3Q26 Newsletter

for the quarter ended 30 September 2026

9M26 profit before tax up 80% year-on-year

In 9M26, F88 recorded revenue of VND4,349 billion, up 54% year-on-year, and profit before tax of VND1,087 billion, up 80% year-on-year, achieving 96% of its full-year profit target.

Growth was driven by a larger loan portfolio, higher branch productivity, and continued expansion of F88’s distribution network. During the period, F88 expanded its nationwide network to 1,000 branches while continuing to grow its digital reach through the MyF88 app, which recorded 195,000 downloads in the third quarter of 2026.

Insurance distribution remained a key growth driver, generating VND583 billion in revenue in 9M26, up 75% year-on-year. In the third quarter, insurance contributed 13.3% of total quarterly revenue, reflecting growing demand for standalone insurance products and the increasing diversification of F88’s revenue base.

F88’s insurance brand NNX opened its first insurance hub in Ho Chi Minh City

On 18 August 2026, Ngoi Nha Xanh (“NNX”), F88’s insurance distribution brand, opened its second Insurance Hub and its first in Ho Chi Minh City, following the launch of its inaugural center in Hanoi in July 2026.

Located in Cho Lon, one of the city’s busiest traditional commercial districts with a long-established ethnic Chinese-Vietnamese community, the new hub targets mass-market customers, including self-employed individuals and small business owners, offering affordable, easy-to-understand insurance products. Beyond product consultation, the hub provides end-to-end claims assistance, with eligible claims processed within 60 minutes upon receipt of complete documentation.

The opening marks the first step in NNX’s expansion across Southern Vietnam, as it aims to broaden F88’s insurance customer base beyond its existing lending customers.

Raised VND782 billion in equity and advanced toward HOSE listing

In July 2026, F88 completed its public share offering, raising approximately VND782 billion in equity capital at VND71,000 per share, implying a pre-money valuation of US$600 million. The proceeds will be allocated to F88’s core lending business.

On 30 September 2026, the 11 million newly issued shares began trading on UPCoM, bringing F88’s total registered shares to 231.3 million. Following Board approval on 28 September, F88 is progressing with procedures to transfer its shares from UPCoM to the Ho Chi Minh Stock Exchange (“HOSE”), targeting a listing in early 2027.

F88 is Vietnam’s leading secured lending platform, operating nearly 1,000 branches nationwide as of 30 September 2026. The company provides collateral-based consumer and micro-business loans, primarily serving unbanked and underbanked individuals and MSMEs. Through secured lending, micro-insurance, and essential financial services, F88 offers transparent and accessible alternatives to informal lending sources.

Reported 127% net profit growth in 9M26

Vua Nem’s net profit rose 127% year-on-year in 9M26, driven by strong growth across its offline, owned online, and e-commerce channels.

E-commerce was the standout performer, with revenue from mattresses, bedding, and accessories exceeding 2.1 times the full-year 2025 level.

Growth was driven by an expanded product range aligned with customer demand, seamless integration between online shopping and Vua Nem’s nationwide store network, and improved operational efficiency through automation. The company’s order processing and fulfillment productivity also doubled over the past year.

In the third quarter of 2026, Vua Nem received two TikTok Choice Awards and ranked #1 in the Mattress & Bedding category during Shopee’s 9.9 campaign.

Selected as first case study in Meta’s global success story series

Meta selected Vua Nem as the first case study in its new global #FromSmallToScale series, recognizing how the company uses Facebook and Messenger to win new customers and keep existing ones engaged.

The case study highlights two approaches. In Facebook ads, Vua Nem combined customer testimonial videos with product images, which attracted more potential customers at a lower cost. On Messenger, it sent personalized offers based on each customer’s loyalty status, which strengthened engagement with existing customers.

Together, these initiatives reduced advertising costs, generated more leads, and showed Vua Nem’s growing digital marketing capabilities.

Opened first dedicated Vua Nem Bedding store 

Vua Nem opened its first Vua Nem Bedding store at AEON Mall Thanh Hoa in October 2026. The store focuses on bedding, pillows and sleep accessories, in a space designed for customers to try products before buying. Vua Nem Bedding is one of the new retail formats Vua Nem is piloting, alongside Goodnight, to test demand for bedding beyond its mattress-focused stores and reach new customer segments.

