IR HVA Newsletter December 2025

HVA officially announces IR Bulletin December 2025, This newsletter provides a comprehensive overview of the financial situation, investment activities, stock performance, and shareholder engagement activities in November. The newsletter continues to demonstrate HVA's commitment to transparency, financial discipline, and enhanced shareholder experience – core values in its long-term development strategy.

1. KEY TAKEAWAYS NOVEMBER 2025

The financial landscape continues to improve.

• Cumulative revenue for the first 11 months of 2025 is expected to reach approximately... 60.8 billion VND, after-tax profit of VND 3.4 billion, equity approximately 151 billion VND.

Digital asset portfolios recorded positive NAV growth.

• Total investment capital ~145 billion VND, NAV is approximately 278 billion VND, equivalent to increased by nearly 92% compared to initial investment.

Investor Relations (IR) and Loyalty are consistently maintained, strengthening long-term shareholder value.

• Finance Talk #1 & #2 Open a series of regular dialogues on digital assets.
• Loyalty+ Round 8 The company distributed bonuses to over 30 shareholders, bringing the percentage of shareholders holding shares for more than 12 months to approximately 681 TP3T (compared to 611 TP3T in the same period last year).

2. BUSINESS RESULTS FOR THE FIRST 11 MONTHS OF 2025 – IR DASHBOARD

Consolidated financial summary (cumulative 11 months of 2025):

• Revenue: ~60.78 billion VND
• Net profit after tax: ~3.43 billion VND
• Equity: ~151 billion VND
• Leverage & Capital Structure: at a prudent level (details in the financial statements and notes).

IR (neutral) assessment:

• The 11-month results show that HVA has maintained stable revenue and positive profits, laying the foundation for accelerating digital asset projects in Q4.
• Equity capital has increased year-on-year, providing room to continue financing technology and blockchain investments in line with the announced strategy.

3. HVA STOCK – PRICE & LIQUIDITY NOVEMBER 2025

Price movements & trading activity:

• Opening price at the beginning of the month: 21,000 VND/share
• Closing price at the end of the month: 19,900 VND/share → down 5,24% % compared to the beginning of the month.
• Amplitude of oscillation:
  • Highest price: 21,200 thousand VND/share
  • Lowest price: around 19,000 VND/share
• Average liquidity: Approximately 52,365 shares per session in November 2025.
• Market capitalization at the end of the month: 270 ~ 273 billion dong
• Current P/E ratio: Approximately 27.6 times (EPS 695 VND/share).

Comparison with the market:

• Compared to October 2025, when HVA prices dropped sharply around 14,5% (from approximately 24.9 to approximately 21.3 thousand VND/share), then November 2025 The range of fluctuation has narrowed and the decrease is also less severe, only about –3.4%. This indicates that selling pressure on the stock has decreased compared to the previous correction phase.
• Conversely, The VN-Index increased by approximately 3.11 TP3T in November 2025, closing around 1,691 points, marking a recovery month after two consecutive months of decline.. Thus, HVA remains volatile. weaker than the overall index's recovery trend., This reflects the higher volatility characteristic of small-cap stocks, but the correction has been significantly milder compared to October.

IR assessment:

• The price movements in November mainly reflect... Correction phase after strong rally in Q3 and a cautious mindset ahead of the year-end earnings season, rather than changes in the fundamental operations of businesses.
  
• At the end of the month, the stock price starts to rise. Accumulating around the 19.1–20.8 range. Before entering the Q4 earnings reporting phase.

4. SHAREHOLDER STRUCTURE & LOYALTY+ PROGRAM

4.1. Shareholder structure (as of December 5, 2025)

• Number of shareholders: 771
• Total number of outstanding shares: 13.65 million shares

Ownership structure by group:

• Domestic individuals: 98,83%
• Domestic organizations: 0,52%
• Foreign individuals: 0,52%
• Foreign organizations: 0,13%

Top 5 largest shareholders: This includes domestic and foreign institutional investors, with the largest shareholder holding approximately... 24,3% capital, the second largest shareholder is approximately 15,7%, the remaining shareholders in the region 7–13%.

IR viewing angle: The shareholder structure shows a high proportion of ownership by strategic/institutional shareholders, creating a stable foundation for the business. Meanwhile, domestic individual shareholders still account for more than half of the total – this is the main target group for IR & Loyalty programs aimed at maintaining engagement and upgrading shareholder status.

4.2. Loyalty+ – Strengthening long-term shareholder relationships

• In November 2025, Loyalty+ Phase 8 continued to reward over 520 shareholders with HanaGold gold e-vouchers transferred directly via the HVA App.

• Condition: This applies to shareholders holding 100 or more HVA shares; the bonus payment is expected to be maintained on the 15th of each month for subsequent installments.
• The proportion of shareholders holding shares for more than 12 months increased to approximately 681 TP3T, compared to ~611 TP3T in the same period last year.

IR assessment:

Loyalty+ is playing a crucial role in retaining individual shareholders long-term, helping to stabilize capital flows and increase engagement within the HVA ecosystem.

5. DIGITAL ASSET PORTFOLIO – OVERVIEW & NAV

Take into account 31/11/2025, HVA's technology and digital asset portfolio comprises 8 major investments with a total capital of approximately VND 145 billion, focusing on blockchain, fintech, and digital asset projects. NAV figures are updated from market price data as of November 31, 2025.

• Total NAV of the portfolio: ~279.4 billion VND
• Increase compared to initial investment: ~+92,6%

Some notable investments include:

• HanaGold: ~40 billion → NAV ~84.2 billion+110%)
• ETH Capital: ~15 billion → NAV ~52.0 billion+247%)
• BNB Chain: ~10 billion → NAV ~23.5 billion+135%)
• The remaining group (OnusChain, BTC Chain, VFilms, Easy Cake, TON) are all recording NAVs higher than their initial investment with varying levels of profit.

