NOS

Listed Company · UPCOM

Price

900,000

Latest close

03 Apr 2026

P/E -87.2x

EPS (TTM) -10,325

ROE (TTM) 4.0%

P/B -3.4x

BVPS (Latest) -264,503

ROA (TTM) -71.9%

What Is Changing

NOS has not yet shown a broad-based top-line recovery. Revenue posted -39.8% YoY, but net margin reached -204.54% with an additional -30.6pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 2671bps to -204.54% in 2025.
Revenue decreased 39.8% YoY to VND 100.2bn in 2025.
Quarterly Net Income decreased 599.7% QoQ to VND -49.0bn in 2025Q4.

Metric	2025	2024	2023	2022	2021
Revenue	100.2	166.3	168.2	371.3	204.1
Growth	-40%	-1%	-55%	+82%	—
Net Income	-204.9	-289.2	-299.2	-247.2	-48.4
Net Margin	-204.54%	-173.92%	-177.83%	-66.59%	-23.73%

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	17.6	24.8	29.2	26.9	26.9	48.5	47.5	43.6	47.6	48.0	29.2	43.3
Growth	-29%	-15%	+9%	-0%	-44%	+2%	+9%	-8%	-1%	+64%	-33%	—
Net Income	-49.0	9.8	-130.5	-37.3	-48.0	-36.3	-153.6	-50.6	-121.6	-39.8	-65.1	-62.4
Net Margin	-279.30%	39.61%	-446.69%	-138.65%	-178.18%	-74.88%	-323.11%	-116.02%	-255.20%	-82.96%	-222.67%	-143.91%

Financial Statements

Profitability

Net margin reached -204.54% while Revenue posted -39.8% YoY.

Balance Sheet

Inventory stood at 0.5bn, liabilities at 5,520.5bn, and equity at -5,304.5bn.

Cash Flow

Operating cash flow was 19.1bn in 2025, while investing cash flow was 45.4bn.

Financing cash flow: -47.6bn.

Item	2025	2024	2023	2022	2021
Revenue	100.2	166.3	168.2	371.3	204.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	100.2	166.3	168.2	371.3	204.1
Cost of Goods Sold	181.6	275.0	301.2	437.4	0.0
Gross Profit	-81.4	-108.7	-133.0	-66.1	-34.9
Financial Income	0.7	1.0	0.7	1.5	47.3
Financial Expenses	158.7	193.2	154.5	157.8	-49.2
Interest Expense	72.6	74.6	79.9	72.9	-49.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	12.1	11.7	14.3	25.9	-11.4
Operating Profit	-251.5	-312.7	-301.0	-248.2	-48.2
Other Income	52.1	27.9	2.5	1.8	0.0
Other Expenses	5.5	4.4	0.6	0.8	0.0
Other Profit	46.6	23.5	1.9	1.0	-0.2
Profit Before Tax	-204.9	-289.2	-299.2	-247.2	-48.4
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-204.9	-289.2	-299.2	-247.2	-48.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-204.9	-289.2	-299.2	-247.2	-48.4
Earnings per Share	-10,494.00	-14,810.00	-14,915.77	-12,327.30	-2,413.91
Diluted EPS	-10,216.61	-14,418.94	-14,915.77	-12,327.30	-2,413.91

