Saparate Financial Statements Q4-2025

South Logistics Joint Stock Company

Separate financial statements

F-or the yeai ended 31 December 2025

CONTENTS

Pages

General information Separate balance sheet Separate income statement

Separate cash flow statement

Notes to the separate financial statements

1 - 2

3-4

6 - 7

8-33

GENERAL INFORMATION

THE COMPANY

South Logistics Joint Stock Company ("the Company"), formerly known as South Logistics Company, was originally a State-owned enterprise established in Vietnam in accordance with Decision No. 612TM/TCCB issued by the Ministry of Trade and Business (currently known as the Ministry of Industry and Trade) on 28 May 1993. The Company's original Business Registration Certificate ("BRC") No. 102783 was issued by the Economic Arbitration Board on 16 June 1993 and subsequently amended through BRC No. 4106000166 issued by the Department of Planning and Investment of Ho Chi Minh City ("DPI") on 22 May 2006.

On 27 September 2006, the Company was equitized in accordance with Decision No. 1546/QD-BTM issued by the Ministry of Trade and Business. This equitization was formalized by the DPI of Ho Chi Minh City through the issuance of Enterprise Registration Certificate ("ERC") No. 0300645369 on 29 December 2006, and with its most recent 16'h amendment on 19 May 2023.

The Company's shares were listed on the Ho Chi Minh Stock Exchan9e ("HOSE' ) with trading code STG in accordance with the Decision No. 22/QD-SGDHCM issued by the HOSE on 4 February 2010.

The current principal activities of the Company are to provide inland cargo transport services; warehousing, bonded warehousing, ports, factories, offices; cargo handling, international freight forwarding services, sea, air and multimodal transport services; shipping agent, trans-shipment services, logistics services, customs services, courier services, CA-S (collection, delivery), ICD (inland port), logistics centre, forwarding services for goods in transit and trans-shipment; fuel agent services, oil/gasoline and chemical trading (except noxious chemical); and to trade, renew and repair iron or plastic barrels, and to trade in transport equipment.

The registered head office of the Company is located at No. 1 B Hoang Dieu, Xom Chieu Ward, Ho Chi IVlinh City, Vietnam.

BOARD OF DIRECTORS

Members of the Board of Directors during the period and at the date of this report are

Mr. Tran Tuan Anh Chairman

Mr. Nguyen Quoc Thuc Deputy Chairman Mr. Dang Vu Thanh Member

Mr. Do Le Hung Member Mr. Lee Kian Huat (Peter) Member Mr. Kelvin Lim Chia Siong Member Ms. Seow Hwee Member

AUDIT COMMITTE E

Members of the Audit Committee during the period and at the date of this report are:

Mr. Do Le Hung

Mr. Nguyen Quoc Thuc

Head Member

GENERAL INFORMATION (continued)

MANAGEMENT

Members of the management cluring the period and at the date of this report are:

Mr. Dang Vu Thank Chief Executive Officer

Mr. Kelvin Lim Chia Siong Deputy Chief Executive Officer

LEGAL REPRESENTATIVE

The legal representative of the Company during the period and at the date of this report is Mr. Dang Vu Thanh.

2

SEPARATE BALANCE SHEET

as at 31 December 2025

VND

)‹

SEPARATE BALANCE SHE ET

as at 31 December 2025

VND

Hoañg Thi Anh Thu Preparer

29 Jan uary 2026

Nguyen Mai Khanh Trinh Financial Director cum Chief Accountant

anh Director

d

SEPARATE INCOME STATEMENT

for the lhe year ended 31 December 2025

VND

Hoang Thi Anh Thu

Preparer

29 January 2026

Nguyen Mai Khan'h Trinh

"-0 I HA

h

CtOF

Financial Director cum Chief Accountant

SEPARATE CASH FLOW STATEMENT

for the yeai ended 3 I December 2025

VND

*-

6

South Logistics Joint Stock Company

SEPARATE CASH FLOW STATEMENT (continued)

