ACV Beats 2026 Profit Plan in Nine Months on 94.1M Passengers

Overview

Airports Corporation of Vietnam (UPCoM: ACV) reported nine-month 2026 parent-company revenue up 6% year on year to an estimated VND 20,300 billion, with pre-tax profit exceeding 31% of the full-year plan approved at the June AGM. The operator served 94.1 million passengers across its airport network, keeping the earnings beat tied to core aeronautical demand rather than one-off items.

Key Facts

• Nine-month 2026 parent-company revenue estimated above VND 20,300 billion, up 6% versus the same period in 2025.
• Pre-tax profit exceeded 31% of the full-year 2026 target of VND 7,011 billion set at the June AGM, implying more than VND 9,184 billion.
• The 2025 nine-month base was VND 19,169 billion in net revenue and VND 10,543 billion in pre-tax profit.
• Passenger throughput reached 94.1 million, up 8.6% year on year; international passengers totaled 36 million, up 10.8%.
• Cargo volume reached 1.4 million tonnes, up 9.8%, with more than 568,000 aircraft movements.
• Third-quarter 2026 system-wide traffic was 33.1 million passengers, up 12.7% year on year.
• ACV plans VND 40,573 billion of 2026 capital expenditure across its 22-airport network, including 10 international airports.

What Happened

At an October 13 business review conference held at Nội Bài International Airport, ACV disclosed the nine-month figures for its parent company. The revenue growth rate of 6% was applied to the 2025 comparative base of VND 19,169 billion to derive the estimated 2026 figure, while the 31% overachievement was measured against the VND 7,011 billion pre-tax profit target. The company did not publish a standalone absolute profit number in the disclosure.

Management also outlined the fourth-quarter pipeline. Resources are being concentrated on Long Thanh airport ahead of a planned commercial launch at the end of 2026, and on October 12 ACV met with Vietcombank, VietinBank and BIDV to discuss disbursement for the project. Cà Mau airport targets a return to operations in November with full upgrade completion in December 2026, while the Cát Bi cargo terminal is essentially finished and work continues on Cát Bi T2, Đồng Hới T2, the Vinh runway extension and facilities at Đà Nẵng, Tuy Hòa and Cam Ranh.

Market Context

ACV trades on UPCoM, Vietnam’s unlisted public company market, and closed at VND 40,700 on October 13, 2026. The stock sits in the infrastructure and logistics complex that has drawn sustained domestic interest as Vietnam’s aviation recovery broadens from domestic to international segments. International passenger growth of 10.8% outpacing total growth of 8.6% is the mix shift that matters for aeronautical and non-aeronautical revenue per passenger. The nine-month beat arrives with roughly a quarter of the year still to run, meaning the full-year outcome now depends mainly on fourth-quarter traffic and any year-end cost recognition tied to the Long Thanh ramp.

Strategic Significance

The investment case rests on ACV’s position as the monopoly operator of Vietnam’s core airport network and on the Long Thanh project as the next capacity step for Hồ Chí Minh City’s aviation demand. A profit beat this early in the year gives the company balance-sheet room to fund the VND 40,573 billion 2026 capex program without diluting the operating story, and the lender discussions signal that debt financing for Long Thanh is progressing. The key competitive dynamic is not rival airport operators but the pace at which new terminal capacity converts into commercial revenue, since Long Thanh’s opening costs will land before its traffic matures.

What to Watch

• Full-year 2026 audited or consolidated financial statements, which will confirm whether the parent-company beat carries through to group profit.
• Long Thanh commercial operations launch at end-2026 and any slippage in the timeline.
• Fourth-quarter traffic data, particularly international passenger growth versus the 10.8% nine-month rate.
• Disbursement progress with Vietcombank, VietinBank and BIDV on Long Thanh funding.
• Cà Mau airport reopening in November and full upgrade completion in December 2026.