HPG

Tập đoàn Hòa Phát ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 12.38%, +3.80pp YoY

Price

24,150

Latest close

03 Jun 2026

P/E 8.44x

P/B 1.33x

EPS 2,860

BVPS 18,212

ROE 16.4%

ROA 8.6%

Profit Margin 12.3%

Asset Turnover 0.70x

Equity Mult. 1.89x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, HPG has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 171,395bn
	                                
+17.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 21,221bn
	                                
+69.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	156,116.1	138,855.1	118,953.0	141,409.3	149,679.8
Growth	+12%	+17%	-16%	-6%	—
Net Income	15,514.9	12,020.0	6,800.4	8,444.4	34,521.0
Net Margin	9.94%	8.66%	5.72%	5.97%	23.06%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	52,900.8	46,176.5	36,407.4	35,910.5	37,621.7	34,491.0	33,956.3	39,555.5	30,852.4	34,383.8	28,484.1	29,496.4
Growth	+15%	+27%	+1%	-5%	+9%	+2%	-14%	+28%	-10%	+21%	-3%	—
Net Income	9,055.9	3,888.3	4,012.3	4,264.5	3,349.8	2,809.6	3,021.7	3,319.6	2,869.2	2,969.0	2,000.4	1,447.8
Net Margin	17.12%	8.42%	11.02%	11.88%	8.90%	8.15%	8.90%	8.39%	9.30%	8.63%	7.02%	4.91%

Drivers of HPG's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 7,671.0bn

Financial income ↑ 5,273.6bn

Tax ↑ 1,881.2bn

Finance costs ↑ 1,621.8bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher financial income. Supporting and offsetting drivers:

Financial income ↑ 5,500.3bn

Gross profit ↑ 2,940.9bn

Tax ↑ 1,169.6bn

Finance costs ↑ 898.3bn

Selling expenses ↑ 607.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 11.2% = 8.6% × 0.68 × 1.93

2026Q1 16.5% = 12.4% × 0.70 × 1.89

ROE rose from 11.2% to 16.5% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 12.4% +3.8pp Asset turnover: 0.70x +0.03x Leverage: 1.89x -0.03x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 12.38%, rising 3.8pp. The main driver is Gross margin rose 2.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 2.3pp and Other profit / Revenue rose 0.0pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 12.38% +3.8pp

Gross Margin 16.01% +2.4pp

SG&A / Revenue 2.75% −0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 85.2 days.

Is capital being deployed efficiently?

ROIC expanded to 10.08%, rising 3.4pp. That translates to 10.08 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.8pp, with capital turnover broadly stable; while invested capital rose by 24,115bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 10.08% +3.4pp

NOPAT Margin 12.30% +3.8pp

Capital Turnover 0.82x +0.03x

Average Invested Capital 209,261.4bn +24,114.6bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 0.97x equity, net debt at 0.57x equity.

Inventory ended the period at 52,828.2bn, roughly 20.5% of total assets.

Over the last 12 months, working capital released 2,723.2bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −7,855.2bn

Inventories increased → lower CFO: −167.2bn

Payables increased → higher CFO: +10,745.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 17.0 days versus the same period last year. The main moves came from DIO fell 15.4 days, DSO rose 1.6 days, and DPO rose 3.2 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Receivables collection is slowing

DSO increased by +1.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 19.5 days +1.6 days

Inventory 114.5 days −15.4 days

Payables 48.8 days +3.2 days

Cash Conversion Cycle 85.2 days −17.0 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.57x and interest coverage at 4.51x.

At present, short-term debt accounts for 69.3% of total debt, cash equals 12.6% of debt, and total debt stands at 90,616.8bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 69.3% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 12.6%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.57x −0.13x

Interest Coverage 4.51x +0.85x

Cash / Debt 12.6% +4.3pp

Short-term Debt / Total Debt 69.3% −0.1pp

CFO / NI 1.28x +1.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 17,365.9bn in 2025, against investing cash flow of -25,814.4bn.

Post-investment cash flow was negative +8,448.5bn. Financing cash flow was positive +9,861.9bn.

CFO / net income was 1.28x.

After spending +25,069.3bn on fixed-asset investment, the business generated trailing free cash flow of +1,891.2bn.

