Masan achieved over 50% of its 2025 profit target

28 July 2025 - Masan Group Corporation (HOSE: MSN, “Masan” or the “Company”), today released its unaudited management accounts for the second quarter (“2Q2025”, “2Q”) and first half (“1H2025”, “1H”).

“The disruption in traditional general trade channels validates our end-to-end (“E2E”) integrated consumer-retail-tech strategy. As WinCommerce accelerates its footprint, our ecosystem synergies are crystallizing, setting the stage for strong top- and bottom-line growth. But the end game is to modernize Vietnam’s consumer infrastructure by partnering with traditional retailers to serve 100 million consumers. We believe that combining our physical infrastructure and technology will be the engine that connects brands, retailers, and consumers.”, said Dr. Nguyen Dang Quang, Chairman of Masan Group.

In 2Q2025, Masan Group’s net revenue reached VND18,315 billion. EBITDA reached VND3,748 billion. 2Q2025 and 1H2025 NPAT pre-MI nearly doubled YoY to VND1,619 billion and VND2,602 billion, respectively exceeding 50% of full-year guidance. Growth was led by strong profitability at WCM and MML, supported by lower net financial expenses and earnings uplift from the HCS deconsolidation.

Consumer-retail businesses contributed approximately VND472 billion to EBIT uplift in 1H2025, led by VND319 billion YoY improvement at WCM and VND156 billion YoY improvement at MML, offset by VND40 billion YoY decrease at MSC due to GT disruption. Much of the 14.9% YoY EBIT uplift was accredited to the improved sales productivity and operational leverage of WCM, and better farming operation and higher porker value of MML.


Continued focus on top and bottom-line growth driven by core consumer businesses

MCH rebounds to deliver double-digit revenue growth while maintaining high profitability.

WCM focuses on profitable growth by accelerating NSO while maintaining strong LFL growth.

Develop one-tech end-to-end operating system to drive operational efficiencies and strengthen synergies within MSN’s consumer-retail platform via its one-consumer platform WiN Membership and deepened collaboration between Masan brands and WinCommerce.   

Further deleverage to improve balance sheet and reduce financial expenses.

Reduce ownership interest in non-core businesses following sale of H.C. Starck to simplify group structure and become a more focused consumer-retail platform.

MCH aims to return to growth by executing strategic growth initiatives and develop end-to-end digital supply chain. In 2H2025, MCH will prioritize three key initiatives: (1) revamping core seasonings with product upgrades and enhanced distribution; (2) strengthening brand equity and driving recovery in convenience foods, particularly Omachi and Kokomi; and (3) expanding the beverage portfolio with new variants and relaunching Búp Non to reignite category growth.

WCM is projected to achieve net revenue of VND35,600 billion to VND36,900 billion, reflecting growth of 8% to 12% YoY and achieve full year NPAT positive. This will be driven by store network expansion, accelerated LFL topline growth. In 2H2025, WCM will focus on maintaining the current network expansion pace to achieve the targeted footprint by year-end, while continuing to enforce stringent cost control measures to safeguard full-year profitability.

Re-accelerate NSO with 400-700 minimarts for 2025 with a focused regional opening strategy.

Accelerating LFL growth for minimarts via winning assortment, deepened collaboration with Masan brands to create unique assortment & innovation launches, and personalized promotion & marketing to WiN Members.


MML is expected to generate revenue of VND8,250 billion to VND8,749 billion, reflecting 8% to 14% YoY growth. This will be achieved through its continued journey to becoming a processed meat company and deeper collaboration with WinCommerce. In 2H2025, MML will reaccelerate innovation in the processed meat segment, with a strategic focus on enhancing porker value through increased utilization in processed products and maximizing the value of byproducts.

Improving porker value to VND10 million per porker equivalent to ~10% growth YoY by maximizing value of leftovers.

Continuing investment in processed meat with target sales contribution of 36-37% of MML’s sales mix.

Building "Meat Corner" inside WCM where MML's meat brands will be present, targeting to drive the share of processed meat sales in WCM from 16.6% to 20% in FY25, with a long-term goal of reaching 40%.

PLH aims to achieve a growth range of VND1,910 billion to VND2,200 billion, representing a YoY growth of 18% to 36%, by driving LFL growth and improving profit margins. In 2H2025, PLH will continue to focus on the contribution of food to overall revenue as a topline growth driver. Moreover, PLH will focus on winning the Hanoi market by reaccelerating store expansion and improving average daily sales (“ADS”).

Improving SSSG with local store marketing, national promotion, joining WiN Membership, and other seasonal projects.

Rebranding and roll out new store concepts to redefine its value proposition and re-engage with both core and new customers.

MHT anticipates an LFL topline growth of 3% to 19% YoY following the deconsolidation of HCS, with a revenue target ranging from VND6,487 billion to VND7,487 billion, driven by earnings improvement supported by higher commodity prices. In 2H2025, MHT expects to benefit from commodity prices in tungsten, fluorspar, and copper while maintain on rationalizing operating costs. At the same time, MHT continues to advance in deconsolidation discussions.