VIS Rating’s assessment reflects expectations that GELEX will continue to grow earnings, improve operating cash flow and gradually strengthen its financial metrics. Over the long term, these will also be important foundations for enhancing the Group’s credibility, improving access to capital and supporting sustainable growth in the capital markets.

On October 26, 2026, Vietnam Investors Service (VIS Rating) released its latest credit rating report, affirming the long-term issuer rating of GELEX Group JSC (HOSE: GEX) at A with a Positive outlook.

This updates GELEX’s credit rating following VIS Rating’s initial A rating in October 2024 and its upgrade of the outlook from Stable to Positive in January 2026.

According to VIS Rating, the A rating and Positive outlook reflect expectations that GELEX will sustain strong growth in earnings and operating cash flow, supported by its large and diversified core businesses. The agency also expects the Group’s leverage and debt-servicing metrics to improve over the next 12–18 months.

VIS Rating Affirms GELEX’s Long-Term Issuer Rating at A with a Positive Outlook

Strong Business Foundations Support Financial Improvement

In its report, VIS Rating assessed GELEX’s scale as Very Strong and its business profile as Strong. These factors support the Group’s creditworthiness as it continues to pursue its investment and growth plans.

According to GELEX’s latest financial results, the Group recorded net revenue of VND 39,158 billion in the first nine months of 2026, up 40.5% year on year. Profit before tax reached VND 3,931 billion, up 14.2%. GELEX achieved 87.6% of its full-year revenue target and 108.8% of its profit-before-tax target for 2026.

Based on its assessment of the first-half results, VIS Rating identified electrical equipment as a key growth driver, supported by investment in power infrastructure and GELEX Electric’s (GEE) strong market position, particularly in power cables. Revenue and EBITDA in this segment grew 40% and 25%, respectively, year on year.

In other business areas, construction materials continued to deliver profit growth, while industrial park leasing remained a positive contributor. The diversity of GELEX’s businesses, together with the market positions of its member companies, provides a foundation for growth across multiple revenue streams and helps the Group withstand market fluctuations.

VIS Rating forecasts that GELEX’s revenue will grow at a compound annual growth rate (CAGR) of 23% over the 2026–2027 period. This is the agency’s forecast for the Group over the period.

Financial Discipline Helps Strengthen Capital Market Confidence

Alongside its business outlook, GELEX’s ability to convert growth into cash flow and improve its financial metrics is a key part of VIS Rating’s credit assessment.

According to VIS Rating, GELEX’s consolidated debt increased by VND 6,500 billion in the first half of 2026, mainly to fund working capital requirements and long-term investments. At the end of the second quarter, the Group’s debt-to-EBITDA ratio stood at 3.9x.

Over the next 12–18 months, VIS Rating expects the ratio to gradually decline as the Group moderates investment spending, working capital requirements remain stable and earnings continue to grow. The agency forecasts that GELEX’s average debt-to-EBITDA ratio could fall to around 3.3x over 2026–2027.

VIS Rating also assesses GELEX’s liquidity risk as stable, supported by improving operating cash flow, a large base of liquid assets and good access to bank financing. The Group’s ability to postpone or reduce the scale of new investments when business conditions or access to funding become less favorable also helps it maintain financial discipline.

These assessments show that credit quality depends not only on a company’s ability to expand, but also on how it manages capital, controls leverage and balances investment needs with its financial capacity.

Credibility Built on Strong Fundamentals and Consistency

In the capital markets, a company’s credibility is shaped not only by the size of its assets or its business results at a given point in time, but also by its ability to generate cash flow, meet financial obligations, maintain transparency and uphold financial discipline over the long term.

For a diversified investment group like GELEX, this is particularly important as it continues to develop its core businesses while allocating resources to long-term growth opportunities. The challenge is not simply to grow, but to ensure that growth goes hand in hand with efficient capital use, risk management and financial resilience.

VIS Rating’s decision to affirm GELEX’s A rating with a Positive outlook provides an independent assessment of the Group’s creditworthiness and reflects the agency’s expectations for further improvements in its financial position.

Over the long term, consistency between commitments and execution, and between growth and financial discipline, will be critical to maintaining the confidence of capital providers. When business performance translates into sustainable cash flow, financial metrics improve and information is disclosed transparently, a company builds a stronger foundation for earning and maintaining market confidence as it grows.

For GELEX, these are also important foundations for improving the quality of growth, strengthening access to capital and pursuing its long-term development strategy with a focus on efficiency and sustainability.

PR DEPARTMENT