for the y=ar ended 31 December 2025

B01 DN

VND

anh irector

Hoang Thi Anh Thu

Prepared

29 January 2026

Nguyen MRI Kfiânh Trinh Financial Director cum Chief Accountant

South Logistics Joint Stock Company

NOTES TO THE SEPARATE FINANCIAL STATEMENTS

as at 31 December 2025 and foi the year ended 31 December 2025

B09 DN

1. CORPORATE INFORMATION

   South Logistics Joint Stock Company ("the Company"), formerly ltnown as South Logistics Company, was originally a State-owned enterprise established in Vietnam in accordance with Decision No. 612TM/TCCB issued by the Ministry of Trade and Business (currently known as the Ministry of Industry and Trade) dated 28 May 1993. The Company's original Business Registration Certificate ("BRC ') No. 102783 was issued by the Economic Arbitration Board on 16 June 1993 and subsequently amended through BRC No. 4106000166 issued by the Department of Planning and Investment (' DPI") of Ho Chi Minh City on 22 May 2006.

   On 27 September 2006, the Company was equitized in accordance with Decision No. 1546/QD-BTM issued by the Ministry of Trade and Business. This equitization was formalized by the DPI of Ho Chi Minh City through the issuance of Enterprise Registration Certificate ("ERC") No. 0300645369 on 29 December 2006, and with its most recent 16'^ amendment on 19 May 2023.

   
   
   
   
   

   The Company's shares were listed on the Ho Chi Minh Stock Exchange ("HOSE") in accordance with the Decision No. 22/QD-SGDHCM issued by the HOSE on 4 February 2010.

   
   
   
   
   

   The current principal activities of the Company are to provide inland cargo transport services; warehousing, bonded warehousing, ports, factories, offices; cargo handling, international freight forwarding services, sea, air and multimodal transport services; shipping agent, trans-shipment services, logistics services, customs services, courier services, CFS (collection, delivery), ICD (inland port), logistics centre, forwarding services for goods in transit and trans-shipment; fuel agent services, oil/gasoline and chemical trading (except noxious chemical); and to trade, renew and repair iron or plastic barrels, and to trade in transport equipment.

   The Company's normal course of business cycle is 12 months.

   The Company's registered head office is located at No.1 B Hoang Dieu, Xóm Chieu Ward, Ho Chi Minh City, Vietnam.

   The number of the Company's employees as at 31 December 2025 was 34 people (31 December 2024: 32 people).

2. BASIS OF PREPARATION

   1. Purpose of preparing the separate financial statements

      The Company has subsidiaries as disclosed in Note 9. The Company prepared these separate financial statements to meet the prevailing requirements in relation to disclosure of information, specifically Circular 96/2020/TT-BTC on disclosure of information in the securities market. In addition, as required by these regulations, the Gompany also prepared the consolidated financial statements of the Company and its subsidiaries ("the Group") for the period ended 31 December 2025.

      Users of the separate financial statements should read them together with the said consolidated financial statements to obtain full information on the consolidated financial position, consolidated results of operations and consolidated cash flows of the Group.

      as at 31 December 2025 and foi the year ended 31 December 2025

      1. BASIS OF PREPARATION (continued)

         12 Accounting standards and system

         The separate financial statements of the Company, expressed in Vietnam dong ("VND '), are prepared in accordance with Vietnamese Enterprise Accounting System ancl Vietnamese Accounting Standards issued by the Ministry of Finance as Der:

         >Decision No. 149/2001/QD-BTC dated 31 December 2001 on the Issuance and Promulgation of Four Vietnamese Accounting Standards (Series 1);

         › Decision No. 165/2002/QD-BTC dated 31 December 2002 on the Issuance and Promulgation of Six Vietnamese Accounting Standards (Series 2);

         " Decision No. 234/2003/QD-BTC dated 30 December 2003 on the Issuance and Promulgation of Six Vietnamese Accounting Standards (Series 3);

         • Decision No. 12/2005/QD-BTC dated 15 February 2005 on the Issuance and Promulgation of Six Vietnamese Accounting Standards (Series 4); and

         Decision No. 100/2005/QD-BTC dated 28 December 2005 on the issuance and Promulgation of Four Vietnamese Accounting Standards (Series 5).
         
