Vietjet H1 2026 Revenue Up 44%, Profit Hits 64.5% of Annual Plan

Overview

Vietjet Aviation Joint Stock Company (HOSE: VJC) announced its reviewed financial statements for the first half of 2026, showing consolidated revenue of VND 51,536 billion, a 44% increase year-on-year, and after-tax profit of VND 1,372 billion, reaching 64.5% of its annual plan. The results were driven by international route expansion, higher transport output, and cost management measures.

Key Facts

• Consolidated revenue for H1 2026 reached VND 51,536 billion, up 44% year-on-year, completing 59.4% of the annual plan.
• After-tax consolidated profit was VND 1,372 billion, equivalent to 64.5% of the annual plan.
• Parent company revenue reached VND 45,030 billion, up 26% year-on-year, completing 58.5% of the plan.
• Total consolidated assets as of June 30, 2026, stood at VND 149,093 billion.
• Net debt-to-equity ratio was 2.36 times, and current ratio was 1.36 times.
• Vietjet transported over 13.4 million passengers on 72,000 flights in H1 2026, with cargo volume of nearly 41,000 tonnes.
• The airline operated 213 routes, including 46 domestic and 167 international, expanding to Australia, China, Sri Lanka, Philippines, Kazakhstan, and Czech Republic.

What Happened

Vietjet released its reviewed financial statements for the first half of 2026, reporting strong growth in both revenue and profit. The company attributed the positive results to increased transport output, expansion of its international network, and measures to improve operational efficiency and cost control. During the period, Vietjet contributed over VND 3,950 billion to the state budget.

International routes continued to be a key growth driver, with the airline adding connections to several new markets. Vietjet also advanced its fleet investment strategy, signing agreements for Pratt & Whitney GTF engines for 44 Airbus A320neo aircraft and arranging financing for 12 Boeing 737-8 aircraft. The company has nearly 600 aircraft on order, supporting long-term network development.

Market Context

Vietjet’s shares closed at VND 124,500 on September 6, 2026. The airline operates on the HOSE and is a major player in Vietnam’s aviation sector, which has been recovering strongly as travel demand rebounds. The H1 results exceed the company’s annual plan pace, reflecting robust operational performance despite global challenges such as geopolitical tensions and fuel price volatility. The stock’s valuation will likely be influenced by continued international expansion and fleet modernization.

Strategic Significance

Vietjet’s H1 2026 performance underscores its strategic focus on international growth and fleet investment. The expansion into new markets like Australia and Central Europe diversifies revenue streams and reduces dependence on domestic routes. The large aircraft order book positions the airline to capture future demand, but also raises execution risks related to financing and delivery schedules. For long-term investors, the key is whether Vietjet can sustain its growth trajectory while managing cost pressures and maintaining healthy liquidity.

What to Watch

• Q3 2026 earnings release, expected in October, to see if growth momentum continues.
• Updates on fleet deliveries and financing arrangements for Boeing 737-8 and Airbus A320neo aircraft.
• International route expansion announcements, particularly in high-growth markets.
• Fuel price trends and hedging strategies, as they impact operating costs.
• Regulatory developments in Vietnam’s aviation sector that could affect capacity or competition.