The financial statements of AMS

Income statement, balance sheet and cash flow, by quarter and by year. Unit: VND billion, unless a line states otherwise.

Item	2025	2024	2023	2022	2021
Revenue	3,515.2	3,432.0	3,003.6	2,621.4	2,659.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	3,515.2	3,432.0	3,003.6	2,621.4	2,659.3
Cost of Goods Sold	3,228.0	3,114.8	2,756.6	2,409.7	0.0
Gross Profit	287.2	317.1	246.9	211.8	196.8
Financial Income	24.0	22.6	20.7	11.8	10.2
Financial Expenses	94.7	118.6	105.6	74.1	-56.7
Interest Expense	88.7	106.1	99.0	61.4	-46.8
Share of Associates and Joint Ventures	1.8	-0.2	0.1	0.2	-0.0
Selling Expenses	23.3	43.6	3.4	25.0	-15.0
General and Administrative Expenses	78.7	84.1	91.6	66.6	-82.5
Operating Profit	116.2	93.3	67.1	58.1	52.8
Other Income	12.9	7.3	11.2	3.4	0.0
Other Expenses	43.2	36.5	21.8	4.2	0.0
Other Profit	-30.4	-29.2	-10.6	-0.8	-6.2
Profit Before Tax	85.9	64.2	56.4	57.3	46.7
Current Income Tax Expense	18.7	18.2	11.4	13.5	-9.1
Deferred Income Tax Expense	12.3	-9.1	-7.4	-1.7	0.0
Net Income	54.9	55.0	52.5	45.5	37.5
Non-controlling Interest	—	0.0	0.0	0.0	0.9
Profit Attributable to Parent	54.9	55.0	52.5	45.5	36.6
Earnings per Share VND per share	915.00	917.00	874.88	1,242.00	967.00
Diluted EPS VND per share	914.98	917.35	874.88	1,241.97	1,000.37

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,732.7	2,201.1	2,403.9	1,969.9	1,552.0
I. Cash and cash equivalents	430.9	186.4	219.5	186.0	77.7
1. Cash	421.2	141.7	143.5	100.0	0.0
2. Cash equivalents	9.7	44.6	76.0	86.0	0.0
II. Short-term financial investments	137.6	81.2	47.0	92.8	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	137.6	81.2	47.0	92.8	0.0
III. Short-term receivables	966.5	906.2	1,160.7	690.5	500.9
1. Short-term trade accounts receivable	745.0	681.0	521.9	536.9	0.0
2. Short-term prepayments to suppliers	91.4	75.7	87.0	112.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	148.9	140.2	509.4	0.0	0.0
5. Short-term loan receivables	—	16.0	11.5	0.0	0.0
6. Other short-term receivables	57.6	70.8	98.0	97.6	0.0
7. Provision for short-term doubtful debts (*)	-76.4	-77.5	-67.1	-56.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,130.1	993.4	957.3	969.2	893.1
1. Inventories	1,130.1	993.4	962.5	969.2	0.0
2. Provision for decline in value of inventories	—	0.0	-5.2	0.0	0.0
V. Other short-term assets	67.6	33.9	19.4	31.3	26.0
1. Short-term prepayments	9.7	15.3	3.1	4.8	0.0
2. Value added tax to be reclaimed	57.9	18.7	16.3	26.5	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,178.6	1,077.4	945.9	824.4	621.6
I. Long-term receivables	25.1	22.9	5.3	5.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4.7
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	25.1	22.9	5.3	5.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	792.2	617.6	498.0	459.0	310.8
1. Tangible fixed assets	384.8	239.8	194.9	278.3	169.3
- Cost	689.0	508.3	417.6	481.9	0.0
- Accumulated depreciation	-304.2	-268.5	-222.7	-203.6	0.0
2. Financial leased fixed assets	374.6	345.5	270.0	146.1	106.8
- Cost	503.2	438.2	330.6	186.5	0.0
- Accumulated depreciation	-128.6	-92.7	-60.6	-40.4	0.0
