4Q2025 Separate Unaudited Results

MASAN GROUP CORPORATION

SEPARATE QUARTERLY FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025

SEPARATE QUARTERLY FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025

TABLE OF CONTENTS

Corporate information

Separate balance sheet (Form B 01a - DN) Separate statement of income (Form B 02a - DN) Separate statement of cash flows (Form B 03a - DN)

Notes to the separate financial statements (Form B 09a - DN)

PAGE

1

2

4

5

7

.0

A I

l

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

Board of Management

Audit Committee

Legal representative

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

Mr Le Danny

Mr Nguyen Thieu Nam Mr Michael Hung Nguyen

Mr. Nguyen Doan Hung Ms Nguyen Thi Thu Ha

Dr Nguyen Dang Quang Mr Le Danny

Chairman Member Member Member Member Member

Chief Executive Officer is

Deputy Chief Executive Officer Deputy Chief Executive Officer

Chairman Member

Chairman

Chief Executive Officer

Registered office

23 Le Duan Street

Sai Gon Ward, Ho Chi Minh City, Vietnam

1

t'h

.A

26 January 2026

Approve y:

Doan Thi My Duyen

Chief Financial Offlcer

e Danny

h Executive Officer

Prepared by:

Nguyen Huy Hung

Chief Accountant

26 January 2026

Prepared by:

Nguyen Huy Hung Doan Thi My Duyen anny

Chief Accountant Chief Financial Officer xecutive Officer The accompanying notes are an integral part of these separate quarterly financial statements.

4

SEPARATE STATEMENT OF CASH FLOWS

(Indirect method)

From 1/1/2025 to

From 1/1/2024 to

Code Note 31/12/2025

VND

31/12/2024

VND

CASH FLOWS FROM OPERATING ACTIVITIES

Net cash flows from operating activities

20 (2,507,509,990,642)

(2,934,409,604,340)

CASH FLOWS FROM INVESTING ACTIVITIES

Payments for additions to fixed

Payments for investments in other

entities 25

Receipts of interest, dividends and related income from investing

(2,993,000,000,000)

SEPARATE STATEMENT OF CASH FLOWS

(Indirect method - continued)

Proceeds from share issued, net of payments for related transaction

Prepared by:

Nguyen Huy Hung

Chief Accountant

26 January 2026

Approved by

Doan Thi My Duyen

Chief Financial Officer

C 0 N C TY C O I HA N

anny

igf ecutive Officer

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

1. REPORTING ENTITY

   1. Ownership structure

      Masan Group Corporation ("the Company") is a joint stock company incorporated in Vietnam.

   2. Principal activities

      The principal activities of the Company include management consulting, investment consulting (except for finance, accounting, and legal consulting) and carrying out capital mobilisation and investment activities for the Company and the affiliates.

      
      
      

      The Company holds the ownership of its direct subsidiaries, its indirect subsidiaries and its associates (together referred as the "affiliates") and through those subsidiaries to provide management consulting, and business operation management at other companies in the Group pp (referred to "the Company and its affiliates").

      
      
      

      Revenue and income of the Company from management consulting and business operation management provided to the affiliates in the Group include the following income: dividend income from the Company's affiliates, interest income from loans provided to the Company's affiliates, gains from trading financial assets and gains from transfer of shares or capital contribution of the Company's affiliates and other legitimate income.

   3. Normal operating cycle

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

2. BASIS OF PREPARATION

   1. Statement of compliance

      These separate 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.

      The Company prepares and issues its consolidated quarterly financial statements separately. For a comprehensive understanding of the consolidated financial position as at 31 December 2025 of the Company and its subsidiaries (collectively referred to as "the Group"), their consolidated results of operations and their consolidated cash flows for the period then ended, these separate quarterly financial statements should be read in conjunction with the consolidated quarterly financial statements of the Group for the period ended 31 December 2025.

   2. Basis of measurement

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

      1. BASIS OF PREPARATION (continue)

   3. Annual accounting period

      The annual accounting period of the Company is from 1 January to 31 December. The separate 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"), which is also the currency used for separate financial statements presentation purpose.

   5. Corresponding figures

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

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   
   
   
   
   
   
   
   
   

   The following significant accounting policies have been adopted by the Company in the preparation of these separate quarterly financial statements. The accounting policies that have been adopted by the Company in the preparation of these separate quarterly financial statements are consistent with those adopted in the preparation of the latest separate annual financial statements.

