GMD – Brief – [NONRATED] – Gemalink Drove 3Q26

In 3Q26, GMD reported net revenue of VND2,210bn (+25% QoQ, +42% YoY). Port revenue reached VND1,475bn (67% of total revenue, +0.5% QoQ, +7% YoY). We believe fuel surcharges drove the higher revenue; meanwhile, NDV port volume dropped 10% YoY, bringing consolidated volume down 5% YoY. Net profit came in at VND586bn (-54% QoQ, +36% YoY).