Financial Statements (Consolidated) Q2.2025

15"' Floor CEO Tower, Plot fIH2-1, Me Tri Ha Urban Area, Phain Hung Road, Tu Liem Commune, Hanoi City, Viet Nam

FECON CORPORATION

CONSOLIDATED FINANCIAL STATEMENTS

For the accounting period from 1" January 2025 to 30t' June 2025

Security symbol: FCN

This report includes:

Balance Sheet Income Statement Cash Flow Statemciit

Notes to Financial Stcitements

Hanoi, July 2025

Utban Area, Pham Hung Road, Tu Liem Commune, Hanoi City, Viet Nam

Issued under Circular No. 202/2014/TT-BTC December 22"d, 2014 of the Ministry of Finance

ASSETS

CONSOLIDATED BALANCE SHEET

As at 30' June 2025

Code Note

Urban Area, Pham Hung Road, Tu Liem Issued under Circular No. 202/2014/TT-BTC Commune, Hanoi City, Viet Nam December 22"', 2014 of the Ministry of Finance

CONSOLIDATED BALANCE SHEET (Continued)

As at 30"' June 2025

RESOURCES

Code Note 30/06/2025

VN D

01/01/2025

VND

• Ui idi.s'Iribitted yr o fit y ftei tyx bt oit gltt fo rnvyrd 4 la

• Hiidistribiited proJit a fret tax for llie citrrent year 421b

45,942,394, 411

IS,113,784,645

47,269, 780,987 .

13 Now-controlling interests

TOTAL RESOURCES (440 = 300+400)

Preparer

429

440

Chief Accountant

859,115.846,949

11,002,583,245,303

oi, July 3d", 2025

an

Tran Thu Trang

Pham Van Tung

w GONGTY COPHAN

FEC0

Pham Viet Khoa

FECON CORPORATION

15"' Ploor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Tu

1. iem Commune, Hanoi C ity, Vie1 Nam

   Form B 02 - DN/HN Issued under Circular No. 202/2014/TT-BTC December 22"d, 2014 o1 the Ministry of Finance

   CONSOLIDATED INCOME STATEMENT

   For the year ended 30" June 2025

   
   
   Accumulated from the beginning of year ITEMS

   Code

   h ote

   2"' Quarter

   to the end of this quarter

   1.

   2.

   5.

   _ 6.

   7.

   fi.

   9.

   10.

   1$

   12.

   13.

   14.

   15.

   16.

   17.

   18.

   Revenues from sales of_goods and provision of Services Revenue deductions

   Net Revenues front sales of goods and provision of services (10

   
   
   

   = 01-02 )

   Gross profit from sales of goods and procPsion of services (20 - 10-11)

   Financial income Financial expenses

   In whicli: in/ere.si expenses

   Share of profit/loss in associates/joint venture Selling expenses

   General and administrative expenses

   Ret profifs from operating activities (30 = 20+(21-22)+24-(25+26)}

   Other income Other expenses

   Other profits/loss (d0 = 31-32) Accounting profit before tax (50 - 30+40) Current corporate income tax expenses Deferred corporate income tax expenses

   Profits after enterprise income tax (60 = 50-51-52)

   		2025	2024	2025	2024
   0 I	6.1	1,326,314,952,713	815,940,775,234	2,146,998,639,798	1,427,563,138,070
   02*
   10		1 ,326.	8 I 5,9*0,775.234	2,145,998,639,79S	1.427,563,138,070
   			728.1 73,332.491	I .850, I 39,489.096	I .242,987,201,1 23

   1s

   2 I 6.3

   22 6.4

   23

   24

   25 6.5

   26 6.5

   $$

   31 6.6

   32 6.7

   40

   50

   51 6.8

   52

   60

   
   
   65,658,566,081

   7,127.308,945

   81,330,814,860

   66,556,743,327

   32,683

   8,996,897,357

   56,195,570,556

   26,262,624,936

   468,285,080

   2,203,522,088

   (1,735,237,008)

   24,527,387,928

   8,828,559,337

   (341,312,044)

   16,040,140,634

   87,767,442,743

   7,139,963,076

   36,625,924,257

   35,671,627,609

   44,150,447

   4,8 8,254,543

   51,918.918,650

   t,538,458,816

   5,350,145,710

   1,241,097,048

   4,109,048,662

   5,6d7,507,478

   4,933,374,291

   (657,169)

   714,790,356

   296,859,150,702

   12,970,309,907

   149,018,687,755

   124,120,577,509

   57,867

   15,774,582,313

   110 544,291,775

   34,491,956,632

   1,314,597,207

   7,068,494,501

   (5,753,897,294) 28,738,059,338

   12,165,749,544

   (516,420,736)

   17,088,730,530 184,575,936,947

   16,150,415,627 85,048,928,743

   83,316,273,592

   44,150,447

   10,082.159,463

   101,658,803,4 0

   3,980,611,365

   6,604,618,393

   3,288,188,968

   3,316,429,425

   7,297,040,790

   6,326,277,196

   (379,468,693)

   1,350,232,287

   19 Net profit after tax attributable to shareholders_ of the parent 61

   21,681,181,932

   11,579,91 1,02 â

   15,113,784,645 4,252,649,528

   20

   21.

