MHC

Listed Company · HOSE

Price

9,050

Latest close

03 Apr 2026

P/E 2.3x

EPS (TTM) 3,959

ROE (TTM) 28.4%

P/B 0.6x

BVPS (Latest) 15,180

ROA (TTM) 20.1%

What Is Changing

MHC no longer looks like a business simply rebounding from a weak base. Revenue posted +209.2% YoY, while net margin reached 371.41% with an additional +288.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 19.52% in 2023 to 371.41% in 2025.
Revenue growth accelerated to 209.2% in 2025, up 298.4pp versus the prior year.
Net Income reached a multi-period high at VND 164.1bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	44.2	14.3	131.6	50.7	23.9
Growth	+209%	-89%	+159%	+112%	—
Net Income	164.1	11.8	25.7	-30.8	48.8
Net Margin	371.41%	82.70%	19.52%	-60.68%	204.24%

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	—	0.5	40.9	2.8	3.3	3.1	3.7	4.1	4.9	117.8	4.8	4.0
Growth	—	-99%	+1382%	-17%	+8%	-17%	-9%	-16%	-96%	+2332%	+20%	—
Net Income	37.2	112.8	37.5	-15.3	15.1	-9.4	-0.2	6.3	-24.9	40.6	46.8	-36.8
Net Margin	—	22627.59%	91.51%	-555.30%	453.09%	-301.60%	-5.83%	152.57%	-511.75%	34.42%	966.71%	-911.82%

Financial Statements

Profitability

Net margin reached 371.41% while Revenue posted +209.2% YoY.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 94.8bn, and equity at 652.0bn.

Cash Flow

Operating cash flow was 487.7bn in 2025, while investing cash flow was -337.7bn.

Financing cash flow: -140.6bn.

Item	2025	2024	2023	2022	2021
Revenue	44.2	14.3	131.6	50.7	23.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	44.2	14.3	131.6	50.7	23.9
Cost of Goods Sold	46.9	14.5	124.2	52.4	0.0
Gross Profit	-2.8	-0.2	7.3	-1.7	4.0
Financial Income	329.5	58.6	146.9	141.3	376.2
Financial Expenses	142.7	28.0	111.6	158.0	-308.6
Interest Expense	22.4	20.2	46.1	52.7	-41.4
Share of Associates and Joint Ventures	26.7	0.0	0.0	-0.2	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	14.0	15.9	14.5	13.6	-11.9
Operating Profit	196.8	14.4	28.2	-32.3	59.8
Other Income	0.1	0.3	1.0	2.3	0.0
Other Expenses	0.0	0.8	1.2	1.1	0.0
Other Profit	0.1	-0.5	-0.2	1.2	0.9
Profit Before Tax	196.9	13.9	27.9	-31.1	60.7
Current Income Tax Expense	33.6	2.2	2.5	0.0	-11.9
Deferred Income Tax Expense	-0.9	-0.1	-0.3	-0.3	0.0
Net Income	164.1	11.8	25.7	-30.8	48.8
Non-controlling Interest	0.0	0.0	0.1	-0.2	0.5
Profit Attributable to Parent	164.1	11.8	25.6	-30.6	48.3
Earnings per Share	3,775.00	271.00	618.00	-739.00	1,167.67
Diluted EPS	3,774.56	270.69	618.00	-739.00	1,167.67