3. Intangible fixed assets	32.8	32.3	33.1	34.6	34.7
- Cost	51.7	49.5	48.7	48.7	0.0
- Accumulated depreciation	-18.8	-17.2	-15.6	-14.1	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	84.4	168.8	179.1	165.2	92.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	84.4	168.8	179.1	165.2	0.0
V. Long-term financial investments	250.0	241.8	248.7	181.0	199.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	80.1	78.3	78.5	11.1	0.0
3. Investments in other entities	169.1	162.5	162.5	163.6	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.8	1.0	7.7	6.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	26.9	26.3	14.8	14.1	0.0
1. Long-term prepayments	15.8	2.9	0.4	0.7	0.0
2. Deferred income tax assets	11.1	23.4	14.3	13.4	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	13.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,911.3	3,278.5	3,349.8	2,794.3	2,173.6
A. LIABILITIES (300=210+330)	3,049.0	2,469.1	2,562.7	2,281.9	1,711.4
I. Short -term liabilities	2,564.2	2,168.5	2,297.4	1,938.2	1,516.7
1. Short-term trade accounts payable	303.4	406.2	332.9	560.3	429.9
2. Short-term advances from customers	887.5	421.0	409.9	239.9	194.6
3. Taxes and other payables to state authorities	45.6	48.9	22.2	26.5	0.0
4. Payable to employees	25.2	26.9	20.9	21.2	0.0
5. Short-term acrrued expenses	79.1	37.6	95.6	1.8	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	1.5	3.0
9. Other short-term payables	20.0	32.7	149.9	352.8	0.0
10. Short-term borrowings and financial leases	1,203.4	1,195.0	1,256.0	733.2	673.4
11. Provision for short-term liabilities	—	0.0	9.9	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	1.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	484.9	300.7	265.3	343.8	194.7
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	78.9	100.9	96.8	136.8	0.0
8. Long-term borrowings and financial leases	406.0	199.8	168.5	207.0	57.9
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts) VND per share	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	862.2	809.3	787.1	512.4	462.2
I. Owner's equity	862.2	809.3	787.1	512.4	0.0
1. Owner's capital	600.0	600.0	600.0	366.3	462.2
- Common stock with voting right VND per share	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	366,298,650,000.00	366,298,650,000.00
- Preferred stock VND per share	—	0.00	0.00	0.00	0.00
2. Share premium	-3.3	-3.3	-3.3	-3.0	-3.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares VND per share	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	2.1	1.8	0.5	-2.4	0.0
8. Investment and development fund	191.8	154.6	54.3	54.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	71.5	56.2	135.6	97.2	35.4
- Accumulated retained earning at the end of the previous period	16.6	1.2	83.1	51.7	0.3
- Undistributed earnings in this period	54.9	55.0	52.5	45.5	35.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,911.3	3,278.5	3,349.8	2,794.3	2,173.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	85.9	64.2	56.4	57.3	15.2
Depreciation of Fixed Assets and Investment Property	76.2	70.5	54.4	42.7	26.8