   Set profit afier tax attributable to non - controlling interests Basic earnings per share

   62

   70 6.9

   (5,641,04],298)

   138

   (10,865,12

   G025p 74,945,886

   'J, 96

   CONG TY

   (2,902,417,241i

   27

   Preparer

   Tran J"hu Trang

   3

   Oi, 3d", 2025

   C ' I Ac ountant

   Pham Van Tung

   
   
   

   C0 P

   ha n

   Pham Viet Khoa

   
   
   
   
   
   

   FECON CORPORATION

   15* Floor CEO Tower, Plot HH2-1, Me Tri Ha Form B 03 - DN/HN Urban Area, Pham Hung Road, Tu Liein Issued under Circular No. 202/2014/TT-BTC Commune, Hanoi City, Viet Nana December 22"', 2014 of the Ministry of Finance

   CONSO1.IDA rrn cASH FLOW STATEMENT (Continued)

   
   
   

   for the year ended 30"' June 2025

   ITEMS

   Net cash flows durii:• the veiir

   Cash and cash equivalents ut begin ning of the year

   Effects of exc hange l-ates flilctuati ons on cash and

   cash equivalents

   Cash and cash equi 'a lents at the end of the year

   Code Note

   60	472,986,710,028	701,731,891,550
   $	38,816,912	2,998,091,525
   70	661,971,871,463	369,647,512,305

   50

   For the period from For the period from 01/01/2025 01/01/2024 to 30/06/2025 to 30/06/2024

   VND VND

   188,946,344,523 (335,082,470,770)

   or, July 3d", 2025

   rman

   CO PHAN

   FEC0

   -' ..

   
   
   

   Preparer Chief Accountant

   
   
   

   Tran Thu Trang

   Phain Van Tung

   Pham Viet Khoa

   1

   15"' Floor CEO Tower. Plot HH2- 1, Me Tri 1-Ia Form B 09 - DN/HN Urban Area, Pham Hung Road, Tu Liem Issued under Circular No. 202/2014/TT-BTC Commune, Hanoi City, Viet Nain December 22"d, 20.14 of the Ministry of Finance

   NOTE TO CONSOLIDATED FINANCIAL STATEMENTS

   For the year ended 30"' June 2025

   i. com wv INroRviATIC)

   1. Structure of O» nersliip

      FECON Corporation was established and operated under Business Registration Certificate No. 0103004661 li rstly issued by Hanoi Department of Planning and Investment dated 18"' June 2004, registered to change many times, the eighth change dated 17"' November 2010 was about the change of company code into 0.101502599 and the 20th change dated 6"' May 2016 for change the name from "FECON Foundation Engineering and Underground Construction Joint Stock Company" to "FECON CORPORATION" and the 32"dchange dated 14'l' January 2022 on increasing charter capital.

      Charter capital of the Company according to the 32nd Business Registration Certificate dated 14"' January 2022 is VND 1,574,390,050,000 (In words. One thousand fi»e hundred and seventy four 6i//ioi7, three lian‹lred ‹a1‹l iii'nety million, anal fifty tñonsnnd Vietn‹tm ‹longs.

      Foreign name: FECON CORPORATION; Abbreviation name: FECON CORP.

      The Company's stock is currently listed on the HOSE Stock Exchange with stock code FCN.

      Registered Ad‹lress: 15"' I'loor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Tu Liem Coinnaune, Hanoi City, Viet Nam

   2. Operating industries and principal activities

      • Construction of foundation and underground structure for high building, industrial, transportation, irrigation structures;

      • Construction of engineering infrastructure of Industrial and urban zones;

      • Testing foundation beai ing capacity by static load & Pile Dyriamic analysis (PDA) method;

      • Testing for integrity and homogeneity o1 pile, foundation and reinforcement concrete structures by ultra-sonic test (SONIC) and pile integrity test (PIT);

      • Geological investigation, topographic survey, engineering hydrological and geological investigation;

      • Performance of geotechnical experiments for survey and design service, quality management and monitoring o1 the foundation construction and underground works (not including construction design services);

      • Business in car renting services;

      • Testing and analysing technique.

        The Company's main activities during the period: Construction of foundation and underground structure for high building, industrial, transportation, irrigation structures.

   3. Normal operiitin g cycle

      4 he Company s normal operating cycle is 12 months.

      15"' Floor CEO Tower, Plot HH2-1. Me Tri Ha Urban Area, Pham Hung Road, 1 u Liem Commune, Hanoi City, Viet Nana

      Form B 09 - DN/HN Issued under Circular No. 202/2014/TT-BTC December 22"', 20.14 of the Ministry of Finance

   4. Statement of information comparability on the consolidated financial statements

      The Board of Directors ensures to follow' all the requirements of the Vietnamese Accounting Standards and System, which were issued together with the Circular No. 200/2014/TT-BTC dated 22"' December 2014 and Circular No. 53/2016/TT-BTC on amending and supplementing a number of articles ot Circu far No. 200/2014/TT-E DC dated December 22"d, 2014 issued by the Ministry of Finance. Therefore, the infonnation and figures presented in the consolidated financial statements are comparable.

2. ACCOUNTING CON VENTION AND ACCOUNTING PERIOD

   Fiscal year

   The Company's fiscal year applicable for the preparation of its financial statements starts on 1" January and ends on 31"' December of soliir year.

   Accounting currency

   The accompanying consolidated financial statements are presented in Vietnam Dong (VND).

3. ACCOUNTING STANDAItDS AND SYSTENI

   Accounting System

   The Company applied to Vietnamese Accounting System promulgated under Circular No. 200/2014/TT-BTC dated 22"' December 20.14 issued by the Ministry of Finance and Circular No. 53/20 16/TT- B3 C dated March 21", 20.16 amending and supplementing a number of articles of Circular 200/201 4/TT- i3 DC dated December 22"', 2014.

4. SUMvARv or s IGN IFICANT ACCOUNTING POLICIES

Basis of prepai-ation of tht Consolidated financial statements

The attached Consolidated financial statements are expressed in Vietnam Dong (VND), under the historical cost convention and in accordance with Vietnamese Accounting Standards, Vietnamese Accounting System and legal reg'ulations relevant to the preparation and presentation of Consolidated financial statements.

