Profitable Growth – Masan’s Strategy for 2025 Acceleration.

Sustaining Profitable Growth

Q1 2025 marks a positive start to Masan’s acceleration journey this year. Consolidated net revenue reached VND 18,897 billion, an increase of 11.1% year-on-year, excluding contributions from H.C. Starck. EBITDA grew strongly by 20.8% to VND 4,003 billion, with net profit reaching VND 394 billion, almost quadrupling compared to the same period last year. Both the consumer and retail pillars recorded double-digit growth.

Masan’s fast-moving consumer goods division, Masan Consumer (UPCoM: MCH), reported revenue of VND 7,489 billion, a 13.8% increase year-on-year. MCH’s operating profit (EBIT) stood at VND 1,736 billion, up 13.8% year-on-year, while net profit after tax before minority interest (NPAT Pre-MI) reached VND 1,614 billion.

WinCommerce (WCM), our retail arm, continued its profitable trajectory in Q1 2025, with NPAT Pre-MI of VND 58 billion, an improvement of VND 132 billion. This was driven by positive same-store growth (LFL), network expansion, and an increase in shopper numbers. WCM’s revenue amounted to VND 8,785 billion, representing a 10.4% year-on-year increase.

This quarter marks a significant milestone for Masan’s branded meat business, Masan MEATLife (MML), as it turned profitable. MML’s NPAT Pre-MI reached VND 116 billion, an improvement of VND 163 billion, benefiting from favorable hog prices, higher meat yields, and optimized operations in the processed meat segment. Revenue grew by 20.4% year-on-year to VND 2,070 billion.

Notably, Masan maintained a healthy financial position, with its net debt/EBITDA ratio stable at 2.9x, reflecting strong cash flow generation capabilities.

2025 Annual General Meeting: Shaping a Growth Vision

At the 2025 Annual General Meeting held in April, Masan announced the completion of its five-year journey (2020–2024) in building an integrated consumption-retail-technology platform. Evolving from a traditional FMCG company, Masan has successfully established a robust foundation across these three pillars. The synergistic growth of these platforms quadrupled the Group’s net profit in 2024 compared to the previous year.

Mr. Danny Le, CEO of Masan Group, affirmed: “At last year’s AGM, we committed to our shareholders that Masan would return to profitable growth, and we are proud to have delivered on this promise in 2024. Looking ahead, we will continue to focus on aggressively scaling our growth pillars with sustainable profitability. Our ‘Go Digital’ strategy will be the key enabler to maximize the synergy among our consumption, retail, and technology platforms.”

Masan’s positive performance from 2024 onwards reflects the success of its consistent strategic orientation: not only expanding its scale but also optimizing operations and enhancing efficiency across the ecosystem. Entering 2025, Masan embarks on Phase 2 of its journey, focusing on accelerating growth across its main pillars:

Network Growth – A Foundation to Reach Over 100 Million Consumers

In 2025, our retail division aims to expand to 4,500+ stores, averaging ~2 stores per day, including 1,900 stores in rural areas. WCM will also pilot the WiN+ model, partnering with traditional retailers to offer essential products and exclusive membership benefits.

Spending Share Growth – Expanding the Market for “Power Brands”

Masan is accelerating its premiumization strategy with CHIN-SU and Nam Ngư in the seasoning category, expanding convenient food offerings for out-of-home consumption, and driving its “Go Global” initiative. Meanwhile, our branded meat business has transformed remarkably, with branded meat sales contributing 56% of total meat sales in the WCM chain in Q1 2025. Moving forward, MML will collaborate with WCM to introduce its products to traditional retail channels through the WiN+ model, targeting a VND 2 billion market opportunity.

Membership Growth – Connecting Brands, Retailers, and Consumers

Masan’s WiN membership program, with 11 million members, is evolving into a comprehensive ecosystem that integrates financial services, consumption, and lifestyle offerings. According to Masan’s representatives, this program not only accumulates points but also serves as a direct communication channel between brands and consumers. Initiatives such as “Brand Week” were successfully implemented throughout the past year, resulting in a 36% increase in sales during the 2025 Tet holiday.

Go Digital: The Key to Growth

As per Masan’s representatives, the comprehensive digitization process involves not just process automation but also a fundamental shift in how the company engages with consumers.

The WiN membership program will serve as a data bridge directly connecting brands, retailers, and consumers, enabling personalized offers, care, and optimized communication. This will not only enhance customer experiences but also create a competitive advantage for the Masan ecosystem in the future.

Having passed the milestone of completing its consumption-retail foundation, Masan is now on a clear path to profitable growth, with the “Go Digital” strategy as the key enabler to fully harness the potential of its ecosystem and better serve consumers. With a strong Q1 2025 performance, solid strategic pillars, and a clear strategic focus, Masan is well on its way to becoming Southeast Asia’s leading consumption-retail-technology platform.