The financial statements of NCS

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	900.8	758.8	633.9	413.4	129.2
Revenue Deductions	26.0	26.8	20.1	3.7	0.0
Net Revenue	874.8	732.1	613.7	409.8	127.5
Cost of Goods Sold	738.9	615.1	510.4	353.4	0.0
Gross Profit	135.9	117.0	103.3	56.3	-52.2
Financial Income	5.1	2.8	4.0	3.8	5.5
Financial Expenses	8.1	12.4	24.7	26.5	-25.3
Interest Expense	7.7	12.1	24.6	26.4	-25.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	15.6	13.9	14.9	10.8	-1.8
General and Administrative Expenses	31.8	26.1	21.8	17.8	-12.8
Operating Profit	85.5	67.4	46.0	5.0	-86.6
Other Income	0.2	0.2	0.2	0.3	0.0
Other Expenses	0.6	0.0	0.0	0.0	0.0
Other Profit	-0.4	0.2	0.2	0.3	0.2
Profit Before Tax	85.1	67.6	46.2	5.3	-86.4
Current Income Tax Expense	17.4	12.8	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	67.7	54.8	46.2	5.3	-86.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	67.7	54.8	46.2	5.3	-86.4
Earnings per Share VND per share	3,771.00	3,052.00	2,573.00	296.00	-2,434.00
Diluted EPS VND per share	3,771.00	3,052.00	2,573.00	296.00	-4,815.10

