EVS Securities Reports VND 197B Q1 2026 Pre-Tax Loss, First Major Sector Loss

Overview

EVS Securities (EVS) reported a pre-tax loss of nearly VND 197 billion for the first quarter of 2026, a stark reversal from a profit of nearly VND 18 billion in Q1 2025. This marks the first major loss disclosed in Vietnam’s securities sector for the quarter, attributed to a sharp revenue decline and surging operating costs.

Key Facts

• EVS reported a pre-tax loss of nearly VND 197 billion in Q1 2026, compared to a profit of nearly VND 18 billion in Q1 2025.
• Operating revenue fell by nearly 91% year-over-year to just over VND 8 billion in Q1 2026.
• Profit from financial assets at fair value through profit or loss (FVTPL) plunged from VND 75 billion in Q1 2025 to just over VND 2 billion in Q1 2026.
• Operating costs surged to VND 188 billion in Q1 2026, more than triple the level in Q1 2025.
• The company incurred nearly VND 10 billion in securities market management fees during the quarter.
• Among 12 securities firms reporting Q1 2026 results as of April 17, EVS is the first to post a major loss.
• Agriseco Securities reported a pre-tax profit of VND 55 billion in Q1 2026, up 35% year-over-year.

What Happened

EVS Securities disclosed its Q1 2026 financial results, showing a pre-tax loss of nearly VND 197 billion, according to a sector update on April 17. This contrasts sharply with a profit of nearly VND 18 billion in the same period last year. The loss was driven by a severe revenue contraction, with operating revenue dropping nearly 91% to just over VND 8 billion, primarily due to a steep decline in FVTPL profit and an 87% fall in lending and receivables income.

Simultaneously, operating costs ballooned to VND 188 billion, more than triple the Q1 2025 level, exacerbated by nearly VND 10 billion in securities market management fees. The results position EVS as the first securities firm to report a major loss for Q1 2026 among the 12 companies that had disclosed figures by April 17, while peers like Agriseco and Bảo Minh Securities posted profits.

Market Context

EVS trades on the HOSE exchange, where its stock has likely faced pressure amid broader market volatility and sector-specific headwinds. The securities sector in Vietnam has been grappling with fluctuating trading volumes and regulatory changes, impacting brokerage and proprietary trading revenues. EVS’s dramatic loss underscores the operational challenges within the sector, particularly for firms heavily reliant on FVTPL income, which has proven volatile in recent quarters.

Strategic Significance

The loss highlights EVS’s vulnerability to revenue concentration in FVTPL and lending activities, which collapsed in Q1 2026. For long-term investors, this raises questions about the firm’s risk management and cost control, especially as operating costs tripled despite plummeting revenues. The event may signal a need for strategic diversification or operational restructuring to mitigate similar shocks in future market downturns.

What to Watch

• EVS’s Q2 2026 earnings release to see if the loss trend persists or moderates.
• Management commentary on cost-cutting measures or strategic shifts in response to the Q1 loss.
• Sector-wide Q1 2026 performance data from the remaining securities firms yet to report.
• Regulatory updates from the State Securities Commission affecting fee structures or trading activities.
• EVS’s quarterly filings detailing changes in FVTPL portfolio composition and risk exposure.