4Q2025 Consolidate Unaudited Results

MASAN GROUP CORPORATION AND ITS SUBSIDIARIES

CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025

CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025

TABLE OF CONTENTS

Corporate information

Consolidated balance sheet (Form B 01a - DN/HN) Consolidated statement of income (Form B 02a - DN/HN) Consolidated statement of cash flow (Form B 03a - DN/HN)

Notes to the consolidated financial statements (Form B 09a - DN/HN)

PAGE

1

2

6

8

10

iA

CORPORATE INFORMATION

Enterprise registration certificate

0303576603 18 November 2004

The Enterprise Registration Certificate has been amended several times, the most recent of which is dated 31 August 2025. The Enterprise Registration Certificate and its amendments were issued by the Department of Planning and Investment (now referred to as the Department of Finance) of Ho Chi Minh City.

Board of Directors

Dr Nguyen Dang Quang Ms Nguyen Hoang Yen Mr Nguyen Thieu Nam Mr Nguyen Doan Hung Mr David Tan Wei Ming Ms Nguyen Thi Thu Ha

Chairman Member Member Member Member Member

Board of Management

Mr Le Danny Chief Executive Officer

Mr Nguyen Thieu Nam Deputy Chief Executive Officer

Mr Michael Hung Nguyen Deputy Chief Executive Officer 7

Audit Committee

Mr Nguyen Doan Hung Ms Nguyen Thi Thu Ha

Chairman .(

Member

Legal representative Registered office

Dr Nguyen Dang Quang Chairman

Mr Le Danny Chief Executive Officer

23 Le Duan Street

Sai Gon Ward, Ho Chi Minh City, Vietnam

T'

**

Prepared by:

Nguyen Huy Hung

Chief Accountant

26 January 2026

Approved by:

Doan Thi My Duyen

Chief Financial Officer

C 0 NG TY C 0' PHA'N TA P OOA

Le Danny

Chief Executive Officer

The accompanying notes are an integral part of these consolidated quarterly financial statements

(continued)

26 January 2026

Prepared by:

Approved by: ,›o› s ›‹C

Nguyen Huy Hung

Chief Accountant

Doan Thi My Duyen

Chief Financial Officer

"" +O e Danny

Chief Executive Officer

The accompanying notes are an integral part of these consolidated quarterly financial statements.

CONSOLIDATED STATEMENT OF CASH FLOW

(Indirect method)

From 1/1/2025 From 1/1/2024 Code Note to 31/12/2025 to 31/12/2024

VND million VND million

CONSOLIDATED STATEMENT OF CASH FLOW

(Indirect method - continued)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from share issuance of the Company and the subsidiaries, net of payment of related

From 1/1/2025 From 1/1/2024 Code Note to 31/12/2025 to 31/1212024

VND million VND million

Cash and cash equivalents at the beginning of

TY LAN

26 January 2026

Approved

9/ CONG TY

CO PH A N

L N

Doan Thi My Duyen

Le Danny

Prepared by:

Nguyen Huy Hung

Chlef Accountant

Chief Financial Officer

Chief Executive Officer

Form B 09a - DN/HN

NOTES TO THE CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025

These notes form an integral part of and should be read in conjunction with the accompanying consolidated quarterly financial statements.

1 REPORTING ENTITY

Masan Group Corporation ("the Company") is a joint stock company incorporated in Vietnam. The principal activity of the Company includes management consulting, investment consulting (except for finance, accounting, and legal consulting) and carrying out capital mobilisation and investment activities.

The consolidated quarterly financial statements comprise the Company and its subsidiaries (together referred to as "the Group") and the Group's interest in associates.

The principal activities of the subsidiaries and associates are described as follows:

1. In March and October 2025, the Company increased its economic interests in the CrownX through the acquisition of 8.77% interest of the CrownX by indirect subsidiaries of the Company.

2. In March and April 2025, a subsidiary of the Company signed agreements with several investors to increase interests in Consumer Holdings.

