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Equity Bottom-Up

Saigon Beer Alcohol Beverage / Equity Bottom-Up

<ul><li>SAB recorded broadly flat YoY results in 2Q26, with net revenue reaching VND 6,888 billion (+1.2% YoY), 11% below our estimate.</li><li>Selling prices remained the key growth driver during the quarter, following price increases in Jul25 and Apr26.</li><li>Meanwhile, beer sales volume did not increase as expected, despite a major football tournament that was viewed as a key driver of beer consumption during the summer. </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>

SAB recorded broadly flat YoY results in 2Q26, with net revenue reaching VND 6,888 billion (+1.2% YoY), 11% below our estimate.Selling prices remained the key growth driver during the quarter, following price increases in Jul25 and Apr26.Meanwhile, beer sales volume did not increase as expected, despite a major football tournament that was viewed as a key driver of beer consumption during the summer. 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 - Earnings remained broadly flat YoY despite a major summer event