The financial statements of HAM

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
Revenue	3,372.6	3,063.9	3,154.1	4,041.6
Revenue Deductions	80.2	44.8	23.0	20.1
Net Revenue	3,292.4	3,019.1	3,131.0	4,021.6
Cost of Goods Sold	2,948.8	2,655.0	2,798.0	3,696.4
Gross Profit	343.6	364.1	333.0	325.1
Financial Income	10.7	11.0	14.1	10.6
Financial Expenses	37.8	39.5	53.6	50.4
Interest Expense	33.9	36.9	51.8	49.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	190.2	202.5	188.2	196.8
General and Administrative Expenses	87.7	86.3	64.2	56.0
Operating Profit	38.4	46.8	41.1	32.4
Other Income	26.6	10.8	4.7	2.6
Other Expenses	1.3	0.7	1.0	1.6
Other Profit	25.3	10.1	3.7	1.0
Profit Before Tax	63.8	56.9	44.8	33.4
Current Income Tax Expense	11.7	7.5	6.1	7.5
Deferred Income Tax Expense	0.7	0.6	-1.6	-0.3
Net Income	51.3	48.7	40.2	26.3
Non-controlling Interest	6.2	7.0	5.3	1.6
Profit Attributable to Parent	45.1	41.7	35.0	24.7
Earnings per Share VND per share	4,675.00	4,330.00	3,627.00	2,522.00
Diluted EPS VND per share	4,674.62	4,330.14	3,627.17	2,560.31

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	735.8	623.9	909.8	817.1
I. Cash and cash equivalents	75.3	75.8	243.2	217.6
1. Cash	55.3	61.2	82.7	90.2
2. Cash equivalents	20.0	14.6	160.5	127.4
II. Short-term financial investments	118.7	164.5	91.3	69.7
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	118.7	164.5	91.3	69.7
III. Short-term receivables	345.4	239.6	396.0	383.3
1. Short-term trade accounts receivable	261.9	244.0	313.2	263.9
2. Short-term prepayments to suppliers	16.4	13.8	66.9	118.5
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	137.2	42.2	59.9	35.1
7. Provision for short-term doubtful debts (*)	-70.1	-60.4	-44.0	-34.1
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	188.7	135.5	163.7	135.0
1. Inventories	189.3	135.5	163.7	135.0
2. Provision for decline in value of inventories	-0.6	0.0	0.0	0.0
V. Other short-term assets	7.7	8.5	15.5	11.5
1. Short-term prepayments	2.1	3.9	6.5	4.7
2. Value added tax to be reclaimed	3.7	2.9	7.4	6.4
3. Taxes and other receivables from state authorities	1.9	1.7	1.6	0.4
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	430.9	452.1	426.0	421.4
I. Long-term receivables	61.9	76.9	81.3	68.9
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	59.4	59.4	59.4	59.4
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	32.2	29.3	21.9	9.4
7. Provision for long-term doubtful debts	-29.7	-11.9	0.0	0.0
II. Fixed assets	324.9	339.8	316.6	330.1
1. Tangible fixed assets	218.1	230.6	205.3	217.3
- Cost	479.7	485.1	451.3	433.6
- Accumulated depreciation	-261.6	-254.6	-246.1	-216.3
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	106.8	109.2	111.4	112.8
- Cost	131.0	131.9	131.9	131.2
- Accumulated depreciation	-24.1	-22.6	-20.5	-18.4
III. Investment properties	8.1	8.5	7.6	8.1
- Cost	15.2	15.2	13.9	13.9
- Accumulated depreciation	-7.0	-6.7	-6.3	-5.9
IV. Long-term assets in progress	3.4	1.0	4.3	3.1
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	3.4	1.0	4.3	3.1
V. Long-term financial investments	8.7	4.5	4.5	4.5
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	8.7	4.5	4.5	4.5
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	23.8	21.5	11.6	6.7
1. Long-term prepayments	21.4	17.6	6.4	2.5
2. Deferred income tax assets	1.6	2.3	3.0	1.4
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	0.8	1.6	2.2	2.9
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,166.7	1,076.1	1,335.8	1,238.5
A. LIABILITIES (300=210+330)	848.5	790.5	1,082.2	1,014.4
I. Short -term liabilities	698.2	679.1	844.8	820.6
1. Short-term trade accounts payable	108.6	111.5	145.6	167.1
2. Short-term advances from customers	39.8	14.0	12.0	18.7
3. Taxes and other payables to state authorities	5.0	5.0	7.1	7.0
4. Payable to employees	28.1	30.9	25.5	18.9
5. Short-term acrrued expenses	3.7	11.1	13.0	7.6
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	0.6	0.5	0.3	0.4
9. Other short-term payables	26.1	30.2	20.1	14.7
10. Short-term borrowings and financial leases	478.4	469.4	617.8	583.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	7.9	6.4	3.6	2.7
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	150.3	111.5	237.3	193.8
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	15.5	13.0	61.7	51.7
8. Long-term borrowings and financial leases	134.8	98.5	175.6	142.1
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts) VND per share	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	318.3	285.5	253.6	224.1
I. Owner's equity	318.3	285.5	253.6	224.1
1. Owner's capital	96.4	96.4	96.4	96.4
- Common stock with voting right VND per share	96,380,610,000.00	96,380,610,000.00	96,380,610,000.00	96,380,610,000.00
- Preferred stock VND per share	—	0.00	0.00	0.00
2. Share premium	0.6	0.6	0.6	0.6
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares VND per share	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	20.0	20.0	20.0	15.1
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	163.2	132.1	104.0	83.9
- Accumulated retained earning at the end of the previous period	118.1	90.3	69.0	63.2
- Undistributed earnings in this period	45.1	41.7	35.0	20.7
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	38.1	36.4	32.6	28.2
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,166.7	1,076.1	1,335.8	1,238.5

