Viglacera's First-Half 2026 Performance: Breaking Through Uncertainty with Strong Fundamentals and Effective Governance

Amid continued uncertainty in both the global and domestic economies, rising input costs, and tight control over real estate credit, Viglacera Corporation – JSC delivered a strong business performance in the first six months of 2026. The results not only demonstrate the Corporation's ability to sustain growth but also clearly reflect the effectiveness of its governance reforms, organizational restructuring, and determined efforts to strengthen internal capabilities across the entire system.

Strong Business Performance Confirms the Effectiveness of Governance Reform

By proactively capitalizing on positive economic signals—including GDP growth, sustained foreign direct investment inflows, and encouraging progress in removing legal bottlenecks in the real estate market, particularly in the social housing and worker housing segments—Viglacera promptly adjusted its governance model and operational management toward greater flexibility and efficiency.

Accordingly, during the first six months of 2026, the Corporation's consolidated profit before tax reached VND 1,452 billion, equivalent to 223% of the six-month target assigned by the Board of Directors, achieving 80% of the full-year plan and increasing 27% year-on-year. Consolidated net revenue amounted to VND 7,737 billion, exceeding the Board-approved first-half target and rising 27% compared with the same period last year. Contributions to the State budget totaled nearly VND 613 billion.

These achievements reflect not only the Corporation's resilience in responding to market fluctuations but also the effectiveness of the "Innovation and Streamlining of Organizational Structure and Operations" initiative implemented by the Board of Directors. Streamlining the organizational structure, improving operational efficiency, and empowering business units have become direct drivers enabling the Corporation to significantly outperform its production and business targets.

Four Operational Pillars Underpinning Sustainable Growth

The Corporation's first-half performance further demonstrated the effectiveness of its new governance model, built upon four key operational pillars that have created strong momentum across the organization.

First, cost management and production efficiency. In response to increasing input costs, Viglacera implemented comprehensive procurement control measures across the Corporation, strengthened production discipline, minimized waste, aligned production planning closely with customer orders, and tightly managed inventories to reduce warehousing costs while improving cash flow. At the same time, the Corporation continued investing in advanced technologies to improve production yield, reduce material losses, save energy, and lower manufacturing costs

Second, market diversification and sales channel expansion. Viglacera continued expanding its market presence through a multi-channel distribution strategy. Its integrated building materials solutions were increasingly promoted to developers and contractors, enabling the Corporation to leverage the full strength of its product ecosystem. The nationwide dealer network continued to expand, while export activities maintained positive momentum, generating export revenue of USD 19.4 million across a broad range of products, including glass, ceramic tiles, sanitary ware, faucets, and clay roof tiles.

Third, cash flow management and financial discipline. Against a backdrop of continuing market volatility, Viglacera maintained a sound financial position by optimizing inventory levels, accelerating receivables collection, restructuring investment capital, reducing outstanding debt, and implementing flexible cash flow planning. These measures not only strengthened liquidity but also created solid financial capacity to support future growth investments.

Fourth, continued organizational reform and operational restructuring. The implementation of the "Innovation and Streamlining of Organizational Structure and Operations" initiative has been carried out consistently through clearer decentralization and delegation of authority, the establishment of lean and specialized business units, and the acceleration of divestment from underperforming business activities. This restructuring process has not only simplified the organizational structure and reduced operational overlap but has also directly improved governance efficiency, optimized costs, and strengthened the Corporation's competitiveness.

Together, these four operational pillars have established a solid foundation enabling Viglacera to sustain growth in the short term while reinforcing the confidence of shareholders, investors, and business partners in the Corporation's governance capabilities and long-term development prospects.

Continuing to Strengthen the Building Materials and Real Estate Businesses – Enhancing Internal Capabilities to Build Long-Term Competitive Advantage

In the real estate sector, industrial parks continued to serve as a key growth driver, maintaining their strong appeal to foreign direct investment. During the first six months of 2026, Viglacera further expanded its land bank with two new projects—Tay Pho Yen Industrial Park and Phu Ninh Industrial Park—while accelerating infrastructure development in line with the green and smart industrial park model, incorporating digital technologies, renewable energy, and advanced management solutions. As a result, total revenue from the real estate segment reached an estimated VND 3,241 billion, making it the principal contributor to the Corporation's overall growth.

In the social housing and worker housing segment, the Corporation recorded sales of 479 housing units, equivalent to 45% of its full-year target. The synchronized development of residential projects alongside industrial park infrastructure is gradually shaping a comprehensive industrial park ecosystem, further enhancing the attractiveness of Viglacera's developments to both domestic and international investors. At the same time, a number of new industrial real estate and residential projects are progressing through investment approval procedures, creating a solid pipeline for future growth.

Within the building materials segment, the ongoing restructuring of manufacturing operations and improvements in operational efficiency continued to deliver positive results. Key product categories—including sanitary ware, faucets, ceramic tiles, autoclaved aerated concrete (AAC), and baked clay bricks and roof tiles—all maintained strong business performance. Net revenue from the building materials business exceeded VND 4,284 billion, representing a robust 27% year-on-year increase, sustaining the recovery momentum while generating profits above the targets assigned by the Board of Directors.

What is particularly noteworthy is not merely the strong performance of each individual business segment, but the complementary synergy between the building materials and real estate businesses, which has created a balanced growth structure and strengthened Viglacera's long-term competitive advantage. The Corporation's first-half 2026 business results demonstrate that Viglacera's strength is measured not only by its growth figures, but also by its governance capabilities, adaptability, and unwavering commitment to innovation throughout the organization.

Against a backdrop of continued uncertainty in the business environment, Viglacera's steadfast commitment to enhancing governance effectiveness and optimizing operational efficiency is laying a solid foundation for sustainable growth. This also provides shareholders, investors, and business partners with greater confidence in a corporation that continues to create value through its strong internal capabilities, sound governance, and long-term strategic vision.