The financial statements of NCG

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	4,882.7	4,564.0	4,422.0	5,211.4	912.5
Revenue Deductions	357.8	315.1	280.1	331.0	0.0
Net Revenue	4,524.9	4,248.9	4,141.8	4,880.4	865.6
Cost of Goods Sold	3,770.4	3,679.1	3,742.6	4,366.5	0.0
Gross Profit	754.5	569.8	399.2	513.9	76.5
Financial Income	60.3	41.4	56.1	263.8	279.7
Financial Expenses	103.2	110.1	170.7	114.0	-18.6
Interest Expense	71.7	86.0	101.8	75.8	-16.5
Share of Associates and Joint Ventures	20.6	14.7	28.5	30.3	6.6
Selling Expenses	293.7	246.5	182.8	188.0	-41.9
General and Administrative Expenses	195.1	140.1	1,040.8	193.9	-129.1
Operating Profit	243.3	129.2	-910.3	312.2	173.3
Other Income	3.2	0.8	6.3	46.0	0.0
Other Expenses	0.7	4.2	44.1	3.1	0.0
Other Profit	2.5	-3.4	-37.8	43.0	-3.5
Profit Before Tax	245.8	125.8	-948.1	355.1	169.8
Current Income Tax Expense	35.8	34.3	44.5	24.2	-5.2
Deferred Income Tax Expense	-6.4	-7.7	-41.7	57.3	0.0
Net Income	216.4	99.2	-950.9	273.6	164.7
Non-controlling Interest	23.4	16.3	-20.7	-0.2	5.3
Profit Attributable to Parent	193.0	82.9	-930.2	273.7	159.4
Earnings per Share VND per share	1,611.00	692.00	-7,766.00	2,225.00	0.00
Diluted EPS VND per share	1,611.00	692.00	-7,766.00	2,285.28	0.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,288.1	2,058.3	2,053.1	2,550.7
I. Cash and cash equivalents	274.0	114.4	294.9	177.1
1. Cash	274.0	103.4	277.8	160.6
2. Cash equivalents	—	11.0	17.1	16.4
II. Short-term financial investments	35.8	14.9	26.2	33.7
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
3. Held to maturity investments	35.8	14.9	26.2	33.7
III. Short-term receivables	1,207.7	1,211.7	945.1	1,465.2
1. Short-term trade accounts receivable	670.2	674.9	578.7	548.1
2. Short-term prepayments to suppliers	134.6	173.2	89.8	70.2
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	639.7	641.6	577.6	620.3
6. Other short-term receivables	289.5	230.3	251.7	243.8
7. Provision for short-term doubtful debts (*)	-526.2	-508.4	-552.7	-17.2
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	744.4	679.8	748.4	823.7
1. Inventories	745.5	682.1	753.7	828.2
2. Provision for decline in value of inventories	-1.2	-2.4	-5.2	-4.5
V. Other short-term assets	26.2	37.5	38.5	51.0
1. Short-term prepayments	4.0	13.2	13.8	27.7
2. Value added tax to be reclaimed	2.3	2.1	2.8	2.6
3. Taxes and other receivables from state authorities	19.9	22.1	21.9	20.6
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,640.9	1,717.2	1,822.9	2,596.5
I. Long-term receivables	270.3	290.2	290.2	692.0
1. Long-term trade receivables	—	0.0	0.0	12.7
2. Long-term prepayments to suppliers	132.0	152.0	152.0	152.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	138.3	475.2	475.2	527.3
7. Provision for long-term doubtful debts	—	-337.0	-337.0	0.0
II. Fixed assets	815.9	887.0	964.1	1,142.3
1. Tangible fixed assets	696.0	757.5	828.2	1,015.1
- Cost	1,391.5	1,388.9	1,390.7	1,567.1
- Accumulated depreciation	-695.4	-631.4	-562.5	-552.1
2. Financial leased fixed assets	20.5	22.6	21.4	0.0
- Cost	26.0	26.0	23.0	0.0
- Accumulated depreciation	-5.5	-3.5	-1.6	0.0
3. Intangible fixed assets	99.3	106.9	114.6	127.3
- Cost	161.5	161.4	161.3	166.8
- Accumulated depreciation	-62.1	-54.5	-46.8	-39.6
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	87.4	85.3	85.3	160.3
