The financial statements of FMC

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	8,191.2	6,920.3	5,089.1	5,707.2	5,204.4
Revenue Deductions	6.0	7.6	1.7	5.6	0.0
Net Revenue	8,185.3	6,912.6	5,087.4	5,701.6	5,199.1
Cost of Goods Sold	7,212.0	6,160.9	4,594.5	5,076.0	0.0
Gross Profit	973.2	751.7	492.9	625.6	529.3
Financial Income	153.4	112.1	72.9	71.1	54.2
Financial Expenses	66.2	53.2	61.5	54.2	-33.4
Interest Expense	51.1	23.2	28.2	17.3	-15.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	556.9	297.0	121.8	226.2	-197.2
General and Administrative Expenses	93.5	91.5	79.0	92.5	-67.3
Operating Profit	410.0	422.1	303.6	323.8	285.6
Other Income	1.7	0.3	1.0	5.1	0.0
Other Expenses	0.2	0.6	0.0	0.5	0.0
Other Profit	1.4	-0.3	1.0	4.6	3.2
Profit Before Tax	411.4	421.8	304.6	328.4	288.8
Current Income Tax Expense	15.6	3.9	1.6	8.3	-1.9
Deferred Income Tax Expense	9.5	-4.7	0.6	-0.9	0.0
Net Income	386.4	422.6	302.3	321.0	286.9
Non-controlling Interest	37.7	116.9	26.3	12.0	20.1
Profit Attributable to Parent	348.7	305.7	276.1	309.0	266.8
Earnings per Share VND per share	5,332.00	4,675.00	4,121.00	4,605.00	4,740.00
Diluted EPS VND per share	5,332.11	4,675.11	4,121.00	4,605.00	4,080.16

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,806.0	2,641.2	2,127.1	1,877.0	2,140.9
I. Cash and cash equivalents	1,159.2	1,077.5	451.6	585.3	769.6
1. Cash	477.4	91.9	41.4	290.1	0.0
2. Cash equivalents	681.9	985.6	410.2	295.2	0.0
II. Short-term financial investments	1,055.9	140.0	97.4	11.1	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	1,055.9	140.0	97.4	11.1	0.0
III. Short-term receivables	559.3	370.5	491.8	279.8	368.1
1. Short-term trade accounts receivable	534.2	356.9	247.9	240.0	0.0
2. Short-term prepayments to suppliers	12.7	9.4	18.5	33.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	217.0	0.0	0.0
6. Other short-term receivables	12.4	4.2	8.4	6.4	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	884.7	1,001.9	999.8	929.1	940.8
1. Inventories	884.7	1,001.9	999.8	929.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	146.9	51.3	86.4	71.7	37.7
1. Short-term prepayments	21.0	21.3	47.7	24.4	0.0
2. Value added tax to be reclaimed	125.9	30.0	38.8	47.3	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)	1,029.1	1,133.6	1,229.1	1,111.8	549.6
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4.2
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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	696.2	768.1	848.4	418.6	263.0
1. Tangible fixed assets	692.4	764.4	846.1	416.2	262.1
- Cost	1,825.5	1,724.1	1,692.3	1,134.0	0.0
- Accumulated depreciation	-1,133.2	-959.8	-846.2	-717.8	0.0
2. Financial leased fixed assets	—	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
3. Intangible fixed assets	3.8	3.7	2.3	2.4	0.9
- Cost	6.5	6.1	4.5	4.5	0.0
- Accumulated depreciation	-2.7	-2.4	-2.1	-2.1	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	29.8	90.7	95.6	445.5	188.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	29.8	90.7	95.6	445.5	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	303.1	274.9	285.2	247.7	0.0
1. Long-term prepayments	303.1	265.5	280.4	242.3	0.0
2. Deferred income tax assets	—	9.5	4.7	5.3	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	94.3
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)	4,835.2	3,774.9	3,356.2	2,988.8	2,690.6
