X-Point | ACV : June 2026 Investor Meeting Update

EVENT HIGHLIGHT

BSC has not yet issued a recommendation on ACV due to: (1) the Long Thanh International Airport project progressing more slowly than our initial expectations; and (2) earnings declining YoY as financial income decreased and the airport security business was no longer recognized as profit attributable to ACV.

Q1 2026 BUSINESS RESULTS

• In Q1 2026, ACV recorded net revenue of VND 6,860bn (+8% YoY) and NPAT-MI of VND 2,574bn (-3% YoY).

• Revenue growth was mainly driven by aeronautical services, which reached VND 5,709bn (+6% YoY), supported by continued YoY growth in passenger throughput across ACV’s airports. Meanwhile, NPAT-MI declined slightly YoY due to: (1) the airport security business being transferred to the Ministry of Public Security and therefore no longer being recognized as profit attributable to ACV; and (2) financial income declining 40% YoY.