   1. 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 most frequently conducts transactions.

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

   2. 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.

   3. Investments

      
      
      

      Trading securities

      Trading securities are bonds and certificates of deposits held by the Company 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 Company's management 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. Inv'estments in subsidiaries, an associate and equity inyesfment in other entity

      For the purpose of these separate financial statements, investments in subsidiaries and an associate are initially recognised at cost which includes 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 value if the investee has suffered a loss which may cause the Company to lose its 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 Company may not lose its 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.

   4. Accounts receivable

      Other receivables are stated at cost less allowance for doubtful debts.

   5. Tangible fixed assets

      1. COSt

         Tangible fixed assets are stated at cost less accumulated depreciation. The initial cost of a tangible fixed asset comprises its purchase price, including import duties, non-refundable purchase taxes and any directly attributable costs of bringing the asset to its working condition 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 separate 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.

         1. Tangible fixed assets (continued)

      2. Depreciation

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

         • leasehold improvements 5 years

         • office equipment 3 - 5 years

         • motor vehicles 6 years

           1. Intangible fixed assets

           Software

           
           
           

           Cost of acquiring 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 a period ranging from 2 to 5 years.

           (9)

           Construction in progress

           
           
           

           Construction in progress represents the costs of software implementation which has not been fully completed. No depreciation is provided for construction in progress during the period of renovation.

           1. Long-term prepayments

           2. Tools and instruments

           Tools and instruments include assets held for use by the Company 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. Cost of tools and instruments are amortized on a straight-line basis over a period ranging from 2 to 3 years.

           (ii) Prepaid borrowing costs

           Prepaid borrowing costs are initially recognised at cost and amortised on a straight-line basis over the term of the respective loans.

           1. Trade and other payables

              Accounts payable to suppliers and other payables are stated at their costs.

           2. Bonds issued

              Straight bonds

              At initial recognition, straight bonds are measured at cost which comprises proceed from issuance net of issuance costs. Any discount, premium or issuance costs are amortized on a straight-line basis over the term of the bond.

           3. Taxation

              Income tax on the profit or loss for the period comprises current and deferred tax. Income tax is recognized in the separate statement of income except to the extent that it relates to items recognized directly to equity, in which case it is recognized in equity.

              Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted at the end of the accounting period, and any adjustment to tax payable in respect of previous periods.

              Deferred tax is provided using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities using tax rates enacted or substantively enacted at the end of the accounting period.

              
              
              

              A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

              
              
              
           4. Equity
              
              

              Share capital and capital surplus

              Ordinary share capital is classified as equity. The excess of proceeds contributed over the par value of shares issued is recorded as capital surplus. Incremental costs directly attributable to the issue of ordinary shares, net of tax effects, are recognized as a deduction from capital surplus.

              1. Preference shares

                 Non-redeemable preference shares are classified as equity, because they bear discretionary dividends, do not contain any obligation to deliver cash or other financial assets and do not require settlement in variable number of the Company's equity instruments. Discretionary dividends thereon are recognised as equity distributions on approval by the Company's shareholders.

              2. Other capital

              Agreements to issue a fixed number of shares in the future are recognized based on their fair values at the dates of the agreements under other capital if there are no other settlement alternatives.

           5. Financial income

              Financial income comprises dividend income, interest income from bank deposits, bonds and loans receivable, gains from disposals of investments and foreign exchange gains.

              Interest income is recognised on a time proportion basis with reference to the principal outstanding and the applicable interest rate.

              Dividend income is recognised when the right to receive dividends is established. Dividends received which are distributable to the period before investment acquisition date are deducted from the carrying amount of investment.

           6. Financial expenses

           Financial expenses comprise interest expense on borrowings, bonds and deposits, amortised borrowing and bond issuance costs (collectively referred to as "borrowing costs"); losses from disposals of investments and foreign exchange losses.

           Borrowing costs are recognised as an expense in the period in which they are incurred, except where the borrowing costs relate to borrowings in respect of the construction of qualifying assets, in which case the borrowing costs incurred during the period of construction are capitalised as part of the cost of the assets concerned

           (O) Operating lease payments

           Payments made under operating leases are recognised in the separate statement of income on a straight-line basis over the term of the lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease.

