The financial statements of MML

Income statement, balance sheet and cash flow, by quarter and by year. Unit: VND billion, unless a line states otherwise.

Item	2025	2024	2023	2022	2021
Revenue	9,571.4	7,820.6	7,036.6	4,821.9	19,820.7
Revenue Deductions	341.3	170.9	52.1	37.3	0.0
Net Revenue	9,230.1	7,649.7	6,984.4	4,784.6	18,878.6
Cost of Goods Sold	6,648.6	5,688.0	5,931.8	4,440.3	0.0
Gross Profit	2,581.5	1,961.7	1,052.6	344.2	2,300.5
Financial Income	467.2	245.8	224.3	633.2	1,520.6
Financial Expenses	348.2	401.8	526.6	409.6	-570.3
Interest Expense	327.6	376.5	507.8	396.1	-489.5
Share of Associates and Joint Ventures	—	0.0	1.8	0.0	0.4
Selling Expenses	1,777.8	1,427.7	969.8	438.8	-871.1
General and Administrative Expenses	295.3	366.2	307.0	361.4	-748.5
Operating Profit	627.4	11.7	-524.7	-232.4	1,631.7
Other Income	1.3	18.7	10.2	7.3	0.0
Other Expenses	5.0	7.7	27.3	10.9	0.0
Other Profit	-3.6	11.0	-17.0	-3.7	74.7
Profit Before Tax	623.7	22.7	-541.8	-236.0	1,706.3
Current Income Tax Expense	12.6	14.2	10.6	-1.0	-445.0
Deferred Income Tax Expense	-7.8	-16.8	-12.5	-1.3	0.0
Net Income	619.0	25.3	-539.9	-233.8	1,261.4
Non-controlling Interest	55.9	-1.7	-154.3	-88.5	-78.0
Profit Attributable to Parent	563.0	27.0	-385.5	-145.3	1,339.4
Earnings per Share VND per share	1,692.00	83.00	-1,178.00	-444.00	4,098.00
Diluted EPS VND per share	1,654.41	82.18	-1,178.44	-444.01	4,096.29

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,202.6	1,752.9	4,751.4	3,975.4	4,341.7
I. Cash and cash equivalents	245.1	190.5	206.5	435.8	214.9
1. Cash	68.6	45.3	128.5	175.8	0.0
2. Cash equivalents	176.5	145.2	78.0	260.0	0.0
II. Short-term financial investments	72.6	0.0	0.0	2.5	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	72.6	0.0	0.0	2.5	0.0
III. Short-term receivables	672.5	538.2	3,598.1	2,508.0	3,061.3
1. Short-term trade accounts receivable	653.9	515.7	575.4	360.8	0.0
2. Short-term prepayments to suppliers	16.0	9.6	47.4	17.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	2,757.4	2,061.2	0.0
6. Other short-term receivables	34.1	45.1	243.9	100.6	0.0
7. Provision for short-term doubtful debts (*)	-31.5	-32.2	-26.0	-32.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	844.5	678.8	643.1	713.2	579.8
1. Inventories	884.7	709.5	681.6	756.9	0.0
2. Provision for decline in value of inventories	-40.2	-30.7	-38.5	-43.7	0.0
V. Other short-term assets	367.9	345.4	303.7	316.0	229.4
1. Short-term prepayments	127.5	115.1	103.9	121.5	0.0
2. Value added tax to be reclaimed	238.8	225.6	199.8	194.3	0.0
3. Taxes and other receivables from state authorities	1.6	4.7	0.0	0.1	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)	9,165.0	9,475.6	7,981.4	9,371.0	7,529.4
I. Long-term receivables	1,997.1	1,947.6	23.0	1,017.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	31.7
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	1,835.0	1,921.0	0.0	985.0	0.0
6. Other long-term receivables	162.1	26.6	23.0	32.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	4,415.1	4,752.8	5,147.1	5,369.7	4,208.0
1. Tangible fixed assets	4,024.1	4,311.6	4,586.2	4,740.2	3,693.9
- Cost	5,737.4	5,689.2	5,654.3	5,457.6	0.0
- Accumulated depreciation	-1,713.3	-1,377.6	-1,068.1	-717.3	0.0
2. Financial leased fixed assets	204.1	222.7	310.9	349.3	209.6
- Cost	277.9	277.9	377.3	405.7	0.0
- Accumulated depreciation	-73.8	-55.2	-66.5	-56.4	0.0