Provision (Increase)/Reversal	-1.1	-4.6	25.9	5.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.1	0.6	6.2	1.3	0.0
Gain/Loss from Investment Activities	-6.8	-10.0	-11.0	-8.0	0.0
Interest Expense	88.7	106.1	99.0	61.4	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	1.6	-7.9	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	242.5	218.8	231.0	160.1	50.9
Increase/(Decrease) in Receivables	-112.9	232.9	-461.1	-231.3	0.0
Increase/(Decrease) in Inventory	-136.7	-64.8	-8.4	-156.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	354.7	-63.9	-200.4	338.1	0.0
Increase/(Decrease) in Prepaid Expenses	-7.4	-14.6	2.0	-2.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-88.7	-106.1	-99.0	-61.4	0.0
Corporate Income Tax Paid	-15.2	-19.6	-17.6	-10.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.0	-0.9	-0.6	0.0
Net Cash Flow from Operating Activities	236.2	182.8	-554.5	35.6	55.5
Payments for Fixed Assets and Other Long-term Assets	-179.8	-159.5	-178.7	-131.6	-135.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	15.6	16.9	78.7	15.2	0.0
Loans and Purchases of Debt Instruments	-101.9	-36.5	-108.9	-118.5	-189.1
Receipts from Loan Repayments and Sale of Debt Instruments	61.7	4.4	141.8	104.2	72.8
Investments in Other Entities	-6.6	0.0	-67.3	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	1.1	0.0	0.0
Dividends and Interest Income Received	4.6	4.8	6.9	1.8	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-206.4	-169.8	-126.4	-128.9	-250.5
Proceeds from Equity Issuance and Capital Contributions VND per share	—	0.00	233,471,350,000.00	0.00	0.00
Share Repurchases VND per share	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,866.2	2,629.3	2,299.1	1,633.1	1,245.9
Repayment of Borrowings	-2,575.3	-2,603.2	-1,787.7	-1,427.8	-1,243.1
Repayment of Finance Leases	-75.6	-55.8	-30.4	-3.8	-1.4
Dividends Paid	—	-18.0	0.0	0.0	-0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	215.3	-47.7	714.4	201.5	1.3
Net Cash Flow During the Period	245.0	-34.7	33.5	108.2	0.0
Cash and Cash Equivalents at Beginning of Period	186.4	219.5	186.0	77.7	265.2
FX Difference from Revaluation	-0.5	1.5	0.1	0.1	0.0
Cash and Cash Equivalents at End of Period	430.9	186.4	219.5	186.0	0.0

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	920.5	692.2	1,282.0	629.7	1,060.9	553.0	1,325.1	628.0	759.8	719.5	1,065.4	731.6
Revenue Deductions	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	920.5	692.2	1,282.0	629.7	1,060.9	553.0	1,325.1	628.0	759.8	719.5	1,065.4	731.6
Cost of Goods Sold	805.3	624.2	1,187.2	585.1	985.2	502.0	1,238.1	559.1	647.2	646.0	971.4	683.1
Gross Profit	115.2	68.0	94.8	44.6	75.7	51.0	87.0	68.9	112.6	73.5	94.0	48.4
Financial Income	8.7	7.4	5.9	5.6	4.8	5.3	10.0	4.1	3.6	3.4	1.8	3.8
Financial Expenses	40.6	31.0	26.0	22.0	22.3	21.4	25.7	24.3	30.1	27.1	29.9	26.2
Interest Expense	—	30.5	23.9	22.0	21.9	21.2	24.4	23.3	27.7	26.8	26.4	25.5
Share of Associates and Joint Ventures	0.4	—	0.5	0.5	0.8	—	0.2	0.1	-0.1	0.0	0.0	0.0
Selling Expenses	7.3	1.7	5.8	4.6	6.6	6.3	16.8	6.4	9.0	11.4	1.3	1.3
General and Administrative Expenses	26.2	20.5	24.7	11.9	22.9	17.7	32.6	21.5	21.5	19.9	38.3	14.7
