KOS

Listed Company · HOSE

Price

38,500

Latest close

03 Apr 2026

P/E 452.9x

EPS (TTM) 85

ROE (TTM) 0.8%

P/B 3.6x

BVPS (Latest) 10,798

ROA (TTM) 0.4%

What Is Changing

KOS no longer looks like a business simply rebounding from a weak base. Revenue posted +8.1% YoY, while net margin reached 1.23% with an additional -0.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income fell to a multi-period low at VND 19.1bn in 2025.
Revenue increased 8.1% YoY to VND 1,555.3bn in 2025.
Net margin declined from 1.51% in the prior period to 1.23% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,555.3	1,438.9	1,315.8	1,343.5	1,106.6
Growth	+8%	+9%	-2%	+21%	—
Net Income	19.1	21.7	21.1	21.8	22.2
Net Margin	1.23%	1.51%	1.61%	1.62%	2.01%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	540.7	351.8	436.1	226.7	435.6	304.7	461.3	237.3	366.4	295.8	323.1	329.2
Growth	+54%	-19%	+92%	-48%	+43%	-34%	+94%	-35%	+24%	-8%	-2%	—
Net Income	0.8	11.2	3.9	2.7	1.7	11.4	10.2	3.0	4.4	4.7	5.9	4.7
Net Margin	0.15%	3.18%	0.89%	1.19%	0.40%	3.74%	2.22%	1.25%	1.20%	1.60%	1.81%	1.43%

Financial Statements

Profitability

Net margin reached 1.23% while Revenue posted +8.1% YoY.

Balance Sheet

Inventory stood at 2,582.6bn, liabilities at 2,528.6bn, and equity at 2,337.7bn.

Cash Flow

Operating cash flow was -22.1bn in 2025, while investing cash flow was -13.2bn.

Financing cash flow: -5.0bn.

Item	2025	2024	2023	2022	2021
Revenue	1,555.3	1,438.9	1,315.8	1,343.5	1,106.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,555.3	1,438.9	1,315.8	1,343.5	1,106.6
Cost of Goods Sold	1,381.5	1,271.7	1,170.0	1,196.8	0.0
Gross Profit	173.7	167.3	145.8	146.7	50.4
Financial Income	9.1	9.7	50.4	35.4	47.5
Financial Expenses	102.4	101.3	122.9	98.9	-25.8
Interest Expense	99.5	94.5	122.8	98.7	-25.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	4.5	8.8	5.9	2.6	-4.0
General and Administrative Expenses	34.4	33.5	35.7	42.4	-25.1
Operating Profit	41.5	33.4	31.7	38.2	43.0
Other Income	0.1	0.0	0.0	0.0	0.0
Other Expenses	11.6	1.8	0.2	5.8	0.0
Other Profit	-11.5	-1.8	-0.2	-5.8	-12.7
Profit Before Tax	30.0	31.6	31.5	32.4	30.3
Current Income Tax Expense	10.9	9.9	10.4	10.6	-8.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	19.1	21.7	21.1	21.8	22.2
Non-controlling Interest	0.1	0.3	0.1	0.1	0.0
Profit Attributable to Parent	18.9	21.4	21.1	21.7	22.2
Earnings per Share	88.00	9,901.00	97.00	10,033.00	134.89
Diluted EPS	88.00	9,901.00	97.00	80.00	102.51

