Ho Chi Minh City Securities Corp. · HOSE:HCM
Ho Chi Minh City Securities — Q4 2025 Earnings Presentation
13 slides from Ho Chi Minh City Securities's earnings presentation, Jan 26, 2026
Slide 1: Q4 & FY2025 Earnings Results
Q4 & FY2025 EARNINGS RESULTS 0
Slide 2: Highlights
Highlights HSC delivered revenue of VND4.4 trillion, up 32% YoY, completing 98% of the full-year plan. 1 Profit reached VND1.5 trillion, up 14% YoY, completing 92% of the full-year plan. 2 HSC’s brokerage market share was 6.7%, up 0.3 pp QoQ, rising to 4th place on HOSE. 3 Margin loan balance exceed
Slide 3: Vietnam's Stock Market
Vietnam’s Stock Market 2,000 100,000 1,784 1,800 80,000 1,600 41% YoY 60,000 1,400 1,267 40,000 1,200 1,000 20,000 800 - Trading Value (VND bn) VN Index Q4 2024 Q4 2025 +/-% FY2024 FY2025 +/-% (VND tn) Daily trading value 17 29 76% 21 29 39% % of foreign investors trading value 10.4% 11.8% 9.8% 10.9
Slide 4: Business Results
Business Results Y2024 Y2025 (VND bn) % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY2024 FY2025 +/- completed Statement of income Total revenue (*) 722 859 831 888 863 845 1,389 1,268 3,311 4,366 32% 98% Operating expenses (*) 377 469 555 604 580 606 839 867 2,016 2,891 43% 102% Profit before tax 346 390 275 285 283
Slide 5: Revenue Structure
Revenue Structure Revenue growth driven by core brokerage and margin lending FY2024 FY2025 1% 2% 1% 2% 15% 20% 25% 27% VND3,311 billion VND4,366 billion 32% YoY 55% 52% Securities Brokerage Margin Lending Proprietary Investments Corporate Finance 44
Slide 6: Securities Brokerage
Securities Brokerage Brokerage revenue up 40% YoY, exceeding full-year plan by 31% Revenue (VND bn) Institutional 1,189 ▪ Foreign trading market share increased from 9.8% to ~11%. ▪ Expanded institutional products & services, including Omnibus account readiness, Low-touch & Algo Trading support, Fut
Slide 7: Margin Lending
Margin Lending Margin lending revenue up 40% YoY, supported by disciplined risk management Revenue (VND bn) Strong growth in margin loan balance 2,395 ▪ Margin loan balance exceeded VND28,000 billion, up nearly VND8,000 billion QoQ, among the strongest quarterly growth in the sector. 1,714 ▪ Represe
Slide 8: Proprietary Investments
Proprietary Investments Proprietary positions primarily supporting market-making and hedging Revenue (VND bn) ▪ Portfolio predominantly allocated to bonds and certificates of deposit, with limited exposure to listed equities 666 660 ▪ Positions were mainly held to support market-making activities an
Slide 9: Corporate Finance
Corporate Finance Investment banking activity gained momentum, supported by completed transactions Revenue (VND bn) ▪ HSC advised on notable investment banking transactions, including SeABank’s divestment of its entire equity interest in PTF, as well as bond issuances for large 74 corporate clients.
Slide 10: Expenses Structure
Expenses Structure Variable expenses (VND bn) Fixed expenses (VND bn) 2,068 19 1,301 25% 1,453 823 Other fixed expenses 16 Depreciation expense 22% 715 84 24 840 Other variable expenses 14% 67 85 Office related expenses 10% 31 77 112 Interest expenses 73% 105 129 IT expenses 6% 204 87 Incentives 20%
Slide 11: Financial Position
Financial Position Assets (VND bn) Liabilities & Equity (VND bn) 46,499 46,499 225 656 31,340 14,545 31,340 398 558 28,150 Other assets 43% 1,064 Other receivables 18% 10,444 Loans 38% 466 20,429 Bonds 40% 30,889 7,000 Owners equity 39% Certificate of deposit 1,206% 2,000 20,430 5,000 Other current
Slide 12: 2026 Assumptions
2026 Assumptions 2025 2026 YoY (VND tn) Average daily trading value 29 35 20% % of foreign investors trading value 11% 14% Key upside catalysts : ▪ Progress towards a market reclassification in Mar-26 alongside renewed foreign inflows as FX conditions stabilize. ▪ Sweeping, cross-sector regulatory r
Slide 13: Thank You
THANK YOU HO CHI MINH CITY SECURITIES COMPANY AB Tower, 76A Le Lai, Ben Thanh Ward, Ho Chi Minh City hsc.com.vn | (8428)38 233 299 12
Ho Chi Minh City Securities — Q4 2025 Earnings Presentation on 6ix