VinFast Auto Ltd.

Good day and thank you for standing by. Welcome to the VinFest Q4 2025 financial results and Q&A webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1, 1 again. If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link anytime during the conference. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Amanda Bay, Head of Investor Relations. Please go ahead.

Thank you, Operator, and good morning, everyone. Welcome to VinFast's quarterly earnings call. Joining me today are Chairwoman of the Board, Madam Twile, Deputy CEO of Investments, Ms. Anne Pham, and our CFO, Ms. Lana Nguyen. Before we begin this call, please note today's call will include forward-looking statements under U.S. federal securities law. These statements reflect our current views on future events financial operational performance, and other matters that involve risk and uncertainties. These may cause actual results to differ materially. Please refer to our most recent filings with the SEC for a discussion of these risk factors. We will also reference certain non-GAAP financial measures, and a reconciliation of these measures to GAAP figures, along with an explanation, are included in our presentation issued earlier today. With that, I would like to invite Madam Thuy to begin the management remarks.

Hello, everyone. It's great to be with you again. 2025 was another landmark year for VinFast. But more importantly, it was a year of disciplined investment behind our core mission, making electric mobility accessible to everyone. Fourth quarter of 2025 was our strongest quarter to date across several key financial metrics. Every strategic decision we make, including investing in technology, industrial capabilities, and global expansion is anchored to that objective. Let me briefly reflect on our evolution. From 2017 to 2023, we established our brand and industrial foundation with the firm belief that electrification is the future of mobility. In 2024, we earned the trust of customers in our whole market, Vietnam, and became the number one mobility brand in the country by vehicle sales, a position that we continue to maintain to date. So during 2025, We wrote out a comprehensive product portfolio to serve diverse mobility use cases, laid the foundation for a green mobility ecosystem in international markets, and shared plans about our next generation of vehicles that built on a new platform and new EE architecture. Across the industry, there is a clear shift as electric mobility companies move toward AI-driven technologies software-defined vehicles. VinFast has been working on this since day one, with our IND philosophy centered around a vertically integrated software-defined EV platform. With over 400,000 accumulated cars delivered and more than four years of real-world driving data accumulated, our engineers are able to design ADAS and software roadmaps with the customers in mind. For 2026, our strategic investment focus on scale and unit cost optimization, which are the primary levels in our path to profitability. This will be supported by overseas capacity expansion, the commercialization of the next gen vehicles, and integration of more AI across our vehicles and factories to deliver smart cars and more efficient production. With that, I would like to frame the three key points that you should take away from this call. First, VinFast is more than just an EV manufacturer. We are a vertically integrated software-defined EV platform with smart manufacturing to deliver scalable electric mobility solutions. We are expanding our capacity to enter international markets in the coming years. We are deliberate in making this investment now as it provides us with flexibility to enter new markets quickly. And finally, scale matters at Binfast. With scale comes further operational efficiencies. We deliver 196,919 EVs for the full year. This exceeded our guidance to at least doubling the numbers of EVs delivered in 2024. In Q4 alone, we delivered 86,557 EVs. That was a new quarterly record for the company. Our two-wheeler segment also reached a new high. Full-year deliveries grew 5.7 times to 406,496 units. Looking ahead, our 2026 guidance is targeting at least 300,000 EV deliveries. This is supported by introducing new models in our international markets, the build-out of our dealer network across Asia, Europe, and North America, and lastly, the continued expansion in international markets. Following the strong momentum of VinFast's e-scooter segment achieved in 2025, We expect two wheeler deliveries to be at least 2.5 times last year volume for 2026. This growth will be driven by VinFast e-scooter expansion into Asian markets, the rollout of V green battery swapping network for e-scooters and our focused positioning in the largest product segments. Turning to our new markets and manufacturing operations. Starting with Vietnam, while VinFast has maintained the number one OEM position and taken market share from other OEMs, we ended 2025 with an estimated 36% market share, compared to 22% in 2024. VF3 and VF5 accounted for 51% of domestic volume. We are also pleased to see the increased contribution from VF6 and LimoGreen. On the two-wheeler segment, we ended the year as number one electric scooter player in Vietnam. For the