PVI discloses the consolidated Financial Statements 6m2025

PVI HOLDINGS

(Incorporated in the Socialist Republic oI 7ietnam)

CONSOLIDATED FINANCIAL STATEMENTS

For the second quarter 2025 and

The 6-month period ended 30 June 2025

TABLE OF CONTENTS

CONTENTS PAGE(S)

STATEMENT OF THE BOARD OF MANAGEMENT

The Board of Management of PVI Holdings (the "Company") presents this repon together with the Company's consolidated financial statements for the 6 month period ended 30 June 2025.

THE BOARDS OF DIRECTORS AND MANAGEMENT

The members of the Boards of Directors and Management of the Company during the period and to the date of this report are as follows

Board of Directors

Mr. Jens Holger WohIthat

Mr. Duong Thanh Danh Francois Mr. Nguyen Tuan Tu

Mr. Ulrich Heinz Wollsch lager Mr. Doan Linh

Ms. Bui Thi Nguyet

Mr. Christian Sebastian Mueller Ms. Christine Nagel

Board of Management

Mr. Nguyen Tuan Tu Mr. Phung Tuan Kien Mr. Pham Anh Duc Mr. Vu Van Thang Mr. Do Tien Than h

Chairman

Permanent Vice Chairm an

Vice Chairman Member Member

Independent member Independent member Independent member

Chief Executive Officer (CEO) Deputy CEO

Deputy CEO Deputy CEO Deputy CEO

The Board of Management of the Company is responsible for preparing the interim consolidated financial statements, which give a true and fair view of the consolidated financial position of the Company as at 3 0 June 2025 and its consolidated financial performance and its consolidated cash flows for the 6-month period then ended in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to interim consolidated financial reporting. In preparing these interim consolidated financial statements, the Board of Management is required to:

STATEMENT OF THE BOARD OF MANAGEMENT (Continued)

• Se|ect suitable accounting policies and then apply them consistently;

• Make judgments and estimates that are reasonable and prudent;

• State whether applicable accounting principles have been followed, subject to any material depanures disclosed and explained in the interim consolidated financial statements;

• Prepare the interim consolidated financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and

• Desig n and implement an effective internal control system for the purpose of properly preparing and presenling the interim consolidated financial statements so as to minimize errors and frauds.

The Board of Management of the Company is responsible for ensuring that proper accounting records are kept, which disclose, with reasonable accuracy at any time, the consolidated financial position of the Company and that the consolidated financial statements comply with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to interim consolidated financial reporting. The Board of Man agement is also responsible foF safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of frauds and other irreg ularities.

The Board of Management confirms that the Company has complied with the above requirements in preparing these interim consolidated financial statements

- men Tuan Tu

Chief Executive Officer

2 July 2025

INTERIM CONSOLIDATED BALANCE SHEET

As at 30 June 2025

Unit: VND

ASSETS

Code Notes

1. Provision (or impairment of long-term financial investments

2. Held-to-maturity investments

The accompanying nores are an integral part of these interim conso/idated financia/ statements

PVI HOLDINGS

Pvl Tower, No. 0J Pham van Bach, Cau Giay Hanoi, S.R. Vietnam

FORM B OJa -DN/HN

Issued under Circular No.202/2014/TT-BTC dated 22 Oecember 2014 of the Ministry of Finance

As at 30 June 2025

Unit: VND

- Retained earnings accumulated to the prior year end

- Pelained earnings of the current period

J2Ta

421b

J,t 50,165,667,774

749,00J,954,304

256,066,}T6,779

932,628,933,943

6. Non-controlling interests

TOTAL RESOURCES (440 00+400)

Hoang Huy Hiep Preparer

429

9 3WW0P2

766.864 197 618

Tran Duy Cuong

yen Tuan Tu

Chief Accountant

361,626487566 359,349,880,871

21 July 2025

The accompanying notes are 8n integral part of these interim conso//dated financial statements

PVI HOLDINGS

PVI Tower, No. 01 Pham Van Bach, Cau Giay Hanoi, S.R. Vietnam

FORM B 02a -DH/HN

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

ITEMS

1. Gross revenue 'from goods sold rendered

2. Deductions

3. Net revenue from goods sold and services rendered (10 = 01-02)

4. Cost of sales

   INTERIM CONSOLIDATED INCOME STATEMENT

   For the second quarter 2026 and 6-month period ended 30 June 2025

   and	services	01	21	7,255.204,373,789	4,88 8,724,75 8,297	14,570,886,817,496	8 0,945,851,108.931
   		02	22	4,931.050.443,591	2,982,977.885,018	10.067,667,925,825	7,204,842,197,4 43
   		10		2.324,183.93O,198	1.828,746,833,279	4,503.218,891,671	a,r<1,oo8,s11,v8s
   		14	23	1,838,8 53,731,045	1.565,520.788,356	3,638,107,766,930	3.091.890.972,211

   Code Notes second quarter 2025 Second quarter 2024 Current period

   Unit: VND

   Prior period

   5. Gross profit from goods sold and sezwiees rendered (2O=10-11)	2s	4‹ .›	.ñ 99.153	263,226,044.923	865.ñ 11,124.74›	649.117,939,577
   6. Financial income	24	26	352,511,042,714	328.931.845.650	685,094.229,460	642.644.971,843
   7. Financial expenses	22	27	129.845.447.384	98.072,276,320	231,097,730.944	193,586.847,909
   - In which. Interest expense	23		15,4 21.328,368	Z,60J.343.0f2	21,220.034, 7 Z3	I f,328,457,443
   8. General and administration expenses	26	24	180,101,225,858	4 57,545,731.887	371,409.843.861	318,526,240,354
   9. Operating profit 30 527,864,568,625 779,649,823,157 f3O = 20 + (21 - Z2)* 24 -20 - 26}
   10. Other income	31	50,773,352,931		30,040,069,586	95.4 47,059,04	60,265,827,872
   11. Other expenses	32	48,595,080,004		27,601.594,957	90,155,784,697	56,518,167,817
   12. Profit from other activities (40 = 31 - 32]	40	2,878,272,927		2,438,474,629	4.991,274,314	s,r<>

