3Q2025 Earnings Update

At the end of the third quarter of Q2025, KDH recorded notably positive business results with revenue reaching VND 1,098 bilion (4.5x YoY) and net profit attributed to parant company shareholders reaching VND 235 billion (3.5x YoY). The sharp growth largely reflects the exceptionally low base of the same period last year.

For 9M2025, KDH recorded total revenue of VND 2857 billion (+132% YoY) and net profit of VND 845 (+106% YoY), thereby comleting 75.2% of the 2025 plan. Revenue growth was mainly due to the handover of the remaining part of The Privia project (estimated at VND1,700 billion) and the initial recognition of low-rise products at The Gladia (over VND 1,200 billion). However, net profit attributable to shareholders rose only 35% YoY to VND 560 billion, as 49% of profits ftom The Gladia were allocated to the project development partner, Kepple Land.

Project Progress Update

• The Gladia by Waters: KDH officially launched Phase 1 in September 2025 with more than 100 low-rise units and recorded a solid sales performance. We estimated that approximately 20 units were transferred in 3Q2025, with the remaining units expected to be handed over in 4Q2025. The company targets completing the low-rise sales by 1H2026. For the high-rise component, construction is scheduled to begin in 1Q2026, followed by a sales launch in 3Q2026 and handover from late 2027 onward.

• Binh Trung Expansion (adjacent to The Gladia): KDH has completed land compensation and received investment policy approval in October 2025.

• Solina (11A) – low-rise – and Le Minh Xuan Expansion Industrial Park: Both projects are expected to commence construction between late 2025 and early 2026.