FPT – Brief – [NONRATED] – Technology growth slowed down

In 2Q25, FPT’s revenue grew only by 9.1% yoy to VND16.6tn, which was much slower than the increase of 13.9% yoy in 1Q25 mainly due to the slowndown in technology. Meanwhile, FPT’s PBT rose by 17.9% yoy to VND3.1tn, which was a bit slower than the increase of 19.4% yoy in 1Q25 thanks to the rise in profit margins of telecom and education segments. In 3Q25F, we think that NPAT would not grow stronger than in 2Q25 (at about 18% – 20% yoy).