   13. Accounting profit before tax (5O = 30 + 40)

   5O 530,042,841,552

   338,978,356,995 952,689,053,710

   783,397,483.2]2

   14. C•urr ent corporate income tax expense	51	28	105,260.493.764	6g.546.005,589	187,426,681,925	141,494,417,816
   15. Deferred corporate tax (income)	52		(12,090,022,913)	(10,632,676,537)	(18,914,091,870)	(17,145,635,919)

   1. Net profit after corporate income tax (60 = 50 - 51 - 52)

      +0 43+.872,370,701

      1. Profit after tax attributable to Parent Company 61 422,768,982,829

      2. Profit after tax attributable to non-controlling shareholders

         62 '4,103,387,872

   2. Basic earnings per share

   70 29

   1,783

   
   
   

   s" TO° PHA"

   
   
   

   zss,oos,o2z,94a	z8<.1vs,<+a,+ss	659,048,701,315
   276,474.886,284	758,863,820.932	636,110,910,648
   11,590.141,659	25,312,642.723	22.937,790,667
   	3,201	2,683

   Hoang Huy Hiep Preparer

   Tran Duy Cuong Chief Accountant

   en Tuan Tu

   
   
   

   e ief Executive Officer

   21 July 2025

   
   
   

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

   6

   INTERIM CONSOLIDATED CASH FLOW STATEMENT

   (indirect method)

   For the 6-month period ended 30 June 2025

   ITEMS

   1. CASH FLOWS FROM OPERATING ACTIVITIES

   1. Profit before tax

   2. Adjustmenfs for:

   Depfeciation and amortisation of fixed assets and investment properties

   Provisions

   
   
   

   Foreign exchange loss arising from translating

   Code Currem period

   0f 952.b89.053.710

   02 42,828,292,639

   03 631,346,000,561

   25,688,913,972

   Unit: VND

   Prior period

   783.397.483.2f2

   42,699,260,695

   408.088,829,230

   25,976,301,451

   foreign currency items	04
   (Gain) from investing activities	05	(570,563,069,860)	(560.490,333.799)
   Interest expense	06	21,220,034, 173	11,328,451,443
   3. Oprratinq profit before movements in working cap"nal			710,999,992,232
   (Increase)/decrease in receivables	09	270,908,112,348	(809,754,100,586)
   (Incfease)/decrease in inventories	10	2,081,127,767	(1,034,551,524)

   loan interest and corporate income tax payable)
   (Increase)/decrease in prepaid expenses	12	(241,301,430,463)	(97.883,965,890)
   Decreases in trading securities	J3	(1,352,968,394,196)	(744,161,887,612)
   Interest paid	14	(5,927,068,515)	(11,216,470,691)
   Corporate income tax paid	15	(150,295,645,208)	(172,744,037,932)
   Other cash outflows	17	(21,056,204,767)	(21,648,570,848)
   Net cast generated by operating activities			62,774,234,22l
   II. CASH FLOWS FROM INVESTING ACTIVITIES

   (13,797.521,720)	(13,906,548,534)
   7,998,974,957	1,250,000
   (8,704,691,998,975)	(5,228,438,496,371)

   Increase/(decrease) in payables (excluding accrued

   J1 2,233,101,636,268

   1,210,217,827,072

   
   
   

   1. Acquisition and construction of fixed assets 21

      and other lonq-term assets

   2. Proceeds from sale, disposal of fixed assets 22

      and other long-term assets

      other entities 4. Cash recovered from lending, buying debt	24	5,234,238,204,869	3,560,007,243,988
      instruments of other entities
      5. Cash recovered from investments in other entities	26		17.083,600,000
      6. Interest earned, dividends and profits received	27	434,312.179.177	402,373,624,193
      Net cash (used in)/nveming acti/Jties	30	(3,041,940, I6I,b92)	[t262,879,326,724j

   3. Cash outflow for lending, buying debt instruments 23

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

   
   
   

   INTERIM CONSOLIDATED CASH FLOW STATEMENT (Continued)

   (Indirect method)

   For the 6-month perio d ended 30 June 2025

   Unit: VND

   ITEMS	Code	Current period	Prior period
   III. CASH FLOWS FROM FINANCING ACTIVITIES
   1. Proceeds from borrowings	33	1,373,815,070,438	1,169,763,431,195
   2. Repayment of borrowings	34	(28,711,493,199)	(235,599,777,118)
   3. Dividends and profits paid	36	(17,788.750)
   Net cash generated by financing activities	40	),345,085,788,489	934, 63,654,077
   Net increase/(decreases) in cash (50=20+30+40)	50	140,896,985,226	(265,941,438,426)
   Cash and cash equivalents at the	60	388,792,764,696	877,163,095,746
   beginning of the period
   Effects of changes in foreign exchange rates	61	4,740,869,839	2,284,436, 077
   Cash and cash equivalents at the end of the period (70=50+60+61)	70	534,430,619,761	613,506,093,397

   
   
   

   Hoang Huy Hiep Preparer

   Tran Duy Cuong Chief Accountant

   "

   
   
   
   
   
   

   " s"' c -- --

   " '- uyen Tuan Tu

   Chief Executive Officer

   2 July 2025

   The accompanying notes are an int egral part oI Ihese interim cons olidated financial si alements

   Ha oi S R Vietna dated 22 De embe 0 4 of lhe Minist of Fina ce

   NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

   These notes are an integral part of and should be read in conjunction with the accompanying interim consolidated financial statements

   
   
   

   GENERAL INFORMATION

   Structure of ownership

   PVI Holdings (the "Company"), formerly known as PetroVietnam Insurance Joint Stock Corporation, was established and operates under Licence No. 42 GP/KDBH dated 12 March 2007 issued by the Ministry of Finance.