Cash Conversion

CFO TTM 26,960.6bn +23,460.6bn

Cash Capex 25,069.3bn −1,780.3bn

FCF TTM +1,891.2bn +25,240.9bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 3.8 pp. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.38% after expanding 3.8pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	158,332.3	140,561.4	120,355.2	142,770.8	150,865.4
Revenue Deductions	2,216.2	1,706.3	1,402.2	1,361.5	0.0
Net Revenue	156,116.1	138,855.1	118,953.0	141,409.3	149,679.8
Cost of Goods Sold	131,618.3	120,357.6	106,015.2	124,645.8	0.0
Gross Profit	24,497.8	18,497.5	12,937.8	16,763.4	41,108.4
Financial Income	2,081.8	2,618.9	3,173.1	3,743.7	3,080.8
Financial Expenses	4,603.6	3,966.6	5,191.5	7,026.7	-3,740.9
Interest Expense	3,114.9	2,287.4	3,585.1	3,083.6	-2,525.8
Share of Associates and Joint Ventures	—	0.0	0.0	-1.1	4.5
Selling Expenses	2,633.6	2,337.3	1,961.4	2,665.8	-2,120.1
General and Administrative Expenses	1,436.5	1,545.5	1,307.3	1,019.4	-1,324.3
Operating Profit	17,905.8	13,267.0	7,650.8	9,794.0	37,008.4
Other Income	305.6	1,159.8	772.0	872.0	0.0
Other Expenses	170.8	733.3	630.0	743.1	0.0
Other Profit	134.8	426.5	142.0	128.9	48.3
Profit Before Tax	18,040.6	13,693.5	7,792.7	9,922.9	37,056.8
Current Income Tax Expense	2,574.2	1,765.8	1,073.6	1,001.0	-2,535.8
Deferred Income Tax Expense	-48.6	-92.3	-81.2	477.5	0.0
Net Income	15,514.9	12,020.0	6,800.4	8,444.4	34,521.0
Non-controlling Interest	61.8	-1.4	-34.7	-39.1	42.8
Profit Attributable to Parent	15,453.2	12,021.4	6,835.1	8,483.5	34,478.1
Earnings per Share	1,973.00	1,751.00	1,117.00	1,452.00	7,708.19
Diluted EPS	2,013.32	1,879.45	1,175.46	1,458.95	7,708.19