A. LIABILITIES (300=210+330)	2,220.5	1,309.0	1,122.0	872.7	714.0
I. Short -term liabilities	2,209.3	1,297.2	1,111.7	862.6	704.1
1. Short-term trade accounts payable	113.2	118.1	106.2	82.9	92.3
2. Short-term advances from customers	6.8	15.1	2.8	20.5	0.0
3. Taxes and other payables to state authorities	17.9	4.2	7.1	7.2	0.0
4. Payable to employees	84.5	96.9	71.0	146.1	0.0
5. Short-term acrrued expenses	396.7	114.8	44.9	53.2	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	0.0	0.0
9. Other short-term payables	2.3	0.6	0.4	7.2	0.0
10. Short-term borrowings and financial leases	1,527.7	901.6	824.1	515.5	414.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	60.0	45.9	55.2	29.9	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	11.2	11.7	10.3	10.2	9.9
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	0.9	0.9	0.8	0.8	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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	10.3	10.9	9.5	9.4	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)	2,614.6	2,465.9	2,234.1	2,116.1	1,976.6
I. Owner's equity	2,614.6	2,465.9	2,234.1	2,116.1	0.0
1. Owner's capital	653.9	653.9	653.9	653.9	1,976.6
- Common stock with voting right VND per share	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00
- Preferred stock VND per share	—	0.00	0.00	0.00	0.00
2. Share premium	593.7	593.7	593.7	593.7	593.7
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	—	0.0	0.0	0.0	0.0
8. Investment and development fund	37.3	0.0	0.0	0.0	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	1,047.7	920.1	781.2	676.4	534.1
- Accumulated retained earning at the end of the previous period	699.1	614.4	505.1	367.3	272.5
- Undistributed earnings in this period	348.7	305.7	276.1	309.0	261.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	282.1	298.2	205.4	192.1	194.9
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)	4,835.2	3,774.9	3,356.2	2,988.8	2,690.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	411.4	421.8	304.6	328.4	288.8
Depreciation of Fixed Assets and Investment Property	180.7	183.8	154.3	89.4	83.2
Provision (Increase)/Reversal	-0.5	1.4	0.1	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-12.5	-10.6	1.8	4.2	0.0
Gain/Loss from Investment Activities	-63.1	-23.8	-21.9	-18.0	0.0
Interest Expense	51.1	23.2	28.2	17.3	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	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	567.1	595.7	467.2	421.4	372.3
Increase/(Decrease) in Receivables	-293.9	-100.2	14.4	37.0	0.0
Increase/(Decrease) in Inventory	117.2	-2.1	-70.7	12.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	271.3	141.5	-93.1	-3.0	0.0
Increase/(Decrease) in Prepaid Expenses	-37.3	41.5	-61.4	1.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-50.5	-23.0	-28.3	-17.1	0.0
Corporate Income Tax Paid	-1.7	-2.9	-4.3	-4.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-58.8	-49.0	-16.6	-12.1	0.0
Net Cash Flow from Operating Activities	513.3	601.4	207.2	435.2	186.3
Payments for Fixed Assets and Other Long-term Assets	-52.2	-114.0	-217.8	-438.7	-285.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.0	0.2	0.9	0.9	0.6
Loans and Purchases of Debt Instruments	-1,113.2	-352.2	-378.4	-25.0	-20.6
Receipts from Loan Repayments and Sale of Debt Instruments	197.3	526.6	75.0	38.7	5.3
Investments in Other Entities	—	0.0	0.0	-109.8	46.3