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	275.7	803.7	571.2	924.0	1,175.0
I. Cash and cash equivalents	26.1	16.7	8.1	33.6	142.2
1. Cash	26.1	16.7	7.2	32.5	0.0
2. Cash equivalents	—	0.0	0.9	1.1	0.0
II. Short-term financial investments	43.8	442.8	291.9	253.7	0.0
1. Available for sale securities	44.2	450.2	219.3	258.9	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.4	-7.4	-5.4	-5.2	0.0
3. Held to maturity investments	—	0.0	78.0	0.0	0.0
III. Short-term receivables	203.5	340.3	267.1	626.0	431.0
1. Short-term trade accounts receivable	5.6	69.5	7.6	5.3	0.0
2. Short-term prepayments to suppliers	0.3	17.6	17.8	17.5	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	91.5	221.3	180.4	448.5	0.0
6. Other short-term receivables	106.3	32.0	63.9	157.4	0.0
7. Provision for short-term doubtful debts (*)	-0.2	-0.1	-2.7	-2.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.2	0.0	0.4
1. Inventories	—	0.0	0.2	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.3	4.0	3.9	10.6	12.8
1. Short-term prepayments	0.0	0.2	0.2	0.2	0.0
2. Value added tax to be reclaimed	1.0	2.7	2.5	8.7	0.0
3. Taxes and other receivables from state authorities	1.3	1.1	1.2	1.7	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)	471.0	138.5	149.5	232.2	299.7
I. Long-term receivables	51.0	3.3	3.3	3.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	33.1
2. Long-term prepayments to suppliers	17.2	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	33.7	3.3	3.3	3.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	3.0	13.9	5.2	7.5	10.3
1. Tangible fixed assets	3.0	13.9	5.2	7.5	10.3
- Cost	4.5	30.8	21.7	25.9	0.0
- Accumulated depreciation	-1.6	-16.9	-16.4	-18.4	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	137.5	60.3	60.3	109.8	0.0
- Cost	137.5	60.3	60.3	110.7	0.0
- Accumulated depreciation	—	0.0	0.0	-0.9	0.0
IV. Long-term assets in progress	0.4	0.4	0.0	41.0	194.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.4	0.0	41.0	0.0
V. Long-term financial investments	279.2	60.6	80.6	70.5	61.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	269.2	0.6	0.6	0.6	0.0
3. Investments in other entities	10.0	60.0	80.0	81.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	-11.0	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	—	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	0.0	0.0	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	0.0
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)	746.8	942.1	720.7	1,156.2	1,474.7
A. LIABILITIES (300=210+330)	94.8	388.0	178.3	638.7	905.7
I. Short -term liabilities	92.7	235.4	25.6	260.0	272.7
1. Short-term trade accounts payable	4.1	5.3	9.5	13.8	12.8
2. Short-term advances from customers	—	0.1	0.1	0.1	0.1
3. Taxes and other payables to state authorities	52.5	2.4	1.0	1.3	0.0
4. Payable to employees	0.9	2.4	1.9	1.8	0.0
5. Short-term acrrued expenses	0.2	7.9	7.7	26.9	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	1.6	3.3	3.3	3.3	0.0
10. Short-term borrowings and financial leases	31.6	212.0	0.0	210.6	53.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.7	1.9	2.1	2.3	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	2.1	152.6	152.7	378.7	633.0
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	—	0.1	0.1	0.1	0.0
8. Long-term borrowings and financial leases	—	149.5	149.5	375.3	629.2
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	2.1	3.0	3.1	3.4	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)	652.0	554.2	542.4	517.5	568.9
I. Owner's equity	652.0	554.2	542.4	517.5	0.0
1. Owner's capital	434.8	434.8	414.1	414.1	568.9
- Common stock with voting right	434.8	434.8	414.1	414.1	414.1
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	28.6	28.6	28.6	28.6	28.6
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	-0.0	-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	8.7	9.3	9.3	9.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	172.9	77.8	86.7	61.9	113.2
- Accumulated retained earning at the end of the previous period	77.8	66.1	61.1	92.5	64.8
- Undistributed earnings in this period	95.0	11.8	25.6	-30.6	48.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	7.0	3.6	3.6	3.5	3.7
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)	746.8	942.1	720.7	1,156.2	1,474.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	196.9	13.9	27.9	-31.1	60.7
Depreciation of Fixed Assets and Investment Property	0.6	1.5	4.6	3.9	2.3
Provision (Increase)/Reversal	-13.9	-0.6	-10.7	-15.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-20.5	-20.1	-31.5	-50.0	0.0
Interest Expense	22.4	20.2	46.1	52.7	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	185.6	15.0	36.5	-39.6	65.6
Increase/(Decrease) in Receivables	-129.0	-58.0	4.8	18.2	0.0
Increase/(Decrease) in Inventory	—	0.2	-0.2	0.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	30.7	-4.5	-0.2	-159.1	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.0	0.0	-0.0	0.0
Changes in Trading Securities	405.9	-230.9	39.6	361.1	0.0
Interest Paid	-3.3	-18.8	-65.0	-52.7	0.0
Corporate Income Tax Paid	-2.2	-0.8	-1.9	-11.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.1	-0.2	-0.4	0.0
Net Cash Flow from Operating Activities	487.7	-298.0	13.4	116.3	-13.9
Payments for Fixed Assets and Other Long-term Assets	-46.4	-10.5	-25.2	-52.1	-160.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	37.9	28.3	116.0	86.1	5.5
Loans and Purchases of Debt Instruments	-278.6	-555.6	-931.8	-941.0	-878.3
Receipts from Loan Repayments and Sale of Debt Instruments	174.5	592.3	1,213.9	755.5	822.1
Investments in Other Entities	-249.9	0.0	0.0	-20.0	-50.0
Proceeds from Investments in Other Entities	10.1	20.0	0.1	0.0	0.0
Dividends and Interest Income Received	14.7	20.0	24.5	63.9	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	-337.7	94.5	397.5	-107.6	-223.4
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.7
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	1,306.6	472.6	1,524.7	935.7	2,554.9
Repayment of Borrowings	-1,452.9	-260.6	-1,961.0	-1,032.4	-2,188.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-20.6	0.0
Other Financing Receipts	5.7	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	-140.6	212.0	-436.4	-117.3	367.0
Net Cash Flow During the Period	9.5	8.5	-25.5	-108.6	129.4
Cash and Cash Equivalents at Beginning of Period	16.7	8.1	33.6	142.2	12.5
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	26.1	16.7	8.1	33.6	142.2