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	188.2	161.2	132.2	151.5	105.6
I. Cash and cash equivalents	16.0	13.5	13.2	39.8	6.7
1. Cash	16.0	13.5	13.2	39.8	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	73.0	53.0	3.5	30.0	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	73.0	53.0	3.5	30.0	0.0
III. Short-term receivables	85.5	78.5	100.0	67.2	27.2
1. Short-term trade accounts receivable	84.4	74.7	100.8	68.6	0.0
2. Short-term prepayments to suppliers	0.1	2.8	0.2	0.1	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	0.0	0.0	0.0
6. Other short-term receivables	2.3	2.2	1.0	0.5	0.0
7. Provision for short-term doubtful debts (*)	-1.2	-1.2	-2.0	-2.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	13.7	15.4	13.7	12.7	9.4
1. Inventories	13.7	15.4	13.7	12.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	—	0.8	1.8	1.8	2.3
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.8	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	1.8	1.8	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)	296.9	310.8	331.0	362.1	390.4
I. Long-term receivables	1.5	0.6	1.5	1.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.9
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	1.5	1.4	1.5	1.8	0.0
7. Provision for long-term doubtful debts	—	-0.8	0.0	0.0	0.0
II. Fixed assets	287.8	299.7	327.8	357.3	388.0
1. Tangible fixed assets	287.8	299.7	327.8	357.3	387.6
- Cost	583.7	566.1	565.0	566.5	0.0
- Accumulated depreciation	-295.9	-266.4	-237.2	-209.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.5
- Cost	4.7	4.7	4.7	4.7	0.0
- Accumulated depreciation	-4.7	-4.7	-4.7	-4.7	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
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	—	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	7.7	10.6	1.7	3.0	0.0
1. Long-term prepayments	7.7	10.6	1.7	3.0	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	0.5
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)	485.2	472.0	463.2	513.6	496.0
A. LIABILITIES (300=210+330)	237.9	289.5	335.5	432.1	430.0
I. Short -term liabilities	220.3	231.6	217.0	241.4	164.4
1. Short-term trade accounts payable	78.6	74.9	61.1	51.6	14.6
2. Short-term advances from customers	—	0.1	0.0	0.0	0.1
3. Taxes and other payables to state authorities	7.7	10.3	1.2	1.6	0.0
4. Payable to employees	70.2	53.7	31.8	15.5	0.0
5. Short-term acrrued expenses	2.0	2.1	1.9	11.3	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	0.7	0.5	0.3	27.0	0.0
10. Short-term borrowings and financial leases	60.4	89.8	120.2	133.0	121.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.8	0.3	0.5	1.4	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	17.5	57.9	118.5	190.7	265.5
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	17.5	57.9	118.5	190.7	238.6
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	—	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)	247.3	182.5	127.7	81.5	66.1
I. Owner's equity	247.3	182.5	127.7	81.5	0.0
1. Owner's capital	179.5	179.5	179.5	179.5	66.1
- Common stock with voting right VND per share	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00
- Preferred stock VND per share	—	0.00	0.00	0.00	0.00
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 VND per share	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	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	67.8	3.0	-51.8	-97.9	-113.4
- Accumulated retained earning at the end of the previous period	0.1	-51.8	-97.9	-103.2	-26.4
- Undistributed earnings in this period	67.7	54.8	46.2	5.3	-87.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
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)	485.2	472.0	463.2	513.6	496.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	85.1	67.6	46.2	5.3	-87.0
Depreciation of Fixed Assets and Investment Property	29.5	29.1	29.6	31.0	31.8
Provision (Increase)/Reversal	-0.8	0.0	0.0	0.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	0.1	0.1	0.0
Gain/Loss from Investment Activities	-2.8	-1.2	-2.5	-3.8	0.0
Interest Expense	7.7	12.1	24.6	26.4	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	118.7	107.6	97.8	59.8	-35.4
Increase/(Decrease) in Receivables	-6.0	24.6	-32.4	-35.7	0.0
Increase/(Decrease) in Inventory	1.7	-1.8	-1.0	-3.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	20.0	33.9	22.0	45.2	0.0
Increase/(Decrease) in Prepaid Expenses	2.9	-8.9	1.3	-2.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-7.7	-12.2	-31.2	-35.5	0.0
Corporate Income Tax Paid	-23.1	-1.5	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	106.2	141.6	56.6	27.6	-28.5
Payments for Fixed Assets and Other Long-term Assets	-16.6	-1.1	0.0	-0.3	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-93.0	-53.0	-43.5	-54.0	-15.0
Receipts from Loan Repayments and Sale of Debt Instruments	73.0	3.5	70.0	84.0	25.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.7	0.2	2.3	12.1	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	-34.0	-50.4	28.8	41.9	10.6
Proceeds from Equity Issuance and Capital Contributions VND per share	—	0.00	0.00	0.00	0.00
Share Repurchases VND per share	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	403.6	515.8	374.2	257.5	139.1
Repayment of Borrowings	-473.4	-606.8	-459.3	-293.9	-124.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-26.9	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	-69.8	-91.0	-112.0	-36.3	14.3
Net Cash Flow During the Period	2.5	0.3	-26.5	33.1	-0.1
Cash and Cash Equivalents at Beginning of Period	13.5	13.2	39.8	6.7	10.3
FX Difference from Revaluation	-0.0	0.0	-0.1	-0.1	0.0
Cash and Cash Equivalents at End of Period	16.0	13.5	13.2	39.8	6.7

