Slide 1: 3Q2025 MSN Community Day
3Q2025 MSN Community Day October 29th, 2025 1
Slide 2: MT penetration accelerating as consumer confidence rises
MT penetration accelerating as consumer confidence rises Consumer confidence is recovering Inflation is stable MT continues to gain share from GT Retail sales of goods (YoY growth) 3Q CPI growth 3Q MT market share gain Top 4 8.6% 9.0% 9.2% 10.6% 11.3% Urban Cities ▲1.5% YoY 7.1% ▲3.3% YoY Rural area
Slide 3: 3Q2025: profitable growth
3Q2025: profitable growth Unit in % YoY Revenue ▲22.6% Revenue ▼5.9% Revenue ▲23.2% LFL Revenue1 ▲9.7% EBITDA ▲54.7% EBITDA ▼7.4% EBITDA ▲56.6% LFL EBITDA1 ▲9.4% NPAT-MI ▲72.4% Net 2.8x debt/LTM (▼0.2x vs. EBITDA FY24) Revenue ▲21.2% Revenue1 ▲33.4% PBT ▲14.4% LTM Capex ▼ 8.7%2 EBITDA ▲35.1% EBITDA1
Slide 4: 3Q2025 NPAT up 1.4x YoY, highest quarterly profit since 1Q2022
3Q2025 NPAT up 1.4x YoY, highest quarterly profit delivered since 1Q2022 NPAT Pre-MI bridge (VND billion) Consumer-retail businesses Non-core/Non-operating activities 143 1,866 106 216 (35) 186 99 25 1,301 (176) Consumer-retail businesses1 EBIT uplift led by WCM, MML & Earnings uplift from MHT follo
Slide 5: Net debt to EBITDA improved to 2.8x
Net debt to EBITDA improved to 2.8x 2.8x ▼23% vs. FY24 ▲9% vs. FY24 ▼0.2x VS. FY24 ▲29% QoQ ▲3% QoQ Net debt/LTM EBITDA Cash & cash equivalents FCF in 3Q2025 in 3Q2025 in 3Q2025 5
Slide 6: 3Q2025 Business Segments Commentary
3Q2025 Business Segments Commentary 6
Slide 7: WCM continues to grow and improve profitability profile
WCM continues to grow and improve profitability profile Base-case of 400 NSO target surpassed ▲22.6% YoY Unit in store; In bracket: YTD store count change 3Q2025 Revenue1 increased to VND10,544 billion 1,723 (▲112) 759 (▲9)2 4,292 ▲464 stores 129 (▲0) 1,681 (▲343) ▲54.7% YoY WiN Urban Rural WMT 3Q20
Slide 8: Strong LFL performance nationwide
Strong LFL performance nationwide LFL revenue growth and NSO in 3Q by region ▲11.2% YoY ▲12.4% YoY ▲13.2% YoY ▲76 NSO ▲66 NSO ▲4 NSO North Central South 8
Slide 9: First quarter that both mini-mart and supermarket delivered positive EBIT
First quarter that both mini-mart and supermarket delivered positive EBIT Minimarts (“WMP”)’s Performance Supermarket (“WMT”)’s Performance 7,598 VNDtrn (▲22.5% YoY) 2,522 VNDtrn (▲9.3% YoY) 3Q2025 Revenue 3Q2025 Revenue ▲11.0% YoY ▲9.7% YoY 3Q2025 Revenue LFL growth 3Q2025 Revenue LFL growth ▲6.7%
Slide 10: Rural continues to be a standout, but all formats grew by double digits
Rural continues to be a standout, but all formats grew by double digits WiN WinMart+ Urban WinMart+ Rural 759 stores as of 3Q2025 (▲9 stores) 1,723 stores as of 3Q2025 (▲112 stores) 1,681 stores as of 3Q2025 (▲343 stores) Target segment: Municipal Cities1 Target segment: Urban Target segment: Rural
Slide 11: MCH financial result does not reflect the true health of the business
MCH financial result does not reflect the true health of the business Reducing stock level & inventory days in 3Q2025 ▼5.9% YoY Distributors Wholesalers 3Q2025 Revenue decreased to VND7,517 billion Stock value 1,208 VNDbn ~1,000 VNDbn ▼7.4% YoY ▼15% YoY ▼~30% YoY 3Q2025 EBITDA decreased to VND2,021
Slide 12: Double digit growth across every channel except GT