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	—	0.5	40.9	2.8	3.3	3.1	3.7	4.1	4.9	117.8	4.8	4.0
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	—	0.5	40.9	2.8	3.3	3.1	3.7	4.1	4.9	117.8	4.8	4.0
Cost of Goods Sold	—	0.4	43.7	2.8	3.1	3.1	4.0	4.4	4.8	109.2	5.3	5.0
Gross Profit	—	0.1	-2.8	-0.1	0.3	0.0	-0.3	-0.3	0.1	8.7	-0.5	-0.9
Financial Income	11.9	251.4	60.2	6.0	29.3	3.2	10.0	16.1	37.9	73.9	22.5	12.6
Financial Expenses	7.5	107.7	10.2	17.4	7.7	8.3	6.4	5.6	63.4	32.5	-28.4	44.2
Interest Expense	0.2	6.9	7.0	8.2	6.3	5.3	4.9	3.8	9.3	12.4	10.6	13.9
Share of Associates and Joint Ventures	35.3	—	-0.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
General and Administrative Expenses	2.9	3.6	3.7	3.8	4.9	4.1	3.7	3.1	4.1	3.5	3.5	3.5
Operating Profit	36.9	140.2	42.9	-15.2	17.0	-9.2	-0.5	7.2	-29.5	46.6	47.0	-36.0
Other Income	—	—	0.1	—	0.0	0.0	0.3	0.0	0.1	0.8	0.0	0.0
Other Expenses	—	0.0	0.0	—	0.0	0.8	0.0	0.0	0.0	0.7	0.0	0.5
Other Profit	—	-0.0	0.1	—	-0.0	-0.8	0.3	0.0	0.1	0.2	-0.0	-0.5
Profit Before Tax	36.9	140.2	43.0	-15.2	16.9	-10.0	-0.2	7.2	-29.4	46.8	47.0	-36.5
Current Income Tax Expense	-0.4	28.2	5.9	—	2.2	-0.8	-0.2	1.0	-4.1	6.1	0.5	0.0
Deferred Income Tax Expense	0.0	-0.7	-0.3	0.1	-0.4	0.2	0.2	-0.2	-0.4	0.1	-0.2	0.2
Net Income	37.2	112.8	37.5	-15.3	15.1	-9.4	-0.2	6.3	-24.9	40.6	46.8	-36.8
Non-controlling Interest	-0.8	0.7	0.2	-0.1	0.1	-0.1	0.0	0.0	-0.1	0.0	0.4	-0.3
Profit Attributable to Parent	38.0	112.1	37.2	-15.2	15.1	-9.3	-0.2	6.2	-24.9	40.5	46.5	-36.5
Earnings per Share	874.48	2,578.18	855.75	-349.50	346.18	-224.14	-5.74	150.62	-601.18	978.46	1,121.86	-880.73
Diluted EPS	874.48	2,578.18	855.75	-349.50	346.18	-224.14	-5.74	150.62	-601.18	978.46	1,121.86	-880.73

