2025 Operational Performance Report

THE STOCK MARKET

In 2025. the Vietnamese stock market sustained its robust growth. emerging as a regional spotlight. The upward momentum in the early months of the year was driven by expectations of supportive economic policies. coupled with a stable macroeconomic foundation and robust corporate earnings. In early April. the VNIndex tumbled more than 200 points in less than five trading days. triggered by concerns over new U.S. tariff announcements. The market quickly rebounded following adjustments to the policy’s effective date. resuming its rally and staying in positive territory until early Q4. In the final months of the year. the market shifted to a sideways trend. characterized by intermittent fluctuations within the 1.600 to 1.800 point range. The rally was largely underpinned by major tickers like Vingroup. Gex. and Banks. Stripping out these gains. however. the broader index would have only seen an underlying growth of approximately 12%.

Market Indice: The VN-Index ended 2025 at 1.784.49 points. representing an increase of 517.71 points. or 40.9%. compared to the end of 2024. Meanwhile. the HNX-Index reached 248.77 points. up 21.34 points. equivalent to a 9.4% gain. Recovering quickly from the sharp early-April correction. the VN-Index climbed to successive new highs. at one point scaling above the 1.800-point threshold during the session on December 25. 2025.
Liquidity: The average daily trading value across all three exchanges in 2025 recorded robust year-on-year growth. while exhibiting significant volatility throughout different periods of the year. Market liquidity improved markedly. surging from an average of VND 21.3 trillion per session in the first half of the year to VND 44 trillion per session in the third quarter. This phase saw the market hitting consecutive all-time highs. highlighted by a historic trading value of VND 86 trillion across the three bourses on August 5. 2025. Market liquidity cooled down in Q4. retreating to VND 29.5 trillion per session. Nevertheless. the fullyear average reached VND 29.3 trillion. marking a robust 40% growth over 2024 levels. The full-year average trading value reached VND 29.3 trillion per session. representing a 40% increase compared to 2024. and positioning the market as the most liquid stock market in Southeast Asia.

VNIDEX AND HNXINDEX IN 2025

AVERAGE TRADING VALUE (Unit: VND billion)

BOARD OF DIRECTORS’ ASSESSMENT OF COMPANY PERFORMANCE IN 2025

Execution of Mandates from the 2025 AGM Resolution

Implementation of Business Objectives

To implement the 2025 business plan assigned by the General Meeting of Shareholders. the Board of Directors directed the Board of Management to be proactive and flexible in following market developments to synchronously deploy multiple solutions regarding human resources. technology. products and services. risk management. strengthening information security. and promoting a comprehensive digital transformation strategy across the Company. With high resolve to fulfill the 2025 business tasks. BVSC successfully exceeded the established business targets. specifically:

Total revenue and other income reached VND 1.104.66 billion. completing 103.43% of the target (VND 1.068 billion). Of which. realized revenue was VND 1.032.29 billion. fulfilling 100.71 % of the target (VND 1.025 billion).
z Profit after tax reached VND 224.52 billion. fulfilling 115.27% of the target (VND 194.77 billion). Realized profit after tax reached VND 204.41 billion. completing 113.56% of the target (VND 180 billion).

Given these outcomes. the BOD assesses that the BOD and the Company have successfully implemented the business tasks for 2025.

Implementation of Other Mandates

Implementing the 2025 GMS Resolution. the BOD coordinated with the Supervisory Board and the BOM to: Execute the 2024 profit distribution per the GMS Resolution. including paying cash dividends at 08% of par value; and appropriate funds for reserves. investment & development. bonus & welfare. and management bonuses.

Implemented the 2021-2025 Development Strategy review. confirming the Company’s achievement of set strategic goals. Concurrently. the BOD directed the formulation of the 2026-2030 Development Strategy. Detailed content is presented in Chapter III. Section 4 – Assessment of the 2021-2025 Development Strategy and Formulation of the 2026-2030 Development Strategy.

Enhancing the Company’s capacity and competitiveness by directing the implementation of synchronized solutions. with priorities on:

1

Investing in service quality to enhance customer experience and strengthening customer care. such as: Building flexible incentive policies. including competitive transaction fees. incentives for new accounts. attractive margin rates starting from 5.8%. and granting Bao Viet Insurance vouchers to BVSC customers... Additionally. the Company finalized the integration of BVSC’s trading system with the KRX system to accommodate market growth; continued upgrading the Bwise and BVSC Invest platforms with supplementary trading features; and expanded partnerships with banks such as Vietcombank and BIDV for collection services. thereby enhancing service quality and better meeting customer needs.

2

Ensuring flexible capital utilization to optimize corporate efficiency. intensifying negotiations with commercial banks to increase short-term loans. while proactively seeking alternative capital sources to meet customer needs.

3

Accelerating digital transformation and promoting Artificial Intelligence (AI) integration into the workplace: Copilot AI and AI Agents are deployed across various tasks. including HR. reporting. communications. and operational support. shortening processing times. enhancing service quality. and optimizing operational efficiency.

4

Boosting synergy programs within the Bao Viet Holdings ecosystem: The Company accelerated synergy programs within the Bao Viet ecosystem to effectively leverage the shared customer base and add value to its financial service offerings. Some typical programs: “60 years of unwavering trust – Bao Viet people prioritize Bao Viet products” for the internal customer group-wide. and the “Trade with confidence – Abundant vouchers” program in coordination with Bao Viet Insurance. offering nonlife insurance vouchers to securities trading customers. These programs enhance customer engagement and drive cross-selling of products and services within the ecosystem.

SOCIAL AND ENVIRONMENTAL OBJECTIVES FULFILLMENT

Alongside economic growth targets. the BOD identifies environmental protection and social responsibility as key pillars of BVSC’s sustainable development strategy. On that basis. the BOD has directed the Company to integrate environmental and social factors into its corporate governance and execute specific action plans. thereby gradually enhancing sustainable development performance across the entire system. Key activities implemented in 2025 are as follows:

The total budget for implementing the annual programs “Bringing Warmth to the Highlands” and “Sharing Knowledge – Building the Future”

400.000.000 VND

The Company’s Welfare Fund

300.000.000 VND

to support people in the Central and Central Highlands provinces affected by Storms No. 12. 13. and 14.

