Masan Consumer Corporation · HOSE:MCH
Masan Consumer — Q3 2025 Earnings Presentation
20 slides from Masan Consumer's earnings presentation, Oct 29, 2025
Slide 1: Masan Consumer Analyst Meeting 3Q2025
Masan Consumer (UpCOM: MCH) Analyst Meeting 3Q2025 29/10/2025 0
Slide 2: Double down on the foundation for 2026 re-acceleration
Double down on the foundation for 2026 re-acceleration 1 2 3 Scale successfully piloted Invest strongly in brand Accelerate direct coverage innovations building and R&D capabilities model to drive growth for core categories Gain competitive advantages for Innovations to enhance brand Enable both pre
Slide 3: 3Q2025 Business Performance
3Q2025 Business Performance 2
Slide 4: MCH revenue decline narrowed in 3Q25
MCH revenue decline narrowed in 3Q25… Revenue (VND bn) EBITDA (VNDbn) NPAT-MI (VNDbn) 21,955 21,281 7,987 7,517 5,739 5,545 5,474 4,588 2,184 2,021 2,072 1,676 3Q Revenue 9M Revenue 3Q EBITDA 9M EBITDA 3Q NPAT-MI 9M NPAT-MI 2024 2025 2024 2025 2024 2025 3Q revenue de-growth was narrowed vs. 2Q due t
Slide 5: Direct Coverage rollout progresses toward recovery
… as Direct Coverage rollout progresses toward recovery. Reducing stock level & inventory days Total revenue and GT improved in 3Q2025 assuming normalized inventory levels YoY Distributors Wholesalers Total revenue GT Stock level ~1,200 VNDbn ~1,000 VNDbn -5.9% ▼15% YoY ▼30% YoY -9.9% Normalized tot
Slide 6: Double digit growth across every channel except GT
Double digit growth across every channel except GT 3Q25 MCH’s revenue (VND bn) and YoY growth by channel (%) 1,218 359 63 216 71.6% 60.0% 12.5% 14.8% Modern Trade Global E-Commerce HORECA Revenue Revenue (VND bn) growth (%) 5
Slide 7: GT direct to retail transformation demonstrating signs of growth recovery
GT direct to retail transformation demonstrating signs of growth recovery 3Q vs 2Q MCH’s revenue mix in 3Q2025 2,457 Mix in %, YoY change in bps Seasoning ▼13.8% YoY ▲23.7% QoQ 2,849 4.8%, ▲90bps 2,464 7.6%, ▲170bps COFO ▼5.7% YoY ▲26.0% QoQ 2,614 4.3%, ▼80bps 32.7%, ▼300bps 1,269 Bottled Beverages
Slide 8: Growth set to come back as direct coverage roll-out completed
Growth set to come back as direct coverage roll-out completed… More stores YoY change in 3Q25 (%) ~345K (▲40%) ▲2x 30% (▼ VS. 60%) Outlet coverage Visit frequency per outlet Wholesales contribution after vs. before after vs. before after vs. before Maintain competitive Direct Coverage Direct Coverag
Slide 9: Each rollout phase recovers faster than the previous
…as each rollout phase(1) recover faster than the previous. Phase 1-3 Phase 4-5 Phase 6 Sep 2024 – Jun 2025 Jul – Aug 2025 Sep 2025 ▲5.7% YoY ▼5.5% YoY ▼10.5% YoY Sellout growth(2) Sellout growth(2) in Sellout growth(2) in in 3Q25 3Q25 3Q25 Achieved 12M run-rate after Phase 4 & phase 5 observed quic
Slide 10: Power Brands posting strong growth under new retail excellence model
Power Brands posting strong growth and innovations benefiting from new retail excellence business model Total GT Growth Sell-out(1) growth ▲13% YoY 0% YoY ▲7% YoY ▲29% QoQ(2) ▼7% YoY #outlets growth ▲20% YoY ▲33% YoY ▲41% YoY ▲42% QoQ ▲40% YoY Chanté: A New Brand Thriving Under Direct Coverage Direc
Slide 11: EBITDA margin remained solid at ~27.0% in 3Q25
EBITDA margin remained solid at ~27.0% in 3Q25, reflecting disciplined cost control 46.8% 45.6% 46.6% 45.6% 27.3% 26.9% 25.0% 24.2% 25.9% 26.1% 26.1% 24.9% 22.3% 23.6% 23.3% 21.6% Gross margin EBITDA margin EBIT margin NPAT-MI margin Gross margin EBITDA margin EBIT margin NPAT-MI margin 3Q2024 3Q202
Slide 12: Clear innovation pipeline powers continued growth
Clear innovation pipeline powers continued growth by staying ahead consumer trends Premiumization Strong focus on ~20% Convenience Foods, Innovation sales Seasonings, Health and wellness contribution in 2018-2024 Bottled Beverages in 2026 Convenience 11
Slide 13: Seasonings
Seasonings Revenue (VND bn) 3Q Revenue Breakdown By Gross Margin (%) Category +8.8% YoY, 7,667 55.1% 12% 53.9% 7,119 53.2% 53.5% -11.2% YoY, 12% -24.7% YoY, 2,849 54% 2,457 +11.1% YoY, 22% 3Q Revenue 9M Revenue 3Q Gross Margin 9M Gross Margin Fish sauce Chili sauce Soya sauce Others 2024 2025 2024 2
Slide 14: Convenience Foods
Convenience Foods Revenue (VND bn) Omachi Instant Noodles Gross Margin (%) Revenue (VND bn) 6,957 42.7% 6,637 41.0% 39.6% 39.8% 3,513 3,257 2,614 2,464 1,274 1,309 3Q Revenue 9M Revenue 3Q Revenue 9M Revenue 3Q Gross Margin 9M Gross Margin 2024 2025 2024 2025 2024 2025 ▪ Despite slight total revenue
Slide 15: Bottled Beverages
Bottled Beverages Revenue (VND bn) Gross Margin (%) 49.1% 48.8% 48.4% 48.3% 3,868 3,577 1,275 1,269 3Q Revenue 9M Revenue 3Q Gross Margin 9M Gross Margin 2024 2025 2024 2025 ▪ Compared to 2Q negative de-growth in, bottled beverages has showed ▪ Gross margin held firm above 48% in 3Q25, with minor di
Slide 16: Home Personal Care
Home Personal Care Revenue (VND bn) Gross Margin (%) 44.1% 1,475 42.8% 1,313 36.1% 35.6% 571 468 3Q Revenue 9M Revenue 3Q Gross Margin 9M Gross Margin 2024 2025 2024 2025 ▪ The positive performance of HPC was mostly registered by MCH’s new ▪ 3Q25 gross margin maintained strong YoY performance, drive
Slide 17: Coffee
Coffee Revenue (VND bn) Gross Margin (%) 31.6% 31.6% 1,190 27.8% 27.4% 1,130 405 324 3Q Revenue 9M Revenue 3Q Gross Margin 9M Gross Margin 2024 2025 2024 2025 ▪ Coffee segment faced short-term pressure in 3Q25 amid lower ▪ Gross margin strengthened in 3Q25 mostly attributed to pricing consumption an
Slide 18: Go Global
Go Global International markets continued its growth momentum in 3Q25 Revenue (VND bn) 1,075 Accelerating brand building 841 model in Asian markets 313 359 3Q Revenue 9M Revenue 2024 2025 900 32 ▪ Convenience Foods and Coffee led 3Q export momentum, growing by +60.8% and +21.9% YoY respectively. ▪ A
Slide 19: Scan to raise question to the Management
[Action required] Scan to raise question to the Management 18
Slide 20: Thank You !
Thank You ! 20