PVI discloses the separate Financial Statements Q4/2025

PVI

Digitally signed by CÔNG TY C Ổ PHẦN PVI

TY C Ổ

CÔNG

DN: C=VN, S=HÀ NỘI, L=Cầu Giấy, CN=CÔNG TY C Ổ PHẦN PVI, OID.0.9.2342.19200300.1 00.1.1=MST:0100151161

PHẦN

Reason: I am the author of this document Location:

Date: 2026-01-20 17:33:

38

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PVI HOLDINGS

(Incorporated in the Socialist Republic of Vietnam)

SEPARATE FINANCIAL STATEMENTS

For the fourth quarter 2025 and the year ended 31 December 2025

PVI HOLDINGS

P/I Tower, No. 01 Pham Van Bach, Cau Giay

Hanoi, S.R. Vietnam

TABLE OF CONTENTS

CONTENTS

STATEMENT OF THE BOARO OF MANAGEMENT SEPARATE BALANCE SHEET

SEPARATE INCOME STATEMENT SEPARATE CASH FLOW STATEMENT

NOTES TO THE SEF'ARATE FINANCIAL STATEMEN7S

1

PAGE(S)

Z 3

4 5

7-8

9 31

PVI HOLDINGS

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

Hanoi, S.F. VieI nam

STATEMENT OF THE BOARD OF MANAGEMENT

The Board of Management of PVI Holdings (the "Company") presents this report together with the Company separate financial statements for the fourth quarter 2025 and the year ended 31 December 2025.

THE BOARDS OF DIRECTORS AND MANAGEMENT

The members of the Boards of D irectors 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 M s. Christine Nagel

The Board of Management

Mr Nguyen Tuan Tu Mr Phung Tuan Kien Mr Pham Anh Due Mr Vu Van Thang Mr Do Tien Thanh

Chairman

Permanent Vice Chairman 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'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 31 December 2025 and its financial performance for the fourth quarter 2025 and the year ended 31 December 2025 and its cash flows for the year ended 31 December 2025 in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to interim financial reporting. In preparin9 these interim separate financial statements, the Board of Management is required to

• Select suitable accounting policies and then apply them consistently;

• Make judgments and estimates that are reasonable and prudent;

• Stake whether applicable accounling principles have been followed, subjecI to any material departures

  disclosed and explained in the separate financial statements;

  
  
  

  PVI HOLDINGS

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

  Hanoi, S R. Vietnam

  STATEMENT OF THE BOARD OF MANAGEMENT (Continued)

• Prepare the separate financial statements on the going concern basis un|ess 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 separate financial statements so as to minimize errors and (rauds

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 separate financial statements comply 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 irregularilies.

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

or and on behalf of the Board of Management,

20 January 2026

3

PVI Tower, No. 01 Pham Van Bach, Issued under Circular No.200/2014/TT-BTC Cau Giay, Hanoi, S.R. Vietnam dated 22 Dece ber 014 o the Minis of Finance

SEPARATE BALANCE SHEET

As at 31 December 2025

Unit: VND

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

PVI HOLDINGS FORM B 01-DN

PVI Tower, No. 01 Pham Van Bach, Issued under Circular No.200/2014/TT-BTC Cau Giay Hanoi S R Vietna dated 22 December 2014 of the Minist of Finance

SEPARATE BALANCE SHEET (Continued)

As at 3l December 2025

Unit: VND

RESOURCEt

C. LIABILITIES

I. Current liabilities

1. Short-term trade payables

2. Taxes and amounts payable to the State budget

Codes Notes

Closing balance

Opening babnce

Retained earnings accumu/ated to the prior year end

by jp

180,624,990,676

.O'OOl5;;gp

0' CONGTY

COPH i

Tran Duy Cuong Chief Accountant

" *'

Tuan Tu

ief Executive Officer

Prepared

20 January 2026

The accompanying notes are an Integra/ part ot these separate financial stafemenfs