1

BVSC continued its 13th annual charity program. “Bringing Warmth to the Highlands 2025”. at Lao Chai Primary and Secondary Boarding School for Ethnic Minorities in Tuyen Quang Province. Activities included school facility renovations. sponsoring boarding equipment. and presenting gifts to 629 students. Concurrently. in the Southern region. the “Sharing Knowledge – Building the Future” journey entered its third consecutive year of implementation. BVSC’s Ho Chi Minh City Branch Trade Union implemented a rural infrastructure project in Ca Mau. presenting 113 gifts and 13 scholarships to underprivileged students. contributing to the improvement of local learning and living conditions. The total budget for these programs was over VND 400.000.000.

2

The Company’s charity programs continue to align with the Party and State’s orientations. particularly in response to the “Eliminating Temporary and Dilapidated Housing” program and providing aid to residents affected by floods. On that basis. the Company sponsored the construction of the “Red Scarf House” for children facing housing difficulties in Lang Son Province. while providing funding to rebuild homes for 9 households whose houses were swept away or severely damaged by Storm No. 11. BVSC also called upon its employees for active contributions while allocating more than VND 300.000.000 from the Company’s Welfare Fund to support people in the Central and Central Highlands provinces affected by Storms No. 12. 13. and 14.

3

In parallel. under the BOD’s orientation. the Company has focused on implementing environmental protection initiatives and building a sustainable workplace. This is achieved by leveraging technology to minimize environmental impacts. ensuring strict compliance with construction regulations. and prioritizing the use of energy-efficient equipment. BVSC continues to maintain the “5S Culture” to ensure an orderly workplace. enhance operational efficiency. and foster a sense of responsibility among its employees.

BVSC’S BUSINESS PERFORMANCE IN 2025

Unit: VND billion

ITEM	Actual 2024	Actual 2025	Plan 2025	Actual 2025 vs. Plan 2025	Actual 2025 vs. 2024
Total revenue	992.77	1.104.65	1.068	103.43%	111.27%
Of which: Realized revenue	949.29	1.032.29	1.025	100.71%	108.74%
Total expenses	(751.72)	(838.87)	(825)	101.74%	111.59%
Of which: Incurred expenses	(701.86)	(791.80)	(800)	98.97%	112.81%
Operating profit	241.04	265.78	243.5	109.15%	110.26%
Other profit	(0.12)	(0.72)	-	-	626.31%
Profit before tax	240.93	265.06	243.5	108.85%	110.02%
Realized profit before tax	247.43	240.50	225	106.89%	97.20%
Profit after tax	199.95	224.52	194.77	115.27%	112.28%
Realized profit after tax	206.42	204.41	180	113.56%	99.02%

Source: 2025 Audited Financial Statements

Despite its moderate capital scale (ranking 56^th out of 80 in charter capital and 32^nd out of 80 in owners’ equity). BVSC secured solid business performance. with indicators maintaining significantly higher rankings relative to capital size: revenue ranked 23^rd. PAT ranked 25^th out of over 80 securities firms in the market. This demonstrates the Company’s efficiency in resource utilization and operational capacity. Details

Total revenue in 2025 reached VND 1.104.65 billion. equivalent to 103.43% of the target and 111.27% of the previous year’s performance. Of which. realized revenue accounted for VND 1.032.29 billion. representing 100.71% of the target and 108.74% year-on-year.

The Company’s profit after tax reached VND 224.52 billion. equivalent to 115.27% of the plan and 112.28% year-on-year; of which. realized profit after tax accounted for VND 204.41 billion. representing 113.56% of the target and 99.02% of the performance last year. Unrealized profit of VND 20.11 billion stems from the revaluation of financial assets at market price as of the reporting date and will be recognized upon divestment.

PERFORMANCE ASSESSMENT: ACTUAL VS. PLAN AND YEAR-ON-YEAR

Unit: VND billion

ITEM	Actual 2024	Actual	2025	% Variance
ITEM	Actual 2024	Actual	2025	Actual 2025 vs. Plan 2025	Actual 2025 vs. Actual 2024
I. Total revenue. of which:	992.77	1.104.65	1.068.00	103.43%	111.27%
1. Operating revenue	990.56	1.101.24	1.066.50	103.26%	111.17%
1.1. Securities brokerage	318.59	374.33	322.80	115.96%	117.49%
1.2. Interest income from loans and receivables	410.73	433.05	360.70	120.06%	105.43%
Interest income from margin loans	344.38	363.42	290.00	125.32%	105.53%
Interest income from advances tocustomers	66.35	69.63	70.70	98.49%	104.95%
1.3. Gain from financial assets (Investment activities)	247.49	278.56	368.19	75.66%	112.56%
Proprietary trading:	202.33	221.64	222.69	99.53%	109.55%
Realized revenue	158.21	149.27	179.69	83.07%	94.35%
Unrealized revenue	44.11	72.37	43.00	168.30%	164.05%
Interest income from deposits	45.17	56.93	145.50	39.13%	126.04%
1.4.Revenue from advisory, underwriting, and securities issuance agency services	3.47	4.64	8.00	57.95%	133.46%
1.5. Revenue from securities custody services	6.86	8.32	5.50	151.25%	121.32%
1.6. Other operating income	3.41	2.34	1.31	178.50%	68.60%
2. Financial income	2.21	3.41	1.50	227.20%	154.10%
II. Total expenses	(751.72)	(838.87)	(824.50)	101.74%	111.59%
1. Operating expenses	(477.85)	(484.23)	(421.12)	114.99%	101.33%
Of which: Incurred expenses	(427.23)	(436.42)	(396.62)	110.04%	102.15%
Unrealized expenses	(50.62)	(47.80)	(24.50)	195.12%	94.44%
2. Financial expenses	(134.93)	(169.71)	(255.00)	66.55%	125.78%
3. General & administrative expenses	(138.94)	(184.93)	(148.38)	124.63%	133.09%
III. Operating profit	241.04	265.78	243.50	109.15%	110.26%
IV. Other profit/loss	(0.12)	(0.72)	-	-	626.31%
Of which: Other income	0.64	0.02	-	-	2.51%
Other expenses	(0.75)	(0.74)	-	-	97.69%
V. Profit before tax	240.93	265.06	243.50	108.85%	110.02%
Of which: Realized profit before tax	247.43	240.50	225.00	106.89%	97.20%
Corporate income tax (CIT)	(40.98)	(40.54)	(48.73)	83.20%	98.94%
1. Current CIT	(41.01)	(36.09)	(45.00)	80.20%	88.01%
2. Deferred CIT	0.03	(4.45)	(3.73)	119.38%	-
IX. Profit after tax	199.95	224.52	194.77	115.27%	112.28%
Of which: Realized profit after tax	206.42	204.41	180.00	113.56%	99.02%
Earnings per share (VND/share)	2.688	2.661	-	-	99.00%

