X-Stock | HT1 VND 16,970+18%: Q4/2025 Earnings Update

In Q4.2025, HT1 recorded net revenue = VND 1,980 billion (+7% YoY), and NPATMI = VND 85 billion (+416% YoY). In which:

1. Net revenue grew by +8% YoY primarily driven by:

• Cement and clinker revenue = VND 2,068 billion (+7% YoY), mainly due to a +10.5% YoY increase in sales volume. This volume growth occurred in the context of a recovering real estate market and key public investment projects being accelerated in Q4.
• BOT segment revenue = VND 44 billion (+40% YoY) as the Phu Huu BOT increased its average toll fee by approximately +18% starting from 17/09/2025.

2. Gross profit margin reached 13.8% (+2.7 ppt YoY), mainly due to sales volume +10.5% YoY.

3. Financial income = VND 7 billion (+96% YoY), resulting from a +150% YoY increase in recognized bank deposit interest.

4. Other income = VND 3 billion, recorded from the collection of cost-recovery fees for the project constructing the connecting road from Nguyen Duy Trinh Street to the Phu Huu Industrial park.

5. Interest expenses = VND 7 billion (-42% YoY), thanks to a -61% YoY reduction in short-term debt.

Consequently, compared to the same period last year, HT1's NPATMI grew +416% YoY. This was primarily driven by the +10.5% YoY growth in sales volume and the +18% YoY toll fee at the Phu Huu BOT, which collectively expanded the gross profit margin by +2.7 ppt YoY.

Cumulative 2025: HT1 recorded net revenue = VND 7,364 billion (+7% YoY) and NPATMI = VND 274 billion (+357% YoY).

BSC'S ASSESSMENT OF Q4 AND FULL-YEAR 2025 EARNINGS RESULTS

• BSC assesses that HT1's Q4 and full-year 2025 earnings results were generally in line with BSC's forecasts (Cumulative 2025, net revenue reached 99% of forecast and NPATMI reached 92% of forecast). NPAT only reached 92% of the forecast mainly due to (1) the ratio of selling and G&A expenses to revenue recognized in Q4 was higher than forecasted, (2) the recognition of VND 3 billion in other income in Q4.
• The upward trend in cement sales volume continued in Q4 (+10.5% YoY) and the Gross profit margin increased by +2.7 ppt YoY (in line with BSC's forecast) because Q4 is the peak period when projects reach final completion phase