           
           
           

           1. Related parties

              Parties are considered to be related to the Company if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions, or where the Company and the other party are subject to common control or significant influence. Related parties may be individuals or corporate entities and include close family members of any individual considered to be a related party.

           2. Employee stock ownership plans

           Shares issued to employees based on the employee stock ownership plans are issued at price as stipulated in the Annual General Meeting of Shareholders' resolution.

2. CHANGES IN ACCOUNTING ESTIMATES

   In preparing these separate quarterly financial statements, the Company's Board of Management has made several accounting estimates. Actual results may differ from those estimates. There were no significant changes in basis of accounting estimates compared to those made in the most recent separate annual financial statements or those made in the same quarterly period of the prior year.

3. CHANGES IN THE COMPOSITION OF THE COMPANY

There were no significant changes in the composition of the Company since the end of the last annual accounting period which affect the Company's separate quarterly financial statements for the period ended 31 December 2025.

Cash equivalents represented term deposits at banks with original terms to maturity of three months or less from their transaction dates.

1. INVESTMENTS

   31/12/2025

   VND

   1/1/2025

   
   
   

   VND

   Short-term financial investments Held-to-maturity investments (a)

   Long-term financial investments Investments in subsidiaries (b) Investment in associate (c)

   1. Held-to-maturity investments

      
      
      
      
      

      51,800,000,000 127,303,524,695

      51,800,000,000 127,303,524,695

      18,049,365,000,000 18,049,365,000,000

      4,378,837,077,636 4,378,837,077,636

      22,428,202,077,636 22,428,202,077,636

      Held-to-maturity investments - short-term represented term deposits in VND at banks with original terms to maturity of more than 3 months and less than 12 months from their transaction dates.

      Form B09a-DN

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

      7 (b)	INVESTMENTS (continued) Investments in subsidiaries
      	Details of the Company's investments in direct subsidiaries were as follows:
      	31/12/2025		1/1/2025
      	Allowance		All'owance
      % of	%of	for	% of	% of	for
      equity voting diminution equity				voting diminution

      owned	right	Cost VND		in value VND (")		Fair value VND	owned	right	Cost VND		in value VND ("*)		Fair value VND
      100.0%	100.0%	15,466,355,000,000				(*)	100.0%	100.0%	15,466,355,000,000				(*)
      100.0%	100.0%	2,583,010,000,000				(*)	100.0%	100.0%	2,583,010,000,000				()
      		18,049,365,000,000				()			18,049,365,000,000				(*)

      • The SHERPA Company Limited ("SHERPA")

      • Zenith Investment Company Limited ("Zenith")

      (*) The Company has not determined the fair values of the equity investments for disclosure in the separate quarterly financial statements because there is currently no guidance on determination of fair value using valuation techniques under Vietnamese Accounting Standards or the Vietnamese Accounting System for enterprises. The fair values of the equity investments may differ from their carrying amounts.

      
      
      
      
      

      (**) Allowance for diminution in value of investments in subsidiaries was determined and made in accordance with accounting policies as described in Note 3(c)(iii). As at 31 December 2025 and 1 January 2025, the value of these investments were determined not to be diminished, therefore no allowance was made.

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

      7	INVESTMENTS (continued)
      (c)	Investment in an associate
      	Details of the Company's investment in an associate was as follows:
      	31/12/2025 Allowance	1/1/2025 Allowance

      Vietnam Technological and Commercial Joint Stock Bank

      °/› of °/‹ of

      equity voting

      owned right Cost

      VND

      for diminution in value

      VND

      Fair value

      VND

      %of %of

      equity voting

      owned right Cost

      VND

      for diminution in value

      VND

      Fair value VND

      ("Techcombank") 14.8% 14.8% 4,378,837,077,636

      36,597,221,830,200

      14.8% 14.8% 4,378,837,077,636

      25,848,754,100,700

      
      
      
      
      
      
      

      The fair values of investment in Techcombank as at 31 December 2025 and 1 January 2025 were determined by reference to the quoted price at these respective dates on No Chi Minh City Stock Exchange.

