Q2'25 Earnings Report 4 September 2025 2 Q 2 0 2 5 E A R N I N G S R E P O R T 2 At a Glance: VinFast Maintaining Strong Momentum and Strengthening Financial Position in Midst of Global Uncertainties STRENGTHENED FINANCIAL POSITION $1.6 bn expected cash proceeds from completed R&D assets spinoff INAUGURATED TWO NEW FACTORIES SOP at our VinFast Ha Tinh and VinFast India plants, doubling our production capacity to ON TRACK FOR 2025 TARGET To at least x2 2024 global sales 35,837 EVs delivered in Q2'25, up 172% ...

Financial Data and Key Metrics Changes - Net revenue for Q1 2025 was USD 657 million, a 150% increase year over year and largely in line with Q4 2024 [24] - Cost of goods sold for the quarter was USD 888 million, an increase of 113% year over year and down 25% quarter over quarter [24] - Q1 2025 gross margin was -35%, an improvement from -59% in the same period last year [25] - Net loss for the quarter was USD 712 million, with a net loss margin of -109%, compared to -226% in Q1 2024 [28] - Operating cash flow for the quarter was -USD 607 million, an improvement from -USD 500 million in Q1 2024 [29] Business Line Data and Key Metrics Changes - In Q1 2025, VinFast delivered 36,330 electric vehicles, a 296% increase year over year but a 32% decline quarter over quarter [6] - Two-wheeler deliveries reached 44,904 units, marking a 473% year over year increase and a 44% rise quarter over quarter [7] - B2C deliveries accounted for over 70% of total sales for three consecutive quarters through Q1 2025 [7] Market Data and Key Metrics Changes - In Vietnam, VinFast's market share of overall auto sales increased to nearly 40% in Q1 2025 from approximately 20% last year [13] - EV penetration in Vietnam reached nearly 40% in Q1, while BEV adoption in Indonesia was 7% and in The Philippines was only 3% [9] - VinFast's charging partner, V Green, has deployed over 2,000 charging locations across Indonesia, with approximately 16% operational [11] Company Strategy and Development Direction - VinFast is transitioning from a direct-to-consumer model to a dealer-based model to improve operational efficiency [26] - The company plans to double vehicle deliveries in 2025 and maintain strong momentum into 2026 [37] - New vehicle platforms and EE architecture are expected to drive long-term cost savings and operational efficiency [23][19] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about improved operating leverage driven by economies of scale despite ongoing global macroeconomic uncertainties [5] - The company anticipates higher R&D spending in the coming periods to support the development of next-generation platforms and technologies [27] - Management highlighted the importance of scaling operations and optimizing costs as key factors for achieving profitability [37] Other Important Information - CapEx for Q1 2025 was USD 147 million, down 24% year over year and 40% quarter over quarter [28] - As of May 31, the company's liquidity stands at around USD 2.4 billion, including various loans and grants [30] Q&A Session Summary Question: Timeline for new factories in Vietnam, India, and Indonesia - All facilities in Asia are expected to start operations this year, with the India factory opening in July [34] Question: Key catalysts for investors in 2025 - Key catalysts include scaling operations, accelerating product development, and executing cost optimization [37] Question: Timing of CapEx and expected peak - The company plans to spend a total of USD 800 million in 2025, with over 50% allocated to R&D [42] Question: Expansion into the bus market - The company expects to deliver about 1,000 buses in Vietnam this year and is expanding into other markets [45] Question: Average selling price (ASP) trajectory - ASP for Q1 2025 was around USD 15,000, expected to remain under USD 20,000 for the full year [48] Question: Closing of B2C showrooms in North America and Europe - The transition to a dealership model is aimed at enhancing efficiency and scale globally [60] Question: Liquidity status - The company has disbursed USD 1.2 billion in loans and has a liquidity of approximately USD 2.4 billion [64]

Core Insights - VinFast Auto Ltd. reported significant growth in electric vehicle (EV) deliveries and revenues for the fourth quarter and full year of 2024, indicating strong market reception and business momentum [2][3][4]. Financial Performance - In Q4 2024, VinFast delivered 53,139 EVs, a 143% increase from Q3 2024, and for the full year, total EV deliveries reached 97,399, up approximately 192% from 2023 [2][3]. - Total revenues for Q4 2024 were VND16,496.4 billion (US$677.9 million), a 69.8% increase year-over-year and a 33.8% increase quarter-over-quarter. For the full year, revenues were VND44,019.6 billion (US$1,808.9 million), representing a 57.9% increase from 2023 [4]. - The company reported a gross loss of VND25,277.6 billion (US$1,038.7 million) for 2024, with a negative gross margin of 57.4% and a net loss of VND77,354.9 billion (US$3,178.8 million) [4]. Strategic Initiatives - VinFast's founder, Mr. Pham Nhat Vuong, has committed VND50 trillion (US$2.1 billion) in grants to support the company, with VND10 trillion (US$410.9 million) already disbursed as of March 31, 2025 [6][7]. - The company aims to double its global vehicle deliveries in 2025 while maintaining flexibility in its business strategy to adapt to market dynamics [16]. Market Expansion - VinFast is expanding its presence in key markets, including Indonesia, the Philippines, North America, and Europe, with plans to establish a widespread dealer network and enhance its distribution capabilities [10][11][12][13][14]. - In Vietnam, the company is launching a new "Green" product line designed for transportation services, with deliveries expected to start in Q2 2025 [14][15]. Leadership Statements - VinFast's Chairwoman, Madam Thuy Le, emphasized the company's strong performance in 2024 and its commitment to innovation and quality in EV production [8]. - CFO Ms. Lan Anh Nguyen highlighted the foundation for sustained volume growth in 2025, focusing on R&D and capital expenditure to improve vehicle quality and performance [9].