PVI discloses the separate Financial Statements 6m2025

PVI HOLDINGS

(Incorporated in the Socialist Republic of Vietnam)

INTERIM SEPARATE FINANCIAL STATEMENTS

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

PVI HOLDINGS

PVI Tower, No. 01Pham Van Bach, Cau Giay

Hanoi, S.R. Vietnam

TABLE OF CONTENTS

CONTENTS

STATEMENT OF THE BOARD OF MANAGEMENT INTERIM SEPARATE BALANCE SHEET

INTERIM SEPARATE INCOME STATEMENT

INTERIM SEPARATE CASH FLOW STATEMENT

NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS

PAGE

2 - 3

4-5

6

7 - 8

9 - 31

PVI HOLDINGS

PVI Tower, No. 01Pham Van Bach, Cau Giay

Hanoi, S.R. Vietnam STATEMENT OF THE BOARD OF MANAGEMENT

The Board of Management of PVI Holdings (the "Company") presents this report together with the Company interim separate financial statements for the second quarter of 2025 and 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 year and to the date of this report are as follows:

The Board of Directors

Mr. Jens Holger Wohlthat Mr. Duong Thanh Francois Mr. Nguyen Tuan Tu

Mr. Ulrich Heinz Wollschlager Mr. Doan Linh

Ms. Bui Thi Nguyet

Mr. Christian Sebastian Mueller Ms. Christine Nagel

The Board of Management

Mr. Nguyen Tuan Tu Mr. Phung Tuan Kien Mr. Pham Anh Duc Mr. Vu Van Thang Mr. Do Tlen Thanh

Chairman

Permanent Vice Chairman Vice Chairman

Member Member

Independent member Independent member Independent member

Chief Executive Officer (CEO) Deputy CE0

Deputy CEO Deputy CE0 Deputy CEO

THE BOARD OF MANAGEMENT'S STATEMENT OF RESPONSIBILITY

The Board of Management of the Company is responsible for preparing the separate financial statements, which give a true and fair view of the financial position of the Company as at 30 June 2025 and its financial performance and its cash flows for the 6-month period ended 30 June 2025 in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to interim financial reporting. In preparing these interim separate financial statements, the Board of Management is required

• Select suitable accounting policies and then apply them consistently;

• Make iudgmentsand estimates that are reasonable and prudent;

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

  PVI HOLDINGS

  PVI Tower, No. 01Pham Van Bach, Cau Giay

  Hanoi, S.R. Vietnam

  STATEMENT OF THE BOARD OF MANAGEMENT (Continued)

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

  • Design and implement an effective internal control system for the purpose of properly preparing and presenting the interim separate 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 financial position of the Company and that the interim separate financial statementscomply with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to financial reporting. The Board of Management is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of frauds and other irregularities.

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

oi S I he

For and on behalf of the Board of Management,

CONG TY

co PHA

yen Tuan Tu

Chief Executive Officer

2J July 2025

PVI HOLDINGS

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

FORM B 01a -DN

Issued under Circular No.200/2014/TT-BTC dated 22 December 2014 of the Ministry of Finance

INTERIM SEPARATE BALANCE SHEET

As at 30 June 2025

Unit: VND

1. Provision for impairment of long-term financial investments

   254 5

   (38,932,500,000)

   (39,411,000,000)

   V. Other long-term assets	260		18,447,703,288	26,730,753,417
   1. Long-term prepayments	261	12	18,447,703,288	23,754,280,268
   2. Defferred tax assets	262			2,976,473,149
   TOTAL ASSETS (270-100+200)	270		7,924,180,356,206 7,716,928,931,067

   The accompanying notes are an integral part of these separate financial statements

   PVI HOLDINGS

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

   FORM B 01a -DN

   Issued under Circular No.200/2014/TT-BTC

   dated 22 December 2014 of the Ministry of Finance

   INTERIM SEPARATE BALANCE SHEET (Continued)

   As at 30 June 2025

   				Unit: VND
   RESOURCES	Codes	Notes	Closing balance	Opening balance
   C. LIABILITIES	300		501,370,695,516	551,163,268,235
   I. Current liabilities	310		297,204,458,471	343,063,223,241
   1. Short-term trade payables	311		9,726,997,315	20,142,807,098