         
         
         
         
         

         Accordingly, the accompanying separate financial statements including their utilisation are not designed for those who are not informed about Vietnam's accounting principles, procedures and practices and furthermore are not intended to present the separate financial position and separate results of operations and separate cash flows in accordance with accounting principles and practices generally accepted in countries other than Vietnam.

         1. Applied accounting documentation system

            The Company's applied accounting documentation system is the General Journal system.

         2. Fiscal year

            The Company's fiscal year applicable for the preparation of its separate financial statements starts on 1 January and ends on 31 December.

         3. Accounting currency

         The separate financial statements are prepared in VND which is also the Company's accounting currency.

      2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         1. Cash and cash equivalents

            Cash and cash equivalents comprise cash on hand, cash in banks and short-term, highly liquid investments with an original maturity of not more than three months that are readily convertible into known amounts of cash and that are subject to an insignificant risk of change in value.

         2. Receivables

      Receivables are presented in the separate financial statements at the carrying amounts due from customers and other debtors, with provision for doubtful receivables.

      The provision for doubtful receivables represents amounts of outstanding receivables at the balance sheet date which are doubtful of being recovered. Increases or decreases to the provision balance are recorded into the general and administration expenses account in the separate income statement. When bad debts are determined as unrecoverable and accountant writes off those bad debts, the differences between the provision for doubtful receivables previously made and historical cost of receivables are included in the separate income statement.

      9

      as at 31 December 2026 and for the year ended 31 December 2025

      SUMMAR Y OF SIGNIFICANT ACCOUNTING POLICIES (continued)

      
      
      

      Tangible fixed assets

      Tangible fixed assets are stated at cost less accumulated depreciation.

      The cost of a tangible fixed asset comprises its purchase price and any directly attributable costs of bringing the tangible fixed asset to working condition for its intended use.

      Expenditures for additions and improvements are added to the carrying amount of the assets and expenditures for maintenance and repairs are charged to the separate income statement as incurred.

      /Vhen tang ible fixed assets are sold or retired, any gain or loss resulting from their disposal (the difference between the net disposal proceeds and the carrying amount) is included in the separate income statement.

      3.4 Intangible assets

      Intangible assets are stated at cost less accumulated amortisation.

      The cost of an intangible asset comprises its purchase price and any directly attributable costs of preparing the intangible fixed asset for its intended use. Expenditures for additions, improvements are added to the carrying amount of the assets and other expenditures are charged to the separate income statement as incurred.

      
      
      
      
      

      When intangible assets are sold or retired, any gain or loss resulting from their disposal (the difference between the net disposal proceeds and the carrying amount) is included in the separate income statement.

      Land use right

      
      
      

      Land use right is recorded as an intangible fixed asset on the separate balance sheet when the Company obtained the land use right certificates. The costs of land use right comprise all directly attributable costs of bringing the land to the condition available for intended use and is not amortised when having indefinite useful life.

      J.5 Depreciation and amortisation

      Depreciation of tangible fixed assets and amortisation of intangible assets are calculated on a straight-line basis over the estimated useful life of each asset as follows:

      Buildings and structures Machinery and equipment Means of transportation Office equipment Computer software

      5 - 37 years

      5 - 15 years

      6 - 10 years

      5 - 8 years

      3 - 5 years

      NOTES TO THE SEPARATE FINANCIAL STATEIV]ENTS (continued)

      as at 31 December 2025 and for the year ended 3 1 December 2025

      1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

         3.6

         3.7

         Construction in progress

         Construction in progress reoresents tangible fixed assets under construction and is stated at cost. This includes costs of construction, installation of equipment and other direct costs. Construction in progress is not depreciated until such time as the relevant assets are completed and put into use.

         Prepaid expenses

         Prepaid expenses are reported either as short-term or long-term prepaid expenses in the separate balance sheet and amortised over the year for which the amounts are paid or the year in which economic benefits are generated in relation to these expenses.

         1. Investments

            Investment in subsidiaries

            Distributions from accumulated net profits of a subsidiary arising subsequent to the date of acquisition are recognised in the separate income statement. Distributions from sources other than from such profits are considered a recovery of investment and are deducted to the cost of the investment.

