Slide 1: Masan Consumer August 2026
Masan Consumer August 2026
Slide 2: MCH – The Crown Jewel of Masan Group
MCH – The Crown Jewel of Masan Group #1 Protein Platform #1 Tea Chain Market cap: ~$400m Market cap: Private Ownership ~91% Ownership 85% #1 FMCG Platform #1 Modern Grocery FY25 EBIT (1): $290M Retailer Market cap: ~$7B Market cap: ~$ 4B Ownership ~70% Market cap: Private Ownership ~ 91% #1 Private
Slide 3: MCH – The Quality Compounder
MCH – The Quality Compounder Base -line: 1.5 - 2.0x Margins & Cashflow Go Global, Win Beverage & GDP Growth Durability New Category 20-25% 10-15% 5% 5% Total EBIT CAGR Dividend yield EBIT CAGR Shareholder Return
Slide 4: MCH: Vietnam's Consumption Proxy
MCH: Vietnam's Consumption Proxy
Slide 5: Vietnam – Why Now?
Vietnam – Why Now? Vietnam - Asia’s Fastest Structural Growth Story Strong Recovery Underway 8.2% 7.6% GT Disruption (New Household Tax) 4.8% 4.5% 4.0% 5.3% 3.4% 5.1% 4.8% 4.7% 3.1% 3.0% 3.0% 1.9% 2.6% 1.7% 1.5% Vietnam India Indonesia Malaysia China Singapore Philippines Thailand Q2 24 Q3 24 Q4 24
Slide 6: A High-Growth Consumer Market with Significant Runway
A High-Growth Consumer Market with Significant Runway Metric 1H26 Real GDP Growth 4.8% 7.6% 8.2% 3.0% 2.6% 5.3% (% YoY) Average 2025 -30E Real GDP Growth 4.1% 6.6% 7.3% 5.4% 2.4% 5.0% (% p.a.) General Trade S hare 30% - 35% 90% - 95% 85% 65% 45% 70% - 75% (% of Grocery Retail (1)) Political / Macro
Slide 7: Entering the Consumption J Curve: The Structure of India, The Trajectory of China
Entering the Consumption J Curve: The Structure of India, The Trajectory of China 900 2-3X (1) Opportunity Potential Across Categories(2) 2025 FMCG spending per capita ($) Premiumization Health & Wellness Convenience / Out -of-home 80%+ of Retail Flows Through General Trade 2030 Forecast Structurall
Slide 8: MCH Snapshot
MCH Snapshot Multi -Category Superior Growth FCF to Shareholders Leadership and Profitability ~98% $1.2B 2025 Revenue Vietnamese Household Penetration ~90% ~11% 2017 – 2025 Average Dividend Payout Ratio (% of NPAT) 2017 -2025 75% Revenue CAGR Category Leadership (1) $268M 2025 EBIT ~$1.8B 2017 -2025
Slide 9: A Resilient Compounder Across Economic Cycles
A Resilient Compounder Across Economic Cycles Boom, bust, and Banking crisis Stabilization & COVID shock Bond crisis & hyper-inflation growth boom recovery 2,000 FY06 - FY26 : ▲ 23 % Revenue CAGR ▲ 33% EBIT CAGR 1,500 FY17 - FY26 : ▲ 11%Revenue CAGR ▲ 15% EBIT CAGR Revenue ($M) 1,000 500 - 2006 2007
Slide 10: The Masan Consumer Operating System – Brand, Distribution & Tech
The Masan Consumer Operating System – Unique Combination of Brand, Distribution & Tech Digital Engine Mental Mindshare Physical Availability Brand Engine Distribution Engine ~5,300 ~450 ,000 WCM stores stores 10
Slide 11: We Build Brands – Both Pricing Power + Volume Growth
We Build Brands – Both Pricing Power + Volume Growth 1.8x Market Growth(1) 1.1x Market Growth 2.3x Market Growth 1.2x Market Growth 6.4x Market Growth Price Index(2) 1.5x Price Index 1.8x Price Index 1.6x Price Index 0.9x Price Index 1.0x Revenue ($M) ▲ 20.1% CAGR Revenue ($M) ▲ 6.1% CAGR Revenue ($
Slide 12: We Build Brands
We Build Brands Winning the “Zero Moment of Truth” Owning a Distinctive Emotional Brand Equity Consumer Shopping Journey Brand Lifestyle Happiness Innovation Excitement Brave to Elegance equity win Zero Moment First Moment Second Moment Third Moment of Truth of Truth of Truth of Truth Market (Win be
Slide 13: Obsessed with Understanding Consumers – Relentless in Serving Them Better
