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Equity Bottom-Up

Saigon Beer Alcohol Beverage / Equity Bottom-Up

<ul><li>Net revenue in Q1/26 reached VND 6.457bn (+11.1% YoY). Beer revenue accounted for 93.6% of total revenue at VND 6.046bn (+11.0% YoY).</li><li>The strong growth was driven by three key factors: (1) a more favorable Tet timing effect, with the holiday falling in February instead of January as in the previous year; (2) positive consumer reception for the 250ml Saigon Chill can format, with sales volume doubling within six months of launch thanks to its compact size, convenience, and affordable pricing; and (3) the contribution from the “Cash Van” market penetration initiative alongside the carry-over impact of the selling price increase implemented in Jul-25.</li><li>A key highlight throughout 2025 and into early 2026 has been SAB’s effective raw material cost optimization. </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 in Q1/26 reached VND 6.457bn (+11.1% YoY). Beer revenue accounted for 93.6% of total revenue at VND 6.046bn (+11.0% YoY).The strong growth was driven by three key factors: (1) a more favorable Tet timing effect, with the holiday falling in February instead of January as in the previous year; (2) positive consumer reception for the 250ml Saigon Chill can format, with sales volume doubling within six months of launch thanks to its compact size, convenience, and affordable pricing; and (3) the contribution from the “Cash Van” market penetration initiative alongside the carry-over impact of the selling price increase implemented in Jul-25.A key highlight throughout 2025 and into early 2026 has been SAB’s effective raw material cost optimization. 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 - Growth rebounded from a low base and favorable seasonality