VIETCAP ACHIEVES PROFIT BEFORE TAX OF VND519BN IN Q3 2025

EARNINGS RELEASE

VIETCAP ACHIEVES PROFIT BEFORE TAX OF VND519BN IN Q3 2025

Vietcap Securities (HOSE: VCI, “Vietcap,” or “the Company”) announces its business results for the third quarter of 2025 (Q3 2025) and the first nine month of 2025 (9M 2025).

Q3 2025 and 9M 2025 financial summary

Profit before tax (PBT): For Q3 2025, PBT was VND519bn (USD19.8mn), growing 145% vs Q2 2025 and 96% vs Q3 2024. For 9M 2025, PBT was VND1,086bn (USD41.4mn), growing 30% compared to 9M 2024 and fulfilling 76% of Vietcap’s 2025 guidance of VND1,420bn (USD54.2mn).

Return on equity (ROE): TTM ROE was 8.7% for 9M 2025. Excluding the net of difference in equity due to asset revaluation (amounting to VND1,325bn/USD50.6mn as of end-September 2025), Vietcap’s TTM ROE stood at 10.2%.

Total equity: VND12,670bn (USD483.6mn) as of end-September 2025 — 2% lower than at end-December 2024.

Q3 2025 and 9M 2025 business segment highlights

Brokerage

• Brokerage recorded Q3 2025 revenue of VND384bn (USD14.7mn; 70% higher compared to last quarter – Q2 2025 - and 106% higher than Q3 2024) and PBT of VND150bn (USD5.7mn; 85% higher compared to Q2 2025 and 118% higher than Q3 2024). The positive brokerage result was mainly driven by a surge in market liquidity in Q3 2025, during which the average trading value was 80% higher compared to Q2 2025 and reached a record-high level of USD1.7mn.
• For 9M 2025, brokerage recorded revenue of VND770bn (USD29.4mn; growing 36% compared to 9M 2024) and PBT of VND287bn (USD10.9mn; growing 36% compared to 9M 2024). 
• Vietcap ranks fourth on HOSE in Q3 2025 with a brokerage market share of 6.43%, increasing from 6.08% market share in full-year 2024.

Margin Lending

• Margin lending saw revenue of VND331bn in Q3 2025 (USD12.6mn; 21% higher compared to Q2 2025 and 54% higher compared to Q3 2024) and PBT of VND123bn (USD4.7mn; 1% higher than Q2 2025 and 169% higher compared to Q3 2024). The discrepancy between revenue and profit growth from the margin lending segment in Q3 2025 vs Q2 2025 was mainly due to higher funding costs despite a higher margin lending balance. 
• For 9M 2025, margin lending recorded revenue of VND898bn (USD34.3mn; 39% higher compared to 9M 2024) and PBT of VND338bn (USD12.9mn; 124% higher compared to 9M 2024). 
• Vietcap’s margin lending balance as of end-September 2025 reached a record-high of VND13,945bn (USD532.2mn). Vietcap’s margin lending balance to total equity ratio remained at a healthy level of 1.1x as of end-September 2025. 

Investment Banking

• Investment banking recorded revenue of VND2bn in Q3 2025 (USD0.1mn; compared to VND2bn in Q2 2025) and a net loss of VND7bn (USD0.3mn) compared to a net loss of VND6bn in Q2 2025.
• For 9M 2025, investment banking recorded a net loss of VND13bn (USD0.5mn; compared to a net loss of VND10bn in 9M 2024).
• Vietcap is in the process of conducting notable advisory deals, including but not limited to the initial public offering (IPO) of VPBankS and the IPO of Hoa Phat Agricultural. 

Investment 

• Investment recorded Q3 2025 revenue of VND732bn (USD27.9mn; 11% higher than in Q2 2025 and 27% higher compared to Q3 2024) and PBT of VND253bn (USD9.7m; compared to a profit of VND15bn in Q2 2025 and growing 61% compared to Q3 2024). The strong earnings from investment activities were driven by the VN-Index strong performance during Q3 2025, closing at 1,661.70 point as of end-September 2025 from 1,376.07 points as of end-June 2025. In Q3 2025, Vietcap made several trades in MWG, KDH, FRT, MCH, MBB, and VPB, among other stocks.
• For 9M 2025, investment recorded revenue of VND1,804bn (USD68.9mn; growing 21% compared to 9M 2024) and PBT of VND473bn (USD18.1mn; declining 2% compared to 9M 2024). 

9M 2025 financial position highlights

• Vietcap’s debts were VND15,867bn (USD605.6mn) as of end-September 2025, 26% higher compared to end-December 2024. These debts were all short-term and mainly used to fund margin lending activities.
• Vietcap’s total debt to equity ratio increased to 125.2% at end-September 2025 compared to 97.1% at end-December 2024. 
• Vietcap’s total assets were VND29,718bn (USD1.1bn) at end-September 2025 — 12% higher compared to end-December 2024.

Notable corporate actions in 9M 2025

• In February 2025, Vietcap paid a 2024 second interim cash dividend of VND250/share.
• In July 2025, Vietcap signed unsecured club loan financing for USD41.6mn (equivalent to VND1,061bn). The loan was arranged and/or committed by, among others, the following banks: CTBC Bank Co., Ltd., Cathay United Bank Co., Ltd., Taipei Fubon Commercial Bank Co., Ltd., First Commercial Bank Co., Ltd., Offshore Banking Branch, and Union Bank of Taiwan.
• In July 2025, Vietcap issued 4,500,520 ESOP shares (equivalent to 0.6% of total outstanding shares prior to the ESOP issuance). Vietcap’s total outstanding shares as of end-July 2025 were 722.6 million shares. 

Income Statement Highlights

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