VGC_SUSTAINING SUSTAINABLE GROWTH MOMENTUM

At the end of Q2 2026, the company recorded continued business growth with consolidated revenue reaching VND 7,895 billion (+28.9% YoY) and net profit after tax reaching VND 1,152 billion (+37% YoY). EPS attributable to shareholders of the parent company reached VND 1,735/share. Notably, all of VGC's core business segments recorded growth, especially the Industrial Park (IP) segment, which contributes a major share to VGC's profit structure, specifically:

• Industrial park operations: Revenue reached VND 2,910 billion (+24.0% YoY).
• Glass and mirrors: Revenue amounted to VND 1,405 billion (+97.3% YoY).
• Ceramic tiles: Revenue increased to VND 1,797 billion (+11.1% YoY).
• Sanitary ware and faucets: Revenue reached VND 608 billion (+24.0% YoY growth).

We maintain our ACCUMULATE recommendation on VGC for 2026 based on the following key investment drivers:

• Industrial Park Segment: Tariff tensions have subsided, and Vietnam continues to be a destination for FDI inflows thanks to its strategic geographical location, competitive costs, and multi-market access through free trade agreements - foundations that few regional peers possess simultaneously.
• Building Materials Segment: Continues to maintain growth momentum as the real estate market has bottomed out and rebounded.

For FY2026, we estimate VGC's revenue to reach VND 14,804 billion and net profit after tax to reach VND 2,367 billion (+48% YoY). At our target price, VGC will trade at a forward P/E of 10.6x (We have adjusted the target price lower than in our previous report due to the higher prevailing interest rate environment).

Investment Risks:

• Foreign direct investment (FDI) inflows into Vietnam may not grow as strongly as expected.
• A prolonged real estate market slowdown could adversely impact the company's building materials segment.