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,366.1	3,325.5	3,285.3	3,340.3	2,461.8
I. Cash and cash equivalents	1.4	41.8	3.6	45.8	15.8
1. Cash	1.4	41.8	2.4	34.5	0.0
2. Cash equivalents	—	0.0	1.2	11.3	0.0
II. Short-term financial investments	23.4	22.7	15.3	11.3	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	23.4	22.7	15.3	11.3	0.0
III. Short-term receivables	745.0	702.4	764.1	956.5	1,092.9
1. Short-term trade accounts receivable	158.0	248.9	204.6	301.5	0.0
2. Short-term prepayments to suppliers	453.6	324.3	390.4	460.4	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	12.8	3.8	15.5	3.8	0.0
6. Other short-term receivables	120.5	125.4	153.6	190.8	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	2,582.6	2,546.9	2,473.8	2,288.1	1,295.5
1. Inventories	2,582.6	2,546.9	2,473.8	2,288.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	13.8	11.7	28.6	38.6	46.6
1. Short-term prepayments	2.1	2.7	10.5	10.7	0.0
2. Value added tax to be reclaimed	11.0	6.3	15.3	25.1	0.0
3. Taxes and other receivables from state authorities	0.7	2.7	2.8	2.8	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)	1,500.2	1,525.8	1,467.6	1,495.3	1,406.1
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,013.8	1,062.7	1,094.9	1,111.2	623.2
1. Tangible fixed assets	1,013.8	1,062.7	1,094.9	1,111.2	623.2
- Cost	1,243.5	1,242.8	1,219.2	1,181.1	0.0
- Accumulated depreciation	-229.7	-180.1	-124.2	-69.8	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	—	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
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	10.3	1.1	1.1	1.1	389.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	10.3	1.1	1.1	1.1	0.0
V. Long-term financial investments	340.6	340.3	229.3	229.3	222.0
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	340.5	340.0	229.0	229.0	0.0
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.1	-0.1	0.0
5. Held to maturity investments	0.1	0.3	0.3	0.3	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	135.5	121.8	142.3	153.6	0.0
1. Long-term prepayments	34.1	3.2	6.6	0.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	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	171.4
5. Goodwill	101.4	118.6	135.7	152.8	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,866.3	4,851.3	4,753.0	4,835.6	3,867.9
A. LIABILITIES (300=210+330)	2,528.6	2,532.7	2,446.6	2,550.3	1,604.7
I. Short -term liabilities	1,494.6	1,352.5	1,259.4	1,291.3	779.0
1. Short-term trade accounts payable	133.5	144.6	136.1	135.5	219.2
2. Short-term advances from customers	18.7	18.6	17.8	11.4	4.8
3. Taxes and other payables to state authorities	109.4	151.5	207.4	284.1	0.0
4. Payable to employees	3.8	3.1	5.6	2.7	0.0
5. Short-term acrrued expenses	152.9	96.2	91.9	89.7	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	34.3	36.8	38.5	39.6	0.0
10. Short-term borrowings and financial leases	1,042.2	901.8	762.1	728.3	393.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	1,034.0	1,180.2	1,187.2	1,259.0	825.7
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	17.4	18.2	18.9	7.2	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,016.6	1,162.0	1,168.3	1,251.9	825.7
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
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)	2,337.7	2,318.6	2,306.4	2,285.2	2,263.2
I. Owner's equity	2,337.7	2,318.6	2,306.4	2,285.2	0.0
1. Owner's capital	2,164.8	2,164.8	2,164.8	2,164.8	2,263.2
- Common stock with voting right	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
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	—	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	165.4	146.4	134.4	113.3	91.4
- Accumulated retained earning at the end of the previous period	146.4	125.0	113.3	91.6	69.2
- Undistributed earnings in this period	18.9	21.4	21.1	21.7	22.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	7.5	7.4	7.2	7.1	7.0
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)	4,866.3	4,851.3	4,753.0	4,835.6	3,867.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	30.0	31.6	31.5	32.4	30.3
Depreciation of Fixed Assets and Investment Property	69.5	73.1	71.5	51.0	7.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-9.2	-9.7	-50.4	-35.4	0.0
Interest Expense	99.5	94.5	122.8	98.7	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	189.8	189.5	175.5	146.7	15.4
Increase/(Decrease) in Receivables	-36.5	67.8	242.3	180.0	0.0
Increase/(Decrease) in Inventory	-35.7	-73.1	-185.7	-984.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9.1	-43.3	-62.9	215.5	0.0
Increase/(Decrease) in Prepaid Expenses	-30.2	11.2	-5.6	-0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-99.0	-109.3	-121.5	-97.5	0.0
Corporate Income Tax Paid	-19.6	-7.9	-7.8	-11.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.7	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-22.1	34.1	34.3	-551.1	-295.3
Payments for Fixed Assets and Other Long-term Assets	-12.7	-23.6	-11.6	-181.7	-154.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.3	0.5
Loans and Purchases of Debt Instruments	-84.4	-7.9	-36.3	-1.9	-18.4
Receipts from Loan Repayments and Sale of Debt Instruments	75.1	12.2	20.6	3.0	11.4
Investments in Other Entities	—	-111.0	0.0	0.0	-214.9
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	8.7	1.0	0.6	0.4	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	-13.2	-129.3	-26.7	-179.9	-80.8
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	560.9
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	1,354.0	1,337.2	1,108.0	1,653.0	415.0
Repayment of Borrowings	-1,359.0	-1,203.9	-1,157.7	-892.0	-603.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	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	-5.0	133.3	-49.7	761.0	372.1
Net Cash Flow During the Period	-40.3	38.2	-42.2	30.0	-11.0
Cash and Cash Equivalents at Beginning of Period	41.8	3.6	45.8	15.8	19.8
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.4	41.8	3.6	45.8	15.8