The accompany ing Consolidated financial statements are not intended to present the financial position, results ot operations and cash lJows in accordance with accounting principles and practices generally accepted in countries and jurisdiction other than Vietnam.

Consolidated financial statements ot the Company are prepared in accordance with Circular 202/2014/TT-BTC guiding the method of preparation and presentation of Consolidated financial statements, specifically:

The Consolidated financial statements include the Company's separate financial statements and the financial statements of companies controlled by the Company (subsidiaries) prepared up to Deceiaiber 31" of each year. This conti r›l is achieved when the Company has the power to govern the financial anal operating policies of the investee companies so as to obtain benefits from their activities.

The results of subsidiaries acquired or sold during the year are included in the Consolidated Income Statement front the date of acquisition or until the date of sale of the investments in that Subsidiaries.

Where necessary, the financial statements of the Subsidiaries are adjusted so that the accounting policies applied at the Company and the Subsidiaries are the same.

All transact ions and balances between companies within the same group are eliminated upon consolidation o I the financial statements.

15* Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Tu Liem Coininune, Hanoi City, Viet Nain

Form B 09 - DN/HN Issued under Circular No. 202/2014/TT-BTC December 22°d, 2014 of the Ministry of Finance

Basis of preparation of the Consolidateil financial statements (Continued)

Non-controlling interests include the aiiiount of non-controlling interests at the date of the initial business combination and the non-controlling interest's share in changes in total equity as of the date of the business combination from the date of the business combination. Loss incurred at a Subsidiary must be distributed proportionally to the share of the non-controlling shareholder, even if such loss is greater than the non-controlling shareholder's share of the subsidiary's net assets.

The Consolidated financial statements iit 30/06/2025 are consolidated on the basis of the Separate financial statements at 30/06/2025 of the |iarent company is FECON Corporation, the subsidiaries of Fecon Corporation are FECON Infrastructure Construction JSC, Y Yen High school, FECON Invest Corporation , FECON Raito Underground Construction Joint Stock Company, FECON South JSC, FECON Power JSC, Dong Khe Organic Agriculture Joint Stock Company, FECON RAINBOW FOUNDATION CONSTRUCTION CO L"fD, FECON Haidang Mineral JSC, Fecon Machinery Supply JSC, Fecon Piling 1 JSC, Fecoii Drilling & Basement Structure JSC, FECON Pile and Construction JSC, FECON Trung Chinli JSC - Myanmar, ECOTEC1J Vietnam Energy investment JSC, Quoc Vinli Soc Trang Wind Po ci Joint Stock Company, FECON Hiep Hoa Joint Stock Company, FECON Pho Yen Joint Stock Company, GF Homes Joint Stock Company and Raito -FECON Innovative Geotechnical Engineecring Joint Stock Company.

Accounting estimates

The preparation of the Consolidated financial statements in conformity with Vietnamese Standards on Accounting, Vietnamese Enterprise Accounting System and other prevailing accounting regulations in Vietnam requires the Board of General Directors to make estimates and assumptions that affect the reported amounts of liabilities, assets and disclosures of contingent assets and liabilities at the date of the Consolidated II nancial statements and the reported amounts of revenues and expenses during the fiscal year. Actual results may differ from those estimates and assumptions

Cash and cash equivalents

Cash comprises cash on hand, bank deposits

Cash equivalents comprise short-temi rleposits and highly liquid investments with an original maturity of less than 3 months that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Transactions in foreign currencies are exchanged at the rates ruling at the transaction date, foreign exchange differences arising from these transactions are recognized in the consolidated income statement.

Revaluation of inonetarr items denominated in foreign currencies at the date of the consolidated financial statements

1. The items denominated in foreign currencies are classified as assets (cash, receivables, ...): Revaluation under the buying rate or the bank which the Company opens its account as at 30"' June 2025.

2. The items denominated in foreign cun encies are classified as liabilities (payable, debts,...): Revaluation under the selling rate of the bank which the Company opens its account as at 30"' June 2025.

The difference in exchange rates arising trom the revaluation is transferred to the Exchange rate difference account - 413, the balance of Ihis account will be transferred into the revenue or financial expenses at the time of the consolidated 1i nancial statements.

15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pliam Hung Road, Tu Liens Commune, Hanoi City, Viet Nam

Form B 09 - DN/HN Issued under Circular No. 202/2014/TT-BTC December 22"', 2014 ot the Mirñstry of Finance

Held tO fl7oiriri9 investmeitts

Held-to-maturity investments include tei iii deposits with banks and held-to-maturity loans for the purpose of earning periodic interest and other held-to-maturity investments.

Held-to-maturity investments are initially recognized at cost including the purchase cost and other transaction costs. Interest from these held-to-maturity investments after acquisition date is recognized in the profit or loss on the basis of the interest income to be received. Interests arising prior to the Company's acquisition of helcl-to-rriaturity investments are recorded as a decrease in the costs as at the acquisition time.

Held-to-maturity investments are stated at cost less allowance for bad debts.

Allowance for bad debts of held-to-miilurity investments is made in conformity with current accounting regulations.

Loans

Loans are stated at cost less allowance for cloubtful loans.

Allowance for doubtful loans is made in conformity with current accounting regulations.

lii vestiiients iit associates and oflter investm‹tits

Investments in associates and joint ventures over which the Company has significant influence are stated at cost method in the financial stateiiients.

Investments in joint ventures and associates are presented in the balance sheet using the equity method.

Other investiiients: are recorded at cost, including purchase price plus directly attributable acquisition costs. After the initial recognition, these investments are measured at cost less allowance for diminution in value of investments.

