BAF Vietnam 9M 2026: Revenue Up 63%, Net Profit Down 9% to VND 331B

Overview

BAF Vietnam (ticker BAF) reported 9M 2026 net revenue of VND 5,956 billion, up 63% year-on-year, while consolidated net profit after tax fell 9% to nearly VND 331 billion. The divergence reflects falling live hog prices and rising feed costs against a backdrop of heavy capital spending across the company’s integrated Feed-Farm-Food chain, and it matters for BAF shareholders because profit, not revenue, is the swing variable in this expansion phase.

Key Facts

• 9M 2026 net revenue: VND 5,956 billion, +63% year-on-year.
• 9M 2026 net profit after tax: nearly VND 331 billion, -9% year-on-year.
• Q3 2026 net revenue: VND 2,067 billion, +82% year-on-year.
• Q3 2026 net profit after tax: VND 21.2 billion, -6% year-on-year.
• Retail sliced-meat sales accounted for more than 20% of revenue in the period.
• As of 30 September 2026, BAF operated 3 feed mills supplying more than 50 farms, with an estimated total herd of 1,000,000 pigs.
• Downstream network: 3 slaughter and deep-processing plants, 42 SIBA Mart stores, 32 Cơm Ngon SIBA and Cơm niêu Siba restaurants, and about 1,200 BAF Meatshop franchise points.

What Happened

Công ty cổ phần Nông nghiệp BAF Việt Nam published its Q3 2026 earnings report, disclosing quarterly net revenue of VND 2,067 billion, up 82% from the same period in 2025. For the nine months to 30 September 2026, net revenue reached VND 5,956 billion, a 63% increase, driven mainly by livestock farming and the closed-loop food segment. The company said retail sliced meat contributed more than 20% of revenue, which it presented as evidence that its focus on clean meat and deeper processing is adding value along the Feed-Farm-Food chain.

Profit did not follow revenue. Nine-month net profit after tax came to nearly VND 331 billion, down 9%, and Q3 net profit was VND 21.2 billion, down 6%. BAF attributed the compression to live hog prices that fell increasingly sharply toward the end of the quarter, higher feed production costs, and continued investment spending across the entire chain. The report frames the balance-sheet pressure at 30 September 2026 as a growth cost tied to rapid expansion into high-technology, international-standard farming. The filing does not disclose a full breakdown of financial expenses or the investment value committed during the period.

Market Context

BAF trades on HOSE and closed at VND 30,600 on 30 October 2026. The stock sits in the agriculture and consumer staples segment of the Vietnamese market, where earnings are highly sensitive to the live hog cycle and to input costs for feed. Revenue growth of 63% against a 9% profit decline illustrates the operating leverage problem for integrators: volume expansion lifts the top line quickly, but margin is set by hog prices and feed costs that the company does not control. The result also lands against a broader Vietnamese market in which investors have favored names with visible earnings momentum, leaving capital-intensive expansion stories more dependent on execution milestones than on quarterly profit prints.

Strategic Significance

The core thesis for BAF is vertical integration: three feed mills, more than 50 farms, an estimated herd of 1,000,000 pigs, and a downstream network spanning slaughter plants, SIBA Mart, restaurants and roughly 1,200 franchise meat points. Deep processing and branded retail are meant to reduce dependence on volatile live hog prices by capturing more margin per kilogram of pork. The 9M result shows that transition is real but incomplete: retail sliced meat above 20% of revenue is progress, yet profit still fell because commodity hog prices and feed costs dominate the P&L. For long-term holders, the question is whether the margin uplift from processing and retail arrives before the debt and depreciation from new super-farms weigh on returns.

What to Watch

• Q4 2026 and full-year 2026 earnings release, to see whether profit recovers as new farms reach higher utilization.
• Live hog price trends in Vietnam through the year-end Tet demand season.
• Feed input costs, particularly corn and soybean meal prices, in subsequent filings.
• Disclosure on financial expenses and debt levels tied to the Feed-Farm-Food expansion.
• Progress updates on the 3 slaughter and deep-processing plants and the BAF Meatshop franchise rollout.