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	540.7	351.8	436.1	226.7	435.6	304.7	461.3	237.3	366.4	295.8	323.1	329.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	540.7	351.8	436.1	226.7	435.6	304.7	461.3	237.3	366.4	295.8	323.1	329.2
Cost of Goods Sold	489.9	309.0	382.9	199.9	398.9	260.1	402.1	208.4	311.6	261.2	298.6	298.6
Gross Profit	50.8	42.8	53.2	26.8	36.7	44.7	59.3	28.9	54.8	34.6	24.5	30.7
Financial Income	2.1	2.9	1.9	2.2	2.4	2.7	2.2	2.4	2.5	3.7	42.0	2.2
Financial Expenses	29.4	24.0	33.2	17.6	24.8	22.8	34.2	19.5	32.2	25.2	47.6	18.0
Interest Expense	29.4	22.8	31.2	16.6	24.2	22.5	34.2	19.5	32.2	25.2	47.4	18.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.2	0.2	0.8	0.3	2.4	1.4	4.9	0.1	5.5	0.1	0.1	0.2
General and Administrative Expenses	7.7	8.4	9.8	7.3	8.6	9.3	7.9	7.8	10.1	7.5	8.8	9.3
Operating Profit	12.7	13.1	11.3	3.8	3.3	13.9	14.5	3.9	9.7	5.4	10.0	5.4
Other Income	—	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	7.4	0.0	3.9	0.2	0.5	0.5	0.8	0.0	0.3	0.1	0.0	0.0
Other Profit	-7.4	0.0	-3.9	-0.2	-0.5	-0.5	-0.8	-0.0	-0.3	-0.1	-0.0	-0.0
Profit Before Tax	5.3	13.1	7.3	3.5	2.9	13.5	13.6	3.9	9.4	5.3	10.0	5.4
Current Income Tax Expense	4.5	2.0	3.5	0.8	1.1	2.1	3.4	0.9	5.0	0.6	4.1	0.7
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.8	11.2	3.9	2.7	1.7	11.4	10.2	3.0	4.4	4.7	5.9	4.7
Non-controlling Interest	-0.1	0.2	-0.1	0.1	0.0	0.2	0.0	0.1	-0.2	0.1	0.1	0.0
Profit Attributable to Parent	0.9	11.0	3.9	2.6	1.7	11.2	10.2	2.9	4.6	4.6	5.7	4.7
Earnings per Share	4.00	51.00	18.00	12.00	8.00	52.00	47.00	13.00	21.00	21.00	26.00	22.00
Diluted EPS	4.00	51.00	18.00	12.00	120.00	52.00	47.00	13.00	21.00	21.00	21.00	17.00