   PVI Holdings' shares have been listed on the Hanoi Securities Trading Center (currently known as the Hanoi Stock Exchange) (listed code: PVI) since 10 August 2007.

   On 28 June 2011, the J2th amended Business Licence No. 010015116 was granted to PetroVietnam Insurance Joint Stock Corporation by the Hanoi Authority for Planning and Investment, accordingly, the Company's name was changed to PVI Holdings and some other principal activities were revised and added.

   The Company has officially operated under a parent-subsidiary struciure in accordance with the newly amended Business License since 01 August 2011.

   
   
   

   The total number of employees of the Company and its subsidiaries as at 30 June 2025 was 2,512 (as at 31 December 2024: 2,479).

   Operating industry

   The Company's operating industry includes financial services and real estate business.

   Principal activities

   The principal activities of the Company and its subsidiaries include:

   • Asset holdings;

   • Insurance and reinsurance activities;

   • Financial services;

   • Real estate business; and

   • Information technology service activities and other services related to computers and data processing.

   Normal business cycle

   The Company's normal business cycle is carried out for a time period of 12 months or less.

   The Company's structure

   The Company has its head office located at PVI Tower, No. 01 Pham Van Bach, Cau Giay ward, Hanoi and 02 dependent accounting branches - the Information Technology Center and the Business Services and Management Center.

   The list of the Company's direct subsidiaries as at 30 June 2025 includes:

   • PVI Insurance Corporation (PVI Insurance)

   • Hanoi Reinsurance Joint Stock Corporation (Hanoi Reinsurance)

   • PVI Asset Management Joint Stock Company (PVI AM)

   • PVI Opportunity Investment Fund (POF) (i)

   • PVI Infrastructure Investment Fund (PIF) (i)

   
   
   

   (i) PVI Opponunity Investment Fund ("POF") was established on 08 October 2015 as a closed-end fund in accordance with Notice No. 215/TB-UBCK issued by the State Securities Commission of Vietnam and continued to be extended to 08 October 2025 according to Official Letter No.3388/UBCK-QLQ dated 20 May 2020. PVI Infrastructure Investment Fund ("PIF") was established on 25 May 2017 as a closed-end fund in accordance with Notice No. 153/TB-UBCK issued by the State Securities Commission of Vietnam and continued to be extended to 25 May 2027 according to Certificate No. 26/GCN-UBCK dated 25 June 2021 issued by State Securities Commission of Vietnam. POF and PIF were invested by the Company and its subsidiaries, including PVI Insurance Corporation and Hanoi Reinsurance Joint Stock Corporation. POF and PIF are under the management of PVI Asset Management Joint Stock Company. The depository bank is Joint Stock Commercial Bank for Investment and Development of Vietnam - Ha Thanh Branch.

   Disclosure of information comparability in the interim consolidated financial statements

   The comparative figures of the interim consolidated balance sheet and the notes thereto are the figures of the Company's audited consolidated financial statements for the year ended 31 December 2024. The comparative figures of the interim consolidated income statement, interim consolidated cash flow statement and the notes thereto are the figures of the reviewed interim consolidated financial statements for the 6-month period ended 30 June 2024.

   1. ACCOUNTING CONVENTION AND ACCOUNTING PERIOD

      Accounting convention

      The accompanying interim consolidated financial statements, expressed in Vietnam Dong (VND), are prepared under the historical cost convention and in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to interim consolidated financial reporting.

      The accompanying interim consolidated financial statements are not intended to present the consolidated financial position, consolidated results of operations and consolidated cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Vietnam.

      Accounting period

      The Company's financial year begins on 01 January and ends on 31 December.

      These interim consolidated financial statements are prepared for the 6-month period ended 30 June 2025.

   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      The significant accounting policies, which have been adopted by the Company in the preparation of these consolidated financial statements, are as follows:

      Estimates

      The preparation of the interim consolidated financial statements in conformity with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to interim consolidated financial reporting requires the Board of Management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Although these accounting

      estimates are based on the Board of Management's best knowledge, actual results may differ from those estimates.

      Basis of consolidation

      The interim consolidated financial statements incorporate the financial statements of the Company, enterprises controlled by the Company, PVI Opportunity Investment Fund ("POF") and PVI infrastructure Investment Fund ("PIF") (collectively referred to as "subsidiaries") prepared for the year ended 30 June 2025. Control is achieved where the Company has the power to govern the financial and operating policies of an investee enterprise so as to obtain benefits from its activities.

      The results of subsidiaries acquired or disposed of during the period are included in the interim consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.

      Where necessary, adjustments are made to the financial statements of subsidiaries to bring ihe accounting policies used in line with those used by the Company.

      lntragroup transactions and balances are eliminated in full on consolidation.

      Non-controlling interests consist of the amount of those non-controlling interests at the date of the original business combination (see below) and the non-controlling interests' share of changes in equity since the date of the combination. Losses in subsidiaries are respectively attributed to

      the non-controlling interests even if this results in the non-controlling interests having a deficit '. balance.

      Business combination ;

      On acquisition, the assets, liabilities, and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill. Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired is credited to profit and loss in the period of acquisition.

      The non-controlling interests are initially measured at the non-controlling shareholders' proportion of the net fair value of the assets, liabilities and contingent liabilities recognised.

      Financial instruments

      Initial recognition

      financia/ assets

      At ihe date of initial recognition, financial assets are recognised at cost plus transaction costs that

      are directly attributable to the acquisition of the financial assets.

      Financial assets of the Company comprise cash, cash equivalents, trade receivables, other receivables and financial investments.

      The fair value of cash and cash equivalents is the carrying amount. The fair value of accounts receivable is equal to cost less provision for receivables.

      The fair value of these financial investments is determined as follows:

      The fair value of listed trading securities is determined according to the closing prices listed on the Hanoi Stock Exchange (HNX) or the Ho Chi Minh Stock Exchange (HOSE) at the year-end date.