            
            
            

            Investment in jointly-controlled entities

            
            
            

            Investment in jointly controlled entities over which the Company has joint control is carried at cost.

            
            
            

            Distributions from accumulated net profits of the jointly controlled entities arising subsequent to the date of acquisition are recognised in the separate income statement. Distributions from sources other than from such profits are considered a recovery of investment and are deducted to the cost of the investment.

            Held-for-trading securities and investment in other entities

            Held-for-trading securities and investments in other entities are stated at their acquisition costs.

            Provision for diminution in value of investments

            Provision of the investment is made when there are reliable evidences of the diminution in value of those investments at the balance sheet date.

            Increases or decreases to the provision balance are recorded as finance expense in the separate income statement.

         2. Payables and accruals

            Payables and accruals are recognised for amounts to be paid in the future for goods and services received, whether or not billed to the Company

            as at 31 December 202a and for the year encled 31 December 202a

3. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES (continued)

1. 1. Accrual for severance pay

      The severance pay to employee is accrued at the end of each reporting year for employees who have been worked for more than 1 2 months at the Company. The accrued amount is calculated at the rate of one-half of the average monthly salary for each year of service qualified for severance pay in accordance with the Labour Code and related implementing guidance. The average monthly salary used in this calculation is adjusted at the end of each reporting period following the average monthly salary of the 6-month period up to the reporting date. Increases or decreases to the accrued amount other than actual payment to employee will be taken to the separate income statement

      This accrued severance pay is used to settle the termination allowance to be paid to employee upon termination of their labour contract following Article 46 of the Labour Code.

   2. Foreign currency transactions

      Transactions in currencies other than the Company's reporting currency of VND are recorded at the actual exchange rates at transaction dates, determined as follows:

      Transactions resulting in receivables are recorded at the buying exchange rate of the commercial bank designated for collection; and

      Transactions resulting in liabilities are recorded at the selling exchange rate of the commercial bank designated for payment.

      At the end of the year, monetary balances denominated in foreign currencies are translated at the actual exchange rates at the balance sheet date, determined as follows:

      Monetary assets are translated at the buying exchange rate of the commercial bank where the Company conducts transactions regularly; and

      Monetary liabilities are translated at the selling exchange rate of the commercial bank where the Company conducts transactions regularly.

      All foreign exchange differences incurred are taken to the separate income statement.

   3. Appropriation of net profits

      Net profit after tax is available for appropriation to shareholders after approval in the shareholders' meeting, and after making appropriation to reserve funds in accordance with the Company's Charter and Vietnamese regulatory requirements.

      The Company maintains the following reserve funds which are appropriated from the Company's net profit after tax as proposed by the Board of Directors and subject to approval by shareholders at the Annual General fleeting.

      Bonus and welfare fund

      This fund is set aside for the purpose of pecuniary rewarding and encouraging, common benefits and improvement of the employees' benefits, and presented as a liability in the separate balance sheet.

      Dividends

      Dividends are recognised as a liability in the separate balance sheet upon approval by the shareholders at the Annual General Meeting and subsequent oeclaration by the Company's Board of Directors

      as at 3 1 Decembe 2025 and for the yeai ended 3 I December 2025

      3. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES (continued)

   4. Revenue recognition

      Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding trade discount, rebate and sales return. The following specific recognition criteria must also be met before revenue is recognised:

      Sale of goods

      Revenue is recognised when the significant risks and rewards of ownership of the goods have massed to the buyer, usually upon the delivery of the goods.

      Rental income

      Rental income arising from operating leases is accounted in separate income statements on a straight-line basis over the lease term.

      Rendering of services

      Revenue is recognised when the services had been performed and completed.

      Interest

      Revenue is recognised as the interest accrues unless collectability is in doubt.

      Dividends

      Income is recognised when the Company's entitlement as an investor to receive the dividend is established

      1. Taxation

         Current income tax

         Current income tax assets and liabilities for the current and prior years are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted as at the separate balance sheet date.

         Current income tax is charged or credited to the separate income statement, except when it relates to items recognised directly to equity, in which case the current income tax is also dealt with in equity

         Current income tax assets and liabilities are offset when there is a legally enforceable right for the Company to set off current tax assets against current tax liabilities and when the Company intends to settle its current tax assets and liabilities on a net basis.

