VFS 1Q26 Earnings Review

Research evidence excerpt

VFS 1Q26 Earnings Review

Investment Thesis

VinFast is a Vietnam-based auto OEM (passenger, e-scooters, e-buses) scaling EV production to carve out a piece of the global

passenger EV market. The company is a part of parent Vingroup (VIC.VN, Not Rated), which is the largest conglomerate in Vietnam,ENERGY and will look to leverage the parent's backing to expand production capacity. VinFast unveiled its first passenger EVs in 2021 and

by 2022 had shifted its longer-term strategy to developing an all-EV lineup. Additionally, the company is expanding production

into India and Indonesia in the near term to capture government incentives with an eye on building capacity in the US in the back

half of this decade.

Upcoming Catalysts Price Performance

■ Production expansion at the Vietnam facility $5TRANSITION

■ Roll out of incremental passenger EV models

$4.5 ■ Announcement of dealership partnerships to promote VFS vehicles

■ Government funding agreements $4

■ Opening of showrooms and manufacturing plants internationallyEQUITY $3.5

Base Case Assumptions $3

Our base case is that VFS scales production at its Vietnam facility growing its market $2.5

share while expanding into the Indian and Indonesian markets, pointing to becoming Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 EBITDA margin-positive in 2028. We assume VFS continues to roll out more passenger

VFSRESEARCH vehicle models both at the low end and the high end of the price spectrum, catering to S&P 500 (rebased)

a broader consumer set. We also assume the facilities in Indonesia ramp production Source: FactSet

in 2026, and understand the India plant is currently operational.

Company Description

Upside Scenario VinFast is an auto OEM focused on