Record profit driven by sharp rise in tungsten prices

The Company’s high-tech deep processing facility for tungsten products in Thai Nguyen

In the second quarter and first half of 2026, MSR’s business results achieved a number of standout outcomes, including a record profit that exceeded its stated plan. Net profit after corporate income tax (NPAT Pre-MI) in Q2 2026 reached VND 1,666 billion, compared with VND 6 billion in the same period last year - the highest quarterly profit in the Company’s operating history, exceeding the combined total profit of all previous years. Cumulative profit for the first half of the year reached VND 2,202 billion, equivalent to about 88% of the high end of the full-year profit plan.

MSR posted net revenue of VND 8,138 billion in Q2 2026, more than 5 times higher than the same period in 2025; revenue for the first half of 2026 reached VND 11,131 billion, up 270% year-on-year. According to the Company, this result was driven by record-high tungsten prices and a 91% increase in refined output compared with the same period last year.

Currently, tungsten is leading the price rally among critical materials for the AI industry, with the average Fastmarkets High-end Ammonium Paratungstate (APT) price reaching USD 3,245/mtu in Q2 2026, more than 6 times higher than the same period last year, and standing at USD 3,250/mtu at the end of June. Revenue from tungsten products reached VND 7,594 billion in Q2 2026, more than 9 times higher than the same period, and VND 10,042 billion in the first half of the year, making it MSR’s main growth driver.

According to the Company’s announcement, EBITDA reached VND 2,492 billion in Q2 2026, up 337% from VND 571 billion in the same period of 2025. EBITDA for the first half of the year rose to VND 3,542 billion, up 263% year-on-year.

MSR recorded its highest quarterly and first-half 2026 profit since it began operations, reflecting significant operating leverage embedded in the Company’s global strategic materials platform.

Increased mining capacity drives profit margin expansion

MSR’s fully integrated capabilities from mining to material processing - a rare advantage in the global minerals industry

After its Mineral Exploitation License was reissued and adjusted in February 2026, the Company increased its extraction capacity, contributing to a marked improvement in production and business results in Q2 2026. According to MSR’s report, ore processing volume in Q2 2026 reached 708 thousand tons, up 29% year-on-year and up 62% from the previous quarter. Cumulative ore processing volume for the first half of 2026 reached 1,146 thousand tons. The Company expects full-year processing output of about 2.4 million tons, higher than the 2.28 million tons recorded in fiscal year 2025.

At MSR’s refining facility, tungsten metal output reached 1,430 tons in Q2 2026, up 91% year-on-year, driven by higher mining output and a more abundant supply of externally sourced concentrate after the Company obtained a toll processing license.

Along with increasing mining capacity, the Company is expanding its resource base. MSR said it has made progress on plans to add approximately 115 million tons of potential resources through the Nui Phao Expansion Project and the Nui Chiem Project, which would extend the mine’s life by about 20-30 years.

As a leading integrated tungsten mining and refining platform globally, MSR continues to strengthen its position as a reliable supplier of high-quality tungsten products, while actively engaging with strategic partners to secure additional long-term concentrate supply.

MSR expects to exceed its 2026 plan

In Q2 2026, market conditions remained favorable for MSR’s core products. According to the Company, supply remained tight while industrial demand stayed stable and strategic purchasing from governments and industrial customers continued to increase. Tungsten and bismuth prices extended their sharp uptrend from early 2025, copper prices remained high, and the acid-grade fluorspar market was generally balanced.

Beyond traditional supply-demand factors, supply security concerns continue to reshape the global critical minerals market. Geopolitical volatility, export control measures, and supply chain diversification, along with growing investment in advanced manufacturing, semiconductors, artificial intelligence (AI) infrastructure, and next-generation defense technologies, continue to sustain long-term demand for MSR’s core products.

Masan High-Tech Materials contributes 21% of global tungsten supply outside China

Based on an assumed average Fastmarkets APT price (Low-High) of USD 1,164-1,246/mtu, MSR expects consolidated net revenue for fiscal year 2026 of between VND 16,000 billion and VND 20,300 billion, and net profit after corporate income tax (NPAT Pre-MI) of between VND 1,700 billion and VND 2,500 billion.

MSR said that with the current spot High-end APT price on Fastmarkets at around USD 3,265/mtu, significantly higher than the assumption underlying the fiscal year 2026 plan, profit results are expected to exceed the 2026 profit plan target if current market conditions continue for the remainder of the year.

As of June 30, 2026, the net debt/EBITDA ratio had improved to 2.1 times. Based on current operating results, high tungsten prices, and strong free cash flow generation capacity, the Management Board expects to bring the net debt/EBITDA ratio down significantly below the previously announced year-end target of about 1.7 times, further strengthening the Company’s balance sheet and increasing its financial headroom.

Alongside its production activities, MSR is advancing preparations for a potential listing transfer to the Ho Chi Minh City Stock Exchange (HOSE). A successful listing would expand the Company’s investor base, improve trading liquidity, and strengthen its ability to attract strategic and long-term institutional investors.

According to MSR’s Management Board, if tungsten prices continue to improve and the Company’s deleveraging roadmap proceeds as expected, MSR will achieve a net cash position during the 2027-2028 period, laying the groundwork for future cash dividend payments.