VINCOM RETAIL ANNOUNCED FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2025, WITH PROFIT AFTER TAX REACHED VND 1,177 BILLION, INCREASED BY 8.7% YOY, ACHIEVING 25% OF FULL YEAR GUIDANCE

Hanoi, on April 28, 2025, Vincom Retail Joint Stock Company (ticker “VRE”) released the consolidated financial statements for 1Q2025 according to Vietnamese Accounting Standards (VAS).

In the first quarter, Vincom Retail posted consolidated net revenue of VND 2,131 billion, down 5.5% year-on-year, primarily due to a decrease in revenue from sales of inventory properties, while leasing revenue posted solid growth. Revenue from leasing and rendering of related services amounted to VND 2,026 billion, up 5.1% compared to the same period last year, driven by a strong rebound in occupancy rates across the mall portfolio, reflecting improved leasing demand from both international and domestic retailers. Revenue from sales of inventory properties was recorded at VND 48 billion, compared to VND 277 billion in 1Q2024, as most of the shophouse units in existing projects had been handed over in previous periods. Thanks to the solid performance of the leasing segment, profit after tax grew by 8.8% year-on-year to VND 1,177 billion. By the end of the first quarter, the Company had achieved 22% of its full-year consolidated net revenue guidance and 25% of its full-year profit after tax guidance.

Vincom Retail solidified its position as the preferred destination for popular global brands. In the first quarter, the mall system welcomed a series of international names entering the Vietnam market for the first time. At the same time, reputable names that are well-established in Vietnam continued to choose Vincom Retail to expand their footprint.

Vincom malls also continued to lead the experiential retail trend by introducing various unique concepts, such as indoor animal parks and interactive entertainment zones. Notably, during the April 30^th – May 1^st holiday, Vincom Retail will host the Art Toys Festival, a globally emerging art and culture event, for the first time in Vietnam. The festival will kick off at Vincom Mega Mall Times City during the holiday and will subsequently take place at Vincom Mega Mall Ocean Park and Vincom Mega Mall Royal City.

In the first quarter, Vincom Retail’s shopping mall network attracted 49 million visitors, a 14% year-over-year increase, highlighting a recovery in the retail sector and consumer demand.

Looking ahead, Vincom Retail will continue its expansion strategy in 2025, with the launch of three new shopping malls. Two of these projects, Vincom Mega Mall Ocean City and Vincom Mega Mall Vu Yen, will follow the “One-stop Shoppertainment Destination” model, designed to offer integrated shopping, dining, entertainment, and cultural experiences. Vincom Mega Mall Ocean City is expected to become a new cultural landmark of the city. The shopping mall will feature standout attraction points including a 4,100-seat theater and conference center, the leading spa complex Aquafield from South Korea, AEON General Merchandise Store & Supermarket, and a lineup of global brands making their Vietnam debut. Meanwhile, Vincom Mega Mall Vu Yen is poised to emerge as Hai Phong’s premier destination for upscale lifestyle, shopping and family entertainment.