GELEX Q1 2026 Net Revenue Up 35.4%, Pre-Tax Profit Rises 24.9%

Overview

GELEX (GEX) announced strong Q1 2026 results with consolidated net revenue rising 35.4% year-on-year to VND 10,722 billion and pre-tax profit increasing 24.9% to VND 806 billion. The performance was driven by robust growth across its electrical equipment, construction materials, and infrastructure segments, reinforcing the conglomerate’s diversified business model.

Key Facts

• Consolidated net revenue in Q1 2026 reached VND 10,722 billion, up 35.4% YoY.
• Pre-tax profit stood at VND 806 billion, up 24.9% YoY.
• Electrical equipment segment contributed VND 7,061 billion (65.9% of total revenue), growing 38.2% YoY.
• Construction materials revenue surged 47.6% to VND 2,103 billion.
• Industrial park and real estate revenue rose 8.4% to VND 1,262 billion; infrastructure & utilities revenue increased 44.7% to VND 266 billion.
• Total assets as of March 31, 2026 reached VND 87,015 billion, up 18.4% from the start of the year.
• GELEX completed 24% of its full-year revenue target (VND 44,712 billion) and 22% of its pre-tax profit target (VND 3,615 billion).
• VIS Rating affirmed GELEX’s long-term credit rating at A with Positive outlook as of April 24, 2026.

What Happened

GELEX released its Q1 2026 financial statements, showing double-digit growth across key segments. The electrical equipment division remained the primary growth engine, with revenue increasing 38.2% to VND 7,061 billion, driven by market expansion and higher sales volumes of core products. Construction materials posted the strongest growth at 47.6%, while the infrastructure & utilities segment benefited from the second phase of the Song Da clean water project.

The company noted that financial costs rose during the period due to accelerated investment in large-scale projects, including infrastructure, real estate, and the Gia Binh airport project. Despite higher leverage, GELEX maintained healthy financial safety ratios, as reflected in its A credit rating with Positive outlook from VIS Rating.

Market Context

GELEX shares closed at VND 40,000 on April 15, 2026, down 2.31% on the day with volume of 9.1 million shares. The stock trades on HOSE. Vietnam’s Q1 2026 GDP growth of 7.83% provided a supportive macroeconomic backdrop, though global volatility remains a concern. GELEX’s diversified exposure to electrical equipment, construction materials, and infrastructure aligns with the country’s ongoing industrialization and urbanization trends.

Strategic Significance

GELEX’s Q1 results demonstrate the effectiveness of its four-pillar strategy: high-tech industry, infrastructure, real estate, and finance. The company successfully raised USD 200 million in international capital during the quarter and launched the Fairmont Hanoi hotel, expanding its high-end real estate footprint. The maintained A credit rating with Positive outlook supports its ability to fund large-scale projects, including the Gia Binh airport, while managing leverage. The 24% revenue completion rate against the full-year target suggests the company is on track to meet its 2026 guidance, assuming no major macroeconomic disruptions.

What to Watch

• Q2 2026 earnings release in July 2026 for confirmation of sustained growth momentum.
• Progress on the Gia Binh airport project and other large-scale infrastructure investments.
• Any updates on the USD 200 million international capital deployment and its impact on financial costs.
• VIS Rating’s next review (expected in October 2026) for any change in credit rating or outlook.
• Foreign ownership trends on HOSE, as GELEX’s diversified profile may attract international investors.