Proceeds from Investments in Other Entities	—	0.0	2.0	0.0	0.0
Dividends and Interest Income Received	53.5	27.2	12.9	18.6	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	-912.6	87.7	-505.3	-515.3	-240.5
Proceeds from Equity Issuance and Capital Contributions VND per share	—	0.00	0.00	-4,300,000.00	682,455,238,800.00
Share Repurchases VND per share	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,037.4	1,201.9	4,494.0	3,584.9	4,133.9
Repayment of Borrowings	-1,411.2	-1,122.8	-4,188.1	-3,543.7	-4,163.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-164.7	-151.1	-142.6	-141.9	-98.1
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	461.5	-72.0	163.2	-100.7	555.2
Net Cash Flow During the Period	62.2	617.2	-134.9	-180.8	269.5
Cash and Cash Equivalents at Beginning of Period	1,077.5	451.6	585.3	769.6	268.2
FX Difference from Revaluation	19.5	8.7	1.2	-3.5	0.4
Cash and Cash Equivalents at End of Period	1,159.2	1,077.5	451.6	585.3	769.6

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	1,685.0	1,398.7	1,555.5	2,989.5	1,876.4	1,990.5	1,365.9	2,846.8	1,246.2	1,461.4	1,252.8	1,793.5
Revenue Deductions	10.4	0.1	0.0	6.0	0.0	0.0	1.8	1.7	3.4	0.7	0.0	0.1
Net Revenue	1,674.5	1,398.5	1,555.5	2,983.6	1,876.4	1,990.5	1,364.0	2,845.1	1,242.8	1,460.7	1,252.8	1,793.4
Cost of Goods Sold	1,424.2	1,297.8	1,274.6	2,565.2	1,679.2	1,863.1	1,157.0	2,537.4	1,102.3	1,364.4	1,112.9	1,609.4
Gross Profit	250.4	100.7	281.0	418.3	197.3	127.4	207.1	307.7	140.5	96.4	139.9	184.0
Financial Income	70.4	32.1	31.8	43.3	49.8	28.6	60.1	9.0	26.1	16.9	19.2	21.1
Financial Expenses	25.1	17.2	22.3	14.6	16.0	13.3	7.3	35.8	3.8	6.2	7.4	31.7
Interest Expense	20.5	12.9	15.8	14.4	14.1	6.8	6.8	7.3	4.9	4.1	7.9	10.6
Share of Associates and Joint Ventures	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	97.9	38.7	96.8	316.1	106.4	88.5	40.4	168.6	57.9	30.1	39.6	67.4
General and Administrative Expenses	24.9	26.8	27.9	22.9	23.9	18.9	29.4	21.3	21.1	19.6	23.7	18.4
Operating Profit	172.9	50.1	165.8	108.0	100.8	35.4	190.1	90.9	83.9	57.3	88.5	87.6
Other Income	1.3	1.2	0.6	—	0.0	1.1	0.0	0.1	0.1	0.1	0.2	0.5
Other Expenses	0.0	0.1	0.0	—	0.1	0.1	0.1	0.2	0.3	0.0	0.0	0.0
Other Profit	1.3	1.2	0.5	—	-0.1	1.0	-0.1	-0.1	-0.2	0.1	0.1	0.5
Profit Before Tax	174.2	51.3	166.3	108.0	100.7	36.3	190.0	90.8	83.7	57.4	88.7	88.1
Current Income Tax Expense	0.0	0.5	17.1	—	0.0	0.2	1.7	1.0	1.2	0.0	0.8	0.8
Deferred Income Tax Expense	—	—	-16.2	-3.9	-0.9	-1.6	1.0	-5.0	-1.0	0.2	-1.0	-2.0
Net Income	174.2	50.8	165.5	111.9	101.6	37.7	187.2	94.8	83.4	57.2	88.8	89.3
Non-controlling Interest	19.4	9.9	7.0	14.7	21.2	8.1	77.1	15.2	17.1	7.5	6.4	7.7
Profit Attributable to Parent	154.8	40.9	158.5	97.2	80.4	29.6	110.1	79.6	66.3	49.7	82.3	81.6
Earnings per Share VND per share	2,368.00	625.00	2,423.00	1,486.00	1,230.00	453.00	1,684.00	1,218.00	1,014.00	760.00	1,259.00	1,248.00
Diluted EPS VND per share	2,368.00	625.00	2,423.00	1,486.00	1,230.00	453.00	4,675.00	1,218.00	1,014.00	760.00	1,259.00	1,248.00

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)	4,513.5	3,505.3	3,806.2	3,798.0	3,552.6	3,058.9	2,641.2	2,559.2	2,438.8	2,322.0	2,131.9	2,398.1
I. Cash and cash equivalents	479.9	563.9	1,159.2	1,454.7	1,472.1	1,529.3	1,077.5	532.7	315.2	641.3	492.0	56.5
1. Cash	279.0	293.1	477.4	426.8	391.9	130.5	91.9	99.1	93.7	133.3	41.4	56.5
