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External broker reports(aggregated public sources)

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Equity Bottom-Up

Hang Xanh Motors Service Jsc / Equity Bottom-Up

<ul><li>Net revenue reached VND 1,029 bn (-8.3% YoY), notably below projections, driven entirely by MBZ segment decline (-45.0% YoY) – a dual impact from weakened luxury car market share in Vietnam and HAX’s own MBZ distribution share.</li><li> A bright spot from MG (+49.0% YoY) due to robust dealership expansion (8/15 new dealerships in H1-2025), though insufficient to offset MBZ’s downturn. </li><li>NPAT-MI recorded a loss of VND 4.4 bn (first since Covid-19, worse than expected VND 20-24 bn gain). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Net revenue reached VND 1,029 bn (-8.3% YoY), notably below projections, driven entirely by MBZ segment decline (-45.0% YoY) – a dual impact from weakened luxury car market share in Vietnam and HAX’s own MBZ distribution share. A bright spot from MG (+49.0% YoY) due to robust dealership expansion (8/15 new dealerships in H1-2025), though insufficient to offset MBZ’s downturn. NPAT-MI recorded a loss of VND 4.4 bn (first since Covid-19, worse than expected VND 20-24 bn gain). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hang Xanh Motors Service Jsc

HAX - Big Challenges Still Lie Ahead