Today, Masan Group Corporation (HOSE: MSN, “Masan” or the “Company”) and two of its key publicly listed subsidiaries (Masan Consumer (HOSE: MCH) and Masan MEATLife (HNX-UPCoM: MML) jointly held their 2026 Annual General Meeting (“AGM”) in Ho Chi Minh City under a shared theme: “The Great Connectivity – Đại Kết Nối”.

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The Annual General Meeting of Masan Group - Masan Consumer - Masan MEATLife, held on April 24, attracted thousands of shareholders and partners.

The Vision: Building Vietnam’s Consumer Operating System (“cOS”)

This year’s AGM theme, “The Great Connectivity - Đại Kết Nối”, marks a strategic milestone in a multi-year transformation journey. For years, Vietnam’s consumer and retail landscape has been defined by fragmentation, where the engines of retail, brand, and digital stood apart, creating massive inefficiencies and resulting in consumers overpaying by 15% to 20% for daily essential products. Masan’s answer is the Consumer Operating System (“cOS”)—an integrated platform that unites these engines to address these inefficiencies, to deliver a seamless consumer journey and to capture a greater share of Vietnam’s Gross Merchandise Value (“GMV”) of the total retail market and a majority of the end-to-end consumer profit pool.

The Retail Engine: Profitable Hardware at Scale

The turnaround for WinCommerce (“WCM”) is officially closed, having improved store unit economic margins and reduced capex and opex per store by 30% since 2020. This operational excellence has shifted WCM from a loss of ~VND3,700 billion in 2019 to a targeted profit of VND1,000 billion in 2026.

WCM is hyper-scaling its physical infrastructure to reach ~6,100 stores by the end of 2026, with a primary focus on the rural market, where 70% of new stores are being opened. As of 2026, modern trade (“MT”) penetration in Vietnam remains at only 14%, and WCM’s presence reaches only half of the country (1,300 wards out of 3,250). By focusing 70% of our new store openings in these areas, WCM is achieving a payback period of less than 3 years and an IRR of 40%, proving that modern retail can thrive in every corner of Vietnam. With the expected MT penetration of 20%+ in Vietnam by 2030, Masan plans to open at least 1,500 new stores profitably each year to reach a network of 13,000 stores by 2030.

Retail Supreme: Modernizing General Trade

Connectivity means more than just the Company’s own stores. It means empowering the one million "mom-and-pop" retailers across the country and connecting them into our Retail Engine. Through the Retail Supreme platform, Masan has moved from a traditional wholesale-driven model to a digital, direct-coverage, territory ownership model.

Starting with a successful pilot in Ca Mau in 2024, this model now allows MCH’s sales representatives to "own" their territory and ensure Masan brands are in almost every store. The results have been measurable – with active selling outlets (“ASO”) directly covered by Masan growing to 500,000 locations (up 2.3x vs. before Retail Supreme), with each outlet now purchasing on average 5.5 SKUs per order (up 17.0% vs. before Retail Supreme), and 50,000 stores implementing our “perfect” in-store execution standards to improve brand visibility and drive better offtake (up 78.6% vs. before Retail Supreme).

By end of 2026, Masan targets reaching 1 million ASOs, including on-premise locations, and 7.0 SKUs per order. This shift is highly value-accretive: every 1 SKU/order increase brings VND 370 billion in revenue per month. Masan is scaling WIN+, a converged GT–MT retailing model that aims to empower 70,000 General Trade (“GT”) partners with modern trade experiences and capabilities, enabling the network to reach ~90% weighted market distribution.

The Brand Engine: From Local Champion to Global Mega Brands

While the Retail Engine provides the "push," Masan believes in developing a compelling “pull factor" by building brands consumers love. Masan aims to expands its loved brands portfolio, targeting 16 MCH’s Mega Brands, 3 MML’s Mega Brands, and 25-50 WCM’s Mega House Brands (own brand), and, collectively aimed at capturing 30% of the total spending of Vietnamese consumers on daily necessities.

With its Retail and Brand Engines combined, Masan believes the success story of fish sauce (unbranded to branded) can be replicated across many categories. Today, MML’s branded meat represents only ~2% of the total meat market. By leveraging one unified distribution platform spanning ~13,000 WCM stores and 70,000+ WIN+ outlets, MML can potentially scale brands faster and more efficiently than traditional models. Supported by continued investment in brand building, R&D, and technology, MML is expanding from fresh meat into marinated and processed offerings to serve all nutrition needs and consumption occasions, with the ambition to make branded protein a daily part of Vietnamese consumers’ lives—reaching every household and every meal occasion.