Allowaii ce]or loss of investiiients

Allowance for losses of investments in subsidiaries, contributions to joint ventures, investments in associates and investments in equity instruments of other entities is made when there is apparent evidence for impairment in value of the investments as at the balance sheet date.

Receivables

The receivables comprise the customer receivables and other receivables. Receivables are recognized at the carrying amounts less allowances for doubtful debts.

Allowance for doubtful debts is assessed and made for overdue receivables that are difficult to be collected, or the debtor is unable to pay due to dissolution, bankruptcy or similar difficulties.

Inventories are stated at the historical cost. When historical cost is higher than net realizable value, inventories shall be stated at net realizable value. The historical cost of inventories comprises direct materials expenses, direct labour expenses and general production expenses based on normal levels of operating activity that have been incun ed in bringing the inventories to their present location and condition. Net realizable value is the estiiiiated selling price in the normal course of business minus all estimated costs of completion and costs of marketing, selling and distribution.

The Company's allowance for impairment of inventories is made when there is reliable evidence of impairment of the net realizable value compared to the history cost of inventories.

Tangible fixed assets are stated at history' cost less accumulated depreciation. Historical costs of tangible fixed assets include all the expenses paid by the Company to bring the asset to its working condition for its intended use.

Tangible fixed assets are depreciated using the straight-line method over their estimated useful lives as follows:

Years

Buildings, structures i-0 50

Machinery and equipment 05 - 20

Motor vehicles 0-6 10

Office equipment 03 -08

Others 03 - 10

When a tangible fixed asset is sold or disposed, its historical cost and accumulated depreciation are written off, then any gain or loss arising from such disposal is included in the income or the expenses during the year.

The total cost of company's intangible assets is expressed at history cost less accumulated amortization.

Copyrights, patents, computer software anal others are amortized on a straight-line basis over their estimated useful lives of 3 - 10 years.

Finance leases us lessee

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incident to ownership belonging to the lessee. All other leases are considered operating leases.

Finance leases as lessee

A finance lease is recognized as a finance lease asset or finance lease liability on the balance sheet based on the lower value of the fair value of the leased asset and the present minimum value of the lease liability at the initial time of the lease.

Payments for finance leases are divided into finance charges and principal payables. Financial expenses are calculated for each accounting period during the lease term at a fixed rate of interest on the remaining outstanding balance.

15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Tu Liem Coniinune, Hanoi City, Viet Nam

Form B 09 - DN/HN Issued under Circular No. 202/2014/TT-BTC December 22"d, 2014 of the Ministry of Finance

Finance leases as lessee

Financial leased assets are depreciated in accordance with the straight-line method over their estimated useful lives like the Company owned assets or over the leased term in case the leased term is shorter, in details:

Machinery and equipment Motor vehicles

The Company as capital contributor

Years

08-20

08 - 10

Cash and asset contributions under BCC are recognized as receivables in the financial statements.

Recognition of revenue and expenses according to BCC: One-time revenue recognition upon the expiration of the business cooperation term as prescribed in the contract.

Prepaid expenses comprise actual expenses arising but relevant to financial performance in several accounting periods and the transfer of these expenses to operating expenses of subsequent accounting periods.

Prepaid expenses are stated at cost and are classified under short-term and long-term on the balance sheet based on time payment up front of each contract.

Prepaid expenses are amortized on a straight line basis over the lease term according to the useful time but no more than 3 years.

Land use right value at office building in "1 ower CEO, Lot HH2-1, Me Tri Ha New Urban Area, Pham Hung Road, Nam Tu Liem District, Hanoi in 48 year is amortized over 48 years.

Construction in progress

Construction in progress reflects the Proper ties in progress for production, leasing, administrative purposes, or for any other purposes are recognized at the historical cost. This cost includes relevant service fees, interest fees in accordance with the Company's accounting policies. Depreciation of these assets is the same as the other assets, commencing from these assets are ready for their intended use.

Goodwill

Goodwill arising in the event of a business combination that does not result in a Parent - Subsidiary relationship is amortized on a straight-line basis over 10 years.

1 5' Floor CEO Tower, Plot HH2-I, Me Tri Ha Urban Area, Pham Hung Road, Tu Liem Commune, Hanoi City, Viet Nam

Form B 09 - DN/HN Issued under Circular No, 202/2014/TT-BTC December 22"', 2014 of the Ministry of Finance

1. SUMMwv or sicNIFICANT ACCOUNTING POLICIES (CONTINUED) Payables

   The account payables are monitored in dci ails by payable terms, payable parties, original currency and other factors depending on the Company's management requirement.

   The account payables include payables as trade payables, borrowings payable, intercompany payable and other payables which are determined almost certainly about the recorded value and term, which is not carried less than amount to be paid. They are classified as follows:

   • Trade payables: includes commercial payables arising from the purchase of goods, services and assets between the Company and the seller (independent entity with the Company).

   • Other payables reflect payables of non-commercial nature and irrelevant to purchase, sales of goods or provisions of services.

     Borrowings and financial leasing liabilities

     Borrowings and financial leasing liabilities include borrowings, financial leases, excluding borrowings in the form of bonds or preference shares with terms that the issuer is required to repurchase at a certain point in the future.

     The Company monitors loan amounts and financial liabilities in details by each type and classifies them into short-term and long-term according to repayment term.

     Expenses directly related to the loan are recognized to financial expenses, except for expenses incurred from a Consolidated loan for investrrient, construction or production in progress, which are capitalized according to Accounting Standarrl "Borrowing costs".

     Recognition and capitalization of Borrowing costs

     All other borrowing costs are recognised in the Income statement when incurring, except for the borrowing cost capitalized under Vietnamese Accounting Standards "Borrowing cost".