   Number

   Direct subsidiaries

   Name

   Note

   Percentage of Principal activity economic interests at

   
   
   

   31/12/2025 1/1/2025

   1 The SHERPA Company Limited ("SHERPA")	Investment holding	100.0%	100.0%
   2 Zenith Investment Company Limited ("ZENITH")	Investment holding	100.0%	100.0%

   Indirect subsidiaries

   1 The CrownX Corporation ("CrownX")	(a)	Investment holding	93.7%	84.9%
   2 Masan Consumer Holdings Corporation ("Consumer Holdings") (formerly known as MasanConsumerHoldings Company Limited)	(vi) /(b)	Investment holding	94.4%	72.8%
   3 Masan Brewery Company Limited ("MB")	(i)	Investment holding	63.0%	48.5%
   4 Masan Master Brewer Company Limited ("MMBr")	(i)	Beer and beverage trading	63.0%	48.5%
   5 Masan Brewery PY One Member Company Limited ("MBPY")	(i)	Beer and beverage manufacturing	63.0%	48.5%
   6 Masan Brewery HG One Member Company Limited ("MBHG")	(i)	Beer and beverage manufacturing	63.0%	48.5%
   7 Masan Brewery Distribution One Member Company Limited ("MBD")	(i)	Beer and beverage trading	63.0%	48.5%

   Form B 09a - DNIHN

   NOTES TO THE CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 (continued)

   1 REPORTING ENTITY (continued)

   Number Name

   Note

   Percentage of Principal activity economic interests at

   3111212025 1/1/2025

   8 Masan Brewery MB Company Limited ("MBMB")

   1. Beer and beverage manufacturing

   63.0% 48.5%

   9 Masan Consumer Corporation ("MCH")

   (i)/

Trading and distribution

66.2% 67.4%

10 Masan Consumer (Thailand) Limited ("MTH")

11 Masan Food Company Limited ("MSF")

42 Masan Industrial One Member Company Limited ("MSI")

(i)/

(c)

(i)/

(c)

(i)/

(c)

Trading and distribution 66.2% 67.4%

Trading and distribution 66.2% 67.4%

Seasonings, convenience 66.2% 67.4% food manufacturing and

packaging

1. Viet Tien Food Technology One (i)/ Member Company Limited ("VTF") (c)

2. Masan HD One Member Company (i)/ Limited ("MHD") (c)

3. Masan PQ Corporation ("MPQ") (i)/

   (c)

4. Nam Ngu Phu Quoc One Member (i)/ Company Limited ("NPQ") (c)

   Seasonings manufacturing

   Convenience food manufacturing

   Seasonings manufacturing

   Seasonings manufacturing

   66.2% 67.4%

   
   
   

   66.2% 67.4%

   66.2% 67.4%

   66.2% 67.4%

5. Masan Long An Company Limited (i)/ ("MLA") (c)

   Seasonings, convenience 66.2% 67.4% food manufacturing and

   packaging

6. Masan HN Company Limited ("HNF")

   (i)/

   (c)

   Convenience food manufacturing

   66.2% 67.4%

7. VinaCafé Bien Hoa Joint Stock Company ("VCF")

8. Vinh Hao Mineral Water Corporation ("VHC")

   (i)I

   (c)

   1. /

      (c)

      Beverage manufacturing 65.4% 66.6% and trading

      Beverage manufacturing 59.3% 60.3% and trading and

      packaging

9. Kronfa., JSC ("KRP") (i)/

   ()

   Beverage manufacturing 59.3% 60.3%

10. Masan Beverage Company (i)/ Limited ("MSB") (c)

    Beverage trading and distribution

    66.2% 67.4%

11. Masan MB One Member Company (i)/ Limited ("MMB") (c)

    Seasonings, convenience 66.2% 67.4% food manufacturing and

    packaging

12. Masan HG One Member Company (i)/ Limited ("MHG") (c)

Convenience food manufacturing and packaging

66.2% 67.4%

NOTES TO THE CONSOLIDATED QUARTERLY PERIOD ENDED 31 DECEMBER 2025 (continued)

1 REPORTING ENTITY (continued)

Form B 09a - DNIHN

Number

34

35

Name Note

Mapleleaf Company Limited ("MPL") Masan Blue Corporation ("MBL")

Principal activity

Percentage of economic interests at 31/12/2025 1/112025

61 Fornax Investment Corporation ("FOR") (v)

Investment

0/ 0/

Form B 09a - DNIHN

1. REPORTING ENTITY (continued)

   Associates

   Number

   Direct associate

   Name

   Principal

   Note activity

   Percentage of economic interests at 31/12/2025 1/1/2025

   1 Vietnam Technological and Commercial Joint Stock Bank ("Techcombank")

   Indirect associates

   Banking

   Note 15(c)

   1 Cholimex Food Joint Stock Company ("Cholimex")	(vii)	Seasonings manufacturing and trading	32.8%	32.8%
   2 Vissan Joint Stock Company ("Vissan")	(viii)	Food manufacturing and retailing	24.9%	24.9%

   1. These entities are direct and indirect subsidiaries of Consumer Holdings.

      
      
      

   2. These entities are direct and indirect subsidiaries of ZENITH.

   3. These entities are direct and indirect subsidiaries of MML.

      
      
      

   4. These entities are direct and indirect subsidiaries of WCM.

      
      
      

   5. These entities are direct and indirect subsidiaries of SHERPA.

   6. These entities are direct subsidiaries of CrownX

   7. This entity is an indirect associate of Consumer Holdings.

   8. This entity is a direct associate of MML.

      1. The change in the effective economic interests in MSC held by MSN at the reporting date was due to during the period, MSC, an indirect subsidiary of the Company, increased its charter capital by VND3,321 billion.