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	103,659.4	86,674.3	82,716.4	80,514.7	94,154.4
I. Cash and cash equivalents	8,300.9	6,887.6	12,252.0	8,324.6	22,471.4
1. Cash	4,602.0	2,919.5	3,771.6	3,458.0	0.0
2. Cash equivalents	3,698.8	3,968.1	8,480.4	4,866.5	0.0
II. Short-term financial investments	19,484.4	18,974.7	22,177.3	26,268.2	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	19,484.4	18,974.7	22,177.3	26,268.2	0.0
III. Short-term receivables	15,042.3	7,647.8	10,702.1	9,892.9	7,662.2
1. Short-term trade accounts receivable	10,971.8	4,352.1	5,999.5	2,958.6	0.0
2. Short-term prepayments to suppliers	1,878.1	2,118.8	2,583.9	5,366.3	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	—	87.5	203.6	124.2	0.0
6. Other short-term receivables	2,318.3	1,249.0	1,961.6	1,483.0	0.0
7. Provision for short-term doubtful debts (*)	-132.5	-160.0	-46.6	-41.1	0.0
8. Assets awaiting resolution	6.7	0.4	0.1	1.9	0.0
IV. Inventories	52,828.2	46,091.2	34,504.5	34,491.1	42,134.5
1. Inventories	52,892.3	46,192.3	34,628.4	35,727.3	0.0
2. Provision for decline in value of inventories	-64.0	-101.1	-123.9	-1,236.2	0.0
V. Other short-term assets	8,003.5	7,072.9	3,080.5	1,537.9	3,650.2
1. Short-term prepayments	567.3	426.1	330.8	320.1	0.0
2. Value added tax to be reclaimed	7,429.9	6,636.7	2,738.0	1,117.6	0.0
3. Taxes and other receivables from state authorities	6.4	10.1	11.7	100.2	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)	154,239.8	137,815.4	105,066.1	89,820.8	84,081.6
I. Long-term receivables	290.3	923.4	1,880.9	894.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	809.2
2. Long-term prepayments to suppliers	41.4	82.8	1,004.5	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	95.4	101.7	0.0
6. Other long-term receivables	248.9	840.6	781.1	792.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	133,608.1	67,428.4	71,998.4	70,832.9	69,280.8
1. Tangible fixed assets	133,420.8	67,244.2	71,787.3	70,199.2	68,744.1
- Cost	182,308.7	108,146.6	106,923.1	98,976.4	0.0
- Accumulated depreciation	-48,887.8	-40,902.4	-35,135.9	-28,777.2	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	187.2	184.2	211.1	633.8	536.7
- Cost	394.8	367.1	357.0	744.5	0.0
- Accumulated depreciation	-207.5	-182.8	-145.9	-110.8	0.0
III. Investment properties	528.2	559.6	593.9	629.1	548.2
- Cost	863.6	860.5	859.7	859.7	0.0
- Accumulated depreciation	-335.4	-301.0	-265.7	-230.6	0.0
IV. Long-term assets in progress	10,869.9	63,750.7	26,098.9	13,363.3	10,017.9
1. Long-term production in progress	148.8	94.9	46.4	29.0	0.0
2. Construction in progress	10,721.1	63,655.9	26,052.6	13,334.3	0.0
V. Long-term financial investments	2,248.0	136.5	40.0	0.7	6.7
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	0.7	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	2,248.0	136.5	40.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	6,695.3	5,016.8	4,454.0	4,100.3	0.0
1. Long-term prepayments	6,003.6	4,269.1	4,215.0	3,929.2	0.0
2. Deferred income tax assets	305.0	254.7	163.1	83.1	0.0
3. Long-term equipment, supplies, spare parts	335.2	429.4	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	3,418.7
5. Goodwill	51.5	63.6	75.9	88.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	257,899.2	224,489.7	187,782.6	170,335.5	178,236.0
A. LIABILITIES (300=210+330)	126,679.2	109,842.2	84,946.2	74,222.6	87,455.8
I. Short -term liabilities	94,186.3	75,225.2	71,513.5	62,385.4	73,459.3
1. Short-term trade accounts payable	21,183.4	14,046.8	12,387.5	11,107.2	23,729.1
2. Short-term advances from customers	839.6	739.2	741.7	860.8	788.0
3. Taxes and other payables to state authorities	2,377.4	1,743.4	945.4	648.4	0.0
4. Payable to employees	995.9	890.9	403.4	306.2	0.0
5. Short-term acrrued expenses	939.3	682.1	477.1	460.5	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	152.5	11.1	10.0	17.0	17.0
9. Other short-term payables	2,011.8	188.1	183.0	418.5	0.0
10. Short-term borrowings and financial leases	64,695.0	55,882.7	54,981.9	46,748.7	43,747.6
11. Provision for short-term liabilities	15.4	13.7	8.1	5.2	0.0
12.. Bonus and welfare fund	975.9	1,027.3	1,375.5	1,813.0	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	32,492.9	34,617.0	13,432.7	11,837.2	13,996.5
