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Equity Bottom-Up

Saigon Beer Alcohol Beverage / Equity Bottom-Up

<ul><li>Q4/2025 net revenue reached VND 6,837 billion (-23.5% YoY). FY2025 net revenue totaled VND 25,888 billion (-18.8% YoY), falling short of the company’s plan.</li><li>The core beer segment, which contributed ~95% of SAB’s total revenue, declined 16.1% YoY in Q4 and 13.2% YoY for the full year, due to several external industry-related factors, (strong impact from the implementation of Decree 168/2024/ND-CP in the first half of 2025, as well as unfavorable Tet seasonality and weather conditions in the second half of 2025).</li><li>However, SAB’s ability to optimize raw material costs was the key highlight throughout 2025 , supported by lower malt and rice prices compared with earlier periods, while can prices had been hedged ahead of the prolonged uptrend during the year. </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>

Q4/2025 net revenue reached VND 6,837 billion (-23.5% YoY). FY2025 net revenue totaled VND 25,888 billion (-18.8% YoY), falling short of the company’s plan.The core beer segment, which contributed ~95% of SAB’s total revenue, declined 16.1% YoY in Q4 and 13.2% YoY for the full year, due to several external industry-related factors, (strong impact from the implementation of Decree 168/2024/ND-CP in the first half of 2025, as well as unfavorable Tet seasonality and weather conditions in the second half of 2025).However, SAB’s ability to optimize raw material costs was the key highlight throughout 2025 , supported by lower malt and rice prices compared with earlier periods, while can prices had been hedged ahead of the prolonged uptrend during the year. 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.

SAB - A Highlight from Optimizing Raw Material Costs