Source: 2025 Audited Financial Statements

Revenue

Leveraging the positive performance of the stock market, BVSC’s core operations posted robust revenue growth, including brokerage, lending & receivables, gains from financial assets, and securities custody services. The Company’s total revenue and realized revenue both surpassed the VND 1,100 billion mark, reflecting its operational efficiency and ability to effectively capitalize on market opportunities. Details:

Brokerage revenue

The surge in market trading value in 2025 paved the way for securities brokerage activities. Accordingly, the Company’s brokerage revenue surged to VND 374.33 billion, reaching 115.96% of the plan and representing 117.49% year-on-year.

Interest income from lending and receivables

In 2025, revenue from lending activities (margin loans & advances) reached VND 433.05 billion, equivalent to 120.06% of the target and 105.43% of last year’s performance, representing the highest revenue recorded to date.

Increased investor demand for margin loans and advances in 2025 led to an average daily outstanding balance of VND 4,050.61 billion, a 10.86% increase compared to the previous year. To meet customer demand and maintain a high level of margin loans and advances despite its moderate capital scale, the Company has proactively worked with commercial banks to expand short-term and long-term credit lines at the most competitive interest rates. In addition, the Company has strengthened its risk management in margin lending activities, effectively controlling and preventing potential losses on its loan portfolio.

Revenue from financial asset investments

Reached VND 278.56 billion, achieving 75.66% of the plan and representing 112.56% year-on-year, including securities investments and term deposits. Of which:

Revenue from securities investments reached VND 221.64 billion, representing 99.53% of the plan and 109.55% year-on year. The Company maintained its investment scale in stocks and fund certificates, fluctuating between 10% and 13% of its Owners’ Equity. During the year, the Company allocated capital to stocks with strong growth prospects and enhanced its brokerage services for investment funds. Regarding long-term bond investments: The Company did not make any new bond investments or purchases. The VND 300 billion in bank bonds currently in the portfolio is utilized as collateral for loans to flexibly meet the Company’s funding needs.
Regarding term deposit investments, the Company proactively reduced its allocation to term deposits to focus resources on margin lending and advances. Accordingly, the term deposit balance decreased from VND 850.50 billion at the end of 2024 to VND 773.50 billion by the end of 2025. However, as deposit interest rates at banks gradually rose toward the year-end, revenue from term deposit investments in 2025 reached VND 56.93 billion, representing a 26.04% increase year-on-year.

Revenue from advisory, underwriting, and securities issuance agency services reached

VND 4.64 billion, achieving 57.95% of the plan and representing 133.46% year-onyear. The Company continued to provide advisory services for public company registration, IPOs, and listings, while maintaining its focus on seeking Mergers and Acquisitions (M&A) mandates. Several advisory contracts currently in progress throughout 2025 are expected to be finalized and recognized in 2026.

Securities custody service posted revenue

Of VND 8.32 billion, representing 151.25% of the plan and 121.32% year-on-year. During the period, the Company recorded revenue from providing securities depository services for both unlisted and listed companies on HSX, HNX, and UPCOM. Additionally, the Company has been seeking contracts for shareholder registry management and securities management to bolster the growth of its depository service revenue.

Other revenue

Reached VND 2.34 billion, completing 178.50% of the plan and representing 68.60% year-on-year.

Financial income

Reached VND 3.41 billion, representing 227.20% of the plan and 154.10% year-on-year.

Expenses

Total expenses in 2025 reached VND 838.87 billion, equivalent to 101.74% of the target and 111.59% year-on-year. The 11.59% rise in expenses was in line with the 11.27% year-on-year growth in revenue. Details:

Operating expenses

Totaled VND 484.23 billion, reaching 114.99% of the plan and representing 101.33% year-on-year.

This increase was primarily driven by brokerage and depository expenses, advisory costs, and financial expenses (interest expenses). Total expenses for these items increased by approximately 23.21% year-on-year, reflecting the Company’s strategy to focus on brokerage activities and enhance customer service quality to drive revenue growth.

Conversely, proprietary trading expenses saw a sharp year-on-year decline of 61.13%, primarily due to reduced realized losses on securities sales and the partial recovery of principal from proprietary investments provided for in previous years, which led to a decrease in provision expenses.

This cost allocation demonstrates the Company’s focus on prioritizing stable activities that generate steady cash flow, such as brokerage, lending, and receivables. At the same time, the Company strictly controlled and significantly reduced expenses related to proprietary trading, contributing to enhanced investment efficiency.

In 2025, an exchange rate loss was incurred; however, it was insignificant and did not impact the Company’s business operations.