2. ACCOUNTS RECEIVABLE

   1. Loans receivable - short-term

      Direct subsidiaries

      • The SHERPA Company Limited,

        31/12/2025

        VND

        1/1/2025

        VND

        a direct subsidiary

      • Zenith Investment Company Limited, a direct subsidiary

        Indirect subsidiaries

      • Plutus Holdings Company Limited, an indirect subsidiary

      • Mobicast Joint Stock Company, an indirect subsidiary

      • Nui Phao Mining Company Limited, an indirect subsidiary

        9,119,000,000,000 4,495,350,000,000

        15,000,000,000 -

        922,000,000,000 -

        
        
        

        87,900,000,000 304,500,000,000

        239,838,000,000

        10,143,900,000,000 5,039,688,000,000 A !

        
        
        

        These loans were unsecured and earn annual interest at interest rates as agreed in the respective loan agreements.

   2. Loans receivable - long-term

      Indirect subsidiaries

      • Masan Blue Corporation, an

        31/12/2025

        VND

        1/1/2025

        VND

        indirect subsidiary

      • Zenith Investment Company Limited, a direct subsidiary

        11,032,345,779,967 18,053,345,779,967

        1,000,000,000,000

        12,032,345,779,967 18,053,345,779,967

        These loans were unsecured and earn annual interest at interest rates as agreed in the loan agreements. These loans will be mature more than 12 months after the balance sheet date.

        8 ACCOUNTS RECEIVABLE (continued)

   3. Other short-term receivables

      31/12/2025

      VND

      1/1/2025

      VND

      Interest receivables from subsidiaries (*)

      • The SHERPA Company Limited, a direct subsidiary

      • Plutus Holdings Company Limited, an indirect subsidiary

      • Mobicast Joint Stock Company, an

        227,350,410,959 113,143,607,669

        38,395,616,440

        indirect subsidiary

      • Zenith Investment Company Limited, a direct subsidiary

      • Nui Phao Mining Company Limited, an indirect subsidiary

        Interest receivable from banks

        Other receivables from subsidiaries (**)

      • WinEco Agricultural Investment Development and Production Limited Liability Company, an indirect

        2,911,136,990

        423,287,671

        3,156,854,109

        50,864,893,147

        6,357,349,726

        
        
        

        3,776,686,186

        
        
        
        
        

        subsidiary

      • Other subsidiaries Short-term deposits Others

   4. Other long-term receivables

213,665,000,000 213,665,000,000

43,909,756,783 97,789,392,227

122,000,000 232,000,000

1,320,614,862 43,520,420,950

531,254,677,814 529,349,349,905

31/12/2025

VND

1/1/2025

VND

Interest receivables from subsidiaries (*)

• Masan Blue Corporation, an indirect subsidiary

• Zenith Investment Company Limited, a direct subsidiary

Long-term deposits

3,894,070,229,949 4,571,229,756,112

5,517,808,219

17,915,184,807 5,773,984,807

3,917,503,222,975 4,577,003,740,919

(*) Short-term and long-term interest receivables from subsidiaries were unsecured and are receivable at the maturity date of related loans.

(**) Other receivables from subsidiaries were unsecured, interest free and receivable on demand.

10 LONG-TERM PREPAYMENTS

Opening balance

Additions

Amortization for the period Closing balance

Prepaid borrowing costs VND

225,778,048,600

140,893,692,413

(98,807,050,185)

267,864,690,828

Tools and supplies VND

4,476,231,500

439,075,000

(1,788,910,530)

3,126,395,970

Total VND

230,254,280,100

141,332,767,413

(100,595,960,715)

270,991,086,798

(*) In accordance with business corporation contracts, the Company is committed to provide to the third parties the return on the deposits received to the third parties as stipulated in the business corporation contracts.

Terms and conditions of outstanding short-term borrowings were as follows:

Lenders:

WinEco Agricultural Investment Development and Production Limited Liability Company, an indirect subsidiary

31/12/2025

VND

1/1/2025

VND

516,000,000,000

The short-term borrowings from an indirect subsidiary were unsecured and bear interest at rates as agreed in the loan agreements.

