According to its Q4 earnings statements, Hoang Anh Gia Lai (HoSE: HAG) said full-year net revenue rose nearly 29% to a record VND7.44 trillion ($286.82 million), driven mainly by its agricultural operations.

Fruit sales remained the core growth engine, generating VND5.78 trillion ($222.82 million), or nearly 78% of total revenue, up from VND4.25 trillion ($163.65 million) in 2024. Revenue from pig farming slipped slightly to around VND1.48 trillion ($57.06 million).

During 2025, HAGL issued 210 million new shares to swap more than VND2.5 trillion ($96.38 million) of Group B bonds held by six creditors, eliminating the debt ahead of maturity.

For its Group A bonds, HAGL said BIDV was no longer a bondholder after transferring the exposure in late December to the Vietnam Debt and Asset Trading Corporation (DATC). The bonds, issued in 2016 with a 10-year tenor, have an outstanding value of nearly VND3.9 trillion ($150.35 million) and mature at the end of 2026.

The balance sheet strengthened alongside the earnings recovery. Total assets rose by more than VND4.6 trillion ($177.33 million) during the year to VND26.89 trillion ($1.04 billion) as of December 31, surpassing the $1 billion mark.

Construction-in-progress costs increased to VND8.57 trillion ($330.34 million) from VND5.02 trillion ($193.6 million), reflecting heavier investment in fruit plantations.

Spending on orchard development reached VND7.62 trillion ($293.64 million), nearly double the level at the start of the year, as the group expanded acreage for key crops including durian and bananas ahead of future harvest cycles.

Equity climbed sharply to VND14.18 trillion ($546.8 million) from VND9.33 trillion ($359.49 million), supported by retained earnings and the debt-for-equity swap. The restructuring also allowed HAGL to reverse its accumulated losses, with undistributed profit turning positive at VND1.4 trillion ($53.97 million) by year-end, compared with an accumulated loss of VND730 billion ($28.14 million) previously.

The firm plans to list Hung Thang Loi Gia Lai in 2026 and Gia Suc Lo Pang in 2027 as part of its longer-term restructuring strategy.

HAG shares closed at VND17,250 ($0.66) each on Friday.