Operating Profit	50.2	22.2	44.8	12.2	29.5	10.9	22.1	20.9	55.5	18.6	26.3	10.1
Other Income	8.4	0.8	10.8	20.0	19.7	0.1	0.5	0.1	13.5	6.8	0.7	79.4
Other Expenses	11.3	2.0	16.8	22.4	21.6	0.6	16.2	3.0	19.2	5.6	7.9	75.0
Other Profit	-2.9	-1.2	-6.0	-2.4	-1.8	-0.5	-15.7	-3.0	-5.6	1.2	-7.2	4.3
Profit Before Tax	47.3	21.0	38.7	9.8	27.7	10.4	6.4	17.9	49.9	19.9	19.1	14.4
Current Income Tax Expense	12.4	3.7	12.2	2.3	5.7	2.1	3.1	4.4	21.3	4.1	9.0	3.0
Deferred Income Tax Expense	—	—	—	—	0.9	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	34.9	17.3	26.5	7.5	21.1	8.3	3.4	13.5	28.5	15.8	10.1	11.5
Non-controlling Interest	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	34.9	17.3	26.5	7.5	21.1	8.3	3.4	13.5	28.5	15.8	10.1	11.5
Earnings per Share VND per share	582.00	288.00	442.00	126.00	352.00	138.00	56.00	225.00	476.00	264.00	169.00	191.00
Diluted EPS VND per share	582.00	288.00	442.00	126.00	352.00	138.00	911.00	225.00	476.00	264.00	169.00	191.00

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,360.9	3,177.7	2,779.0	2,317.1	2,037.6	2,057.8	2,188.2	2,504.6	2,930.1	2,359.0	2,422.8	2,032.3
I. Cash and cash equivalents	265.2	355.8	435.5	148.8	219.9	77.4	168.6	135.8	92.4	97.5	219.1	76.2
1. Cash	260.2	338.3	426.4	119.1	171.5	27.9	137.6	74.6	31.8	48.2	139.9	14.8
2. Cash equivalents	5.0	17.5	9.1	29.7	48.4	49.6	30.9	61.3	60.6	49.2	79.2	61.4
II. Short-term financial investments	147.5	107.1	104.9	136.5	100.7	71.1	81.4	67.0	63.8	71.0	44.0	76.3
1. Available for sale securities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	147.5	107.1	104.9	136.5	100.7	71.1	81.4	67.0	63.8	71.0	44.0	76.3
III. Short-term receivables	913.7	1,111.8	1,051.0	867.9	764.6	683.3	911.1	878.7	1,482.6	1,126.8	1,216.9	765.9
1. Short-term trade accounts receivable	395.3	541.4	604.7	450.9	490.1	514.5	686.7	498.2	431.4	372.7	355.5	390.0
2. Short-term prepayments to suppliers	111.5	152.2	94.0	65.6	62.4	54.3	75.7	78.7	99.6	70.1	87.0	60.6
3. Short-term inter-company receivables	—	0.1	0.5	—	—	—	0.0	0.0	176.0	22.1	0.0	0.0
4. Construction contract progress receipts due from customers	319.0	357.8	360.4	148.7	219.5	110.6	140.2	275.2	721.5	609.0	739.2	298.5
5. Short-term loan receivables	—	—	—	16.0	16.0	16.0	16.0	16.0	16.0	11.5	0.0	0.0
6. Other short-term receivables	153.3	125.8	57.4	255.0	57.7	65.5	70.1	77.5	105.1	108.4	98.8	67.4
7. Provision for short-term doubtful debts (*)	-65.5	-65.5	-66.0	-68.2	-81.2	-77.5	-77.5	-66.9	-66.9	-66.9	-63.6	-50.7
8. Assets awaiting resolution	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,994.0	1,521.0	1,119.8	1,085.9	918.6	1,192.9	993.1	1,408.1	1,265.4	1,047.3	923.4	1,086.9
1. Inventories	1,994.0	1,521.0	1,119.8	1,085.9	918.6	1,192.9	993.1	1,408.1	1,265.4	1,052.4	928.6	1,092.1
2. Provision for decline in value of inventories	—	—	—	—	—	—	0.0	0.0	0.0	-5.2	-5.2	-5.2
V. Other short-term assets	40.5	82.1	67.8	77.9	33.8	33.0	34.0	14.9	25.8	16.5	19.4	27.0
1. Short-term prepayments	2.5	7.5	9.7	44.5	13.0	11.2	15.3	0.3	2.3	2.6	3.1	3.4
2. Value added tax to be reclaimed	37.9	74.6	58.2	33.4	20.8	21.8	18.7	14.6	23.5	13.8	16.3	23.6
