Company Insight

Update SAB’s business result in FY2025

Sabeco reported Q4/2025 revenue of VND 6,837 billion (-23% YoY) and net profit of VND 1,119 billion (+13% YoY). Beer segment’s revenue continued to decline by 17% YoY, driven by the impact of consolidating Sabibeco (SBB) as a subsidiary rather than an associate, alongside lower sales volumes compared to the same period due to the later timing of the Lunar New Year 2026. The growth in net profit was supported by lower selling expenses YoY, with the Q4/2025 net profit margin improving to 16.4%, up 5.3 percentage points YoY.

For FY2025, SAB recorded VND 25,888 billion in net revenue (-19% YoY) and VND 4,573 billion in net profit (+2% YoY), fulfilling 82% and 95% of the targets set at the Annual General Meeting, respectively. The FY2025 net profit margin also improved by 4 percentage points YoY.

Outlook for 2026

In 2026, we forecast beer segment revenue to grow by 4.9% YoY, driven by the effective expansion of Modern Trade (MT) channels to gain market share and the proactive identification of General Trade (GT) outlets to replace those closed due to new regulations on household businesses. Furthermore, the 2026 World Cup is expected to act as a major catalyst for sales growth. Q1/2026 is also projected to see positive year-on-year results, benefiting from strong Tet sales volume as the 2026 Lunar New Year arrived later than usual.

The gross profit margin (GPM) for the beer segment is expected to remain high; however, we cautiously project a 90-basis-point decrease compared to 2025 to reflect the recent upward trend in aluminum prices, despite management's confirmation of hedging policies to mitigate this impact. Net profit for 2026 is projected to grow by 4.7% YoY, with the net profit margin maintained at 17.6%.