We attended DGC’s FY2025 AGM held on March 31, 2025. Our key takeaways as follows: 1. 2025 guidance - Revenue: VND10.4tn (+5.2% YoY; 85% of our 2025F) - NPAT: VND3tn (-3.5% YoY; 76% of our 2025F) - Capex: VND1.3tn, including VND1.2tn for the Chlor-Alkali