KDH – An Lap bargain purchase gain drives NP growth – [In line] – Earnings Flash

• KDH reported 1Q26 revenue of VND281tn (USD11mn), down 60.4% YoY, while NPAT-MI surged 130% YoY to VND281bn (USD11mn), driven by a gain from a bargain purchase related to the An Lap investment acquisition.
• GPM stayed elevated at 65% in 1Q26, up from 43.2% in 1Q25, supported by continued handovers of high-margin Gladia units.
• KDH’s long-term debt rose 61% QoQ to VND13.4tn (USD510mn) in 1Q26.

1Q26 NP surged on an An Lap bargain purchase gain

KDH reported 1Q26 revenue of VND281bn (USD11mn), down 60.4% YoY, while NPAT-MI rose 130% YoY to VND281bn (USD11mn). The strong bottom-line growth was mainly driven by the recognition of a VND285bn (USD11mn) gain from a bargain purchase related to the An Lap investment acquisition.

GPM soared, driven by deliveries of high-margin Gladia units

GPM remained high at 65.1% in 1Q26, up from 43.2% in 1Q25, supported by continued handovers of high-margin Gladia units.

Long-term debt rose as KDH secured bank loans for new project investments

KDH’s long-term debt rose 61% QoQ to VND13.4tn (USD510mn) in 1Q26, mainly driven by new bank borrowings. These included a VND2.1tn (USD80mn) loan maturing in 2030 to finance the transfer cost of the residential project in Cat Lai Ward, and a VND2.7tn (USD103mn) loan with a three-year grace period and maturity in 2033, used to fund Phase 2 of Le Minh Xuan Expansion IP, P2 of Residential Area 11A and Tan Tao Residential Area.

Updates on key project developments

• The Solina and Le Minh Xuan Expansion IP: Infrastructure construction is currently underway, with both projects targeted for launch in 2027.
• Binh Trung Dong: Land compensation and site clearance have been completed, and the project received investment policy approval in October 2025. KDH plans to obtain 1/500 master plan approval for the project in 2Q26 and commence construction in 4Q26.
• Tan Tao: Received 1/500 master plan approval, with site clearance currently around 85% completed and expected to be substantially completed in 2026.
• Phong Phu 2: Site clearance has been completed, with legal procedures and permitting currently being finalized.
• Cat Lai: Completed key legal procedures, including obtaining the land use rights certificate for the entire residential land area and receiving approval for its 1/500 master plan.

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