Vinhomes Joint Stock Company · HOSE:VHM
Vinhomes Joint Stock — Q1 2025 Earnings Presentation
31 slides from Vinhomes Joint Stock's earnings presentation, Apr 29, 2025
Slide 1: 1Q2025 Earnings Presentation
VINHOMES JOINT STOCK COMPANY 1 1Q2025 Earnings Presentation Vinhomes Ocean Park, Hanoi
Slide 2: Disclaimer
VINHOMES JOINT STOCK COMPANY 2 Disclaimer IMPORTANT: The information contained herein is preliminary and subject to change without notice. Its accuracy is not guaranteed, has not been independently verified and may not contain all material information concerning Vinhomes Joint Stock Company (the “Co
Slide 3: Contents
VINHOMES JOINT VINHOMES STOCK JOINT COMPANY STOCK COMPANY 3 CONTENTS TABLE OF CONTENTS 1Q2025 Macro Update 1Q2025 & Market Trend Financial Highlights 01 03 05 02 04 Key Messages & 1Q2025 2025 1Q2025 Snapshot Business Update Company Outlook
Slide 4: Key Messages
VINHOMES JOINT STOCK COMPANY 4 Key Messages Vietnam’s 1Q2025 GDP growth Vietnam’s 1Q2025 CPI growth The 2025 property market is projected to 1 2 +6.93% YoY +3.22% YoY Enter a new growth cycle record Q1 growth since 2020 well managed inflation driven by legal reforms and accelerated public investment
Slide 5: 1Q2025 Snapshot
VINHOMES JOINT STOCK COMPANY 5 1Q2025 Snapshot 1. Financial performance improvement on a low 1Q2024 base 1Q2023 1Q2025 1Q2024 Change Net Revenue VND VND 29.3 15.7 trillion trillion VND 8.2 trillion 91% Adjusted revenue target Profit after tax target Adjusted Total Revenue(1) VND VND 40.6 19.3 trilli
Slide 6: New Mega Project Launches Propel Pre-sales Momentum
VINHOMES JOINT STOCK COMPANY 6 New Mega Project Launches Propel Pre-sales Momentum Contracted Sales(1) Unbilled Sales(2) 180 VND trillion VND trillion VND trillion OCP 2-3 Royal Island Wonder City 160 launched launched launched 140 200 Golden Avenue & Wonder City Sky Park launched launched 120 128.2
Slide 7: 1Q2025 Macro Update & Market Trend
VINHOMES JOINT VINHOMES STOCK JOINT COMPANY STOCK COMPANY 7 1Q2025 Macro Update & Market Trend Vinhomes Ocean Park, Hanoi
Slide 8: Vietnam’s Resilient 1Q2025 Amid Trade Tensions
VINHOMES JOINT STOCK COMPANY 8 Vietnam’s Resilient 1Q2025 Amid Trade Tensions Vietnam's GDP forecast to be among the region's Stable low interest rates to support market rebound Favorable policy environment fuels real estate growth highest, signaling strong resilience in 2025 Forecasted 2025 GDP gro
Slide 9: Hanoi – Resilient Growth Trajectory and Strong Demand Fundamentals
VINHOMES JOINT STOCK COMPANY 9 Hanoi – Resilient Growth Trajectory and Strong Demand Fundamentals Condominium: New launches and sales show similar growth trends Landed property: Supply remains strong, supported by sustained market interest Units Units | VND million psm Vinhomes 30,000 1Q2025 units l
Slide 10: HCMC – Continued Supply Constraints Across All Segments
VINHOMES JOINT STOCK COMPANY 10 HCMC – Continued Supply Constraints Across All Segments Condominium: Healthy absorption despite limited supply Landed property: Sustained price growth driven by supply limitation Units Units | VND million psm 20,000 350 502 58 31 305 1Q2025 units launched units sold 2
Slide 11: 1Q2025 Business Updates
VINHOMES JOINT VINHOMES STOCK JOINT COMPANY STOCK COMPANY 11 1Q2025 Business Updates Vinhomes Smart City, Hanoi
Slide 12: Vinhomes' Brand Continues to Demonstrate Strong Market Appeal