Double digit growth across every channel except GT MCH revenue growth by channel (%) 71.6% 60.0% 12.5% 14.8% Modern Trade Export E-Commerce HORECA Modern Trade Export E-Commerce HORECA 12
Slide 13: 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 2,595 4.3%, ▼80bps 32.7%, ▼300bps Bottled 1,269 Beverages
Slide 14: Growth set to come back as direct coverage roll-out completed
Growth set to come back as direct coverage roll-out completed… More stores Figures as of 3Q2025 vs. 3Q2024 ~345K (▲40%) 30% (▼ VS. 60%) Outlet coverage (ASO) Wholesales contribution after vs. before after vs. before Maintain comparable Direct Coverage Direct Coverage cost to serve More efficient Fig
Slide 15: Each rollout phase recovers faster than the previous
as each rollout phase1 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 growth2 in Sellout growth2 in Sellout growth2 in 3Q2025 3Q2025 3Q2025 Achieved 12M run-rate after Phase 4 & phase 5 observed quicker
Slide 16: Power Brands posting strong growth and innovations under new retail excellence model
Power Brands posting strong growth and innovations benefiting from new retail excellence business model Total GT Growth Sell-out1 growth in 3Q2025 ▲13% YoY 0% YoY ▲7% YoY ▲29% QoQ2 ▼7% YoY ASO growth in 3Q2025 ▲20% YoY ▲33% YoY ▲41% YoY ▲42% QoQ ▲40% YoY Chanté: A New Brand Thriving Under Direct Cov
Slide 17: MML: volume uplift across farm and meat segment drive growth
MML: volume uplift across farm and meat segment drive growth Revenue and revenue growth by meat-type ▲23.2% YoY 3Q2025 Revenue increased to VND2,384 billion VND809 bn, ▲14.2% YoY ▲56.6% YoY VND572 bn, ▲42.9% YoY 3Q2025 EBITDA increased to VND260 billion VND997 bn, ▲21.5% YoY ▲5.2x YoY 3Q2025 NPAT Pr
Slide 18: Innovations powered Processed Meat growth
Innovations powered Processed Meat growth Innovation is driving Processed meat’s growth New consumption occasion with the Snacking category Unit in in % of Processed meat revenue Unit in in % 33% ▲55% Innovation as % of Process meat revenue in 3Q2025 Snacking1 category’s YoY growth ▲1,600bps YoY (1)
Slide 19: MML and WCM synergies accelerate
MML and WCM synergies accelerate MML Leads Protein Share2 MML’s contribution of in WCM MML ADS1 at WCM outlets WCM LFL growth 65% 2.3 MML contributes protein share VNDmn/day/store 3% out of 11% of ▲90bps YoY ▲17.9% YoY WCM LFL growth (1) ADS stands for average daily sales. 19 (2) Protein share refer
Slide 20: MML's margin profile continues to improve
MML’s margin profile continues to improve Gross profit by meat-type Improvement in operational efficiency GPM improved by ▲120bps YoY 26.4% 27.6% Unit in VNDbn 8.0% ▲6.0% 9 657 84 Porker utilization in Porker value growth processed meat (vs. 3Q2024) 55 (▲ vs. 7.4% in 3Q2024) 509 ▼4.9% ▼4.5% 3Q2024 C
Slide 21: PLH's net margin improved 470bps YoY post-rebranding campaign
PLH’s net margin improved 470bps YoY post-rebranding campaign ▲21.2% YoY ~24 VNDmn (▲8.8% YoY) 3Q2025 Revenue increased to VND516 billion 3Q2025 LFL ADS post-rebranding ▲35.1% YoY ▲5 NSO (189 total store count) 3Q2025 EBITDA increased to VND94 billion 3Q2025 Outside-WCM store count1 ▲2.1x YoY 32.9%
Slide 22: PLH's brand rejuvenation journey
