BAF – Brief – [NONRATED] – 3Q25: The pressure from selling price

– In 3Q25, BAF recorded the revenue of VND1,136bn, -13.5% yoy. The decline in growth was mainly due to BAF no longer recording the revenue and profit in the animal feed segment by early 2025. Gross profit reached VND264bn, up +18% yoy, with a gross margin of 23.2%, +6.3%p yoy, or -1.5%p qoq. The sequential decline from 2Q25 was mainly due to lower selling prices, while the YoY improvement was attributed to the absence of low-margin revenue from the animal feed segment. Consequently, NPAT recorded VND22bn, -62.6% yoy or -88.5% qoq.