VINHOMES JOINT STOCK COMPANY 12 1. Vinhomes' Brand Continues to Demonstrate Strong Market Appeal Vinhomes Project scale Product mix Strong Market Debut Wonder City 133 hectares 2,250 low-rise units 92% of Hung Dong zone sold in 4 days 12 March 2025 70% of Binh Minh zone sold on Day 1
Slide 13: Major Milestones in Key Pipeline Signal Strong Project Momentum
VINHOMES JOINT STOCK COMPANY 13 2. Major Milestones in Key Pipeline Signal Strong Project Momentum Vinhomes Green City – Long An’s first integrated Vinhomes Green Paradise – ESG-driven smart Royal bridge connected – Key infrastructure urban area coastal mega city boost for Vinhomes Royal Island • Gr
Slide 14: Transforming Urban Spaces into Year-Round Entertainment & Tourism Hubs
VINHOMES JOINT STOCK COMPANY 14 3. Transforming Urban Spaces into Year-Round Entertainment & Tourism Hubs Magical Tet Festival 2025 Ocean International Lantern Festival Vinhomes Grand Park | Jan 10 – Feb 6, 2025 Ocean City | Jan 18, 2025 • Month-long celebration blending tradition and • Grand Openin
Slide 15: Vinhomes Continues to Garner Prestigious Awards and Accolades
VINHOMES JOINT STOCK COMPANY 15 4. Vinhomes Continues to Garner Prestigious Awards and Accolades Vinhomes Recognized with Five Distinguished Awards 5th Vietnam Spring Real Estate Forum & 2024–2025 Leading Brand Awards | Vietnam Report | Vietnam ESG Forum TOP 10 LEADING REAL ESTATE DEVELOPERS IN VIET
Slide 16: Commitment to Sustainable Development Underpinned by ESG Strategy
VINHOMES JOINT STOCK COMPANY 16 5. Commitment to a Sustainable Development Underpinned by ESG Strategy Strategy ESG Commitment ESG Achievements • Continuously minimize direct environmental footprint by • 767 tons CO2 offset with solar power output, 100% of employees transitioned to the use of E moni
Slide 17: 1Q2025 Financial Highlights
VINHOMES JOINT VINHOMES STOCK JOINT COMPANY STOCK COMPANY 17 1Q2025 Financial Highlights Vinhomes Ocean Park, Hanoi
Slide 18: 1Q2025 Financial Highlights
VINHOMES JOINT VINHOMES STOCK JOINT COMPANY STOCK COMPANY 18 1Q2025 Financial Highlights Vinhomes Projects BCC Projects(2) (Equity Accounting) 1, Revenue from Sale of Inventory • Total Revenue: VND 7.2 trillion • Total Revenue: VND 3.6 trillion Properties(1) • Key Contributors: • Key Contributors: •
Slide 19: Financial Performance 1Q2025 vs 1Q2024
VINHOMES JOINT STOCK COMPANY 19 Financial Performance 1Q2025 vs 1Q2024 Figures in VND billion 1Q2025 1Q2024 Change Key Commentary Sale of Inventory Properties(1) 7,200 4,085 76% • Deliveries at Vinhomes OCP2-3 were the key drivers Other Revenue 8,498 4,126 106% • Mainly come from management, sales c
Slide 20: 1Q2025 Financial Performance (Vinhomes Projects and BCC Projects)
VINHOMES JOINT STOCK COMPANY 20 1Q2025 Financial Performance (Vinhomes Projects and BCC Projects) Summary BCC Project Performance and Reconciliation Figures in VND billion Royal Island (Hai Phong, low-rise) Others Total BCC Projects Revenue 3,568 4 3,572 Cost of Sales -1,526 0 -1,526 Gross Profit 2,
Slide 21: 1Q2025 Financial Performance Overview
VINHOMES JOINT STOCK COMPANY 21 1Q2025 Financial Performance Overview Total Revenue Gross Profit and Gross Profit Margin VND billion VND billion 64.2% 55.6% 37.7% 39.9% 28.5% 26.3% 9.3% 47.2% 55.1% 59.4% 54.9% 46.5% 53.2% 120,000 CAGR 2020-2024 103,557 102,323 100,000 84,986 12,687 5% 27,821 CAGR 20