5

PVI HOLDINGS

PVI Tower, No. 01 Pham Van Bach,

C u Gi Hanoi, S.R. Vietnam

FORM B 02-DN

Issued under Circular No.200/2014/TT-BTC dated 22 December 2014 of the Minist of Fina ce

SEPARATE INCOME STATEMENT

For the fourth quarter 2025 and the year ended 3J December 2025

Unit: VND

ITEMS

Code Notes

Fourth quarter 2025

Fourth quarter 2024

Current year

Prior year

1. Gross revenue from goods sold and 01 17

   services rendered

2. Net revenue from goods sold and services 10

   rendered (10=01)

3. Cost of sales 11 18

4. Gross profit from goods sold and services 20

   rendered (20=10-11)

5. Financial Income 21 21

6. Financial expenses 22 22

   - In which.' Interest expense 23

7. General and administration expenses 26 19

8. Operating profit (30=2 t21-22)-26) 30

9. Other income 31

10. Other expenses 32

11. Profit from other activities (40=31-32) 40

12. AccouMing profit before tax (50=30+40) 50

13. Current corporate income tax expense 51 23

14. Deferred corporate income tax expense 52

15. Net profit after corporate income tax 60

(60=50-51-52)

76,315,458,170

76,315,458,170

44,872,454,407

31,4d3,003,763

319,586,429,135

772,187,139

57,579,016,206

292,678,229,553

17,556,000

22,500,000

(4,944,000)

292,673,285,553

(1,246,730,661)

293,920,016,214

81,022,158,668

81,022,158,668

56,081,113,080

24,941,045,588

281,061,676,755

8, 612,035,383

4, 607,342,466

51,800,519,421

245,590,167,539

759,932,544

427,390,236

332,542,308

245,922,709,847

15,356,525,237

230,566,184,610

313,768,252,524

313,768,252,524

193,473,576,493

120,294,676,031

846,401,226,306

13,433,028,892

7,237,260,275

127,797,104,368

825,465,769,077

1.257,004,241

120,025,532

1,136,978,709

826,602,747,786

17,708,463.737

2,976,473,149

805,917,810,900

314,102,795,189

314,102,795,189

197,905,355,521

116,197,439,668

787,012,959.042

13,140,452,573

5,348,164,383

119,976,098,856

770,093,847,281

1,622,143,908

533,023,008

1,089,120,900

771,182,968,181

22,057,036,821

749,125,931,360

Nguyen Hai Ha Anh

Preparer

Tran Duy Cuong Chief Accountant

20 January 2026

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

FORI'4 B 03-DN

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

SEPARATE CASH FLOW STATEMENT

(Indirect method)

For the year ended 3 December 2025

Unit: VND

ITEMS

1. CASH FLOWS FROM OPERATING ACTIVITIES

1. Profit before flax

2. Adjustments for:

   Depreciation and amortisation of fixed assets and investment property

   
   
   

   Provisions

   Codes

   
   
   

   Current year

   02	54,476,963,379	56,464,709,773
   03	(37,893,347,462)	1,633,092,501

   826,602,747,786

   Previous year

   77J,182,968, 181

   Foreign exchange (gain)/ loss arising from translating foreign currency items	04	(695,028,304)	(14,801,330)
   (Gain) from investing activities	05	(839,544.643,989)	(786,209,411,697)
   Interest expense	06	7,237,260,275	5,348,164,383
   S. Operating gain tiefore movements in working cup'ñol	08
   Changes in receivables	09	5,304,794,609	10,654,297,369
   Changes in inventories	10	(294,020,400)	(298,447,653)
   Changes in payables (excluding accrued loan interest and corporate income tax payable)	1	(8.035,727.183)	10,332,991,885
   Changes in prepaid expenses	12	(11,460.055.884)	6,317.946,472
   Changes in trading securities	13	(125,212,960,910)
   Interest paid	14	(7,379,726,028)	(5,205,698,630)
   Corporate income tax paid	15	(24,059,576,771)	(21,956,986,299)
   Other cash outflows	17	(10,223,662,771)	(7,448,888,321)
   Net casfi (usedin}/generated6y operating activities	20	(171,176,983,653)
   II. CASH FLOWS FROM INVESTING ACTIVITIES

