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Equity Bottom-Up

<ul><li>Q4-FY25: Lackluster results close a "bitter" sugar season</li><li>QNS's Q4-2025 results came in 5.0% below our expectation, with net revenue of VND 2,884 bn (+22.7% YoY) and NPAT of VND 581 bn (-6.6% YoY), primarily due to negative impacts from the sugar segment — QNS had to sacrifice selling prices more aggressively in recent months to push higher sugar volumes before entering the 2025–26 crop season (starting from Dec-2025).</li><li>The bright spot was in the soy milk segment, with volume growth of +3.2% YoY despite headwinds from Decree 70 affecting the FMCG industry this quarter (especially the key GT channel), thanks to market share expansion (premium soy milk/plant-based milk focused on health trends). </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>

Q4-FY25: Lackluster results close a "bitter" sugar seasonQNS's Q4-2025 results came in 5.0% below our expectation, with net revenue of VND 2,884 bn (+22.7% YoY) and NPAT of VND 581 bn (-6.6% YoY), primarily due to negative impacts from the sugar segment — QNS had to sacrifice selling prices more aggressively in recent months to push higher sugar volumes before entering the 2025–26 crop season (starting from Dec-2025).The bright spot was in the soy milk segment, with volume growth of +3.2% YoY despite headwinds from Decree 70 affecting the FMCG industry this quarter (especially the key GT channel), thanks to market share expansion (premium soy milk/plant-based milk focused on health trends). 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.

Quang Ngai Sugar

QNS - Sugarcane remains bitter