3. Intangible fixed assets	186.9	218.4	250.0	280.2	304.5
- Cost	344.8	344.8	344.8	346.0	0.0
- Accumulated depreciation	-157.9	-126.3	-94.8	-65.8	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	23.4	22.4	16.4	148.3	443.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	23.4	22.4	16.4	148.3	0.0
V. Long-term financial investments	2,104.0	2,114.1	2,126.2	2,135.5	2,135.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,104.0	2,114.1	2,126.2	2,135.5	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	625.4	638.7	668.7	699.7	0.0
1. Long-term prepayments	529.8	531.4	545.5	556.1	0.0
2. Deferred income tax assets	24.5	21.6	9.9	2.6	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	710.5
5. Goodwill	71.2	85.7	113.3	141.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	11,367.7	11,228.5	12,732.8	13,346.4	11,871.0
A. LIABILITIES (300=210+330)	6,167.0	6,759.4	7,649.2	7,722.9	6,119.9
I. Short -term liabilities	5,242.5	3,245.1	3,460.8	3,097.7	2,522.8
1. Short-term trade accounts payable	771.6	635.8	489.1	783.8	550.3
2. Short-term advances from customers	7.8	6.6	7.6	6.2	3.6
3. Taxes and other payables to state authorities	25.4	16.5	27.5	14.3	0.0
4. Payable to employees	—	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	841.9	704.3	447.5	316.8	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	1.3
9. Other short-term payables	52.9	140.4	426.2	67.8	0.0
10. Short-term borrowings and financial leases	3,542.0	1,740.5	2,062.0	1,907.8	1,694.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.0	1.0	1.0	1.0	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	924.5	3,514.3	4,188.4	4,625.1	3,597.1
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	43.9	267.1	384.6	800.9	0.0
8. Long-term borrowings and financial leases	546.3	2,907.6	3,463.5	3,479.1	3,242.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts) VND per share	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	323.5	328.6	333.6	338.8	0.0
12. Provision for long-term liabilities	10.7	11.1	6.7	6.4	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	5,200.7	4,469.1	5,083.6	5,623.5	5,751.2
I. Owner's equity	5,200.7	4,469.1	5,083.6	5,623.5	0.0
1. Owner's capital	3,403.2	3,290.5	3,271.3	3,271.3	5,751.2
- Common stock with voting right VND per share	3,403,168,580,000.00	3,290,525,930,000.00	3,271,329,400,000.00	3,271,329,400,000.00	3,269,884,470,000.00
- Preferred stock VND per share	—	0.00	0.00	0.00	0.00
2. Share premium	2,137.1	2,137.1	2,126.2	2,126.2	2,119.0
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 VND per share	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	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	-478.8	-1,041.8	-398.9	-13.4	131.9
- Accumulated retained earning at the end of the previous period	-1,041.8	-398.9	-13.4	131.9	0.0
- Undistributed earnings in this period	563.0	-642.9	-385.5	-145.3	131.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	139.3	83.3	85.0	239.4	230.4
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)	11,367.7	11,228.5	12,732.8	13,346.4	11,871.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	623.7	22.7	-541.8	-236.0	1,698.6
Depreciation of Fixed Assets and Investment Property	407.5	422.9	431.1	336.8	751.2
Provision (Increase)/Reversal	33.9	8.4	-0.9	5.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.0	0.1	-0.2	0.0