     Accrued expenses

     Accrued expenses are those already recorded in operating expenses in the year but not actually paid to ensure that when these expenses actually occur, they will not have a significant influence on operating expenses based on matching principle between income and expenses.

     The Company recognizes Accrued expenses as follows:

   • Interest expense accrued in advance: matte in advance according to the loan contract

   • Costs of labour, materials and fuel: advance according to the estimate dossier on the basis of completed work volume.

   • For construction works when having volumes acceptance. Unrealized revenues

Unearned revenue includes: the difference between the selling price and the sublease price of the financial leased asset amortized on a straight-line basis over the lease term.

Capital is recorded according to the actual amounts invested by shareholders.

Capital is recorded in accordance with the difference between the issuance price and face value upon the IPO, additional issue or re-issuance.

15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Tu Liem Coininune, Hanoi City, Viet Nam

Form B 09 - DN/HN Issued under Circular No. 202/2014/TT-BTC December 22"', 2014 of the Ministry of Finance

Profit after tax of the Company is used to pay dividends to shareholders after having the approval of the Shareholders at the Annual General fleeting and a tier allocations to the reserve fund under the Company's Charter.

Dividends are disclosed and paid based on estimated earnings. Dividends are officially announced and paid in the following fiscal year from undistributed earnings, based on the approval of the Board of Genera I Directors at the Company's Annual General Meeting.

The Company's revenue includes revenue from sales of goods, revenue from construction and installation, provision.

Revenue froth sale of goods

Revenue from sale of goods shall be recognized when it satisfies all the five (5) conditions below:

• The Company has transferred to the buyer the signific‹int risks and reward of ownership of the goods;

• The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

• The amount of revenue can be measured reliably;

• It is probable that the economic benetils associatecl with the transaction will flow to the Company; and

• Costs related to transactions can be determined.

  Revenue from services

  
  
  

  Revenue from services is recognized when the outcome of that transaction can be reliably determined. Where a transaction involving the rendering of services is attributable to several periods, revenue is recognized in the year by reference to the percentage of completion of the transaction at the balance sheet date of that period. The outcome of a transiiction can be measured reliably when all four (4) following conditions are satisfied:

  « The amount of revenue can be measured reliably;

• lt is probable that the economic beneti ts associated with the transaction will flow to the Company;

• Identify the completed work as at the balance sheet date; and

• Determine the costs incurred for the transaction as well as the cost to complete the transaction to provide that service.

Corninune, Hanoi City, Viet Nam December 22"', 2014 of the Ministry of Finance

1. SUMMARY OF SIGNIFICANT ACCOUNTING POI.ICIES (CONTINUED)

   Revenue and other income

   Revenue of construction

   Revenues of construction are reliably recognized in the following cases:

   • For construction contracts stipulating that the contractor is paid according to the planned schedule, the revenue and expenses related to the contract are recognized in equivalent proportion to the completed work determined by the Coiaapany as at the balance sheet date.

   • For construction contracts stipulating that the contractor is paid according to the value of the volume performed, the revenue and expenses related to the contract are recognized in equivalent proportion to the completed work confined by the customer and reflected on the issued invoice.

     Increases and decreases in construction volume, compensation and other revenues are recognized as revenue only when agreed with the customer.

     Revenues of construction are not recognized in the following cases:

   • Revenue is recognized in equivalent proportion to conti act costs which is probable to be paid.

   • The contract costs are recognized to expenses only when they actually incur.

   • The difference between the total accumulated revenue of the recognized construction contract and the accumulated amount recorded on the payment invoice according to the planned progress of the contract is recorded as a receivable or payable amount according to the planned progress of construction contracts.

Revenue from interest incoiiie, dividends air if prr›]iis recc•i• eel ‹atJ otlic•r income:

The revenue is recognized when the Company can obtain economic benefits from the above activities and when it is reliably measured.

Cost of goods sold

Cost of goods sold including of cost of products, goods end services, real estate sold in the period are recognized in accordance with revenue in the period.

For the cost of direct materials consumed exceeds normal levels. labour costs, fixed general administration expense which are not allocated to finishe‹l goods will be recognized in cost of sales (after minus the amount of compensation, if any) even if the goods have not been determined to be consumed.

• Losses related to financial investment activi!ies:

• Cost borrowing: Recorded monthly based oIi the loan Jarinciples, the interest rate and number of actual borrowing days.

• Foreign exchange loss: Recognized when there is a difference between the actual exchange rate and the bookkeeping rate and when there is a loss when revaluation of monetary items denominated in foreign currencies.

Commune, Hanoi City, Viet Nain December 22"', 2014 of the Ministry of Finance

1. SUMMARY OF SIGNIFICANT ACCOUNTIN G POLICIES (CONTINUED)

   Current corporate income tax expense and deferred coi-porate income tax expense

   Corporate income tax expenses (or corporate income tax income): is total current and deferred income tax expenses (or total current and deferred tax) in deteriiiining profit or loss of a period.

   Current income tax expenses: are corporate incorrle tax payable calculated on taxable profit during the year and current corporate income tax rate. Current income tax is calculated on taxable income and applicable tax rate during the tax period.

   Difference between taxable income and accounting profit is from adjustment ot differences between accounting profit and taxable income in accordance with current tax policies.

   Deferred income tax expenses: is corporate income tax payable in the future araising from: recognising deferred income tax payable during the year; reversing deferred tax assets recognised in previous years/periods; not recognising deterred tax assets or del'erred tax liabilities raising from transactions that directly recorded to equity.