      2. The change in the effective economic interests in MML held by MSN at the reporting date was due to during the period, MML, an indirect subsidiary of the Company, increased its charter capital by VND113 billion.

      3. In March 2025, MSF, an indirectly owned subsidiary by the Company, acquired Huong Giang Manufacturing Trading Service Company Limited ("HGC"). As a result of such transaction, from this date, HGC became a subsidiary indirectly owned by the Company through MSF.

         (§ In August 2025, MH, an indirect subsidiary of the Company, underwent a corporate restructuring whereby a portion of its assets and operations is transferred to a newly established entity, New MH Company Limited ("New MH"). As at the date of this report, the restructuring has not been completed

         (g) As at the date of this report, the dissolution has been completed.

         The percentage of economic interests for subsidiaries represents the effective percentage of economic interests of the Company both directly and indirectly in the subsidiaries, which is determined based on percentage of equity owned (directly and indirectly) in the subsidiaries, except for other arrangements (if any). The percentage of economic interests for associates represents the direct percentage of economic interests of the Company and its subsidiaries in the associates.

         Normal operating cycle

         The normal operating cycle of the Company and its subsidiaries is generally within 12 months.

         Form B 09a - DN/HN NOTES TO THE CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 (continued)

2. BASIS OF PREPARATION

   1. Statement of compliance

      These consolidated quarterly financial statements have been prepared in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System for enterprises and the relevant statutory requirements applicable to quarterly financial reporting.

   2. Basis of measurement

      These consolidated quarterly financial statements, except for the consolidated statement of cash flows, are prepared on the accrual basis using the historical cost concept. The consolidated statement of cash flows is prepared using the indirect method.

   3. Annual accounting period

      The annual accounting period of the Company is from 1 January to 31 December. The consolidated quarterly financial statements are prepared for the period ended 31 December 2025.

   4. Accounting and presentation currency

      
      
      

      The Company's accounting currency is Vietnam Dong ("VND"). These consolidated quarterly financial statements are prepared and presented in millions of Vietnam Dong ("VND million").

      
      
      

   5. Corresponding figures

   
   
   

   The corresponding figures as at 1 January 2025 were brought forward from the audited figures as at 31 December 2024.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies have been adopted by the Group in the preparation of these consolidated quarterly financial statements

1. Basis of consolidation

   
   
   

   Common control business combination

   Business combination where the same group of shareholders ("the Controlling Shareholders") control the combining companies before and after the business combination meets the definition of business combination under common control because there is a continuation of the risks and benefits to the Controlling Shareholders. Such common control business combination is specifically excluded from the scope of Vietnamese Accounting Standard No. 11 Business Combination and in selecting its accounting policy with respect to such transaction, the Group has considered Vietnamese Accounting Standard No. 01 Framework and Vietnamese Accounting Standard No. 21 Presentation of Financial Statements. Based on these standards, the Group has adopted the merger ("carry-over") basis of accounting. The assets and liabilities of the combining companies are consolidated using the existing book values from the Controlling Shareholders' perspective. Any difference between the cost of acquisition and net assets acquired is recorded directly in undistributed profits after tax under equity.

   The consolidated statements of income and cash flows include the results of operations and cash flows of the combining companies from the acquisition date.

   1. Non-common control business combination

      Non-common control business combinations are accounted for using the purchase method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. Under the purchase method, the assets and liabilities of the acquired entity are consolidated using their fair values. Cost of a business combination (cost of the acquisition) consists of the aggregate fair value, at the date of exchange, of assets given, liabilities incurred or assumed, equity instruments issued by the Group and any costs directly attributable to the business combination. Goodwill represents the excess of the cost of acquisition over the Group's interest in the net fair value of the identifiable"assets, liabilities and contingent liabilities of the acquired entity. When the excess is negative, it is recognised immediately in the consolidated statement of income.

      Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurred in connection with business combinations included any costs directly attributable to the combination, such as professional fees paid to accountants, legal advisers, valuers and other consultants to effect the combination. Transaction costs are capitalized into the cost of business combination. General administrative costs and other costs that cannot be directly attributed to the particular combination being accounted for are not included in the cost of the combination; they are recognized as an expense when incurred.

   2. Subsidiaries

      Subsidiaries are entities controlled by the Group. Control exists when the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that currently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.

   3. Associates (equity accounted investees)

      
      
      

      Associates are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20 and 50 percent of the voting power of another entity. Associates are accounted for in the consolidated quarterly financial statements using the equity method (equity accounted investees). They are initially recognised at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated quarterly financial statements include the Group's share of the profit and loss of equity accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases. The carrying amount of investments in equity accounted investees is also adjusted for the alterations in the investor's proportionate interest in the investees arising from changes in the investee's equity that have not been included in the consolidated quarterly statement of income (such as foreign exchange translation differences, etc.). When the Group's share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term financial investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee. Gain or loss on disposal of interest in an associate without losing significant influence, including through dilution of interest in the associate as deem of disposal, is recognised in the consolidated statement of income.

   4. Non-controlling interest ("NCI")

      NCI are measured at their proportionate share of the acquiree's identifiable net assets at date of acquisition.

      Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as transactions with owners. The difference between the change in the Group's share of net assets of the subsidiary and any consideration paid or received is recorded directly in undistributed profits after tax under equity, except where such difference arises from a transaction that is contractually linked to an issuance of shares or capital contribution at a premium or surplus in which case the difference is recorded in other capital.

   5. Transactions eliminated on consolidation

      Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated quarterly financial statements. However, foreign currency difference arising on intra-group monetary items, whether short-term or long-term are recorded in the consolidated statement of income. Unrealised gains and losses arising from transactions with associates are eliminated against the investment to the extent of the Group's interest in the associate.

   6. Loss of control

   When the Group losses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognised in the consolidated statement of income. Any interest retained in the former subsidiary when control is lost is stated at the carrying amount of the retained investment in the separate quarterly financial statements adjusted for appropriate shares of changes in equity of the investee since the acquisition date, if significant influence in the investee is maintained, or otherwise stated at cost.

2. Foreign currency

   
   
   

   Foreign currency transactions

   Transactions in currencies other than VND during the period have been translated into VND at rates approximating actual rates of exchange ruling at the transaction dates.

   
   
   

   Monetary assets and liabilities denominated in currencies other than VND, except for borrowings dominated in currencies other than VND that have been hedged for foreign currency risk using a financial instrument, are translated into VND at the rates at the end of the accounting period quoted by the commercial bank where the Company or its subsidiaries most frequently conduct transactions.

   All foreign exchange differences are recorded in the consolidated statement of income.

   1. foreign operations

      For the purpose of presenting the consolidated financial statements, the financial information of foreign operations are translated to VND as follows:

      • Assets and liabilities including goodwill and fair value adjustments arising on acquisition, are translated to VND at the account transfer buying rate (for assets) and the account transfer selling rate (for liabilities) at the end of the accounting period quoted by the commercial bank where the subsidiaries most frequently conduct transactions;

      • Revenue, income, expenses and cash flows of foreign operations are translated to VND at exchange rates at which approximate actual exchange rates ruling on the dates of transactions; and

      • Capital is translated to VND at historical exchange rate. Accumulated losses/undistributed profits after tax, fu'nds and reserves are derived from the translated net profits/losses and movements from which they were appropriated.

   Foreign currency differences arising from the translation of foreign operations' financial statements to VND are recognised in the consolidated balance sheet under the caption "Foreign exchange differences" in equity. When the foreign currency differences relate to a foreign operation that is consolidated but not wholly owned, accumulated exchange differences arising from translation and attributable to non-controlling interests are allocated to, and recognised as part of, non-controlling interests in the consolidated balance sheet.

3. Cash and cash equivalents

   Cash comprises cash balances and call deposits. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash, are subject to an insignificant risk of changes in value, and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes.

4. Investments

   
   
   

   Trading securities

   Trading securities are bonds and certificates of deposits held by the Group for trading purpose i.e. purchased for resale with the aim of making profits over a short period of time. Trading securities are initially recognised at cost which include purchase price plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at cost less interest income for the period before investment acquisition date and allowance for diminution in value. An allowance is made for diminution in value of trading securities if market price of the securities item falls below its carrying amount. The allowance is reversed if the market price subsequently increases after the allowance was recognised. An allowance is reversed only to the extent that the securities' carrying amount does not exceed the carrying amount that has been determined if no allowance had been recognised.

