Slide 1: Record Profit – Guidance Uplift
Record Profit – Guidance Uplift 2Q2026 MSN Community Day Presentation 29.07.26
Slide 2: 2Q2026 Highlights
2Q2026 Highlights
Slide 3: MSN value creation drivers for 2026
MSN value creation drivers for 2026 19.3% YoY VND 12TMSN EBITDA as of 1H2026 2.4x Net debt to EBITDA as of 1H2026 cOS NPAT Pre-MI as of 1H2026 ▲54.7% vs. 1H2025 ▼0.3x vs. FY2025 cOS1 platform Earnings generation Balance sheet health (1) cOS: Consumer Operating System, Masan’s integrated operating pl
Slide 4: MSN delivered record 2Q topline and bottom-line results
MSN delivered record 2Q topline and bottom-line results Unit in % YoY Consumer Operating System (“cOS”) Revenue ▲53.5% EBITDA1 ▲87.1% Revenue ▲27.4% Revenue ▲14.2% Revenue ▲14.7% NPAT Post-MI ▲3.0x NPAT Pre-MI ▲14.0x NPAT Pre-MI ▲10.2% NPAT Pre-MI ▲3.6x2 Revenue ▲5.0x Revenue ▲26.9% NPAT Pre-MI ▲1,6
Slide 5: FY2026 MSN NPAT proposed new guidance raised
FY2026 MSN NPAT proposed new guidance raised by approximately 1.5x compared to AGM, supported by record 1H Proposed Proposed new guidance AGM guidance new guidance1 vs. FY2025 Revenue VND 93,500 – 98,000 B VND 98,000 – 105,000 B ▲20% - 29% YoY NPAT Pre-MI VND 7,250 – 7,900 B VND 10,000 – 11,500 B ▲4
Slide 6: cOS and MSR drove the 2Q profit step-up
cOS and MSR drove the 2Q profit step-up NPAT Pre-MI bridge (VND billion) Critical Consumer Operating System1 (“cOS”) mineral Non-operating activities platform 1,696 20.7% ROE (6) (203) 3,800 234 132 26 184 118 1,619 cOS EBIT grew by 24% YoY MSR’s 6x YoY EBIT uplift led growth, offset by net interest
Slide 7: Net leverage fell as higher earnings strengthen balance sheet
Net leverage fell as higher earnings strengthen balance sheet ▼ 2.2% VND 9,103B in LTM 2Q2026 ▲ 0.2% VND 17,557B in 2Q2026 2.4x vs. FY2025 vs. FY2025 ▼0.3x vs. FY20252 LTM FCF Cash1 Net debt/LTM EBITDA3 in 2Q2026 in 2Q2026 in 2Q2026 Earnings growth momentum across all businesses supports MSN’s targe
Slide 8: EBITDA growth drives net leverage lower over the years
EBITDA growth drives net leverage lower over the years Core businesses are funding their own growth Cash generated is returning to MSN (Net debt/EBITDA) 0.5 4.4 5.2 2.7 2.3 1.6 3.7 3.9 0.1 (0.3) (0.1) 2.9 2.7 2.2 2.4 (2) (2) 2023 2024 2025 1H2026 2023 2024 2025 1H2026 20.0 10.1 2020 2021 2022 2023 2
Slide 9: Business Commentary
Business Commentary
Slide 10: cOS connects retail reach, brand monetization and digital execution
cOS connects retail reach, brand monetization and digital execution Retail Engine Brand Engine Digital Engine Retail Engine – Profitable Expansion Brand Engine Digital Engine • WCM expands profitable modern • MCH and MML monetize reach • A digital layer that improves trade reach through daily-consum
Slide 11: Retail Engine
Retail Engine
Slide 12: WCM grew through both LFL sales and network expansion
WCM grew through both LFL sales and network expansion Unit in store; In bracket: YTD store count change ▲27.4% YoY (Minimart Urban) 2Q Revenue increased to VND 11,629B. LFL1 growth was up ▲13.5% YoY. 767 (▲9) 1,865 (▲101) ▲51.9% YoY 5,141 2Q EBITDA increased to VND 477B ▲549 stores ▲14.0x YoY (Super
Slide 13: WCM accelerated expansion while delivering store-level profitability
WCM accelerated expansion while delivering store-level profitability New-store ADS is equivalent to roughly 70% LFL ADS after normalizing opening month effect 80% >90% of NSOs in rural EBITDA positive area stores VND <1B Capex per store lowered by 15%
Slide 14: WCM sustained double-digit LFL growth while revenue scaled
WCM sustained double-digit LFL growth while quarterly revenue scaled above VND10 trillion 10,977 11,182 10,189 10,136 8,578 8,448 8,737 8,838 Revenue (VND B) Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 14% 13% 11% 11% LFL Growth 9% (% YoY) 7% 7% 7% 6% 4% Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