      The fair value of trading securities which have been registered for trading in the market of unlisted public companies (UPCoM) is determined by the average reference price of the nearesi 30 trading days before the year-end.

      For other trading securities, the fair value is determined by using the appropriate valuation methodology, including the method that involves comparison with similar trading securities having market prices and the net asset value method.

      The fair value of long-term equity investments is determined by the method of the net asset value method based on the most recent financial statements of the investment unit collected by the Company at the reporting date.

      The fair value of bond investments is determined by book value as the interest rate is subject to changes of market interest rates.

      The fair value of the deposits at the domesiic commercial banks and bonds is determined at the book value.

      For other investments with insufficient information in the market to determine the fair value at the reporting date, the book value of these items is presented instead of the fair value.

      Financial liabilities

      At the date of initial recognition, financial liabilities are recognised at cost plus transaction costs that are directly attributable to the issue of the financial liabilities.

      Financial liabilities of the Company comprise trade payables, other payables, accrued expenses, and borrowings.

      Subsequent measurement after initial recognition

      Currently, there are no requirements for the subsequent measurement of the financial instruments after initial recognition.

      Cash and cash equivalents

      Cash and cash equivalents comprise cash on hand, demand deposits, cash in transit and short-term, highly liquid investments (not exceeding 3 months) that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

      Financial investments

      1. trading securities

         Trading securities are those the Company holds for trading purpose. Trading securities are recognised from the date the Company obtains the ownership of those securities and initially

         measured at the fair value of payments made at the transaction date plus directly attributable transaction costs.

         In subsequent periods, investments in trading securities are measured at cost less provision for impairment of such investments.

         Provision for impairment of investments in trading securities is made when there has been evidenced that their market prices are lower than their costs in accordance with prevailing accounting regulations.

      2. Held-to-maturity investments

         Held-to-maturity investments comprise investments that the Company has the positive intent or ability to hold to maturity, including term bank deposits, bond investments and certificates of deposits.

         Held-to-maturity investments are recognised on a trade date basis and are initially measured at acquisition price plus directly attributable transaction costs. Post-acquisition interest income from held-to-maturity investments is recognised in the consolidated income statement on an accrual basis. Pre-acquisition interest is deducted from the cost of such investments at the acquisition date.

         Held-to-maturity investments are measured at cost less provision for doubtful debts.

         Provision for doubtful debts relating to held-to-maturity investments is made in accordance with prevailing accounting regulations.

      3. Equity investments in other entities

      Equity investments in other entities represent the Company's investments in ordinary shares of the entities over which the Company has no control, joint control, or significant influence.

      Equity investments in other entities are carried at cost less provision for impairment. Provisions for impairment of equity investments in other entities are made when there is reliable evidence for impairment of these investments at the balance sheet date.

      Receivables

      Receivables represent the amounts recoverable from customers or other debtors and are stated at book value less provision for doubtful debts.

      Provision for doubtful debts is made for receivables that are overdue for six months or more, or when the debtor is in dissolution, in bankruptcy, or is experiencing similar difficulties and so may be unable to repay the debt.

      Tangible fixed assets and depreciation

      Tangible fixed assets are stated at cost less accumulated depreciation.

      The costs of purchased tangible fixed assets comprise their purchase prices and any directly attributable costs of bringing the assets to their working condition and location for their intended use.

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

      Buildings, structures Motor vehicles Office equipment

      Others

      Intangible assets and amortisation

      Years

      25 -40

      6

      3 - 10

      3-6

      Intangible assets are stated at cost less accumulated amonisation. Intangible assets represent accounting software, management software, and copyrights of other software (collectively referred to as "computer software") and land use rights.

      Computer software is amortised using the straight-line method over the estimated useful life of 3 years. Land use rights are amortised using the straight-line method over the duration of the right to use the land. Indefinite-term land use rights are not amortised as per the prevailing relevant regulations.

      Investment properties

      Investment properties held to earn rentals include office buildings held by the Company io earn rentals that are stated at cost less accumulated depreciation. The costs of self-constructed

      investment properties are the finally accounted construction or directly attributable costs of the ' properties. Investment properties held to earn rentals are depreciated using the straight-line

      method over their estimated useful lives.

      Prepayments

      Prepayments are expenses which have already been paid but relate to results of operations of multiple accounting periods. Prepaid expenses include commission expenses, insurance agent support expenses, expense for e-commerce activity, costs of tools and supplies issued for consumption and other expenses which are expected to provide future economic benefits to the Company.

      Other expenses are costs of tools and supplies issued for consumption and other expenses which have been capitalised as prepayments and are allocated to the consolidated income statement using the straight-line method in accordance with the prevailing accounting regulations.

      Accounting policies for prepaid expenses regarding commission expense for insurance business, commission expenses, insurance agent suppon expenses, expense for e-commerce activity are stated in the "Expenses" section of "Significant accounting policies related to insurance business" part.

      
      
      Borrowing costs

      Borrowing costs are recognised in the consolidated income statement in the period when incurred, unless they are capitalised in accordance with Vietnamese Accounting Standard No.16 "Borrowing Costs".

      Payable provisions

      Payable provisions are recognised when the Company has a present obligation as a result of a past event, and it is probable that the Company will be required to settle that obligation. Provisions are measured at the Board of Management's best estimate of the expenditure required to settle the obligation at the balance sheet date.

      Unearned revenue

      Unearned revenue for office rental services, financial services is revenue received in advance for one or more accounting periods.

      Unearned revenue from insurance business is payment received in advance from effective insurance policies with multi-installments payment agreements.

      The Company recognises unearned revenue corresponding to the portion of the obligation that the Company will have to perform in the future. When the conditions for revenue recognition are satisfied, unearned revenue is recognised in the consolidated interim income statement in the accounting period corresponding to the portion that satisfies the conditions for revenue recognition.