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	87.4	85.3	85.3	160.3
V. Long-term financial investments	155.3	161.1	165.4	156.3
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	89.9	93.0	102.6	99.8
3. Investments in other entities	68.1	68.1	68.1	68.1
4. Provision for diminution in value of long-term investments	-2.7	0.0	-5.3	-11.6
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	312.1	293.5	317.8	445.6
1. Long-term prepayments	231.8	204.2	221.2	242.9
2. Deferred income tax assets	9.7	7.9	4.3	4.9
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	70.6	81.5	92.3	197.8
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,929.0	3,775.5	3,876.0	5,147.2
A. LIABILITIES (300=210+330)	1,800.7	1,770.9	1,939.3	2,159.9
I. Short -term liabilities	1,676.0	1,648.4	1,639.9	1,666.4
1. Short-term trade accounts payable	224.5	243.8	358.4	458.6
2. Short-term advances from customers	27.7	29.8	28.5	48.3
3. Taxes and other payables to state authorities	24.1	24.3	27.1	25.1
4. Payable to employees	25.0	27.2	21.1	17.7
5. Short-term acrrued expenses	84.9	70.0	35.7	64.2
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.1	0.1	0.0
9. Other short-term payables	87.2	59.7	16.0	14.5
10. Short-term borrowings and financial leases	1,197.1	1,187.7	1,146.3	1,029.8
11. Provision for short-term liabilities	1.7	1.7	1.7	0.0
12.. Bonus and welfare fund	3.7	4.1	5.1	8.1
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	124.7	122.5	299.3	493.5
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	0.1	0.0	0.0	0.0
7. Other long-term liabilities	0.3	0.3	0.0	0.0
8. Long-term borrowings and financial leases	0.7	61.8	234.9	387.3
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts) VND per share	—	0.00	0.00	0.00
11. Deferred income tax liabilities	117.2	54.4	58.5	100.9
12. Provision for long-term liabilities	6.4	6.0	5.9	5.3
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,128.4	2,004.6	1,936.7	2,987.3
I. Owner's equity	2,128.4	2,004.6	1,936.7	2,987.3
1. Owner's capital	1,197.8	1,197.8	1,197.8	1,197.8
- Common stock with voting right VND per share	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00
- Preferred stock VND per share	—	0.00	0.00	0.00
2. Share premium	426.6	426.6	426.6	426.6
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	-3.8	-3.8	-3.8	-3.8
5. Treasury shares VND per share	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	72.5	72.0	71.0	69.8
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	401.8	289.6	224.5	1,227.6
- Accumulated retained earning at the end of the previous period	208.8	206.7	1,154.7	953.9
- Undistributed earnings in this period	193.0	82.9	-930.2	273.7
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	33.4	22.4	20.5	69.2
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,929.0	3,775.5	3,876.0	5,147.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	245.8	125.8	-948.1	355.1	169.8
Depreciation of Fixed Assets and Investment Property	95.1	98.4	113.1	112.4	21.6
Provision (Increase)/Reversal	-317.3	-44.3	869.3	18.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	9.3	15.0	11.1	-13.0	0.0
Gain/Loss from Investment Activities	-61.9	-52.1	-36.1	-296.0	0.0
Interest Expense	71.7	86.0	101.8	75.8	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	42.7	228.9	111.0	252.6	218.7
Increase/(Decrease) in Receivables	380.8	-180.4	73.2	-78.1	0.0