1. Long-term trade payables	4,237.9	6,283.6	2,324.3	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	607.4	1,143.7	610.6	531.6	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	0.2	4.1	8.8
7. Other long-term liabilities	18.0	12.5	13.4	61.0	0.0
8. Long-term borrowings and financial leases	27,479.2	27,080.4	10,399.1	11,151.7	13,464.9
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	31.0	29.3	30.0	31.2	0.0
12. Provision for long-term liabilities	119.4	67.5	55.2	57.6	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)	131,220.0	114,647.5	102,836.4	96,112.9	90,780.2
I. Owner's equity	131,220.0	114,647.5	102,836.4	96,112.9	0.0
1. Owner's capital	76,754.7	63,962.5	58,147.9	58,147.9	90,780.2
- Common stock with voting right	76,754,658,550,000.00	63,962,502,000,000.00	58,147,857,000,000.00	58,147,857,000,000.00	44,729,227,060,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	3,211.6	3,211.6	3,211.6
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	—	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	-20.7	0.0
8. Investment and development fund	1,388.4	794.8	818.2	834.8	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	51,037.9	49,599.1	40,593.0	33,833.8	41,763.0
- Accumulated retained earning at the end of the previous period	35,657.3	37,624.3	33,796.2	25,350.3	34,335.5
- Undistributed earnings in this period	15,380.6	11,974.9	6,796.9	8,483.5	7,427.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2,039.0	291.0	65.8	105.6	154.8
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)	257,899.2	224,489.7	187,782.6	170,335.5	178,236.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	18,040.6	13,693.5	7,792.7	9,922.9	37,056.8
Depreciation of Fixed Assets and Investment Property	8,470.7	6,915.7	6,761.9	6,772.1	6,086.6
Provision (Increase)/Reversal	-49.8	108.5	-1,094.2	1,010.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	349.6	173.5	291.2	334.0	0.0
Gain/Loss from Investment Activities	-1,298.9	-1,718.3	-1,927.8	-1,832.3	0.0
Interest Expense	3,114.9	2,287.4	3,585.1	3,083.6	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	—	12.3	12.1	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	28,627.1	21,472.5	15,421.0	19,291.3	44,543.6
Increase/(Decrease) in Receivables	-8,743.1	-1,818.7	-5,601.9	4,711.1	0.0
Increase/(Decrease) in Inventory	-7,241.8	-10,759.8	1,026.3	8,023.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	11,393.2	1,994.4	2,609.5	-14,666.4	0.0
Increase/(Decrease) in Prepaid Expenses	-1,682.7	-227.7	-87.8	2.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2,884.2	-2,332.4	-3,647.3	-3,061.1	0.0
Corporate Income Tax Paid	-1,994.8	-936.8	-560.0	-1,246.3	0.0
Other Operating Receipts	439.0	0.4	0.0	0.0	0.0
Other Operating Payments	-546.8	-783.6	-516.9	-776.8	0.0
Net Cash Flow from Operating Activities	17,365.9	6,608.3	8,643.0	12,277.6	27,466.2
Payments for Fixed Assets and Other Long-term Assets	-25,748.3	-35,495.0	-17,373.9	-17,887.5	-12,115.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	68.8	1,253.6	206.5	21.7	65.6
Loans and Purchases of Debt Instruments	-30,319.8	-28,505.5	-39,803.5	-55,505.8	-41,242.0
Receipts from Loan Repayments and Sale of Debt Instruments	27,786.1	31,587.7	43,279.8	47,412.5	31,256.9
Investments in Other Entities	-444.1	0.0	0.0	-371.6	0.0
Proceeds from Investments in Other Entities	1,605.7	31.2	-526.1	6.7	0.0
Dividends and Interest Income Received	1,237.2	1,339.9	2,222.2	1,697.8	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	-25,814.4	-29,788.1	-11,995.1	-24,626.2	-20,404.0
Proceeds from Equity Issuance and Capital Contributions	687,500,000,000.00	233,136,000,000.00	700,000,000.00	4,075,000,000.00	10,630,000,000.00
Share Repurchases	-55,020,000.00	-119,560,000.00	-2,343,640,000.00	0.00	0.00
Proceeds from Borrowings	149,549.0	174,465.6	127,232.9	135,250.0	124,733.4
Repayment of Borrowings	-140,338.0	-156,878.9	-119,947.6	-134,770.6	-121,310.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-36.5	-5.0	-8.0	-2,261.5	-1,703.7
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	9,861.9	17,814.7	7,275.6	-1,778.0	1,729.4
Net Cash Flow During the Period	1,413.4	-5,365.1	3,923.6	-14,126.6	9,095.1
Cash and Cash Equivalents at Beginning of Period	6,887.6	12,252.0	8,324.6	22,471.4	13,696.1
FX Difference from Revaluation	-0.2	0.8	3.9	-20.2	-16.3
Cash and Cash Equivalents at End of Period	8,300.9	6,887.6	12,252.0	8,324.6	22,471.4