Gain/Loss from Investment Activities	-138.3	-152.3	-145.9	-189.7	0.0
Interest Expense	334.8	387.1	514.9	403.2	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	1,261.5	688.8	257.6	319.2	1,451.4
Increase/(Decrease) in Receivables	-137.4	16.9	-204.3	285.8	0.0
Increase/(Decrease) in Inventory	-260.7	-32.4	68.2	-51.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-28.2	322.1	-121.1	593.0	0.0
Increase/(Decrease) in Prepaid Expenses	40.9	51.4	75.2	55.5	0.0
Changes in Trading Securities	—	0.0	0.0	256.2	0.0
Interest Paid	-328.7	-390.2	-509.0	-389.2	0.0
Corporate Income Tax Paid	-4.1	-19.7	-3.5	-0.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	543.3	636.9	-437.0	1,068.7	167.0
Payments for Fixed Assets and Other Long-term Assets	-76.7	-118.7	-257.3	-667.4	-711.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	8.2	42.7	4.0	189.7	5.9
Loans and Purchases of Debt Instruments	-282.6	-1,921.0	-325.0	-4,475.2	-11,922.1
Receipts from Loan Repayments and Sale of Debt Instruments	296.0	1,772.4	616.3	4,089.3	9,177.2
Investments in Other Entities	—	0.0	0.0	122.6	-648.1
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	21.6	344.0	38.3	220.8	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	-33.6	119.3	76.3	-520.2	-4,811.0
Proceeds from Equity Issuance and Capital Contributions VND per share	111,782,660,000.00	30,119,830,000.00	0.00	8,619,580,000.00	2,586,000,000.00
Share Repurchases VND per share	—	0.00	-9,999,800.00	0.00	50,000,000.00
Proceeds from Borrowings	5,386.9	5,865.7	5,646.5	4,496.7	20,526.5
Repayment of Borrowings	-5,941.6	-6,653.9	-5,499.7	-4,818.9	-14,101.0
Repayment of Finance Leases	-12.3	-14.1	-15.3	-13.9	-19.5
Dividends Paid	—	-0.0	-0.0	-0.1	-3,185.2
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	-455.1	-772.3	131.4	-327.6	3,223.4
Net Cash Flow During the Period	54.6	-16.0	-229.3	220.9	-586.7
Cash and Cash Equivalents at Beginning of Period	190.5	206.5	435.8	214.9	1,635.8
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.3
Cash and Cash Equivalents at End of Period	245.1	190.5	206.5	435.8	214.9

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	2,772.6	2,560.2	2,526.5	2,481.0	2,428.0	2,136.0	2,341.8	1,946.3	1,799.3	1,733.2	1,793.7	1,916.2
Revenue Deductions	89.6	81.2	89.9	96.9	88.3	66.2	137.8	10.6	8.8	13.6	16.0	12.7
Net Revenue	2,683.1	2,479.0	2,436.6	2,384.1	2,339.7	2,069.8	2,204.0	1,935.7	1,790.5	1,719.6	1,777.7	1,903.5
Cost of Goods Sold	1,916.2	1,757.5	1,721.1	1,727.7	1,701.3	1,498.5	1,588.0	1,417.9	1,362.7	1,319.3	1,459.6	1,550.3
Gross Profit	766.9	721.5	715.4	656.4	638.3	571.3	615.9	517.8	427.7	400.3	318.1	353.2
Financial Income	50.3	44.9	46.1	45.4	233.2	142.5	61.8	63.1	60.3	60.6	38.0	60.4
Financial Expenses	87.5	83.4	84.6	86.9	88.7	88.0	98.0	96.8	99.0	108.0	119.0	133.0
Interest Expense	84.6	79.1	78.9	82.1	83.6	83.1	88.3	91.6	93.9	102.7	113.7	128.0
Share of Associates and Joint Ventures	—	—	—	—	—	—	0.0	0.0	0.0	0.0	-7.7	1.2
Selling Expenses	449.7	459.1	491.0	415.0	450.0	421.7	395.4	380.6	337.4	314.4	245.7	261.1
General and Administrative Expenses	80.8	78.8	25.7	97.2	83.9	88.4	107.3	92.0	84.9	82.0	90.9	91.5
Operating Profit	199.3	145.2	160.1	102.7	248.9	115.7	77.1	11.4	-33.3	-43.5	-107.1	-70.8
Other Income	9.8	11.4	0.3	0.2	0.4	0.5	0.7	16.5	0.4	1.1	4.0	1.3
Other Expenses	1.2	0.0	2.5	1.3	0.8	0.4	1.3	2.4	2.0	2.0	2.7	17.0
