We attended STK’s FY2025 AGM held on March 28, 2025. Our key takeaways as follows: 1. 2025 guidance Revenue: VND3.3tn (+270% YoY; 1.6x our 2025 forecast) NPAT: VND310bn (25x YoY; 3.6x our 2025 forecast) Volume: 60.5kt p.a (2.6x YoY; 1.6x our 2025 forecast