General and administrative expenses

Incurred in 2025 totaled VND 184.93 billion, reaching 124.63% of the plan and representing 133.09% year-on-year. This expense primarily comprises outsourced service costs and employee-related expenditures aimed at enhancing the competitiveness of the Company’s compensation policy to drive business growth, while investing in human resource training and development for the medium and long term. In 2025, the Company recorded an increase in depreciation and amortization expenses resulting from the renovation of leased office buildings at the headquarters and the Ho Chi Minh City Branch.

Profit

In 2025, the Company’s profit after tax reached VND 224.52 billion, achieving 115.27% of the plan and representing 112.28% year-on-year. Of which, realized profit after tax accounted for VND 204.41 billion, representing 113.56% of the target and 99.02% year-on-year. During the year, the Company leveraged market upturns, focusing on core operations such as brokerage, margin lending & advance payments, and financial asset investments… By synchronizing revenue-boosting measures with strict cost and provision controls, profit growth outpaced revenue, exceeding the full-year plan.

Revenue breakdown

Unit: VND billion

Item	Actual 2024	Shareg	Actual 2025	Share	% change
1. Operating revenue	990.56	99.78%	1.101.24	99.69%	11.17%
1.1. Securities brokerage revenue	318.59	32.09%	374.33	33.89%	17.49%
1.2. Interest income from loans and receivables (including interest from margin loans & advances)	410.73	41.37%	433.05	39.20%	5.43%
1.3. Gains from financial assets	247.49	24.93%	278.56	25.22%	12.56%
1.4. Revenue from advisory, underwriting, and securities issuance agency services	3.47	0.35%	4.64	0.42%	33.46%
1.5. Revenue from securities custody services	6.86	0.69%	8.32	0.75%	21.32%
1.6. Other operating income	3.41	0.34%	2.34	0.21%	(31.40%)
2. Financial income	2.21	0.22%	3.41	0.31%	54.10%
Total revenue (1) + (2)	992.77	100%	1.104.65	100%	11.27%

Source: 2025 Audited Financial Statements

Company revenue is derived from core business activities: brokerage, interest from loans and receivables, financial asset investments, depository, advisory, and other income. Brokerage, interest from loans and receivables, and financial asset investment income are the three dominant segments, accounting for 98.31% of the Company’s total revenue.

Expense breakdown

Unit: VND billion

Item	Actual 2024	Share	Actual 2025	Share	% change
1. Operating expenses	(477.85)	63.57%	(484.23)	57.72%	1.33%
2. Financial expenses	(134.93)	17.95%	(169.71)	20.23%	25.78%
3. General & administrative expenses	(138.94)	18.48%	(184.93)	22.04%	33.09%
Total expenses	(751.72)	100.00%	(838.87)	100%	11.59%

Source: 2024 Audited Financial Statements

The Company’s expenses encompassed operating expenses, financial expenses, and general administration expenses, of which: operating and financial expenses in 2025 accounted for 77.96% of total expenses, while the management expenses accounted for 22.04%. The primary focus of these expenses lay in the Company’s key business segments, including brokerage, lending activities, and proprietary trading investments. The effective expense allocation and control contributed significantly to the Company’s overall business performance.

2025 BUSINESS PERFORMANCE REVIEW

Brokerage & Financial Services

Performance of brokerage & Financial services in 2025

Unit: VND billion

Item	Actual 2025	Plan 2025	% Actual vs. Plan	% Actual YoY
Equity & fund certificate market share	1.86%	2.39%	77.9%	85.3%
Brokerage revenue	374.3	322.8	116%	117.3%
Financial service revenue, of which:	493.4	507.7	97.2%	107.7%
Margin lending & advances	433.1	360.7	120.1%	105.4%

GNote: Combined market share for Equity & Fund Certificates across all three exchanges. Notably, BVSC’s brokerage revenue ranks in the TOP 15/80 securities companies (per FiinProX – Corporate Data).

In 2025, the Vietnamese stock market recorded positive growth in both index points and liquidity. Alongside favorable market trends, competition intensified as brokers pushed ‘zero-fee’ policies, low-to-zero margin and advance rates, and attractive commission schemes – some reaching 80% of revenue. These factors exerted significant pressure on brokerage activities. In this context, the Company implemented several measures to sustain revenue growth, as follows:

Customer base development

During the year, the Company focused on high-net-worth and institutional clients while accelerating new customer acquisition and online account opening via eKYC. For the institutional segment, BVSC enhanced engagement and presentations with domestic and foreign funds to identify needs and deliver tailored products and services. Additionally, BVSC partnered with Bao Viet Insurance (“BHBV”) for cross-selling programs and intensified investment advisory for internal client groups.

Products & Services

Designed preferential policies: cash incentives for new accounts, gifts, first 5-day interestfree loans, margin rates from 5.8%, and BHBV insurance vouchers for BVSC clients... At the same time, the Company collaborated with the Group to implement promotional campaigns within the framework of the 60^th-anniversary program series, themed: “60 years of unwavering trust – Bao Viet people prioritize Bao Viet products”.

Maintain a stable capital source to support margin lending and advance payment services for customers, while intensifying the implementation of non-prefunding transactions for foreign institutional investors.

Information technology

Successfully integrated BVSC’s trading system with the KRX system on May 5, 2025. Concurrently, the BVSC Invest and Bwise platforms were upgraded to align with the new KRX Core system.

Implemented and finalized Fmoney collection projects in collaboration with Vietcombank and BIDV.

Continuously developed and upgraded features and utilities for the Bwise trading system and Mobile App, including: integrating the FiinGroup Microsite for market data lookup; implementing FIX connections for foreign institutional clients; enhancing order entry interfaces; and upgrading the security of the BVSC Invest application in compliance with the latest Apple and Google SDK standards...