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
Revenue	53,312.9	47,301.6	36,793.9	36,286.2	37,950.6	35,232.2	34,300.4	39,936.3	31,092.6	34,924.6	28,765.7	29,799.5
Revenue Deductions	412.1	1,125.1	386.5	375.7	329.0	741.2	344.1	380.8	240.2	540.8	281.6	303.1
Net Revenue	52,900.8	46,176.5	36,407.4	35,910.5	37,621.7	34,491.0	33,956.3	39,555.5	30,852.4	34,383.8	28,484.1	29,496.4
Cost of Goods Sold	44,535.8	39,779.8	30,320.2	29,320.8	32,197.5	30,126.1	29,225.1	34,308.0	26,698.4	29,912.2	24,889.3	26,301.4
Gross Profit	8,365.1	6,396.7	6,087.3	6,589.7	5,424.2	4,364.9	4,731.2	5,247.5	4,154.0	4,471.6	3,594.8	3,195.0
Financial Income	5,938.3	437.3	711.9	498.2	438.1	700.6	528.5	645.1	752.0	732.3	850.6	740.2
Financial Expenses	1,868.8	1,584.0	1,073.2	979.5	970.6	1,015.1	832.9	1,065.1	1,060.6	1,127.4	1,438.4	1,348.8
Interest Expense	1,333.4	1,236.5	812.2	439.1	627.0	562.5	525.1	564.1	635.6	710.9	856.0	1,028.6
Share of Associates and Joint Ventures	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1,345.0	271.5	799.0	825.4	737.8	230.2	720.2	746.5	640.4	366.7	577.8	539.8
General and Administrative Expenses	385.9	411.0	356.0	322.3	347.2	517.3	321.5	389.4	317.3	394.2	301.0	331.6
Operating Profit	10,704.0	4,567.4	4,571.0	4,960.8	3,806.6	3,302.8	3,385.0	3,691.5	2,887.7	3,315.6	2,128.2	1,715.0
Other Income	100.0	115.0	78.0	-41.4	154.0	225.3	220.9	205.2	508.4	231.7	203.2	190.6
Other Expenses	41.8	82.3	20.7	-53.0	120.8	241.4	193.5	163.5	134.8	162.8	157.2	203.7
Other Profit	58.2	32.7	57.3	11.6	33.2	-16.1	27.4	41.7	373.5	68.9	46.0	-13.1
Profit Before Tax	10,762.2	4,600.1	4,628.3	4,972.4	3,839.8	3,286.7	3,412.4	3,733.2	3,261.2	3,384.6	2,174.2	1,701.9
Current Income Tax Expense	1,681.9	744.7	632.8	684.4	512.3	503.2	427.8	419.3	415.5	356.4	214.4	207.4
Deferred Income Tax Expense	24.4	-33.0	-16.7	23.5	-22.3	-26.1	-37.1	-5.6	-23.4	59.2	-40.5	46.7
Net Income	9,055.9	3,888.3	4,012.3	4,264.5	3,349.8	2,809.6	3,021.7	3,319.6	2,869.2	2,969.0	2,000.4	1,447.8
Non-controlling Interest	61.9	27.4	23.9	7.8	5.5	2.8	-1.3	0.3	-1.4	-3.8	-4.4	-12.2
Profit Attributable to Parent	8,994.0	3,861.0	3,988.3	4,256.8	3,344.3	2,806.8	3,022.9	3,319.3	2,870.6	2,972.8	2,004.7	1,460.0
Earnings per Share	1,171.79	503.03	519.62	665.51	522.85	438.82	472.61	518.94	493.67	511.24	344.77	251.09
Diluted EPS	1,171.79	503.03	519.62	665.51	522.85	438.82	472.61	518.94	493.67	511.24	344.77	251.09

