GELEX delivered strong double-digit growth in the first quarter of 2026, as the company continued to scale up operations and advance key strategic projects.

GELEX Maintains Double-Digit Growth in Q1 2026

According to its latest Q1 financial statements, consolidated net revenue reached VND 10,722 billion, up 35.4% year-on-year.

The electrical equipment segment remained the main growth driver, generating VND 7,061 billion in revenue, an increase of 38.2% and accounting for roughly 65.9% of total net revenue. Growth was largely driven by market expansion and stronger sales across core product lines

Other segments also performed well. Building materials showed particularly strong momentum, with revenue rising 47.6% to VND 2,103 billion. The industrial parks and real estate segment generated VND 1,262 billion, up 8.4%, while utilities infrastructure posted VND 266 billion in revenue, up 44.7%, driven mainly by the gradual ramp-up of Phase 2 of the Song Da clean water project.

Financial expenses increased during the quarter, reflecting GELEX’s ongoing investment cycle as it continues to ramp up large-scale projects.

For Q1 2026, GELEX reported pre-tax profit of VND 806 billion, up 24.9% year-on-year. This reflects the impact of continued market expansion alongside improved cost management, reinforcing a solid foundation for sustainable growth despite ongoing macroeconomic challenges.

After the first quarter, the company has completed around 24% of its full-year revenue target and 22% of its pre-tax profit target. Previously, the Annual General Meeting of Shareholders approved a 2026 plan of VND 44,712 billion in consolidated revenue and VND 3,615 billion in pre-tax profit.

As of March 31, 2026, total assets reached VND 87,015 billion, up 18.4% compared to the beginning of the year. The increase in borrowings reflects the company’s expansion phase, particularly in infrastructure, real estate, and major projects such as Gia Binh Airport.

Despite this, GELEX continues to maintain solid financial health and strong liquidity. This is consistent with the latest six-month credit rating review published on April 24 by VIS Rating, which reaffirmed GELEX’s long-term credit rating at A with a Positive outlook.

GELEX Maintains Double-Digit Growth in Q1 2026

Amid global economic uncertainties, Vietnam’s GDP growth of approximately 7.83% in Q1 2026 points to a still-resilient macroeconomic foundation. Within this context, GELEX is entering a new growth cycle, guided by four strategic pillars: high-tech industry, infrastructure, real estate, and finance Amid global economic uncertainties, Vietnam’s GDP growth of approximately 7.83% in Q1 2026 points to a still-resilient macroeconomic foundation. Within this context, GELEX is entering a new growth cycle, guided by four strategic pillars: High-tech industry, Infrastructure, Real estate, and Finance.

In the first quarter alone, GELEX also marked several strategic milestones, including strengthening its governance structure for the new term, successfully raising USD 200 million in international capital, launching the upscale Fairmont Hanoi hotel, and expanding its investment portfolio with major projects while increasing its presence in high-end residential and commercial real estate.

Overall, Q1 2026 further demonstrates GELEX’s ability to execute in a volatile business environment. With a clear long-term direction and strong adaptability, the company is steadily translating strategy into tangible results, laying the groundwork for sustainable growth ahead.

PR DEPARTMENT