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,367.6	3,327.8	3,273.0	3,275.3	3,312.1	3,320.5	3,313.1	3,292.2	3,285.9	3,314.1	3,275.3	3,254.0
I. Cash and cash equivalents	1.4	5.0	15.0	4.2	41.8	13.4	8.3	4.5	3.6	4.0	10.6	2.9
1. Cash	1.4	5.0	15.0	4.2	41.8	13.4	7.0	3.2	2.4	2.7	9.3	1.7
2. Cash equivalents	—	—	—	—	0.0	0.0	1.3	1.3	1.2	1.2	1.2	1.2
II. Short-term financial investments	23.4	26.0	24.9	22.8	22.7	21.4	19.8	14.8	15.3	13.6	11.8	11.8
1. Available for sale securities	—	—	—	—	0.0	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	0.0
3. Held to maturity investments	23.4	26.0	24.9	22.8	22.7	21.4	19.8	14.8	15.3	13.6	11.8	11.8
III. Short-term receivables	746.7	673.2	656.5	640.0	702.4	724.1	733.6	743.7	764.6	773.2	779.1	858.8
1. Short-term trade accounts receivable	159.3	122.6	113.2	100.0	248.9	220.6	264.8	190.8	204.7	150.7	147.0	148.1
2. Short-term prepayments to suppliers	453.6	378.3	391.8	380.3	324.3	337.4	331.8	396.7	390.5	438.3	454.7	513.9
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	12.8	46.8	3.8	3.8	3.8	3.8	3.8	4.9	15.5	23.8	14.8	3.8
6. Other short-term receivables	120.9	125.4	147.6	155.9	125.4	162.3	133.2	151.2	153.9	160.4	162.5	192.9
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	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	0.0	0.0
IV. Inventories	2,582.7	2,610.0	2,563.3	2,593.2	2,538.0	2,546.7	2,535.6	2,501.4	2,473.8	2,494.2	2,438.7	2,342.2
1. Inventories	2,582.7	2,610.0	2,563.3	2,593.2	2,538.0	2,546.7	2,535.6	2,501.4	2,473.8	2,494.2	2,438.7	2,342.2
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	13.4	13.6	13.3	15.1	7.3	14.9	15.8	27.8	28.6	29.1	35.2	38.4
1. Short-term prepayments	1.7	2.6	2.9	2.3	-1.7	7.0	6.2	10.5	10.5	10.7	10.6	10.9
2. Value added tax to be reclaimed	11.0	8.5	7.8	10.2	6.3	5.3	6.8	14.5	15.3	15.6	21.8	24.7
3. Taxes and other receivables from state authorities	0.7	2.5	2.6	2.6	2.7	2.6	2.8	2.8	2.8	2.8	2.8	2.8
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,500.6	1,516.7	1,530.3	1,561.9	1,530.3	1,433.3	1,430.3	1,459.2	1,467.6	1,494.1	1,505.0	1,485.9
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	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	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	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	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	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	0.0	0.0
II. Fixed assets	1,013.8	1,030.6	1,036.0	1,059.3	1,062.7	1,076.0	1,067.9	1,091.6	1,094.9	1,116.4	1,122.1	1,106.2
1. Tangible fixed assets	1,013.8	1,030.6	1,036.0	1,059.3	1,062.7	1,076.0	1,067.9	1,091.6	1,094.9	1,116.4	1,122.1	1,106.2
- Cost	—	—	—	—	1,242.8	1,242.8	1,219.2	1,219.2	1,219.2	1,219.2	1,219.2	1,181.3
- Accumulated depreciation	—	—	—	—	-180.1	-166.8	-151.2	-127.5	-124.2	-102.8	-97.1	-75.1
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	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	0.0	0.0
- Cost	—	—	—	—	0.0	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	0.0
IV. Long-term assets in progress	10.3	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	10.3	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
V. Long-term financial investments	340.6	340.8	340.8	340.3	340.3	229.3	229.3	229.3	229.3	229.3	229.3	229.3
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	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	0.0	0.0
3. Investments in other entities	340.5	340.5	340.5	340.0	340.0	229.0	229.0	229.0	229.0	229.0	229.0	229.0
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