   
   
   
   
   
   

   21	(9,091,793,267)	(4 6,682,605,335)
   22	1,103,531,127	872,302,610
   2	(215,877,635,409)	(290,877,635,409)
   24	210,877,635,409	340,000,000,000

   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	25	(420,000,000,000)	(600,000,000,000)
   6. Cash recovered from equity investments into	26	827,272,730,000
   7. Interest earned, dividends and profits received	27	923,524,392,723	874,726,889,540
   Net casfi generated by investing activities	30	J,3l7,808,860,583	308,038,951,406

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

   7

   PVI HOLDING S

   F'VI Tower, No. 01 Pham Van Bach, Cau Giay, Hanoi, S.R. Vietnam

   WORK B 03-DN

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

   SEPARATE CASH FLOW STATEMENT (Continued)

   (Indirect method)

   For the year ended 3I December 20?5

   			Unit: VND
   ITEMS	Codes	Current year	Previous year
   III. CASH FLOWS FROM FINANCING ACTIVITIES
   1 Proceedshomborrowings	3B		400,000,000,000
   2. Repayment of borrowings	34	(200,000,000,000)	(200,000,000,000)
   2 Dividends and profits paid	36	(737,376,300,461)	(749,573,91 0,400)
   Net cash (used in) financing ac tivities	40	f937,376,300,46f}	(549, S73,9J0,400)
   Net increase/(decrease) in cash (50=20+30+40)	50	209,255,576,469	(200,735,022,360)
   Cash at the beginning of the year	60	35,875,402,238	236,595,623,268
   Effects of changes in foreign exchange rates	61	695028304	14,801,330
   Cash at the end of the year (70=50+60)	70	245,826,007,011	35,875,402,238

   
   
   

   Tran Duy Cuong Chief Accountant

   Tuan Tu

   f Executive Officer

   
   
   

   Nguyen Hai Ha Anh

   Preparer

   
   
   

   20 January 2026

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

   8

   
   
   

   PVI HOLDINGS

   NOTES TO THE SEPARATE FINANCIAL STATEI' ENTS (Continued}

   1. GENERAL INFORMATION

      Structure of ownership

      MORI' B 09-DN

      PVI Holdings (the "Company"), formerly known as PetroVietnam Insurance Joinl 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 201 1, the 12'" 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 201 1.

      The number of employees of the Company as at 31 December 2025 was 93 (as at 31 December 2023: 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 district, Hanoi and 02 dependent branches - The Information Technology Center and Management and Business Service Center.

      The list of the Company's subsidiaries as at 31 December 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 Infrastructure Investment Fund (PIF) (i)

      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

      9

      PVI HOLDINGS

      NOTES TO THE SEPARATE FINANCE AL STATEMENTS (Continued}

      FORI'4 B 09-DN

      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 are the figures of the Company's audited separate financial statements for the year ended 31 December 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 reguIalions relating to financial reporting.

   The accompanying separate financial statements are 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 separate financial statements 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 ihe date of the 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

   Initial recognition

   Financial assets

   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

   1 0

   PVI HOLDINGS

   NOTES TO THE SEPARATE FINANCIAL STATEbgENTS (Continued)

   FORPI B Og-DN

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

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

   St/6sequent measurement aner initial recognition

   Currently, there are no requirements for ihe 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 securi1ies 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 theif costs in accordance with prevailing accounting regulations.

   2. Hetd•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-tmmaturity 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-acquisi1ion 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 1o 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.

      1J

      
      
      
      
      
      PVI HOLDINGS

      NOTES TO THE SEPARATE FINANCIAL SOAPEVENTS (Continued}

      FORI'•I B 09-DN

      Investment in PVI Opportunity investment Fund ("POF') and P/l 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 a1 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 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 al 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.

      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

      12

      PVI HOLDINGS

      NOTES TO THE SEPARATE FINANCIAL STATEI'4ENTS t*•n•inued)

      Intangible assets and amortisation

      FORI'•I B 09-DN

      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 amonised using the straight-line method over the estimated useful life of 3 years.

