MWG H1 2026 Revenue Hits VND 95.3 Trillion, Up 29%; Bach Hoa Xanh Profitable at Store Level

Overview

Mobile World Investment Corporation (MWG) reported consolidated revenue of VND 95,305 billion for the first half of 2026, a 29% increase year-on-year, achieving approximately 52% of its full-year target of VND 185,000 billion. Both key segments, DMX (including The Gioi Di Dong, Dien May Xanh, TopZone, Erablue, and Tho Dien May Xanh) and Bach Hoa Xanh (BHX), contributed to the growth, with BHX notably achieving positive operating profit at the store level despite rapid expansion.

Key Facts

• MWG’s consolidated H1 2026 revenue reached VND 95,305 billion, up 29% YoY.
• DMX segment generated nearly VND 65,100 billion in H1 2026, up 31% YoY, driven by a 32% same-store sales growth (SSSG).
• Bach Hoa Xanh revenue was VND 28,300 billion in H1 2026, up 25% YoY; Q2 revenue grew over 31%.
• BHX opened 632 new stores in H1 2026 and reported positive operating profit at the store level, including after warehouse cost allocation.
• TopZone’s Apple product revenue increased approximately 50% YoY.
• Installment sales revenue rose 49%, accounting for 38% of total revenue.
• Erablue in Indonesia posted revenue of IDR 1,888 billion, up 92% YoY, with 80 new stores opened.

What Happened

MWG released its H1 2026 business update, showing strong performance across its retail chains. The DMX segment, which includes electronics and mobile retail, achieved revenue of VND 65,100 billion, with growth primarily from improved same-store sales rather than store expansion. Online revenue contributed over VND 7,000 billion, or about 11% of DMX’s total. TopZone, the Apple premium reseller, saw a 50% jump in Apple product sales.

Bach Hoa Xanh, the grocery chain, reported revenue of VND 28,300 billion, with Q2 accelerating to over 31% growth. The company emphasized that BHX’s new stores are profitable immediately at the store level, even after allocating warehouse costs. This marks a significant improvement, as new stores typically require time to break even. Stores opened in 2025 continued to improve profitability, while older stores maintained efficiency through cost optimization.

Market Context

MWG shares closed at VND 76,800 on July 14, 2026, on HOSE. The retail sector has been recovering as consumer spending rebounds, and MWG’s results reflect this trend. The company’s ability to grow same-store sales in DMX and achieve store-level profitability in BHX during rapid expansion positions it well against competitors. The strong H1 performance, reaching 52% of the full-year revenue target, suggests the company is on track to meet its annual guidance.

Strategic Significance

MWG’s H1 results demonstrate the success of its dual-engine strategy: DMX driving growth through same-store sales and premium product mix (Apple), while BHX scales aggressively with improving unit economics. The immediate profitability of new BHX stores reduces the typical cash burn associated with expansion and supports the chain’s long-term margin trajectory. The rise in installment sales (38% of revenue) and the growing transaction volume from payment services (VND 56,000 billion processed) indicate MWG is deepening its financial services ecosystem, which could provide a recurring revenue stream.

What to Watch

• Q3 2026 revenue and profit trends, especially BHX’s store-level profitability as the new cohort matures.
• Full-year 2026 revenue achievement against the VND 185,000 billion target.
• Expansion pace of Erablue in Indonesia and its path to profitability.
• Any update on An Khang pharmacy chain’s timeline to contribute group profit.
• Changes in consumer spending patterns and competitive dynamics in the electronics and grocery retail segments.