Vua Nem is Vietnam’s leading multi-brand retailer focused on mattresses and sleep-related products, with 192 stores nationwide as of 30 September 2026. The company operates an omnichannel model, combining its own retail network with distribution through e-commerce platforms. Vua Nem currently operates stores under four different store concepts: Vua Nem (catering to the mid-to-high segments); Vua Nem Gia Tot (serving mid-market and mass consumers); Goodnight store by Vua Nem (targeting the younger Gen Z demographic); and Vua Nem Bedding specializing in quality bedding accessories.

Clinical study published on LiveSpo NAVAX  in Scientific Reports

On 21 August 2026, Scientific Reports, a Nature Portfolio journal, published a clinical study of LiveSpo NAVAX, LiveSpo’s nasal probiotic spray. The trial took place at two preschools in Vietnam with 400 children aged 2-5. Half the children used NAVAX every day for 28 days, and the other half used a saline spray.

After 28 days, children using NAVAX showed 1.7 to 3.8 times greater reduction in respiratory symptoms than the saline group and a 1.4 to 3 times greater reduction in medicine use. Viral infections were detected about three times less frequently, while the rate of new bacterial infections was approximately half that of the saline group.

The strongest result was in children who had no infection at the start of the trial. Among them, those using NAVAX had about one-sixth as many new infections as those using saline. This points to NAVAX’s potential to help prevent respiratory infections in young children. The study reported no treatment-related side effects.

Clinical trial on LiveSpo X-SECRET  published in Beneficial Microbes

On 20 August 2026, Beneficial Microbes, an international peer-reviewed journal, published a clinical trial of LiveSpo X-SECRET, LiveSpo’s vaginal probiotic spray. The randomized, double-blind trial was run at Hanoi Obstetrics and Gynecology Hospital with 120 women with vaginal infections. For 28 days, alongside standard treatment, half used X-SECRET and half used a saline spray.

By day 28, the share of women in the X-SECRET group with three or more symptoms had fallen from 68% to under 5%. Gardnerella vaginalis, a bacterium linked to an unhealthy vaginal microbiome, fell 275 times more than in the saline group. Inflammation markers also dropped sharply, and no side effects were reported. These results add to the evidence for X-SECRET as a supporting treatment alongside standard care.

Launched LiveSpo COLYTIS 

On 26 September 2026, LiveSpo launched LiveSpo COLYTIS, a high-concentration spore-based probiotic supplement developed for people experiencing colitis and digestive disorders, particularly adults aged 55 and above. Each 5ml tube contains 5 billion Bacillus clausii and Bacillus subtilis spores to improve gut health and help relieve symptoms of colitis and other digestive disorders. LiveSpo COLYTIS is the company’s third new product this year, after LiveSpo Kids and LiveSpo BIOTRI.

LiveSpo is a pioneering Vietnamese biotechnology company founded in 2011 by Dr. Nguyen Hoa Anh and his colleagues, specializing in liquid spore-based probiotics. Improved from traditional probiotics, LiveSpo’s products use spore-forming, which are more resilient to stomach acid and deliver higher efficacy. The company’s key products offer digestive health, respiratory prevention and treatment, skincare, and vaginal care. Its hero product, NAVAX, is the world’s first probiotic nasal spray (containing billions of Bacillus subtilis and Bacillus clausii spores in saline solution), designed to prevent and treat respiratory infections by reducing pathogen loads and strengthening nasal immunity — a safe and effective option validated by multiple clinical studies.

Launched SPOT-MAS CRC and SPOT-MAS EVA in Malaysia

Gene Solutions Malaysia officially launched SPOT-MAS CRC and SPOT-MAS Eva in partnership with the National Cancer Society Malaysia (“NCSM”) at the National Cancer Congress Malaysia 2026, held from 4 to 6 September 2026. The two tests screen for colorectal cancer and women’s cancer respectively and are now available through NCSM’s network.

The launch expands Gene Solutions’ presence in Malaysia and strengthens its partnership with NCSM, widening access to genomic cancer screening in the market.

Published study on detecting preterm birth risk using triSure data

On 25 September 2026, Gene Solutions announced a study published in AJOG Global Reports showing that DNA data from its routine triSure prenatal test could help predict spontaneous premature birth (i.e. birth before 37 weeks of pregnancy).