Increase/(Decrease) in Inventory	-63.4	71.5	65.5	-53.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-21.2	-47.5	-110.4	115.5	0.0
Increase/(Decrease) in Prepaid Expenses	-18.5	17.7	33.2	-49.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-42.6	-57.7	-102.8	-78.4	0.0
Corporate Income Tax Paid	-32.4	-41.3	-42.8	-28.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-15.4	-15.4	-16.6	-18.8	0.0
Net Cash Flow from Operating Activities	230.1	-24.4	10.3	61.7	180.1
Payments for Fixed Assets and Other Long-term Assets	-12.4	-15.9	-38.9	-51.3	-2.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.0	8.3	27.4	35.9	3.7
Loans and Purchases of Debt Instruments	-79.9	-256.5	-204.4	-1,418.8	-1,159.4
Receipts from Loan Repayments and Sale of Debt Instruments	63.3	203.7	250.9	842.9	1,160.5
Investments in Other Entities	—	0.0	0.0	-793.1	-0.0
Proceeds from Investments in Other Entities	—	0.0	130.0	196.5	0.0
Dividends and Interest Income Received	22.0	68.4	50.2	109.6	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	-6.0	8.0	215.1	-1,078.1	277.9
Proceeds from Equity Issuance and Capital Contributions VND per share	—	0.00	0.00	494,560,204,785.00	37,222,440,276.00
Share Repurchases VND per share	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,869.3	3,874.0	3,299.5	4,011.6	882.7
Repayment of Borrowings	-2,917.8	-4,018.0	-3,333.5	-3,555.0	-1,011.6
Repayment of Finance Leases	-5.2	-4.9	0.0	0.0	0.0
Dividends Paid	-10.7	-15.3	-73.6	-14.8	-23.2
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	-64.4	-164.2	-107.6	936.3	-114.9
Net Cash Flow During the Period	159.7	-180.5	117.8	-80.2	0.0
Cash and Cash Equivalents at Beginning of Period	114.4	294.9	177.1	257.3	0.0
FX Difference from Revaluation	-0.1	-0.0	-0.0	-0.1	0.0
Cash and Cash Equivalents at End of Period	274.0	114.4	294.9	177.1	0.0

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	1,494.1	1,405.6	1,287.9	1,157.4	1,249.4	1,188.0	1,226.5	1,186.3	1,106.5	1,046.3	1,013.4	1,129.4
Revenue Deductions	108.5	108.4	95.0	79.4	96.5	87.0	80.4	86.0	73.7	76.1	66.3	75.1
Net Revenue	1,385.6	1,297.2	1,192.9	1,078.0	1,153.0	1,101.0	1,146.0	1,100.3	1,032.8	970.2	947.1	1,054.3
Cost of Goods Sold	1,146.7	1,079.6	1,026.7	909.2	934.0	900.6	974.3	941.1	888.3	880.6	866.7	944.0
Gross Profit	238.9	217.6	166.3	168.8	219.0	200.4	171.8	159.2	144.5	89.7	80.3	110.3
Financial Income	13.9	13.1	26.8	11.4	10.0	12.1	5.5	16.2	7.9	11.9	16.9	13.0
Financial Expenses	32.9	23.0	30.8	21.4	27.3	23.7	30.7	10.8	40.2	28.5	16.8	55.9
Interest Expense	23.9	20.2	19.1	16.8	17.4	18.5	20.6	21.2	21.0	22.8	21.4	25.8
Share of Associates and Joint Ventures	5.7	5.9	4.3	6.8	6.4	3.2	-6.1	6.5	6.4	8.3	8.4	6.8
Selling Expenses	82.8	83.9	78.6	71.6	72.3	71.1	62.4	72.5	57.4	53.4	15.3	88.8
General and Administrative Expenses	55.9	61.8	47.4	58.3	45.8	43.5	53.1	47.2	-1.1	38.0	211.2	40.0
Operating Profit	86.9	67.9	40.6	35.7	89.9	77.4	25.0	51.3	62.4	-10.0	-137.8	-54.6
Other Income	0.5	1.6	1.7	0.4	0.9	0.2	0.5	0.3	0.5	1.3	4.2	1.3
Other Expenses	0.3	0.8	0.3	0.1	0.1	0.2	1.2	0.1	0.3	3.0	20.6	1.1
Other Profit	0.3	0.9	1.4	0.3	0.8	-0.0	-0.8	0.2	0.3	-1.7	-16.4	0.2
Profit Before Tax	87.2	68.8	42.0	36.0	90.7	77.4	24.2	51.6	62.7	-11.7	-154.2	-54.4
Current Income Tax Expense	17.7	12.7	14.6	8.3	6.6	6.2	10.4	7.7	7.7	7.4	12.4	6.9
Deferred Income Tax Expense	-1.8	0.4	-5.7	1.3	-1.6	-0.3	-10.5	1.3	-0.2	1.7	6.5	-17.7
