This significant uplift was driven by sustained momentum profitability across Masan's consumer-retail businesses and the earnings boost from the strategic spinoff of HC Starck (HCS).

Masan Group released its unaudited management accounts for Q1 on April 24. Masan Group's net revenue reached VND18.89 trillion ($726 million) in Q1, up by 0.2 per cent on-year. However, the topline growth on a like-for-like (LFL) basis at the exclusion of HCS's revenue contribution in Q1 was 11.1 per cent on-year.

Masan's earnings before interest, taxes, depreciation, and amortization (EBITDA) reached VND4 trillion ($153.7 million) in Q1, increasing 22 per cent on-year. This uplift was driven by positive earnings growth momentum of all consumer-retail businesses and the strategic realignment away from non-core businesses. EBITDA growth on a LFL basis at the exclusion of HCS's EBITDA contribution in Q1 was 20.8 per cent on-year.

"The five-year journey to build out our consumer-retail platform is completed. Masan Consumer, WinCommerce, and Masan MEATLife posted double-digit profit growth in Q1 is a direct result of the platform synergizing. The retail network and profits will continue to grow exponentially. Digitalisation will be the engine to connect brands, retail, and consumers, enabling us to hyper-scale, profitably," said Nguyen Dang Quang, chairman of Masan Group.

Masan expects minimal direct impact from the proposed US tariffs. Masan Consumer (MCH) generates less than 1 per cent of its revenue from the US market, while key products of Masan High-Tech Materials (MHT) are currently exempt from the announced tariff measures. The group is actively monitoring developments and preparing responsive strategies, including dynamic pricing and portfolio adjustments, to address potential shifts in consumer sentiment and spending patterns.

In the scenario where tariffs are high, while exports and foreign direct investment may face headwinds, domestic stimulus is expected to provide a buffer. Core segments such as consumer staples and grocery retail, which provide for essential daily needs, are expected to remain resilient in a challenging macro environment, while out-of-home consumption may come under more pressure as consumers prioritise in-home meals and reduce discretionary spending. In this backdrop, profitable, cash-generating retailers focused on daily necessities like WinCommerce (WCM) are better positioned to capture market share. Additionally, easing input material prices, such as wheat, coffee, and palm oil may reduce cost pressures and create headroom for reinvestment in market share expansion for MCH.

For the consumer goods segment, MCH reported revenue of VND7.5 trillion ($288.2 million), a 13.8 per cent jump on-year. The healthy Q1 performance was driven by solid growth in seasoning (up 15.9 per cent), bottled beverages (up 8.7 per cent), coffee (up 39.8 per cent), home and personal care (up 13.0 per cent), and a 73.2 per cent on-year increase in revenue from international markets. Mainland China, Japan, South Korea, and Southeast Asia countries continued to account dominantly for the growth, while the US remained less than 1 per cent of MCH's revenue.

MCH recorded its earnings before interest and taxes (EBIT) grew 13.8 per cent on-year, underscoring strong operational performance and disciplined cost management amid continued topline growth. Meanwhile, NPAT Post-MI saw a narrow contraction, mainly due to the approximately VND23 trillion ($883.8 million) dividend payout in 2024, which led to a reduction in financial income.

In the retail segment, WCM achieved NPAT Pre-MI of VND58 billion ($2.2 million) in Q1, up VND132 billion ($5 million) on-year. This marks the third consecutive quarter with profitability while simultaneously re-expanding its store network to be in line with its five-year network guidance.

WCM reported revenue of VND8.8 trillion ($338.2 million) for the quarter, up 10.4 per cent on-year. Q1's performance was driven by strong LFL growth of 7.8 per cent across all minimarts. Notably, the rural minimart format posted 13.5 per cent LFL growth.

WCM's topline growth was primarily driven by increased foot traffic, highlighting continued consumer engagement and strengthening the potential for further network expansion. Rural areas, home to over 60 per cent of Vietnam's population, are emerging as high-potential whitespace. The average daily sales of rural minimarts reached 94 per cent of the urban format in Q1, an increase from 87 per cent in the same period last year.

Masan MEATLife (MML) recorded revenue of VND2.1 trillion ($80.7 million) in Q1, up 20.4 per cent on-year, driven by a double-digit performance across both the meat and farm segments. MML achieved NPAT Pre-MI of VND116 billion ($4.46 million) in Q1, up VND163 billion ($6.3 million) on-year. This marked the third consecutive quarter of delivering positive NPAT Pre-MI.

MML strengthened its presence at WCM, with average daily sales per store rising 24.9 per cent on-year. As of Q1, MML led the protein category at WCM with a dominant 54 per cent market share – five times that of the next competitor – and maintained leadership in both the fresh and processed meat segments.

PLH achieved net revenue of VND424 billion ($16.3 million) in Q1, seeing a 9.7 per cent on-year increase due to the openings of higher-traffic stores. Revenue from food categories, including bakery, pastry, ice cream, and yogurt, surged 52.1 per cent on-year, reflecting growing consumer interest. With the right strategy, this segment has strong potential to uplift bill size. As of Q1, food contributed 7.9 per cent of total revenue, up 200 basis points on-year.

MHT revenue saw an LFL increase of 12 per cent on-year, amounting to VND1.4 trillion ($53.8 million) in Q1. MHT achieved NPAT Pre-MI of VND222 billion ($8.5 million), an uplift of VND480 billion ($18.4 million) – driven by rising commodity prices due to tailwinds from US-China trade concerns and deconsolidation of HC Starck.

Subject to customary corporate approvals, macroeconomic conditions, and consumer market recovery, Masan forecasts 2025 consolidate net revenue to range between VND80 trillion ($3 billion) and VND85.5 trillion ($3.3 billion), representing 7-14 per cent LFL growth after adjusting for the deconsolidation of HC Starck.

In 2025, total consolidated revenue, excluding MHT, is expected to be within the range of VND74 trillion ($2.84 billion) and VND78 trillion ($2.99 ​​billion), representing 8-13 per cent on-year growth. NPAT Pre-MI is projected to be VND4.87 trillion ($187 million) to VND6.5 trillion ($249.8 million), reflecting a robust growth of 14-52 per cent compared to VND4.3 trillion ($165 million) in 2024.