   2. Taxes and amounts payable to the State budget

   313 13

   4,934,553,024

   18,780,139,435

   3. Payables to employees	314		13,293,588,110	37,447,915,799
   4. Short-term accrued expenses	315		8,984,646,749	9,036,677,812
   5. Short-term unearned revenue	318		36,968,302,173	35,669,494,576
   6. Other current payables	319	14	9,264,998,507	12,904,161,205

   7. Short-term loans and obligations under 320

   8. Bonus and welfare funds	322		14,034,372,599	9,082,027,316
   II. Long-term liabilities	330		204,166,237,045	208,100,044,994
   1. Long-term unearned revenue	336		168,764,503,426	171,906,883,070
   2. Other long-term payables	337	14	35,329,755,244	36,121,183,549
   3. Long-term pfovisions	342		71,978,375	71,978,375
   D. ELIUITY	400		7,422,809,660,690	7,165,765,66t,832
   I. Owners' equity	410	16	7,422,809,660,690	7,165,765,662,832
   1. Owners' contributed capital	411		2,342,418,670,000	2,342,418,670,000
   - 0rdina/y shares car/ying voting rights	411a		2,342,4f8,670,000	2,342,478,6Z0,000
   2. Share premium	412		3,716,658,852,155	3,716,658,852,155
   3. Investment and development fund	418		179,211,820,775	179,211,820,775
   4. Retained earnings	421		1,184,520,317,760	927,476,319,902

   finance leases

   200,000,000,000

   200,000,000,000

   - Retained earnings accumulated to the prior year end

   421a

   918,486,808,726

   f78,350,388,542

   -Retained earnings of the current year 421b

   266,033,509,034

   749,T26,93T,360

   TOTAL RESOURCES (440 = 300+40B)

   
   
   

   Nguyen Hai Ha Anh Preparer

   440

   
   
   

   Tran Duy Cuong Chief Accountant

   7,924,180,356,206 7,716,928,931,067

   COPHA

   
   
   
   
   
   

   *- en Tuan Tu

   Chief Executive Officer 27Juy2O26

   The accompanying notes are an integral part of these separate financial statements

   PVI HOLDINGS

   PVI Tower, No. 01 Pham Van Bach,

   Cau Giay, Hanoi, S.R. Vietnam

   FORM B 02a-DN

   Issued under Circular No.200/2014/TT-BTC dated 22 December 2014 of the Ministry of Finance

   INTERIM SEPARATE INCOME STATEMENT

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

   Unit: VND

   ITEMS				Code	Notes	Second quarter 2025	Second quarter 2024	From 01/01/2025 to 30/6/2025	From 01/01/2024 to 30/6/2024
   1. Gross revenue from goods sold and services				01	18	78,309,374,520	77,996,379,044	157,288,679,094	150,785,927,164
   rendered
   2. Net revenue from goods sold and services				10		78,309,374,520	77,996,379,044	157,288,679,094	150,785,927,164
   rendered (10=01)
   3. Cost of sales				11	9	49,370,352,801	48,455,397,883	97,637,595,648	89,488,376,771
   4. Gross profit from goods sold and services rendered (20=10-11)				20		28,939;021,719	29,540,981,161	59,651,083,446	61,297,550,393
   5. Financial Income				21	22	127,918,831,764	121,852,864,879	263,097,315,525	349,633,793,403
   6. Financial expenses				22	23	7,235,561,675	1,076,061,476	10,242,093,834	2,522,225,896
   - In which: Interest expense				23		2,592,876,712	-	5,185,753,425
   7. General and administration expenses				26	20	21,665,267,952	20,612,307,278	44,424,514,124	43,682,239,290
   8. Operating profit (30=20+(21-22)-26}				30		127,957,023,856	129,705,477,286	268,081,791,013	364,726,878,610
   9. Other income				31		38,840,800	6,500,000	1,218,059,352	853,211,364
   10. Other expenses				32		55,000,000	56,960,759	60,000,000	100,632,772
   11. Profit from other activities (40=31-32)				40		(16,159,200)	(50,460,759)	1,158,059,352	752,578,592
   12. Accounting profit before tax (50=30+40)				50		127,940,864,656	129,655,016,527	269,239,850,365	365,479,457,202
   13. Current corporate income tax expense				51	24		3,303,386,178	229,868,182	5,586,032,038
   14. Defefred corporate income tax expense				52				2,976,473,149
   15. Net profit after	corporate	income	tax	60	127,940,864,656	126	0,349	266,033,509,034	359,893,425,164
   (60=50-51-52)						y1	' !dy

   
   
   

   Nguyen Hai Ha Anh Preparer

   
   
   

   Tran Duy Cuong Chief Accountant

   .

