FPT Posts Record Q3 Net Profit of VND 2,723B Despite 30% Share Price Decline

Overview

FPT Corporation (HOSE: FPT) reported a record quarterly net profit of VND 2,723 billion for Q3, the highest in its history, according to the group’s earnings disclosure. Nine-month after-tax profit attributable to parent-company shareholders reached VND 7,778 billion, up 13.3%, with the information technology segment now supplying 89% of group revenue after FPT Telecom was deconsolidated.

Key Facts

• Q3 net profit after tax attributable to parent shareholders: VND 2,723 billion, a record for the group.
• Q3 revenue: VND 40,023 billion; pre-tax profit: VND 8,770 billion, down 19.9% and 8% year-on-year respectively on a reported basis.
• The reported decline reflects the deconsolidation of FPT Telecom; excluding FPT Telecom from the prior-year base, 9-month revenue rose 12.4% and profit rose 17%.
• 9-month after-tax profit attributable to parent shareholders: VND 7,778 billion, up 13.3%; first-half net profit was VND 5,055 billion.
• IT segment revenue exceeded VND 35,500 billion in 9 months, up nearly 15% year-on-year and equal to 89% of group revenue.
• FPT won 16 contracts valued above USD 10 million each during the 9-month period, and became a global partner of OpenAI while extending work with Nvidia on the Nemotron-Personas-Vietnam dataset.
• Education and investment segment revenue fell more than 3% to VND 4,508 billion, while segment profit rose more than 17% to VND 3,719 billion.

What Happened

FPT’s Q3 figures were released in a company earnings announcement. Reported revenue of VND 40,023 billion and pre-tax profit of VND 8,770 billion fell 19.9% and 8% year-on-year, but the group attributed the contraction to accounting rather than operations: FPT Telecom is no longer consolidated as a subsidiary, so its results no longer flow through the group’s top and bottom lines. On a like-for-like basis that strips FPT Telecom from the comparative period, 9-month revenue improved 12.4% and profit 17%.

The growth engine is now clearly the IT block. Technology services contributed 89% of revenue, or more than VND 35,500 billion, up nearly 15% year-on-year, helped by stronger new contract signings. FPT highlighted 16 project wins above USD 10 million each in the 9-month period, its global partnership with OpenAI, and collaboration with Nvidia on upgrading the Nemotron-Personas-Vietnam dataset used by both parties’ customers to train, test and deploy AI applications. The education and investment block recorded lower revenue but higher profit on strong results at joint ventures and associates.

Market Context

FPT trades on HOSE and closed at VND 57,400 on 20 October 2026, down roughly 30% year-to-date and close to half its peak, even as earnings continue to set records. The article cites Rồng Việt Securities (VDSC), which argues that valuations across the IT sector, FPT included, have undergone a sharp de-rating as the AI cycle reshapes the industry. VDSC frames FPT’s forward growth and any re-rating as dependent on the company’s ability to adapt to and commercialise new technology.

Strategic Significance

The deconsolidation of FPT Telecom changes how investors should read FPT’s headline numbers: reported revenue and profit now understate underlying momentum, and the IT segment is effectively the whole equity story. The 16 large-ticket contract wins and the OpenAI and Nvidia relationships are the concrete evidence that FPT is converting AI demand into signed backlog rather than narrative. The gap between record profits and a share price down about 30% year-to-date is the central tension: the market is questioning whether AI-led IT services growth can be sustained and monetised at current margins, not whether FPT can grow revenue.

What to Watch

• Q4 and full-year 2026 earnings release, including the split between reported and like-for-like growth.
• Disclosure of new contract signings above USD 10 million and any update on the OpenAI and Nvidia partnerships.
• IT segment revenue growth and margin trends, given the segment now represents 89% of group revenue.
• Further sell-side valuation revisions, including VDSC and peer notes on IT sector de-rating.
• Foreign-ownership and institutional flow data for FPT on HOSE following the share-price drawdown.