REE – Brief – [NON-RATED] – 1Q26: M&E boosted profit growth

In 1Q26, REE recorded revenue of VND2,471bn (+19% yoy, figure 1), mainly driven by strong growth from the M&E segment.

Gross profit reached VND1,046bn (+10% yoy, figure 6), while gross margin declined to 42.3% (-3.7%p yoy). As a result, NPAT came in at VND939bn (+15% yoy, figure 7), mainly supported by (i) a 24% yoy increase in financial income to VND137bn and (ii) a 24% yoy rise in profit from associates and joint ventures, despite selling expenses increasing to VND30bn (+48% yoy).