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GDA – Accumulating for long-term goals

• In the first 9 months of 2025 (9M2025), GDA recorded revenue of VND 11.9 trillion (-22% YoY), with galvanized and coated steel sales volume reaching 588 thousand tons (-12% YoY). In response to rising trade remedy risks from importing countries, the company has proactively shifted its order allocation toward the domestic market, achieving domestic sales volume of 414 thousand tons (+60% YoY). This performance allowed GDA to maintain its position as the No. 2 player in the domestic galvanized/coated steel segment, capturing approximately 16% of total domestic coated steel output.
• On the project development front, according to the company’s disclosure, the Phu My steel plant (designed capacity of 1.2 million tons/year) officially commenced construction in December 2025. Phase 1 of the project (300 thousand tons/year capacity) will primarily focus on galvanized and coated steel products, with potential for developing additional industrial steel grades. Commercial operations are expected to begin in the second half of 2027.Given GDA’s solid positioning in the domestic market (No. 2 market share), we believe the incremental output from the new facility is likely to be relatively well absorbed, even in the current competitive environment among coated steel producers in Vietnam.