3. Taxes and other receivables from state authorities	0.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,292.9	1,279.7	1,219.8	1,072.2	1,084.2	1,105.0	1,084.7	1,053.1	986.5	971.2	988.3	919.5
I. Long-term receivables	32.2	27.5	25.6	23.8	23.2	23.2	22.9	18.4	11.5	10.8	5.3	5.4
1. Long-term trade receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	32.2	27.5	25.6	23.8	23.2	23.2	22.9	18.4	11.5	10.8	5.3	5.4
7. Provision for long-term doubtful debts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	825.8	802.3	682.3	619.3	619.0	622.6	614.8	597.1	561.5	545.5	497.9	475.4
1. Tangible fixed assets	371.8	379.4	274.9	232.4	237.6	242.1	237.0	234.7	212.4	215.9	194.8	196.2
- Cost	699.7	695.5	—	—	—	—	504.9	494.4	445.3	440.5	417.5	411.7
- Accumulated depreciation	-327.9	-316.1	—	—	—	—	-267.9	-259.7	-232.9	-224.6	-222.7	-215.5
2. Financial leased fixed assets	421.7	390.3	374.6	355.4	349.9	348.5	345.5	330.1	316.6	296.8	270.0	245.7
- Cost	573.0	529.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-151.2	-139.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	32.2	32.7	32.8	31.5	31.5	31.9	32.3	32.3	32.4	32.8	33.1	33.5
- Cost	51.9	51.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-19.7	-19.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	123.8	116.1	193.7	150.2	165.0	178.2	168.8	171.9	162.7	158.2	228.1	185.1
1. Long-term production in progress	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	123.8	116.1	193.7	150.2	165.0	178.2	168.8	171.9	162.7	158.2	228.1	185.1
V. Long-term financial investments	295.0	306.8	283.4	256.8	251.6	255.5	253.5	240.4	242.5	241.8	247.2	243.9
1. Investments in subsidiaries	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	80.9	80.5	80.2	79.7	78.5	78.5	76.5	76.9	78.3	78.5	77.1	77.1
3. Investments in other entities	169.1	169.1	169.1	162.5	162.5	162.5	162.3	162.3	162.5	162.5	162.5	162.5
4. Provision for diminution in value of long-term investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	45.0	57.3	34.1	14.5	10.6	14.5	14.7	1.2	1.7	0.8	7.5	4.2
6. Other long-term investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	16.1	26.9	34.8	22.1	25.3	25.7	24.6	25.2	8.4	14.9	9.7	9.8
1. Long-term prepayments	5.0	15.8	15.8	3.2	1.9	2.3	2.9	3.4	1.5	0.6	0.4	0.6
2. Deferred income tax assets	11.1	11.1	18.9	18.9	23.4	23.4	21.8	21.8	6.9	14.3	9.3	9.3
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,653.8	4,457.4	3,998.8	3,389.3	3,121.7	3,162.8	3,272.8	3,557.7	3,916.6	3,330.1	3,411.0	2,951.8
A. LIABILITIES (300=210+330)	3,739.3	3,577.9	3,134.5	2,549.8	2,286.7	2,347.8	2,468.5	2,756.2	3,086.7	2,528.7	2,614.7	2,165.7
I. Short -term liabilities	3,252.8	3,086.0	2,646.6	2,289.7	2,019.1	2,041.3	2,172.2	2,485.1	2,785.7	2,241.2	2,338.8	1,900.5
1. Short-term trade accounts payable	221.9	204.6	304.6	314.9	412.4	474.6	403.4	424.5	383.4	338.2	327.4	351.7
2. Short-term advances from customers	886.7	1,086.1	970.9	556.4	318.3	388.9	432.2	514.5	532.6	371.0	477.4	348.6
3. Taxes and other payables to state authorities	46.4	32.9	50.3	31.7	33.2	25.5	48.7	31.3	24.5	15.5	31.6	22.5