Obsessed with Understanding Consumers – Relentless in Serving Them Better Brand -led Business Model 80% 80% #1 Above -the -line Share Of Voice (² ) Deep Consumer Insights Above -the -line Marketing Marketing Investment Investment (¹ ) (¹ ) + Breakthrough Advertising #1 + 20% Share Of Voice (² ) Reve
Slide 14: Our Brand Architecture Playbook
Our Brand Architecture Playbook – Start with Premium, Own the Pricing and Scale with Mass 1996 –2010 2011–2015 2020 Now Kitchen Living Room Bath and Bedroom Out -of-home PREMIUM Own the aspiration Restaurant meal replacement (“RMR”) MASS Capture share and profit 1-dollar meal Decades of Early Invest
Slide 15: The Distribution Moat – Dominant, Owned and Digitized
The Distribution Moat – Dominant, Owned and Digitized Most Comprehensive Nationwide GT Coverage The Only FMCG Player with an Owned MT Anchor Direct Coverage Off -premise (1) 70% universe Direct Coverage On -premise (1) ~40% ~25% 350K ASO 100K ASO Contribution of MCH’s MT Revenue MT market share by v
Slide 16: 2025 – A Conscious Decision
2025 – A Conscious Decision GT disruption (new household tax) Retail Supreme roll -out ▲ $70 – 90 M ▲ Low -teen Growth in 4.1% (1) Estimated impact 3.5% 2H2026 3.0% 3.2% 2.8% 2.8% 1.2% 1.4% 0.9% -0.1% 11.1% 11.2% 11.0% 10.6% 7.2% 2.6% 0.3% -0.5% -9.9% -19.3% 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025
Slide 17: Retail Supreme – Going Deeper into GT with Digitalization
Retail Supreme – Going Deeper into GT with Digitalization Direct Coverage QR Connect Benefits Direct coverage Unique Store Identification Real -time visibility ▲ ~2x – outlet level sell -out data Wholesale contribution Direct launch – no innovation 65% to 25% gatekeeping SKUs / order Perfect stores
Slide 18: Retail Supreme – Technology Driving Productivity
Retail Supreme – Technology Driving Productivity AI Visibility Scoring Tool Order Recommendation Engine Retailer Membership Platform Retailers take shelf picture to earn rewards Outlet historical orders Points on every order AI audit vs. planogram Regional trending SKUs Tiered rewards & milestones S
Slide 19: Retail Supreme – Learning From the Best, Building Beyond
Retail Supreme – Learning From the Best, Building Beyond Traditional SEA distribution Leading Global FMCG Player in Retail Supreme model India Direct Coverage (1) 20% - 30% universe 30% universe 70% universe Wholesale Dependency (2) 60% - 70% wholesale 60% - 70% wholesale 20% - 30% wholesale Cost to
Slide 20: The cOS: Digital 4P
The cOS: “Digital 4P” From Data to Intelligence Powering the Digital 4P Place: Which Stores to Price: What Price to Sell? Offer? Brands SKUs Outlet segmentation guided by Location SKU × Store level × Customer Price Store Data scoring system Customization Data × Consumer Data Product: What Brands to
Slide 21: Deep Dive: MCH Growth Algorithm
Deep Dive: MCH Growth Algorithm
Slide 22: TAM / SAM Potential
TAM / SAM Potential MCH’s Addressable Market (1) Seasonings Convenience foods Non-alc. beverages HPC Snacks & confectioneries CAGR 2026E –2030E $24.5B 3.9 $15.6B +7.8% 3.5 2.9 +5.4% 2.8 11.8 +7.3% 8.9 +8.7% 3.7 2.7 1.2 +7.3% 1.5 2026E 2030E MCH’s Wallet Share 9% 10% – 15% Source: Frost & Sullivan; N
Slide 23: Our Current Category Mix
Our Current Category Mix Home Global Seasonings Personal Convenience Bottled Business Foods Care and Beverages other categories (1) Market share 45% 29% 9% 12% n/a ~$1.2B Revenue Contribution 35% 31% 15% 13% 6% FY25 Revenue Gross Profit Contribution 42% 27% 16% 11% 4% Revenue Growth Outlook 10%+ 15%
Slide 24: Seasonings: Premiumizing Fish Sauce
Seasonings: Premiumizing Fish Sauce Fish sauce mid -term growth Premiumization already underway… …but poised for acceleration algorithm Premium & MT are underpenetrated segment Case study GDP / capita: Vietnam Today = Japan in 1970s and MCH ’25 share MT GT Total China in 2010s Premium (>65K / lite