   1. Held-to-maturity investments

      
      
      

      Held-to-maturity investments are those that the management of the Company or its subsidiaries has the intention and ability to hold until maturity. Held-to-maturity investments include term deposits at banks. These investments are stated at costs less allowance for doubtful debts.

      
      
      

   2. Equity investments in other entity

   
   
   
   
   
   
   

   Equity investments in other entities of which the Company or its subsidiaries have no control or significant influence are initially recognised at cost, which include purchase price plus any directly attributable transaction costs. Subsequent to initial recognition, these investments are stated at cost less allowance for diminution in value. An allowance is made for diminution in investment values if the investee has suffered a loss which may cause the Group to lose their invested capital, unless there is evidence that the value of the investment has not been diminished. An allowance is not considered to be made for the investment when the Group may not lose their invested capital. The allowance is reversed if the investee subsequently made a profit that offsets the previous loss for which the allowance had been made. An allowance is reversed only to the extent that the investment's carrying amount does not exceed the carrying amount that would have been determined if no allowance had been recognised.

5. Accounts receivable

   Accounts receivable from customers and other receivables are stated at cost less allowance for doubtful debts.

   Factoring

   Depending on market conditions and liquidity requirements, the Group enters into factoring agreements to transfer trade receivables. For factoring transactions, the Group assesses whether trade receivables can be derecognised in their entirety or not, basing on the extent to which it retains the risks and rewards of ownership of the trade receivables.

   If the Group:

   • transfers substantially all the risks and rewards of ownership of the receivables, the Group derecognises the receivables and recognise separately as asset or liability any rights and obligations created or retained in the transfer;

   • retains substantially all the risks and rewards of ownership of the receivables, the Group continues to recognise the receivables;

1. Accounts receivable (continued)

   • neither transfers nor retains substantially all the risks and rewards of ownership of the receivables, the Group determines whether it has retained control. If the Group does not retain control, it derecognises the receivables and recognise separately as assets or liabilities any rights and obligations created or retained in the transfer. If the Group retains control, it continues to recognise the receivables to the extent of its continuing involvement in the receivables.

The extent of continuing involvement in the transferred assets is the extent to which it is exposed to changes in the value of the transferred assets, which is the lower of the carrying amount of assets and the maximum amount of the consideration that the Group could be required to pay ("the guarantee amount").

When the Group continues to recognise an asset to the extent of its continuing involvement, the Group also recognizes an associated liability. The associated liability is initially measured at the guarantee amount plus the fair value of the guarantee. Subsequently the initial fair value of the guarantee is recognised in the consolidated statement of income on a time proportion basis.

1. Inventories
   
   
   
   
   
   
   
   

   Inventories are stated at the lower of cost and net realisable value. Cost is determined on a weighted average basis and includes all costs incurred in bringing the inventories to their present location and condition. Cost in the case of finished goods and work in progress includes raw materials, direct labour and attributable overheads. Net realisable value is the estimated selling price of inventory items, less the estimated costs of completion and direct selling expenses.

   
   
   

   The Group applies the perpetual method of accounting for inventories.

2. Tangible fixed assets

   
   
   COSt

   Tangible fixed assets are stated at cost less accumulated depreciation. The initial cost of a tangible fixed asset comprises its purchase price or construction cost, including import duties, non-refundable purchase taxes and any directly attributable costs of bringing the asset to its working condition and location for its intended use and the costs of dismantling and removing the asset and restoring the site on which it is located. Expenditure incurred after tangible fixed assets have been put into operation, such as repair, maintenance and overhaul cost, is charged to the consolidated statement of income in the period in which the cost is incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in the future economic benefits expected to be obtained from the use of tangible fixed assets beyond their originally assessed standard of performance, the expenditure is capitalised as an additional cost of tangible fixed assets. In situations where the self-constructed tangible assets have been completed and are put into used but their cost is not finalised, their historical cost will be recorded to provisional cost using temporarily estimated value and they shall be adjusted with the difference after the finalised cost are approved. Tangible fixed assets also comprise fair value of other assets from business combination.

   Upon completion of the mine construction phase, the assets are transferred into "buildings and structures", "machinery and equipment" or "other mining assets" in tangible fixed assets. Other mining assets comprise mine rehabilitation assets and fair value of mineral reserves and mineral resources from business combination.