   CONG TY "

   
   
   

   •*

   
   
   

   CO PHAN

   
   
   

   @ n Tuan Tu

   "+éy -1 f Executive Officer

   1 July 2025

   The accompanying notes are an integral part of these separate financial statements

   6

   PVI HOLDINGS

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

   FORM B 03a-DN

   Issued under Circular No.200/2014/TT-BTC dated 22 December 2014 of the Ministry of Finance

   INTERIM SEPARATE CASH FLOW STATEMENT

   (Indirect method)

   For the 6-month period ended 30 June 2025

   Unit: VND

   ITEMS

   I. CASH FLOWS FROM OPERATING ACTIVITIES

   1. Profit before tax

   2. AdjusWents far:

   Provisions	03	(37,498,639,533)	1,522,646,660
   Foreign exchange (gain)/ loss arising from translating foreign currency items	04	(608,808,427j	(65,412,363)
   (Gain) from investing activities	05	(262,417,823,436)	(348,151,386,723)
   Interest expense	06	5,185,753,425
   3. Operating gain 6efore movements in working capital	08	1,816,837,629	46,897,807,162
   Changes in receivables	09	3,807,782,924	7,665,506,336
   Changes in inventories	10	134,511,300	(302,083,475)
   Changes in payables (excluding accrued loaninterest and corporate income tax payable)	11	(38,788,521,786)	(19,373,527,728)
   Changes in prepaidexpenses	12	(5,752,289,067)	(10,183,108,943)
   Changes in trading securities	13	37,085,880,000
   Interestpaid	14	(5,185,753,425)
   Corporate income taxpaid	15	(16,186,264,398)	(17,851,100,198)
   Othercash outflows	17	(4,037,165,893)	(4,133,716,373)
   Net cash (used in)7generafed by operating activities	20	(Z7,J04,982,716}	2,719,776,781
   II. CASH FLOWS FROM INVESTING ACTIVITIES

   Depreciation and amortisation of fixed assets and investment DroDertY

   Codes

   Of 02

   Current period

   269,239,850,365

   27,753,865,763

   Previous period

   36S,4Z9,4S7,202

   28,112,502,386

   21	(4,509,745,630)	(6.268,900,000)
   2		950,000
   2›	(90,877,635,409)	(250,877,635,409)
   24	877,635,409
   25	-	(200,000,000,000)
   27	125,038,721,755	263,016,270,228
   30	30,528,976,12S	(194,329,3f5, 781)

   1. Acquisition and construction of fixed assets and other long-term assets

   2. Proceeds from sale, disposal of fixed assets and

      other long-term assets

   3. Cash outflow for lending, buying debt instruments

      of other entities

   4. Cash recovered from lending, selling debt instruments of other entities

   5. Equity investments in other entities

   6. Interesl earned, dividends and profits received

   Net cas/i generated by investing activities

   The accompanying notes are an integral part of these separate financial statements

   PVI HOLDINGS

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

   FORM B 03a-DN

   Issued under Circular No.200/2014/TT-BTC dated 22 December 2014 of the Ministry of Finance

   INTERIM SEPARATE CASH FLOW STATEMENT (Continued)

   (/ndirecf method)

   For the 6-month period ended 30 June 2025

   			Unit: VND
   ITEMS	Codes	Current period	Previous period
   Net increase/(decrease) in cash (50-20+30*40)	50	3,423,993,409	(191,409,538,400)
   Cash at the beginning of the year	60	35,875,402,238	236,595,623,268
   Effects of changes in foreign exchange rates	61	608,808,427	65,412,363
   Cash at the end of the year (70=50+60)	70	39,908,204,074	45,251,497,231

   
   
   

   Nguyen Hai Ha Anh Preparer

   Tran Duy Cuong Chief Accountant

   fi›igy â yen Tuan Tu

   Chief Executive Officer

   21 July 2025

   The accompanying notes are an integral part of these separate financial statements

   8

   PVI HOLDINGS

   NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS

   1. GENERAL INFORMATION

      Structure of ownership

      FORM B O9a-DN

      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 12a amended Business Licence No. 0100151161 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 structure in accordance with the newly amended Business License since 01 August 2011.

