AsemconnectVietnam - Masan Group Joint Stock Company (MSN - HOSE) has just announced its Q3 and first 9 months of 2026 business results with strong profit growth, officially exceeding the full-year baseline plan.

In Q3/2026, Masan recorded revenue of VND36,981 billion, a 74.7% increase compared to the same period last year; net profit before minority shareholder interests (NPAT Pre-MI) reached VND4,552 billion, a 2.4-fold increase compared to the same period last year; and net profit after minority shareholder interests (NPAT Post-MI) reached VND3,671 billion, a 3.0-fold increase.
The high Q3 revenue was driven by double-digit growth in the Consumer Operating System (cOS) platforms and a significant increase in MSR's contribution due to the higher actual APT price.
Specifically, in Q3 2026, revenue for the Consumer Operating System reached VND22,656 billion, an increase of 18.7% year-on-year; net profit before minority shareholder interests (NPAT Pre-MI) reached VND3,640 billion, an increase of 18.1%. The return on equity (ROE) over the past 12 months was approximately 21%. TCB and MSR contributed further to profits and cash flow.
At Masan Consumer (MCH), Q3 revenue increased by 16.3% year-on-year, recording the fastest growth rate in the past three years. Net profit before minority shareholder interests increased by 14.1%.
At Masan MEATLife (MML), processed meat revenue increased by approximately 34% year-on-year, contributing about 40% of total revenue, with a gross profit margin approximately twice as high as that of the fresh meat segment.
At WinCommerce (WCM), third-quarter revenue increased by 21.2% and net profit before minority interests increased by 86% year-on-year, bringing the net profit margin to 2.5%.
WCM opened a net 345 new stores in the third quarter, bringing the total number of stores in the system to 5,486. For the first nine months of the year, the company opened a net 894 new stores, maintaining its target of opening 1,000–1,500 stores for the whole year. Rural areas continue to be the main driver of expansion, recording the highest EBITDA margin in the entire system with a payback period of less than 3 years.
At Masan High-Tech Materials (MSR), net profit before minority interests (NPAT Pre-MI) in the third quarter reached VND2,148 billion, up 29% year-on-year and significantly higher from VND5 billion in the same period last year. The tungsten content in output products increased by 55% year-on-year.
In particular, the average APT price in Q3 reached US$3,129/mtu, down about 4% from Q2 but still nearly six times higher than the same period last year.
At Techcombank (TCB), profits from associated companies contributed VND1,410 billion in Q3, up 13.5% year-on-year.
Cumulatively in the first nine months of 2026, Masan recorded revenue of VND89,118 billion, up 52.7% year-on-year; NPAT Pre-MI and NPAT Post-MI reached VND10,325 billion and VND8,042 billion respectively, representing increases of 2.3 times and 3.1 times year-on-year. Notably, NPAT Pre-MI's profit in the first nine months exceeded the adjusted 2026 baseline plan (VND10,000 billion) and was approximately 1.5 times higher than the full-year profit of 2025.
Previously, on October 6, 2026, after completing a major investment phase and with all member companies capable of self-financing for development, Masan shifted its focus to attracting long-term strategic shareholders and partners for MCH and MSR, simplifying the Group's ownership structure, reducing debt at the parent company, and aiming to repay capital to MSN shareholders in the medium term.
According to the plan, in October, MSN is expected to increase its ownership stake in MCH from approximately 69.4% to 74.9%, while MCH aims to increase its free float to approximately 25%. The transaction is financed by MSN's available funds, supplemented by two main sources: dividends from member companies, with MCH paying up to 80% of after-tax profits, and MSR paying 100% of after-tax profits in 2026 and a minimum of 50% of after-tax profits annually in subsequent years; and revenue from MSR's Strategic Shareholder Program. Elmet's investment, completed on October 1, 2026, is the first step in this program.
Source: VITIC/Bao Tai chinh – Dau tu