Pomina Q2 2026 Revenue Surges 3.7x but Losses Persist for 17th Quarter

Overview

Pomina (POM), listed on UPCOM, reported a 3.7x year-on-year surge in Q2 2026 revenue to VND 1,711 billion, yet still recorded a net loss of VND 146 billion, marking its 17th consecutive quarterly loss. The revenue rebound is linked to a strategic partnership with Vingroup, but the company continues to struggle with high financial costs and negative equity.

Key Facts

• Q2 2026 net revenue reached VND 1,711 billion, up 3.7x from VND 462 billion in Q2 2025 and 3.6x from the previous quarter.
• Net loss for Q2 2026 was VND 146 billion, the smallest loss in 11 quarters, compared to a VND 170 billion loss a year earlier.
• Financial costs in Q2 totaled VND 192 billion, with interest expenses of VND 188 billion, exceeding gross profit of VND 131 billion.
• H1 2026 revenue was VND 2,177 billion, up 46% year-on-year; net loss was VND 325 billion, nearly unchanged from H1 2025.
• As of June 30, 2026, shareholders’ equity was negative VND 948 billion, and accumulated losses reached VND 3,810 billion, exceeding charter capital of VND 2,800 billion.
• Payables to Vingroup-related entities rose from zero at the start of 2026 to VND 1,420 billion by June 30, 2026, while receivables from these entities stood at VND 309 billion.
• In late November 2025, Vingroup announced a comprehensive cooperation, with subsidiary VinMetal providing a zero-interest working capital package for up to two years.

What Happened

Pomina’s Q2 2026 financial report shows a dramatic revenue recovery, driven largely by increased transactions with companies in the Vingroup ecosystem. The company’s payables to Vin group entities surged to VND 1,420 billion by mid-2026, while receivables reached VND 309 billion, indicating significant business flow from the partnership.

Despite the revenue surge, Pomina remains loss-making due to heavy financial costs. Interest expenses alone (VND 188 billion) exceeded gross profit (VND 131 billion) in the quarter. The company’s accumulated losses have now surpassed its charter capital, and shareholders’ equity is deeply negative at VND 948 billion. The partnership with Vingroup, announced in November 2025, includes a zero-interest working capital loan from VinMetal and a commitment to make Pomina a preferred steel supplier for Vingroup’s ecosystem companies such as VinFast, Vinhomes, and VinSpeed.

Market Context

Pomina’s shares closed at VND 3,200 on August 2, 2026, on the UPCOM exchange. The company, once a leader in Vietnam’s construction steel market, has been in financial crisis for years, with most plants idle. The Vingroup partnership has revived revenue, but the market is likely watching whether the company can achieve sustainable profitability. The broader Vietnamese steel sector faces headwinds from high input costs and weak construction demand, though Vingroup’s offtake provides a unique support.

Strategic Significance

For long-term investors, the key question is whether Pomina can convert its Vingroup-backed revenue surge into profitability. The partnership provides a stable outlet for steel products, but the company’s high debt burden and negative equity remain critical risks. The zero-interest working capital loan from VinMetal offers temporary relief, but Pomina must reduce financial costs and improve operational efficiency to avoid further equity erosion. The success of this turnaround could hinge on the scale and durability of Vingroup’s demand, as well as Pomina’s ability to restart and optimize its production capacity.

What to Watch

• Quarterly financial reports for Q3 and Q4 2026 to see if losses narrow further or turn to profit.
• Changes in payables and receivables with Vingroup entities, indicating the sustainability of the partnership.
• Any announcements regarding debt restructuring or capital increases to address negative equity.
• Steel price trends and construction demand in Vietnam, which affect Pomina’s gross margins.
• Updates on the restart of Pomina’s idle production facilities and capacity utilization rates.