FPT Retail H1 2026 Revenue Hits VND 30,743B, Long Chau Pharmacy Drives Growth

Overview

FPT Retail (HoSE: FRT) announced H1 2026 consolidated revenue of VND 30,743 billion, up 33% year-on-year, and pre-tax profit of VND 1,038 billion, achieving 67% of its full-year target. The Long Chau pharmacy chain continued to lead growth, contributing VND 21,448 billion in revenue (+33% YoY) and expanding its network to 2,639 pharmacies and 236 vaccination centers. The results reflect strong operational execution and strategic focus on healthcare and technology retail.

Key Facts

• H1 2026 consolidated revenue: VND 30,743 billion, +33% YoY.
• Pre-tax profit: VND 1,038 billion, achieving 67% of the full-year plan.
• Online revenue: VND 4,996 billion, +25% YoY.
• Long Chau pharmacy chain revenue: VND 21,448 billion, +33% YoY, completing 52% of its annual target.
• Average revenue per pharmacy per month: VND 1.3 billion, improving from 2025 average.
• Long Chau network: 2,639 pharmacies and 236 vaccination centers as of June 2026.
• Long Chau expanded its portfolio of new-generation and rare drugs to 12 types.

What Happened

FPT Retail released its H1 2026 business results, showing strong growth across both core segments: healthcare (Long Chau) and technology retail. The company attributed the performance to operational optimization, improved management capabilities, and proactive adaptation to market volatility. Long Chau’s revenue growth was driven by network expansion and higher average revenue per pharmacy, reflecting improved operational efficiency.

In addition to financial results, Long Chau highlighted its community initiatives, including digital health services and partnerships with domestic and international organizations such as the Urgo Foundation (France), Ho Chi Minh City Red Cross, and local universities. The company also received a Certificate of Merit from the Ministry of Public Security for its role in implementing the national digital transformation project (Project 06).

Market Context

FRT closed at VND 108,700 on July 29, 2026. The stock has been supported by the company’s consistent earnings growth and the rapid expansion of the Long Chau pharmacy chain, which now dominates the Vietnamese retail pharmacy market. The healthcare segment continues to be a key differentiator for FRT compared to other technology retailers on HOSE. The broader retail sector has faced headwinds from consumer spending shifts, but FRT’s focus on essential healthcare services has provided resilience.

Strategic Significance

The H1 results underscore FRT’s successful pivot toward healthcare as its primary growth driver. Long Chau’s scale and operational efficiency position it to capture further market share in Vietnam’s fragmented pharmacy market. The expansion of rare and new-generation drugs, along with digital health initiatives, enhances the chain’s competitive moat. For long-term investors, the key thesis is FRT’s ability to sustain high growth in healthcare while maintaining profitability in its legacy technology retail business.

What to Watch

• Full-year 2026 profit guidance update: Whether FRT raises its target after achieving 67% of the plan in H1.
• Long Chau store count growth: Pace of new pharmacy and vaccination center openings in H2 2026.
• Average revenue per pharmacy trend: Continued improvement would signal strong same-store sales growth.
• Partnership developments: New collaborations with international pharmaceutical firms or government health programs.
• Technology retail segment performance: Any signs of recovery or further margin pressure in the FPT Shop chain.