Other Profit	8.7	11.4	-2.2	-1.2	-0.4	0.1	-0.6	14.0	-1.5	-0.9	1.3	-15.7
Profit Before Tax	207.9	156.5	157.9	101.5	248.5	115.8	76.5	25.5	-34.8	-44.4	-105.8	-86.5
Current Income Tax Expense	18.1	10.6	8.8	1.3	1.1	1.3	-2.5	6.6	4.4	5.7	4.0	5.9
Deferred Income Tax Expense	-1.2	-1.2	-4.0	-1.3	-1.3	-1.2	-6.3	-0.7	-6.9	-3.0	-3.4	-6.6
Net Income	191.0	147.1	153.2	101.5	248.7	115.7	85.3	19.5	-32.3	-47.2	-106.4	-85.8
Non-controlling Interest	35.2	26.0	27.9	23.4	5.4	-0.8	-13.5	17.5	-1.3	-4.4	-38.6	-14.1
Profit Attributable to Parent	155.8	121.1	125.3	78.1	243.2	116.4	98.8	2.0	-31.0	-42.8	-67.9	-71.7
Earnings per Share VND per share	458.00	356.00	379.00	235.00	739.00	354.00	83.00	6.00	-95.00	-131.00	-208.00	-219.00
Diluted EPS VND per share	457.66	355.89	368.08	229.49	739.15	353.86	300.17	6.15	-94.61	-130.62	-207.51	-219.13

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,710.3	2,350.3	2,202.6	2,155.6	2,137.5	1,900.1	1,752.9	2,854.2	4,736.5	4,775.8	4,751.4	3,849.7
I. Cash and cash equivalents	113.8	203.4	245.1	282.0	465.5	261.8	190.5	305.9	393.9	414.1	206.5	198.8
1. Cash	107.8	49.7	68.6	52.0	173.6	48.5	45.3	138.2	226.1	257.1	128.5	113.8
2. Cash equivalents	6.0	153.8	176.5	230.0	291.9	213.2	145.2	167.7	167.8	157.0	78.0	85.0
II. Short-term financial investments	483.6	129.4	72.6	72.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	483.6	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	129.4	72.6	72.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	772.0	762.0	672.5	665.7	555.9	555.3	538.2	1,544.1	3,416.4	3,438.8	3,598.1	2,625.6
1. Short-term trade accounts receivable	706.0	713.9	653.9	637.6	539.3	539.9	515.7	499.0	446.9	472.5	575.4	605.9
2. Short-term prepayments to suppliers	64.4	33.0	16.0	21.1	14.0	7.9	9.6	14.0	27.6	57.7	47.4	55.7
3. Short-term inter-company receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	—	0.0	985.0	2,665.8	2,665.8	2,757.4	1,790.4
6. Other short-term receivables	30.4	43.9	34.1	38.4	34.1	39.1	45.1	71.4	301.7	268.4	243.9	201.7
7. Provision for short-term doubtful debts (*)	-28.8	-28.8	-31.5	-31.5	-31.5	-31.6	-32.2	-25.3	-25.5	-25.5	-26.0	-28.2
8. Assets awaiting resolution	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	493.5	417.4	844.5	755.0	728.2	710.2	678.8	676.0	624.9	628.0	643.1	716.1
1. Inventories	537.9	458.7	884.7	801.4	780.5	750.2	709.5	704.4	659.2	653.6	681.6	747.8
2. Provision for decline in value of inventories	-44.4	-41.4	-40.2	-46.5	-52.3	-40.1	-30.7	-28.5	-34.3	-25.6	-38.5	-31.7
V. Short-term Biological Assets	560.1	567.1	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	563.6	569.4	—	—	—	—	—	—	—	—	—	—
3. Provision for impairment of short-term biological assets	-3.4	-2.3	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	287.3	270.9	367.9	380.2	387.9	372.8	345.4	328.3	301.3	295.0	303.7	309.3
1. Short-term prepayments	8.8	10.9	127.5	130.6	128.0	128.7	115.1	108.9	91.3	90.5	103.9	115.7
2. Value added tax to be reclaimed	273.1	256.9	238.8	244.8	254.6	237.7	225.6	216.1	206.0	202.0	199.8	193.4
3. Taxes and other receivables from state authorities	5.5	3.2	1.6	4.8	5.3	6.5	4.7	3.4	4.0	2.4	0.0	0.2
4. Government bonds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	9,065.8	9,103.8	9,165.0	9,192.2	9,254.3	9,318.4	9,475.6	9,516.8	7,792.6	7,853.9	7,981.4	9,074.8
I. Long-term receivables	26.2	27.5	1,997.1	1,963.5	1,930.1	1,894.6	1,947.6	1,911.8	22.8	22.9	23.0	1,008.5