Net Income	71.3	55.8	33.1	26.4	85.7	71.5	24.4	42.6	55.2	-20.7	-173.2	-43.5
Non-controlling Interest	10.2	10.0	9.7	5.6	4.9	3.2	3.9	3.1	5.3	4.0	2.4	7.2
Profit Attributable to Parent	61.1	45.8	23.4	20.8	80.8	68.3	20.5	39.5	49.9	-24.7	-175.6	-50.6
Earnings per Share VND per share	510.00	382.00	195.00	174.00	674.00	570.00	171.00	330.00	416.00	-206.00	-1,466.00	-423.00
Diluted EPS VND per share	510.00	382.00	195.00	174.00	674.00	570.00	710.00	330.00	416.00	-206.00	-1,466.00	-423.00

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)	2,595.2	2,417.1	2,298.8	2,272.3	2,103.1	2,043.7	2,070.3	2,079.7	2,104.1	2,050.8	2,431.7	2,522.2
I. Cash and cash equivalents	100.4	111.0	274.0	145.8	148.3	97.4	114.4	141.9	99.8	207.3	294.9	181.1
1. Cash	99.4	75.0	274.0	145.8	148.3	97.4	103.4	138.9	99.8	201.2	277.8	176.0
2. Cash equivalents	1.0	36.0	—	—	—	—	11.0	3.0	0.0	6.1	17.1	5.1
II. Short-term financial investments	257.6	241.0	35.8	28.0	8.1	12.9	14.9	20.2	33.9	37.3	26.2	35.2
1. Available for sale securities	0.0	0.0	0.0	0.0	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
3. Held to maturity investments	773.9	757.3	35.8	28.0	8.1	12.9	14.9	20.2	33.9	37.3	26.2	35.2
4. Provision for short-term investments held to maturity (*)	-516.4	-516.4	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	1,347.1	1,238.6	1,218.4	1,310.0	1,286.0	1,205.9	1,223.8	1,087.4	1,189.6	990.0	1,323.9	1,534.4
1. Short-term trade accounts receivable	771.3	769.2	680.4	740.5	712.2	710.0	684.9	652.4	648.4	577.0	497.8	574.1
2. Short-term prepayments to suppliers	211.1	168.0	134.5	223.1	194.2	123.2	173.2	131.8	138.6	71.6	89.8	62.1
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	—	—	639.7	655.6	652.1	641.6	641.6	551.8	553.3	655.6	567.6	637.2
6. Other short-term receivables	393.3	325.6	290.0	214.3	236.5	239.3	232.4	254.9	360.8	238.3	351.9	275.3
7. Provision for short-term doubtful debts (*)	-28.7	-24.1	-526.2	-523.7	-509.2	-508.4	-508.4	-503.5	-511.7	-552.4	-183.1	-14.4
8. Assets awaiting resolution	—	0.0	—	0.2	0.3	0.1	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	646.3	607.8	744.4	760.8	627.6	689.6	679.8	791.5	741.1	776.3	748.4	736.1
1. Inventories	649.3	609.1	745.5	762.3	629.2	691.6	682.1	793.7	743.8	782.1	753.7	738.1
2. Provision for decline in value of inventories	-3.0	-1.2	-1.2	-1.5	-1.6	-2.0	-2.4	-2.2	-2.6	-5.7	-5.2	-2.0
V. Short-term Biological Assets	204.4	182.6	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	204.4	182.6	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	39.3	36.1	26.2	27.7	33.0	37.8	37.4	38.7	39.7	39.8	38.3	35.3
1. Short-term prepayments	12.9	12.7	4.1	5.3	8.9	11.4	13.2	14.2	15.3	15.6	13.8	11.1
2. Value added tax to be reclaimed	5.8	3.4	2.3	2.5	2.6	4.4	2.1	3.0	2.9	2.3	2.8	2.6
3. Taxes and other receivables from state authorities	20.6	20.0	19.9	19.9	21.5	22.0	22.1	21.5	21.5	22.0	21.7	21.7
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)	1,666.0	1,652.5	1,641.1	1,628.7	1,636.2	1,678.8	1,717.9	1,722.0	1,734.8	1,789.8	2,158.3	2,209.1
I. Long-term receivables	295.7	273.0	270.3	290.3	290.2	290.2	290.2	290.2	290.3	290.0	627.2	630.2
1. Long-term trade receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	132.0	132.0	132.0	152.0	152.0	152.0	152.0	152.0	152.0	152.0	152.0	152.0