Item	2025	2024	2023	2022
Profit Before Tax	63.8	56.7	44.8	33.4
Depreciation of Fixed Assets and Investment Property	42.7	42.6	43.2	43.5
Provision (Increase)/Reversal	28.1	28.3	9.9	4.5
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	-0.0
Gain/Loss from Investment Activities	-30.3	-17.0	-14.1	-4.9
Interest Expense	33.9	36.9	51.8	49.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	138.1	147.4	135.6	125.5
Increase/(Decrease) in Receivables	-96.7	146.9	-41.6	-247.6
Increase/(Decrease) in Inventory	-60.7	28.2	-28.7	146.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.4	-115.1	0.4	156.8
Increase/(Decrease) in Prepaid Expenses	-1.3	-7.9	-5.7	0.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-36.4	-33.7	-53.1	-47.9
Corporate Income Tax Paid	-11.4	-7.5	-4.7	-12.8
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-1.0	-1.3	-1.1	-2.0
Net Cash Flow from Operating Activities	-72.7	157.1	1.0	118.9
Payments for Fixed Assets and Other Long-term Assets	-34.3	-68.5	-27.5	-19.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	29.4	14.4	1.1	0.5
Loans and Purchases of Debt Instruments	-40.9	-172.8	-27.5	-14.7
Receipts from Loan Repayments and Sale of Debt Instruments	82.5	100.0	9.3	0.0
Investments in Other Entities	-0.6	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	10.0
Dividends and Interest Income Received	5.3	41.4	10.1	3.8
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	41.5	-85.6	-34.6	-20.2
Proceeds from Equity Issuance and Capital Contributions VND per share	—	0.00	0.00	3,000,000,000.00
Share Repurchases VND per share	—	0.00	0.00	0.00
Proceeds from Borrowings	3,081.6	3,439.4	3,188.5	3,227.1
Repayment of Borrowings	-3,036.3	-3,664.9	-3,120.8	-3,186.8
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-14.7	-13.4	-8.5	-11.3
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	30.6	-238.9	59.2	31.9
Net Cash Flow During the Period	-0.6	-167.3	25.6	130.6
Cash and Cash Equivalents at Beginning of Period	75.8	243.2	217.6	86.9
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	75.3	75.8	243.2	217.6

Item	Q2'26
Revenue	951.0
Revenue Deductions	25.7
Net Revenue	925.3
Cost of Goods Sold	807.1
Gross Profit	118.1
Financial Income	3.6
Financial Expenses	12.7
Interest Expense	11.9
Selling Expenses	62.4
General and Administrative Expenses	18.1
Operating Profit	28.6
Other Income	0.4
Other Expenses	0.5
Other Profit	-0.1
Profit Before Tax	28.5
Current Income Tax Expense	7.3
Deferred Income Tax Expense	-0.5
Net Income	21.6
Non-controlling Interest	2.6
Profit Attributable to Parent	19.0
Earnings per Share VND per share	1,273.44