Slide 25: Seasonings Portfolio Ex Fish Sauce - Owning All Seasonings Occasions
Seasonings: Seasonings Portfolio Ex Fish Sauce - Owning All Seasonings Occasions Hot sauce & other Hot sauce & other seasonings Owning categories of the future seasonings mid -term growth algorithm A decade -long track record Cooking solutions: Drop & Forget collection FY17 – 1H26 Other CAGR (%) (1)
Slide 26: Convenience Foods: Innovation Drives Outperformance
Convenience Foods: Innovation Drives Outperformance Convenience Foods mid -term Structural shift from volume to value Innovation as core identity growth algorithm A decade long track record OMC: Each innovation carries layered intent FY17 – 1H26 Total CF CAGR (%) (1) Volume 13.0 % 6.0% 7.7% ASP 4 .5
Slide 27: Beverages: Learn Quick, Fail Cheap and Scale Fast
Beverages: Learn Quick, Fail Cheap and Scale Fast More launches, more targeted Beverages mid -term Market competitive dynamics and higher hit rate growth algorithm Market leader share instability Lack of product New R&D model Retail Supreme = innovation own activation touchpoint + (1H26A share / L5Y
Slide 28: Detergent: Win MT, Drive Scale in GT, Drive Margins
Detergent: Win MT, Drive Scale in GT, Drive Margins Proven playbook to deliver growth Our right to win Detergent growth roadmap and gain market share Distribution advantage Win in WCM and build scale #1 competitor Expand to GT to consolidate market Near -term Salesforce ~2,000 ~3,500 Brand investmen
Slide 29: Go Global – Bringing Vietnam's Best Brands to the World
“GO GLOBAL” – Bringing Vietnam’s Best Brands to A World That Loves Vietnamese Culinary Culture Solid growth foundation Clear execution plan Growth and profitability Vietnamese cuisine — a rising global favorite Brand building beyond Vietnam International revenue Brand equity World -class Revenue ($M
Slide 30: Margin Resilience Through Cost Inflation
Margin Resilience Through Cost Inflation What moved? Why it moved? Where it settles GM bridge ▪ Seasonings: premiumization and disciplined FY22GM 42.3% FY24 GM 46.6% pricing Seasonings +1.5ppt Seasonings +0.1ppt GM outlook 45% – 46% ▪ Convenience Foods: wheat and shortening Convenience Foods +2.1ppt
Slide 31: High Cash Conversion Supports Attractive and Sustainable Shareholder Distributions
High Cash Conversion Supports Attractive and Sustainable Shareholder Distributions Highly Cash -Generative Earnings Model Best -in-Class Capital Returns and Expected Payout $M 2023A 2024A 2025A ROIC (3) ROE (4) EBIT 256 286 268 44% 41% (+) D&A 28 29 30 222% (+/-) Change in working capital 50 (9) (21
Slide 32: MCH – The Quality Compounder
MCH – The Quality Compounder Base -line: 1.5 - 2.0x Margins & Cashflow Go Global, Win Beverage & GDP Growth Durability New Category 20 -25% 10-15% 5% 5% Total EBIT CAGR Dividend Yield EBIT CAGR Shareholder Return
Slide 33: 2026 Business Plan Progress Tracking
2026 Business Plan Progress Tracking Revenue growth EBIT growth (YoY) (YoY) Actual 1H2026 13.6% 11.8% FY2026 Guidance 11% – 15% 10% – 15% 33
Slide 34: Shareholder Structure
Shareholder Structure Foreign Private Equity Retail, Management & Masan Group Singha (1) Investors Other Investors c.70% c.5% c.9% c.16% 34 Note: Shareholding as of August 2026. (1) Not a major shareholder
Slide 35: Disclaimer
Disclaimer This Presentation has been prepared by Masan Consumer Corporation and/or its affiliated companies (collectively, “MCH” ; together with any officer, director, employee, advisor or agent of MCH, collectively, the “Preparers”) for the purpose of setting out certain information in respect of