Novaland (NVL) 9M 2026 Profit Tops VND 2,873B, Aqua City Sales Reopen

Overview

Novaland (HOSE: NVL) reported 9M 2026 consolidated net profit of more than VND 2,873 billion, equal to 155% of its full-year profit plan, on net revenue above VND 10,215 billion. The company said the Aqua City project officially reopened for sales on October 31, 2026, alongside continued legal completion and handovers at key projects.

Key Facts

• Q3 2026 net revenue exceeded VND 5,120 billion, up more than 204% year on year; Q3 consolidated net profit exceeded VND 1,102 billion.
• 9M 2026 net revenue exceeded VND 10,215 billion and consolidated net profit exceeded VND 2,873 billion, or more than 155% of the annual plan.
• Q3 real estate transfer revenue reached more than VND 5,038 billion, with service revenue above VND 82 billion.
• Total assets stood at nearly VND 258,815 billion as of September 30, 2026; inventory was VND 157,246 billion, 94.5% of it land bank and property under construction.
• The company plans to issue 800,689,324 shares to existing shareholders at VND 10,000 each, targeting roughly VND 8,007 billion; the purchase-rights transfer deadline is November 23, 2026, and payment is due by November 26, 2026.
• On October 19, 2026, the State Securities Commission issued Document No. 10392/UBCK-QLCB on converting 10 international convertible bonds into 1,737,080 shares for BNP Paribas Financial Markets at VND 34,000 per share.
• In 9M 2026, projects developed by Novaland handed over 1,318 products and issued 1,387 pink books (ownership certificates).

What Happened

Novaland Group (Công ty Cổ phần Tập đoàn Đầu tư Địa ốc No Va) released its Q3 2026 results, reporting consolidated net revenue of more than VND 5,120 billion, up over 204% from the same period last year, and consolidated net profit after tax of more than VND 1,102 billion. That profit was VND 2,256 billion higher than a year earlier. For the nine months to September 30, 2026, net revenue exceeded VND 10,215 billion and consolidated net profit after tax exceeded VND 2,873 billion, equivalent to more than 155% of the annual profit plan.

The company attributed the result to higher profit from land-use-right transfers, real estate transfers at its projects, investment cooperation activity and foreign-exchange movements. Revenue in the quarter came from handovers at Aqua City, Victoria Village and Sunrise Riverside, among others. Novaland said Aqua City reopened sales on October 31, 2026, and that Victoria Village had handed over more than 920 apartments by the end of September, with The Grand Manhattan targeting handover in Q4 2026. The figures were disclosed in the company’s results announcement; the filing does not break out the contribution of individual projects to profit.

Market Context

NVL closed at VND 10,400 on October 30, 2026 on HOSE. The stock has traded near the VND 10,000 level that anchors the planned rights issue, a pricing reference that matters for existing shareholders deciding whether to exercise purchase rights. The results land as Vietnamese real estate developers work through legal bottlenecks and bond maturities, with earnings increasingly driven by handovers at projects that already have completed documentation rather than new launches.

Strategic Significance

The core question for long-term holders is whether Novaland’s profit is repeatable or a one-off release of backlog. The 155% plan achievement is supported by handovers at projects with completed legal status, and the reopening of Aqua City sales extends that pipeline into 2027. The VND 8,007 billion rights issue is the more consequential item: it is earmarked for financial obligations and restructuring, so execution determines whether the balance sheet deleverages or the share count simply rises. The BNP Paribas conversion at VND 34,000 per share, far above the market price, signals that some convertible holders are opting for equity despite the discount, which shifts risk onto the register.

What to Watch

• Take-up and proceeds of the 800,689,324-share rights issue, with payment due by November 26, 2026.
• Aqua City sales absorption and booking schedule following the October 31, 2026 reopening.
• The Grand Manhattan handover in Q4 2026 and any change to the delivery timeline.
• Further convertible bond conversions and their dilution effect on the share count.
• Q4 2026 results and whether full-year profit materially exceeds the annual plan.