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	242.5	265.7	240.2	239.1	206.4	215.0	195.2	209.2	170.7	183.6	171.3	172.3
Revenue Deductions	4.8	8.5	3.5	10.1	4.8	7.4	1.4	11.6	8.3	5.5	4.4	8.6
Net Revenue	237.7	257.2	236.7	228.9	201.6	207.6	193.8	197.7	162.4	178.1	166.9	163.7
Cost of Goods Sold	201.9	217.5	205.5	193.3	168.0	172.8	165.7	165.1	134.4	149.8	139.3	137.7
Gross Profit	35.8	39.6	31.2	35.6	33.7	34.8	28.0	32.6	28.0	28.3	27.6	26.0
Financial Income	1.1	1.7	2.6	1.2	0.9	1.2	1.8	0.2	0.6	0.4	1.3	0.7
Financial Expenses	2.4	2.0	1.6	1.7	2.3	2.6	2.5	3.1	3.1	3.9	5.1	5.8
Interest Expense	2.1	1.9	1.4	1.7	2.1	2.4	2.4	2.8	3.0	2.6	5.0	5.7
Share of Associates and Joint Ventures	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.0	3.7	3.6	4.1	3.8	4.1	3.2	3.9	3.8	3.0	2.7	3.7
General and Administrative Expenses	8.3	9.3	7.7	8.7	8.6	7.7	6.4	6.8	6.5	6.3	5.2	5.6
Operating Profit	23.2	26.3	20.9	22.3	19.9	21.7	17.7	19.0	15.1	15.5	16.1	11.6
Other Income	0.1	0.0	0.1	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.5	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.1	-0.0	-0.4	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Profit Before Tax	23.3	26.3	20.5	22.3	19.9	21.7	17.7	19.2	15.1	15.5	16.1	11.6
Current Income Tax Expense	4.7	5.3	4.4	5.1	4.0	4.3	4.9	4.5	3.0	0.4	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	18.6	21.0	16.1	17.1	15.9	17.4	12.8	14.6	12.1	15.2	16.1	11.6
Non-controlling Interest	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	18.6	21.0	16.1	17.1	15.9	17.4	12.8	14.6	12.1	15.2	16.1	11.6
Earnings per Share VND per share	1,039.00	1,172.00	896.00	955.00	886.00	968.00	714.00	816.00	674.00	844.00	897.00	647.00
Diluted EPS VND per share	1,039.00	1,172.00	896.00	955.00	886.00	968.00	3,052.00	816.00	674.00	844.00	897.00	647.00

