764 stores, combined with positive like-for-like growth, further reinforced the platform’s long-term growth foundation.
The completion of the Retail Supreme rollout expanded outlet coverage to approximately 420,000 points of sale (+70%) and lifted assortment penetration (SKUs per order) by around 70%. At the same time, non-traditional channels maintained strong double-digit growth, with modern trade up over 14%, exports nearly 27%, e-commerce up 66.3%, and HORECA up close to 53% providing a solid base for MCH to return to a growth trajectory in the next phase.
In high-tech materials, Masan High-Tech Materials (UPCOM: MSR) recorded its first full-year profit, with net income of VND 11 billion, improving by over VND 1.6 trillion YoY, supported by favorable commodity pricing, cost optimization, and the divestment of H.C. Starck. This performance positions the minerals business as a potential new earnings growth driver for the Group.
Meanwhile, Phuc Long Heritage, the Group’s tea and coffee chain, sustained positive momentum following its brand repositioning, delivering VND 1,891 billion in revenue in 2025 (+16.7% YoY) and VND 195 billion in profit after tax, up 57.2% YoY.
The complementary contributions across business segments not only expand Masan’s scale, but also enhance the durability and predictability of consolidated earnings.
With a strengthened earnings base from core operations, more stable cash flows, and increasingly evident financial discipline, Masan is targeting double-digit profit growth in 2026. While competitive pressures and market volatility remain, the ability to sustain operating discipline, fully leverage ecosystem strengths, and adapt with agility will be critical to shaping the quality of the next growth cycle anchored in long-term, sustainable value creation.