first time since we started selling internationally, overseas market accounted for 18% of our fourth quarter delivery. For the full year 2025, international market contributed 11% of our deliveries. Our disciplined approach to overseas expansion is also reflected in our ranking, in particular, In India, we made steady progress in Vahan registration amongst BEV brands, ranking number eight in October, number seven in November, and number four in December. We have maintained our position since then to date. In Indonesia, we ended 2025 as number three BEV brand according to Zai Kindle. and as the number two BEV brand in the Philippines, according to Campy. Product expansion has further broadened VinFast's market reach. We introduced Green, our commercial-focused product line, and Luck Home, our unshared luxury brand. VinFast now has three distinct brands catering to different customer segments. In the fourth quarter, our commercial line, Green, saw strong traction from fleet and B2B customers and accounted for nearly half of total deliveries. In 2025, approximately 27% of our deliveries were to related parties, primarily the EV ride-hailing platform, GSN, a broadly stable year-over-year with a higher share of approximately 33% in the fourth quarter as GSN rapidly scale its fleet network in Indonesia and the Philippines as part of its Southeast Asia expansion. Manufacturing utilization and operational efficiency continue to improve, with a high-farm plant rolling out its 200,000 vehicle of the year and producing nearly 26,000 EVs in December alone. Last year, we inaugurated our manufacturing facility in Ha Tinh, Vietnam, Our first overseas manufacturing facility was opened in Tamil Nadu, India in August. And in December, we opened our second factory overseas in Subang, Indonesia. Now turning to our priorities for 2026, let's start with manufacturing. WinTrust today operates four manufacturing facilities globally with combined annual capacity of 600,000 EVs and 500,000 e-scooters. Looking ahead, We will continue to strengthen this foundation by expanding production capacity for EVs and e-scooters in Vietnam while evaluating further development phases in India and Indonesia to position these facilities as future export hubs. We also expect to resume construction of our North Carolina factory in 2026 with a plan to SOP in 2028. We will provide further details in the coming months. It is important to note that Bintras has embedded smart manufacturing processes across all our facilities to enable scalable electric mobility solutions. And we'll provide further updates on this area shortly. On the product front, Bintras has completed the strategic launch of its EV portfolio under three distinct brands, each with a clear market focus and identity. The VinFast brand comprising VinFast core passenger EV lineup from VF3 to VF9. The green brand of commercial EVs for fleet use, including Limo, Heria, Nerio, and Minio green. And lastly, the Amsha Luxury lap home series. As part of this repositioning, we are introducing two seven-seater MPV models, the Limo green and the VF and PV7 to address different customer segments with plan to launch both across key Asian markets. Additionally, the next generation of DS6 and DS7 is expected to SOP in the second half of 2026. These four models are designed to deliver a lower bump cost by reducing complexity and number of components through our new platform and next generation EE architecture. I'm also pleased to share that VinFast is developing several range extender EV models, beginning with VF8 REEV. Introducing range extender vehicles allow us to address a broader segment of electrification market. We view range extender technology as a practical interim step in the transition from internal combustion engines to fully battery electric vehicles. particularly in markets where charging infrastructure is still developing. We will provide additional updates on this program in the coming quarters. In our core Asian markets, we will continue expanding our dealer network to support long-term growth. We plan to double our dealer footprint in India and partner with last dealership group in Indonesia and the Philippines. This expansion will move in parallel with GSM international growth as we continue building out the broader green mobility ecosystem. At the same time, we are expanding our two-wheeler strategy across Asia with plans to introduce our e-scooter business in five markets, including Thailand, Malaysia, and the other three existing Asian markets. YGSM is also exploring opportunities to enter the U.S. and European markets. For Europe, we plan to introduce the next generation of VSUV, the VF6 model. For North America markets, we plan to bring the VF7, a C-segment electric SUV, and to also launch our e-bus business later this year. Now I will turn it over to Anne. who will take you through the latest on VinFast technology platform. Thank you, Madam Thuy. VinFast is more than an EV manufacturer. Our mission is to make electric mobility accessible to everyone, which directly shapes how we allocate capital and make strategic investments. We are deliberately investing in owning more of our technology stack so that we can deliver more compelling features at a lower cost over time. At Mobility