Masan Group Corporation · HOSE:MSN
Masan — Q3 2026 Earnings Presentation
34 slides from Masan's earnings presentation, Oct 26, 2026
Slide 1: Strong Growth Lasting Value: 3Q2026 MSN Community Day
Strong Growth Lasting Value 3Q2026 MSN Community Day Presentation 26.10.26
Slide 2: 3Q2026 Highlights
3Q2026 Highlights
Slide 3: Significant profitable growth from all engines, generating strong cash flow
Significant profitable growth from all engines, generating strong cash flow VND 10.8T VND 10.3T VND 6.6T MSN LTM FCF as of 9M2026 MSN NPAT Pre -MI as of 9M2026 Announced MSR dividends ▲ 16.0% vs. FY2025 ▲ 1.5x of FY2025 as of 9M2026 Cash Generation Profit Generation Shareholder Value 3
Slide 4: MSN delivered strong 3Q topline and bottom-line results
MSN delivered strong 3Q topline and bottom-line results Unit in % YoY Consumer Operating System (“cOS”) Revenue ▲74.7% EBITDA 1 ▲67.5% Revenue ▲21.2% Revenue ▲16.3% Revenue ▲11.0% NPAT Post -MI ▲3.0x NPAT Pre -MI ▲85.6% NPAT Pre -MI ▲14.1% NPAT Pre -MI ▼3.8% Revenue ▲7.1x Revenue ▲14.2% NPAT Pre -MI
Slide 5: MSN continues the momentum through 9M2026
MSN continues the momentum through 9M2026 Unit in % YoY Consumer Operating System (“cOS”) Revenue ▲52.7% EBITDA 1 ▲59.4% Revenue ▲25.7% Revenue ▲14.6% Revenue ▲14.9% NPAT Post -MI ▲3.1x NPAT Pre -MI ▲175.4% NPAT Pre -MI ▲12.1% NPAT Pre -MI ▼6.5% Revenue ▲5.1x Revenue ▲24.3% NPAT Pre -MI ▲4,561B NPAT
Slide 6: MSR and cOS drove the 3Q profit step-up
MSR and cOS drove the 3Q profit step-up NPAT Pre -MI bridge (VND billion) Non - 1 (“cOS ”) Strategic Consumer Operating System operating Assets activities 21.0% RoE 2,143 4,552 (17) 240 6 167 1,866 150 (4) cOS NPAT Pre -MI grew 18% YoY MSR accounts for ~47% of total NPAT Pre -MI NPAT Pre-MI WCM MCH
Slide 7: MSR was the major driver behind profitability in 9M2026
MSR was the major driver behind profitability in 9M2026 NPAT Pre -MI bridge (VND billion) Non - 1 (“cOS ”) Strategic Consumer Operating System operating Assets activities 21.0% RoE 4,561 10,325 (269) 540 563 65 427 (30) 4,468 cOS NPAT Pre -MI grew 19% YoY MSR’s NPAT Pre -MI step -up led growth NPAT
Slide 8: Strong cash generation and dividends strengthen balance sheet, cutting net leverage
Strong cash generation and dividends across the platform strengthen balance sheet, cutting net leverage ▲ 16.0% ▲ 20.9% 2.4x VND 10,794B in LTM 3Q2026 VND 21,197B in 3Q2026 ▼ 0.3x 2 vs. FY2025 vs. FY2025 vs. FY2025 LTM FCF Cash 1 Pro forma net debt/LTM EBITDA 3 in 3Q2026 in 3Q2026 in 3Q2026 Cash gen
Slide 9: Net leverage nearly halved since 2023
Net leverage nearly halved since 2023 Core businesses are funding their own growth Cash generated is returning to MSN (Net debt/EBITDA) 5.2 4.4 2.7 2.3 3.9 3.7 1.6 0.5 2.9 2.7 0.1 2.2 2 2.0 (0.3) (0.2) 2023 2024 2025 9M2026 2 2023 2024 2025 9M2026 2 20.0 2020 2021 2022 2023 2024 2025 9M2026 MSN cons
Slide 10: Business Commentary
Business Commentary
Slide 11: cOS connects retail reach, brand monetization and digital execution
cOS connects retail reach, brand monetization and digital execution Retail Engine Brand Engine Digital Engine Retail Engine Brand Engine Digital Engine MCH and MML monetize WiN membership links shopping WCM expands profitable reach through daily - across WCM, PLH and GT stores; modern trade reach co
Slide 12: Brand Engine
