AMY GRUPO - A Strong Financial Foundation for a New Growth Journey

Strong Growth Amid Challenging Market Conditions

The past three years have been a challenging period for the building materials industry as the real estate market underwent a significant correction cycle, construction demand weakened, and competitive pressures intensified. Despite these headwinds, AMY GRUPO continued to achieve remarkable growth in both scale and operational performance.

According to the Company's audited consolidated financial statements, net revenue increased from VND 3,757 billion in 2023 to VND 6,037 billion in 2024 and further expanded to nearly VND 6,998 billion in 2025. Within just two years, the Company's revenue increased by approximately 86%, representing a compound annual growth rate (CAGR) of more than 36.5%.

Alongside this expansion, after-tax profit also delivered substantial growth. The Company recorded VND 282 billion in after-tax profit in 2023, which increased significantly to VND 815 billion in 2024 before reaching VND 751 billion in 2025.

Although after-tax profit in 2025 declined slightly compared with the previous year, this was primarily attributable to proactive financial management decisions. The Company recognized inventory adjustments on a portion of inventories accumulated during a period of market volatility and established provisions for receivables from Costco in accordance with prudent accounting principles. These adjustments did not affect the Company's core business fundamentals. On the contrary, they reflect A My's commitment to asset quality, transparency, and long-term sustainable development.

In 2025, cost of goods sold increased by nearly 25%, significantly outpacing revenue growth, while interest expenses rose by more than 12%. These factors resulted in a narrower profit margin compared with the exceptionally high base recorded in 2024. Nevertheless, maintaining more than VND 750 billion in after-tax profit demonstrates the Company's resilience and adaptability amid changing market conditions.

Notably, revenue in 2025 reached a new record high, highlighting the continued expansion of A My's market share and competitive position. This is considered a positive signal for the next recovery phase of the building materials industry.

Beyond its growth in scale, one of the most remarkable aspects of AMY GRUPO's financial performance is its profitability.

In 2024, the Company achieved a gross profit margin of nearly 25%, while maintaining a strong level of 19.2% in 2025. Net profit margins reached 13.5% and 10.7%, respectively. These figures are particularly impressive in the building materials industry, where businesses face significant pressure from raw material costs, energy prices, and intense price competition.

The Company's capital efficiency indicators are especially noteworthy. In 2025, return on assets (ROA) reached approximately 13.1%, while return on equity (ROE) exceeded 42.4%, placing AMY GRUPO among the highest-performing companies in Vietnam's building materials industry.

Compared with many listed companies operating in the same sector, A My's profitability ranks among the industry's leading performers. This demonstrates the Company's ability not only to expand its business scale but also to effectively convert assets and capital into sustainable profits.

An ROE exceeding 40% is a rare achievement for an industrial manufacturing company. It reflects the Company's strong capabilities in cost management, production optimization, cash flow control, and efficient utilization of existing resources.

Financial Strength - The Cornerstone of the Company's IPO Journey

One of the key factors underpinning AMY GRUPO's attractiveness is the solid financial foundation that has been built consistently over many years.

As of the end of 2025, the Company's total assets reached approximately VND 5,750 billion, representing an increase of nearly 40% compared with 2023. Fixed assets exceeded VND 1,600 billion, while construction-in-progress amounted to nearly VND 400 billion, reflecting the Company's continued commitment to long-term investment in production capacity.

On the capital side, total outstanding borrowings stood at approximately VND 2,474 billion, equivalent to 1.4 times shareholders' equity. This remains a reasonable leverage level for an industrial enterprise with total assets approaching VND 6,000 billion.

Importantly, the Company has maintained strong profitability without excessive reliance on debt financing. The ability to generate an ROE of more than 42.4% while maintaining a controlled debt structure demonstrates that A My is optimizing resource efficiency rather than pursuing growth through financial leverage.

The Company's liquidity position also remained robust, with more than VND 1,293 billion in cash and short-term financial investments as of the end of 2025. This provides significant financial flexibility to support future investment and expansion plans.

The year 2025 also marked the 10th anniversary of AMY GRUPO. After a decade of building its manufacturing capabilities, brand equity, and distribution network, the Company is preparing for a planned IPO in 2026 as a strategic milestone for its next phase of growth.

An IPO is not merely a capital-raising exercise. It is also a process of enhancing transparency, strengthening corporate governance standards, and expanding access to strategic resources. With a healthy financial foundation, strong profitability, and a clear long-term development strategy, AMY GRUPO possesses the key prerequisites to realize its ambition of becoming one of Vietnam's leading building materials industrial groups.

As the building materials industry enters a new recovery cycle, financial strength is no longer merely a figure reported in financial statements - it has become a core value underpinning the Company's long-term and sustainable growth.

Source: AMY GRUPO - A Strong Financial Foundation for a New Growth Journey