Human resources solutions

Strengthening the recruitment of experienced brokers in the market, in parallel with the comprehensive recruitment and training through the Next Gen 2025 program in Hanoi and Ho Chi Minh City. Additionally, BVSC continued to innovate internal emulation programs with attractive rewards to encourage and motivate employees, such as the “Brokerage Emulation Program” and the “VN-Index Prediction Contest”.

Capital resources

The Company intensified its collaboration with commercial banks to expand both shortterm and long-term credit limits, while simultaneously seeking partners to implement bond issuance plans to meet customer demand for margin lending and advance payments. Furthermore, the Board of Directors approved an increase in the total limit for margin lending and non-prefunding transactions from 180% to 200% of owners’ equity, thereby expanding the room for capital allocation in brokerage activities.

Proprietary trading

The proportion of investments in listed stocks and fund certificates within BVSC’s proprietary trading portfolio increased slightly, from approximately 10% to 13% of owners’ equity in 2025. The Company maintained a prudent and flexible investment strategy, aligning disbursement with close monitoring of market trends. In a favorable market, the proprietary portfolio benefited from the uptrend and provision reversals, delivering positive performance that contributed to the Company’s overall business results.

Securities custody

The Company strictly adheres to regulatory requirements and operational procedures, ensuring error-free performance in client deposits/withdrawals, shareholder list finalization, rights exercise notifications, and register management. Custody revenue reached VND 8.3 billion, achieving 151.3% of the annual target.

Custody revenue reached

billion

achieving 151.3% of the annual target

Advisory & underwriting

The Company stepped up advisory services for public company registration, IPOs, and listings, while continuing to pursue high-value mandates such as capital arrangement and M&A advisory. However, with the amended Securities Law and new regulations, stricter issuance controls have challenged stock and bond advisory services. Higher accountability for advisory firms now requires more intensive due diligence, increasing workloads, and extending execution timelines. Additionally, the M&A market slowed as foreign investors faced domestic challenges, leading to reduced demand for deals in Vietnam. The sustained high USD exchange rate has driven up international borrowing costs, thereby limiting the ability to arrange foreign funding for clients. These factors kept advisory revenue modest at VND 4.6 billion, reaching 57.9% of the target, though this represented a positive shift with a 133.5% growth compared to 2024.

FINANCIAL CONDITION

Overview of Financial Position

Unit: VND billiong

Item	2024	2025	Increase/Decrease	% Change
For entities other than credit institutions and non-bank financial institutions:
Total assets	5.628.66	7.033.00	1.404.34	24.95%
Net revenue	992.77	1.104.65	111.88	11.27%
Operating profit	241.04	265.78	24.74	10.26%
Other profit	(0.12)	(0.72)	(0.61)	526.31%
Profit before tax	240.93	265.06	24.13	10.02%
Of which: Realized profit before tax	247.43	240.50	(6.94)	(2.80%)
Profit after tax	199.95	224.52	24.56	12.28%
Of which: Realized profit after tax	206.42	204.41	(2.02)	(0.98%)
Earnings per share – EPS (VND)	2.688	2.661	(27)	(1.00%)
Dividend payout ratio (Dividends / Net income)	27.98%	28.26% (*)	0.28%	0.99%

(*) calculated based on the expected payout ratio of 0.8%/share par value

Source: 2025 Audited Financial Statements

Total assets in 2025 reached VND 7,033 billion, an increase of VND 1,404.34 billion, or +24.95% year-on-year.

Total revenue reached VND 1,104.65 billion, and total profit after tax reached VND 224.52 billion in 2025, increased year-on-year and exceeded the set targets. These indicators are analyzed in detail in Section 3.3 above.

Earnings per share (EPS): 2025 realized profit after tax reached VND 204.41 billion, completing 113.56% of the target, while dipping 0.98% year-on-year. As a result, EPS fell by VND 27, falling by 1% year-on-year to settle at VND 2,661/share.

Dividend payout ratio: Under Resolution No. 01/2025/NQ‑DHDCD dated June 24, 2025, of the 2025 AGM, the expected cash dividend payout for 2025 is 8% of par value per share. Based on this planned payout level, the dividend payout ratio for 2025 is estimated at 28.26%. The final dividend payout for 2025 will be decided by the 2026 AGM. Given the Company’s currently limited capital scale, maintaining a stable cash dividend policy reflects the Company’s commitment and effort to ensure sustainable benefits for shareholders.

Key financial indicators

Unit: VND billion

Indicator	Unit	2024 (a)	2025 (b)	Increase/Decrease (b)/(a) - 1
1. Liquidity ratios
+ General solvency ratio:	times	1.79	1.61	(9.97)%
(Total assets / Total liabilities)	times	1.79	1.61	(9.97)%
+ Current ratio:	times	1.63	1.50	(8.15)%
Current assets / Current liabilities	times	1.63	1.50	(8.15)%
+ Quick ratio:	times	1.60	1.48	(7.59)%
(Cash and cash equivalents + Short-term investments) / Current liabilities	times	1.60	1.48	(7.59)%
2. Capital indicators
2.1. Capital scale
+ Charter capital	VND bn	722.34	722.34	0.00%
+ Owners’ equity	VND bn	2.475.37	2.656.79	7.33%
+ Total assets	VND bn	5.628.66	7.033.00	24.95%
+ Capital adequacy ratio	%	678%	576%	(15.04)%
2.2. Capital structure indicators
+ Debt-to-equity ratio	lần	1.27	1.65	29.31%
+ Debt-to-total assets ratio	%	56.02%	62.22%	11.07%
+ Equity-to-total capital ratio	%	43.98%	37.78%	(14.10)%
3. Efficiency ratios
+ Receivables turnover	times	14.65	17.79	21.40%
(Net revenue / Average accounts receivable)	times	14.65	17.79	21.40%
+ Working capital turnover	times	0.50	0.54	7.70%
(Net revenue / Average working capital)	times	0.50	0.54	7.70%
+ Total asset turnover	times	0.1701	0.1739	2.25%
(Net revenue / Average total assets)	times	0.1701	0.1739	2.25%
4. Profitability ratios
+ Net profit margin (Net profit after tax / Net revenue)	%	20.19%	20.39%	1.00%
Of which: Realized net profit margin		20.84%	18.56%	(10.93)%
+ Return on Equity (ROE)	%	8.34%	8.75%	4.85%
Of which: Realized Return on Equity		8.61%	7.97%	(7.54)%
+ Return on Assets (ROA)	%	3.43%	3.55%	3.27%
Of which: Realized Return on Assets (ROA)		3.55%	2.91%	(18.02)%
+ Operating profit margin (Operating profit / Net revenue)	%	24.33%	24.13%	(0.82)%