Using its DNAsphere.AI platform, Gene Solutions developed an AI model that showed promising results. Among 100 pregnancies that eventually resulted in premature birth, the model correctly identified approximately 94 as high-risk. Similarly, among 100 pregnancies that did not result in premature birth, the model correctly identified more than 90 as low-risk. These results were observed in the study’s validation group. The model uses existing prenatal test data, requiring no additional blood samples or testing.

The findings could help doctors identify at-risk pregnancies earlier and consider preventive care. However, the results remain preliminary, with further studies underway in Vietnam and India before potential clinical use.

Published study on improved technology to detect cancer recurrence 

On 14 October 2026, Gene Solutions announced a new study published in The Journal of Liquid Biopsy on its improved technology used in the K-TRACK and K-4CARE blood tests. These tests help doctors detect whether cancer has returned after treatment.

Compared with the earlier version, the new technology detected more cases of cancer recurrence, improving the detection rate by an average of 16.5 percentage points. Put it simply, if the earlier version detected cancer recurrence in 60 out of 100 patients whose cancer had returned, the new method could detect approximately 77.  It also works faster. Results now arrive in under 10 days rather than about four weeks, giving doctors more time to act.

The new technology can also be used when a patient’s tumor tissue is unavailable, making the tests accessible to more patients. Further studies are needed to confirm how well the technology works across different groups of patients.

Gene Solutions is a pioneering genetic testing service company in Asia dedicated to developing and providing access to Next-Generation Sequencing (“NGS”) testing. The company currently offers three types of innovative products (via blood sample), including Non-invasive prenatal testing (“NIPT”) for pregnant women, early cancer detection tests, and tests for cancer treatment and remission.

9M26 net sales grew 43% year-on-year

Pharmacity’s net sales grew 43% year-on-year in 9M26. Average daily sales in September grew 42% year-on-year, reaching their highest level in three years.

Behind this growth were a wider range of medicines, better product availability, and stronger partnerships with leading brands. Pharmacity also kept engaging local communities through health initiatives, such as free in-store blood pressure checks and education on common chronic diseases, which brought in more customers and improved store performance.

The company also continued to expand nationwide, adding 122 stores in 9M26 and bringing its network to 1,171 stores as of 30 September 2026.

Introduced a dedicated mother & baby offering across its pharmacy network

In August 2026, Pharmacity launched its “Mother & Baby Corner”, dedicated in-store sections that bring together medicines, nutritional products, diapers, hygiene and skincare products for mothers and young children, with pharmacist consultation on hand. The rollout kicked off with events in Ho Chi Minh City, Hanoi, Da Nang and Can Tho, which drew thousands of customers, and was backed by a major outdoor advertising campaign.

The initiative is Pharmacity’s first step in organizing its stores around specific customer segments and life stages, starting with a more integrated solution for the recurring healthcare and everyday needs of mothers and young children.

Strengthened its chronic care proposition 

On 20 September 2026, Pharmacity launched its “Healthy Living with Chronic Disease” Club, which combines specialized medicines, pharmacist consultation, basic health monitoring, medication reminders, prescription history and home delivery across its pharmacies and digital channels. The program is also supported by healthcare professionals and pharmaceutical partners, including Bayer and AstraZeneca.

The initiative reinforces Pharmacity’s strategy to strengthen its positioning as a trusted pharmacy for people with chronic diseases. By combining pharmaceutical expertise with ongoing care, it helps build long-term customer relationships and repeat medicine purchases, which are key to store traffic and revenue.

Pharmacity is Vietnam’s second-largest pharmacy retail chain by store count, operating 1,171 stores nationwide as of 30 September 2026. The company offers a wide-ranging portfolio that includes prescription medications, over-the-counter drugs, health supplements, personal care products, and essential medical supplies, making it a one-stop destination for everyday healthcare needs. 

Opened two new Maison Marou Cafés 

In the third quarter of 2026, Marou opened two new Maison Marou Cafés in prime locations in Ho Chi Minh City and Da Nang, bringing its retail network to 25 locations, including 24 in Vietnam and a pop-up store at Singapore’s Changi Airport.

The Ho Chi Minh City café, at 52 Le Loi Street in the central business district, opened in August. It was followed on 30 September by a café on Nguyen Van Thoai Street near My Khe Beach in Da Nang. Both are in areas with heavy tourist and foot traffic, boosting Marou’s visibility among local and international customers.