4. Payable to employees	34.4	30.9	25.2	18.2	14.0	19.8	26.9	33.7	24.8	4.8	20.9	18.7
5. Short-term acrrued expenses	42.3	62.7	79.1	44.2	27.1	29.6	37.6	22.4	20.3	100.5	95.6	55.2
6. Short-term inter-company payables	—	—	—	—	0.3	—	0.0	0.0	174.8	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	19.4	20.0	20.0	32.3	31.6	25.1	36.0	77.1	139.0	138.0	138.2	114.6
10. Short-term borrowings and financial leases	2,001.6	1,648.8	1,196.6	1,292.0	1,182.4	1,077.8	1,187.3	1,381.6	1,486.2	1,263.1	1,241.2	988.8
11. Provision for short-term liabilities	—	—	—	—	—	—	0.0	0.0	0.0	9.9	6.4	0.0
12.. Bonus and welfare fund	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3
13. Price stabilization fund	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	486.5	492.0	487.9	260.1	267.6	306.5	296.3	271.1	300.9	287.5	275.9	265.2
1. Long-term trade payables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	73.4	75.5	78.9	79.4	79.4	96.8	96.8	96.8	96.8	96.8	96.8	96.8
8. Long-term borrowings and financial leases	413.2	416.5	409.1	180.7	188.2	209.7	199.5	174.3	204.1	190.7	179.1	168.4
9. Convertible bonds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts) VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	914.4	879.5	864.3	839.5	835.0	815.0	804.3	801.5	829.9	801.4	796.3	786.2
I. Owner's equity	914.4	879.5	864.3	839.5	835.0	815.0	804.3	801.5	829.9	801.4	796.3	786.2
1. Owner's capital	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0
- Common stock with voting right VND per share	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00
- Preferred stock VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-3.3	-3.3	-3.3	-3.3	-3.3	-3.3	-3.3	-3.3	-3.3	-3.3	-3.3	-3.3
3. Convertible bond option	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	2.1	2.1	-0.6	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5
8. Investment and development fund	228.7	191.8	191.8	191.8	191.8	154.6	154.6	154.6	170.7	54.3	54.3	54.3
9. Fund to support corporate restructuring	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	86.8	88.8	76.4	52.4	48.0	65.2	54.5	51.7	64.0	151.9	146.8	136.7
- Accumulated retained earning at the end of the previous period	34.6	71.5	16.9	19.5	19.3	56.8	0.3	0.3	19.6	136.0	95.9	95.9
- Undistributed earnings in this period	52.2	17.3	59.5	33.0	28.6	8.4	54.1	51.3	44.4	15.9	50.9	40.8
12. Reserves for investment in construction	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,653.8	4,457.4	3,998.8	3,389.3	3,121.7	3,162.8	3,272.8	3,557.7	3,916.6	3,330.1	3,411.0	2,951.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	21.0	37.3	9.8	28.3	10.4	6.4	17.9	21.0	19.9	4.9	14.4	22.2
Depreciation of Fixed Assets and Investment Property	23.0	21.0	17.9	19.3	18.0	17.4	33.5	18.8	14.8	16.4	12.7	12.7
Provision (Increase)/Reversal	-11.0	8.2	-7.4	-1.9	—	10.7	15.1	-15.1	-0.2	31.5	-3.6	-2.0
FX Gain/Loss from Revaluation of Monetary Items	—	-6.9	—	4.8	—	0.0	-4.0	4.0	0.0	6.2	-1.0	1.0
Gain/Loss from Investment Activities	-2.4	-3.0	0.5	-16.8	12.5	-4.5	-13.8	2.5	-8.1	-85.7	81.0	-3.8
