NKG – Brief – [NONRATED] – 1Q26: Significant challenges remain

In 1Q26, NKG recorded revenue of VND3,261bn, down 20.3% YoY . Based on NKG’s galvanized steel price movements over the last two quarters and published revenue by market, we estimate total sales volume in 1Q26 at ~185.7 thousand tons, a 10% YoY decrease, continuing to be impacted by adverse export activities. NPAT was recorded at a low of VND21bn, a 67% yoy decline, mainly impacted by the contraction in gross profit, while other income and expenses showed no abnormal fluctuations.