Vinhomes Joint Stock Company · HOSE:VHM
Vinhomes Joint Stock — 4Q2025 Earnings Presentation
32 slides from Vinhomes Joint Stock's earnings presentation, Jan 30, 2026
Slide 1: 4Q2025 Earnings Presentation
VINHOMES JOINT STOCK COMPANY 1 4Q2025 Earnings Presentation January 30, 2026
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 STOCK COMPANY 3 Vinhomes Green Paradise, HCMC CONTENTS 1 Key Highlights 2 Macro & Sector Updates 3 Business Updates 4 Financial Summary 5 2026 Outlook 6 Appendix
Slide 4: Key Highlights
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 4 Key Highlights Vietnam’s 2025 GDP growth New projects 2025 contracted sales 2025 adjusted revenue ▲ 8.02% YoY 5 new launches VND 205.3 trillion VND 183.9 trillion significant
Slide 5: Operational Performance – 2025 & 4Q2025 Details
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 5 Operational Performance – 2025 & 4Q2025 Details 2025 2024 YoY 4Q2025 4Q2024 YoY Contracted sales (VND T)1 205.3 103.9 ▲98% 42.7 21.1 ▲ 102% Unbilled sales (at period end - VN
Slide 6: Mega Project Launches Propel Pre-sales Momentum
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 6 Mega Project Launches Propel Pre-sales Momentum Contracted sales trend1 2025 contracted sales1 by project VND trillion 300,0 OCP 2-3 Royal Island Wonder City, Golden City, Gr
Slide 7: Macro & Sector Updates
VINHOMES JOINT STOCK COMPANY 7 Macro & Sector Updates Vinhomes Ocean City, Hanoi
Slide 8: Vietnam: A Resilient Growth Profile with Strong Fundamentals & Policy Discipline
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 8 Vietnam: A Resilient Growth Profile with Strong Fundamentals & Policy Discipline Positive GDP Backed by Decisive Reforms Credit Market Stability to be Maintained Policy Tailw
Slide 9: Hanoi Property Market – Positive Momentum Continues
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 9 Hanoi Property Market – Positive Momentum Continues Condominium: Supply Moderated from the 2024 Peak Landed Property: Sustained Demand Amid Tight Supply Units Units | VND mil
Slide 10: HCMC Property Market – Entering The Growth Phase
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 10 HCMC Property Market – Entering The Growth Phase Condominium: Expansion Zones Drive Growth in New Supply Landed Property: All-Time High in New Landed Property Supply in Q4 U
Slide 11: Business Updates
VINHOMES JOINT STOCK COMPANY 11 VINHOMES JOINT STOCK COMPANY 11 Business Updates Vinhomes Smart City, Hanoi
Slide 12: Strong Growth Momentum across Strategic Projects Nationwide
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 12 Strong Growth Momentum across Strategic Projects Nationwide Groundbreaking of Key Projects in 2025 Vinhomes Global Gate Ha Long | Quang Ninh • Groundbreaking on 19 December
Slide 13: Rapid Execution Highlights Strong Capability
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 13 Rapid Execution Highlights Strong Capability WONDER CITY GOLDEN CITY GREEN CITY GREEN PARADISE Source: Company information.
