HPG – Brief – [NONRATED] – Sustain a growth trend

HPG’s financial statement in 3Q25 recorded a revenue of VND36.4tn (+7% yoy) and NPAT of VND4,012bn (+33% yoy). In which, the Steel segment recorded VND33.9bn of revenue, +8.2% yoy, with volume reached 2.69 mn tonnes, +14.1% yoy. The net profit of the steel segment recorded VND3,262tn, with an estimated operating margin of 9.6%, +2.1%p qoq and -0.7%p yoy.