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Equity Bottom-Up

Kinh Bac City Development / Equity Bottom-Up

<ul><li>In 6M-FY26, in Q1/2026, KBC failed to record expected revenue from major contracts at Industrial Park, resulting in Net revenue of VND 1.34 trillion ( -57% YoY) and Gross profit of VND 649 billion ( -46% YoY) .</li><li>Revenue from land and infrastructure leasing in industrial parks reached only VND 828 billion ( -71% YoY) with ~20ha handed over ( -76% YoY, mainly at Nam Son Hap Linh and Que Vo 2 expansion IPs), as no major contracts were recorded at Trang Due 03 IP (~30ha MOU signed).</li><li>Financial expenses increased sharply to VND 567 billion (+153% YoY) due to the company's increased debt for project development; outstanding balance reached VND 32.7 trillion (debt/equity ratio of 121%) , and inventory remained high at VND 33.4 trillion.</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>

In 6M-FY26, in Q1/2026, KBC failed to record expected revenue from major contracts at Industrial Park, resulting in Net revenue of VND 1.34 trillion ( -57% YoY) and Gross profit of VND 649 billion ( -46% YoY) .Revenue from land and infrastructure leasing in industrial parks reached only VND 828 billion ( -71% YoY) with ~20ha handed over ( -76% YoY, mainly at Nam Son Hap Linh and Que Vo 2 expansion IPs), as no major contracts were recorded at Trang Due 03 IP (~30ha MOU signed).Financial expenses increased sharply to VND 567 billion (+153% YoY) due to the company's increased debt for project development; outstanding balance reached VND 32.7 trillion (debt/equity ratio of 121%) , and inventory remained high at VND 33.4 trillion.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.

KBC - Recovery Is Projected Due to Land Transfers to Major Clients