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)	168.4	230.7	189.0	196.3	165.6	166.6	162.2	166.9	142.2	121.0	132.1	183.8
I. Cash and cash equivalents	8.8	23.2	16.0	20.0	16.0	27.9	13.5	13.5	46.7	14.3	13.2	22.8
1. Cash	8.8	23.2	16.0	20.0	16.0	27.9	13.5	13.5	46.7	14.3	13.2	22.8
2. Cash equivalents	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	53.0	73.0	73.0	53.0	43.0	23.0	53.0	53.0	3.5	3.5	3.5	23.5
1. Available for sale securities	—	—	—	—	—	—	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	53.0	73.0	73.0	53.0	43.0	23.0	53.0	53.0	3.5	3.5	3.5	23.5
III. Short-term receivables	91.5	119.5	86.3	110.1	92.0	102.2	76.6	87.6	79.1	88.9	99.9	123.1
1. Short-term trade accounts receivable	90.7	112.4	84.2	105.0	88.0	100.5	74.6	87.9	79.2	90.4	100.9	123.8
2. Short-term prepayments to suppliers	0.1	5.7	0.1	3.6	3.6	0.8	1.1	0.0	1.5	0.1	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.9	2.6	3.2	2.7	1.6	2.0	2.2	0.9	0.4	0.3	1.0	1.2
7. Provision for short-term doubtful debts (*)	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-2.0	-2.0	-2.0	-2.0
8. Assets awaiting resolution	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	15.0	15.0	13.8	12.9	13.9	13.5	15.4	12.9	12.9	12.9	13.7	12.5
1. Inventories	15.0	15.0	13.8	12.9	13.9	13.5	15.4	12.9	12.9	12.9	13.7	12.5
2. Provision for decline in value of inventories	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	—	—	0.4	0.7	—	3.6	0.0	0.0	1.5	1.8	1.8
1. Short-term prepayments	—	—	—	—	—	—	2.8	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	—	—	0.8	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	—	—	0.4	0.7	—	0.0	0.0	0.0	1.5	1.8	1.8
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)	294.0	287.2	296.0	293.7	295.5	302.4	308.0	311.9	316.2	323.4	331.0	338.2
I. Long-term receivables	1.5	1.5	1.4	1.6	0.8	0.7	0.6	0.7	1.5	1.8	1.5	1.9
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	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.5	1.5	1.4	1.6	1.6	1.5	1.4	1.5	1.5	1.8	1.5	1.9
7. Provision for long-term doubtful debts	—	—	—	—	-0.8	-0.8	-0.8	-0.8	0.0	0.0	0.0	0.0
II. Fixed assets	289.5	280.1	287.9	286.7	288.4	292.5	299.7	306.9	313.2	320.5	327.8	335.1
1. Tangible fixed assets	289.5	280.1	287.9	286.7	288.4	292.5	299.7	306.9	313.2	320.5	327.8	335.1
- Cost	600.8	583.7	—	—	—	—	566.1	566.1	565.0	565.0	565.0	565.0
- Accumulated depreciation	-311.4	-303.6	—	—	—	—	-266.4	-259.1	-251.8	-244.5	-237.2	-229.9
2. Financial leased fixed assets	—	—	—	—	—	—	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
3. Intangible fixed assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	4.7	4.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.7	-4.7	—	—	—	—	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
- 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	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	—	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
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	—	—	—	—	—	—	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	3.1	5.7	6.7	5.4	6.3	9.2	7.8	4.2	1.5	1.2	1.7	1.2
1. Long-term prepayments	3.1	5.7	6.7	5.4	6.3	9.2	7.8	4.2	1.5	1.2	1.7	1.2
2. Deferred income tax assets	—	—	—	—	—	—	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
4. Other long-term assets	—	—	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	462.5	517.9	485.0	490.0	461.1	469.0	470.2	478.8	458.4	444.5	463.1	522.0
A. LIABILITIES (300=210+330)	242.7	256.3	244.4	258.5	248.3	269.1	287.7	309.2	303.4	301.6	335.3	410.2
I. Short -term liabilities	242.7	248.8	226.9	230.9	190.3	211.2	229.8	210.9	205.1	183.1	186.5	241.2
1. Short-term trade accounts payable	64.3	72.2	78.5	67.3	58.9	55.4	73.2	58.5	47.0	54.9	60.9	53.7
2. Short-term advances from customers	0.0	0.3	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.3
3. Dividends and profits payable	0.1	0.0	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	7.7	11.4	6.6	9.4	5.1	6.9	10.3	7.3	4.0	2.8	1.2	4.0
4. Payable to employees	58.8	47.4	71.3	61.1	48.8	43.8	53.9	42.5	30.7	30.9	31.8	26.0
5. Short-term acrrued expenses	19.9	13.4	2.0	23.7	18.6	11.8	2.1	27.3	20.0	11.5	2.0	14.9
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	10.0	5.6	0.4	14.8	9.5	5.8	0.3	17.0	13.8	6.0	0.2	37.1
10. Short-term borrowings and financial leases	75.0	91.9	60.4	52.7	47.5	87.1	89.8	57.9	89.2	76.5	89.9	104.3
11. Provision for short-term liabilities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.9	6.5	7.6	1.7	1.9	0.4	0.3	0.4	0.4	0.5	0.5	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	—	7.4	17.5	27.6	57.9	57.9	57.9	98.3	98.3	118.5	148.8	169.0
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	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	7.4	17.5	27.6	57.9	57.9	57.9	98.3	98.3	118.5	148.8	169.0
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	—	—	—	—	—	—	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
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)	219.7	261.6	240.6	231.5	212.9	199.9	182.5	169.6	155.0	142.9	127.8	111.8
I. Owner's equity	219.7	261.6	240.6	231.5	212.9	199.9	182.5	169.6	155.0	142.9	127.8	111.8
1. Owner's capital	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5
- Common stock with voting right VND per share	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00	179,490,980,000.00
- Preferred stock VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	—	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
4. Other capital of owners	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares VND per share	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00	-8,880,000.00
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	40.3	82.2	61.1	52.0	33.4	20.4	3.0	-9.9	-24.5	-36.6	-51.7	-67.7
- Accumulated retained earning at the end of the previous period	0.6	61.1	0.1	0.1	—	3.0	-51.8	-51.8	-51.8	-51.8	-97.9	-97.9
- Undistributed earnings in this period	39.7	21.0	61.0	51.9	33.4	17.4	54.8	41.9	27.3	15.2	46.3	30.3
12. Reserves for investment in construction	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
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)	462.5	517.9	485.0	490.0	461.1	469.0	470.2	478.8	458.4	444.5	463.1	522.0