13 BORROWINGS AND BONDS (continued)

1. Long-term borrowings

   Secured syndicated loan (*)	USD	2027- 2030 (**)	10,891,246,000,000			12,891,947,500,000
   Secured syndicated
   loan (*)	USD	2029	1,110,743,150,000
   			12,001,989,150,000			12,891,947,500,000
   In which:
   Amount payable
   within 12 months	2,149,389,000,000			2,000,701,500,000			|,J,

   Currency Year of maturity

   31/12/2025

   VND

   1/1/2025

   VND

   
   
   

   Terms and conditions of outstanding long-term borrowings were as follows:

   (*)

   (**)

   The syndicated loans as at 31 December 2025 bear annual interest rate at SOFR + margin at 1.9% 2.9% per annum (1/1/2025: 2.9% - 3.5%). As at 31 December 2025, the Company's syndicated loans are secured by the following assets:

   • the Company's deposit at banks;

   • the issued ordinary share of an indirect subsidiary and all related benefits; and

   • corporate guarantee by a direct subsidiary.

   During the period, the Company complied with the covenants of the above loans.

   In January 2025, the Company successfully extended the maturity by two years until 2030 and reducing interest rates by up to 85 bps for 2023 USD syndicated loan.

   As at 31 December 2025, the Company guarantees for short term and long-term borrowings of subsidiaries with total carrying values of VND7,215,707 million and VND17,810,933 million, respectively (1/1/2025: VND7,573,412 million and VND16,962,397 million, respectively).

   13 BORROWINGS AND BONDS (continued)

2. Long-term bonds

Terms and conditions of outstanding long-term bonds were as follows:

Agent

31/12/2025

Carrying value VND

1/1/2025

Carrying value Maturity

VND date

Interest rate

Techcom Securities Joint Stock Company

From 2027 to

9.5% per annum in the first year, and 3.975% per annum plus amalgamated average 12 months deposit rates of selected

major banks in the Pr

• Unsecured bonds 3,000,000,000,000 3,000,000,000,000 2028

  Vietcom bank Securities Company Limited

• Unsecured bonds 1,700,000,000,000 1,700,000,000,000 2027

  MB Securities Joint Stock Company

• Unsecured bonds 4,000,000,000,000 4,000,000,000,000 2028

Total long-term

straight bonds at par 8,700,000,000,000 8,700,000,000,000 Unamortised bond

remaining periods.

4.1% per annum plus amalgamated average 12 months deposit rates of selected major banks in the remaining periods.

From 11.45% to 11.65%

per annum in the first year, and 4.1% per annum plus amalgamated average 12 months deposit rates of selected major banks in the remaining periods.

issuance costs

In which: Amounts payable within 12 months

(35,242,515,017) (49,469,933,795)

8,664,757,484,983 8,650,530,066,205

As at 31 December 2025, the Company guarantees for long-term bonds of subsidiaries with total carrying values of VND10,299,980 million (1/1/2025: VND13,299,980 million).

MASAN GROUP CORPORATION

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

1. CHANGES IN OWNERS' EQUITY

   Share capital VND

   Capital surplus VND

   Other capital VND

   Undistributed profits VND

   Total VND

   Balance at 1 January
   2024	14,308,434,060,000	8,723,077,701,079		(1,695,338,182,568)		259,366,070,952		21,595,539,649,463
   Net profit for the year	-	-		-		626,222,499,951		626,222,499,951
   Issuance of new shares	75,082,110,000	(50,000,000)						75,032,110,000
   Issuance of convertible
   dividend preference
   shares ("CDPS")	745,764,700,000		5,441,529,802,182		-		-		6,187,294,502,182
   Balance at 1 January
   2025	15,129,280,870,000		14,164,557,503,261		(1,695,338,182,568)		885,588,570,903		28,484,088,761,596
   Net profit for the period							363,206,553,054		363,206,553,054
   Issuance of new shares
   (Note 16)	75,638,400,000	(50,000,000)		75,588,400,000
   Balance at 31
   December 2025	15,204,919,270,000	14,164,507,503,261		(1,695,338,182,568)		1,248,795,123,957		28,922,883,714,650

   23

   
   
   15 SHARE CAPITAL AND CAPITAL SURPLUS

   The Company's authorised and issued share capital comprises:

   31/12/2025

   Number of

   1/1/2025

   Number of

   shares

   VND

   shares

   VND

   Authorised share capital	1,520,491,927	15,204,919,270,000	1,512,928,087	15,129,280,870,000
   Issued share capital	1,520,491,927	15,204,919,270,000	1,512,928,087	15,129,280,870,000
   - Ordinary shares	1,445,915,457	14,459,154,570,000	1,438,351, 617	14,383,516,170, 000
   - Preference shares	74,576,470	745, 764, 700,000	74,576,470	745, 764, 700,000
   Shares in circulation	1,520,491,927	15,204,919,270,000	1,512,928,087	15,129,280,870,000
   - Ordinary shares	1,445,915,457	14,459,154,570,000	1,438,351, 617	14,383,516,170,000
   - Preference shares	74,576,470	745, 764, 700,000	74,576, 470	745, 764, 700, 000
   Capital surplus		14,164,507,503,261		14,164,557,503,261