2. Cash equivalents	201.0	270.8	681.9	1,027.9	1,080.2	1,398.8	985.6	433.6	221.5	508.0	450.6	0.0
II. Short-term financial investments	1,938.1	1,375.6	1,055.9	316.6	176.5	129.3	140.0	154.4	171.9	139.3	274.0	288.6
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	1,938.1	1,375.6	1,055.9	316.6	176.5	129.3	140.0	154.4	171.9	139.3	274.0	288.6
III. Short-term receivables	573.9	494.0	559.3	1,249.0	562.4	682.3	370.5	1,036.6	444.4	543.6	279.7	708.5
1. Short-term trade accounts receivable	510.5	438.3	534.2	1,221.6	544.4	663.3	356.9	1,025.9	422.4	500.2	247.9	661.7
2. Short-term prepayments to suppliers	19.4	30.5	12.7	19.8	11.6	13.4	9.4	7.2	14.9	30.7	23.4	38.8
3. Short-term inter-company receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	43.9	25.3	12.4	7.6	6.4	5.7	4.2	3.5	7.1	12.7	8.4	8.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,392.9	976.9	884.7	652.6	1,277.4	661.1	1,001.9	774.3	1,453.3	941.4	999.8	1,241.8
1. Inventories	1,392.9	976.9	884.7	652.6	1,277.4	661.1	1,001.9	774.3	1,453.3	941.4	999.8	1,241.8
2. Provision for decline in value of inventories	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	128.7	94.9	147.0	125.1	64.3	56.9	51.3	61.2	54.1	56.4	86.4	102.7
1. Short-term prepayments	20.9	13.6	21.1	18.6	12.7	15.4	21.3	16.3	12.4	22.3	47.7	45.1
2. Value added tax to be reclaimed	107.7	81.4	125.9	106.5	51.6	41.4	30.0	44.9	41.7	34.1	38.8	57.6
3. Taxes and other receivables from state authorities	—	—	—	—	—	—	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)	948.7	954.0	1,061.1	1,042.9	1,060.9	1,104.2	1,133.6	1,147.7	1,163.5	1,181.2	1,212.5	1,196.8
I. Long-term receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
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
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	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	630.1	642.9	696.2	711.5	714.7	747.2	768.1	786.0	805.9	820.5	848.4	860.8
1. Tangible fixed assets	625.9	639.0	692.4	707.8	710.9	743.4	764.4	782.2	802.0	818.2	846.1	858.7
- Cost	1,846.4	1,825.5	—	—	—	—	1,724.1	1,772.7	1,760.3	1,708.9	1,692.3	1,691.8
- Accumulated depreciation	-1,220.5	-1,186.5	—	—	—	—	-959.8	-990.5	-958.2	-890.7	-846.2	-833.2
2. Financial leased fixed assets	—	—	—	—	—	—	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
3. Intangible fixed assets	4.3	3.9	3.8	3.7	3.8	3.8	3.7	3.8	3.8	2.3	2.3	2.2
- Cost	7.2	6.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.9	-2.8	—	—	—	—	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	27.8	18.9	29.8	45.6	63.1	90.3	90.7	82.0	81.8	82.0	78.9	49.1
1. Long-term production in progress	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	27.8	18.9	29.8	45.6	63.1	90.3	90.7	82.0	81.8	82.0	78.9	49.1
V. Long-term financial investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	290.8	292.3	335.1	285.8	283.2	266.7	274.9	279.7	275.8	278.7	285.2	286.9
1. Long-term prepayments	290.8	292.3	303.0	270.0	271.2	255.6	265.5	269.2	270.3	274.2	280.4	283.2
2. Deferred income tax assets	—	—	32.1	15.8	12.0	11.1	9.5	10.5	5.5	4.5	4.7	3.8
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)	5,462.2	4,459.3	4,867.2	4,840.8	4,613.6	4,163.0	3,774.9	3,706.9	3,602.4	3,503.2	3,344.4	3,594.9
A. LIABILITIES (300=210+330)	2,824.9	1,793.8	2,222.2	2,361.3	2,245.9	1,691.2	1,309.0	1,428.2	1,418.5	1,211.8	1,110.3	1,449.6
I. Short -term liabilities	2,813.4	1,783.1	2,211.0	2,350.3	2,234.7	1,679.6	1,297.2	1,416.7	1,406.8	1,201.4	1,100.0	1,439.8