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
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	104,365.2	103,682.0	95,426.0	97,606.1	88,914.2	87,078.6	80,841.8	84,466.8	94,032.5	82,716.4	78,482.6	84,954.3
I. Cash and cash equivalents	11,455.2	8,300.9	9,092.6	10,688.0	7,459.0	6,887.6	8,501.0	13,032.0	12,428.9	12,267.4	9,696.7	13,252.9
1. Cash	3,614.8	4,602.0	2,690.5	3,313.8	3,099.0	2,919.5	2,781.7	5,550.3	6,476.0	3,771.6	5,978.9	4,042.3
2. Cash equivalents	7,840.4	3,698.8	6,402.1	7,374.2	4,360.1	3,968.1	5,719.3	7,481.7	5,952.9	8,495.8	3,717.8	9,210.6
II. Short-term financial investments	24,267.5	19,484.4	18,903.9	17,584.0	16,212.5	18,974.7	16,386.8	15,314.7	22,271.4	22,161.9	19,957.2	22,848.2
1. Available for sale securities	—	—	—	—	—	0.0	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	0.0
3. Held to maturity investments	24,267.5	19,484.4	18,903.9	17,584.0	16,212.5	18,974.7	16,386.8	15,314.7	22,271.4	22,161.9	19,957.2	22,848.2
III. Short-term receivables	16,692.8	15,064.7	13,727.2	12,327.1	10,856.1	7,622.4	9,140.9	10,392.8	12,105.1	10,702.1	12,506.1	14,349.4
1. Short-term trade accounts receivable	10,919.2	10,994.2	7,979.3	8,194.0	7,405.2	4,352.1	4,980.7	6,754.2	6,913.3	5,999.5	4,016.3	5,125.7
2. Short-term prepayments to suppliers	3,188.3	1,878.1	4,219.9	2,756.0	2,349.2	2,119.8	2,948.4	2,112.1	3,486.3	2,583.9	6,382.8	7,165.3
3. Short-term inter-company receivables	—	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	65.1	97.1	89.6	87.5	318.5	237.5	238.6	203.6	204.3	199.0
6. Other short-term receivables	2,710.8	2,318.3	1,614.0	1,437.4	1,170.3	1,222.6	938.8	1,334.6	1,513.7	1,961.6	1,944.1	1,900.4
7. Provision for short-term doubtful debts (*)	-132.3	-132.5	-158.3	-158.0	-158.6	-160.0	-46.7	-46.6	-46.9	-46.6	-42.1	-42.4
8. Assets awaiting resolution	6.8	6.7	7.2	0.6	0.4	0.4	1.2	1.1	0.2	0.1	0.8	1.4
IV. Inventories	43,515.6	52,828.2	45,623.7	48,853.4	46,603.8	46,520.6	40,197.8	40,163.5	42,714.3	34,504.5	33,524.0	32,001.6
1. Inventories	43,571.8	52,892.3	45,675.7	48,900.3	46,713.9	46,621.7	40,480.7	40,454.4	42,846.3	34,628.4	33,797.4	32,261.0
2. Provision for decline in value of inventories	-56.2	-64.0	-52.1	-46.9	-110.1	-101.1	-282.9	-290.9	-132.1	-123.9	-273.4	-259.4
V. Short-term Biological Assets	440.2	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	442.2	—	—	—	—	—	—	—	—	—	—	—
2. Short-term seasonal or single-harvest crops	3.6	—	—	—	—	—	—	—	—	—	—	—
3. Provision for impairment of short-term biological assets	-5.6	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	7,993.9	8,003.8	8,078.6	8,153.5	7,782.8	7,073.2	6,615.2	5,563.8	4,512.8	3,080.5	2,798.5	2,502.3
1. Short-term prepayments	458.7	567.6	688.8	504.0	367.9	426.1	485.2	441.1	424.8	330.8	430.2	365.0
2. Value added tax to be reclaimed	7,523.4	7,429.9	7,385.4	7,643.8	7,402.3	6,637.0	6,119.9	5,109.3	4,074.6	2,738.0	2,281.5	2,045.4
3. Taxes and other receivables from state authorities	11.8	6.4	4.4	5.7	12.5	10.1	10.2	13.4	13.4	11.7	86.9	91.9
4. Government bonds	—	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	154,962.3	154,239.5	150,745.4	144,618.5	139,947.4	137,411.1	130,544.5	122,142.2	107,907.8	105,066.1	95,024.4	91,339.8
I. Long-term receivables	548.1	290.3	849.8	908.3	920.7	949.8	1,031.1	1,119.5	1,313.7	1,880.9	893.1	898.9
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	269.1	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	39.8	41.4	24.2	73.4	72.7	82.8	189.5	0.0	440.5	1,004.5	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	95.4	95.4	95.7	101.7
6. Other long-term receivables	508.3	248.9	825.6	834.9	848.0	867.0	841.7	850.4	777.9	781.1	797.4	797.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	134,574.4	133,608.1	104,711.3	65,303.0	85,838.1	67,428.4	68,475.6	70,074.7	71,016.0	72,014.5	72,782.3	68,933.9
1. Tangible fixed assets	134,372.6	133,420.8	104,533.2	65,120.5	85,662.9	67,244.2	68,286.0	69,881.2	70,813.4	71,803.4	72,210.9	68,318.9
- Cost	185,926.0	—	—	—	—	108,147.0	108,153.9	108,076.9	107,336.0	106,939.3	105,727.5	100,244.4
- Accumulated depreciation	-51,553.4	—	—	—	—	-40,902.9	-39,867.9	-38,195.7	-36,522.6	-35,135.9	-33,516.5	-31,925.5
2. Financial leased fixed assets	—	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	201.8	187.2	178.0	182.5	175.3	184.2	189.6	193.5	202.7	211.1	571.4	615.0
- Cost	413.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-211.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	182.9	—	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	182.9	—	—	—	—	—	—	—	—	—	—	—
a) Immature bearer livestock	53.7	—	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	129.2	—	—	—	—	—	—	—	—	—	—	—
- Cost	253.0	—	—	—	—	—	—	—	—	—	—	—
- Accumulated depreciation (*)	-123.8	—	—	—	—	—	—	—	—	—	—	—
III. Investment properties	519.7	528.2	536.7	544.4	552.8	559.6	568.0	576.5	585.1	593.9	602.7	611.5
- Cost	850.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-331.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	10,724.0	10,869.9	39,567.6	72,821.6	47,620.3	63,749.4	55,690.4	45,361.0	30,175.3	26,082.8	16,464.7	16,702.6
1. Long-term production in progress	395.3	148.8	82.7	117.8	113.3	94.9	94.5	63.4	62.3	46.4	35.3	32.3
2. Construction in progress	10,328.7	10,721.1	39,484.9	72,703.7	47,507.1	63,654.6	55,595.9	45,297.5	30,113.1	26,036.4	16,429.4	16,670.3
V. Long-term financial investments	1,860.3	2,248.0	0.3	—	—	136.5	136.5	136.5	0.0	40.0	40.0	0.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,860.3	—	—	—	—	0.0	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	0.7