      Revenue recognition

      tehnue f edse n ofes e

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

      1. The amount of revenue can be measured reliably;

      2. It is probable that the economic benefits associated with the transaction will flow to the Company;

      3. The percentage of completion of the transaction at the consolidated balance sheet date can be measured reliably; and

      4. The costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

      i nci I in me

      Interest income is accrued on a time basis, by reference to the principal outstanding and at the applicable interest rate.

      Dividend income from investments is recognised when the Company's right to receive payment has been established.

      Foreign currencies

      Transactions arising in foreign currencies are translated at exchange rates ruling at the transaction date. The balances of monetary items denominated in foreign currencies as at the balance sheet date are retranslated at the exchange rates of commercial bank where the Company usually transacts on the same date. Exchange differences arising from the translation of these accounts are recognised in the consolidated income statement.

      Taxation

      Income tax expense represents the sum of the tax currently payable and deferred tax.

      The tax currently payable is based on taxable profit for the period. Taxable profit differs from profit before tax as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible.

      Deferred tax is recognised on significant differences between carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of iaxable profit and is accounted for using balance sheet liability method. Deferred tax liabilities are generally recognised for all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilised.

      Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

      Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same tax authority and the Company intends to settle its current tax assets and liabilities on a net basis.

      The determination of the tax currently payable is based on the current interpretation of tax regulations. However, these regulations are subject to periodic variation and their ultimate determination depends on the results of the tax authorities' examinations.

      Other taxes are paid in accordance with the prevailing tax laws in Vietnam.

      Enterprise funds

      A pan of profits are used to allocate to bonus and welfare funds, bonus for the management, compulsory reserve fund and other funds under the decision-making competence of the General Meeting of Shareholders. The allocation ratio shall be decided at the General Meeting of Shareholders as per the request of the Board of Directors.

      Significant accounting policies related to insurance business

      Insurance underwriting reserves

      Underwriting reserves are made in accordance with Circular No. 67/2023/TT-BTC issued by the Ministry of Finance dated 02 November 2023 ("Circular 67") and the approved letters No. 3654/BTC-QLBH dated 30 March 20J 8, No. 14427/BTC-QLBH dated 20 November 2018, No.

      4370/BTC-QLBH dated 10 April 2020 and No. 14484/BTC-QLBH dated 21 December 2021 from the Department of the Insurance Supervisory Authority - Ministry of Finance. Details are as follows:

      1. Non-life insurance lines

         ednu ned e e e.

         Application for P/l Insurance Corporation:

         • For energy insurance: Applying the method of making unearned premium reserve on a daily basis.

         • For cargo insurance, motor vehicle insurance, credit and financial risk insurance, business interruption insurance, agricultural insurance and aviation insurance (except for inward reinsurance): Applying the method of making unearned premium reserve on a daily basis.

         • For other insurances: Applying the 1/24 method of making unearned premium reserve.

           Application for Hanoi Reinsurance Joint Sfock Corporation.

         • For reinsurance agreements with terms of less than or equal to 01 year:

           Unearned premium reserve for inward reinsurance is made at 25°â of the inward reinsurance premium less any deduction from the inward reinsurance premium for cargo transpon types, and 50% for other insurance types.

           Unearned premium reserve for outward reinsurance is made at 25°é of the outward reinsurance premium for cargo transport types and 50°/ for other insurance types.

         • For reinsurance agreements with terms of more than 01 year:

           Unearned premium reserves for inward and outward reinsurance are made by a factor of period of direct policies: 1/8 method.

           
           
           

           The movement of unearned premium reserve has been recorded in "Deductions" line item in these

           consolidated financial statements.

           i eserve:

           
           
           

         • For losses incurred and reported, including both direct insurance and inward reinsurance, the Company provides for claim reserves for direct insurance and inward reinsurance and outward reinsurance using the statistic of retention liabilities for each estimated loss incurred and reported.

         • For losses incurred but not reposed (IBNR):

           • PVI Insurance Corporation makes claim reserve based on the statistics of historical data.

           • Hanoi Reinsurance Joint Stock Corporation makes claim reserve for inward reinsurance at the rate of 5°é of the inward reinsurance premium for each insurance transaction and makes claim reserve for outward reinsurance at the rate of 5°S of the outward reinsurance premium for each insurance transaction.

         onea se e

         In accordance with Vietnamese Accounting Standard No. 19 - "Insurance Contract", making reserve to cover the losses in the future that have not yet been incurred and of which the claims do not appear at the consolidated balance sheet date (including catastrophe reserve) is deemed unnecessary. However, the Company implements the provision policy following regulations of the Ministry of Finance. The catastrophe reserve is made until this reserve is equal to 100°S of the premium retained in the period of the Company and is consistently provided for all types of insurance services at:

         • PVI Insurance Corporation makes reserve on 1°Sof the premium retained in the period.

         • Hanoi Reinsurance Joint Stock Corporation makes reserve on 3% of the premium retained in the period.

           Reserves for the Company's direct insurance and inward reinsurance are not offset with reserve for outward reinsurance. Such reserves should be presented under separate items in the consolidated balance sheet. Accordingly, unearned premium reserve and claim reserve for direct insurance, inward reinsurance and catastrophe reserve are recognised as payables while unearned premium reserve for outward reinsurance and claim reserve for outward reinsurance are recognised as reinsurance assets (and recorded in the 'trade receivables" line item in these consolidated financial statements).

      2. Health insurance lines

         iM tche ae elve

         For health insurance and reinsurance contract (insurance contract) with a term of more than 1 year, Mathematical reserve is set aside as follows:

         For health insurance policies which only cover death or total permanent disability: Applying the method of making mathematical reserve on a daily basis according to the gross premium valuation.

         For other health insurance policies:

         • PVI Insurance Corporation applies the method of making mathematical reserve on a daily basis according to the gross premium valuation.

         • Hanoi Reinsurance Joint Stock Corporation applies the 1/8 method of making mathematical reserve method on a daily basis according to the gross premium valuation.

           U ned remium reserve

           For health insurance and reinsurance contract (insurance contract) with a term of less than 1 year:

         • PVI Insurance Corporation applies the method of making unearned premium reserve on a daily basis.