1. Short-term trade accounts payable	198.0	293.4	113.2	186.9	226.9	147.3	118.1	103.3	135.6	294.7	94.4	136.3
2. Short-term advances from customers	29.9	3.2	6.8	5.3	24.2	0.3	15.1	3.7	5.8	4.1	2.8	4.0
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	10.7	1.7	19.6	1.4	1.3	4.8	4.2	11.4	2.5	1.5	7.2	5.3
4. Payable to employees	63.4	54.2	84.5	51.8	56.9	57.5	96.9	57.0	53.8	61.7	71.0	49.6
5. Short-term acrrued expenses	453.4	402.5	396.7	283.2	159.5	134.1	114.8	122.8	66.9	45.5	44.9	36.2
6. Short-term inter-company payables	—	—	—	—	—	—	0.0	0.0	0.0	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	19.9	11.7	2.3	2.7	1.5	4.9	0.6	2.3	2.0	2.2	0.4	1.0
10. Short-term borrowings and financial leases	1,956.2	987.7	1,527.7	1,757.9	1,703.2	1,309.3	901.6	1,069.8	1,093.5	778.3	824.1	1,151.9
11. Provision for short-term liabilities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	81.8	28.6	60.0	61.1	61.3	21.5	45.9	46.4	46.8	13.4	55.2	55.5
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	11.4	10.8	11.2	11.0	11.2	11.5	11.7	11.5	11.6	10.4	10.3	9.8
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	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.8	0.8
8. Long-term borrowings and financial leases	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
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	10.5	9.9	10.3	10.2	10.3	10.7	10.9	10.6	10.7	9.5	9.5	8.9
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)	2,637.4	2,665.4	2,645.0	2,479.5	2,367.6	2,471.8	2,465.9	2,278.7	2,183.9	2,291.3	2,234.1	2,145.3
I. Owner's equity	2,637.4	2,665.4	2,645.0	2,479.5	2,367.6	2,471.8	2,465.9	2,278.7	2,183.9	2,291.3	2,234.1	2,145.3
1. Owner's capital	653.9	653.9	653.9	653.9	653.9	653.9	653.9	653.9	653.9	653.9	653.9	653.9
- Common stock with voting right VND per share	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00
- Preferred stock VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	593.7	593.7	593.7	593.7	593.7	593.7	593.7	593.7	593.7	593.7	593.7	593.7
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	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	37.3	37.3	37.3	37.3	37.3	—	0.0	0.0	0.0	0.0	0.0	0.0
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	1,052.0	1,088.6	1,064.7	906.3	809.1	917.9	920.1	810.0	730.4	830.9	781.1	698.7
- Accumulated retained earning at the end of the previous period	856.3	1,047.7	699.1	699.1	699.1	888.3	614.4	614.4	614.4	781.2	505.1	505.1
- Undistributed earnings in this period	195.7	40.9	365.7	207.2	110.1	29.6	305.7	195.6	116.0	49.7	276.0	193.6
12. Reserves for investment in construction	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	300.5	292.0	295.4	288.4	273.7	306.3	298.2	221.1	205.9	212.9	205.4	199.0
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)	5,462.2	4,459.3	4,867.2	4,840.8	4,613.6	4,163.0	3,774.9	3,706.9	3,602.4	3,503.2	3,344.4	3,594.9

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
Profit Before Tax	174.2	51.3	166.3	108.0	100.7	36.3	190.0	90.8	83.7	57.4	88.6	88.1
Depreciation of Fixed Assets and Investment Property	34.2	54.5	35.7	33.6	55.6	55.8	34.6	34.7	69.8	44.7	34.0	53.2
Provision (Increase)/Reversal	0.7	-0.5	0.2	-0.1	-0.3	-0.2	0.2	-0.1	1.2	-0.0	0.5	-0.1
FX Gain/Loss from Revaluation of Monetary Items	-3.0	-7.6	5.0	-7.0	-4.3	-6.3	-12.1	10.9	-6.5	-1.1	-13.1	8.0
