Masan Consumer Corporation · HOSE:MCH
Masan Consumer — Q4 2024 Earnings Presentation
28 slides from Masan Consumer's earnings presentation, Feb 7, 2025
Slide 1: Masan Consumer Analyst Meeting 4Q2024
Masan Consumer (Ticker: MCH) Analyst Meeting 4Q2024 07/02/2025 0
Slide 2: Masan Consumer - highly profitable growing Vietnamese FMCG platform
Masan Consumer (“MCH”) - highly profitable growing Vietnamese FMCG platform 5 29 Power Brands, each c.13-20% generating $100+ million Historical top-line & Years of heritage in annual revenue, with bottom-line further expansion 2017-2024 CAGR(1) prospects For the past 20 years, Masan Consumer KEPT G
Slide 3: 4Q2024 & FY2024 business performance
4Q2024 & FY2024 business performance 2
Slide 4: Macro environment gradually improved, retail sales of goods still lagged
While macro economic environment gradually improved, retail sales of goods still lagged behind as consumers shifted spending to services and rationalized Tet spending post-Yagi typhoon Gradual recovery in macro economic environment Yagi typhoon wiped out consumer confidence before Tet Export and Imp
Slide 5: Masan Consumer grew revenue and profit by ~10%, outperforming market
Masan Consumer grew revenue and profit by ~10%, outperforming market(1); Weaker 4Q revenue growth compared to the rest of the year… Revenue (VND bn) EBITDA (VNDbn) NPAT-MI (VNDbn) 30,897 28,241 8,333 7,803 7,505 7,085 8,493 8,942 2,427 2,593 2,275 2,329 4Q Revenue FY Revenue 4Q EBITDA FY EBITDA 4Q N
Slide 6: Transformed marketing and promotion, reduced distributor inventory, shifted innovation to 2025
… as Masan Consumer transformed marketing and promotion activities, reduced inventory at distributors, and shift innovation to early 2025. MCH’s sales expenses over revenue (%) 8.8% 8.3% 8.1% 7.5% 7.9% 7.6% 5.9% 6.1% 1Q 2Q 3Q 4Q MCH is confident in delivering a 2023 2024 solid 10-15% YoY growth in M
Slide 7: Diversified FMCG portfolio with healthy FY24 revenue growth across categories
A diversified portfolio of FMCG products with healthy FY24 revenue growths across different categories 4Q Revenue Breakdown FY Revenue Breakdown +22.4% YoY, 4% +30.8% YoY, 5% -1.6% YoY, 6% -12.4% YoY, 6% +8.9% YoY, 6% +7.2% YoY, 36% +13% YoY, 7% +7.1% YoY, 39% +14.2% YoY, 17% +4.8% YoY, 16% -4.4% Yo
Slide 8: Premiumization drove growth of segments with leading market shares
Premiumization drove the growth of segments with leading market shares (1) (2) Premium as % Fish Sauces Premium as % Convenience Foods +14.8% 50.6% 47.8% +12.7% 17.7% 16.1% FY2023 FY2024 FY2023 FY2024 Fish sauces >>> +2.4% Convenience Foods >>> +8.4% segment growth segment growth 7 (1) Premium fish
Slide 9: Innovation continues to fuel long-term growth
Innovation continues to fuel long-term growth by capturing new consumption trends and serving big unmet needs (1) While Beverages and HPC are accelerating product launches Innovation Revenue (VNDbn) to capture new consumption & lifestyle trends… HPC: Chanté Beverages: Bupnon Tea365 2,142 79 370 605
Slide 10: Operating margins improved slightly as MCH optimized sales expenses
Despite cost pressures on gross margin in 4Q, operating margins improved slightly as MCH optimized sales expenses 4Q Margins 47.3% 46.7% 28.6% 29.0% 26.9% 26.8% 26.3% 26.0% Gross margin EBITDA margin EBIT margin NPAT-MI margin 4Q2023 4Q2024 FY Margins 45.9% 46.6% 26.6% 27.0% 25.1% 25.3% 24.0% 24.6%
Slide 11: Seasonings: Chili Sauces and Other New Seasonings drove category growth
Seasonings: Chili Sauces and Other New Seasonings drove category growth; CHIN-SU grew 16% YoY contributing 75% total category growth Revenue (VND bn) Gross Margin (%) 11,195 10,446 55.5% 53.8% 54.3% 53.0% 3,292 3,528 4Q Revenue FY Revenue 4Q Gross Margin FY Gross Margin 2023 2024 2023 2024 ▪ Seasoni
Slide 12: 1st Tet Campaign Master Brand CHIN-SU
1ST TET CAMPAIGN MASTER BRAND CHIN-SU “CÓ CHIN-SU TẾT THẬT HẠNH PHÚC” NEW TET PACKAGING NATIONWIDE COVERAGE SERIES OF TET EVENTS 11
Slide 13: CHIN-SU Fish Sauce: Limited edition gift to premiumize the brand
CHIN-SU CÁ CƠM MÙA XUÂN Fish Sauce: Limited edition gift to premiumize the brand CHIN-SU fish sauce is positioned as a premium gift for Tet holiday, substantiating the premiumization strategy for CHIN-SU Power Brand. Celeb Gifting iTVC Quà Tặng Trân Quý Nguyen Hue LED billboard 12
Slide 14: CHIN-SU Chili Sauce: Expand new consumption occasions