         Deferred fax

         Deferred income tax is provided using the liability metnod on temporary differences at the balance sheet date between the tax base of assets and liabilities and their carrying amount for financial reporting purposes

         Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences and carried forward unused tax losses, to the extent that it is probable that taxable profit will be available against which deductible temporary differences and carried forward unused tax losses can be utilised.

         The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Previously unrecognised deferred tax assets are re-assessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax assets to be recovered.

         as at 3 I December 2020 and for the year ended 31 December 2025

         Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled based on tax rates and tax laws that have been enacted at the balance sheet date.

         Deferred tax is charged or credited to the separate income statement, except when it relates to items recognised directly to equity, in which case the deferred tax is also dealt with in the equity account.

         
         
         
         
         
         
         

         Deferred tax assets and liabilities are offset when there is a legally enforceable right for the Company to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority on either the same taxable entity or when the Company intends either to settle current tax liabilities and assets on a net basis or to realise the assets and settle the liabilities simultaneously, in each future year in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

      2. Related parties

      Parties are considered to be related parties of the Company if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions, or when the Company and other party are under common control or under common significant influence. Related parties can be enterprise or individual, including close members of their families.

2. CASH AND CASH EQUIVALENTS

   Cash in banks Cash equivalents TOTAL

   VND

   Ending balance Beginning balance

   51,177,517,371 7,319,839,415

   25,000,000,000

   51,177,517,371 32,319,839,415

   14

   South Logistics Joint Stock Company

   NOTES TO THE SEPARATE FINANCIAL STATEMENTS (continued)

   as at 31 December 2025 and for the year ended 31 Decemoer 2025

3. SHORT-TERM INVESTMENTS

B09-D N

The 6-month term deposit at Saigon - Hanoi Commercial Joint Stock Bank. In which, a portion is used as collateral for the subsidiary's short-term loan.

as at 31 December 2025 and for the year ended 3 I December 2025

Provision for doubtful short-term accounts receivable

NET

11.603.744.165)

57.733.322.846

10.398.947.910)

74.745.293.650

IVlovements of provision for doubtful short-term accounts receivable were as follows:

) 6

17

South Logistics Joint Stock Company

NOTES TO THE SEPARATE FINANCIAL STATEMENTS (continued)

as at 31 December 2025 and for the year endecl 31 Decembei 2025

B09-DN

9. LONG-TERM INVESTMENTS

Ending Science

Beginning balance

VND

Cost oLinvestment Provision Cost of investment Provision

18

1. LONG-TERM INVESTMENTS (continued)

   1. Investment in subsidiaries

      Name of subsidiary Ending balance Beginning balance

      Cost of investment Provision Carrying value (VND) (VND) (VND)

      Ownership Cost of investment Provision Carrying value

      
      
      

      % (VND) (VND) (VND) %

      901, 000,000, 000	901, 000, 000,000	100.00	901,000, 000,000	901,000, 000,000	100.00
      319,816,771,989	319,816,771,989	93.17	319,816,771,989	319,816,771,989	93.17
      108,162,000,000	108,162,000, 000	8 94	108,162,000,000	108,162, 000, 000	8.94
      304,337, 061,874	304,337,061,874	100.00	91,337,061,874	91,337, 061,874	100.00
      22,940,000,000	22,940,000,000	99.99	22,940,000,000	22,940,000, 000	99.99

      Sotrans Infrastructure Investment One Member Company Limited Vietranstimex Multi Modal Transport Holding Company Soutnern Waterborne Transport Corporation

      Sotrans Logistics Sole Member

      Company Limited South Port Joint Stock

      Company

      1,656,255,833,863 - 1,656,255,833,863 1,443,255,833,863 - 1,443,255, 833,863

      19

      9. LONG-TERM INVESTMENTS (continued)

   2. Investment in jointly-controlled entities

      Name of jointly-controlled entity Business

      Ending bolonce

      Beginning balance

      Soreco Real Estate Development Company Limited (i)

      The Pier Real Estate Development

      Corporation (ii)

