Fecon CorporationHOSE: FCN

Explanation for Variances in Profit After Tax Q3/2025

· Issued by Fecon Corporation

FECON CORPORATION

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No: dfl $2025/CV-TCKT.FECON

V/v.' Explanation ofProfit Kario/fOnJ in the Q3/2025 FinailCfal Statements

SOCIALIST REPUBLIC OF VIETNAM INDEPENDENCE - FREEDOM - HAPPINESS

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Ha NOf, October 30, 2025



CÔNG TY

Digitally signed by CÔNG TY C Ổ PHẦN FECON

CỔ PHẦN

DN: C=VN, S=HÀ NỘI, L=Quận Nam Từ Liêm, CN=CÔNG TY C Ổ PHẦN FECON, OID.0.9.2342.19200300.100.1.1= MST:0101502599



Reason: I am the author of this document

To: STATE SECURITIES COMMISSION OF VIETNAM HOCiIIMINH STOCK EXCHANGE SHAREHOLDERS AND INVESTORS

FECON

Location:

Date: 2025.10.30 18:02:11+07'00'

Foxit PDF Reader Version:

2025.1.0

Company Name : FECON wwwm i ion

Head Office 15th Floor, CEO Tower, Lot HH2-1, Me Tri Ha Urban Area, Ph Hung Street, Me Tri Ward, Nam Tu Liem District, Hanoi, Vietnam.

Stock Code : FCN

FECON Corporation would like to provide the following explanation regarding the variance in Profit after Corporate Income Tax between the Parent Company's and Consolidated Income Statements for the third quarter of 2025:



Indicator Q3/2025 (VND) Q3/2024 (YND) Variance Percentage

(VND) Chanp•e (%)

" ¢§hG 7

H

Profit After Tax 61,910,449

5,361,561,878

(5,299,651,429)

-98.85%

Profit After Tax 16,531,543,783

29,366,991

16,502,176,792

56,192.94%

(Parent Company) (Consolidated)

The Parent Company's profit after corporate income tax decreased by VND

5.29 billion, equivalent to -98,85%, mainly due to the following reasons:

  • Slight decline in gross profit from sales of goods and services: The Parent Company's gross profit from sales of goods and services decreased by VND 6.14 billion, equivalent to a 11.21%decline, as the Company prioritized projects with secured cash flows, although these projects had lower contract values and profit margins. In addition, as the Parent Company entered contracts with its subsidiaries, part of the profit was shifted to member companies.

  • Increase in financial expenses: The Parent Company's financial expenses increased by VND 13.21 billion, or 54.28%, in which interest expenses rose by the same amount (VND 11.85 billion, or 54.73%) due to a significant increase in revenue scale (^40.32% compared to the same period last year).

    The consolidated profit after tax increased significantly by VND 16.50 billion, equivalent to +56,192.94%, compared to the same period last year. The main reasons are as follows:

  • System-wide revenue growth: Consolidated revenue for Q3/2025 increased by 53.50% compared to Q3/2024.

    4"



  • As revenue expanded, gross profit from sales of goods and services also improved considerably. Despite the corresponding increases in financial, selling, and administrative expenses, the consolidated profit after tax still recorded a strong year-on-year growth after offsetting these costs.

Yours sincerely!

Recipients:

  • As addressed above,

  • Internal archives.' Finance & Accounting Department, Office.

FECO ORPORATION

Chair @* rd of Directors

CONG T.Y



Pham Viet Khoa

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