By publishing its financial statements under International Financial Reporting Standards (IFRS) for the second consecutive year, GELEX continues to strengthen transparency, enhance decision-making, and adopt a more modern approach to corporate governance while providing a more comprehensive picture of the Group’s financial position and enterprise value.

On 2 July 2026, GELEX released its audited consolidated financial statements for the year ended 2025, prepared in accordance with IFRS and audited by Deloitte Vietnam, which issued an unmodified audit opinion.

Summary comparison of GELEX’s 2025 IFRS and VAS financial statements (VND billion)

Compared with the Group’s 2025 financial statements prepared under Vietnamese Accounting Standards (VAS), the IFRS financial statements reflect several notable differences.

Consolidated profit after tax for 2025 reached VND 3,143 billion, VND 187 billion higher than under VAS. Profit attributable to equity holders of the parent company increased by VND 555 billion to VND 2,033 billion. Total assets increased by VND 2,481 billion to VND 76,074 billion, while shareholders’ equity rose by VND 4,262 billion to VND 34,436 billion. At the same time, total liabilities decreased by VND 1,781 billion.

Earnings per share (EPS) under IFRS decreased from VND 1,638 to VND 1,554 per share. However, this change does not reflect weaker business performance. It resulted primarily from the completion of the Company’s share issuance for dividend distribution and the capitalization of retained earnings before the IFRS financial statements were issued. Under IFRS, the weighted average number of shares used to calculate EPS must be retrospectively adjusted for all comparative periods, increasing from approximately 902 million shares to more than 1.3 billion shares. As a result, the reported EPS decreased purely as a mathematical consequence of the larger share base rather than any decline in profitability.

GELEX noted that, these differences arise primarily from the different recognition and measurement principles applied under IFRS and VAS. While VAS largely relies on historical cost and the legal form of transactions, IFRS places greater emphasis on fair value, future cash flows, and the economic substance of transactions.

As a result, the IFRS financial statements provide a more comprehensive representation of the Group’s assets, capital efficiency, and financial obligations in accordance with internationally recognized accounting standards.

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According to Bùi Đăng Khoa, Chief Financial Officer of GELEX, the most significant impact of adopting IFRS extends far beyond preparing an additional set of financial statements.

“IFRS requires companies to apply the principle of ‘substance over form’ – reflecting the economic substance of transactions rather than simply their legal form. This requires data that is complete, consistent, and verifiable across the entire organization”.

He added that implementing IFRS has also accelerated data standardization across GELEX’s member companies by requiring the entire Group to apply consistent principles for recognizing, measuring, and presenting financial information. This not only improves the quality of financial reporting but also establishes a stronger data foundation for management and decision-making.

In addition, IFRS requirements relating to fair value measurement, cash-generating ability, and asset impairment enable the Group to identify underperforming businesses earlier, supporting timely restructuring, more effective capital allocation, and improved capital efficiency.

Beyond strengthening internal governance, IFRS also enhances GELEX’s ability to engage with global capital markets. According to the Group, having IFRS financial statements audited by an international audit firm helps facilitate engagement with financial institutions, investors, credit rating agencies, and potential M&A partners by providing financial information prepared under internationally recognized standards.

“In our engagement with credit rating agencies such as VIS Rating, IFRS reporting improves the comparability and reliability of financial information, providing stronger support for their assessment and analysis,” Mr. Khoa said.

As expectations for transparency, governance, and access to capital continue to increase, IFRS is becoming more than an accounting standard. For GELEX, it provides a foundation for higher-quality data, stronger corporate governance, better-informed decision-making, and enhanced long-term competitiveness.

PR DEPARTMENT