   1. Depreciation

      Machinery and equipment directly related to mineral processing activities and fair value of mineral reserves from business combination

      Machinery and equipment which are directly related to mineral processing activities and fair value of mineral reserves from business combination are depreciated on a unit-of-production method. Under this method, the depreciation bases are derived from proved and probable mineral reserves, which are estimates of the volume of ore (in tons) that can be economically and legally extracted from the Group's mining properties, and a portion of mineral resources expected to be converted into reserves. Specifically, the depreciation bases for mining-related assets are calculated using:

      1. estimated mineral reserves and resources expected to be converted into reserves under mining specialist's technical assessments within Nui Phao project area; and

         
         
         

      2. further estimated mineral resources that can be reprocessed from the NPM's oxide tails cell ("OTC").

   
   
   

   Application of depreciation base to each mining asset class is as follows:

   Machinery and equipment relating to only mineral processing activities Machinery and equipment relating to mineral processing activities, and being used in OTC retreatment

   Fair value of mineral reserves from business combination

   Depreciation base

   
   
   
   
   

   (a)

   
   
   

   (a) and (b)

   (a) and (b)

   1. Depreciation (continued)

      Machinery and equipment directly related to mineral productlon activltles

      Machinery and equipment which are directly related to the deep processing of tungsten products of MTC are depreciated on a unit-of-production basis. The estimated total production quantity output which tangible fixed assets are depreciated on a unit-of-production basis are as follows:

      Tonnes of tungsten

      ST plant APT plant

      171,865

      166,990

      
      
      

      Others

      Depreciation is computed on a straight-line basis over the estimated useful lives of tangible fixed assets. The estimated useful lives are as follows:

      • buildings and structures

      • leasehold improvements

      • machinery and equipment

      • motor vehicles

      • office equipment and others

      • mining properties

      3 - 50 years

      
      
      
      
      

      3 - 5 years

      2 - 25 years

      
      
      

      3 - 25 years

      
      
      

      3 - 25 years

      
      
      

      26 years

      
      
      

      Construction assets which are completed and put into use before construction costs being finalised, are stated at provisional cost. On the date the construction costs are finalised and approved, provisional cost shall be adjusted to finalised cost and accumulated depreciation shall not be adjusted. The subsequent depreciation charge is determined as the approved value minus the accumulated depreciation made for the period up to the approval of finalisation of fixed assets divided by the remaining depreciation period of the fixed assets according to relevant regulations.

3. Intangible fixed assets

Lanc/ use rights

Land use rights with indefinite term are stated at cost and are not amortised. Land use rights with definite term are stated at cost less accumulated amortisation. The initial cost of land use rights comprises its purchase price and any directly attributable costs incurred in conjunction with securing the land use rights. Amortisation is computed on a straight-line basis over their estimated useful lives ranging from 10 to 50 years. Fair value of land use right acquired in a business combination is determined using direct comparison method by comparing recent asking/transacted price of similar properties in a similar area.

Form B 09a - DN/HN NOTES TO THE CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS FOR THE

3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

1. Intangible fixed assets (continued)

2. Software

   Costs of software include:

   • cost of acquiring a new software, which is not an integral part of the related hardware, is capitalised and treated as an intangible fixed asset. Software cost is amortised on a straight-line basis over their estimated useful lives ranging from 2 to 10 years; and

   • cost incurred during actual software development phase when following conditions are met:

     • respective costs are attributable directly to the software development stage;

     • there is well-founded expectation - verifiable by program designs, models, or the like that the development activities to be capitalized will be finalised successfully and thus the intention to complete the development project should be given;

O the Group will be able to implement and use the software after its development;

O adequate technical, financial and personnel resources should be available to complete the software development successfully; and

O the Group is able to measure expenditure attributable to the software development project reliably.

Self-developed software are amortised on a straight-line basis over period of up to four (4) years starting from the date on which the respective modules are completed.

1. Deye/opment costs

   
   
   

   Development costs comprise:

   
   
   

   • Expenditure on the Group's development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalised if the product or process is technically and commercially feasible and the Group has sufficient resources to complete development. The expenditure capitalised include the costs of materials, direct labour and an appropriate portion of overheads. Other development expenditure, including expenditure on internally generated goodwill and brands, is recognised in the consolidated statement of income as an expense as incurred.

   • Development activities that are acquired by the Group in the acquisition of subsidiary is capitalised and presented as an intangible fixed asset. The fair value of development activities acquired in a business combination is determined using the multi-period excess earnings method, whereby the subject assets are valued after deducting a fair return on all other assets that are part of creating the related cash flows. The fair value of development activities is amortised on a straight-line basis over the estimated useful live ranging from 10 to 16 years.