5. Held to maturity investments	0.1	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	135.9	144.3	152.4	161.1	126.2	126.9	132.0	5.7	6.6	7.4	8.2	0.7
1. Long-term prepayments	34.5	38.6	42.4	46.9	7.7	4.0	4.9	5.7	6.6	7.4	8.2	0.7
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	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	0.0
5. Goodwill	101.4	105.7	110.0	114.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	118.6	122.8	127.1	131.4	135.7	140.0	144.3	148.5
TOTAL ASSETS (280=100+200)	4,868.3	4,844.6	4,803.3	4,837.1	4,842.4	4,753.7	4,743.4	4,751.3	4,753.5	4,808.2	4,780.3	4,739.9
A. LIABILITIES (300=210+330)	2,530.7	2,507.8	2,478.1	2,515.8	2,511.1	2,422.8	2,423.9	2,442.0	2,447.4	2,507.7	2,484.5	2,450.0
I. Short -term liabilities	1,496.6	1,480.8	1,435.1	1,335.3	1,411.8	1,356.1	1,286.5	1,203.6	1,357.8	1,332.2	1,249.0	1,200.1
1. Short-term trade accounts payable	133.5	155.9	131.7	137.4	144.6	132.2	114.5	126.1	136.3	143.5	91.2	98.9
2. Short-term advances from customers	20.0	38.9	38.8	79.3	18.6	42.8	20.6	22.1	17.9	49.8	20.6	23.2
3. Taxes and other payables to state authorities	109.3	109.8	118.3	134.0	131.9	187.0	247.4	206.3	207.6	302.3	343.0	283.9
4. Payable to employees	3.8	4.2	3.9	1.9	3.1	4.9	4.4	6.0	5.6	4.5	4.5	3.6
5. Short-term acrrued expenses	153.2	120.0	96.1	104.7	94.2	118.3	87.4	95.6	91.9	120.6	110.4	63.0
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	34.7	35.0	35.2	37.2	36.8	37.2	37.1	38.9	38.8	38.3	38.5	39.5
10. Short-term borrowings and financial leases	1,042.2	1,017.0	1,011.1	840.8	982.6	833.7	775.2	708.8	859.7	673.2	640.8	688.1
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	1,034.0	1,026.9	1,042.9	1,180.5	1,099.3	1,066.7	1,137.4	1,238.4	1,089.6	1,175.5	1,235.5	1,249.8
1. Long-term trade payables	—	—	—	—	0.0	0.0	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	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	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	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	17.4	17.6	17.8	18.0	18.2	18.3	18.5	18.7	18.9	19.1	19.3	15.3
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,016.6	1,009.3	1,025.1	1,162.5	1,081.1	1,048.4	1,118.9	1,219.7	1,070.7	1,156.4	1,216.3	1,234.5
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	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	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	2,337.6	2,336.8	2,325.2	2,321.3	2,331.3	2,330.9	2,319.5	2,309.3	2,306.2	2,300.5	2,295.8	2,289.9
I. Owner's equity	2,337.6	2,336.8	2,325.2	2,321.3	2,331.3	2,330.9	2,319.5	2,309.3	2,306.2	2,300.5	2,295.8	2,289.9
1. Owner's capital	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8
- Common stock with voting right	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8	2,164.8
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	—	—	—	0.0	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	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	0.0	0.0	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	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	0.0
11. Undistributed earnings after tax	165.3	164.4	153.0	149.0	159.0	158.6	147.4	137.2	134.2	128.3	123.7	118.0
- Accumulated retained earning at the end of the previous period	146.4	146.4	146.4	146.4	134.4	134.4	134.4	151.6	113.3	113.3	113.3	113.3
- Undistributed earnings in this period	18.8	17.9	6.5	2.6	24.6	24.3	13.1	-14.3	20.9	15.0	10.4	4.7
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	7.5	7.6	7.4	7.5	7.5	7.5	7.3	7.3	7.2	7.4	7.3	7.2
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,868.3	4,844.6	4,803.3	4,837.1	4,842.4	4,753.7	4,743.4	4,751.3	4,753.5	4,808.2	4,780.3	4,739.9