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
Profit Before Tax	23.3	26.3	20.2	22.2	21.0	21.7	17.8	19.2	15.1	15.5	15.9	11.5
Depreciation of Fixed Assets and Investment Property	7.8	7.7	7.5	7.5	7.3	7.2	7.3	7.3	7.3	7.3	7.4	7.4
Provision (Increase)/Reversal	—	—	0.0	0.0	-0.8	—	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.1	0.1	-0.0	0.1	-0.2	-0.3	0.3	-0.1	0.0	0.1	0.0
Gain/Loss from Investment Activities	-0.8	-1.2	-1.2	-0.7	-0.3	-0.6	-1.0	-0.1	-0.0	-0.0	-0.4	-0.5
Interest Expense	2.1	1.9	1.4	1.7	2.1	2.4	2.4	2.8	3.0	3.9	5.0	5.8
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	32.5	34.8	28.0	30.7	29.4	30.6	26.1	29.5	25.3	26.7	28.0	24.2
Increase/(Decrease) in Receivables	27.3	-33.1	25.9	-18.4	9.8	-23.3	10.3	-7.7	11.5	11.3	23.3	-14.5
Increase/(Decrease) in Inventory	0.0	-1.3	-0.9	1.0	-0.4	1.9	-2.5	-0.0	0.1	0.7	-1.1	-1.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.7	-5.2	-22.0	37.7	26.3	-22.0	-17.9	32.6	6.2	9.4	-13.3	10.7
Increase/(Decrease) in Prepaid Expenses	2.5	2.0	-2.2	0.9	2.8	1.4	-6.4	-2.7	-0.3	0.5	-0.5	2.1
Changes in Trading Securities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.1	-1.9	-1.4	-1.7	-2.1	-2.4	-2.4	-2.8	-3.0	-3.9	-4.8	-5.0
Corporate Income Tax Paid	-5.3	-4.4	-5.1	-4.2	-13.8	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	0.0	0.0	-0.2	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	59.7	-9.0	22.3	46.0	51.8	-13.8	7.2	48.9	39.9	44.7	31.5	15.7
Payments for Fixed Assets and Other Long-term Assets	-11.7	-5.4	-4.4	-8.1	-4.1	—	0.0	-1.1	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-10.0	-10.0	-40.0	-33.0	-20.0	—	0.0	-53.0	0.0	0.0	0.0	-3.5
Receipts from Loan Repayments and Sale of Debt Instruments	30.0	10.0	20.0	23.0	0.0	30.0	0.0	3.5	0.0	0.0	20.0	20.0
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	1.4	0.3	0.6	1.2	0.1	0.8	1.0	0.1	0.0	0.0	0.5	1.0
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	9.6	-5.2	-23.8	-17.0	-24.0	30.8	1.0	-50.5	0.0	0.0	20.5	17.5
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	77.3	98.4	60.6	102.6	101.6	138.8	138.2	121.0	123.2	133.5	134.1	121.8
Repayment of Borrowings	-101.7	-77.0	-63.0	-127.7	-141.2	-141.5	-146.7	-152.4	-130.6	-177.1	-168.7	-141.1
Repayment of Finance Leases	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-59.2	—	—	—	—	—	0.0	0.0	0.0	0.0	-26.9	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	-83.6	21.4	-2.4	-25.1	-39.5	-2.7	-8.5	-31.4	-7.5	-43.6	-61.6	-19.3
Net Cash Flow During the Period	-14.3	7.3	-3.9	3.9	-11.8	14.3	-0.3	-32.9	32.4	1.1	-9.6	13.8
Cash and Cash Equivalents at Beginning of Period	23.2	16.0	20.0	16.0	27.9	13.5	13.2	13.2	13.2	13.2	39.8	39.8
FX Difference from Revaluation	-0.0	-0.1	-0.0	0.0	0.0	0.2	0.3	-0.3	0.1	0.0	-0.1	0.0
Cash and Cash Equivalents at End of Period	8.8	23.2	16.0	20.0	16.0	27.9	13.5	13.5	46.7	14.3	13.2	22.8

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Where does this stock stand
among the rest of your investments?

How much does this stock
contribute to the portfolio?

Is the portfolio
well balanced?

What other opportunities
or risks may be present?