Slide 15: WCM’s 8-quarter NPAT growth streak achieved
WCM’s 8-quarter NPAT growth streak achieved, with YoY uplift sustaining at ~VND 150B per quarter 257 209 204 175 142 NPAT (VND B) 58 20 10 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026 2Q2026 271 YoY change 166 159 155 (VND B) 132 ~150 Distributors & Wholesaler 146 131 48 3Q2024 4Q2024 1Q2025 2Q2
Slide 16: MCH’s Retail Supreme has delivered measurable results
MCH’s Retail Supreme has delivered measurable results before shifting strategic focus Before RS 1Q20261 2Q20261 Coverage 230K 430K 550K (#ASO2) ▲90% YoY ▲95% YoY Penetration 29K 33K 43K (#ASO with 6+ categories & SKU/Order) ▲2.0x ▲2.0x 4.7 5.5 5.8 Speed to Market 4 weeks - 50K 2 weeks - 70K 2 weeks
Slide 17: PLH’s sales uplift driven by delivery scaling and stronger LFL growth
PLH’s sales uplift driven by delivery scaling and stronger LFL growth ▲26.9% YoY 2Q Revenue increased to VND 550B, LFL1 growth of standard-format was up ▲18.5% YoY. NSO in 2Q2026 +15 NSO 220 total outside WCM store count2 ▲37.4% YoY 2Q EBITDA increased to VND 110B ▲55.5% YoY Delivery as % of retail
Slide 18: Brand Engine
Brand Engine
Slide 19: MCH delivered double-digit YoY growth, led by volume uplift
MCH delivered double-digit YoY growth, led by volume uplift ▲14.2% YoY ▲12.1% YoY ▲10.2% YoY 2Q Revenue increased to VND 7,165B 2Q EBITDA increased to VND 1,800B 2Q NPAT Pre-MI increased to VND 1,484B, equivalent to 20.7% margin (▼80bps YoY).
Slide 20: Growth broadened across core brands
Growth broadened across core brands Premiumization Share gain New growth engines ▲high single-digit ▲27.0% YoY volume YoY ▲32.5% YoY Global ▲17.8% YoY ▲17.8% YoY business ▲24.0% YoY maintain share as mass- noodle segment declines
Slide 21: MML’s revenue growth strengthened across branded meat categories
MML’s revenue growth strengthened across branded meat categories Revenue by farm and branded meats ▲14.7% YoY Unit in VNDbn, revenue growth % VND 1,059 B 2Q Revenue increased to VND 2,683B ▲15.2%, VND 1,008 B, ▲34.7% VND626 B, ▼-6.6% YoY ▲47.2% YoY VND406 B, ▲76.7% YoY 2Q EBITDA increased to VND 328
Slide 22: MML sustains 2Q momentum driven by innovation-led branded meat expansion
MML sustains 2Q momentum driven by innovation-led branded meat expansion 37% Branded meat growth in 2Q2026 was contributed to by the innovation growth2 ▲ 24% YoY Branded meat1 revenue growth in 2Q2026 ▲ 19% YoY MML’s LFL3 ADS4 in WCM growth in 2Q, reaching VND 2.6M (1) Branded meat comprises of Fres
Slide 23: Digital Engine
Digital Engine
Slide 24: The Consumer Operating System: “Digital 4P”
The Consumer Operating System: “Digital 4P” Build a consumer Operating System to enable Digital 4P+1 Place: Where to Open Stores? Price: What Price to Offer? Sites Planning and Selection guided by SKU x Store level x Customer Price Customization Location scoring system DIGITAL Product: What Brands t
Slide 25: The system design mirrors the 4P+1 model
The system design mirrors the 4P+1 model AI-ready Organization Location (Hexagon) scoring and Supply Chain E2E Management expansion management platform (WiNARE) DIGITAL 4P + 1 Product Scoring based on Store App – WiNCare Real-time performance to guides and accelerates enable Assortment Auto Optimize
Slide 26: Place. From Location scoring model to Location Acquisition Platform
Place. From Location scoring model to Location Acquisition Platform ▲1H - 2026 ▲3Q - 2026 ▲1H - 2027 Location Scoring Location Planning Location Platform • Standardize Data & Features Turn scoring data into a planning tool End-to-end site acquisition platform • Hexagon scoring • Prioritization on a
Slide 27: WiNARE on track to complete the onboarding process by September