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	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	163.7	141.0	138.3	475.3	475.2	475.2	475.2	475.2	475.3	475.0	475.2	478.2
7. Provision for long-term doubtful debts	—	—	—	-337.0	-337.0	-337.0	-337.0	-337.0	-337.0	-337.0	0.0	0.0
II. Fixed assets	780.9	797.2	815.9	833.3	847.6	867.4	887.0	908.0	922.6	942.1	964.1	983.7
1. Tangible fixed assets	663.6	679.8	696.0	711.0	723.0	740.3	757.5	776.1	788.3	808.4	828.2	846.4
- Cost	1,386.3	1,388.6	—	—	—	—	1,388.9	1,389.2	1,384.1	1,388.0	1,390.7	1,390.1
- Accumulated depreciation	-722.7	-708.8	—	—	—	—	-631.4	-613.1	-595.9	-579.6	-562.5	-543.7
2. Financial leased fixed assets	19.5	20.0	20.5	21.0	21.5	22.0	22.6	23.1	23.6	21.0	21.4	21.8
- Cost	26.0	26.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.5	-6.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	97.8	97.4	99.3	101.3	103.1	105.0	106.9	108.9	110.8	112.7	114.6	115.4
- Cost	163.8	161.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-66.0	-64.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	114.8	77.7	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	114.8	77.7	—	—	—	—	—	—	—	—	—	—
a) Immature bearer livestock	9.2	11.5	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	105.7	66.3	—	—	—	—	—	—	—	—	—	—
- Cost	168.1	151.4	—	—	—	—	—	—	—	—	—	—
- Accumulated depreciation (*)	-62.4	-85.1	—	—	—	—	—	—	—	—	—	—
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	85.8	88.6	87.4	85.9	85.5	85.3	85.3	85.5	85.5	85.6	83.7	104.6
1. Long-term production in progress	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	85.8	88.6	87.4	85.9	85.5	85.3	85.3	85.5	85.5	85.6	83.7	104.6
V. Long-term financial investments	143.4	167.2	155.5	153.8	147.0	164.4	161.6	162.4	151.1	168.9	165.4	150.8
1. Investments in subsidiaries	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	77.3	95.7	90.0	85.7	78.9	96.2	93.5	99.6	88.3	106.1	102.6	94.3
3. Investments in other entities	68.1	68.1	68.1	68.1	68.1	68.1	68.1	68.1	68.1	68.1	68.1	68.1
4. Provision for diminution in value of long-term investments	-6.3	-1.0	-2.7	-0.0	—	—	0.0	-5.3	-5.3	-5.3	-5.3	-11.6
5. Held to maturity investments	4.3	4.3	—	—	—	—	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	245.3	248.7	312.0	265.5	265.9	271.6	293.7	276.0	285.4	213.6	317.8	244.8
1. Long-term prepayments	159.2	159.9	231.8	186.3	183.6	186.0	204.3	187.4	194.1	209.2	221.2	240.4
2. Deferred income tax assets	10.1	9.8	9.7	5.9	6.3	6.8	7.9	4.4	4.4	4.4	4.3	4.5
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	92.3	0.0
4. Other long-term assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	76.0	79.0	70.6	73.3	76.0	78.7	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	—	81.5	84.2	86.9	89.6	0.0	95.0
TOTAL ASSETS (280=100+200)	4,261.1	4,069.6	3,939.8	3,901.0	3,739.3	3,722.5	3,788.2	3,801.7	3,838.9	3,840.6	4,590.0	4,731.2
A. LIABILITIES (300=210+330)	2,035.4	1,884.7	1,811.2	1,738.2	1,603.0	1,646.0	1,781.5	1,815.4	1,900.0	1,929.8	1,946.3	1,914.7
I. Short -term liabilities	1,915.2	1,763.0	1,686.6	1,677.8	1,542.2	1,525.8	1,653.7	1,627.5	1,677.2	1,658.8	1,647.5	1,566.8
1. Short-term trade accounts payable	344.0	359.8	225.0	298.5	254.7	270.6	244.2	233.3	240.7	325.4	359.1	366.7
2. Short-term advances from customers	57.6	29.7	27.1	26.7	34.1	34.9	29.0	32.8	24.7	29.5	28.0	26.4
3. Dividends and profits payable	28.8	11.4	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	22.3	16.5	24.1	21.7	21.4	15.1	23.1	20.0	14.7	15.5	26.8	27.9