1. Long-term trade receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	1,835.0	1,835.0	1,835.0	1,835.0	1,921.0	1,606.5	0.0	0.0	0.0	985.0
6. Other long-term receivables	26.2	27.5	162.1	128.5	95.1	59.6	26.6	305.3	22.8	22.9	23.0	23.5
7. Provision for long-term doubtful debts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	4,247.6	4,318.4	4,415.1	4,484.4	4,565.3	4,656.7	4,752.8	4,809.3	4,906.5	5,010.3	5,147.1	5,218.8
1. Tangible fixed assets	3,881.6	3,939.9	4,024.1	4,080.9	4,149.2	4,228.1	4,311.6	4,355.5	4,372.8	4,463.6	4,586.2	4,645.2
- Cost	5,751.2	5,726.1	—	—	—	—	5,689.2	5,648.4	5,580.6	5,586.7	5,654.3	5,627.6
- Accumulated depreciation	-1,869.6	-1,786.3	—	—	—	—	-1,377.6	-1,292.8	-1,207.8	-1,123.1	-1,068.1	-982.4
2. Financial leased fixed assets	194.8	199.5	204.1	208.8	213.4	218.1	222.7	227.4	299.4	304.6	310.9	317.4
- Cost	277.9	277.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-83.1	-78.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	171.2	179.0	186.9	194.8	202.7	210.6	218.4	226.3	234.2	242.1	250.0	256.2
- Cost	344.8	344.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-173.6	-165.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	63.9	65.6	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	63.9	65.6	—	—	—	—	—	—	—	—	—	—
a) Immature bearer livestock	9.0	9.6	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	54.9	56.0	—	—	—	—	—	—	—	—	—	—
- Cost	94.1	96.6	—	—	—	—	—	—	—	—	—	—
- Accumulated depreciation (*)	-39.2	-40.6	—	—	—	—	—	—	—	—	—	—
III. Investment properties	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	27.1	19.6	23.4	16.1	19.7	22.4	22.4	41.1	85.2	34.0	16.4	24.8
1. Long-term production in progress	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	27.1	19.6	23.4	16.1	19.7	22.4	22.4	41.1	85.2	34.0	16.4	24.8
V. Long-term financial investments	4,139.7	4,106.3	2,104.0	2,104.0	2,114.1	2,114.1	2,114.1	2,114.1	2,126.2	2,126.2	2,126.2	2,144.9
1. Investments in subsidiaries	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,104.0	2,104.0	2,104.0	2,104.0	2,114.1	2,114.1	2,114.1	2,114.1	2,126.2	2,126.2	2,126.2	2,144.9
3. Investments in other entities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	2,035.7	2,002.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	561.4	566.4	625.4	624.2	625.1	630.5	638.7	640.6	652.0	554.1	555.3	557.5
1. Long-term prepayments	473.0	474.4	529.8	527.7	525.0	526.9	531.4	531.5	535.2	542.5	545.5	549.7
2. Deferred income tax assets	24.5	24.5	24.5	21.6	21.6	21.6	21.6	16.6	17.2	11.6	9.9	7.8
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	64.0	67.6	71.2	74.8	78.5	82.1	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	—	85.7	92.6	99.5	106.4	113.3	120.2
TOTAL ASSETS (280=100+200)	11,776.1	11,454.1	11,367.7	11,347.8	11,391.8	11,218.4	11,228.5	12,371.0	12,529.1	12,629.7	12,732.8	12,924.6
A. LIABILITIES (300=210+330)	6,237.3	6,106.3	6,167.0	6,300.3	6,558.3	6,633.6	6,759.4	8,011.6	8,189.3	7,587.6	7,649.2	7,734.5
I. Short -term liabilities	5,526.1	5,270.3	5,242.5	5,286.5	3,463.8	3,379.8	3,245.1	4,301.3	4,268.1	3,528.8	3,460.8	2,995.2
1. Short-term trade accounts payable	719.6	745.7	771.6	683.1	601.2	586.0	635.8	544.6	514.6	445.6	489.1	527.9
2. Short-term advances from customers	5.6	10.2	7.8	5.4	6.3	4.6	6.6	6.3	6.5	16.6	7.6	7.5