      Investment properties

      Investment pfoperties 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 propenies. 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 wilh 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 lransactions 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 complele 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 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.

      PVI HOLDINGS

      NOTES TO THE SEPARATE FINANCIAL 5TATEI•tENTS (Continued)

      Foreign currencies

      FORI'4 B 09-DN

      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 funher excludes items that are never taxable or deductible.

      Deferred tax is recognized on significant differences between carrying amounts of assets and liabilities in the separate financial slatements and the corresponding tax bases used in the computation of 1axabIe 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.

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

      14

      
      
      

      PVI HOLDINGS

      NOTES TO THE SEPARATE FINANCIAL STATEMENTS (Continued}

4. CASH AND CASH EQUIVALENTS

   FORM B 09-DN

   Cash on hand

   Bank demand depos its

   Closing balance

   VND

   245,826,007,011

   245,826,007,011

   Opening balance

   VND

   332,550,728

   35, 542,851, 510

   35,875,402,238

   15

   PUI HOLDINGS

   NOTES TO THE SEPARATE FINANCIAL STATEMENTS (Continued )

5. FINANCIAL INVESTMENTS

   FORM B 09-DN

   Closing balance

   Cost Fair value Provision Cost

   Opening balance

   Fair value

   Provision

   a) Trading securities	212,298,840,910	212,298,840,910		87,085,880,000	50,000,000,000	(37,085,880,000)
   Total amount of stocks				37,085,880,000		(37,085,880,000)
   - Tctal amount of Donds Total value of certificates of deDosit	212,298,840,910	212,298,840,910		50, 000,000, 000	50,000,000,000
   b) Short-term held-to-maturity investments	45,877,635,409	45,877,635,409		40,8W,635,409	40,877,635,409
   Term deposits (i)	45,877,635,409	45,877,635,409		40,877,635409	40,877,635,409
   c) Equity investments in other entities	6,091,243,550,000	7,690,472,721,068	(38,541,000,000)	6,498,516,280,000	7,104,970,227,325	(39,411,000,000)
   Investment i0 SDDsidiaries	6,047,743,550,000	7,685513,721,068		6,455.016,280.000	7, 00,881,227,325
   + PVI Insurance Corporation	4,320,000,000,000	5,290,255,788,224		3,900,000,000,000	4,368,38T,7T2,309
   + Hanoi Reins urance Joint Stock Corporation	1,i 60,803,950,000	1,81 T,587,254,000		Tj6O,803,950O00	J,305,S42,896,980
   + P // OSS 9I Md n 6gE'T 9ñI U07ñ{ M0Ck UQiTiQ6 n'/	46,939,600,000	56,578,266,067		46,939,600.000	51,995,338,819
   + PVI Opportunity /nvesfmenl Fund				82Z,772,/20,000	843,022,534,87/
   + PVI Infra strueture Ince stmen I Fund	520,000,000,000	527,O92,4}2 //		520,000,000,000	S3I, 938,745,346
   - Investment in others entities	43,500,000, 000	4,959,000.000	(38, 541, 000, 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% 1o 4.75% per year

   16

   PVI HOLDINGS

   NOTES TO THE SEPARATE FINANCIAL STATEEgENTS (Continued)

   FORI'4 B 09-DN

   Details of the subsidiaries under the direct ownership of the Company as at 31 December 2025 are as follows:

   Name of subsidiaries

   Head office

   Proportion

   of ownership interest

   
   
   
   
   
   

   voting power

   held

   PVI Insurance Corporation Hanoi Hanoi Reinsurance Joint Stock Corporation Hanoi

   100 100 Non-life insurance

   61.96

   B1.09 81.09 Reinsurance

   PVI Asset Management Joint Stock Company

   Hanoi

   61.96

   Investment fund management

   PVI Infrastructure Investment Fund

   Hanoi

   34.67 100 Investment fund

   Details of PVI Infrastructure Investment Fund ("PIF"):

   PIF was established on 25 May 2017 as a closed-end fund in accordance with Notice No. 1 S3/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.

