Delivering nearly 30% revenue growth while continuing to improve profitability demonstrates that WinCommerce (WCM) has entered a new phase of development. After years of investing in its operational foundation, WCM is no longer simply a retail expansion story, it is increasingly becoming both a growth engine and a profit contributor within Masan’s Consumer Operating System (CoS) - the integrated consumer platform the Group is building.

Scaling with stronger profitability

Following several years of restructuring and strengthening its operating platform, WinCommerce (WCM), the operator of the WinMart, WinMart+, and WiN retail chains, is delivering a markedly different performance from previous years. Once viewed primarily as a business focused on expanding its store network, WCM is now steadily evolving into a retail platform capable of generating sustainable earnings and cash flow.

According to the company's latest update, WCM recorded net revenue of VND 3,892 billion in May 2026, up 28.4% year-on-year. Revenue for the first five months of 2026 reached VND 18,911 billion, representing growth of 28.7%, significantly exceeding the company's full-year revenue growth target of 15-21%.

Notably, this performance positions WCM to achieve a third consecutive quarter of revenue growth exceeding 25%. Meanwhile, like-for-like (LFL) sales increased 14.7% in May, bringing five-month LFL growth to 14.2%. If this momentum continues, WCM will record four consecutive quarters of double-digit LFL sales growth beginning from the third quarter of 2025.

These results demonstrate that WCM's growth is driven not only by new store openings but also by the improving performance of its existing stores. In other words, the company is expanding both the scale and the quality of its growth.

Alongside robust revenue growth, WCM continued to expand its retail network by adding 464 net new stores during the first five months of the year, remaining on track to achieve its full-year expansion plan. Of these, 374 stores were opened under the rural WinMart+ format, accounting for 81% of total net new store openings.

Rural markets continue to serve as a key strategic growth driver. With relatively low modern retail penetration but significant consumer demand, these markets provide substantial long-term expansion opportunities. Beyond rapid expansion, the quality of growth has also remained strong, with more than 98% of newly opened stores achieving positive store-level EBITDA during the first five months of the year.

This performance indicates that WCM has developed a scalable growth model. Each new store is no longer simply a long-term investment but is contributing directly to operational efficiency and profitability across the network.

From a retail chain to a core profit platform within Consumer OS

The most significant transformation at WinCommerce today, however, extends beyond the number of stores it operates. Within Masan's Consumer Operating System (Consumer OS), WCM serves as the retail platform that connects directly with tens of millions of consumers across Vietnam. It represents one of the three core pillars of Consumer OS, alongside the brand platform and the digital platform.

While brands such as Chin-Su, Omachi, Kokomi, and MEATDeli create consumer demand, WinCommerce is where that demand is converted into transactions, consumer insights, and cash flow. Rather than operating as standalone businesses, Consumer OS integrates brands, retail, and data into a unified platform designed to optimize the entire consumer journey.

According to Masan, the key competitive advantage of Consumer OS lies in its ability to integrate brands, retail, and consumer data within a single ecosystem. By distributing strong consumer brands directly through the WinMart, WinMart+, and WiN network, the company is able not only to increase revenue but also to improve sales productivity at each store, ultimately enhancing the profitability of the overall system. This integrated model is a key factor supporting WCM's sustained high growth while continuing to improve earnings quality.

This differentiates WCM from most retailers in the market. Rather than competing solely on store location or pricing, WCM is able to leverage the strength of Masan's broader ecosystem to increase customer traffic, raise basket value, and improve operational efficiency. When a new product or brand is launched, WCM serves not only as a distribution channel but also as a platform for testing, optimizing, and rapidly scaling the offering based on real-time consumer data.

After several years of transformation, the company has demonstrated that large-scale growth can be achieved alongside sustainable profitability.

More broadly, the WinCommerce story today is no longer defined by the number of stores it opens each year. Following years of building its operational foundation, the company is entering a new stage in which scale, consumer data, and ecosystem integration are being translated into stronger earnings and cash flow. Within Masan's Consumer Operating System, WCM is increasingly establishing itself as a profitable retail platform - connecting consumers, brands, and data to create long-term value across the Group's ecosystem.