Gain/Loss from Investment Activities	-60.1	-17.4	-19.1	-15.5	-19.4	-9.1	-11.2	17.9	-4.7	-4.2	-10.1	-2.8
Interest Expense	20.5	12.9	15.8	14.4	14.1	6.8	6.8	7.3	4.9	4.1	7.9	10.6
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	166.4	93.3	203.9	133.4	146.4	83.4	208.3	161.4	148.4	101.0	107.9	156.9
Increase/(Decrease) in Receivables	-89.3	116.8	660.4	-743.1	110.8	-321.9	691.7	-593.4	94.4	-286.1	443.9	-416.3
Increase/(Decrease) in Inventory	-416.0	-92.1	-232.1	624.8	-616.3	340.8	-227.7	679.0	-511.9	58.5	241.9	43.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.8	161.2	88.3	62.4	121.1	-0.5	49.8	32.3	-116.0	161.1	-15.1	41.1
Increase/(Decrease) in Prepaid Expenses	-5.8	18.2	-71.3	-1.2	19.5	15.7	-25.8	-30.3	28.9	31.6	19.9	-0.6
Changes in Trading Securities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-19.4	-13.6	-15.6	-14.4	-13.7	-6.8	-6.7	-7.4	-4.9	-4.0	-8.1	-10.6
Corporate Income Tax Paid	-0.2	-15.3	-0.0	0.0	0.0	-1.7	-2.2	0.0	0.0	-0.7	-1.0	-0.1
Other Operating Receipts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.3	-31.5	-1.1	-0.2	-1.3	-56.2	-0.5	-0.4	-6.3	-41.9	-0.2	-1.1
Net Cash Flow from Operating Activities	-358.9	237.0	632.4	61.8	-233.6	52.8	686.9	241.2	-367.3	19.6	789.2	-187.0
Payments for Fixed Assets and Other Long-term Assets	-34.1	9.7	26.0	-14.9	-26.2	-37.1	2.3	-2.4	-101.1	31.6	-63.0	-21.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.5	0.0	0.0	1.4	0.0	0.0	0.1	0.1	0.3	0.3
Loans and Purchases of Debt Instruments	—	-424.4	-818.7	-126.1	-95.1	-73.2	182.9	-54.6	-86.4	-41.9	-98.4	-217.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	104.8	79.4	-14.0	47.9	84.0	-342.9	72.1	53.9	217.0	72.6	0.6
Investments in Other Entities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	2.0	0.0
Dividends and Interest Income Received	47.8	10.9	10.8	15.7	17.2	9.8	8.3	-17.1	4.0	10.4	0.9	3.4
Increase/(Decrease) in Term Deposits	-882.2	—	—	—	—	—	174.4	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
Other Investing Receipts	—	—	—	—	—	—	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
Net Cash Flow from Investing Activities	-549.0	-298.9	-702.0	-139.3	-56.2	-15.2	24.9	-2.0	-129.5	217.2	-85.6	-234.5
Proceeds from Equity Issuance and Capital Contributions VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,000.1	219.0	324.8	480.1	744.4	488.0	-325.5	903.1	50.6	573.8	927.8	1,442.7
Repayment of Borrowings	-1,031.6	-759.0	-555.0	-425.5	-350.5	-80.3	157.3	-926.8	266.8	-621.7	-1,236.5	-1,189.8
Repayment of Finance Leases	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-147.7	—	0.0	0.0	-164.7	—	0.0	0.0	-151.1	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	—	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
Net Cash Flow from Financing Activities	820.7	-540.0	-230.1	54.7	229.2	407.7	-168.2	-23.8	166.2	-47.9	-308.8	252.9
Net Cash Flow During the Period	-87.1	-602.0	-299.7	-22.8	-60.6	445.3	543.6	215.4	-330.7	188.9	394.8	-168.6
Cash and Cash Equivalents at Beginning of Period	563.9	1,159.2	1,454.7	1,472.1	1,529.3	1,077.5	451.6	451.6	451.6	451.6	585.3	585.3
FX Difference from Revaluation	3.2	6.7	19.5	15.3	9.9	6.5	1.2	2.1	4.6	0.8	0.3	0.7
Cash and Cash Equivalents at End of Period	479.9	563.9	1,159.2	1,454.7	1,472.1	1,529.3	1,077.5	532.7	315.2	641.3	451.6	56.5

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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?