Interest Expense	30.5	23.8	22.0	21.8	21.2	24.4	23.3	31.6	26.8	26.4	25.5	24.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	7.9	-7.9	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	61.1	86.9	38.0	55.6	62.0	54.4	80.0	54.9	53.3	-0.2	129.1	54.5
Increase/(Decrease) in Receivables	-153.4	-135.5	-70.0	-126.9	219.4	-40.9	398.0	-158.4	31.0	-388.4	-162.4	26.0
Increase/(Decrease) in Inventory	-390.9	-44.2	-167.3	274.3	-199.5	415.0	-153.3	-202.3	-89.9	114.5	7.0	-41.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	264.3	366.0	107.3	-66.4	-52.1	-351.7	17.7	155.7	-77.6	118.7	83.4	-194.2
Increase/(Decrease) in Prepaid Expenses	2.2	22.2	-28.1	-6.1	4.7	-14.5	0.0	-0.6	0.3	0.5	0.5	0.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-30.5	-23.8	-22.0	-21.8	-21.2	-24.4	-27.3	-27.7	-26.8	-26.4	-25.5	-24.5
Corporate Income Tax Paid	-9.0	0.0	-5.7	-2.5	-7.0	0.0	-2.7	-7.4	-9.5	-4.1	-13.5	10.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-37.2	37.2	-0.0	0.0	100.3	0.0	0.0	-0.0	-0.3	9.4	-10.0
Net Cash Flow from Operating Activities	-256.2	234.3	-110.7	106.2	6.4	138.3	312.3	-185.8	-119.2	-185.8	28.0	-178.6
Payments for Fixed Assets and Other Long-term Assets	-250.9	-159.6	-1.9	-11.5	-6.9	-9.8	-34.1	-39.1	-54.1	-64.5	-108.1	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	12.9	-8.4	11.0	—	0.0	0.0	11.9	5.1	75.2	0.0	3.6
Loans and Purchases of Debt Instruments	-68.9	47.0	-113.7	-26.9	-8.3	86.8	-86.8	-85.7	-0.9	-28.2	-15.3	-51.7
Receipts from Loan Repayments and Sale of Debt Instruments	43.0	22.1	36.6	3.0	—	0.0	0.0	44.1	10.6	79.3	-50.3	91.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.1
Dividends and Interest Income Received	2.0	-0.4	1.6	0.8	2.7	4.5	-1.9	1.4	3.0	3.5	-1.1	2.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-274.8	-84.5	-85.7	-23.6	-12.5	81.6	-122.8	-67.4	-36.3	65.1	-174.9	45.0
Proceeds from Equity Issuance and Capital Contributions VND per share	—	—	—	—	—	0.00	0.00	0.00	0.00	-230,000,000.00	230,000,000.00	-230,000,000.00
Share Repurchases VND per share	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	961.9	1,033.7	703.4	628.5	500.6	741.9	495.2	789.4	599.0	751.2	573.0	481.4
Repayment of Borrowings	-486.4	1.6	-560.7	-550.3	-586.6	-895.7	-614.7	-538.4	-554.5	-476.7	-469.7	-466.8
Repayment of Finance Leases	-19.6	-23.1	-17.9	-17.9	-16.8	-15.3	-13.5	-16.0	-11.0	-10.3	-7.7	-6.5
Dividends Paid	—	—	—	—	—	-18.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	455.9	132.8	124.9	60.4	-102.8	-187.1	-133.0	235.0	33.5	264.0	95.9	7.9
Net Cash Flow During the Period	-75.1	282.6	-71.5	142.9	-108.9	32.7	56.5	-18.2	-122.1	143.3	-51.0	-125.7
Cash and Cash Equivalents at Beginning of Period	430.9	148.8	220.7	77.4	186.4	219.5	219.5	219.5	219.5	186.0	186.0	186.0
FX Difference from Revaluation	—	-0.5	—	0.4	—	0.0	-0.6	0.6	0.0	0.1	-2.5	2.5
Cash and Cash Equivalents at End of Period	355.8	430.9	148.8	220.7	77.4	168.6	135.8	80.0	97.5	219.5	76.2	129.7

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Where does this stock stand
among the rest of your investments?

How much does this stock
contribute to the portfolio?

Is the portfolio
well balanced?

What other opportunities
or risks may be present?