4. Payable to employees	23.9	15.1	25.0	22.7	19.2	9.6	27.2	20.1	13.3	9.1	21.2	18.2
5. Short-term acrrued expenses	107.9	106.1	95.7	97.8	82.9	80.8	82.0	85.7	50.1	47.1	45.1	62.2
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0
9. Other short-term payables	96.7	75.7	87.2	73.6	90.5	58.5	59.8	48.1	52.2	26.8	15.8	16.2
10. Short-term borrowings and financial leases	1,226.6	1,143.7	1,197.1	1,131.2	1,029.3	1,050.4	1,182.5	1,181.3	1,275.0	1,203.4	1,146.3	1,043.4
11. Provision for short-term liabilities	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.8	1.8	0.2	0.0
12.. Bonus and welfare fund	5.6	3.3	3.7	3.9	8.2	3.9	4.1	4.5	4.7	0.0	5.0	5.8
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	120.2	121.7	124.7	60.4	60.7	120.2	127.8	187.9	222.7	271.1	298.9	347.9
1. Long-term trade payables	—	—	—	—	0.3	—	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	0.1	0.1	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.3	0.3	0.3	0.3	—	0.3	0.3	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.1	0.7	2.0	3.3	60.9	67.1	120.7	157.1	205.3	234.9	289.9
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	113.1	114.6	117.2	51.8	51.0	53.0	54.4	61.4	60.1	60.3	58.2	52.7
12. Provision for long-term liabilities	6.7	6.5	6.4	6.2	6.2	6.0	6.0	5.7	5.5	5.5	5.8	5.4
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)	2,225.7	2,184.9	2,128.6	2,162.8	2,136.3	2,076.5	2,006.7	1,986.2	1,939.0	1,910.8	2,643.7	2,816.5
I. Owner's equity	2,225.7	2,184.9	2,128.6	2,162.8	2,136.3	2,076.5	2,006.7	1,986.2	1,939.0	1,910.8	2,643.7	2,816.5
1. Owner's capital	1,197.8	1,197.8	1,197.8	1,197.8	1,197.8	1,197.8	1,197.8	1,197.8	1,197.8	1,197.8	1,197.8	1,197.8
- Common stock with voting right VND per share	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00	1,197,843,250,000.00
- Preferred stock VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	426.6	426.6	426.6	426.6	426.6	426.6	426.6	426.6	426.6	426.6	426.6	426.6
3. Convertible bond option	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8
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	73.4	72.5	72.5	72.5	72.5	72.0	72.0	72.0	72.0	71.0	71.0	71.0
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	494.1	444.6	402.0	446.1	425.3	358.3	291.7	275.1	230.9	194.7	908.5	1,083.7
- Accumulated retained earning at the end of the previous period	387.2	398.8	208.8	276.2	276.2	290.0	206.7	210.5	205.7	219.4	1,158.0	1,157.7
- Undistributed earnings in this period	106.9	45.8	193.2	169.9	149.1	68.3	85.0	64.5	25.2	-24.7	-249.6	-74.0
12. Reserves for investment in construction	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	37.6	47.2	33.4	23.5	17.9	25.6	22.4	18.5	15.4	24.4	43.5	41.2
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)	4,261.1	4,069.6	3,939.8	3,901.0	3,739.3	3,722.5	3,788.2	3,801.7	3,838.9	3,840.6	4,590.0	4,731.2

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	87.2	68.8	41.7	36.0	90.7	77.4	24.2	51.6	62.6	-11.7	-857.0	-54.4
Depreciation of Fixed Assets and Investment Property	23.4	22.0	23.7	23.7	23.7	24.1	25.0	24.6	24.8	25.1	24.6	24.5
Provision (Increase)/Reversal	11.8	12.8	-332.1	14.6	0.6	-0.3	0.1	-8.7	-43.6	-0.2	874.5	-0.3
FX Gain/Loss from Revaluation of Monetary Items	-0.9	-0.3	5.2	-2.6	7.2	-0.5	11.2	-14.7	15.6	-0.3	-3.8	14.2
