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FPT Corporation (FPT VN) – Q2 2026 – Global IT and AI Demand Drive Growth
Summary of H1 2026 results and outlook of FPT Corporation (FPT VN)
- Net revenue rose 12.6% y/y on a like-for-like (LFL) basis, adjusted for the deconsolidation of FPT Telecom. Global IT services, which accounted for 72.0% of total revenue, increased 13.4% y/y as FPT began converting the stronger backlog recorded since H2/2025, when global clients resumed previously delayed IT spending amid uncertainty over U.S. tariff policies and geopolitical tensions in early 2025. Japan remained the main growth driver (+22.0% y/y), while Europe sustained strong momentum (+40.0% y/y); growth in the U.S. and APAC was more moderate. Backlog continued to accelerate, expanding 32.3% y/y, supported by a rising number of large-scale projects and strong demand for emerging technologies, particularly AI/Data Analytics and Cybersecurity. Domestic IT revenue also grew strongly by 22.5% y/y, underpinned by continued traction in the Made-by-FPT ecosystem. Meanwhile, Education revenue declined 2.1% y/y amid slower enrollment, while Telecom maintained steady growth of 15.1% y/y, supported by robust broadband and PayTV subscriber additions.
- Net profit increased 14.1% y/y to VND5.1tn, strong operating performance was partly offset by the absence of last year’s one-off financial gains. Gross margin remained broadly stable, with AI-related pricing pressure offset by higher service-delivery efficiency from broader AI integration. Operating profit significantly outpaced revenue growth, rising 27.4% y/y, as company-wide productivity improvements reduced SG&A expenses to 17.7% of net sales from 19.6% in H1/2025. Income from associates also grew strongly by 44.8% y/y on solid results at affiliated companies. These gains were partly offset by a 56.1% decline in net financial income, mainly reflecting the absence of the sizable foreign-exchange gains recorded last year.
- For H2/2026, we expect revenue growth to accelerate year-over-year, supported by stronger revenue conversion from large contracts wins secured since H2/2025, with backlog momentum remaining robust through H1/2026. Beyond the near term, FPT’s strategy is centered on monetizing AI through commercial applications and client solutions that leverage existing open-source AI technologies. The Group is focusing on the data and application layers where it already has established capabilities, while remaining selective in CAPEX deployment. This approach is reinforced by global technology partnerships, targeted infrastructure investment and talent development through its education platform.
Read our previous analysis on FPT’s quarterly earnings.
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