   All ordinary shares have a par value of VND10,000. Each share is entitled to one vote at meetings of the Company. Shareholders are entitled to receive dividends as declared from time to time. All ordinary shares are ranked equally with regard to the Company's residual assets. In respect of shares bought back by the Company, all rights are suspended until those shares are reissued.

   In April 2024 ("the Closing Date"), the Company issued 74,576,470 converted dividend preference shares ("the CDPS") to BCC Meerkat, LLC and BCC Meerkat II, LLC (collectively referred to as "the Investors") at a price of VND85,000 per share which can be converted into the Company's ordinary shares at any time from the Closing date to the mandatory conversion date that is 10 years from the Closing date and at a 1:1 conversion ratio. No preferred dividend will be paid for the first five years, followed by a 10% preferred dividend of the par value of each outstanding CDPS per annum from the sixth year onwards. In connection with the issuance of the CDPS, the Company entered into the agreement with the Investors, pursuant to which the Company also undertakes with the Investors that it shall use its best effort to find a buyer for the Investors to sell its outstanding CDPS at the agreed price in the agreement when certain events occur or at the date that is 5 years and a half from the Closing Date. The Investors may elect to sell outstanding CDPS to any third party. In the event that the Investors fails to achieve the total proceeds as agreed in the agreement after deducting unqualified disposal of CDPS shares as agreed in the agreement, the Company shall do top-up cash for the Investors to achieve the target proceed as agreed in the agreement.

2. SHARE CAPITAL AND CAPITAL SURPLUS (continued)

   Movements of share capital during the period were as follows:

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

   Balance at the beginning of the	Number of shares		Par value VND		Number of shares		Par value VND
   period Issuance of CDPS	1,512,928,087		15,129,280,870,000		1,430,843,406 74,576,470		14,308,434,060,000 745,764,700,000
   Issuance of new shares for cash (Note 16)	7,563,840		75,638,400,000		7,508,211		75,082,110,000
   Balance at the end of the period	1,520,491,927		15,204,919,270,000

   +y

   
   
   
   
   

3. EMPLOYEE STOCK OWNERSHIP PLANS

   The Company has employee stock ownership plans based on the assessment of employees' performance. The future issuance of shares under the plan has to be approved by the shareholders at the Annual General Meeting of Shareholders.

   In July 2025, the Company issued 7,563,840 shares (2024: 7,508,211 shares) to employees at price as stipulated in the Annual General Meeting of Shareholders' resolution.

4. OTHER CAPITAL

Agreements to issue a fixed number of shares in the future are recognised based on their fair values at the dates of the agreements under other capital if there are no other settlement alternatives.

20 GENERAL AND ADMINISTRATION EXPENSES

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

VND VND

Depreciation and amortisation expenses

Staff costs, outside services and other expenses

2,888,564,266 3,001,724,622

475,379,723,891 412,228,247,105

478,268,288,157 415,229,971,727

21 SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

In addition to related parties' balances disclosed in other notes to these separate quarterly financial statements, the Company had the following transactions with related parties in accordance with Vietnamese Accounting Standards during the period:

Related Party

Nature of transaction

From 1/1/2025 to From 1/112024 to 31/12/2025 31/12/2024

VND VND

UN

Shared costs charged by

The Supra Corporation, an indirect subsidiary

Shared costs charged by the Company

1,357,200,000

21 SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES (continued)

Related Party

Masan Horizon Company Limited, an indirect subsidiary

Masan Blue Corporation, an indirect subsidiary

Masan High-Tech Materials Corporation

Nui Phao Mining Company Limited, an indirect subsidiary

Masan Tungsten Limited Liability Company, an indirect subsidiary

Masan MeatLife Corporation, an indirect subsidiary

MEATDeli HN Company Limited, an indirect subsidiary

Nature of transaction

Interest income from loans provided

Shared costs charged by

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

VND VND

28,091,876,712