PAN Group (HOSE: PAN) | Q3 2025 Update, ADD – 1Y Upside +11.6%

Agriculture Weakness Weighs On Q3 2025 Results, strategic Divestment On Track

PAN’s business performance slowed notably in Q3 2025, mainly due to weaker results in the agriculture segment, with consolidated revenue of VND 5,138bn (+1.1% YoY) and NPAT of VND 266bn (-7.0% YoY).  The agriculture segment declined sharply, with revenue down 13.5% YoY to VND 1,220 bn and NPAT falling 24.8% to VND 123 bn, driven by unfavorable weather conditions, coupled with uncertainty surrounding the new tax regime led distributors to postpone purchases. Meanwhile, the seafood segment delivered stronger results, with revenue of VND 3,176bn (+6.0% YoY) and NPAT of VND 156bn (+40.3% YoY). In

9M2025, PAN’s revenue and NPAT reached VND 13,284bn (+11.5% YoY) and VND 724bn (+9.7% YoY), fullfilling 78.0% and 62.0% of our FY2025 forecast, respectively.

We maintain our forecast for PAN as business performance is in line with our forecast. 2025 revenue and NPAT are kept at VND 17,118bn (+5.8% YoY) and VND 1,180bn (+7.5% YoY), while 2026 revenue and NPAT are expected to reach VND 18,441bn (+7.7%) and VND 1,323bn (+12.1% YoY). We maintain our current valuation at VND 35,000/share, with an ADD recommendation, offering a 11.6% upside from the closing price of VND 31,350/share as of Nov 04, 2025