Brand Engine
Slide 13: Revenue grew 16.3% in 3Q2026, the fastest quarterly growth in three years
Revenue grew 16.3% in 3Q2026, the fastest quarterly growth in three years 16.3% 13.2% 14.1% 3Q2026 Revenue Growth 3Q2026 EBIT Growth 3Q2026 NPAT Pre -MI Growth 13
Slide 14: Every channel grew double digits in 3Q2026
Every channel grew double digits in 3Q2026 17.3% 13.4% 13.3% 59.9% General Trade Modern Trade HORECA E -commerce 14
Slide 15: General Trade accelerated to 17.3% as Retail Supreme shifted from breadth to depth
General Trade accelerated to 17.3% in 3Q2026 as Retail Supreme shifted from breadth to depth Before RS 1Q2026 1 2Q2026 1 3Q2026 1 Coverage 230K 430 K 550 K 510K (#ASO 2) ▲ 90% YoY ▲ 95% YoY ▲ 45% YoY Penetration 29K 33 K 43 K 57 K (# ASO with 6+ categories & ▲ 2.0x ▲ 2.0x ▲ 51% SKU/Order) 4.7 5.5 5.
Slide 16: Most core categories grew double digits in 3Q2026
Most core categories grew double digits in 3Q2026 Global Business HPC and Convenience Bottled Other 3Q2026 Seasonings Foods Beverages Categories 1 Revenue Growth (YoY change, 18.8% 19.3% 14.0% 9.3% 10.6% contribution) 33% 34% 17% 11% 5% Gross Margin (%, 53.4% 40.1% 49.4% 37.1% 32.5% YoY change) ▲ 20
Slide 17: EBIT margin eased slightly due to raw material and logistics volatility
EBIT margin eased slightly due to continued volatility in raw materials and logistics prices 3Q2026 vs 3Q2025 9M2026 vs 9M2025 EBIT margin bridge by cost structure, % EBIT margin bridge by cost structure, % +4.5% −5.2% +3.8% −4.2% 23.9% +0.4% −0.7% +0.3% 23.3% +0.5% −0.9% 23.0% +0.3% 22.6% 3Q25A Pri
Slide 18: MML's revenue growth strengthened across branded meat categories
MML’s revenue growth strengthened across branded meat categories Revenue by Segment ▲ 11% YoY VND1,090B VND1,086B ▲ 2.6% YoY 3Q Revenue increased to VND 2,646B VND926B ▲ 34.1% YoY ▲ 8.4% YoY ▼ 10 bps YoY Internal VND444B ▲ 28.2% YoY 3Q Gross margin decreased to 27.4% External VND481B ▼ 5.0% YoY ▲ 3%
Slide 19: MML sustains 3Q momentum driven by innovation-led branded meat expansion
MML sustains 3Q momentum driven by innovation-led branded meat expansion 44% Branded meat growth in 3Q2026 was contributed to by the innovation growth 2 ▲ 16% YoY Branded meat 1 revenue growth in 3Q2026 ▲ 6.3% 3 ADS 4 in WCM growth in 3Q, MML’s LFL reaching VND 2.6M (1) Branded meat comprises of Fre
Slide 20: Retail Engine
Retail Engine
Slide 21: WCM revenue growth ahead of high-case guidance
WCM revenue growth is ahead of high-case guidance, driven by LFL growth and continued new stores openings Unit in store; In bracket: YTD store count change ▲ 21% YoY (Urban 2 ) 3Q Revenue increased to VND 12,775B 2,721 (▲ 199) LFL 1 growth was up ▲ 7.0% YoY ▲ 34% YoY 5,486 3Q EBITDA increased to VND
Slide 22: WCM sustained LFL growth while quarterly revenue scaled above VND12 trillion
WCM sustained LFL growth year-to-date while quarterly revenue scaled above VND12 trillion 12,775 11,363 11,629 10,544 10,520 8,448 8,785 9,130 Revenue (VND B) 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026 2Q2026 3Q2026 14% 13% 11% 11% LFL Growth 9% 7% 7% 7% (% YoY) 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 1Q2
Slide 23: WCM's 8-quarter NPAT growth streak continues
