VHM – Robust 1Q26 earnings on strong handovers and margin expansion – Earnings Flash

• 1Q26 NPAT-MI reached VND25.6tn (USD0.97bn, +850% YoY), primarily driven by Ocean Park 2 & 3 (both bulk and retail sales) and Green Paradise (bulk sales).
• 1Q26 presales surged to VND81.7tn (USD3.1bn, +133% YoY), with bulk sales accounting for 80% of total value, while retail sales contributed the remaining 20%.

Upbeat 1Q26 results propelled by Green Paradise and Ocean Park 2&3

VHM delivered robust 1Q26 results, with revenue reaching VND65.1tn (USD0.97bn; +315% YoY) and NPAT-MI of VND25.6tn (USD2.48bn; +850% YoY), fulfilling 23% and 43% of full-year guidance, respectively. This strong performance was primarily driven by Ocean Park 2 and 3 (both bulk and retail sales), Green Paradise (bulk sales), alongside handovers under business cooperation contracts (BCC), mainly from Royal Island and Wonder City. Gross margin expanded significantly to 48.2% (vs. 32.9% in 1Q25), supported by a higher contribution from bulk transactions. Overall, VHM’s 1Q26 performance exceeded our expectations, particularly at Ocean Park 2 and 3, where both handover volumes and gross margins came in stronger than anticipated.

Bulk sales drive strong presales surge

1Q26 presales surged to VND81.7tn (USD3.1bn; +133% YoY), driven predominantly by bulk transactions, which accounted for 80% of total value, while retail sales contributed the remaining 20%. This performance was supported by key projects including Green Paradise, Ocean Park 2 & 3, Green City, and Golden City. In 1Q26, bulk buyers were primarily domestic developers, with VHM expecting to attract greater participation from foreign developers in the coming quarters. In addition, Apollo City and International University Township (IUT) are expected to be launched earlier than our expectations and are likely to drive strong contributions to both presales and bulk sales regconition in 2026.

Strong backlog providing solid earnings visibility

1Q26 unbilled backlog reached VND201.6tn (VNDmn; +68% YoY), comprising ~40% bulk sales and ~60% retail sales, fueled by Green Paradise, Wonder City, Royal Island, and Golden City,…

Update on key projects

• Vinhomes Global Gate (Quang Ninh; 4,110ha): The project recorded ~5,000 bookings within the first 24 hours of launch. VHM is currently in discussions for potential bulk sales transactions.
• Vinhomes Hai Van Bay (Da Nang; 512ha): Achieved an absorption rate of over 80% for launched units, with VHM maintaining a primary focus on retail sales.
• International University Township (HCM; 880ha): Groundbreaking is scheduled for 29 April 2026.
• Global Sportia (Olympic, Hanoi; 9,171ha): VHM holds a 35% economic interest in the project.
• Vinhomes Cam Ranh (Khanh Hoa; 10,360ha): VHM holds a 100% economic interest.

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