3. Dividends and profits payable	0.7	0.7	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	38.0	31.6	25.4	41.4	37.4	17.7	16.5	41.3	17.3	16.3	27.5	42.8
4. Payable to employees	—	—	—	—	—	0.0	0.0	4.4	4.0	5.1	0.0	4.7
5. Short-term acrrued expenses	969.4	823.1	841.9	789.1	783.7	666.2	704.3	605.3	532.8	435.9	447.5	387.6
6. Short-term inter-company payables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	102.2	77.5	52.9	51.9	161.4	246.4	140.4	1,138.1	1,132.4	432.9	426.2	101.5
10. Short-term borrowings and financial leases	3,689.7	3,580.6	3,542.0	3,714.8	1,872.7	1,858.0	1,740.5	1,960.3	2,059.6	2,175.6	2,062.0	1,922.4
11. Provision for short-term liabilities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
13. Price stabilization fund	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	711.2	836.0	924.5	1,013.7	3,094.5	3,253.8	3,514.3	3,710.3	3,921.2	4,058.8	4,188.4	4,739.3
1. Long-term trade payables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	25.8	36.6	43.9	52.2	59.9	168.0	267.1	289.8	319.8	352.2	384.6	724.1
8. Long-term borrowings and financial leases	354.0	466.5	546.3	626.1	2,697.8	2,747.5	2,907.6	3,083.8	3,263.6	3,367.5	3,463.5	3,673.9
9. Convertible bonds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts) VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	321.2	322.4	323.5	324.8	326.0	327.3	328.6	329.8	331.1	332.3	333.6	334.9
12. Provision for long-term liabilities	10.2	10.5	10.7	10.7	10.8	10.9	11.1	6.9	6.7	6.7	6.7	6.4
13. Fund for technology development	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	5,538.8	5,347.8	5,200.7	5,047.5	4,833.4	4,584.8	4,469.1	4,359.4	4,339.8	5,042.1	5,083.6	5,190.1
I. Owner's equity	5,538.8	5,347.8	5,200.7	5,047.5	4,833.4	4,584.8	4,469.1	4,359.4	4,339.8	5,042.1	5,083.6	5,190.1
1. Owner's capital	3,403.2	3,403.2	3,403.2	3,403.2	3,290.5	3,290.5	3,290.5	3,274.2	3,274.2	3,274.2	3,271.3	3,271.3
- Common stock with voting right VND per share	3,403,168,580,000.00	3,403,168,580,000.00	3,403,168,580,000.00	3,403,168,580,000.00	3,290,525,930,000.00	3,290,525,930,000.00	3,290,525,930,000.00	3,274,179,470,000.00	3,274,179,470,000.00	3,274,179,470,000.00	3,271,329,400,000.00	3,271,329,400,000.00
- Preferred stock VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	2,137.1	2,137.1	2,137.1	2,137.1	2,137.1	2,137.1	2,137.1	2,129.0	2,129.0	2,129.0	2,126.2	2,126.2
3. Convertible bond option	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-201.9	-357.7	-478.8	-604.0	-682.1	-925.4	-1,041.8	-1,140.6	-1,142.6	-441.6	-398.9	-331.0
- Accumulated retained earning at the end of the previous period	-478.8	-478.8	-1,041.8	-1,041.8	-1,041.8	-1,041.8	-398.9	-1,068.8	-1,068.8	-398.9	-13.4	-13.4
- Undistributed earnings in this period	276.9	121.1	563.0	437.8	359.7	116.4	-642.9	-71.7	-73.7	-42.8	-385.5	-317.6
12. Reserves for investment in construction	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	200.5	165.3	139.3	111.3	88.0	82.5	83.3	96.8	79.3	80.6	85.0	123.6
14. Financial reserves	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	11,776.1	11,454.1	11,367.7	11,347.8	11,391.8	11,218.4	11,228.5	12,371.0	12,529.1	12,629.7	12,732.8	12,924.6

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Profit Before Tax	207.9	156.5	157.9	101.5	248.5	115.8	76.5	25.5	-34.8	-44.4	-105.8	-86.5
Depreciation of Fixed Assets and Investment Property	107.8	107.6	101.3	101.9	102.0	102.3	105.3	106.2	105.0	106.4	107.7	108.2
