GELEX (GEX) 9M2026 Profit Beats Full-Year Plan by 8.8%

Overview

GELEX Group (HOSE: GEX) reported 9M2026 consolidated net revenue of VND 39,158 billion, up 40.5% year on year, and pre-tax profit of VND 3,931 billion, up 14.2%, according to its Q3/2026 financial statements. The nine-month pre-tax result already exceeds the company’s full-year 2026 pre-tax profit plan by 8.8%, while revenue reached 87.6% of the annual target. Subsidiaries GELEX Electric (GEE) and GELEX Infrastructure (GEL) also surpassed their full-year profit plans within nine months.

Key Facts

• 9M2026 consolidated net revenue: VND 39,158 billion, +40.5% year on year, equal to 87.6% of the 2026 revenue plan.
• 9M2026 pre-tax profit: VND 3,931 billion, +14.2%, exceeding the full-year 2026 pre-tax profit plan by 8.8%.
• 9M2026 after-tax profit: VND 2,817 billion, +16.7% year on year.
• Q3/2026 standalone: net revenue VND 13,957 billion (+41.8%), gross profit VND 2,778 billion (+51.6%), pre-tax profit VND 1,316 billion (+5.03%).
• Q3/2026 gross margin improved to 19.9% from 18.6% a year earlier.
• GELEX Electric (GEE) core profit rose 32%; GELEX Infrastructure (GEL) exceeded its profit plan by 52%.
• 9M2026 FDI disbursement in Vietnam reached USD 21.07 billion, +12.1%, the highest nine-month figure in five years, per the General Statistics Office.

What Happened

GELEX published its Q3/2026 financial statements, disclosing quarterly net revenue of VND 13,957 billion, up 41.8%, and gross profit of VND 2,778 billion, up 51.6%. The gross margin widened to 19.9% from 18.6% in the same period last year, while quarterly pre-tax profit rose 5.03% to VND 1,316 billion. The company said the nine-month result was driven by quality assets and active management across its member companies.

Within the group, GELEX Electric (GEE) and GELEX Infrastructure (GEL) both cleared their full-year pre-tax profit plans after nine months. GEE’s core profit increased 32%, which the company attributed to a combination of internal capability and market opportunity. GEL exceeded its profit plan by 52%, supported by industrial park real estate and building materials. The statements did not disclose a separate breakdown of the contribution from each segment to group profit.

Market Context

GEX closed at VND 22,850 on 27 October 2026 on HOSE. GEE closed at VND 69 on 28 October 2026, down 1.29% on volume of 192,200 shares, while GEL last traded at VND 28,500 on 27 October 2026. The results land against a supportive domestic backdrop: nine-month FDI disbursement of USD 21.07 billion (+12.1%) was the highest for the period in five years, and the processing and manufacturing production index rose 12.9%, both of which underpin demand for industrial park land, electrical equipment and construction materials.

Strategic Significance

GELEX is effectively a holding structure for three demand cycles: grid and electrical equipment through GEE, industrial park land and building materials through GEL and Viglacera, and the group’s own balance sheet. Beating the annual profit plan in nine months shifts the remainder of 2026 from a delivery question to a capital-allocation question, and the 32% core profit growth at GEE suggests the electrical equipment cycle is being driven by real volume rather than one-off gains. Viglacera’s pipeline, including the newly started Green One Industrial Park No. 01 in Hưng Yên and the planned Tây Phổ Yên (Thái Nguyên) and Phù Ninh (Phú Thọ) parks, extends the industrial park earnings runway beyond the current FDI wave.

What to Watch

• Q4/2026 and full-year 2026 results, and whether the group raises or formally revises its 2026 profit plan.
• Segment disclosure on how much of group pre-tax profit comes from GEE versus GEL and Viglacera.
• Leasing progress and handover timing at Green One Industrial Park No. 01 in Hưng Yên.
• Commencement dates for the Tây Phổ Yên and Phù Ninh industrial parks.
• Monthly FDI disbursement and manufacturing PMI data, which drive demand for industrial park land and electrical equipment.