Item	Q2'26
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	741.1
I. Cash and cash equivalents	62.2
1. Cash	62.2
II. Short-term financial investments	113.7
3. Held to maturity investments	113.7
III. Short-term receivables	327.7
1. Short-term trade accounts receivable	255.0
2. Short-term prepayments to suppliers	38.5
6. Other short-term receivables	107.4
7. Provision for short-term doubtful debts (*)	-73.2
IV. Inventories	210.2
1. Inventories	210.4
2. Provision for decline in value of inventories	-0.2
V. Other short-term assets	27.4
1. Short-term prepayments	4.3
2. Value added tax to be reclaimed	2.7
3. Taxes and other receivables from state authorities	0.3
5. Other short-term assets	20.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	413.0
I. Long-term receivables	61.6
2. Long-term prepayments to suppliers	59.4
6. Other long-term receivables	31.9
7. Provision for long-term doubtful debts	-29.7
II. Fixed assets	308.7
1. Tangible fixed assets	202.9
- Cost	478.7
- Accumulated depreciation	-275.8
3. Intangible fixed assets	105.8
- Cost	131.0
- Accumulated depreciation	-25.1
III. Investment properties	8.0
- Cost	15.2
- Accumulated depreciation	-7.2
IV. Long-term assets in progress	4.8
2. Construction in progress	4.8
V. Long-term financial investments	8.7
5. Held to maturity investments	8.7
VI. Other long-term assets	21.2
1. Long-term prepayments	18.4
2. Deferred income tax assets	2.1
5. Goodwill	0.7
TOTAL ASSETS (280=100+200)	1,154.1
A. LIABILITIES (300=210+330)	826.1
I. Short -term liabilities	686.7
1. Short-term trade accounts payable	104.6
2. Short-term advances from customers	33.8
3. Dividends and profits payable	-0.4
3. Taxes and other payables to state authorities	8.2
4. Payable to employees	12.7
5. Short-term acrrued expenses	15.0
8. Short-term unearned revenue	0.4
9. Other short-term payables	23.7
10. Short-term borrowings and financial leases	480.0
12.. Bonus and welfare fund	8.7
II. Long-term liabilities	139.4
7. Other long-term liabilities	15.7
8. Long-term borrowings and financial leases	123.7
B. OWNER'S EQUITY (400=410+430)	328.0
I. Owner's equity	328.0
1. Owner's capital	149.4
- Common stock with voting right VND per share	149,370,480,000.00
2. Share premium	0.6
11. Undistributed earnings after tax	156.3
- Accumulated retained earning at the end of the previous period	123.2
- Undistributed earnings in this period	33.1
13. Minority's interest	21.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,154.1

Item	Q2'26	Q4'25
Profit Before Tax	40.7	63.8
Depreciation of Fixed Assets and Investment Property	22.4	42.7
Provision (Increase)/Reversal	1.9	28.1
Gain/Loss from Investment Activities	-6.0	-30.3
Interest Expense	22.0	33.9
Operating Profit Before Changes in Working Capital	80.9	138.1
Increase/(Decrease) in Receivables	-33.5	-96.7
Increase/(Decrease) in Inventory	-21.2	-60.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.3	-3.4
Increase/(Decrease) in Prepaid Expenses	0.8	-1.3
Interest Paid	-22.0	-36.4
Corporate Income Tax Paid	-5.9	-11.4
Other Operating Payments	-0.5	-1.0
Net Cash Flow from Operating Activities	-7.6	-72.7
Payments for Fixed Assets and Other Long-term Assets	-8.0	-34.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	3.2	29.4
Loans and Purchases of Debt Instruments	8.0	-40.9
Receipts from Loan Repayments and Sale of Debt Instruments	2.0	82.5
Dividends and Interest Income Received	3.6	5.3
Net Cash Flow from Investing Activities	8.8	41.5
Proceeds from Equity Issuance and Capital Contributions VND per share	4,800,000,000.00	—
Proceeds from Borrowings	1,311.4	3,081.6
Repayment of Borrowings	-1,319.2	-3,036.3
Dividends Paid	-11.3	-14.7
Net Cash Flow from Financing Activities	-14.3	30.6
Net Cash Flow During the Period	-13.1	-0.6
Cash and Cash Equivalents at Beginning of Period	75.3	75.8
Cash and Cash Equivalents at End of Period	62.2	75.3

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