GELEX (GEX) 9-Month Profit Beats Full-Year Plan by 8.8%

Overview

GELEX Group (HOSE: GEX) reported nine-month 2026 consolidated revenue of VND 39,158 billion, up 40.5% year on year, and after-tax profit of VND 2,817 billion, up 16.7%, already exceeding its full-year profit plan by 8.8%. The result was disclosed in the group’s Q3-2026 financial statements and reflects strength across electrical equipment, industrial parks and building materials, with subsidiaries GEE and GEL also ahead of their annual pre-tax targets.

Key Facts

• Q3-2026 net revenue: VND 13,957 billion, up 41.8% year on year.
• Q3 gross profit: VND 2,778 billion, up 51.6%; gross margin improved to 19.9% from 18.6%.
• Q3 pre-tax profit: VND 1,316 billion, up 5.03% year on year.
• Nine-month net revenue: VND 39,158 billion (+40.5%); pre-tax profit VND 3,931 billion (+14.2%); after-tax profit VND 2,817 billion (+16.7%).
• Nine-month profit exceeds the full-year plan by 8.8%.
• GELEX Electric (GEE) core profit rose 32%; GEL exceeded its annual pre-tax plan by 52%.
• FDI disbursement in the first nine months reached USD 21.07 billion, up 12.1% and the highest nine-month figure in five years, per the General Statistics Office.

What Happened

According to the Q3-2026 financial statements, GELEX delivered VND 13,957 billion in quarterly net revenue and VND 1,316 billion in pre-tax profit. Gross margin expanded 130 basis points to 19.9%, though pre-tax profit growth of 5.03% lagged the top line, indicating cost or below-the-line pressures not detailed in the disclosure. The nine-month cumulative figures put the group comfortably ahead of its own annual profit target with a full quarter still to report.

The company attributed the performance to two engines. Electrical equipment demand is being lifted by grid expansion and upgrades, infrastructure build-out and new factory construction by domestic and FDI manufacturers, with export markets adding incremental volume; GELEX Electric’s core profit rose 32% on expanded capacity, raw-material sourcing and product upgrades. On the industrial park side, Viglacera is expanding land banks, having broken ground on Industrial Park No. 01 - Green One in Hưng Yên and preparing to start Tây Phổ Yên (Thái Nguyên) and Phù Ninh (Phú Thọ), positioned as green, smart parks. The filing does not break out the contribution of each subsidiary to consolidated profit.

Market Context

GEX closed at VND 23,100 on 28 October 2026 on HOSE. The group sits across industrial goods, electrical equipment, industrial park real estate and construction materials, a mix that tracks the domestic manufacturing cycle. The supporting macro backdrop cited in the article is firm: nine-month FDI disbursement of USD 21.07 billion (+12.1%) and manufacturing output growth of 12.9%, alongside 15.1% growth in total social investment capital. Those drivers underpin demand for factory space, electrical equipment and building materials, the three segments that generated the result.

Strategic Significance

The investment case here is a holding-company structure whose subsidiaries are individually outperforming: GEE’s 32% core profit growth and GEL’s 52% beat of its annual plan mean the parent’s earnings are being driven by operating businesses rather than one-off gains. Viglacera’s green-industrial-park pipeline in Hưng Yên, Thái Nguyên and Phú Thọ gives GEX recurring leasing revenue tied to the FDI cycle, while the electrical equipment arm benefits from grid capex that is largely policy-driven and less cyclical than private construction. The main question for long-term holders is whether the holding-company discount narrows as these units demonstrate standalone earnings visibility.

What to Watch

• Full-year 2026 results and whether GEX upgrades or formally revises its annual profit plan.
• Q4 gross margin trend, given the gap between 41.8% revenue growth and 5.03% pre-tax profit growth in Q3.
• Leasing progress and handover schedules at Green One (Hưng Yên), Tây Phổ Yên and Phù Ninh industrial parks.
• Monthly FDI disbursement and manufacturing PMI data from the General Statistics Office.
• Any disclosure on subsidiary-level profit contribution and intercompany balances in the annual report.