Slide 14: Vinhomes Urban Areas as Cultural and Entertainment Hubs
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2025 Outlook Appendix VINHOMES JOINT STOCK COMPANY 14 Vinhomes Urban Areas as Cultural and Entertainment Hubs G-DRAGON 2025 WORLD TOUR UPBEAT OCEAN COUNTDOWN 2026 (8–9 November 2025) (31 December 2025) • Large-scale internation
Slide 15: Vinhomes' Continued Dominance in Vietnam's Residential Real Estate Market
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 15 4% 62% 3% Vinhomes’ Continued Dominance in Vietnam’s Residential Real Estate Market 2% 2% Vinhomes Developer A Developer B Developer C Developer D Others 25% 33% 38% 37% 42%
Slide 16: ESG in Action with Regional Industry Recognition
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 16 ESG in Action with Regional Industry Recognition EMPLOYEE ENGAGEMENT PROGRAMS GREEN SATURDAY Green Culture Biodegradable Tree planting • “Green Wednesday” e-Newsletter & was
Slide 17: Financial Summary
VINHOMES JOINT STOCK COMPANY 17 VINHOMES JOINT STOCK COMPANY 18 Financial Summary Vinhomes Central Park, HCMC
Slide 18: 2025 Highlights
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 18 2025 Highlights Vinhomes Projects BCC Projects2 (Equity Accounting) 1. Revenue from Sale of Inventory • Total Revenue: VND 108.3 trillion • Total Revenue: VND 22.0 trillion
Slide 19: 2025 Financial Performance vs. 2024
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 19 2025 Financial Performance vs. 2024 Figures in VND billion 2025 2024 Change Key Contributors to Performance Sale of Inventory Properties1 108,312 73,162 48% • Deliveries at
Slide 20: 2025 Financial Performance (Vinhomes Projects and BCC Projects)
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 20 2025 Financial Performance (Vinhomes Projects and BCC Projects) Figures in VND billion 2025 Adjusted Revenue (Excl. BCC)1 2025 Revenue from BCC Projects2 2025 Total Adjusted
Slide 21: 2025 Financial Performance Overview
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 21 2025 Financial Performance Overview Total Revenue Gross Profit and Gross Profit Margin VND billion VND billion 64.2% 55.6% 37.7% 39.9% 34.9% 17% 47.2% 55.1% 59.4% 54.9% 46.5
Slide 22: 2025 Financial Performance Incorporating BCCs and Bulk Sales
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 22 2025 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% 4
Slide 23: Balance Sheet Overview
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 23 Balance Sheet Overview Total Assets Inventories VND trillion VND trillion 786,4 134,8 800.000 140.000 130.000 720.000 120.000 640.000 564,2 285,5 110.000 560.000 100.000 444
Slide 24: Key Credit Metrics
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 24 Key Credit Metrics Net Debt 1 / (Total Assets – Cash & Cash Equivalent2) Net Debt1 / Equity % % 50% 15% 45% 12,8% 40% 37,9% 35% 10% 9,1% 8,9% 30% 25% 21,2% 21,3% 20% 5,4% 4,
Slide 25: Debt Profile
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 25 Debt Profile Strong balance sheet and robust liquidity position Balanced Debt Mix1 Diversified Debt Structure 2% 1% Average cost of debt Average debt maturity 38% 10.1% 2.6
Slide 26: 2026 Outlook
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 26 2026 Outlook Visible Sustainable Growth Favorable Macro Tailwinds • Robust top-line growth is expected to be driven by key ongoing projects including • Vietnam is expected t
Slide 27: Appendix: Additional Information
VINHOMES JOINT STOCK COMPANY 27 Appendix: Additional Information Vinhomes Central Park, HCMC
Slide 28: 4Q2025 Financial Performance Overview
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 28 4Q2025 Financial Performance Overview Total Revenue Gross Profit and Gross Profit Margin VND billion VND billion 64.2% 55.6% 37.7% 39.9% 46.2% 36.2% 14.125 17% 154,102 43,21
Slide 29: 4Q2025 Financial Performance Incorporating BCCs and Bulk Sales
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 29 4Q2025 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%
Slide 30: Ongoing and Key Pipeline Projects
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 30 Ongoing and Key Pipeline Projects Driving Growth Through Strategically Positioned and Well-Diversified Land Bank Total development Registered Vinhomes’ effective Expected Vi
Slide 31: Southern Coast
Key Highlights Macro & Sector Updates Business Updates Financial Summary 2026 Outlook Appendix VINHOMES JOINT STOCK COMPANY 31 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 880ha (~
Slide 32: Investor Relations Department
VINHOMES JOINT STOCK COMPANY 32 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
Vinhomes Joint Stock Company — 4Q2025 Earnings Presentation on 6ix