Slide 22: 1Q2025 Financial Performance Incorporating BCCs and Bulk Sales
VINHOMES JOINT STOCK COMPANY 22 1Q2025 Financial Performance Incorporating BCCs and Bulk Sales Total Adjusted Revenue Adjusted Gross Profit and Gross Profit Margin VND billion VND billion 64.7% 60.0% 41,6% 48.8% 31.6% 36.5% 47.2% 55.1% 59,4% 54.2% 46.5% 53.2% 9.5% CAGR 2020-2024 8% 141,644 80,000 CA
Slide 23: Balance Sheet Overview
VINHOMES JOINT STOCK COMPANY 23 Balance Sheet Overview Total Assets Inventories VND billion VND billion 0,000 70,000 64,362 564,209 561,504 0,000 55,318 54,696 55,673 60,000 0,000 444,631 278,730 50,000 0,000 361,813 301,644 202,290 40,000 0,000 28,579 230,516 165,277 30,000 0,000 0,000 136,079 20,0
Slide 24: Key Credit Metrics
VINHOMES JOINT STOCK COMPANY 24 Key Credit Metrics Net Debt (1) / (Total Assets – Cash & Cash Equivalent(2)) Net Debt(1) / Equity % % 2024 industry average(4): 17% 2024 industry average(4): 37% 15% 30% 28.3% 11.8% 25% 21.2% 21.3% 10% 9.1% 8.9% 20% 15% 12.5% 5.4% 4.7% 10% 5% 7.8% 5% 0% 0% 31-Dec-21 3
Slide 25: 1Q2025 Debt Profile
VINHOMES JOINT STOCK COMPANY 25 1Q2025 Debt Profile Strong balance sheet and robust liquidity position Balanced debt mix (1) Diversified Debt Structure 9% Average cost of debt Average debt maturity 42% 10.8% 1.7 years 45% VND 88 VND 88 trillion trillion TTM Interest coverage % of fixed rate debt 13%
Slide 26: Outlook for 2025
VINHOMES JOINT STOCK COMPANY 26 Outlook for 2025 • Substantial unbilled sales backlog of VND 120 trillion as of 1Q2025 provides strong visibility into future revenue streams, reinforcing our confidence in achieving the full-year adjusted revenue and net profit targets of VND 180 trillion and VND 42
Slide 27: Appendix: Additional Information
VINHOMES JOINT VINHOMES STOCK JOINT COMPANY STOCK COMPANY 27 Appendix: Additional Information Vinhomes Central Park, Ho Chi Minh City
Slide 28: Strategically Positioned and Well-Diversified Land Bank
VINHOMES JOINT STOCK COMPANY 28 Strategically Positioned and Well-Diversified Land Bank Land Bank Earmarked for Future Residential Developments Project Pipeline Breakdown by Structure Project Pipeline Breakdown by Location 5% 13% 40% 45% 144 million sqm 144 million sqm 43% 55% Group 1: Vinhomes* is
Slide 29: Key Pipeline Projects
VINHOMES JOINT STOCK COMPANY 29 Key Pipeline Projects Driving Growth Through Strategically Positioned and Well-Diversified Land Bank Vinhomes Vinhomes Vinhomes Vinhomes Vinhomes Vinhomes Vinhomes Vinhomes Project Project Project Project Project Project Green Projects Quang Hanh Green City Golden Cit
Slide 30: Southern Coast
VINHOMES JOINT STOCK COMPANY 30 Vinhomes My Lam Northern Market Southern Market (~150km from Hanoi) Project LA 930ha (~40km from HCMC) Project HCMC 200ha (~30km from HCMC) Tuyen Quang Project HCMC 860ha (~25km from HCMC) Vinhomes Grand Park Vinhomes Green City (~40km from HCMC) Bac Giang Ho Chi Minh
Slide 31: Investor Relations Department
VINHOMES JOINT STOCK COMPANY 31 Investor Relations Department Vinhomes Joint Stock Company Symphony Office Tower, Chu Huy Man Street, Vinhomes Riverside Urban Area, Phuc Loi Ward, Long Bien District, Hanoi, Vietnam Tel: +84 (24) 3975 5899 ext. 3982 Website: https://vinhomes.vn/en/ir E-mail: ir@vinho
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