   The Company has an obligation to pay corporate income tax at the rate of 20% on taxable profits, The contractor tax rate on CIT for income received li oin foreign investment is 25ko

   The determination of the Company's income tax is based on current tax regulations. However, these regulations change from time to time and the final determination of corporate income tax depends on the examination results of the competent tax authorities.

   Earnings per share

   Basic earnings per share are calculated by dividing net pro lit (loss) after tax for the year attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year.

   Related parties

   A party is considered a related party of the Corporation in case that party is able to control the Corporation or to cause material effects on the financial decisions as well as the operations of the Corporation. A party is also considered a related party of the Corporation in case that party is under the same control or is subject to the same material eif'ects.

   When considering the relationship of related parties, the nature of relationship is focused more than its legal form.

   Coininune, Hanoi City, Viet Nam December 22 d, 2014 of the Ministry of Finance

2. SUPPLEMENTARY INFORMATION TO ITEMS DISCLOSED IN THE CONSOLIDATED BALANCE SHEET

   5.1 Cash and cash equivalents
   	30/06/2025		01/01/2025
   	VND		VND
   Cash on hand	49.925.1 10.176		28.359.392.700
   Cash at bank	384.372.299.852		356.269.546.295
   Cash equivalents	227.674.461.435		88.357.771.033
   Total	661.971.871.463		472.986.710.028
   5.2 Other short-term receivables
   	30/06/2025		01/01/2025
   	VND		VND
   Advances	893.226.542.391		664.114.775.760
   Short-term deposits	12.670.635.761		9.861.629.559
   Others	400.177.769.742		480.153.861.311
   Total	1.306074.947.894		1.154.130.266.630
   Inventories
   	30/06/2025		01/01/2025
   	VND		VND
   Raw materials	11.590.074.092		14.048.265.336
   Instrument & tools	5.251.027.189		4.962.479.136
   Cost for work in process	1.838.655.138.237		1 .624.033.816.914
   Finished products	8.109.095.235		6.570.141.035
   Goods	50.306.304.133 33.321.734.866
   Total	1.914.241.638.886 J.682.936.437.287

   
   
   
   
   
   

   5.4

   Taxes and other receivables from government budget

   		30/06/2025 VND		01/01/2025 VND
   	Corporate income tax	90.128.171		90.128.171
   	Deductible value added tax	16.567.872.535		11.734.032.816
   	Value added tax overpaid	2.5 ! 5. l 84.485
   	Import and export tax	442.763.157		422.682.518
   	Other receivables from government budget	1.162.334.967		1.541.564.075
   	Total	_ 20.778.283.315		13.788.407.580
   5.5	Other long-term receivables	30/06/2025		01/01/2025
   		VND		VND
   	Long-term deposits, other receivables	23.657.425.349		21.658.994.885

   Total

   23.f.i.57...425.349

   -. 21.658.994.885

   PECON CORPORATION

   15* Floor CEO Power, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Tu Liem Commune, Hanoi City, Viet Nam

   Form B 09 - DN/HN Issued under Circular No. 202/20 14/TT-BTC December 22"', 2014

   of the Ministry of Finance

   5.6 Tangible fixed assets

   Buildings, structures

   Machinery, equipment

   Motor vehicles

   Office equipment Others

   Unit.- VND

   Total

   HISTORICAL COST
   As at 01/01/2025	138,393,540,168	1,587,873,704,386		193,014,861,895	10,298,037,945	164,839,662,172		2,094,419,806,566
   Increase		38,988,200,320				536,325,000		39,524,525,320
   Purchase		9,004,105,327				536,325,000		9,540,430,327
   Acquisition of financial lease assets		27,621,677,896						27,621,677,896
   Completed capital construction investment
   Other increase		2,362,417,097						2,362,417,097
   Decrease		43,972,024,540		1,004,264,181		2,412,215,428		47,388,504,149
   Disposals, transfer		15,533,673,596		1,004,264,181		2,412,215,428		18,950,153,205
   Other decrease		3,941,334,543						3,941,334,543
   Transfer to finance lease fixed assets		24,497,016,401						24,497,016,401
   As at 30/06/2025	138,393,540,168	1,?82.889,880,166	192,010,597,714 10,298,037,945 162,963,771,744				2,086,555,827.737
   ACCUMULATED DEPRECIATION
   As at (11/0 i /2(125	*J G.C0C,401,210				3,8J1,267,2S9	64,982,063,674	720,988,169,587
   lncr c:ise	63,4 2,1 t4,S27					7,105,535,398	79,057,903,795
   Depreciation	47.1 S0,002.759				117,954,4 32	7,105.535,398	62 906,698,447
   Acquisition of financial lease assets	14,249.374.563						14.249.374,563
   Other increase	2,022,807,505		(120,97ti,720)				1,901,530,785
   Decrease	25,829,684,277		405,214,901			1,795,196,511	28,030,095,689
   Disposals, transfer	9,934,397,750		405,214,901			1,795,196,511	12,134,809,162
   Other decrease
   Transfer to finance lease fixed assets	11,238,250,386						11,238,250,386
   Decrease due to consolidation	4,657,036,141						4,657,036, 141
   As at 30/06/1025	49,426,847,849	584,228,901,760		64,108,603,832	3,959,221,691	70,292,402,561		772 015.977 693
   NET BOOK VALUE
   As at 01/01/2025	92 189 253 471	1,041,267,303,176		133,660,711,148	6 456 770 686	99 857 598 498		1,373,431,636,979
   As at 30/06/2025	88,966.692,319 998.660,978,406 127,901,993,882				6,338,816,254	92,671,369,183	1,314,539,850,044

   17

   FECON CORPORATION

   15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Tu Liem Commune, Hanoi City, Viet Nam