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	2,248.0	0.3	—	—	136.5	136.5	136.5	0.0	40.0	40.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	6,552.9	6,695.1	5,079.8	5,041.3	5,015.4	4,587.4	4,642.8	4,874.2	4,744.6	4,378.1	4,162.8	4,110.2
1. Long-term prepayments	5,906.1	6,003.4	4,390.5	4,338.7	4,261.9	4,269.1	4,347.2	4,612.5	4,558.3	4,215.0	3,940.4	3,928.2
2. Deferred income tax assets	280.8	305.0	271.3	253.9	276.8	254.7	228.7	191.8	186.3	163.1	222.4	182.1
3. Long-term equipment, supplies, spare parts	317.5	335.2	365.8	391.0	416.1	0.0	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	0.0
5. Goodwill	48.5	51.5	52.1	57.6	60.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	63.6	66.8	69.9	72.9	75.9	78.9	82.0
TOTAL ASSETS (280=100+200)	259,327.5	257,921.6	246,171.3	242,224.5	228,861.6	224,489.7	211,386.3	206,609.1	201,940.2	187,782.6	173,507.0	176,294.1
A. LIABILITIES (300=210+330)	119,545.7	126,701.6	118,655.3	119,865.0	110,864.7	109,842.2	99,607.2	97,932.5	96,315.6	84,946.2	73,641.8	78,433.8
I. Short -term liabilities	86,369.8	94,208.6	83,163.3	86,411.6	77,298.5	75,503.4	68,995.1	73,551.2	79,314.5	71,513.5	64,117.1	68,735.4
1. Short-term trade accounts payable	17,164.2	21,183.4	8,529.8	18,548.1	11,710.0	14,109.5	9,950.7	15,940.0	14,701.1	12,387.5	10,868.9	13,160.0
2. Short-term advances from customers	1,667.1	862.0	619.2	306.7	570.6	739.2	440.6	482.3	340.8	741.7	440.3	475.0
3. Dividends and profits payable	5.8	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1,909.5	2,377.4	2,106.8	1,381.6	598.7	1,742.7	1,438.5	895.4	487.5	945.4	810.5	603.8
4. Payable to employees	343.8	995.9	317.7	272.4	284.2	890.9	277.4	265.4	322.3	403.4	233.2	200.7
5. Short-term acrrued expenses	1,300.6	939.3	1,399.3	1,119.7	947.0	682.1	1,078.4	1,036.0	683.9	477.1	597.0	559.3
6. Short-term inter-company payables	—	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	60.3	152.5	46.1	34.9	55.5	11.1	192.7	26.5	46.4	10.0	70.7	33.8
9. Other short-term payables	348.2	2,011.8	544.9	305.8	525.8	404.3	245.6	332.7	193.4	183.0	381.2	361.0
10. Short-term borrowings and financial leases	62,799.6	64,695.0	68,482.4	63,264.5	61,784.5	55,882.7	54,180.7	53,315.3	61,438.3	54,981.9	49,237.6	51,748.3
11. Provision for short-term liabilities	14.2	15.4	11.9	15.1	15.1	13.7	11.3	5.8	6.8	8.1	6.3	5.3
12.. Bonus and welfare fund	756.5	975.9	1,105.1	1,162.7	807.0	1,027.3	1,179.3	1,251.9	1,094.1	1,375.5	1,471.5	1,588.2
13. Price stabilization fund	—	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	33,175.9	32,492.9	35,492.1	33,453.4	33,566.2	34,338.8	30,612.1	24,381.3	17,001.2	13,432.7	9,524.7	9,698.4
1. Long-term trade payables	4,560.8	4,237.9	6,536.8	5,284.8	5,024.6	6,005.4	4,947.0	3,797.0	0.0	2,324.3	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	625.8	649.5	473.8	730.1	1,174.9	1,143.7	1,042.0	802.0	818.4	610.6	649.4	652.2
4. Inter-company payables on business capital	—	—	—	—	—	0.0	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	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.2	0.2	0.2	0.2	4.1	4.1
7. Other long-term liabilities	18.1	18.0	15.4	14.0	12.6	12.5	13.4	14.4	14.0	13.4	23.3	60.9
8. Long-term borrowings and financial leases	27,817.3	27,479.2	28,356.1	27,326.8	27,257.0	27,080.4	24,517.6	19,675.0	16,080.1	10,399.1	8,744.6	8,878.9
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	31.2	31.0	30.3	29.7	29.1	29.3	29.5	29.7	29.8	30.0	30.1	30.3
12. Provision for long-term liabilities	122.6	77.2	79.7	68.1	68.1	67.5	62.4	63.1	58.6	55.2	73.2	72.0
13. Fund for technology development	—	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	139,781.8	131,220.0	127,516.0	122,359.5	117,996.9	114,647.5	111,779.1	108,676.6	105,624.6	102,836.4	99,865.2	97,860.3
I. Owner's equity	139,781.8	131,220.0	127,516.0	122,359.5	117,996.9	114,647.5	111,779.1	108,676.6	105,624.6	102,836.4	99,865.2	97,860.3
1. Owner's capital	76,754.7	76,754.7	76,754.7	63,962.5	63,962.5	63,962.5	63,962.5	63,962.6	58,147.9	58,147.9	58,147.9	58,147.9
- Common stock with voting right	76,754,658,550,000.00	76,754,658,550,000.00	76,754,658,550,000.00	63,962,502,000,000.00	63,962,502,000,000.00	63,962,502,000,000.00	63,962,502,000,000.00	63,962,642,700,000.00	58,147,857,000,000.00	58,147,857,000,000.00	58,147,857,000,000.00	58,147,857,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	911.9	—	—	—	—	0.0	0.0	0.0	3,211.6	3,211.6	3,211.6	3,211.6
3. Convertible bond option	—	—	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	—	—	0.00	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	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-24.2	-28.5
8. Investment and development fund	1,388.4	1,388.4	1,394.8	1,394.8	794.8	815.6	818.2	818.2	818.2	818.2	820.0	823.6
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	59,889.6	51,034.8	47,288.2	56,176.9	52,943.6	49,576.5	46,809.2	43,793.1	43,342.9	40,593.0	37,638.0	35,628.8
- Accumulated retained earning at the end of the previous period	50,895.6	47,173.8	43,299.9	51,920.2	49,599.3	46,769.7	43,786.3	40,473.9	40,472.3	37,620.3	35,633.2	34,168.7
- Undistributed earnings in this period	8,994.0	3,861.0	3,988.3	4,256.8	3,344.3	2,806.8	3,022.9	3,319.3	2,870.6	2,972.8	2,004.7	1,460.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	837.2	2,042.1	2,078.3	825.2	295.9	292.8	189.2	102.6	104.1	65.8	72.0	77.0
14. Financial reserves	—	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	259,327.5	257,921.6	246,171.3	242,224.5	228,861.6	224,489.7	211,386.3	206,609.1	201,940.2	187,782.6	173,507.0	176,294.1

