BLACK CAT® INSULATION TECHNICAL JSC (STOCK CODE: BMK): ACCELERATING FROM THE 2025 FOUNDATION TOWARD THE VND 380 BILLION REVENUE TARGET IN 2026

From its 2025 business performance and positive signals emerging as early as Q1 2026 to its plans to expand operations, pay dividends, and implement an Employee Stock Ownership Plan (ESOP), Black Cat® Insulation Technical JSC is demonstrating a clear shift in its growth strategy and efforts to strengthen its competitive capabilities.

At the 2026 Annual General Meeting of Shareholders (AGM), Black Cat® Insulation Technical JSC (stock code: BMK) approved a number of key matters, laying the foundation for its development strategy in 2026. What stands out is not only the financial targets set by the Company, but also the tangible results taking shape from the beginning of the year, together with its orientation toward expanding the scale of operations in the period ahead.

2025: Plan Not Yet Achieved, but Key Foundations Strengthened

2025 took place against a backdrop of a challenging market environment, which affected the Company’s production and business operations. While actual results fell short of the planned targets, the year also marked a period in which the Company focused on strengthening its internal capabilities and preparing resources for the next phase of growth.

According to the figures presented at the 2026 AGM, consolidated net revenue in 2025 reached approximately VND 139.245 billion, total assets stood at VND 201.868 billion, and consolidated profit after tax reached approximately VND 952 million.

In the insulation segment, the Company continued to invest in technology and automated machinery, enhancing its processing and manufacturing capacity for thermal insulation materials.

Alongside the domestic market, the Company also gradually expanded its export capabilities into markets such as Europe, East Asia, and Oceania, creating additional momentum for its insulation processing operations in the period ahead.

In the scaffolding segment, the Company took a more proactive approach to resource management, reducing its reliance on outsourcing while enhancing its capacity to simultaneously execute multiple large-scale EPC projects.

These factors are of significant importance as the Company enters 2026 with a higher growth target.

Black Cat® JSC Sets Ambitious Growth Targets for 2026

The Company has set a target of VND 380 billion in net revenue based on its consolidated financial statements, representing a significant increase from VND 139.3 billion in 2025. Consolidated profit after tax is expected to reach VND 30 billion, while the target for total assets is set at VND 300 billion.

Notably, these targets are built on the basis of an established order book and contracts already in place. The Company stated that the total value of signed and under-negotiation contracts stands at approximately VND 320 billion, of which approximately VND 260 billion is expected to be recognized as revenue in 2026. In Q1 2026 alone, the value of invoices issued reached VND 62 billion.

While 2025 was a period in which the Company faced significant market pressures, the data emerging from the beginning of 2026 indicates that its order pipeline and capacity to execute its business plan have become increasingly clear.

Approval of a Dividend Payout Plan of Up to 15%

Under the proposed plan, the Company intends to make an advance payment of the 2026 dividend of up to 15% of par value, equivalent to VND 1,500 per share. The dividend will be paid in cash, subject to the Company’s business performance and applicable laws and regulations.

The dividend policy reflects the Company’s approach to balancing shareholders’ interests with the objective of maintaining financial resources for business operations and growth.

Black Cat® JSC Plans to Issue 400,000 ESOP Shares to Employees

Another notable development is the Company’s plan to issue ESOP bonus shares to employees in 2026.

The Company plans to issue up to 400,000 shares, equivalent to a maximum of 4.99% of its outstanding shares. The program is intended to recognize employees’ contributions, attract and retain key personnel, while also strengthening alignment between the workforce and the Company’s long-term development objectives.

The ESOP issuance will only be implemented if, as of September 30, 2026, the Company meets the required conditions of revenue of at least VND 129 billion and a profit-after-tax margin on revenue of at least 8%.

This makes the ESOP more than just a human resources policy; it also serves as a mechanism for aligning employees’ interests with the Company’s actual business performance.

Black Cat® JSC Plans to Establish a Subsidiary with VND 69 Billion in Investment Capital

As part of its 2026 expansion strategy, the plan to establish a subsidiary with an expected investment capital of VND 69 billion represents a notable strategic move.

The subsidiary is expected to operate as a single-member limited liability company, with its headquarters located in Dat Do I Industrial Park, Ho Chi Minh City. Its business activities will include fabrication insulation, Mechanical fabrication, painting services, insulation services, as well as office and factory leasing.

This expansion could help the Company enhance its production capacity, diversify its services, and create additional opportunities and capabilities for growth in the coming years.

2025 was not a year that fully met expectations, but what the Company is currently undertaking provides stronger grounds for optimism about its prospects in 2026.

Alongside investments in technology, greater control over resources, market expansion, its dividend policy, the ESOP issuance, and the plan to establish a subsidiary, 2026 is expected to be a year in which the Company accelerates growth on the foundation it has built over the preceding years.

This is also the most notable takeaway from the 2026 AGM: rather than shying away from what was not achieved in 2025, the Company is focusing on what is now being built to deliver a more effective 2026.