   Form B 09 - DN/HN Issued under Circular No. 202/2014/TT-BTC Dec ember 22"', 2014 of the Ministry of Finance

   5.7 Financial leasing fixed assets

   Machinery, equipment

   Transportation

   Unit.' VND

   Total

   means

   HISTORY COST
   As at 01/01/2025	220.927.320.421		7.772.843.716	228.700.164.137
   Increase	42.224.783.014			42.224.783.014
   Leasing	42.224.783.014			42,224.783.014
   Decrease	27.621.677.896			27.621.677.896
   Acquisition of financial lease assets	27.621.677.896			27.621.677.896
   As at 30/06/2025	235.530.425.539		7.772.843.716	243.303.269.255
   ACCUMULATED DEPRECIATION As at 01/01/2025	40.266.308.221		1.876.409.115	42.142.717.336
   Increase	16.122.011.8t1S		464.768.913	16.586.780.781
   Deprec iatio n	16.122.011.868		464 768.913	16.586.780. 781
   Acquisitio n of fi nancial lease assets
   Dec rease	14.249.374.5€›3			14.249.374.563
   Acquisition of financial lease assets	14.249.374.563			14.249.374.563
   As at 30/06/2025	42.138.945.S2C		2.341.178.028	44.480.123.554
   NET BOOK VALUE
   As at 01/01/2025	180.661.012.2(10		5.896.434.601	186.557.446.801
   As at 30/06/2025	193.391480.013		5.431.665.688	198.823.145.70I

   
   
   

   18

   FECON COItPORA I'I ON

   15* Floor CEO 4ow er, Plot HH2- 1, Me Tri Ha Urban Area, Pham Hung Road, Tu Liem Commune, Hanoi City, Vict Nam

   5.11 Intangible fixed assets

   Form B 09 - DN/UN Issued under Circular No. 202/2014/TT-BTC December 22"d, 2014 of the Ministry ot Finance

   
   
   

   Mining rights

   Copyright, patent

   Softu'are

   Other intangible fixed assets

   Total

   HISTORY COST
   As at 01/01/2025			27.015.257.544	241.800.000		30.439.854.650	2.399.392.555		60.096.304.749
   Increase Purchase
   Decrease Disposal, transfer
   As at 30/06/2025			27.015.257.544	241.800.000		30.439.854.650	2 399 392.555		60 096.304 7.49
   ACCUMULATED AMORTIZATION
   As at 01/01/2025			11.248.551.037	173.814.452		26.037.004.880	783.679.203		38.243.049.572
   Increase			827.786.778	14.988.288		1.831.600.362	104.234.343		2.778.609.771
   Amortization			827.786.778	14.988.288		1.831.600.362	104.234.34 3		2.778.609.771
   Decrease
   Disposal, transfer
   As at 30/06/2025		_		188.802.740		27.868.605.242	887.913.546		41.021.659.343
   NET BOOK VALUE
   As at 01/01/2025			t5.766.706.507	67.985.548		4.402.849.770	1.615.713.352		21.853.255.177
   As at 30/06/2025			14.938.919.729	52.997.260		2.571.249.408	1.511.479.009		19.074.645.406

   I9

   FECON CORPORATION

   15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Tu Liem Conunune, Hanoi City, Viet Nam

   Form B 09 - DN/HN Issued under Circular No. 202/2014/TT-BTC December 22•d, 2014 of the Ministry of Finance

   
   
   
   
   
   

   19	Construction in progress	30/06/2025 VND		01/01/2025 VND
   	Construction in progress	280.133.775.506		37.305.259.909
   	Total	280.133.775.506		37.305.259.909
   5.10	Short-term borrowings and finance lease liabilities
   		30/06/2025		01/01/2025
   		VND		VND
   	Short-term borrowings and finance lease liabilities	2.864.749.608.478		2.380.916.619.819
   	Total	2.864.749.608.478		2.380.916.619.819
   5.1 I	Taxes and payables to the State Budget
   		30/06/2025		01/01/2025
   		VND		VND
   	Value Added Tax	11.437.893.982		17.433.028.782
   	Corporate income tax	23.719.235.240		28.428.274.256
   	Personal income tax	8.912.833.084		5.308.966.439
   	Contractor tax and other taxes	50.045.701 .273		303.999.499.233
   	Contractor tax and other taxes	40.296.945		688.661.376
   	Fee, charge & other payables	4.442.837.966		5.158.732.544
   	Total	98.598.798.490		36J.017.162.630
   5.12	Short-term accrued expenses
   		30/06/2025		01/01/2025
   		VND		VND
   	Interest expenses, cost of construction projects, others	328.826. 268.240		359.497.220.236
   	Total	328.826.268.240		359.497.220.236
   5.13	Other short-term Payables
   		30/06/2025		0J/01/2025
   	Trade union fee	VND 4.759.636. 996		VND 4.504.034.181
   	Social insurance	1.828.266.207		925.812.554
   	Health insurance	373.290.526		206.233.980
   	Unemployment insurance	172.756.568		106.859.305
   	Other payables	315.903.402.725		122.296.478.655
   	Total	323.037.353.022		128.039.418.675
   ?.14	Long-term borrowings and finance lease liabilities	30/06/2025		01/01/2025
   		VND		VND
   	Long-tern borrowings and finance lease liabilities	2.164.300.973.998		1.510.667. 103.323
   	Total	2.164.300.973.998		1.510.667.103.323

   N

   
   
   

   :l

   20

   FECON CORPORATION

   15"' Floor CFO Tower, Plot HH2-1, Me Tri Ha U rbaii Area, Pham Hung Road, Tu Liem Commune, Hanoi City, Viet Nam

   Form B 09 - DN/HN Issued under Circular No. 202/2014/TT-BTC December 22"d, 2014 of the Ministry of Finance