      The number of employees of the Company as at 30 June 2025 was 97 (as al 31 December 2024: 99).

      Operating industry

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

      Principal activities

      • Assets holding;

      • Financial services;

      • Real estate trading; 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 at PVI Tower at No. 01 Pham Van Bach, Cau Giay ward, Hanoi and 02 dependent branches - The Information Technology Center and Management and Business Service Center.

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

      • PVI Insurance Corporation (PVI Insurance)

      • Hanoi Reinsurance Joint Stock Corporation (Hanoi Re) (Previous name: PVI Reinsurance Joint Stock Corporation)

      • PVI Asset Management Joint Stock Company (PVI AM)

      • PVI Opportunity Investment Fund (POF) (i)

      • PVI Infrastructure Investment Fund (PIF) (i)

      PVI HOLDINGS

      NOTES TO THE INTERII'4 SEPARATE FINANCIAL STATEPIENTS(Continued)

      FORN B O9a-DN

      • PVI Opportunity 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 Commisslon 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 Notice No. 26/GCN-UBCK dated 25 June 2021 issued by State Securities Commission of Vietnam. These funds 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 separate financial statements

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

   2. ACCOUNTING CONVENTION

      Accounting convention

      The accompanying separate 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 financial reporting.

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

      Financial year

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

   3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

   Estimates

   The preparation of the interim separate financial statement in conformity with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to 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 separate financial statements and the reported amounts of revenues and expenses during the financial year. Although these accounting estimates are based on the Board of Management's best knowledge, actual results may differ from those estimates.

   Financial instruments

   /nitia/ recognition

   Financial assets

   PVI HOLDINGS

   NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS(Continued)

   FORIfl B O9a-DN

   At the date of initial recognition, financial assets are recognized 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 (excluding investments in subsidiaries).

   Financial liabilities

   At the date of initial recognition, financial liabilities are recognized 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 and accrued

   expenses.

   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 and short-term, highly liquid investments 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 years, 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 deposits at bank and certificates of deposit.

      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 interim 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.

      PVI HOLDINGS

      NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS(Continued}

      FORM B 09a-DN

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

   3. Investments in subsidiaries

      Investments in subsidiaries

      A subsidiary is an entity over which the Company has control. 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.

      Investment in PVI Opportunity Investment Fund ("POF") and PVI Infrastructure Investment Fund

      ("PIF")

      Investment in POF and PIF is measured at historical cost. Any income arising from this investment is recognised in the separate income statement based on the interest announcement from the Board of Fund Representative at the year-end date.

      Interests in subsidiaries are initially recognised at cost. The Company's share of the accumulated net profit of the investee after acquisition is recognised in the separate income statement. Distributions received other than such profit share are deducted from the cost of the investments as recoverable amounts.

      Investments in subsidiaries are carried in the separate balance sheet at cost less provision for impairment of such investments (if any). Provisions for impairment of investments in subsidiaries are made when there is reliable evidence for declining in value of these investments at the separate balance sheet date.

      Provision for investment in POF and PIF is made when the capital contribution is higher than POF's fair value and PIF's fair value at the end of the year.

   4. Equity investments in ofher 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 coñtrol, or significant influence.

   Equity investments in other entities are carried at cost less provision for impairment.

   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.

   PVI HOLDINGS

   NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS(Continued)

   FORI'4 B O9a-DN

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

   Buildings, structures Motor vehicles Office equipment Others

   Years 25 - 40

   6

   3 - 10

   3 - 6

   Intangible assets and amortisation

   Intangible assets are stated at cost less accumulated amortisation. Intangible assets represent accounting software, management software, and copyrights of other software (collectively referred to as "computer software"). Computer software is amortised using the straight-line method over the estimated useful life of 3 years.

   Investment properties

   Investment properties held to earn rentals include office buildings held by the Company to 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.