         • Hanoi Reinsurance Joint Stock Corporation makes reserve at 50°a of the gross premium. ,

           Claim reserve

           For losses incurred and reposed, including both direct insurance and inward reinsurance, the Company provides for claim reserves for direct insurance and inward reinsurance and outward reinsurance using the statistic of retention liabilities for each estimated loss incurred and reported but not yet settled at the period end.

           For losses incurred but not reported ("IBNR"):

         • PVI Insurance Corporation made deductions based on historical data statistics.

         • Hanoi Reinsurance Joint Stock Corporation makes claim reserve for inward reinsurance at the rate of 5°/ of the inward reinsurance premium for each insurance transaction, claim reserve for outward reinsurance at the rate of 5S of the outward reinsurance premium for each insurance transaction.

      The Board of Management believes that provisions for losses incurred but not reported have been prudently evaluated and fully reported.

      E ua/izatio ese e

      The equalization reserve was provided at the rate of 1% of the premium retained in the period for PVI Insurance Corporation and 3°4 for Hanoi Reinsurance Joint Stock Corporation and recognized as catastrophe reserve in the consolidated balance sheet.

      Reserves for the Company's direct insurance and inward reinsurance are not offset with reserve for outward reinsurance. Such reserves should be presented under separate items in the consolidated balance sheet. Accordingly, unearned premium reserve and claim reserve for direct insurance and inward reinsurance and catastrophe reserve are recognised as payables while unearned premium reserve for outward reinsurance and claim reserve for outward reinsurance are recognised as reinsurance assets (and recorded in the "Trade receivables" line item in these interim consolidated financial statements).

      Revenue recognition

      Direct insurance premium

      Insurance premiums are recognised on the interim consolidated income statement when the Company incurred insurance obligations for the insured. Specifically, direct written premiums are recognised as revenue at the point of time as follows:

      • When the insurance policy is entered into between the insurer and the policyholder, and

        insurance premium is fully paid; or

      • When there is evidence that the insurance policy has been agreed into and that the policyholder has fully paid the insurance premiums; or

      • For the insurance policy that has been entered into, and the Company has an agreement with the policyholder on the premium payment period: when the insurance contract is still within the period for premium payment as stipulated in the policy and that the payment period is within the maximum timeframe of Circular 67/2023/TT-BTC.

        
        
        

      • When ihe insurance policy has been conducted and there is an agreement for the policyholder to pay the premium in installments under the insurance policy, the insurer or foreign branch of non-life insurer shall record revenues from the premium corresponding to the period or periods of premium that have incurred, and shall not record revenues from the premium that has not yet come due for the policyholder to pay according to the agreement under the insurance policy.

      
      
      

      Periodically, the Company reviews and assesses the recoverability of direct insurance premium receivables and makes provisions for doubtful debts (if any). For receivables assessed as unrecoverable, the Group executes procedures to terminate insurance policies and revert revenue correspondingly.

      If insurance policy has been entered into between the Company and the insured but no insurance obligation has arisen to the Company and the insurer has not paid the premium, such policy shall be recognised as off-balance sheet items.

      Premium return and premium reduction are considered as revenue deduction and are monitored separately. At period end, these amounts are net-off to gross written premium to calculate net written premium.

      
      
      

      Insurance premiums received in advance before the effective date of the insurance policies at the end of period are recorded as "Advanced from customer" on the interim consolidated balance sheet

      ion li

      The Company shall recognise revenue arising from the direct insurance premium which is allocated according to the co-insurance ratio specified in the co-insurance policy.

      Reinsurance premium

      Inward reinsurance premium is recorded when the liability is incurred at the amount stated on the reinsurers' statement sent to the Company and confirmed by the Company.

      Outward reinsurance premium is recorded at the premium amount to be ceded to reinsurers, corresponding to the direct insurance premium earned in the period.

      In the period, commission income and other incomes from reinsurance activities are recorded on accrual basis. At the period end, the Company should determine unearned commission income from outward reinsurance corresponding to outward reinsurance premium not yet recognised in this period so as to allocate such commission income to the subsequent periods under the corresponding method of making reserves.

      Expenses

      Claim settlement expenses for direct insurance are recorded as incurred, that is, when the Company accepts to settle the insured's claims following respective settlement notice.

      Claim settlement expenses for inward reinsurance are recorded as incurred, following the statement of accounts that the reinsurers have sent to the Company and the claim is accepted by the Company.

      Claim receipts from ceded policies are recognised based on the receivable amount incurred corresponding to the claim settlement expenses recorded in the period and the ceded ratios.

      Commission expenses for direct insurance and inward reinsurance are recognised corresponding to direct premium and inward reinsurance premium incurred in the period. In the period, the entire commission expenses for direct insurance and inward reinsurance under inward reinsurance contracts signed in accordance with regulations of the financial regime are presented in the "Expenses for insurance activities" items.

      
      
      

      At the period end, the Company shall determine commission expenses for direct insurance and inward reinsurance which have not been recognised as expenses for the period corresponding to unearned inward reinsurance premium so as to allocate such commission expenses to the subsequent periods under the corresponding method of making reserves.

      Compulsory reserve

      The compulsory reserve fund is made up at the rate of 5°é of the insurance companies' profit after tax until it is equal to 10°a of their charter capital. Compulsory reserve is presented in the item "Other reserves" in the consolidated balance sheet.

   3. CASH AND CASH EQUIVALENTS

      		Closing balance	Opening balance
      	Cash on hand	VND 1,867.260,091	VND 2,065,477,609
      	Bank demand deposits	459,210,820,860	306.658,607,764
      	Cash in transit	6,552,538,810	7,514,038,817
      	Cash equivalents (i)	66,800,000,000	72,554,640,506
      	Total	534,430,619,761	388,792,764,696

      1. Represent bank deposits with the original term of 03 months or less at domestic credit institutions.

   PVI HOLDINGS

   NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)

5. FINANCIAL INVESTMENTS

FORM B 09a-DN/HN

Cleing balance Opening balance

1. Represent deposits with original term of more than 3 months and the remaining term of J 2 months or less from the reporting date (recognised as short-term held-to-maturity investments) and the remaining term of more than 12 months from the reposing date (recognised as long-term held-to-maturity investments) at domestic credit institutions.