WCM’s 8-quarter NPAT growth streak continues, with YoY uplift sustaining at ~VND 150B per quarter 325 257 209 204 175 NPAT 142 (VND B) 58 10 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026 2Q2026 3Q2026 271 YoY change 159 155 146 150 132 131 (VND B) ~150 Distributors & Wholesaler 48 Average 23
Slide 24: PLH's sales uplift driven by delivery scaling and stronger LFL growth
PLH’s sales uplift driven by delivery scaling and stronger LFL growth ▲ 14% YoY 3Q Revenue increased to VND 589B, NSO in 3Q2026 +26 NSO LFL 1 growth was up ▲ 2.1% YoY 239 total outside WCM store count 2 ▲ 15% YoY 3Q EBITDA increased to VND 107B 35% ▲ 12% YoY Delivery as % of retail revenue 3 in 3Q20
Slide 25: Masan High-Tech Materials
Masan High -Tech Materials
Slide 26: MSR reached high earnings with immediate value creation for shareholders
MSR reached high earnings with immediate value creation for shareholders ▲ 7.1x YoY $3,129 1,786t Average APT price 1 Contained tungsten 3Q Revenue increased to VND 14,557B per mtu production ▲ 55% YoY ▲ 6.3x YoY Tungsten APT Price production volume 3Q EBITDA increased to VND 3,074B VND6.6T 1.4x ▲ V
Slide 27: Tungsten deficit keeps 2027 prices firm; Elmet deal secures feed
A tungsten deficit keeps 2027 prices firm, while the Elmet deal secures feed as MTC expands capacity Market update New strategic partnership Refining capacity 2027F APT price outlook MTC capacity path, tpa WO ₃ US$2,300–2,500 c.8,000 Today per mtu, range -bound Strategic partner and shareholder sinc
Slide 28: Digital Engine
Digital Engine
Slide 29: The Consumer Operating System: Digital 4P
The Consumer Operating System: “Digital 4P” A great connectivity between Brand – Retailer – Customer enabled by technology and data Place: Where to Open Stores? Price: What Price to Offer? Sites Planning and Selection guided by SKU x Store level x Customer Price Customization Location scoring system
Slide 30: Building a retail platform for the four workstreams that run every store
Starting at the consumer touch point, building a retail platform for the four workstreams that run every store… PLACE PRODUCT x PRICE SUPPLY CHAIN STORE OPERATION Where to open stores? What to sell, and at what price? How much to order , and how to fulfill ? What should every employee do today? Loca
Slide 31: One consumer signal plans production, logistics and sales, from shelf to farm
…then integrating upstream, the same map plans manufacturing and farming One consumer signal plans production, logistics and sales, from the shelf back to the farm 1 SENSE 2 ACT — three plans, one map 3M hexagons scored across Vietnam PRODUCTION & MANUFACTURING 1 PIG BUYING 2 SLAUGHTERING 3 BALANCIN
Slide 32: Broad-based 9M outperformance strengthens FY2026 earnings outlook
Broad-based 9M outperformance strengthens FY2026 earnings outlook FY2026 Guidance FY2026 Revised Guidance 9M2026 Status Base -case to High -case Base -case to High -case MSN Revenue 15% - 20% 20% - 29% 52.7% Outperform EBITDA 15% - 20% 22% - 33% 59.4% Outperform WCM NSO (stores) 1,000 - 1,500 - 894
Slide 33: Thank you
Thank you
Slide 34: Disclaimer
Disclaimer This Presentation has been prepared by Masan Group Corporation and/or its affiliated companies (collectively, “MSN” ; together with any officer, director, employee, advisor or agent of MSN, collectively, the “Preparers”) for the purpose of setting out certain information in respect of MSN