   5.15 Owners' cquity Changes of owners' equity

   S£are capital Share premium Otfier owner's

   The eXthange

   indes tmen t s nd

   Other funds

   Unit. VND

   Retained earn in s '"""'*"'*

   Total

   
   
   

   ratt différentes Development fund

   ' shareholder interest

   	t,574d90,050,000	517,556,564,Zl7	10,039,280,000	8,381,459	347Ç4t,87J,996	23Z,406,012	51,175,948,576	861,047,646,521	3,361,792,157,781
   1ncrcase capilal al subsidiaries								fi29.000,000	629,000.@0
   Merde a Subsihiary							32,192,266	(19,542,920,437)	(19,490,728, 191)
   Loss in the precious year							9,269,008,883	20,80I,'iJ5,439	30,070,364,322

   Appropriation to bonus and wellare

   fund al parent company A§proprialion to bonus and vellàr¢ fpnd al suhsid iaries

   (l,269,562,370)

   ( 1,482,449, 164)

   (176,371,256)

   (1,269,362,370)

   (1,658,820,420)

   /ypiopiiation lo üeyelopment invcstmcnl Fund al subsidiarics	1,2 I 1,200,423					(1,21 1,200,423)
   snhsidi ics								( 1.865.425.000)	( I ,861,425.000)
   Lhanyc in ovnersfiip percentage of								(220.701,459)	(220,70 l,4'i9)
   subsidiarics
   Another increasc/dccrcasc				(8,387,4'i9)			4,852,102	41.289,333	37,733,976
   As at 31/12/2024	1,57Æ,090,050,000	517,556,56Æ,217	10,0J9,280,000	-	348,563,075,419	232,406,012	56,538,789,8711	860,714,073,l2t	3,368,024,238,639
   As at 01/0ï/2025	1,57Æ,390,050,000	S*7,556,56Æ,217	*0,0J9,280,000		348,553,075,419	252,406,012	56,538,789,870	860,7l4,075,I2I	3,368,024,238,639
   Arising during the year					147,615,574		4,517,389,185	(1,098,226,172)	3,066,778,588
   Increase capital at subsidiaries								13,500,000	I3,500,000
   Frofit/Joss in iliis period							15,113.784.645	1,974.945.886	I7.088.710,530
   Goodu ill amiotizalion								(110,350,730)	( I I 0.350,730)
   Appropr ia Iion to de ve Io prnent investmeni fund at subsidiaries					147,615,574		(147,615,574)
   Provision for bonus and welfare funds at the Parent Company							(663,870,065)		(663,870,065)
   I»crzasc due to changes in ownership incrcs ApproprialioiJ IO bnnus and vc][ar¢ t73l.356,788) (116.233,2 9 (847.'i90,087)
   Fund al subsidiaries
   Change in u\ncrship ratio of subsiding'							tx.166,744.919)	t2.118.658.2x2)	t 10,285.403,201 )
   I' ymcnl cl dividends by cash								(l,060,50€,000)	(1,060,500,000)
   Another increase/decrease							65.769.971	(114,741.371)	(48.971.400)
   As at 30/06/2025	1,574d90,050,000	S17,556,56Æ,217	10,0J9,280,000	- 348,70fl,69fl,993		232,406,012	- 61,056,179,055	859,113,846,949	3,371,091,017,226

   21

   FECON COIH'ORATION

   15"' Floor CEO Tower, Plot HH2-1, Me Tri Ha Urban Area, Pham Hung Road, Tu Liem Commune, Hanoi City, Viet Nam

   Form B 09 - DN/HN Issued under Circular No. 202/2014/TT-BTC December 22"', 2014 of the Ministry of Finance

   5.15 Owners' equity (Continued)	For the period from	For the period from
   	OJ/01/2025 to	0J/01/2024 to
   	30/06/2025 VND	30/06/2024 VND
   Capital contributed at the beginning of the period	1.574.390.050.000	1.574.390.050.000
   Capital increase in the period
   Capital decrease in the period
   Capital contributed at the end of the period	1.574.390,050.000	1.574.390.050.000
   Dividends, profits distributed	For the period from	78. 719.502.500 For the period from
   	01/01/2025 to	01/01/2024 to
   	30/06/2025 VND	30/06/2024 VND
   Number of shares registered for issuance	157.439.005	157.439.005
   Number of shares sold to the public	157.439.005	157.439.005
   Comnon shares	157 439.005	157.439.005
   Number of outstanding shares	157.439.005	157.439.005
   Common shares	157.439.005	157.439.005
   Par value of outstanding share (VND/per share)	10.000	10.000

3. ADDITION AL INFORMATION ON THE ITEMS OF THE CONSOLIDATED INCOME STATEMENT

   1. Revenue from sales of goods and provision of services

City, Viet Nam

December 22"d, 2014 of the Ministry of Finance

City, Viet Nam December 22"', 2014 of the Ministry of Finance

Corporate income tax expense calculated on taxable income of the current year

12,165,749,544

6,326,277,196

6,326,277, J96

Area, Phairi Hung Road, Tu Liem Commune, Hanoi City, Viet Nam

Issued under Circular No. 202/20I4,'TT-BTC December 22"d. 2014 of the Ministry o I Finance

Gain or loss ditributed common shareholders in holding company (VND)

Average number of outstanding common shares

during the period (shares)

Basic earnings per share (VND/share)

15,113,784,645

157,439,005

96

4,202,649,528

157,439,005

27

Hanor, July 3d", 2025

i 50P

airman

CONGTY

COPHAN

FEC0

Preparer Chief Accountant

Tran Thu Trang

Pham Van Tung

Pham Viet lilioa