Gain/Loss from Investment Activities	-18.1	-15.8	-14.7	-17.2	-16.0	-14.0	4.5	-15.8	-15.0	-17.7	-50.2	-38.5
Interest Expense	23.9	20.2	19.1	16.8	17.4	18.5	20.6	21.2	21.4	22.8	21.4	25.8
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	127.3	107.8	-257.1	71.3	123.5	105.0	85.6	58.2	65.8	18.1	9.5	-28.6
Increase/(Decrease) in Receivables	-130.9	-158.2	449.5	-23.9	-57.6	12.8	-42.3	98.3	-235.9	3.5	50.3	57.8
Increase/(Decrease) in Inventory	-59.7	-57.6	16.8	-133.1	62.4	-9.5	111.5	-49.9	38.3	-28.4	-24.6	62.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	81.9	120.1	-93.2	19.2	41.9	10.9	-13.0	73.3	-79.8	-27.0	-60.3	-5.6
Increase/(Decrease) in Prepaid Expenses	-38.6	-3.1	-44.3	0.9	5.0	19.9	-15.9	7.8	15.4	10.3	14.0	13.8
Changes in Trading Securities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-16.9	-13.6	-11.9	-10.3	-8.7	-11.6	-12.0	-16.5	-12.7	-15.5	-25.7	-21.5
Corporate Income Tax Paid	-11.2	-20.3	-8.5	-7.3	-3.0	-13.6	-8.3	-3.1	-7.7	-22.2	-12.5	-8.4
Other Operating Receipts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-19.9	—	0.0	0.0	-15.4	—	0.0	-0.7	-14.9	0.0	-0.7	-2.1
Net Cash Flow from Operating Activities	-68.0	-24.9	51.2	-83.2	148.1	114.0	105.6	167.4	-231.6	-61.3	-49.8	67.6
Payments for Fixed Assets and Other Long-term Assets	-1.1	-1.9	-3.8	-6.7	-1.4	-0.4	-1.7	-9.9	-3.8	-1.9	6.0	-14.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.5	0.7	0.1	0.2	—	0.1	0.1	4.8	0.3	25.9	0.7
Loans and Purchases of Debt Instruments	-51.6	-86.5	-17.0	-39.7	-12.7	-10.5	-63.2	-125.0	17.7	-128.2	37.3	-73.2
Receipts from Loan Repayments and Sale of Debt Instruments	35.0	0.4	27.5	16.2	7.0	12.5	-21.3	140.2	87.9	39.1	49.6	-53.1
Investments in Other Entities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	-129.6	129.6
Proceeds from Investments in Other Entities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	130.0	-6.4
Dividends and Interest Income Received	10.2	3.0	3.9	7.8	5.5	4.8	16.0	0.7	6.8	36.3	5.9	13.8
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	-7.2	-84.5	11.3	-22.3	-1.4	6.4	-70.1	6.2	113.5	-54.4	125.2	-3.5
Proceeds from Equity Issuance and Capital Contributions VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	848.3	738.2	741.4	816.1	730.1	581.7	906.9	549.0	1,083.6	818.5	777.8	895.1
Repayment of Borrowings	-763.5	-790.7	-674.5	-711.7	-813.9	-717.7	-968.5	-660.8	-1,076.3	-790.5	-739.3	-939.0
Repayment of Finance Leases	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-2.3	0.0	0.0	0.0
Dividends Paid	-18.8	—	-0.0	0.0	-10.7	—	-0.1	-8.8	-3.6	-0.0	-0.0	-0.1
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	64.7	-53.8	65.6	103.1	-95.8	-137.4	-63.0	-122.1	1.4	28.0	38.5	-43.9
Net Cash Flow During the Period	-10.5	-163.1	128.1	-2.4	50.9	-17.0	-27.5	51.5	-116.8	-87.7	113.9	20.2
Cash and Cash Equivalents at Beginning of Period	111.0	274.0	145.8	148.3	97.4	114.4	294.9	294.9	294.9	294.9	177.1	177.1
FX Difference from Revaluation	-0.0	0.1	-0.1	-0.2	-0.0	-0.0	0.0	-0.2	0.0	0.1	-0.1	0.0
Cash and Cash Equivalents at End of Period	100.4	111.0	274.0	145.8	148.3	97.4	114.4	141.9	90.5	207.3	294.9	181.1

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Where does this stock stand
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Is the portfolio
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What other opportunities
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