FPT H1 2026 Net Profit Up 14.1% to VND 5,055B, Q2 Profit Rises 14% Despite Revenue Drop

Overview

FPT Corporation (HOSE: FPT) announced its H1 2026 financial results, with net profit attributable to parent company reaching VND 5,055 billion, up 14.1% year-on-year, and revenue of VND 26,269 billion, up 12.6%. In Q2 2026 alone, net profit increased 14% despite a 17% revenue decline, highlighting improved margins. The company also secured 14 large IT contracts worth over USD 10 million each and saw strong growth in AI/Data Analytics services.

Key Facts

• H1 2026 revenue: VND 26,269 billion (+12.6% YoY)
• H1 2026 net profit (parent): VND 5,055 billion (+14.1% YoY)
• H1 2026 EPS: VND 2,967 (+13.4% YoY)
• Q2 2026 revenue: VND 13,789 billion (-17% YoY)
• Q2 2026 net profit (parent): VND 2,568 billion (+14% YoY)
• 14 large IT contracts won in H1 2026, each over USD 10 million (+27.3% YoY)
• AI/Data Analytics revenue: VND 1,842 billion (+54% YoY)
• Foreign IT services new signings: VND 26,338 billion (+32.3% YoY)

What Happened

FPT reported its H1 2026 business results, showing double-digit profit growth despite a challenging global economic environment. The Technology segment (domestic and foreign IT services) contributed 88% of total revenue and 58% of pre-tax profit, with revenue of VND 23,138 billion (+15.0%) and pre-tax profit of VND 3,314 billion (+16.9%). Foreign IT services revenue reached VND 18,902 billion (+13.4%), driven by Japan (+24.4%). The company also highlighted strong growth in AI/Data Analytics services, with revenue surging 54% to VND 1,842 billion.

FPT recently obtained a certificate from the Ministry of Public Security to operate data intermediary services, positioning it as a pioneer in complying with the new Data Law. This certification enables FPT to offer secure data sharing, connection, and exploitation services, supporting AI and data solutions for enterprise and public sector clients.

Market Context

FPT shares closed at VND 66,000 on July 16, 2026, down 1.80% on volume of 5.12 million shares. The stock has been under pressure amid broader market weakness, but the strong earnings beat and robust contract wins may provide support. FPT is listed on HOSE and is the largest technology company in Vietnam by market capitalization. The technology sector has been a bright spot in the Vietnamese market, with FPT benefiting from global digital transformation trends.

Strategic Significance

FPT’s ability to grow profits despite a revenue decline in Q2 demonstrates improving operational efficiency and a shift toward higher-margin services such as AI and data analytics. The 14 large contract wins (over USD 10M each) and 32.3% growth in new signings for foreign IT services indicate strong demand for FPT’s digital transformation offerings. The data intermediary certification further strengthens FPT’s competitive position in the domestic market, especially as Vietnam’s Data Law creates new regulatory requirements. Long-term investors should note FPT’s expanding footprint in Japan and its leadership in AI/Data Analytics, which are key growth drivers.

What to Watch

• Q3 2026 earnings release for sustained margin improvement and revenue growth trajectory
• Conversion of large contract wins into recognized revenue in coming quarters
• Progress in AI/Data Analytics service revenue growth, targeting continued 50%+ YoY expansion
• Impact of Vietnam’s Data Law on FPT’s domestic business and new service offerings
• Foreign investor net buying activity, given FPT’s high foreign ownership limit and strong fundamentals