2. Branc/ name

   Brand names that are acquired by the Group in the acquisition of subsidiary are capitalised and presented as an intangible fixed asset. The fair value of brand names is amortised on a straight-line basis over the estimated useful lives ranging from 9 to 30 years.

   The fair value of brand name acquired in a business combination is based on the discounted estimated royalty payments that have been avoided as a result of the brand name being owned.

   Form B 09a - DN/HN

   NOTES TO THE CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 (continued)

   3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

   (h) Intangible fixed assets (continued)

3. Customer relationships

   Customer relationships that are acquired by the Group on the acquisition of subsidiary are capitalised and presented as an intangible fixed asset. The fair value of customer relationship is amortised on a straight-line basis over the estimated useful lives ranging from 5 to 36 years.

   The fair value of customer relationships acquired in a business combination is determined using the multi-period excess earnings method, whereby the subject assets are valued after deducting a fair return on all other assets that are part of creating the related cash flows.

4. Mineral water resources

   
   
   
   
   

   Mineral water resources that are acquired by the Group in the acquisition of subsidiary are capitalised and presented as an intangible fixed asset. The fair value of mineral water resources are amortised on a straight-line basis over their estimated useful lives ranging from 10 to 37 years.

   
   
   
   
   

   The fair values of mineral water resources acquired in a business combination are determined using either the direct comparison method or the multi-period excess earnings method. The direct comparison approach estimates the value of mineral resources by comparing recent asking/transacted price of similar interests located in a similar area. In the multi-period excess earnings method, subject assets are valued after deducting a fair return on all other assets that are part of creating the related cash flows.

5. Mining rights

   
   
   

   The mining rights are calculated based on the remaining exploitable reserves multiplied with the price as announced by the provincial authorities in accordance with Decree No. 67/2019/ND-CP dated 31 July 2019 ("Decree 67") which became effective from 15 September 2019, replacing Decree No. 203/2013/ND/CP dated 28 November 2013. Cost of mining rights was stated at an amount equal to the present value of mining rights fee and was capitalised and treated as an intangible fixed asset. Amortisation of mining rights is computed on a straight-line basis over the economic life of proved and probable mineral reserve and a portion of resources expected to be converted into reserves.

6. Technology

   Technology that is acquired by the Group in the acquisition of subsidiary is capitalised and presented as an intangible fixed asset. The fair value of technology is amortised on a straight-line basis over their estimated useful lives ranging from 5 to 31 years.

   The fair value of technology acquired in a business combination is determined using the multi-period excess earnings method, whereby the subject assets are valued after deducting a fair return on all other assets that are part of creating the related cash flows.

7. Mineral water resources exploitation rights

   Expenditure on obtaining exploitation rights for mineral water resources is capitalised and treated as an intangible fixed asset. Amortisation is computed on a straight-line basis over their estimated useful lives ranging from 4 to 30 years.

   (h) Intangible fixed assets (continued)

8. License

License that are acquired by the Group in the acquisition of subsidiary are capitalised and presented as an intangible fixed asset. The fair value of license is amortised on a straight-line basis over the estimated useful lives of 12 years.

The fair value of license acquired in a business combination is determined using the multi-period excess earnings method, whereby the subject assets are valued after deducting a fair return on all other assets that are part of creating the related cash flows.

1. Investment property

   
   
   

   1. Cost

      
      
      

      Investment property held to earn rental is stated at cost less accumulated depreciation. The initial cost of an investment property held to earn rental comprises its purchase prices and any directly attributable expenditures of bringing the property to the condition necessary for it to be capable of operating in the manner intended by the Board of Management of the Company or its subsidiaries. Expenditure incurred after the investment property held to earn rental has been put into operation, such as repair and maintenance, is charged to the consolidated statement of income in the period in which the expenditure is incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in future economic benefits in excess of the originally assessed standard of performance of the existing investment property held to earn rental, the expenditure is capitalised as an additional cost of the investment property.

   2. Depreciation

      Depreciation is computed on a straight-line basis over the estimated useful lives of investment property. Land use rights with indefinite term are not amortized. The estimated useful lives are as follows:

      • buildings 20 - 60 years

      • infrastructure 5 - 20 years

2. Construction in progress

   Construction in progress represents the costs of swine breeders, the cost of construction and machinery which have not been fully completed or installed and mineral assets under development. No depreciation is provided for construction in progress during the period of breeding the swines, construction, installation and commissioning stages.

