Navigating market volatility, BSR reinforces internal strength and long-term vision

Optimized Production, Strong Revenue and Profit Growth

In 2025, BSR maintained a stable product structure, focusing on key outputs such as gasoline, diesel, jet fuel, LPG and polypropylene. A notable highlight was its flexible adjustment of product mix in response to market signals, optimizing operational efficiency.

BSR’s total production output reached nearly 7.94 million tons, exceeding the plan approved by the Annual General Meeting by 18.7% and achieving over 104% of the revised plan. Sales volume also reached nearly 7.91 million tons, surpassing the plan by 19.4%, reflecting strong market absorption and effective commercial performance. In the context of intensifying competition and volatile refining margins, the simultaneous increase in both production and sales volumes clearly demonstrates BSR’s strong operational capability.

The Presidium chairs the Annual General Meeting

In addition to positive production results, BSR recorded strong growth in financial performance. Consolidated revenue in 2025 exceeded VND 143.5 trillion, more than 25% higher than the plan. Notably, consolidated after-tax profit reached VND 5.217 trillion, nearly seven times higher than the initial plan and almost double the revised plan.

This represents impressive growth amid unpredictable fluctuations in the global oil and gas market, reflecting the effectiveness of cost management, production optimization, and timely market response strategies.

At the same time, BSR continued to make significant contributions to the state budget, totaling VND 14.73 trillion, exceeding the plan by over 13%, reaffirming its important role in ensuring national energy and economic security.

One of BSR’s key highlights in 2025 was its ability to maintain a stable and sound financial foundation. Cash flow from operating activities exceeded VND 5.2 trillion, showing a strong recovery compared to 2024 and demonstrating sustainable cash generation capability.

Mr. Nguyen Viet Thang, President & CEO of BSR, presents the 2025 production and business performance report, the 2026 plan, the 2025 profit distribution plan, and the audited financial statements for 2025

Key financial indicators remained at safe levels, including a debt-to-total-assets ratio of 0.29, a current ratio of 2.95, and a quick ratio of 2.42. These figures indicate not only operational efficiency but also strong financial autonomy - an essential factor in a volatile market environment.

Accelerating Investment for Future Growth

In line with sustainable development and emission reduction trends, BSR continued to enhance energy efficiency at the Dung Quat Refinery. The average Energy Intensity Index (EII) in 2025 reached approximately 101.3%, outperforming targets.

This result reflects the Company’s continuous efforts in controlling energy consumption, improving technical processes, and enhancing equipment performance. Energy management and monitoring programs were implemented comprehensively, contributing to reduced losses and optimized production costs. This serves as an important foundation for BSR’s transition toward greener operations and long-term sustainable development.

In 2025, BSR disbursed approximately VND 1.09 trillion in investments (about 92% of the revised plan), fully funded by equity, demonstrating the Company’s strong financial capacity.

Investment activities focused on maintaining safe and stable refinery operations; maintenance, revamp, and upgrading of equipment; strengthening safety and environmental measures; and improving energy efficiency.

On behalf of the Board of Directors, BSR Chairman Bui Ngoc Duong presents the 2025 performance report and the 2026 orientations and key tasks, highlighting the role of strengthening governance capacity, strategic planning, and enhancing corporate value

Notably, BSR accelerated preparations for the Dung Quat Refinery Upgrade and Expansion Project. Key components such as FEED, EPC package preparation, site leveling, and capital arrangement are being expedited. This is considered a strategic project, playing a critical role in enhancing processing capacity, diversifying products, and strengthening BSR’s competitiveness in the future.

Entering 2026, particularly since late February, geopolitical tensions in the Middle East have negatively impacted global energy security. However, BSR has proactively implemented flexible and responsive solutions, achieving impressive business results.

The Company continues to focus on safe, stable, and efficient operation of the Dung Quat Refinery; ensuring a balance between supply and demand for petroleum products in the domestic market; and further optimizing business performance through cost management, risk management, and enhanced operational governance.

By the end of Q1 2026, BSR recorded a production output of 2.03 million tons, revenue of VND 41.278 trillion, state budget contribution of VND 3.81 trillion, and after-tax profit of VND 3.347 trillion.

Shareholders raise questions regarding BSR’s production and business operations at the AGM

For the remainder of 2026, despite continued market volatility, BSR targets at least 10% revenue growth, with full-year goals of approximately 7.76 million tons in production output, 7.71 million tons in sales volume, consolidated revenue of VND 154.14 trillion, after-tax profit of VND 2.162 trillion, and state budget contribution of VND 12.595 trillion.

To achieve its targets, BSR has identified several key priorities for 2026 and the following period. First, the Company will continue to ensure the safe, stable, and efficient operation of Dung Quat Refinery to maintain a reliable petroleum supply for the domestic market. At the same time, BSR will further optimize production and business performance through cost management, improved operational efficiency, and technological innovation.

Investment activities - particularly the Dung Quat Refinery Upgrade and Expansion Project - will remain a priority to enhance long-term competitiveness. In parallel, BSR will continue to improve its corporate governance system in line with modern standards, strengthen risk management, and enhance internal coordination efficiency.

The Presidium responds to shareholders’ questions

One of BSR’s key strategic directions in the coming period is to advance green transition and sustainable development. The Company aims to gradually reduce greenhouse gas emissions, improve energy efficiency, and develop environmentally friendly products. Environmental, Social, and Governance (ESG) factors will also be integrated into production, business, and investment activities - serving both as a necessary requirement and an opportunity to enhance competitiveness.

Despite facing numerous challenges in 2026, BSR remains well-positioned for stable growth. With a clear strategy, flexible management capability, and strong financial resources, the Company is expected to maintain its key role in the energy sector while delivering sustainable value to shareholders and the broader economy.

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