PLH’s brand rejuvenation journey – Ủ Vị Tâm Giao (“Cultivating the Heart”) Brand NSO Hanoi-inspired rejuvenation expansion specialty menu Focused on “Winning Hanoi” with 2 of 13 planned Refreshed visuals, Tea mastery, Delivered 21.6% YoY in 3Q2025, new stores launched as of 3Q2025 toward the New sto
Slide 23: Favorable prices, operational improvements power MHT's 3Q result
Favorable prices, operational improvements power MHT’s 3Q result Trend(s) in key commodity prices ▲33.4% YoY 700 ATP ($/mtu) 519 ▲55% YoY 3Q2025 LFL Revenue increased to VND2,041 billion 334 500 in 3Q2025 300 1-Jan-24 1-Jun-24 1-Nov-24 1-Apr-25 1-Sep-25 Copper (USDth/ton) 11,000 9,209 9,796 ▲6% YoY
Slide 24: 2025 Outlook and Guidance Update
2025 Outlook and Guidance Update 24
Slide 25: 9M2025: Masan's Guidance Progress Tracker
9M2025: Masan’s Guidance Progress Tracker FY2025 9M2025 Status Base-case to High-case MSN Revenue – LFL 7% - 14% 8.0% On track EBITDA - LFL 5% - 14% 10.4% On track MCH Revenue 8% - 15% -3.1% Under EBITDA 6% - 12% -3.4% Under WCM NSO (stores) 400 – 700 464 On track Revenue 8% - 12% 16.6% Outperform E
Slide 26: Digital transformation
Digital transformation 26
Slide 27: Digitizing data – the strategic gateway to digitalization
Digitizing data – the strategic gateway to digitalization Cash Goods Logistics Members Operations Store Supplier Support Stores Center (GT/MT) Banks Transactions Goods Data Operations Data Unified Data Platform The most comprehensive consumer retail data in Vietnam 27
Slide 28: Location Scoring System leverages consumption data of MT and GT store network
Location Scoring System leverages consumption data of the unique store network of both MT and GT 400,000 Points of Sales provide data to score Stores 400,000 Hexagon nationwide (GT/MT) WCM Stores MCH Stores 28
Slide 29: Dynamic Assortment to automate Assortment selection
Dynamic Assortment to automate Assortment selection Dynamic Assortment Store A Store B Supplier Sell Sell Evaluate Evaluate 15% contribution to Store Scoring System MEATDeli sale growth Good Bad SKU Scoring System +1 SKU -1 SKU 29
Slide 30: Auto Replenishment Engine automate Ordering for stores
Auto Replenishment Engine automate Ordering for stores Logistics 15% Automated Ordering Progress Store Workload saving 10% 34% 44% 54% 78% 69% ~ 300B 90% p.a. 66% 56% 46% Automated Ordering 31% 22% Manual Ordering Jan-25 Apr-25 Jul-25 Oct-25 Dec-25 Dec-26 30
Slide 31: Appendix
Appendix 31
Slide 32: 3Q2025 & 9M2025 consolidated results
3Q2025 & 9M2025 consolidated results (VND billion) 3Q2025 3Q2024 YoY (%) 9M2025 9M2024 YoY (%) Revenue1 21,164 21,487 -1.5% 58,376 60,476 -3.5% Revenue – LFL2 21,164 19,290 9.7% 58,376 54,043 8.0% MCH3 7,517 7,987 -5.9% 21,281 21,955 -3.1% MBC4 94 118 -20.8% 280 430 -34.7% WCM 10,544 8,603 22.6% 28,
Slide 33: FAQ: Please submit your queries via this QR code
FAQ: Please submit your queries via this QR code https://forms.gle/FkoMhLccJgDZnsLJ9 33
Slide 34: Disclaimer
Disclaimer This Presentation has been prepared by Masan Group Corporation and/or its affiliated companies (collectively, “MSN”; together with any officer, director, employee, advisor or agent of MSN, collectively, the “Preparers”) for the purpose of setting out certain information in respect of MSN’
Slide 35: Thank you!
Thank you! 35