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	5.4	13.1	7.9	3.5	20.3	13.5	13.6	3.9	10.9	5.3	10.0	5.4
Depreciation of Fixed Assets and Investment Property	21.1	13.1	27.6	7.6	1.5	18.8	28.0	7.6	38.6	5.7	21.9	5.3
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	—	—	—	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.2	-2.9	-1.9	-2.2	-2.4	-2.7	-2.2	-2.4	-3.6	-42.2	-2.4	-2.2
Interest Expense	29.4	22.8	-3.9	51.2	32.5	14.8	34.2	19.5	32.1	25.3	47.4	18.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	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	0.0	0.0
Operating Profit Before Changes in Working Capital	53.7	46.2	29.7	60.2	51.9	44.3	73.6	28.6	78.0	-5.9	76.9	26.5
Increase/(Decrease) in Receivables	-150.3	70.9	-17.8	60.7	6.0	24.2	-1.3	12.8	20.4	28.1	89.1	104.6
Increase/(Decrease) in Inventory	27.4	-46.7	29.9	-46.3	6.7	-11.1	-34.2	-27.6	20.4	-55.6	-96.5	-54.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	24.4	-23.9	-25.1	33.7	-87.2	10.8	10.8	-3.6	-166.8	101.2	46.2	-43.5
Increase/(Decrease) in Prepaid Expenses	5.0	4.2	3.8	-43.2	5.1	-0.0	5.2	0.9	0.9	0.8	-7.3	-0.1
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-34.3	-13.0	-9.5	-42.2	-50.1	-0.0	-30.1	-19.5	-37.1	-43.0	-23.5	-17.9
Corporate Income Tax Paid	-0.0	-10.0	-9.6	—	-0.9	-7.0	0.0	0.0	0.0	-7.8	0.1	-0.1
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	-0.7	—	-0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-74.2	28.4	0.8	22.9	-69.1	61.1	24.0	-8.4	-84.2	17.9	85.1	15.4
Payments for Fixed Assets and Other Long-term Assets	-9.2	-3.4	—	—	-0.0	-21.7	-2.0	0.0	26.4	-25.7	-12.1	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-12.1	-44.1	-28.1	-0.1	-2.9	0.0	-4.9	-0.1	-33.4	-2.4	0.0	-0.5
Receipts from Loan Repayments and Sale of Debt Instruments	49.1	26.0	—	—	24.7	-23.4	1.1	11.1	20.6	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	-111.0	0.0	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	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.5	0.9	5.3	0.0	6.1	0.0	20.1	0.2	-30.0	30.4	0.2	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	-0.6	0.6	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	30.4	-20.6	-22.8	-0.1	-83.2	-45.1	14.3	11.2	-17.0	2.9	-11.9	-0.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	488.0	268.0	362.8	235.1	529.7	160.9	381.4	253.8	310.3	224.5	247.1	326.1
Repayment of Borrowings	-447.8	-285.8	-330.0	-295.5	-349.1	-171.8	-415.9	-255.8	-209.5	-252.0	-312.6	-383.7
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	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	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	40.2	-17.7	32.9	-60.4	180.6	-10.9	-34.5	-1.9	100.8	-27.5	-65.5	-57.5
Net Cash Flow During the Period	-3.6	-10.0	10.9	-37.6	28.4	5.1	3.8	0.9	-0.4	-6.6	7.7	-42.9
Cash and Cash Equivalents at Beginning of Period	5.0	15.0	4.2	41.8	3.6	3.6	3.6	3.6	45.8	45.8	45.8	45.8
FX Difference from Revaluation	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.4	5.0	15.0	4.2	41.8	13.4	8.3	4.5	3.6	4.0	10.6	2.9

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