Provision (Increase)/Reversal	4.3	8.6	-0.4	10.8	13.9	9.6	18.5	-5.8	7.9	-12.3	7.9	7.6
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.1	0.0	-0.1	0.0	-0.0	-0.1	0.0	0.0	0.0	0.1	-0.0
Gain/Loss from Investment Activities	-51.1	-46.3	-35.6	-32.6	-35.7	-34.5	-34.0	-52.0	-32.9	-33.5	-8.6	-40.7
Interest Expense	84.6	80.9	80.7	83.9	85.3	84.9	93.6	93.4	95.6	104.5	115.5	129.8
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	353.6	307.5	304.0	265.4	414.1	278.0	259.8	167.4	140.8	120.7	116.8	118.2
Increase/(Decrease) in Receivables	-0.6	-94.3	-14.4	-81.4	-12.7	-28.8	-22.2	-71.9	17.6	93.5	24.6	-158.3
Increase/(Decrease) in Inventory	-81.1	-20.5	-106.7	-55.2	-45.8	-53.0	-9.6	-45.2	-4.8	27.1	65.0	1.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	29.2	26.4	58.4	127.9	-210.5	-4.0	66.1	159.4	123.7	-27.1	-78.9	74.9
Increase/(Decrease) in Prepaid Expenses	14.3	-7.0	16.4	9.0	15.0	0.4	8.4	-1.7	14.3	30.5	28.2	21.0
Changes in Trading Securities	-483.6	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-37.4	-121.7	-34.0	-126.1	-40.1	-128.5	-30.5	-151.1	-50.0	-158.6	-63.8	-188.9
Corporate Income Tax Paid	-10.8	-9.5	-0.2	-2.1	0.0	-1.9	-8.8	0.0	-5.6	-5.4	-2.2	-0.0
Other Operating Receipts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-216.3	80.7	223.6	137.4	119.9	62.4	263.2	56.9	236.1	80.7	89.7	-131.7
Payments for Fixed Assets and Other Long-term Assets	-68.8	-43.4	-24.4	-18.2	6.9	-41.0	-7.4	-22.8	-47.8	-40.6	-42.9	-23.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	16.4	17.4	5.6	0.2	-3.6	5.8	0.4	-11.9	12.0	42.2	1.8	0.1
Loans and Purchases of Debt Instruments	129.4	-227.4	0.0	-72.6	-210.0	—	-1,921.0	0.0	0.0	0.0	0.0	-155.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	170.6	0.0	0.0	210.0	86.0	1,606.5	74.3	0.0	91.6	18.0	259.1
Investments in Other Entities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	6.8	3.4	12.6	3.0	3.6	2.4	316.3	14.2	1.4	12.1	13.6	10.4
Increase/(Decrease) in Term Deposits	—	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	83.9	-79.3	-6.1	-87.7	7.0	53.2	-5.2	53.7	-34.5	105.3	-9.5	90.8
Proceeds from Equity Issuance and Capital Contributions VND per share	47,925,710,000.00	—	—	—	—	—	24,469,690,000.00	0.00	0.00	5,650,140,000.00	0.00	0.00
Share Repurchases VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,349.7	1,433.9	1,164.1	1,388.9	1,416.2	1,417.7	1,552.5	1,467.8	1,326.1	1,519.3	1,029.2	1,449.1
Repayment of Borrowings	-1,351.5	-1,473.7	-1,415.3	-1,617.2	-1,449.9	-1,459.1	-1,947.5	-1,662.8	-1,543.9	-1,499.7	-1,098.0	-1,560.4
Repayment of Finance Leases	-3.3	-3.2	-3.2	-3.1	-3.0	-3.0	-2.9	-3.6	-3.9	-3.8	-3.7	-3.6
Dividends Paid	—	—	—	—	—	—	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
Other Financing Payments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	42.8	-43.1	-254.4	-233.2	76.8	-44.3	-373.4	-198.6	-221.7	21.5	-72.5	-114.9
Net Cash Flow During the Period	-89.6	-41.7	-36.9	-183.4	203.7	71.3	-115.4	-88.0	-20.2	207.6	7.7	-155.9
Cash and Cash Equivalents at Beginning of Period	203.4	245.1	282.0	465.5	261.8	190.5	206.5	206.5	206.5	206.5	435.8	435.8
FX Difference from Revaluation	—	—	—	—	—	—	0.0	0.0	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	113.8	203.4	245.1	282.0	465.5	261.8	190.5	305.9	393.9	414.1	206.5	198.8

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