MWG Q2 2026 Net Profit Doubles to Over 4,000 Billion VND, Revenue Up 30%

Overview

Mobile World Investment Corporation (MWG) reported Q2 2026 net profit of over 4,000 billion VND, doubling year-on-year, with revenue up 30% to 48,751 billion VND. The strong performance was driven by both DMX (including The Gioi Di Dong, Dien May Xanh, Topzone, Erablue, and Tho Dien May Xanh) and Bach Hoa Xanh (BHX) chains. For the first half of 2026, MWG achieved net profit of 6,112 billion VND, completing 66% of its full-year target.

Key Facts

• Q2 2026 net revenue reached 48,751 billion VND, up 30% year-on-year.
• Q2 2026 net profit attributable to parent company shareholders was nearly 3,303 billion VND, doubling year-on-year.
• Gross profit rose 43% to 10,809 billion VND, with gross margin improving to 22%.
• First-half 2026 revenue reached 95,213 billion VND, up 29% year-on-year; pre-tax profit was 7,361 billion VND, up 86%.
• DMX chain generated nearly 65,100 billion VND in first-half revenue, up 31%, with same-store sales growth (SSSG) of 32%.
• Bach Hoa Xanh recorded first-half revenue of 28,300 billion VND, up 25%; Q2 revenue grew 31%.
• BHX opened 632 new stores in the first half and reported positive operating profit at store level after allocating warehousing costs.

What Happened

MWG released its consolidated financial statements for Q2 2026, showing a sharp earnings beat. Revenue grew 30% to 48,751 billion VND, while net profit more than doubled to over 4,000 billion VND (pre-tax) and nearly 3,303 billion VND after tax for the parent company. The company attributed the strong performance to both its DMX and BHX chains.

DMX, which includes the core electronics and appliance retail chains, saw first-half revenue of nearly 65,100 billion VND, up 31% year-on-year. Notably, growth came primarily from a 32% increase in same-store sales rather than new store openings. Online revenue reached over 7,000 billion VND, accounting for about 11% of the segment’s total. BHX, the grocery chain, reported first-half revenue of 28,300 billion VND, up 25%, with Q2 revenue accelerating to 31% growth. The chain added 632 new stores in the first half and achieved positive operating profit at the store level even after allocating warehousing costs, a significant milestone for new stores.

Market Context

MWG shares closed at 66,500 VND on July 29, 2026, on HOSE. The stock has been supported by improving fundamentals as both retail chains gain traction. The Q2 earnings beat reinforces the recovery narrative for MWG, which had faced margin pressure in prior years. The retail sector in Vietnam has been benefiting from rising consumer spending and digitalization trends.

Strategic Significance

The Q2 results demonstrate that MWG’s dual-engine strategy is delivering. DMX’s strong same-store sales growth indicates that the company is gaining market share in electronics retail without aggressive store expansion, which should support margins. BHX’s rapid store expansion and early profitability at new stores suggest the grocery chain is scaling efficiently and could become a major profit contributor. The 66% achievement of the full-year profit target in just six months provides a buffer against potential headwinds in the second half.

What to Watch

• Q3 2026 earnings release to see if growth momentum continues.
• BHX store count and same-store sales trends in the second half.
• Gross margin trajectory, particularly for DMX, as competition in electronics retail remains intense.
• Any updates on MWG’s expansion plans for BHX into new regions.
• Foreign ownership levels and any changes in institutional positioning.