   
   
   

   PIF's Total capital as at 31 December 2025 was VND 1,500,000,000,000 and contributed by:

   	Contribution amount		" n contributio
   	VND		'¥
   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
   	1,500,000,000,000		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 ils operation compared to that of prior period.

   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.

   17

   PVI HOLDINGS

   NOTES TO THE SEPARATE FINANCIAL STATEMENTS (Continued)

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

   FORI'4 B 09-DN

   • 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 (air value of shon-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.

6. SHORT-TERM TRADE RECEIVABLES

   • Accrued interest receivables from investments

   • Others

   Chasing balance Opening balance VND VND

   1,416,648,991 409,087,588

   
   
   

   20,972,848.492 28.004,552,964

   Z2,389,497,483 28,413,640,552

7. OTHERS RECEIVABLE

Closing balance Opening balance

18

PVI HOL DI NG S

NOTES TO THE SEPARATE FENANCIAL STATE MEXITS (Continued )

FORM B 09-DN

Recoverable amounts of receivables that have been provided for are measured at cosl less provision

There are no fines and receivables on late payment interest, etc, under the contract arising from the deDts 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 bankruptcy

19

PVI HOLDZNGS

NOTES TO THE SEPARATE FINANCIAL STATEMENTS (Continued)

1. INCREASES, DECREASES IN TANGIBLE FIXED ASSETS

   FORM B 09-DN

   	Buildings,	Motor	Office
   	structures	vehicles	equipment	Others	Total
   COST	VND	VND	VND	VND	VND
   Opening balance	96,237,379,206	8,669,491, 181	149,204,969,714	8,129,055,784	262.240,895,885
   Additions			8,381,559,085	66,220,000	8,447,779.085
   - New purchase			8,381,559,085	66,220,000	8,447,779,085
   Transfer to subsidiaries		(2,055,382,088)			(1055,382.088)
   Disposals			(1,252,864,401)		(1,252,864,401)
   Reclassify	40.481,876,230		(3,505.699,000)		36,976,177,230
   Other decreases			(899.870,000)		(899,870,000)
   Closing balance	136,719,255,436	6,614,109,093	101,928,095,398	8,195,275,784	303,456,735,711
   ACCUMULATED DEPRECIATION
   Opening balance	40,095022,378	4,101,876,259	119.054,291,199	8,129,055,784	171,380,245,620
   Charge for the year	1,969,610,719	873,152,196	12,424,137,623	5,442,740	15,272,343.278
   Transfer to subsidiaries		(963,870,961)			(963,870,961)
   Disposals			(1.252,864,401)		(1,252,864,401]
   Reclassify	11,852,375,304		(1,367,062,532)		10,485,312,772
   Other decreases			(899,870,000)		(899,870,000)
   Closing balance	53,917,008,401	4,011,157,494	127,958,631,889	8,134,498,524	194,021,296,308
   NET BOOK VALUE
   Opening balanee	56,142,356,828	4,567,614,922	30,150,678,515	-	90,860,650,265
   Closing balance	82,802,247,035	2,602,951,599	23,969,463,509	60,777,260	109,435,439,403

   The historical cost of tangible fixed assets includes VND 129,067,664,983 of tangible fixed assets which have been fully depreciated but are still in use as at 31 December 2025 (as at 31 December 2024: VND 119,612,882,871).