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	10,762.2	4,600.1	4,628.3	4,972.4	3,839.8	3,286.7	3,412.4	3,733.2	3,261.2	3,384.6	2,174.2	1,701.9
Depreciation of Fixed Assets and Investment Property	2,854.2	2,882.7	2,169.2	1,617.2	1,801.6	1,750.7	1,771.2	1,729.6	1,721.8	1,729.6	1,721.8	1,662.4
Provision (Increase)/Reversal	-0.4	-12.1	10.9	-59.9	11.3	-61.0	-3.2	162.0	10.7	-149.3	16.0	-19.8
FX Gain/Loss from Revaluation of Monetary Items	-93.2	-36.1	-56.8	309.9	132.6	55.9	-206.8	-30.3	182.8	-152.4	327.2	186.7
Gain/Loss from Investment Activities	-5,113.3	-293.8	-454.5	-305.8	-244.7	-303.5	103.0	406.3	-1,462.3	-818.4	0.7	807.6
Interest Expense	1,333.4	1,236.5	812.2	439.1	627.0	562.5	525.1	564.1	635.6	710.9	856.0	1,028.6
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	-6.0	6.0	0.0	12.1	-6.0	6.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	9,742.9	8,377.3	7,109.2	6,972.9	6,167.6	5,291.3	5,595.7	6,571.1	4,349.8	4,717.1	5,089.8	5,373.3
Increase/(Decrease) in Receivables	-3,247.1	-2,605.1	-167.6	-1,835.4	-4,135.0	635.5	377.5	-618.2	-2,549.9	-2,358.2	1,302.2	-732.9
Increase/(Decrease) in Inventory	6,689.9	-7,580.6	3,191.7	-2,468.3	-384.6	-6,210.0	-3,510.8	811.0	-1,850.1	-897.2	-1,539.5	2,333.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2,632.3	12,796.4	-812.6	1,394.1	-1,984.7	4,435.1	-1,584.9	-3,565.9	3,121.9	4,083.9	-3,179.8	-1,147.2
Increase/(Decrease) in Prepaid Expenses	101.7	-1,247.1	-253.6	-230.9	49.0	136.6	46.6	46.8	-450.4	-27.8	2.5	-180.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1,339.1	-1,142.6	-667.9	-474.0	-599.8	-529.6	-567.7	-613.5	-621.5	-721.2	-894.6	-1,022.6
Corporate Income Tax Paid	-2,210.1	-282.4	-36.3	-5.9	-1,670.3	-51.6	-12.4	-23.6	-849.1	-116.1	-27.4	-9.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-289.2	-190.6	-68.5	-67.5	-220.1	-194.0	-79.4	-107.8	-402.0	-98.9	-120.2	-82.7
Net Cash Flow from Operating Activities	6,816.8	8,564.3	8,294.4	3,285.1	-2,777.9	3,513.3	264.6	2,500.0	748.6	4,581.7	633.0	4,531.3
Payments for Fixed Assets and Other Long-term Assets	-5,489.8	-1,885.6	-13,174.6	-4,519.3	-6,168.9	-7,240.6	-9,401.6	-4,038.6	-14,797.8	-7,395.2	-4,360.8	-2,799.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	5.1	29.7	3.2	27.6	8.3	21.5	-332.6	2.8	1,139.7	150.0	43.5	-72.8
Loans and Purchases of Debt Instruments	-15,410.5	-9,695.3	-5,995.4	-9,102.7	-5,526.3	-6,949.1	-6,770.7	-6,908.4	-8,465.8	-12,302.7	-7,534.3	-8,820.2
Receipts from Loan Repayments and Sale of Debt Instruments	9,808.3	6,932.2	4,707.2	7,723.7	8,422.9	4,347.1	5,612.3	13,728.7	8,374.7	9,582.0	10,386.0	13,396.1
Investments in Other Entities	-1,860.0	—	—	—	—	257.9	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	9,754.5	1,155.0	209.0	15.0	226.7	0.0	0.0	0.0	0.0	-526.1	0.0	0.0
Dividends and Interest Income Received	271.1	229.5	383.2	315.8	308.7	124.7	305.8	-278.7	1,125.3	924.3	188.3	-681.5
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	-2,921.3	-3,607.7	-13,938.2	-5,540.0	-2,728.5	-9,438.5	-10,586.8	2,505.8	-12,624.0	-9,567.7	-1,277.3	1,022.4
Proceeds from Equity Issuance and Capital Contributions	906,464,079,800.00	—	—	—	—	103,000,000,000.00	90,136,000,000.00	0.00	40,000,000,000.00	200,000,000.00	0.00	0.00
Share Repurchases	-133,022,500,000.00	—	—	—	—	-17,140,000.00	0.00	-2,420,000.00	-100,000,000.00	-70,560,000.00	-523,080,000.00	-1,750,000,000.00
Proceeds from Borrowings	37,972.0	32,819.0	37,526.1	37,133.3	42,070.5	42,372.7	45,987.2	41,954.1	44,109.4	37,131.0	30,104.6	30,250.1
Repayment of Borrowings	-39,509.7	-37,483.4	-34,691.7	-32,170.6	-35,992.3	-38,166.8	-40,276.7	-46,356.3	-32,099.6	-29,587.7	-33,016.7	-30,416.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-3.6	-25.3	-7.6	-3.6	-0.0	-2.3	-1.6	-1.7	0.6	-7.6	-0.0	-0.3
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	-767.8	-5,747.6	4,047.0	5,484.2	6,078.3	4,306.6	5,799.0	-4,403.8	12,050.3	7,535.8	-2,912.7	-168.1
Net Cash Flow During the Period	3,127.7	-791.0	-1,596.8	3,229.4	571.8	-1,618.6	-4,523.2	602.0	175.0	2,549.8	-3,557.0	5,385.6
Cash and Cash Equivalents at Beginning of Period	8,325.1	9,092.6	10,688.0	7,459.0	6,887.6	12,252.0	12,252.0	12,252.0	12,252.0	8,324.6	8,324.6	8,324.6
FX Difference from Revaluation	2.5	-0.2	0.5	-0.8	-0.5	5.3	-7.8	1.2	1.9	5.6	0.8	-1.2
Cash and Cash Equivalents at End of Period	11,455.2	8,300.9	9,092.6	10,688.0	7,459.0	6,887.6	8,501.0	13,032.0	12,428.9	12,252.0	9,696.7	13,252.9

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HPG

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