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)	307.0	598.2	836.2	754.8	803.7	636.4	652.4	581.9	571.2	718.8	824.8	1,105.1
I. Cash and cash equivalents	26.1	62.7	19.7	4.0	16.7	3.6	7.4	34.5	8.1	5.0	13.9	41.7
1. Cash	26.1	6.4	19.7	4.0	16.7	3.0	6.5	33.6	7.2	4.1	13.0	41.7
2. Cash equivalents	—	56.3	—	—	0.0	0.6	0.9	0.9	0.9	0.9	0.9	0.0
II. Short-term financial investments	43.8	96.9	527.2	467.1	442.8	353.9	366.1	287.9	291.9	244.2	509.9	563.4
1. Available for sale securities	44.2	104.0	546.1	483.4	450.2	363.2	373.3	249.6	219.3	247.7	512.5	603.7
2. Provision for diminution in value of available for sale securities (*)	-0.4	-7.1	-19.0	-16.3	-7.4	-9.3	-7.1	-6.9	-5.4	-3.4	-2.6	-40.2
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	45.2	78.0	0.0	0.0	0.0
III. Short-term receivables	234.7	435.8	286.2	279.7	340.3	274.7	274.8	255.4	267.1	467.2	290.6	489.2
1. Short-term trade accounts receivable	5.6	0.1	3.6	3.4	69.5	7.5	7.9	8.0	7.6	89.3	9.5	6.1
2. Short-term prepayments to suppliers	17.5	17.4	17.4	17.6	17.6	19.2	19.0	17.5	17.8	17.5	17.4	17.5
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	91.5	203.0	228.5	223.5	221.3	181.1	183.1	166.6	180.4	176.0	108.0	303.0
6. Other short-term receivables	120.3	215.4	36.7	35.3	32.0	69.6	67.4	65.9	63.9	187.1	158.3	165.2
7. Provision for short-term doubtful debts (*)	-0.2	-0.1	-0.1	-0.1	-0.1	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	0.4	—	0.0	0.0	0.0	0.2	0.2	0.1	0.0	0.0
1. Inventories	—	—	0.4	—	0.0	0.0	0.0	0.2	0.2	0.1	0.0	0.0
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	2.3	2.8	2.7	4.0	4.0	4.2	4.1	3.9	3.9	2.3	10.4	10.7
1. Short-term prepayments	0.0	0.1	0.0	0.1	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.2
2. Value added tax to be reclaimed	1.0	1.4	1.3	2.7	2.7	2.8	2.7	2.6	2.5	1.4	8.8	8.8
3. Taxes and other receivables from state authorities	1.3	1.3	1.4	1.1	1.1	1.1	1.1	1.1	1.2	0.6	1.3	1.8
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)	461.8	294.7	95.7	137.7	138.5	130.0	130.0	149.2	149.5	135.4	238.9	236.7
I. Long-term receivables	33.7	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.4	3.4	3.4
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	33.7	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.4	3.4	3.4
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	3.0	11.8	12.5	13.2	13.9	5.4	5.8	4.9	5.2	6.0	6.2	6.8
1. Tangible fixed assets	3.0	11.8	12.5	13.2	13.9	5.4	5.8	4.9	5.2	6.0	6.2	6.8
- Cost	—	—	—	—	30.8	21.9	21.9	21.7	21.7	21.1	25.5	25.5
- Accumulated depreciation	—	—	—	—	-16.9	-16.5	-16.1	-16.8	-16.4	-15.1	-19.3	-18.6
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	137.5	19.3	19.3	60.3	60.3	60.3	60.3	60.3	60.3	3.4	108.1	108.9
- 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	0.4	0.4	0.4	0.4	0.4	0.4	0.0	0.0	0.0	41.0	41.6	41.0
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	0.4	0.4	0.4	0.4	0.4	0.4	0.0	0.0	0.0	41.0	41.6	41.0
V. Long-term financial investments	287.3	259.9	60.2	60.6	60.6	60.6	60.6	80.6	80.6	81.5	79.6	76.5
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	277.3	199.9	0.2	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