   Borrowing costs

   Borrowing costs are recognised in the income statement in the year 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 as at the separate balance sheet date.

   Revenue recognition

   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 separate 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 separate 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.

   Leases where substantially all the rewards and risks of ownership of assets remain with the leasing company are accounted for as operating leases. Rental income from operating leases is

   PVI HOLDINGS

   NOTES TO THE INTERIM SEPARATE FINANCIAL STATEI'4ENTStContinued}

   FORI'4 B 09a-DN

   recognised in the separate income statement on a straight-line basis over the term of the relevant lease.

   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 separate balance sheet date are retranslated at the exchange rates of the commercial bank where the Company usually transacts on the same date. Exchange differences arising from the translation of these accounts are recognised in the separate 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 year. Taxable profit differs from profit before tax as reported in the separate income statement because it excludes items of income or expense that are taxable or deductible in other years (including loss carried forward, if any) and it further excludes items that are never taxable or deductible.

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

   Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset is realized. 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

   All profits are used to pay dividends to shareholders, allocate to bonus and welfare fund, bonus for the management and other funds under the decision-making competence of the General

   PVI HOLDINGS

   NOTES TO THE INT ERIM SEPARATE FINANCIAL STATEMENTS(Continued}

   FORM B O9a-DN

   Shareholders' Meeting. The allocation ratio shall be decided at the General Shareholders' Meeting as per the request of the Board of Directors.

2. CASH AND CASH EQUIVALENTS

   Closinq balance Opening balance

   	VND	VND
   Cash on hand		332,550,728
   Bank demand deposits	39,908,204,074	35.542,851,510
   	39,908,204,074	35,875,402,238

   PVI HOLDINGS

   NOTES TO THE INTERIN SEPARATE FINANCIAL STATEMENTS(Continued)

3. FINANCIAL INVESTMENTS

   FORI'4 B O9a-DN

   Closing balance Opening balance

   Cost Fair value Provision Cost Fair value Provision

   a) Trading securities	50,000,000,000	50,000,000,000	-	87,085,880,000	50,000,000,000	(37,085,880,000)
   - Total amount of stocks				37,085,880,000		(37,085,880,000)
   Total amount of donds	50,000,000,000	50,000,000,000		50,000,000,000	50,000,000,000
   b) Short-term held-to-maturity investments	130,877,635,409	130,877,635,409	-	40,877,635,409	40,877,635,409
   b1) Ngân hgn	130,877,635,409	130,877,635,409		40,877,635,409	40,877,635,409
   - Term deposits (i)	130,877,635,409	130,877,635,409		40,877,635,409	40,877,635,409
   c) Equity investments in other entities	6,498,516,280,000	7,479,951,624,426	(38,932,500,000)	6,498,516,280,000	7,104,970,227,325	(39,411,000,OOO)
   - Investment in subsidiaries	6,455,016,280,000	7,475,384,124,426	-	6,455,016,280,000	7,100,881,227,325
   + PVI Insurance Corporation	3,900,000,000,000	4,612,292,041,029		3,900,000,000,000	4,368,381,712,309
   + Hanoi Reinsurance Joint Stock Corporation	1,160,803,950,000	1,382,822,379,256	-	1,160,803,950,000	1,305,542,895,980
   + PYI Assei Management Joint Stock Company	46,939,600,000	54,952,409,574	-	46,939,600,000	51,995,338,819
   + PVI Opportunity Investment Fund	827,272,730,000	873,143,684,586		827,272,730,000	843,022,534,871
   + PVI Infrastructure Investment Fund	520,000,000,000	552,173,609,981		520,000,000,000	531,938,745,346
   - Investment in others entities	43,500,000,000	4,567,500,000	(38,932,500,000)	43,500,000,000	4,089,000,000	(39,411,000,000)

   (i) Represent term deposits at domestic credit institutions with an original maturity of over 3 months and the remaining maturity not exceeding 12 months from the reporting date with interest rate from 4.2% to 6.1% per year.

