BSR – Earnings Review – [HOLD] – 2Q26: High crack spreads, high profit

BSR's 2Q26 revenue reached VND58.7tn (+60% yoy, +28% qoq, ~89% of KIS forecast), mainly driven by a sharp increase in refined petroleum product prices amid the Middle East conflict. NPAT recorded at high level VND7.5tn (+781% yoy, -10% qoq) thanks to elevated crack spreads.