   Mineral assets under development comprise mineral reserve and related development costs acquired in a business combination and subsequent development expenditure. These assets are qualified for capitalisation when the mineral reserve to which they relate is proven to be commercially and technically viable. They are initially recognized at their fair values as part of business combination accounting and subsequent development expenditures are capitalized net of proceeds from the sale of ore extracted during the development phase. On completion of development, defined as the time when saleable materials begin to be extracted from the mine, all assets are reclassified to either "machinery or equipment" or "other mining properties" in tangible fixed assets or in long-term prepayments.

3. Long-term prepayments

   
   
   

   Other mining costs

   In accordance with Official Letter No. 12727/BTC-TCDN dated 14 September 2015 from the Ministry of Finance which provides guidance that mining related costs could be recognised as long-term prepayments under non-current assets.

   Other mining costs comprise:

   • Exploration, evaluation and development expenditure (including development stripping); and

   • Production stripping (as described below in "Deferred stripping costs").

Deferred stripping costs

In open pit mining operations, it is necessary to remove overburden and other waste materials to

access ore body. Stripping costs incurred in the development phase of a mine (development C stripping costs) are recorded as part of the cost of construction of the mine. All development C stripping expenditure incurred during construction phase are transferred to other mining costs. T

The costs of removal of the waste material during a mine's production phase (production stripping costs) are deferred where they give rise to future benefits:

1. It is probable that the future economic benefits will flow to the Group;

2. The component of the ore body for which access has been improved can be identified; and

3. The costs incurred can be measured reliably.

Production stripping costs are allocated between inventories and long-term prepayments in accordance with the life of mine strip ratio of the identified components of the ore bodies.

The life of mine strip ratio represents the estimated total volume of waste, to the estimated total quantity of economically recoverable ore, over the life of the mine of the identified components of the ore bodies. These costs are recognised as long-term prepayments where the current period actual stripping ratio is higher than the average life of mine strip ratio.

The development and production stripping costs are amortised systematically based on the mineral reserves and mineral resources expected to be converted to mineral reserves of the relevant components.

Form B 09a - DN/HN

PERIOD ENDED 31 DECEMBER 2025 (continued)

3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(k) Long-term prepayments (continued)

1. Prepaid land costs

   Prepaid land costs comprise prepaid land lease rentals, including those for which the Group obtained land use rights certificate but are not qualified as intangible fixed assets under Circular No. 45/2013/TT-BTC dated 25 April 2013 of the Ministry of Finance providing guidance on management, use and depreciation of fixed assets, and other costs incurred in conjunction with securing the use of leased land. These costs are recognized in the consolidated statement of income on a straight-line basis over the terms of the leases from 35 to 50 years.

2. Land compensation cost

   
   
   

   Land compensation costs comprise costs incurred in conjunction with securing the use of leased land. These costs are recognized in the consolidated statement of income on a straight-line basis over the terms of the leases.

   
   
   

3. Tools and supplies

   
   
   
   
   

   Tools and supplies include assets held for use by the Group in the normal course of business whose costs of individual items are less than VND30 million and therefore not qualified for recognition as fixed assets under prevailing regulation.

   
   
   

   Tools and supplies are initially stated at cost and amortised on a straight-line basis over their useful lives ranging from over 1 to 3 years.

4. Goodwill from equitization

   Goodwill generated from the state-owned enterprise equitization is recognized as long-term prepayments. Goodwill generated from the state-owned enterprise equitization includes brand name value and potential development value. Brand name value is determined on the basis of actual costs incurred for creation and protection of trademarks, trade name in the course of the enterprise's operation for the period of five years before the valuation date (including establishment costs and expenditures on training, advertising and promotional activities incurred to promote and introduce the enterprise and its products and website costs). Potential development value is evaluated on the basis of profitability of the enterprise in the future taking into account the enterprise's profit ratio and interest rates of 5-year government bonds. Goodwill generated from the state-owned enterprise equitization is amortized on a straight-line basis over 10 years starting from the date of conversion from a state-owned enterprise into a joint stock company (date of first business registration certificate for a joint stock company).

5. Swine breeders

   Swine breeders whose costs of individual items are less than VND30 million are recognised as long-term prepayments and amortised on a straight-line basis over their estimated useful lives ranging from over 1 to 3 years. The amortisation of swine breeders that directly relates to farming of swine in work in progress is capitalised as part of the cost of work in progress.

6. Other long-term prepaid expenses

Other long-term prepaid expenses include pre-operating expenses and other prepaid expenses which are stated at costs and amortised on a straight-line basis over their estimated useful lives.