Q2 earnings paint mixed picture across listed firms

Statistics from FiinGroup show that, as of July 29, a total of 672 out of 1,525 listed companies and banks, representing 38.9 per cent of the market’s total capitalisation, had released their financial statements or preliminary business results for the second quarter (Q2) of 2026.

The group’s combined after-tax profit surged 25.6 per cent on-year, lower than in the previous three quarters but remaining at a high level, supported by the non-financial sector, where profits rose 36.1 per cent, while the financial sector posted a more modest increase of 10.7 per cent.

More large-cap companies in the real estate, retail, seafood, steel, building materials and textiles sectors have released their financial statements, providing a clearer picture of sectoral earnings growth in Q2.

Steel sector is among the fields catching positive performance in Q2

Overall, industries benefiting from the commodity cycle, such as oil and gas and steel, as well as the energy sector, particularly thermal power, continued to deliver strong results.

Meanwhile, the fields that the market had expected to drive growth, including public investment, domestic consumption and the recovery of exports, the positive outcomes have so far been reflected only in selected companies or specific market segments rather than generating broad-based improvements across entire industries.

In the real estate sector, only 43 out of 133 companies, representing around 8 per cent of the sector’s market capitalisation, had reported second-quarter earnings, meaning the overall growth picture remains incomplete.

Notably, Sunshine Group recorded a sharp surge in profit thanks to the handover of multiple property projects, while Vincom Retail maintained steady growth, supported by improved occupancy rates and rental yields, together with contributions from newly opened shopping malls.

Within the consumer sector, earnings performance was highly divergent during Q2. While consumer staples segments such as beverages and dairy remained relatively subdued, the retail sector stood out, with after-tax profit soaring 162.1 per cent on-year.

Two major retailers, FPT Retail and Digiworld, both reported strong results amid rising corporate demand for computers, office equipment and infrastructure supporting AI and data centres.

However, Mobile World Investment, the largest profit contributor in the retail sector, has yet to release its financial statements or preliminary second-quarter earnings estimates. As a result, the current figures do not yet fully reflect the sector’s overall performance, FiinGroup noted.

The earnings outlook for export-oriented companies has yet to show significant improvement. Following the release of Vinh Hoan’s financial statements, the seafood sector still reported a 12.6 per cent on-year decline in after-tax profit, indicating that pressure on export profit margins exists.

The garment sector also recorded a 7.4 per cent decline in earnings. Notably, Century Synthetic Fiber posted its second consecutive quarterly loss following the commissioning of its Unitex plant, as higher interest expenses, administrative costs and production suspension costs outpaced revenue growth.

Beyond sectoral performance, the second-quarter earnings season also featured several notable corporate developments.

For instance, Hoang Anh Gia Lai reported after-tax profit exceeding VND1 trillion ($40 million) mark, driven primarily by the reversal of previously accrued bond interest, while its core business performance showed little corresponding improvement.

Meanwhile, GELEX Group and GELEX Infrastructure continued to post strong growth in consolidated after-tax profit. However, profit attributable to shareholders of the parent company was less encouraging, declining 18 per cent at GELEX Group and remaining broadly flat at GELEX Infrastructure.

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