GDA – Brief – [NONRATED] – 3Q25 – Domestic market supported earnings

– In 3Q25, GDA recorded the revenue of VND3,680bn, -28.7% yoy. Total sales volume reached 188,848 tonnes, -6% yoy. While selling prices were somewhat less favorable than the previous quarter and the same period last year. – Gross profit recorded VND197bn, -47% yoy, with gross margin of 5.4%, -1.9%ppt yoy or -2.6%ppt qoq. The decline in GM was attributed to (i) lower operational effiency, (ii) intensifying price competition in domestic market . However, NPAT came in at VND85bn, +58% yoy, supported by the contraction in selling expenses as export activities decreased (3Q24: VND281bn, 3Q25: VND67bn, -76% yoy).