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Vua Nệm

Limited Partners Presentation

Annual Report · Vua Nệm

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From Breakout Performance to Scaled, Sustainable Growth

4×
Profit growth vs 2024
169
Active stores nationwide
40
New stores opened 2025
100%
Stores ≥10% cum. EBITDA
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Section 01

Financial Highlights

The most profitable year since inception — delivering 4× growth over last year.

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2025 — The most profitable year since inception, delivering 4× growth over last year
Net Revenue (USD mn)
Store-level EBITDA & Margin
Company-wide EBITDA & Margin
Net Profit & Margin
The uplift in mattress and accessories sales volume was a key driver of revenue growth
Higher gross margin, combined with stable selling expenses, drove an improvement in store-level margin
Company-level margin stayed stable, but absolute profit still managed to rise by 16%
Impressive revenue growth and expense optimization enabled net profit to reach 4x last year's level
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Carrying strong momentum into 2026, Vua Nem delivered an exceptional first 4-month performance
Net Revenue (USD mn)
Store-level EBITDA & Margin
Company-wide EBITDA & Margin
Net Profit & Margin
Total revenue increased by 45.7% in the first four months of 2026, reflecting the positive impact of our expansion initiatives and customer acquisition efforts
Profitability improved across the board, led by a 7x YoY increase in net profit
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Offline continued to anchor the company's performance in 2025, with solid revenue and the highest contribution to both revenue and profit
Offline channel Revenue (USD mn)
Offline EBITDA and Margin
Sales Same-Store Growth
No. of active stores and % of stores with EBITDA > 10%
The addition of 40 new stores, together with exceptional in-store experiences and highly specialized sales teams, drove Offline revenue growth of +14%
Offline EBITDA increased +15.6% in 2025, reflecting both absolute growth and margin improvement, broadly in line with revenue performance, to reach +6.7 mn USD
Offline effectiveness was demonstrated by robust same-store growth and a near-perfect share of high-margin stores
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The expansion plan is yielding strong returns, with consistently short payback periods across new stores
Payback Periods by Opening Year (months)
The new expansion strategy has delivered stores with comparable revenue performance but significantly shorter payback periods, with all 2024 and 2025 openings classified as high-margin stores
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Online: Ongoing website optimization, coupled with higher customer engagement, fueled both revenue growth and profit expansion in the online channel
Online Revenue (USD mn)
Online EBITDA (USD mn) & Margin
Enhanced pricing competitiveness helped increase sales volume and strengthen Online channel performance
Optimized marketing spend and lower salary expenses helped improve the Online channel's EBITDA margin
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The Ecommerce channel delivered a standout performance, recording the highest growth rate among all channels
Ecommerce Revenue (USD mn)
Ecommerce EBITDA (USD mn) & Margin
Effective promotions and product launches, including Goodnight, drove E-commerce's impressive growth
Gross margin improvement more than offset expansion-related expenses, driving positive EBITDA growth in both margin and absolute terms
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The continued success of the Good Price Store Model remodel is reflected in its strong returns
Sale/store/month (USD)
QTY Mattress/store/month (pcs)
EBITDA/store/month (USD)
Add-on Rate
Good Price rebranding improved store performance, particularly by increasing sales volume across mattresses and complementary products
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Section 02

2026 Strategy

Scaling disciplined expansion, strengthening the brand portfolio, and deepening market penetration.

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Store Network

Consistent strategic scaling of the store network

  • Continued expansion of the store network through a disciplined new store opening strategy
  • Site selection focused on key factors: population density, income levels, and local socio-economic conditions
  • 40 new stores opened in 2025, bringing the total to 169 stores by year-end
  • Expanded presence into 8 new provincial markets
  • 100% of stores achieved over 10% cumulative EBITDA to date
169
Total stores
40
New in 2025
8
New provinces
139 Existing stores
40 New planned stores
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Section 03

Brand Portfolio

Expanding the brand list by exploring high-potential sectors — from sleep to lifestyle.

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Strengthening online & offline channels through a diversified brand portfolio
Vua Nem Gia Tot
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Scroll to rotate
Vua Nệm Good Price – Making Quality Sleep More Affordable
Far more than just an accessory brand, Vua Nem Beddings is a strategic engine designed to broaden our sales funnel and maximize customer lifetime value
Goodnight is more than sleep—it's a lifestyle brand inspiring young consumers to live positively, healthily, and with style
Nunu Petit – Pure Comfort for Baby's Sleep
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Section 04

Brand-led Marketing

Driving brand- and material-led marketing to anchor each Vua Nệm brand to specific product categories.

iComfy
Amando
Gummi
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Driving brand- and material-led marketing to clarify product differences and anchor each Vua Nệm brand to specific product categories in the minds of customers
iComfy Revenue (USD mn)
Amando Revenue (USD mn)
Gummi Revenue (USD mn)
All three brands delivered positive revenue growth in 2025, with peak growth reaching over 30%, and are expected to maintain this upward trajectory going forward
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Section 05

E-commerce Channel: Strategic Actions

Strategic initiatives undertaken in 2025 to elevate overall e-commerce performance.

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In 2025, the E-commerce and Online channels undertook key strategic actions to elevate overall performance
Vua Nệm
01
Strategic Product Innovation
E-commerce collaborates with Sourcing to develop Gen Z-focused products, leveraging design, packaging, and benchmarking to build a sustainable advantage, with top TikTok Shop rankings driving traffic and awareness.
02
Hybrid Team Model
Hybrid team with integrated roles, enabling full customer journey ownership and continuous optimization of conversion and marketing efficiency.
03
Branding Performance Growth Strategy
A large-scale KOC network drives continuous content, expanding touchpoints and converting awareness into stable baseline sales.
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Exploring growth opportunities beyond Vietnam
Vua Nệm
International Expansion
In addition to optimizing our domestic operations, we are actively exploring opportunities to expand into international markets across Southeast Asia, with potential target markets including Thailand, Indonesia, and Malaysia.

The team is currently assessing both opportunities and challenges, leveraging our network and engaging with retail partners and industry experts to develop a comprehensive and in-depth view before taking the next steps.
Top 5 E-Commerce Southeast Asia
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Workforce training is considered a critically important strategic initiative for the company
Vua Nệm
Mandatory Training Programme 2025
In 2025, Vua Nem rolled out a mandatory training program across both office and store functions, covering onboarding, professional development, soft skills, and management training. Delivered by both internal and external experts, the program aims to enhance capabilities, strengthen engagement, and reduce employee turnover.
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Vua Nệm

Thank You

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