Financial indicators

The Company’s capital adequacy ratio consistently exceeded the regulatory requirement of 180% set by the SSC. In 2025, the Company’s capital adequacy ratio stood at 576%, equivalent to 3.2 times the regulatory minimum of 180%, reflecting sound capital management and effective control of investment, settlement, and operational risks.

Liquidity ratios

In 2025, all of BVSC’s liquidity ratios decreased compared to 2024. Specifically, the current ratio stood at 1.50 times, down by 0.13 times, representing a decrease of 8.15% year‑on‑year; meanwhile, the quick ratio was 1.48 times, down by 0.12 times, equivalent to a year‑on‑year decrease of 7.59%.

Despite a year‑on‑year decline in liquidity ratios resulting from higher end‑period liabilities, these ratios remained above the safety threshold of 1.0 times, demonstrating the Company’s continued ability to meet its maturing obligations. There were no incidents of liquidity shortages in terms of cash flow or funding sources during the year. All clearing and settlement obligations to the VSD, as well as payment obligations to securities trading clients and other partners and customers, were performed accurately, fully, and on time in compliance with regulations and contractual commitments.

Capital scale and capital structure indicators

In 2025, the Company’s charter capital remained unchanged at VND 722.34 billion, while owners’ equity reached VND 2,656.79 billion, increasing by VND 181.42 billion, or 7.33% year‑on‑year, mainly due to retained profits generated in 2025.

The Company’s capital adequacy ratio consistently exceeded the regulatory requirement of 180% set by the SSC. In 2025, the Company’s capital adequacy ratio stood at 576%, equivalent to 3.2 times the regulatory minimum of 180%, reflecting sound capital management and effective control of investment, settlement, and operational risks.

Regarding capital structure: The Company increased end‑of‑period liabilities (short‑term borrowings) to meet business funding needs, leading to higher leverage ratios year‑on‑year. Specifically, the debt‑to‑equity ratio stood at 1.65 times, up 29.31% year‑on‑year, yet remained well below the regulatory cap on the debt‑to‑equity ratio (not exceeding 5 times). The debt‑to‑total assets ratio stood at 62.22%, up 11.07% year‑on‑year. The debt-to-equity ratio was 37.78%, a decrease of 14.10%. Overall, the Company’s capital structure is appropriately structured to ensure flexibility across market cycles, while continuing to uphold safe and prudent management of capital and liabilities.

Efficiency ratios

GThese indicators comprise receivables turnover, working capital turnover, and total asset turnover, reflecting the Company’s efficiency of resource utilization in the 2025 financial year:

The Company’s receivables turnover reached 17.79 times in 2025, rising by 3.14 times, or 21.40% year-on-year, demonstrating effective receivables monitoring and timely debt recovery, thereby reducing associated risks.
The Company’s working capital turnover stood at 0.54 times, rising by 0.04 times, or 7.70% year-on-year. This improvement was driven by continued revenue growth amid a year-on-year decline in average working capital. This represents a positive sign, indicating that the Company utilized working capital effectively and with greater flexibility, optimized short‑term cash flows and receivables, thereby enhancing its ability to generate revenue per unit of working capital.
In 2025, the total asset turnover reached 0.17 times, rising by 2.25% year-onyear. This improvement indicates that the Company’s asset utilization efficiency continued to improve. Assets have been utilized relatively efficiently, and additional asset investments have not hindered revenue growth performance. Effective asset management has minimized idle resources and prevented capital misallocation. Such efforts supported the Company in sustaining a steady market share, driving annual sales growth, and improving total operating effectiveness.

Profitability ratios

In 2025, the Company’s total profit after tax stood at 112.28% of the previous year’s level; however, realized profit after tax saw a minor decline, reaching 99.02% year-on-year. As a result, ROE and ROA indicators improved in terms of total profit but saw a minor decline based on realized profit, specifically:

The Company’s realized profit after tax/Net revenue reached 18.56%, falling by 10.93% year-on-year.
Return on Equity (ROE) reached 8.75%, up 4.85% year-on-year. Realized return on equity reached 7.97%, down 7.54% year-on-year.
Return on Assets (ROA) reached 3.55%, up 3.27% year-on-year. Realized return on assets reached 2.91%, down 18.02% year-on-year.

ASSETS

Unit: VND billion

Item	2024	2024 Weight (%)	2025	2025 Weight (%)	Increase/Decrease	% Change
A. Current assets	5.080.99	90.27%	6.479.78	92.13%	1.398.78	27.53%
I. Financial assets	5.074.65	90.16%	6.473.91	92.05%	1.399.26	27.57%
1. Cash & cash equivalents	167.85	2.98%	367.91	5.23%	200.06	119.18%
2. Financial asset investments	1.332.38	23.67%	1.495.73	21.27%	163.35	12.26%
3. Loans	3.503.74	62.25%	4.557.15	64.80%	1.053.41	30.07%
4. Short-term receivables	70.69	1.26%	53.13	0.76%	(17.56)	(24.84)%
II. Short-term receivables	6.34	0.11%	5.86	0.08%	(0.48)	(7.55)%
B. Long-term assets	547.67	9.73%	553.22	7.87%	5.56	1.01%
I. Long-term financial assets	471.21	8.37%	482.78	6.86%	11.57	2.46%
II. Fixed assets	19.66	0.35%	22.03	0.31%	2.37	12.05%
III. Other long-term assets	56.79	1.01%	48.40	0.69%	(8.38)	(14.76)%
Total assets:	5.628.66	100.00%	7.033	100.00%	1.404.34	24.95%

Source: 2025 Audited Financial Statements

Asset Structure

In 2025, the Company’s assets were dominated by current assets, accounting for 92.13% of total assets, while long-term assets accounted for a modest 7.87% of total assets.