The Digital Engine: Intelligence to Empower the cOS

The scalability of Masan’s cOS is driven by its Digital Engine, anchored by WinX as the core connector linking brands, retailers and consumers. WinX has reached 15 million members with a target of 50 million, capturing millions of transactions across every store, every member and every interaction. These transactions continuously feed Masan’s intelligence layer, making the cOS smarter with every purchase and every engagement.

At the heart of this intelligence is Masan’s “Digital 4P”—the consumer operating system that connects Brand – Retailer – Customer through technology and data. Rather than managing products or stores in isolation, the Digital 4P transforms data into real-time, decision-grade intelligence across four critical questions:

Place – where to open stores: using location scoring to prioritize the most profitable sites & guide the selection of WIN+ partners.
Product – what brands / SKUs to sell: using SKU scoring to tailor assortments by neighborhood and segment.
Price – what price to offer: leveraging consumer Intelligence for hyper-personalized pricing and rewards.
Promotion – how to engage and communicate: direct channel to engage and communicate with consumers, optimizing its marketing investment

Supporting the Digital 4P Platform is Supra, Masan’s logistics “muscle,” which powers the physical flow of goods. Supra operates as a tech‑enabled, unified platform with end‑to‑end visibility, ML‑driven forecasting, and automated replenishment.

Delivering Shared Value

Successfully executing on the cOS is expected to enable Masan to deliver a superior financial result and ultimately value creation. For 2026, Masan targets the following results:

MSN: 20% revenue growth, 1.2x NPAT Pre-MI.
WCM: 21% revenue growth and 2.0x NPAT Pre-MI.
MCH: 15% revenue growth and 22% NPAT margin.
MML: 20% revenue growth and 1.3x EBIT.
PLH: 32% revenue growth and 1.3x NPAT Pre-MI.

Through the One Masan Operating Platform, Masan expects to generate $500 million in cash in 2026, reaching $1 billion by 2030. This is driven by the synergy of the Retail Engine (90% weighted distribution), the Brand Engine (Mega Brands & millions of transactions), and the Digital Engine (Scoring Platform). Every 10% of GMV captured by the platform unlocks $1 billion in operating cash flow.

Already in 2026, the Company has demonstrated momentum to deliver on its financial targets. In 1Q2026, MSN’s revenue and NPAT Pre-MI grew 27.1% YoY and 2.0x YoY, respectively. This growth was on the back of 3.5x, 11.5%, 66.3%, and 80.8% NPAT growth of WCM, MCH, MML, PLH, respectively, further supported by a significant improvement of its non-core Masan High-Tech Materials business.

In conclusion, “The Great Connectivity is not just a business strategy; it is a commitment to Vietnam. When we connect our brands, our retail network, and our digital intelligence, consumers win, employees win, and shareholders win.” – said Danny Le, CEO of Masan Group.

MASAN GROUP CORPORATION

Masan Group Corporation (“Masan” or the “Company”) believes in doing well by doing good. The Company’s mission is to provide better products and services to the 100 million people of Vietnam and global consumers, so that they can pay less for their daily essentials. Masan aims to achieve this by driving productivity with technological innovations, trusted brands, and focusing on fewer but bigger opportunities that impact the most lives.

Masan Group’s member companies and associates are industry leaders in branded fast moving consumer goods, branded meat, modern retail, F&B retail, financial services, telecommunications, and value-add chemical processing, altogether representing segments of Vietnam’s economy that are experiencing the most transformational growth.

This press release contains forward-looking statements regarding Masan’s expectations, intentions or strategies that may involve risks and uncertainties. These forward-looking statements, including Masan’s expectations, involve known and unknown risks, uncertainties, and other factors, some of which are beyond Masan’s control, which may cause Masan’s actual results of operations, financial condition, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. You should not rely upon forward-looking statements as predictions, future events or promises of future performance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260424187872/en/

Investors/Analysts
Thai Son Trinh
T: +84 28 6256 3862
E: ir@msn.masangroup.com

Media
Van Pham
T: +84 28 6256 3862
E: pr@msn.masangroup.com

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