Founded in 2011 by French entrepreneurs Samuel Maruta and Vincent Mourou, Marou has become an internationally recognized brand for its premium dark chocolate made entirely from Vietnamese cacao. Known for its exceptional flavor, ethical sourcing, and artisanal craftsmanship, Marou has earned international recognition, including various international Gold/Silver awards for its bean-to-bar creations, among which is “Best Chocolate of the World in 2025” for Marou’s Milk Coffee Chocolate product.

Achieved first EBITDA-positive month at its Vietnam factory

In August 2026, Entobel recorded its first EBITDA-positive month at its industrial-scale insect protein factory in Vietnam, marking a step toward achieving sustained profitability.

Using black soldier fly larvae to convert food industry by-products into high-quality protein, Entobel provides a sustainable alternative to conventional fishmeal for aquaculture, livestock feed, and pet food.

Following this milestone, Entobel will focus on increasing factory utilization, improving operational efficiency, and working toward company-level profitability, while assessing opportunities for future expansion.

Completed rooftop solar installation at its Vietnam factory

In late September 2026, Entobel finished installing a rooftop solar system of nearly 1 megawatt-peak at its Vietnam factory, in partnership with 365Energy.

The system allows Entobel to use renewable electricity in its manufacturing operations, reducing its reliance on conventional power sources and lowering the environmental impact of production. The initiative reflects Entobel’s continued commitment to sustainability as it expands its insect protein production capacity.

Appointed Einar Wathne to its advisory board

In September 2026, Entobel appointed Einar Wathne to its Advisory Board. Einar brings more than 30 years of experience in the aquafeed industry, including leadership roles at EWOS and Cargill. In 2010, he set up EWOS’s first aquafeed mill in Vietnam.

He will advise Entobel on commercial expansion in key markets, particularly aquaculture in Europe and Latin America, and pet food. He will also provide guidance on product development, market positioning, and international growth strategy.

Entobel is a biotechnology company specializing in the production of insect-based ingredients for animal feed, pet food, and organic fertilizers. Founded in 2013 by Belgian entrepreneurs Alexandre de Caters and Gaëtan Crielaard, Entobel uses Black Soldier Fly (BSF) larvae to upcycle low-value biomass into high-quality protein, oil, and fertilizer products.

Opened new Assisted Reproduction Center in Thai Nguyen

In October 2026, TNH opened a new Assisted Reproduction Center at Thai Nguyen International Hospital, expanding access to fertility care for families in Thai Nguyen and surrounding provinces.

Developed in partnership with My Duc Hospital, an established fertility care provider in Vietnam, the center brings specialized medical expertise and technology to the region. It is part of TNH’s continued push to expand its specialized healthcare services.

TNH Group (Thai Nguyen Hospital Group) is a private general hospital chain headquartered in Thai Nguyen City, the economic and medical hub of Vietnam’s Northern midlands and mountainous region. As of 30 September 2026, TNH operates four general hospitals in Thai Nguyen, Bac Ninh and Lang Son, with a total licensed capacity of 1,000 beds and more than 1,000 employees. Since 2021, the company has been listed on the Ho Chi Minh Stock Exchange (HOSE) under the ticker “TNH.”

Mekong Enterprise Fund IV fully exited Mutosi

In September 2026, Mekong Capital’s Mekong Enterprise Fund IV completed its full exit from Mutosi, a Vietnamese water purification company, after Italy’s Ariston Group acquired an 83% stake in the business. Ariston is a global leader in climate and water comfort solutions and is listed on Euronext Milan. Mutosi’s management retains the remaining 17% and will stay actively involved as the company enters its next phase of growth within Ariston Group.

The deal combines Mutosi’s product expertise, manufacturing capabilities and position in Vietnam’s water purification market with Ariston’s distribution network, operational strength and nearly 40 years of experience in Vietnam. Together, these give Mutosi the opportunity to expand its reach and grow faster as part of an international group.

Mutosi is a manufacturer and distributor specializing in water purifiers and electrical appliances that adhere to Japanese quality standards. Mutosi was built with a mission to improve the quality of life for Vietnamese consumers through safe, convenient, and efficient home solutions.