The Company’s current assets were mainly short-term loans, accounting for 64.80%, and short-term financial asset investments, accounting for 21.27% of total assets.

The remaining items include Cash & cash equivalents – 5.23% of total assets, and other short-term receivables and assets – 0.84% of total assets.

The Company’s long-term assets were mainly long-term financial investments, accounting for 6.86%, while fixed assets and other long-term assets accounted for 1.0% of total assets.

Changes in Assets

The Company’s total assets in 2025 reached VND 7,033 billion, an increase of VND 1,404.3 billion, or 24.95% year‑on‑year, mainly driven by an expansion in current assets of VND 1,398.78 billion, while long‑term assets increased by VND 5.56 billion. Details are as follows:

Current assets increased mainly due to growth in short‑term financial asset investments, with Cash & cash equivalents rising by VND 200.06 billion at year-end, representing a 119.18% year-on-year increase; Securities investments also increased by VND 163.35 billion, equivalent to a 12.26% yearon- year increase. The balance of margin loans and advances also increased during the year, closing at VND 4,557.15 billion, surging by VND 1,053.41 billion, or 30.07% year-on-year. As the market expanded, the Company proactively utilized short-term borrowings to boost working capital, meeting the demands of operations, margin lending, and cash advances.
Long-term assets rose by VND 5.56 billion, or 1.01% year-onyear, driven by increased investments in securities. Furthermore, 2025 saw a rise in costs related to the renovation, repair, and purchase of equipment and tools for the leased office space.

Most of the Company’s assets are safe and highly liquid shortterm resources. Receivables and loans are under tight control in accordance with prescribed procedures to minimize risks. Assets were utilized flexibly and efficiently, leading to strong asset utilization efficiency and supporting the Company’s business performance.

CAPITAL AND LIABILITIES

Unit: VND billion

Item	2024	2024 Weight(%)	2025	2025 Weight(%)	Increase/Decrease	% Change
Liabilities	3.153.29	56.02%	4.376.21	62.22%	1.222.92	38.78%
I. Current liabilities	3.118.98	55.41%	4.330.69	61.58%	1.211.71	38.85%
II. Long-term liabilities	34.31	0.61%	45.52	0.65%	11.21	32.69%
B. Owners’ equity	2.475.37	43.98%	2.656.79	37.78%	181.42	7.33%
I. Owners’ contributed capital (including share premium)	1.332.10	23.67%	1.332.10	18.94%	-	0.00%
II. Funds and retained earnings	1.143.28	20.31%	1.324.69	18.84%	181.42	15.87%
Total resources	5.628.66	100%	7.033.00	100%	1.404.34	24.95%

Source: 2025 Audited Financial Statements

Capital Structure

The Company’s capital is primarily formed from liabilities, which account for 62.22% of total capital, mainly comprising short‑term liabilities at 61.58%, while long‑term liabilities represent 0.65% of total capital.

The remaining portion comprises owners’ equity, accounting for 37.78%, including owners’ contributed capital, funds, and retained earnings.

Changes in Capital

Liabilities: The Company’s total liability in 2025 reached VND 4,376.21 billion, rising by VND 1,222.92 billion, or 38.38% year-on-year. Details:

Short‑term liabilities increased by VND 1,211.71 billion, equivalent to a 38.85% rise, mainly driven by an increase of VND 1,161.82 billion in short‑term borrowings, while other payables rose by VND 49.89 billion, primarily due to higher provisions for the salary fund and other payables.
Long‑term liabilities rose by VND 11.21 billion (up 32.69% year‑on‑year), primarily attributable to higher deferred income tax liabilities at period end.
In 2025, the Company focused on tapping short‑term borrowings at reasonable interest rates to stabilize and maximize capital resources for investment activities, margin lending and advances, thereby meeting customers’ financing needs. At the same time, it maintained sufficient capital to invest in financial assets and other business activities in a flexible manner across different market phases, thereby delivering high efficiency in the use of the Company’s capital. Capital sources are under enhanced control, ensuring liquidity under all circumstances.

Owners’ equity: reached VND 2,656.79 billion in 2025, rising by VND 181.42 billion, or 7.33% yearon- year. Equity increased, primarily driven by the addition of 2025 net profit after tax, following profit distributions from the previous year, such as dividend payments to shareholders and appropriations to statutory funds.

Financial analysis for 2025 indicates that the Company has outperformed its revenue and profit targets. Amidst the volatility of international and domestic financial markets and facing intense competition within the industry despite limited capital, BVSC successfully steered its strategy. By developing sound business plans and implementing flexible, appropriate solutions, the Company effectively seized opportunities at each stage to achieve its set business objectives. Furthermore, the Company remains committed to risk control and capital protection. The Company’s financial reports are characterized by transparency and usefulness, serving the needs of investors, regulators, and stakeholders alike.

Assessment of Corporate Financial Position under the CAMEL Rating System

The Company’s financial assessment is referenced against the CAMEL system, which evaluates the strength of financial institutions through five pillars: Capital Adequacy – Asset Quality – Management Quality – Earnings – Liquidity, developed by the U.S. National Credit Union Administration (NCUA) and recommended for use by the International Monetary Fund (IMF) and the World Bank. Meanwhile, on October 9, 2013, the State Securities Commission issued Decision 617/QD-UBCK to promulgate the CAMEL regulations for the purpose of rating securities companies. In 2025, BVSC’s financial indicators scored 82/100 . comparable to the 2024 result (83/100), with component factors of Capital Adequacy, Asset Quality, Earnings, and Liquidity, rated at a good level. A stable and robust financial position is a key factor that contributed to the Company’s “Grade A” rating under the SSC’s CAMEL regulations for securities companies.