      Real estate Real estate

      Cost of investment

      VND

      10,000, 000, 000

      10,000,000,000

      20,000,000,000

      Ownership Cost of investment

      % VND

      50 10, 000, 000,000

      50 10,000,000,000

      20,000,000,000

      Ownership

      
      
      

      50

      50

      SORECO Real Estate Development Company Limited ("SORECO") is a limited liability company with two or more members incorporated under the Law on Enterprise of Vietnam pursuant to ERC No. 0312576215 issued by the DPI of Ho Chi Minh City dated 5 December 2013 and subsequently amended BRCs. The principal activity of SORECO is real estate trading.
      
      

      (ii) The Pier Real Estate Development Corporation ("The Pier") is a joint stock company incorporated under the Law on Enterprise of Vietnam pursuant io ERC No. 0313877800 issued by the DPI of Ho Chi Minh City dated 23 June 2016. The principal activity of The Pier is real estate trading.

      20

2. PREPAID EXPENSES

Short-term

Ending balance

VND

Beginning balance

1. STATUTORY OBLIGATIONS

   Beginning balance

   VND

   Increase Decrease/Net off Ending balance

   	10 247•060‹841	(9› 959 126 733)	287› 934,108
   580,623,766	1,668,090,988	(1,875,572,472)	373,142,282
   	47,038,920 736	(47,038,920,736)
   2,433,129,343	4,436,155,249	(3,170,611,283)	3,698,673,309
   3,013,753,109	63,390,227,814	(62,044,231,224) "	_4,359,749,699

   Payables

   Value-added tax

   Personal income tax

   Land rental Corporate income tax

   TOTAL

   Tax receivable

   Value-added tax 340•249›891 1›239• 187› 552 (1 !579!437›443)

   Land rental Others tax

   10,433,253,221

   17,839,924 (17,839,924)

   10,433,253,221

   TOTAL

   340,249,891 11,690,280,697 (1,597,277,367) 10,433,253,221

2. OTHER PAYABLES

   1. Other short-term payables

VND

Ending balance Beginning balance

¿// These are advances received from SORECO in accordance with the relocation support agreements for the clearance and handover of the land located at Km9, Hanoi Highway, Truong Tho Ward, Thu Duc City, Ho Chi Minh City.

(ii) These are advances received from R.C Real Estate Development and Finance Corporation in accordance with Investment Cooperation Agreement No. 01/2016/HDHT/REFICO&SOTRANS for the transfer of the shares of The Pier that belongs to the Company.

22

13. OTHER PAYABLES (continued)

13.2

Other long term payables

Deposit received from Vietnam Electrical Equipment

VND

Ending balance Beginning bolonce

Joint Stock Corporation (*) Deposit received from related party TOTAL

20,000,000,000

7,253,000,000

27,253,000,000

20,000, 000, 000

7,253, 000,000

27,253,000,000

(") Deposit was received from VEE under the Deposit Contract dated 10 September 2020 to jointly implement all related works and procedures as well as maintain the rights and benefits from property rights at 1 B Hoang Dieu. Ward 13, District 4, Ho Chi Minh C ily, 117A Nguyen Tat Thanh, //ard 13 District 4, Ho Chi Minh City and Km9, Hanoi Highway, Truong Tho Ward, Thu Duc City Ho Chi Min h City

Other long-term provision represents accrual for severance pay of employees.

23

South Logistics Joint Stock Company

NOTES TO THE SEPARATE FINANCIAL STATEMENTS (continued)

as at 31 December 2025 and for the year ended 31 December 2025

B09-DN

South Logistics Joint Stock Company

NOTES TO THE SEPARATE FINANCIAL STATEMENTS (continued)

as at 3 December 2025 and for the year ended 31 December 2025

1. OWNERS' EQUITY (continued)

   16.2 Shares

   Number of shares

   Endinp balance Beginning balance

   Ordinary shares authorized to be issued Ordinary shares issued and fully paid

   98,253,357

   98,253,357

   98,253,357

   98,253,357

   
   
   

   The par value of each outstanding share: VND 10,000. The holders of the ordinary shares are entitled to receive dividends as and when declared by the Company. Each ordinary share carries one vote per share without restriction.