2. Represent investments in corporate and credit institution bonds with a rematning term of 12 months or less from the reporting date (recognised as short-term held-to-maturity investments) and the remaining term of more than 12 months from the reporting date (recognised as long-term held-to-maturity investments).

3. Represent certificates of deposit in domestic credit institutions with the original term of more than 3 months and remaining term of 12 months from the reposing date.

4. Represents the capital contribution to other entities with the holding period of more than 12 months from the reporting date.

21

Details of the subsidiaries under the direct ownership of the Company as at 30 June 2025 are as follows:

Name of subsidiaries

Proportion of Proportion of

Head oPice ownership interest vo0ng power held Principal activity

PVI Insurance Corporation Hanoi Reinsurance Joint Stock

C 0f6tI0f1

Hanoi Hanoi

100 100 Non-life insurance

81.09 81.09 Reinsurance

Details of PVI Opportunity Investment Fund ("POF") and PVI Infrastructure Investment Fund

("PIF"):

PVI Opportunity Investment Fund ("POF") was established on 08 October 2015 as a closed-end fund in accordance with Notice No. 215/TB-U8CK issued by the State Securities Commission of Vietnam and continued to be extended to 08 October 2025 according to Official Letter No.3388/UBCK-QLQ dated 20 May 2020. PVI Infrastructure Investment Fund ("PIF") was established on 25 May 2017 as a closed-end fund in accordance with Notice No. 153/TB-UBCK issued by the State Securities Commission of Vietnam and continued to be extended to 25 May 2027 according to Cenificate No. 26/GCN-UBCK dated 25 June 2021 issued by State Securities Commission of Vietnam. POF and PIF were invested by the Company and its subsidiaries, including PVI Insurance Corporation and Hanoi Reinsurance Joint Stock Corporation. POF and PIF are under the management of PVI Asset Management Joint Stock Company. The depository bank is Joint Stock Commercial Bank for Investment and Development of Vietnam - Ha Thanh Branch.

POF's total capital as at 30 June 2025 was VND 2,000,000,000,000 and was contributed by:

Contribution amount

VND

Proportion of contribution

PVI Holdings

PVI Insurance Corporation

Hanoi Reinsurance Joint Stock Corporation

827,272,730,000

868,181,820,000

304,545,450,000

2,000,000,000,000

41.36

43.41

15.23

100

PIF's total capital as at 30 June 2025 was VND 1,500,000,000,000 and was contributed by:

Contribution amount

VND

Proportion of contribution

PVI Holdings

PVI Insurance Corporation

Hanoi Reinsurance Joint Stock Corporation

520,000,000,000

706,000,000,000

274,000,000,000

1,500,000,000,000

34.67

47.07

18.26

100

(i) Receivables related to reinsurance assets represent the value of reinsurance assets including unearned premium reserve for outward reinsurance and claim reserve for outward reinsurance.

(i) Closing balance of other receivables includes receivables from the investments.

1. PROVISION FOR SHORT-TERM DOUBTFUL DEBTS

   
   
   

   WD W0 ID

   WD
   
   
   
   
   

   There are no fines and receivables on late payment interests under the contract arising from the debts that are overdue but not recognised as revenue.

   The recoverability of some receivables of the Company that have been provided for is low since the Company's partners are experiencing financial difficulties or in bankruptcy.

   Recoverable amounts of receivables that have been provided for are measured at historical cost less provision.

   
   
   

2. INCREASES, DECREASES IN TANGIBLE FIXED ASSETS

   	Buildings and structures		Motor vehicles		Office cquiprlea	Otlers		Total
   C0TT	¥ND		¥ND		VHD	¥ND		VND
   Opening balance	290]O3,723]81		100,032,22€,05O		228,7O0,32A,214	8,l29,05S,78#		627,66¥329,939
   Incease	S0,422,@@		3#,833,921		7,372,863166			11,158J19,687
   			373J,833,921		7,3728€3,266			}IJ07,€97,f87
   tie i conlrucfior	50,422,500							£0,J22,S00
   Redassified	t,297,142,439		2,274,768,912		(9,077,610,35i)	-		(3,505,699,000)
   Other decreases			(98,715,130)		(11,580,527,265)	-		(11,679,242,395}
   Closing balance	294,097,788,820		105,943J13,753		21#,O87,O49,238	8,129,O55,7B#		O2Z287,007595
   ACCUMULATED DEPRECIATION
   Opening balance	86,M1,8&,82		67,190,238,461		194,379500,390	8J29,05S,78#		36270 39077
   Charge for the period	3 84,71413A		#71S,6352O2		7,22‹206,786	-		18,92A,b6,622
   Reclassified	3297,1#2,#39		2#018359A		(A,9OA]88,56			(1,367,062ñ32)
   Other increase/decreases	11,A65,9AA				(11,690,708,33	-		(11I79,2#2,391)

   Closing balance

   NET BOOK VALUE

   Opening balance Cbsing balance

   93,811,667M59 72,1A6ñ57,257 1g1180J09,6A0 8,129,OS5,78# 357,767,39OJA0

   3t,841,987,589 34,320,823,834 -

   33,796,S56,496 30,406,939,598 264,489,617,455

   
   
   

   The historical cost of tangible fixed assets includes VND 223,654,834,407 of tangible fixed assets

   which have been fully depreciated but are still in use as at 30 June 2025 (as at 31 December 2024: ,

   VND 229,340,579,071). '

3. INCREASES, DECREASES IN INTANGIBLE ASSETS

   Land use rights

   Computer

   software

   Total

   	VND	VND	VND
   COST
   Opening balance	42,930,348,893	183,557,851,548	226,488,200.441
   Additions		1,309,696,000	1.309,696,000
   Reclassified		3,505,699,000	3,505,699.000
   Other decreases		220 681 818	220,6 . 8

