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Vua Nệm

Limited Partners Presentation

FY 2025 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
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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
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Offline channel remained a key pillar in 2025, consistently proving its value through number of high-margin stores and store network growth
Offline channel Revenue (USD mn)
Offline EBITDA and Margin
Sales Same-Store Growth
No. of active stores and % of stores with EBITDA > 10%
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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)
NSO %EBITDA in Opening Year
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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
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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
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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
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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
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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

Vua Nệm
01
Brand Awareness & Ecosystem
Vua Nệm was perceived as a mattress retailer rather than a brand ecosystem, limiting the distinctiveness of its house brands. The strategy will strengthen brand awareness and clarify the ecosystem positioning and build stronger, more memorable brand identities.
02
Market Education
Sustain and refresh market education to elevate awareness of sleep's impact on health and quality of life, while helping customers better understand product lines to shorten the purchase decision process.
03
Convert & Optimise
Convert built awareness and demand into actual purchases across channels, while optimizing revenue, profitability, and each brand's contribution within the Vua Nệm ecosystem.
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)
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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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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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