3. Investments in other entities	10.0	60.0	60.0	60.0	60.0	60.0	60.0	80.0	80.0	81.0	81.0	81.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-1.9	-5.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	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	0.0	0.0
VI. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	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	0.0	0.0
TOTAL ASSETS (280=100+200)	768.8	892.9	931.9	892.5	942.1	766.4	782.4	731.1	720.7	854.2	1,063.7	1,341.8
A. LIABILITIES (300=210+330)	108.8	201.3	355.6	353.7	388.0	227.3	234.0	182.5	178.3	286.9	536.9	861.8
I. Short -term liabilities	106.7	49.9	202.7	200.7	235.4	74.6	80.7	29.7	25.6	134.1	307.2	482.4
1. Short-term trade accounts payable	4.1	4.1	5.3	5.6	5.3	8.2	8.8	9.8	9.5	10.1	15.5	13.9
2. Short-term advances from customers	—	—	0.0	2.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
3. Taxes and other payables to state authorities	52.5	33.9	6.0	0.3	2.4	0.3	1.0	1.5	1.0	7.2	0.2	0.2
4. Payable to employees	0.9	0.8	1.4	1.2	2.4	1.6	1.4	1.1	1.9	1.2	1.2	1.3
5. Short-term acrrued expenses	0.2	3.6	0.4	11.6	7.9	4.2	0.7	11.3	7.7	4.0	15.2	39.0
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	15.6	2.7	2.7	3.3	3.3	3.3	3.4	3.3	3.3	3.3	3.3	3.4
10. Short-term borrowings and financial leases	31.6	3.1	185.2	174.8	212.0	54.9	63.4	0.5	0.0	106.2	269.5	422.3
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	1.7	1.7	1.7	1.9	1.9	2.1	2.1	2.1	2.1	2.1	2.1	2.2
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	2.1	151.4	152.9	153.0	152.6	152.7	153.3	152.8	152.7	152.8	229.8	379.5
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
8. Long-term borrowings and financial leases	—	149.3	150.0	149.7	149.5	149.2	150.0	149.7	149.5	149.2	226.3	375.8
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	2.1	2.1	2.8	3.2	3.0	3.4	3.2	3.0	3.1	3.4	3.3	3.6
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)	660.0	691.6	576.3	538.8	554.2	539.1	548.4	548.6	542.4	567.3	526.8	479.9
I. Owner's equity	660.0	691.6	576.3	538.8	554.2	539.1	548.4	548.6	542.4	567.3	526.8	479.9
1. Owner's capital	434.8	434.8	434.8	434.8	434.8	414.1	414.1	414.1	414.1	414.1	414.1	414.1
- Common stock with voting right	434.8	434.8	434.8	434.8	434.8	414.1	414.1	414.1	414.1	414.1	414.1	414.1
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6
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	-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	8.7	8.7	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3
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	180.9	215.1	99.8	62.6	77.8	83.5	92.7	93.0	86.7	111.6	71.1	24.7
- Accumulated retained earning at the end of the previous period	77.8	77.8	77.8	74.2	66.1	86.7	86.7	86.7	61.1	61.1	61.1	61.1
- Undistributed earnings in this period	103.0	137.2	22.0	-11.6	11.8	-3.3	6.0	6.2	25.6	50.5	10.0	-36.5
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	7.0	4.4	3.7	3.5	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.2
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)	768.8	892.9	931.9	892.5	942.1	766.4	782.4	731.1	720.7	854.2	1,063.7	1,341.8