(Refer to Appendix II – Financial performance score under CAMEL)

KEY ACHIEVEMENTS DURING THE YEAR

BVSC continues to maintain and enhance corporate governance standards, aiming for greater transparency and alignment with international best practices. The Company enhanced information disclosure in both Vietnamese and English and further strengthened its internal control and risk management systems. Accordingly, in 2025, BVSC continued to be honored with prestigious awards such as Top 100 Sustainable Enterprises for eight consecutive years, Top 10 Listed Companies with Best Corporate Governance 2024– 2025 (HNX), and was honored for the first time in Top 10 Best Corporate Governance Companies – Mid-Cap Group at the 2025 Vietnam Listed Company Awards.

2025 marked a strategic transformation in BVSC’s market engagement and customer acquisition, driven by digitalization and a strong focus on core business goals. On digital platforms, the Company bolstered content innovation by focusing on visual, timely, and interactive formats, such as themed video series, livestreams, and webinars. These efforts attracted over 50,000 views, significantly enhancing engagement with investors.

Actively integrating Artificial Intelligence (AI) into the working environment to optimize internal efficiency and enhance the technological sophistication of the Company’s activities. Tools such as Copilot AI and AI Agents were deployed across various functions, including human resources, reporting, communications, and operational support, contributing to enhanced efficiency in work processing. In addition, the Company encouraged employees to apply AI through participation in the “AI Innovation – Sustainable Future” competition organized by Bao Viet Holdings, achieving two individual awards and two collective awards from exemplary projects such as “AI Agent for Internal Business Process Guidance at BVSC,” “AutoAI Enterprise Hub,” “Application of AI in Customer Care at Bao Viet Securities Joint Stock Company,” and “Automation of Stock Analysis and Identification of Potential Investment Opportunities Using AI.” This demonstrates the proactive spirit of innovation and creativity, as well as the ability to integrate AI into practice by the BVSC workforce.

Ms. Bui Thi Mai Hien, Director of Operations Management at BVSC, sharing insights at the Professional Finance Education Summit 2025

Alongside intensified technology adoption, BVSC continued to reinforce its governance capabilities in the context of operating the KRX system, which entails heightened requirements for IT infrastructure stability and security. During the year, the Company conducted information security training programs for all employees, enhancing awareness and fostering a culture of compliance. At the same time, BVSC completed its Disaster Recovery (DR) system, organized Business Continuity Plan (BCP) drills, and refined information security procedures, forming a foundation for the implementation of ISO standards on information security and business continuity management in the next stage.

OPTIMIZATION OF ORGANIZATIONAL STRUCTURE AND ADMINISTRATIVE POLICIES

Reviewing and amending the Information Disclosure Regulations to ensure compliance with newly issued legal requirements on information disclosure (as amended from late 2024 and in 2025), including the addition of provisions requiring simultaneous disclosure of information in English; thereby ensuring timely, accurate, transparent, and fair disclosure of all material matters relating to the Company, including its financial position, governance structure, operating performance, and ownership.

Reviewing and amending the internal expenditure regulations to enhance the effectiveness of operating cost management, promote cost savings and waste prevention, ensure transparency and openness, meet business operation requirements, and comply with prevailing laws and regulations; while simultaneously improving employee benefits compared to previous thresholds, specifically: increasing accommodation expense limits from 120%–150%; raising lunch allowances to 200%; and increasing welfare benefits for female employees on International Women’s Day and Vietnamese Women’s Day to 200%.

Issuance of the Training Cost Support Policy for employees to standardize the management and implementation of training activities, and to encourage employees to enhance their professional competencies and job‑related skills. Through this initiative, the Company aims to develop high‑quality human resources, meet job requirements, and improve overall operational efficiency.

Delivering Results

Shaping the Future

OVERVIEW OF THE ECONOMY AND THE STOCK MARKET IN 2025

Overview of the Economy

The Stock Market

REPORT OF THE BOARD OF DIRECTORS

BOARD OF DIRECTORS’ ASSESSMENT OF COMPANY PERFORMANCE IN 2025

BOD’S OVERSIGHT OF THE BOARD OF MANAGEMENT’S ACTIVITIES

SOCIAL AND ENVIRONMENTAL OBJECTIVES FULFILLMENT

BOD’S STRATEGIC ORIENTATIONS FOR 2026

REPORT OF THE BOARD OF MANAGEMENT

Advantages and Disadvantages of BVSC

BVSC’s Business Performance in 2025

PERFORMANCE ASSESSMENT: ACTUAL VS. PLAN AND YEAR-ON-YEAR

2025 BUSINESS PERFORMANCE REVIEW

MANAGEMENT AND SUPPORT OPERATIONS

FINANCIAL CONDITION

ASSETS

CAPITAL AND LIABILITIES

KEY ACHIEVEMENTS DURING THE YEAR

OPTIMIZATION OF ORGANIZATIONAL STRUCTURE AND ADMINISTRATIVE POLICIES

MANAGEMENT’S EXPLANATION FOR AUDIT OPINIONS

ASSESSMENT OF THE 2021-2025 STRATEGY IMPLEMENTATION AND FORMULATION OF THE 2026-2030 STRATEGY

OVERALL OBJECTIVE

BVSC has maintained its position as a leading securities firm. delivering diverse securities services through digital platforms.

SPECIFIC OBJECTIVES

KEY MEASURES IMPLEMENTED TO ACHIEVE THE STATED OBJECTIVES

Products and services

Customer base development

Technology development

Human resources development

General Introduction

Corporate Governance

2025 Operational Performance Report

Targets and commitments for 2026

Sustainable Development by GRI