CHIN-SU Chili Sauce: Expand new consumption occasions with activation programs in both domestic and international markets Build awareness with TVC “Bùng Lên Vạn Tiệc Vuii” Create engaging content via top trending shows Introduce Ot Bong merchandise Digital content to educate consumers on new occasio
Slide 15: Nam Ngu Fish Sauce: Upgrading consumers in premiumization journey
Nam Ngu Fish Sauce: Upgrading consumers in their premiumization journey Upgrade economy to mainstream Upgrade mainstream to premium 1. Build Awareness 1. Build Awareness ▪ TVC “Nam Ngư Chai thủy tinh mới” 2. Campaign Digital 2. Content Digital ▪ 500+ content reviews 3. Sponsor Key event Tết Tây Đô 3
Slide 16: Convenience Foods: Omachi delivered 13% YoY growth in FY2024
Convenience Foods: Omachi delivered 13% YoY growth in FY2024; Slight decline in 4Q was driven by distributor’s destocking after Yagi Gross Margin (%) Revenue (VND bn) Omachi Instant Noodles 9,152 Revenue (VND bn) 8,446 42.1% 41.0% 37.8% 39.1% 4,265 3,785 2,343 2,241 1,005 1,010 4Q Revenue FY Revenue
Slide 17: Omachi handy hotpot: Innovation to capture lifestyle trend
Omachi handy hotpot: Innovation to capture lifestyle trend of young consumers Launched in Nov 2024, Omachi handy hotpot records: Lifestyle products for young people: Create new trends on social media with ▪ VND28 billion in revenue covering 30,000 GT ASO (Active ▪ Digital clip & social clip in colla
Slide 18: Omachi: Tet campaign creating new use cases
Omachi: Tet campaign creating new use cases and consumption occasions Create a brand equity associated with springtime to promote youth, health, and internal and external beauty, fitting for family’s usage, which creates a gifting occasion for Omachi Create the behavior to buy Omachi box Digital Cam
Slide 19: Kokomi: Brand Revamp Kokomi Pro and Kokomi Đại
Kokomi: Brand Revamp Kokomi Pro and Kokomi Đại Kokomi Pro Kokomi Đại ▪ Enhance brand awareness ▪ TVC KKM90 – “Thêm 1 Khúc, Ngon hơn 1 Khúc” + regain shelf share via TVC & Digital Campaign through a block of 10+1 packages in November and December “Mì vàng sáng cho đời tươi ▪ Launch 2 SKU: Hải sản cay
Slide 20: Beverages: Innovation in RTD tea is the key driver of growth
Beverages: Innovation in RTD tea is the key driver of growth Revenue (VND bn) Gross Margin (%) 5,249 4,595 50.5% 50.6% 48.3% 48.1% 1,327 1,391 4Q Revenue FY Revenue 4Q Gross Margin FY Gross Margin 2023 2024 2023 2024 ▪ Revenue of Beverages(1) grew by 4.8% YoY in 4Q2024 and 14.2% YoY ▪ Gross margin s
Slide 21: HPC: Chanté is the main driver of growth
HPC: Chanté is the main driver of growth for HPC, offsetting declined growth of Net due to temporary distribution distruption Revenue (VND bn) Gross Margin (%) 1,838 1,809 35.0% 35.7% 33.3% 34.1% 563 494 4Q Revenue FY Revenue 4Q Gross Margin FY Gross Margin 2023 2024 2023 2024 ▪ HPC declined by 12.4
Slide 22: Highlighted campaigns: Chanté in GT
Highlighted campaigns: Chanté in GT Chanté gained strong sales traction in GT ▪ Expand distribution to 63,000 GT ASO (Active selling outlets) after 3 months launching and generate a healthy revenue rate at VND27 billion / month ▪ Highest repurchase rate(1) in both ASO and sales, above 80% to create
Slide 23: Coffee: Accelerated growth and better gross margin in 4Q2024
Coffee: Accelerated growth and better gross margin in 4Q2024 as a result of price action; Wake Up Mekong innovation adds to FY25 momentum Revenue (VND bn) Gross Margin (%) 1,769 1,625 31.9% 32.1% 30.5% 28.7% 638 565 4Q Revenue FY Revenue 4Q Gross Margin FY Gross Margin 2023 2024 2023 2024 ▪ Coffee’s
Slide 24: Go Global - international revenue growth accelerated to 30.8% in 4Q2024
Go Global – Revenue growth from international markets accelerated to 30.8% YoY in 4Q2024 Global palates embracing VN cuisine MCH has entered key markets and has seen strong initial traction FY23 market size for key export markets Among top 3 global trends for 2023 by The National Restaurant FY23 Ma
Slide 25: 2025 guidance: fewer but bigger innovations; potential HOSE listing
2025 guidance: Investing in fewer but bigger innovations to drive double-digit topline growth; Potential listing on HOSE to unlock value MCH aims to be listed on HOSE in 2025(1) Seasonings Convenience Foods Beverages Home & Personal care Coffee ▪ Continue to premiumize ▪ Extend market leadership ▪ L
Slide 26: 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 M
Slide 27: Thank You!
Thank You ! 26
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