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
Profit Before Tax	28.9	140.2	43.0	-15.2	16.9	-10.0	-0.2	7.2	-29.4	46.8	47.0	-36.5
Depreciation of Fixed Assets and Investment Property	-1.5	0.7	0.7	0.7	0.5	0.4	0.4	0.3	0.4	1.2	1.5	1.5
Provision (Increase)/Reversal	-13.6	-11.8	2.7	8.9	-4.5	2.2	0.3	1.4	2.0	-1.1	-40.7	29.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	0.1	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0
Gain/Loss from Investment Activities	-5.5	-5.2	-6.1	-3.6	-5.3	-4.6	-3.8	-6.3	-2.7	-13.0	-5.6	-10.2
Interest Expense	1.1	6.0	7.0	8.2	6.3	5.3	4.9	3.8	9.3	12.4	10.6	13.9
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	9.3	129.9	47.3	-0.9	13.9	-6.8	1.5	6.4	-20.4	46.3	12.9	-2.3
Increase/(Decrease) in Receivables	-105.3	-91.0	0.8	66.6	-59.3	0.1	1.6	-0.4	102.6	-93.2	-3.5	-1.2
Increase/(Decrease) in Inventory	—	—	-0.4	—	0.0	-0.0	0.2	0.0	-0.1	-0.1	-0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	32.4	1.9	-4.5	0.8	-4.7	1.5	-2.9	1.5	-2.1	1.9	0.9	-0.9
Increase/(Decrease) in Prepaid Expenses	0.1	-0.2	0.1	0.0	0.0	0.0	-0.1	0.0	0.1	-0.0	-0.1	0.1
Changes in Trading Securities	—	—	—	—	-87.0	10.1	-123.7	-30.3	28.4	264.9	91.1	-344.8
Interest Paid	19.5	-4.2	-15.7	-3.1	-1.3	-2.5	-14.8	-0.3	-4.3	-24.5	-34.7	-1.5
Corporate Income Tax Paid	0.3	0.0	-0.4	-2.1	0.0	0.0	-0.2	-0.6	0.0	-1.1	0.0	-0.8
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	0.2	-0.2	-0.0	-0.1	-0.0	-0.0	-0.0	-0.2	0.1	-0.1	-0.0
Net Cash Flow from Operating Activities	34.5	460.8	-35.7	28.2	-138.5	2.4	-138.3	-23.6	104.0	194.2	66.6	-351.3
Payments for Fixed Assets and Other Long-term Assets	-46.4	—	—	—	-7.4	-0.4	-2.8	0.0	-15.4	-8.4	0.0	-1.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	-0.1	38.0	—	28.0	0.0	0.3	0.0	81.7	34.3	0.0	0.0
Loans and Purchases of Debt Instruments	246.0	-415.1	-55.0	-54.5	-146.8	-44.1	-119.1	-245.6	-483.0	-203.5	-237.8	-7.5
Receipts from Loan Repayments and Sale of Debt Instruments	-282.4	354.6	50.0	52.3	106.2	46.1	147.7	292.3	407.6	220.5	432.8	153.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	-4.1	14.2	—	—	0.0	0.0	20.0	0.0	0.1	0.0	0.0	0.0
Dividends and Interest Income Received	4.3	4.1	5.8	0.5	14.4	0.6	2.5	2.5	4.4	4.2	12.6	3.3
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	0.0	0.0	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	-132.4	-242.2	38.6	-1.7	-5.5	2.2	48.6	49.2	-4.6	47.1	207.6	147.4
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	-1,292.2	2,084.5	433.9	80.4	244.1	9.7	216.1	2.8	527.5	304.5	379.7	312.9
Repayment of Borrowings	1,347.8	-2,260.1	-421.1	-119.5	-87.0	-18.2	-153.5	-2.0	-623.8	-554.6	-681.7	-101.0
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	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	61.4	-175.6	12.8	-39.1	157.1	-8.5	62.6	0.8	-96.2	-250.1	-302.0	212.0
Net Cash Flow During the Period	-36.5	43.0	15.7	-12.6	13.1	-3.8	-27.1	26.3	3.1	-8.9	-27.8	8.1
Cash and Cash Equivalents at Beginning of Period	62.7	19.7	4.0	16.7	8.1	8.1	8.1	8.1	33.6	33.6	33.6	33.6
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	26.1	62.7	19.7	4.0	16.7	3.6	7.4	34.5	8.1	5.0	13.9	41.7

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MHC

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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