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Equity Bottom-Up

Vietnam Dairy Products JSC / Equity Bottom-Up

<ul><li>VNM’s Q2-2025 results exhibited a robust QoQ recovery, with net revenue reaching VND 16,725 bn (+29.3% QoQ, flat YoY) and NPAT-MI at VND 12,475 bn (+57.8% QoQ, -7.3% YoY).</li><li>This was supported by the stabilization of the GT distribution channel following temporary disruptions in Q1 due to restructuring, alongside the favorable seasonal peak in the dairy industry during Q2-3.</li><li>However, the net margin remained subdued at 14.8% (-124bps YoY), pressured by rising raw milk powder prices (reaching a two-year high) and increased sales discount expenses.</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>

VNM’s Q2-2025 results exhibited a robust QoQ recovery, with net revenue reaching VND 16,725 bn (+29.3% QoQ, flat YoY) and NPAT-MI at VND 12,475 bn (+57.8% QoQ, -7.3% YoY).This was supported by the stabilization of the GT distribution channel following temporary disruptions in Q1 due to restructuring, alongside the favorable seasonal peak in the dairy industry during Q2-3.However, the net margin remained subdued at 14.8% (-124bps YoY), pressured by rising raw milk powder prices (reaching a two-year high) and increased sales discount expenses.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.

ベトナム乳製品株式会社（VNM） - 「新GTフレームワーク」により着実に安定化