Slide 1: Investor Presentation Imexpharm Corporation Q4 and FY2025
INVESTOR PRESENTATION IMEXPHARM CORPORATION Q4 and FY2025
Slide 2: Vietnam Pharmaceutical Market Overview
01 VIETNAM PHARMACEUTICAL MARKET OVERVIEW 2 2
Slide 3: High-tech, high-value products particularly vaccines driving market growth
High-tech, high-value products particularly vaccines driving market growth Market Value Breakdown Market Value CAGR 2023-2025 9.0% p.a Local 41% Import MAT 3Q2025: 9% yoy ▲6% 59% ▲11% Retail Hospital MNC 39% Market Volume 61% Non-MNC 39% ▲4% 61% ▲12% CAGR 2023-2025 ▲12% ▲7% 2.5% p.a (Sources: 3Q2025
Slide 4: Vietnam pharmaceutical market achieving milestones in enhancing industry standards
Vietnam pharmaceutical market is achieving certain milestones in enhancing industry standards in both breadth and depth Harmonized Advanced domestic Expanded Digitalized quality regulatory framework manufacturing infrastructure & access systems • Resolution 72 targets • 34 factories meeting EU- • Re
Slide 5: Health-care infrastructure has been expanded significantly in recent years
Health-care infrastructure has been expanded significantly in recent years Health insurance coverage ratio No. of hospitals nationwide CAGR 8% p.a 95.2% 94.3% 93.4% 92.0% 1,235 1,665 91.0% 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 No. of medical treatments covered by health insurance To
Slide 6: Accelerating EU-GMP production capability nationwide
Accelerating EU-GMP production capability nationwide 11% 0.12 10% 9% 0.10 9% 9% 8% 8% 7% 0.08 7% 34 0.06 0.04 25 26 28 22 21 30 18 19 0.02 - No. of EU GMP factories Contribution to Total GMP facilities Sources: DAV 6
Slide 7: Market outlook
Market outlook The pharmaceutical industry is achieving significant progress in improving production levels both in breadth and depth, gradually better meeting the growing healthcare needs of the population in terms of both scale and quality. The increase in both supply and demand for high-quality m
Slide 8: Business Results
02 BUSINESS RESULTS 8 8
Slide 9: Sustaining double-digit growth & pioneering Vietnam's first generics market
Sustaining double-digit growth & Pioneering Vietnam’s “first generics” market Year-end target completion Gross ▲ 16% yoy 98% revenue VND 2,914 billion Net ▲ 11% yoy 92% revenue VND 2,441 billion EBITDA ▲ 9% yoy 89% VND 567 billion PBT ▲ 10% yoy 91% VND 446 billion 9
Slide 10: Margin expansion through robust revenue growth and COGS optimization
Margin expansion through robust revenue growth and COGS optimization VND bn 2,914 2,441 (473) 1,002 (1,440) 121 567 446 (539) (16) Gross revenue Sales deduction Net revenue COGS Gross Profit SG&A expense Others PBT Int,Dep,Amor EBITDA YoY 16% 54% 11% 7% 17% 22% 48% 10% 11% 9% 10
Slide 11: Regaining momentum: Q4 saw a strong QoQ jump
Regaining momentum: Q4 saw a strong QoQ jump despite a YoY decline against a record breaking Q4 last year Gross revenue Q4 Q4 Gross revenue VND 796 bn VND Bn 767 51 22 796 ▲ 4% YoY ▲ 18% QoQ -44 Net revenue Q4 VND 641 bn ▼ 2% YoY ▲ 12% QoQ 4Q24 OTC ETC Others 4Q25 EBITDA Q4 1. Q4 successfully regain
Slide 12: Robust sales growth driven by both OTC & ETC
Robust sales growth driven by both OTC & ETC, demonstrating strong market demand Gross revenue by channel OTC channel VND bn YoY - Revenue via chains was up 76% yoy, accounting for 14% of OTC +84% revenue 3% 339 340 338 - Retail channel recovery (up 18% 2% 287 254 18% 44% yoy): Pharmacies resumed bu