   PVI HOLDINGS NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS(Continued}

   FORM B O9a-DN

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

   Name of subsidiaries Head office		Proportion of ownership interest	Proportion of voting power held Principal activity °â
   		°o
   PVI Insurance Corporation	Hanoi	100	100	Non-life insurance
   Hanoi Reinsurance Joint Stock Corporation	Hanoi	81.09	81.09	Reinsurance
   PVI Asset Management Joint Stock Company	Hanoi	61.96	61.96	Investment fund management
   PVI Opportunity Investment Fund	Hanoi	41.36	100	Investment fund
   PVI Infrastructure Investment Fund	Hanoi	34.67	100	Investment fund

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

   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. 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. These funds 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 contributed by:

   	Contribution amount		Proportion of contribution
   	VND
   PVI Holdings	827,272,730,000		41.36
   PVI Insurance Corporation	868,181,820,000		43.41
   Hanoi Reinsurance Joint Stock Corporation	304,545,450,000		15.23
   	2,000,000,000,000		100

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

   Contribution amount

   Proportion of

   contribution

   	VND		°â
   PVI Holdings	520,000,000,000		34.67
   PVI Insurance Corporation	706,000,000,000		47.07
   Hanoi Reinsurance Joint Stock Corporation	274,000,000,000		18.26
   	4,500,000,000,000		100

   - Summary of operations of subsidiaries during the year: The operations of the subsidiaries in the financial year are in line with the registered business sectors and there were no significant changes in its operation compared to that of prior period.

   PVI HOLDINGS

   NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS(Continued)

   FORM B O9a-DN

   - The material transactions between the Company and its subsidiaries in the year include:

   + The parent company provided office rental services and information technology products and services (provision of software, data lines and information technology suppon services) to the subsidiaries;

   + The subsidiaries transferred/distributed profits to the parent company;

   + PVI Asset Management Joint Stock Company provided services of consultancy and management of investment portfolio for the parent company and its fellow subsidiaries.

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

   • The fair value of trading securities which have been registered for trading in the market of listed public companies is determined by the closing price of on the Hanoi Stock Exchange (HNX) or the Ho Chi Minh City Stock Exchange (HOSE) before the year-end.

   • 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 nearest 30 trading days before the year-end.

   • For other business securities, the fair value is determined by appropriate valuation methods, including: the method of comparison with similar business securities with market value 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 relevant information that Company obtained as at the reporting date.

   • The fair value of short-term deposits is determined by 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.

4. SHORT-TERM TRADE RECEIVABLES

   • Accrued interest receivables from investments

   • Others

5. OTHERS RECEIVABLE

a) Short-term

- Advances to employees

Closing balance Opening balance VND VND

2,700,663,057 409,087,588

26,456,204,684 28,004,552,964

29,156,867,741 28,413,640,552

Closing balance Opening balance

VND VND

219,603,691,930 86,849,969,246

416,064,262 46,485,362

18

NOTES TO THE IN TERIM SEPARATE FINANCIAL STATEMENTS(Continued}

FORM B 09a-DN

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

• There are no fines and receivables on late payment interest, etc, under the contract arising from the debts that are overdue but not recognized as revenue.

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

The historical cost of tangible fixed assets includes VND 123,181,851,247 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 119,612,882,871).

20

PVI HOLDINGS

NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS(Continued)

10. INCREASES, DECREASES IN INVESTMENT PROPERTIES HELD TO EARN RENTALS

FORM B O9a-DN

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

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

The historical cost of intangible assets includes VND 8,111,964,000 of intangible assets which have been fully amortised but are still in use as at 30 June 2025 (as at 31 December 2024: VND 6,993,360,000).

1. PREPAYMENTS

   VND	VND
   25,070,715,103	14,011,849,056
   22,371,582,637	13,046,228,398
   268,029,508	529,640,309
   2,431,102,958	435,980,349
   18,447,703,28B	23,754,280,268
   12,606,685,707	21,212,752,312
   5,679.066,312	2,198,953,340
   161.951,269	342,574,616
   43,518,418,391	37,766,129,324

   Closing balance Opening balance

   1. Short-term

      • Short-term prepayments related to Information Technology activites

      • Short-term prepayments related to office leasing activites

      • Others

   2. Long-term

      • Long-term prepayments related to Information Technology activites

      • Long-term prepayments related to office leasing activites

      • Others

      PVI HOLDINGS

      NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS(Continued)