WiNARE on track to complete the “onboarding process” by September, aiming 90% goods forecast and ordered centrally Automated Ordering Progress Automated Ordering Manual Ordering Every ▲40% 10% Auto-Ordering 25% 40% leads to 78% ▼15% 90% Store Workload 75% 60% saving 22% ▼300B p.a. Jan-25 Dec-25 Jun-
Slide 28: Most of the work done still sits at the Delete and Simplify stages
Most of the work done still sits at the Delete and Simplify stages DIO LFL Elon Musk’s 5-Step Engineering Digitization. Move from ordering by email 42 days and phone to centralized ordering through ▼2 days YoY Question a single system that captures all demand and manual adjustments in 1 place. Delet
Slide 29: Product Scoring as the foundation for Assortment decisions
Product Scoring as the foundation for Assortment and other business decisions CLOSED-LOOP OPERATING FLOW Forecasting & 1st Order Replenishment Sold-out Process SKU Scoring Initial activation WinARE order Actual sales & Performance & quantity recommendation availability signal potential score Assortm
Slide 30: Scoring and matching algorithm to power assortment and pricing
Scoring and matching algorithm to power assortment and pricing business decisions The Basket Was A Traditional Tool For Group Management — No Human Can Handle 5,000 Stores × 3,000 Skus = 15 Million AS-IS: SKU → BASKET → STORE TO-BE: SKU × STORE, DECIDED BY DATA Store A stores → BASKET SKUs ↓ SKU Sto
Slide 31: Store App. 1 place to manage tasks, performance and payment
Store App. 1 place to manage tasks, performance and payment 1.Guidance & Info 2.Task Management 3. Performance Daily tasks Only basic Information and guidance Real-time Income Capex/Opex approval As all tasks are managed and reminded by Task Management Performance Evaluation Stock ordering & invento
Slide 32: Simplify process, personalize daily task reminders
Simplify process, personalize daily task reminders. Work-hour costs saving ~100B p.a. Receiving Inventory Management Sales Cash Management Receiving tool Re-allocation Suggestion Best items to sell Paperwork Payment process
Slide 33: Masan High-Tech Materials
Masan High-Tech Materials
Slide 34: MSR’s 2Q profit surpassed the previous years combined
MSR’s 2Q profit surpassed the previous 16 years combined, accelerating deleveraging and future dividend capacity unlock ▲5.0x YoY ▲ 6.7x YoY ▲ 91% YoY 2Q Revenue increased to VND 8,138B APT reached $3,245/mtu1 Tungsten production by June 2026 volume was 1,430t in 2Q2026 ▲4.4x YoY Tungsten APT Price
Slide 35: AI growth is lifting demand and prices across critical materials
AI growth is lifting demand and prices across critical materials, including tungsten Product Month YTD LTM AI-linked critical materials Tungsten APT 88.5% WO3 ▲2% ▲264% ▲576% Supports chips, electronics and heat management Indium ▲16% ▲96% ▲105% Enables high-speed optical data transfer Neodymium ▲5%
Slide 36: MSR’s expanded resource base unlocks cash flow and value recognition
MSR’s expanded resource base and processing capability unlock cash flow and accelerate value recognition Internal resource Processing platform Balance sheet Value recognition ▪ ~115mt potential ▪ Tungsten oxide ▪ Net Debt/EBITDA ▪ MSR HOSE resource addition capacity expansion on track for migration
Slide 37: Broad-based 1H outperformance strengthens FY2026 earnings outlook
Broad-based 1H outperformance strengthens FY2026 earnings outlook FY2026 Guidance FY2026 Guidance Proposed Revision 1H2026 Status Base-case to High-case Base-case to High-case MSN Revenue 15% - 20% 20% - 29% 40.1% Outperform EBITDA 15% - 20% 22% - 33% 54.7% Outperform WCM NSO (stores) 1,000 – 1,500
Slide 38: Thank you
Thank you
Slide 39: 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’