Day last November, we shared our autonomy roadmap for Level 2 Plus and Level 2 Plus Plus towards Level 4 with a demonstration of a self-driving robo car in partnership with Otobrain Technologies at Vim Homes Ocean Park, a project in Vietnam. A leading AI mobility company based in Israel, AutoBrains has been working with us for a number of years. VinFast have taken a capital-efficient approach with an in-house ADAPT Research Institute while working with strategic technology partners for Level 4. We also plan to expand our trials of Robocar to larger cities and international markets. We are also pleased to share that we've entered into a collaboration with Tensa, a pioneering AI company developing personally owned level four autonomous robot cars company based in California. Under this partnership, FinFast will serve as the manufacturing and industrialization partner for Tensa's robot car program. Fully functional prototypes of the program have already been tested by Tensa across multiple regions, and the program is currently in the pre-production phase and is being advanced towards commercialization. This collaboration is compelling for both a commercial and financial standpoint, while reinforcing VinFast's strategic role in the next generation of mobility solutions. In parallel, we are also in active discussions with a number of technology and mobility companies exploring robotaxi development. We look forward to sharing further updates as these discussions progress in the coming quarters. Internally, we continue to make steady progress in owning more of our core technology stack and expanding our in-house software capabilities. Earlier this year, we introduced a suite of subscription packages in Vietnam that include proprietary remote control functions and smart features developed internally at VinFast and across the broader Vingroup ecosystem. At the same time, we are advancing our transition to EE2.0 as part of a structural cost initiative this year. This shift is expected to drive meaningful reductions in our BOM cost structure through ECU consolidation, simplified wiring harness design, and greater component commonality across models. Our new EE2.0 demonstrates how our in-house software capabilities are doing more than enhancing the next generation of VinFast vehicles. We're beginning to see interest from external parties in this technology as a standalone solution, which provides early validation of our R&D capabilities and could represent a potential new revenue stream over the longer term. In the near term, we plan to expand these subscription offerings to additional markets, alongside the rollout of localized voice assistance strategies across key Asian markets. We look forward to sharing more details as these initiatives continue to develop. Finally, turning to manufacturing. As Madam Thuy shared earlier, VinFast has embedded smart manufacturing processes across all of its facilities. This is a key pillar of our vertically integrated software-defined EV platform and central to our long-term profitability. Within the Vingroup ecosystem, VinFast works very closely with a sister company called VinRobotics to accelerate the development of advanced robotics and intelligent automation across its operations. VinRobotics focuses on two core segments, industrial humanoid robots developed in-house, and a scalable non-humanoid physical AI platform that combines robotics hardware with intelligent software. By integrating VIN Robotics' proprietary mechanical systems, intelligent controls, and AI-driven computer vision into VIN5 manufacturing operations, the partnership aims to enhance productivity, improve quality, and reduce operating costs, while advancing the broader goal of building the smart factory of the future. VinFast also expects to be the manufacturing partner to VinRobotics, along with two other robotics companies within the VinGroup ecosystem, namely VinMotion and Vindynamics. Now, taking a step back, I'd like to highlight the in-house R&D capabilities at VidFast and the broader Vingroup technology ecosystem that supports VinFast's long-term innovation roadmap. At the core of these efforts are our in-house ADAS and battery research institutes, which are focused on developing next generation technologies that will be integrated into future VinFast vehicles. Within the Vingroup ecosystem, a number of specialized technology companies are developing capabilities that can be leveraged across multiple businesses. What initially began with VinFast at the center of the green mobility ecosystem, spanning EVs, charging infrastructure through Vgreen, and electric mobility services through GSM, is now evolving into a broader platform of advanced technologies. Across this ecosystem, Teams are developing core capabilities ranging from software platforms and cybersecurity to robotics and automation. A notable example is our collaboration with VinRobotics, which I have highlighted earlier. As Vingroup continues to incubate new technology platforms, VinFast expects to deepen collaboration across the ecosystem and provide further updates on these initiatives in the coming quarters. Now, I'll hand it over to Lan Anh to discuss our financial results for the fourth quarter and full year of 2025. Lan Anh, please.