      FORM B 09a-DN

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

   Opening balance

   Payables during Paid/ Offset during

   Closing balance

   Receivables Payables the period the period Receivables Payables

   Value added taxes	3,095,188,378	-	16,286,462,532	9,543,122,523	-	3,648,151,631
   Coporate incomes tax	1,484,342,523	15,956,396,216	229,868,182	16,186,264,398	1,484,342,523
   Othes taxes and charges		2,823,743,219	16,989,245,178	18,526,587,004	-	1,286,401,393

   payables

   Total 4,579,530,901 18,780,139,435 33,505,575,892

   44,255,973,925 1,484,342,523

   4,934,553,024

   PVI HOLDINGS

   NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS(Continued)

3. OTHER PAYABLES

   FORM B 09a-DN

   Closing balance Opening balanee

   	VND	VND
   a) Short-term	9,261,998,501	12,904,161,205
   - Union fee	993,274,052	759,886,741
   - Other short-term payables	8,268,724,449	12,144,274,464
   b) Long-term	35,329,755,244	36,121,183,549
   - Long-term deposits received	35,329,755,244	36,121,183,549

   As at 30 June 2025, the Company had no overdue debts which were unpaid.

4. SHORT-TERM LOANS

   Opening balance Infie§eriod

   Amovnt Amovnt able tote Increases Decrease

   Cbsigbhve

   Amogm Amozntabetobe

   
   
   

   paid off

   AND AND UND VND

   Short-tera loans

   '/etnam Joint Stock Commercial

   Baz?foffoeig Tad Hanoi 200,000,000,000 200,000,000,000

   AND VND

   200,000000,000 200000000000

   dranch(i)

   Total 20000B00 200,000,000,000

   - 200,000,000,000 200,000,000,000

   (i) The short-term loan from the Vietnam Joint Stock Commercial Bank for Foreign Trade - Hanoi Branch under Loan Agreement No. 01/2024/CV/VCBHN-PVI signed on August 15, 2024, amounts to 400,000,000,000 VND. The maximum loan term is no more than 12 months from the day following the disbursement date, with interest payable monthly at the rates specified in each promissory note. The collateral for the loan is Office Building 2 located at Lot VP2, Yen Hoa residential area and public works, Yen Noa Ward, Cau Giay District, Hanoi City.

   PVI HOLDINGS

   NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS(Continued)

5. OWNERS' EQUITY

FORM B 09a-DN

Owners' contributed

Share premium Investment and Retained earnings

Total

captital development fund

(i) The Company appropriated the Bonus and Welfare Fund from retained earnings in accordance with Resolution No. 01/2025/NQ-OHDCD of the General Meeting of Shareholders dated April 22, 2025.

PVI HOLDINGS

NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS(Continued)

FORM B 09a-DN

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

Current period Prior year

The number of the Company's outstanding shares in circulation as at 30 Ju"ne 2025 is as follows:

Closing balance Opening balance

PVI HOLDINGS

NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS(Continued)

1. REVENUE FROM GOODS SOLD AND SERVICES RENDERED

   1. Revenue

      FORM B 09a-DN

      	Second quarter 2025	Second quarter 2024	From 01/01/2025 to 30/6/2025	From 01/01/2024 to 30/6/2024
      	VND	VND	VND	VND
      Revenue from offices for lease	53,852,819,769	54,232,756,958	106,910,506,293	107,754,111,820
      Revenue from trading information technology products	24,456,554,751	23,763,622,086	50,378,172,801	43,031.815,344

      78,309,374,520 77,996,379,044 157,288,679,094 150,785,927,164

   2. Revenue from related parties

Second quarter 2025 Second quarter 2024

From 01/01/2025 to 30/6/2025

From 01/01/2024 to 30/6/2024

Cost of offices for lease

Cost of information technology products

VND 24,322,568,600

25,047,784,201

49,370,352,801

VND 24, 80,37 ,327

23,875,019,556

48,455,3g7,883

VND 46,241,161,578

51,396,434,070

97,637,595,648

VND

46,491,045,989

42,997,330,782

89,488,376,771

PVI HOLDINGS

NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS(Continued)

FORM B 09a-DN

28

PVI HOLDINGS

NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS(Continued)

22. FINANCIAL INCOME

FORM B 09a-DN

Second quarter 2025 Second quarter 2024

From 01/01/2025

From 01/01/2024

to 30/6/2025 to 30/6/2024