Nam Long Group (HOSE: NLG) | 2025 NLG AGM Note

2025 BUSINESS GUIDANCE

o   Pre-sales: VND 14,645 bn (+184% YoY)

o   Revenue: VND 6,794 bn, (-6.8% YoY)

o   NPAT-MI: VND 701 bn, (+35% YoY)

Pre-sales is driven primarily by Southgate, Izumi, Can Tho, and Paragon projects. Revenue and profit is primarily contributed by Akari Phase 2, Can Tho, eHomeS Can Tho, Southgate, Izumi, and eHome Southgate. Q1/2025 Results- Pre-sales: VND 2,559 bn (~ 50% of 2024 pre-sales) as of April 21, 2025- Revenue: VND 1,291 bn- NPAT-MI: VND 108.3 bn

PROJECT UPDATES

Izumi

1/10,000 master plan: Completed. 1/5,000 zoning plan: Submitted in April 2025, with approval expected by June 2025.

1/500 detailed adjustment plan: Expected completion by year-end. Phase 3 sales launch planned for Q3 2025.

Hai Phong (VSIP): Legal procedures are underway. Sales launch anticipated in Q3/2025.

Paragon: Legal procedures are underway. Sales launch anticipated in Q3 /2025.

Waterpoint: New sales launch in April 2025 received strong demand. NLG is actively working to convert booking orders into sale and purchase agreements.

OTHER ACTIVITIES

M&A Activities

NLG is in the negotiation phase to divest a 15% equity stake in the Izumi project. The Company has also evaluated several new land bank opportunities and is considering investments based on potential profitability and funding capabilities.

Financing Plans

NLG plans to secure approximately VND 5,800 billion in loans to fund the development of ongoing projects, namely Izumi, Paragon, and Waterpoint. Management is committed to maintaining the debt-to-equity ratio below 0.5x to ensure financial stability.

New Share Issuance

The company plans a rights issue at a 100:26 ratio, offering 26 new shares for every 100 existing shares at an issue price of VND 25,000 per share. Proceeds will be used to repay loans, invest in commercial and land development projects, and support ongoing developments. Management affirms they will not proceed with the issuance if the market price falls below VND 25,000, and will consider alternative financing options such as debt.

Dividend Policy

The company plans to pay a 5% cash dividend based on current charter capital (~VND 192bn) in Q2/2025 for FY2024, and a 5% cash dividend (~VND 242.6bn) based on adjusted charter capital for FY2025.AGM documents 2025: here

AGM resolution 2025: here