IR assessment (summary, neutral):

• The portfolio continues to show positive performance, particularly in digital gold and layer 1 blockchain projects.
• HVA's periodic disclosure of NAV for each investment demonstrates its commitment to transparency and positions the company as a long-term technology capital management firm.

6. BOX “RISKS & WARNINGS – DIGITAL ASSET PORTFOLIO”

(Information for shareholders/investors only, not investment advice)

• Price fluctuations: The portfolio's NAV is built on market At any given time, the prices of digital assets (BTC, ETH, BNB, project tokens, etc.) can fluctuate significantly, leading to substantial changes in NAV in the short term.
• Liquidity risk: Some investments may limited liquidity Depending on the exchange/intermediary partner, the divestment process may take longer.
• Legal risks: The legal framework for digital assets in Vietnam and internationally is still under development; policy changes may affect project operations and investment value.
• Methods for determining NAV: NAV is Estimates at the time of reporting, The calculated price, based on the price source chosen by HVA, may differ from the actual price at which investors can trade.
• No guaranteed return: Current NAV increase not guaranteed that the actual profit upon divestment will be equivalent; investment efficiency depends on market developments and the divestment strategy for each asset.

7. IR & LOYALTY ACTIVITIES IN NOVEMBER 2025

7.1. HVA Finance Talk #2 – “Vietnam’s Digital Asset Infrastructure – From Experimentation to Shaping New Rules of the Game”

• Time: 8:00 PM – 9:30 PM, Friday, November 14, 2025 (livestream on HVA fanpage).
• Speaker:
  1. Mr. Nguyen Chi Cong – General Director of DNEX 
  2. Host: Giang Mi – IR HVA
• Content focus:
  1. Sandbox & Policies: Testing or Real Operation? 
  2. Operational infrastructure: How to make it "Verifiable - Monitorable - Reportable"? 
  3. Cash Flow & Confidence: How do businesses survive in a testing zone?

IR impact:

• HVA Finance Talk is a series of regular dialogues between the Board of Directors and shareholders/investors about digital assets, helping to reduce repetitive questions and increase market understanding of HVA's operating model.

7.2. Loyalty+ Phase 8

• Payout date: November 19, 2025; official announcement on November 15, 2025.
• Form: HanaGold gold e-vouchers will be transferred directly to the HVA App account of eligible shareholders.
• Frequency: The bonus payments are expected to continue on the 15th of each month.
• Highlights: Honoring the Top 10 shareholders receiving the highest bonuses in the 8th round.

8. MACROECONOMICS & MARKETS – IMPLICATIONS FOR HVA

8.1. Stock Market & Digital Assets in November

• Vietnamese stocks:

In November 2025, the VN-Index fluctuated around the 1,580 – 1,690 point range, ending the month at 1,690.99 points on the HOSE exchange, recording mixed movements and cautious capital flows.

The inflow of money into large-cap and market-pillar stocks had helped the index recover in some previous sessions.

Despite some upward movements, overall market liquidity remained at an average level, reflecting caution from investors.

• Digital assets:

Bitcoin and the cryptocurrency market are undergoing a correction after peaking in October 2025, with significant volatility and sharp declines in November, demonstrating high risk and sensitivity to global macroeconomic factors.

8.2. Implications for HVA

Stable market liquidity facilitates investor relations (IR) activities, expanding the shareholder base and reaching institutional/individual investors.

The volatile nature of the digital asset market is a key factor to monitor for HVA's blockchain/layer 1 portfolios. The company continues to manage this volatility cautiously to optimize investment performance and minimize the impact of market corrections.

HVA needs to continue to be transparent about its NAV, valuation methodology, and update frequency, helping shareholders understand the relationship between crypto volatility and the company's investment performance.

In the context of a volatile global financial market, investor relations (IR) plays a crucial role in strategic communication, maintaining confidence, and enhancing shareholder quality.

9. IR ORIENTATION & PLAN FOR NEXT MONTH / QUARTER IV

Fourth Quarter Priorities of the Management Team

1. Financial discipline – transparency of data
   • Regularly publish portfolio NAV and compile monthly IR recaps.
2. Boosting IR & community engagement
   • Maintain the chain Finance Week by theme,
   • Loyalty+ Regular bonuses are paid out every 15 days, honoring loyal shareholders.
3. Compliance & Risk Management
   • Prioritize capital safety and design clear legal processes when launching new digital asset products.

IR plan & shareholder recommendations (not investment recommendations)

• Follow and participate in Finance Talk sessions to stay up-to-date on results, plans, and risk management measures.
• Activate/log in to the HVA app and update your deposit information/ID to receive your Loyalty+ benefits.
• Take advantage of the Loyalty+ program (applicable to those owning 100 or more HVA shares).
• Submit your questions to the IR department before the dialogue sessions; the questions will be compiled and answered publicly.

10. IR & DISCLAIMER CONTACT INFORMATION

Investor Relations (IR) Department – HVA Group

• Email: [email protected]
• Phone: 1900 255 819 
• Website: hva.group
• Official community channel: HVA Shares

Notes & Disclaimers:

• This newsletter is created to provide information to shareholders and investors, based on data that has been/is being officially published by HVA through regulated channels.
• Some information may include assessments, opinions, or future plans; this content is subject to market conditions and external factors and may change without prior notice.
• This newsletter is not a recommendation to buy, sell, or hold any securities or assets. Investors should assess their own risks and seek independent advice (if necessary) before making any investment decisions.

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