   20

   PVZ HOLDt NGS

   NOTES TO THE 5EPAR ATE FZNANCIAL STATES ENT*2 (Continued )

2. IhICREASES, DECREASES IN INVESTMENT PROPERTIES HELD TO EARN RENTALS

   FORM B 09-DN

   Items Opening balance Increase Decrease Closing balance

   	VND	VND	VND	VND
   Investment properties held to earn rentals
   Cost	1,252,881,761,996		40,481,876,230	1,212,399,885,766
   Buildings and land use right (i)	1,252,881,761,996		40,481,876,230	1,212,399,885,766
   Accumulated depreciation	383,760,682,277	34,681,511,942	11,852,375,304	406,589,818,915
   Buildings and land use right (i)	383,760,682,277	34, 681,511,942	11,852,375,304	406, 589,818,915
   + Depreciation Net book value	869,121,079,719	34,68 f,St T,942	63,311,012,868	34,68 T,5f 1,942 gos,810,066,ssi
   Buildings and land use right (i)	869,121,079,719		63,311,012,86B	805,810,066,851

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

   As at 31 D ecem ber 2025, the Comp any is in the proces s of determ ining the fair value of these invest ment properties.

   21

   PVZ HOLDINGS

   NOTES TO THE SEPARATE FINANCIAL STATEMENTS ( Continued}

   FORM B 09-DN

3. INCREASES, DECREASES IN INTANGIBLE ASSETS

COST

Opening balanc e Additions

- New purchase RecIas s ify Closing balance

ACCUMULATED AMORTISATION

Opening balance Charge for the year Reclass ify

C losing balance NET BOOK VALUE

Opening balance Closing balance

Computer software

VND

17,597, 130,335

644,014,182

644,0 4,182

3,505,699,000

21,746,843,517

10,081,560,094

4,528,550,899

1,367,062,532

15,977,173,525

7,515,570,241

5,769,669,992

The historical cosl of intangible assets includes VND 8,468,244,000 of intangible assets which have been fully amortised but are still in use as at 31 December 2025 (as at 31 December 2023: VND 6,993,360,000).

1 2. PREPAYMENTS

Closing balance Opening balance

1. Short-term

VND 16,582,526,695

VND 14,01 1,849,056

22

PVI HOLDINGS

NOTES TO THE SEPARATE FINANCIAL STATEMENTS (Continued)

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

FORM B 09-DN

Opening balance

Payables during Paid/ Offset during

Closing balance

Value added taxes

fteceivables

3,095,188,378

Payables

the year the year

26,071,975,3# 19,467,2A9,870

Receivables Payables

3,509,537,106

Coporate incomes tax Personal income 1ax Othes taxes and charges

1,484,342,523

15,956,396,216 17,708,463,737 24,059,$76,771

2,498,879,788 23,916,033,132 25,221,520,827

324,863,431 6,040,308,767 7,851,411,525

1,484,342,523

1,486, 239,327

9,605,283,182

1, 193,392,093

payables

Total

4,579,530,901

18 780,139,435 73,736,780,990

23

76,599,758,993

2,970,581,850 14,308,212,381

As at 31 December 2025, the Company had no overdue debts which were unpaid

24

PVI HOLDINGS

NOTES TO THE SEPARATE FINANCIAL STATEMENTS (Continued)

FORM B 09-DN

OWNERS' EQUITY

Owners' eontributed

Share premium Investment and Retained earnings

Total

captital development fund

1. The Company allocated to bonus and welfare funds from profit after tax according to the Resolution of the General Meeting of Shareholders No. 01/2025/NQ-DHDCDdated 22 April 2025.

2. According to the Resolution of the General Meeting of Shareholders No. 01/2025/NQ-DHDCD dated 22 April 2025, the Compan's General Meeting of Shareholders approved the 2024 profit distribution plan with a dividend payoul ratio of 31.5°4 of the par value per share. The Company paid dividends to shareholders in 2025.

25

PVI HOLDINGS

NOTES TO THE SEPARATE FINANCIAL STATEMENTS (Continued)

FORM B 09-DN

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

Current year Prior year

Shares

The number of the Company's outstanding shares in circulation as at 31 December 2025 is as follows:

26

44,872,454,407 56,081,113,080 193,473,576,493 197,905,355,521

27

PVI HOLDINGS

NOTES TO THE SEPARATE FINANCIAL STATEMENTS (Continued)

FORM B 09-DN

19. GENERAL AND ADMINISTRATION EXPENSES

Fourth quarter 2025 Fourth quarter 2024

VND VND

Current year

VND

Prior year

VND

28

29