   25

   as at 31 December 2025 and for the year ended 31 December 2025

2. REVENUES

   1. Revenue from sale of goods and rendering of services

      4th Quarter

      VND

      Accumulated to the end of the period

      		Current year		Current year	Previous year
      	Revenues in which. Rendering of services	10,652,601,567 10,652, 601, 567	25,491,488,771 25,491,488,771	99,377,469,093 99 377, 469, 093	102,280,958,598 102,280,958,598
      	Deductions
      	Net revenues in which. Rendering of services	10,652,601,567 10, 652, 601, 567	25,491,488,771 25,491,488,771	99,377,469,093 99, 377, 469,093	102,280,958,598 102, 280, 958, 598
      17.2	Finance income

      4th Quarter

      VND

      Accumulated to the end af the period

      Current year

      Previous year

      Current year Previous year

      Dividend income	60, 006, 700	24,006,000	218,835,995,700	84,006, 000
      Interest income	699, 276, 736	954,159,567	4,451,167,976	3,344 ,098,597
      TOTAL	759,283,436	978,165,567	223,287,163,676	3,425,104,597

      as at 31 December 2025 and for the year ended 31 Decemoer 2025

3. COST OF GOODS SOLD AND SERVICES RENDERED

   4th Quarter

   
   
   

   Accumulated fo the end of the period

   Current year

   Previous year

   Current year Previous year

   Cost of services rendered	1, 666, 560,319	17,130,879,336	67, 851, 140, 881	67,772,137,999
   TOTAL	1,666,560,319	17,1*0,879,336	67,851,140,881	67,772,137,999

4. FINANCIAL EXPENSES

   4th Quarter

   VND

   Accum‹/lated to the end of the period

   Current year

   Previous year

   Current year Previous year

   Interest expense

   750. 000. 000

   750.000.000

   3.000.000.000

   3.000.000.000

   Provision for diminution in value of investments

   3.977557

   12. 38.033

   TOTAL

5. OTHER INCOME

   750.000.000

   753.977.557

   3.000.000.000

   3.012.138.033

   VND

   4th Quarter Accumulated to the end of the period

   Proceeds from disposal of assets TOTAL

6. OTHER EXPENSE

   Current year

   
   
   
   
   

   Previous year

   
   
   
   
   

   Current year Previous year

   100.578.358

   - 100.578.358

   VND

   4th Quarter Accumulated to the end of the period

   Tax penalties

   Current year

   t.916. 491.362

   Previous year

   Current year Previous year

   1. 978.852.738

   Other expense		28.936		3.212.807
   TOTAL	1.916.491.362	28.936	1.978.852.738	3.212.807

   
   
   

   South Logistics Joint Stock Company

   NOTES TO THE SEPARATE FINANCIAL STATEMENTS (continued)

   as at 31 December 2025 and for the year ended 31 December 2025

7. SELLING AND GENERAL AND ADMINISTRATIVE EXPENSES

   4th Quarter

   B09-DN

   VND

   Accumulated to the en0 of the period

   Current year

   Previous year

   Current year Previous year

   Selling expenses

   4,932,906

   4,932,906

   19,731,624

   19,731,624

   Depreciation and amortisation	4,932, 906	4,932,906	19,731,624	19,731, 624
   General and administrative expenses	10,440,010,995	5,543,396,891	27,935,732,938	20,864,485,903
   Labour costs	4, 856,921, 29J	4, 005,771,987	18,261,961,631	16,573,858,798
   Tax expense			4,000,000	4, 000,000
   External services	3, 552, 416, 826	625,672,484	6,298,171,832	2,042,839,817
   Depreciation and amortisation	68, 469, 614	168,469,614	673,878,456	677,320,675
   Provision for doubtful debts	J, 204, 796, 255	181,021,464	1,204,796,255	181,021,464
   Other expense	657, 407, 007	562,461,342	1,492,924,764	1,385,445,149
   TOTAL	10,444,943,901	5,548,329,797	27,955,464,562	20,884,217,527

8. OPERATING COSTS

4th Quarter

VND

Accumulated to the end of the period

28