   
   
   

   Closing balance

   ACCUMULATED AMORTISATION

   42,930,348,893 188,152,564,730 231,082,913,623

   Opening balance	2,039,698,598	166,148,603,063	168,188,301,661
   Charge for the period	79.287,478	11,202,242,477	11,281,529,955
   Reclassif ied		1,367,062,532	1,367,062,532
   Other decreases		58 042 346	58 042 346
   Closing balance	2,118,986,076	178,659865,726	180,778,851,802
   NET BOOK VALUE
   Opening balance	40,890,650,295	17 409 248 485	58 299 898 780
   Closing balance	40 811.362,817	9,942 699 004	50 304 061 821

   The historical cost of intangible assets includes VND 169,666,740,213 of intangible assets which have been fully amortised but are still in use as at 30 June 2025 (as at 31 December 2024: VND 119,315,500,213).

   
   
   

4. INCREASES, DECREASES IN INVESTMENT PROPERTIES

Increases during Deoeases during

Oprnlng halarfe the period tle period Closing balance

Investment properties held to earn rentals represent the value of buildings held by the Company corresponding to the completed area for leases and are depreciated on the straight-line basis.

As at 30 June 2025, the Company is in the process of determining the fair value of these investment properties.

The Company has the ability to pay its trade payables as at the balance sheet date.

15. TAXES AND RECEIVABLES FROM/PAYABLES TO THE STATE BUDGET

Ogering bzknre Pa/zMe dvlilgtlie r iz/0tI t dviing tte

i,in,a,za 1u,sa,+),ai u+,m+,w+,o i«.‹r11,+z1 1++1wa0 +,i1i,1x,s+

The balance mainly includes short-term borrowings to supplement the Company and its • subsidiaries' working capital. The interest rates for the borrowings are specified for each " disbursement. Interest is paid monthly. The borrowings are secured by the total term deposits of its subsidiaries amounting to VND 2,106 billion and Office Building 2 located

at Lot VP2, Yen Hoa Residential and Public Works Area, Yen Hoa Ward, Cau Giay District, Hanoi, with a net book value as at 30 June 2025 of VND 899,106,288,941.

1. PROVISIONS

   1. Cunent

      Unearned premium reserve Claim reserve

      Catastrophe reserve

   2. Non-current

      Other long-term provisions Total

      Closing balance Opening balance

      VND VND

      21,097,271,290,188 17,802,879,951,675

      11,164,891,466,208 7,827,057,353,927

      9,495,431,148,509 9.597,552,508,658

      436,948,675,471 378,270,089,090

      1,191,022,544 1,211,147,544

      1,191,022,544 1,211,147,544

      21,098,462,312,732 17,804,091,099,219"

      
      
      

      PVI HOLDINGS

      NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2. OWNERS' EQUITY

FORM B 09a-DN/HN

Owners' Investmem and

contributed capital Share premium development fund Other reserves Retained earnings Total

Prior year's opening balance Profit for the year Appropriation to compulsory reserve fund

Appropriation to bonus and welfare funds

VND YND YND VND VND

2,342,418,670,000 3,716,658,852,155 179,211,820,775 3f7,167,593,918 1,173,632,587,644

8p3,032,680,980

37€89,662M48 (37,689662,&@ (39,333,426,61)

VND

330,286,735,961 8,099,376,260,453

36,609,358,3& 879,642,039,32A

(1,370,032,514) (40,703,459,135)

Change due to subsidiary increases its charter capital from the owner's equity

Dividends declared

Change due to subsidiary

inceasesiTschaRe caitlkom

private placement of shares

1,646,804,352

(l%6,80*,3ñ)

(7#9,303,326,481

(32,165,780,920) (781,469,106,401)

25,989,600,000 25,989,600,000

Current period'sopening balance 2,342,418,670,000 3,716,658,8$t,1$$ 179,211,820,775 396,504,060,718 J,188,692,Ul9,722 Profit for the period 758,863,820,932

359,V9,B80,871 8,182,W5,334,241 25,312,6A2723 78*,l76,*63,656

1. Appropriation to bonus and welfare funds from 2024 profit based on the Resolutions of the Annual General Meeting of Shareholders and the Resolutions of Members' Council of the Company and its subsidiaries in 2025.

   27

   PVI HOLDINGS

   NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)

   FORM B 09a-DN/HN

   Capital transactions with the owners and distributions of dividends and profits are as follows:

   Owners' contributed capital

   + Opening balance

   + Closing balance Dividends, profits paid

   Shares

   Current period

   VND

   2,342,418,670,000

   2,342âl8,670,000

   Prior year

   VND

   2,342,41 8,G70,000

   2,342,41 8,670,000

   (749,573,91 0,400)

   The number of outstanding shares in circulation of the Company as at 30 June 2025 is as follows:

   		Closing balance	Opening balance
   	Number of shares registered to be issued	234,241,867	234,241,867
   	Ordinary shares	234,24 j,867	234,241,86 7
   	Number of shares issued to the public	234,241,867	234,241,867
   	Ordinary shares	234,24 j,867	234,24 7,867
   	Number of outstanding shares in circulation Ordinary shares	234,241,867 234,24 f,867	234,241,867
   	An ordinary share has par value of VND 10,000/share.
   20.	OFF BALANCE SHEET ITEMS

   Unit	Closing balance	Opening balance
   VND	2,743,387,230,073	2,924149,061,113
   VND	91,783,511,045	82,123,670,526
   VND	376,332,352,106	373,844,8]6,765
   	10,211,524	2,038,270
   EUR	498,132	366,200
   RIJ8	64,077	64,737

   1. Direct insurance contract of which liabilities have not yet been incurred

   2. Claims receivable from third parties

   3. Bad debts written off

      
      
      
      
      
      

   4. Foreign currencies