Slide 13: SG&A expanded for transformation, while COGS efficiency fueled Gross Profit growth
SG&A expanded for transformation, while COGS efficiency fueled Gross Profit growth COGS (VND bn) +7% • COGS growth was contained at 7% YoY, driven by disciplined promotion spending and enhanced planning 1,350 1,440 processes that successfully optimized overhead • API cost was stable as price reducti
Slide 14: Outperforming the market in both top and bottom-line growth
Outperforming the market in both top and bottom-line growth Net Revenue EBITDA Profit before tax 521 567 2,441 464 2,205 23.6% 1,994 23.3% 23.2% 446 404 377 2023 2024 2025 2023 2024 2025 2023 2024 2025 EBITDA EBITDA Margin (*) Industry means top 6 local pharmaceutical companies by revenue: DHG, TRA,
Slide 15: Production by Factory
Production realigned to prioritize high-margin product such as EU-GMP injectables 2% 35% 9% Sales Volume & Value 31% 41% 25% 20% YoY Growth 12% 34% IMP1 IMP2 7% FY25 IMP3 IMP4 1% -4% Others IMP1 IMP2 IMP3 IMP4 sales volume sales value 14% Production volume FY25 Factory • Sales value growth for IMP1,
Slide 16: Strengthened Tier 2 presence while expanding into Tier 1
Strengthened Tier 2 presence while expanding into Tier 1 Market tender value IMP tender value (VND Tn) (VND Bn) 13.9% 13.6% %MS 0.8% 0.7% 45.1 0.5% 0.3% 2,714.4 29.5 26.6 25.0 19.9 2024 1710.8 2024 12.3 2025 2025 132.7 239.1 177.1 117.0 Tier 1 Tier 2 Tier 3-5 Tier 1 Tier 2 Tier 3-5 Source: The data
Slide 17: 25 new SKUs reinforce IMP's leadership in first-generic antibiotics
Sustainable growth fueled by strong product portfolio & outstanding R&D capability 8.9% 25 new SKUs reinforce IMP's leadership in 'first-generic antibiotics' and advanced complex dosage form manufacturing 5.0% 74% 26% 4.0% ✓ 1st generic launched 3.2% • Name product: Imecef – Ceftazidim/ Avibactam 2.
Slide 18: IMP: Outperforming pharma industry and market
IMP: Outperforming pharma industry and market % 160 120 Weighted avg. share price of IMP stock price top 6 pharma companies by revenue 80 40 VNIndex 0 -40 Stock price (VND) 52,500 IMP Market cap (VND) 8,085 Bn ▲ 12% ytd Average daily trading volume in 2025 (shares) 156,289 ▲ 65% YoY (HOSE) EBITDA mu
Slide 19: Recognized with prestigious awards in 2025
Recognized with prestigious awards in 2025 19
Slide 20: 2026 Business guidance
2026 Business guidance Completion rate No. Target (VND Bn) 2025 Target 2025 Actual 2026 Target vs. target 1 Gross revenue 2,980.6 2,914.3 98% ▲ Double-digit • OTC 1,248.4 1,271.4 102% • ETC 1,634.3 1,540.5 94% 2 Net revenue 2,649.0 2,441.1 92% ▲ Double-digit 3 Profit before tax 493.5 446.2 91% ▲ Dou
Slide 21: Balance sheet
Balance sheet Item (VND billion) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Total Assets 2,473 2,505 2,582 2,505 2,914 3,025 2,967 2,783 Current Cash and cash equivalents 109 128 183 162 303 262 174 189 Assets Short-term investments 132 132 87 142 152 282 222 212 Short-term receivables 363 379 420 384
Slide 22: Income statement
Income statement Item (VND billion) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Gross revenue 544.7 582.8 618.0 767.3 671.5 770.1 676.9 795.9 Sales deduction (53.6) (65.6) (73.3) (115.2) (77.4) (137.4) (103.3) (155.1) Net revenue 491.1 517.2 544.7 652.1 594.1 632.7 573.6 640.8 COGS (310.6) (316.6) (336.
Slide 23: Thank You
Thank You For further discussion, please contact our IR team ir@imexpharm.com 23