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	83.1	119.7	125.8	122.7	106.1
I. Cash and cash equivalents	23.9	7.0	4.9	12.4	6.5
1. Cash	6.9	7.0	4.9	12.4	0.0
2. Cash equivalents	17.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	52.4	104.5	106.1	85.8	92.3
1. Short-term trade accounts receivable	48.5	63.4	61.9	60.6	0.0
2. Short-term prepayments to suppliers	23.0	51.8	57.4	35.3	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	3.2	3.2	3.2	3.2	0.0
6. Other short-term receivables	78.6	90.2	88.3	91.1	0.0
7. Provision for short-term doubtful debts (*)	-100.8	-104.1	-104.8	-104.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.5	2.9	9.7	18.0	6.4
1. Inventories	0.5	2.9	9.7	18.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	6.2	5.3	5.0	6.6	0.9
1. Short-term prepayments	—	0.0	0.0	0.2	0.0
2. Value added tax to be reclaimed	6.2	5.3	5.0	6.4	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	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)	133.0	241.8	387.3	526.9	664.3
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	128.5	212.9	352.5	493.4	629.3
1. Tangible fixed assets	128.0	212.4	352.0	492.9	628.8
- Cost	1,523.8	1,856.8	1,994.7	1,994.7	0.0
- Accumulated depreciation	-1,395.8	-1,644.4	-1,642.7	-1,501.8	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.5	0.5	0.5	0.5	0.5
- Cost	0.7	0.7	0.7	0.7	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	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	4.4	4.4	4.4	4.4	4.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.4	4.4	4.4	4.4	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	118.3	118.3	118.3	118.3	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	-118.3	-118.3	-118.3	-118.3	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	—	24.4	30.4	29.1	0.0
1. Long-term prepayments	—	24.4	30.4	29.1	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	30.6
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)	216.0	361.5	513.1	649.6	770.4
A. LIABILITIES (300=210+330)	5,520.5	5,461.1	5,323.5	5,160.8	5,024.9
I. Short -term liabilities	5,519.9	5,459.6	3,079.2	2,972.8	2,889.1
1. Short-term trade accounts payable	158.8	170.4	180.3	188.0	173.0
2. Short-term advances from customers	13.4	15.4	15.6	16.8	17.5
3. Taxes and other payables to state authorities	0.9	0.7	0.8	0.9	0.0
4. Payable to employees	26.5	27.3	28.5	28.3	0.0
5. Short-term acrrued expenses	2,169.4	2,121.3	2,022.9	1,945.1	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	—	10.7	23.7	1.7	19.3
9. Other short-term payables	19.6	18.9	19.5	19.5	0.0
10. Short-term borrowings and financial leases	3,129.2	3,092.6	785.0	768.8	756.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.1	2.3	2.9	3.7	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	0.6	1.5	2,244.3	2,188.1	2,135.9
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	0.6	0.4	0.4	0.4	0.0
8. Long-term borrowings and financial leases	—	1.0	2,243.9	2,187.7	2,135.5
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-5,304.5	-5,099.5	-4,810.4	-4,511.2	-4,254.5
I. Owner's equity	-5,304.5	-5,099.5	-4,810.4	-4,511.2	0.0
1. Owner's capital	200.6	200.6	200.6	200.6	-4,254.5
- Common stock with voting right	200.6	200.6	200.6	200.6	200.6
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	13.8	13.8	13.8	13.8	13.8
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	-5.3	-5.3	-5.3	-5.3	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	49.9	49.9	49.9	49.9	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	-5,563.5	-5,358.6	-5,069.4	-4,770.2	-4,513.5
- Accumulated retained earning at the end of the previous period	-5,358.6	-5,069.4	-4,770.2	-4,523.0	-4,409.9
- Undistributed earnings in this period	-204.9	-289.2	-299.2	-247.2	-103.6
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)	216.0	361.5	513.1	649.6	770.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	-204.9	-289.2	-299.2	-247.2	-31.6
Depreciation of Fixed Assets and Investment Property	85.5	110.7	140.9	139.9	34.8
Provision (Increase)/Reversal	-3.2	-0.7	0.4	15.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	85.4	117.7	74.4	83.4	0.0
Gain/Loss from Investment Activities	-46.6	-21.2	-0.0	-0.0	0.0
Interest Expense	72.6	74.6	79.9	72.9	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	-11.2	-8.0	-3.6	64.3	19.6
Increase/(Decrease) in Receivables	54.4	2.0	-19.3	-16.1	0.0
Increase/(Decrease) in Inventory	2.4	6.8	8.2	-12.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-50.8	25.4	10.1	-12.9	0.0
Increase/(Decrease) in Prepaid Expenses	24.4	6.0	-1.1	1.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.4	-0.0	-0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.6	-0.8	-0.1	0.0
Net Cash Flow from Operating Activities	19.1	31.1	-6.5	23.5	5.6
Payments for Fixed Assets and Other Long-term Assets	-1.3	-0.0	0.0	-3.8	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	46.6	21.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	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	45.4	21.1	0.0	-3.8	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	—	0.0	0.0	0.4	0.8
Repayment of Borrowings	-47.6	-50.2	-1.0	-13.1	-3.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-47.6	-50.2	-1.0	-12.7	-2.6
Net Cash Flow During the Period	16.9	2.1	-7.4	7.0	0.0
Cash and Cash Equivalents at Beginning of Period	7.0	4.9	12.4	5.7	0.0
FX Difference from Revaluation	—	0.0	0.0	-0.3	-0.0
Cash and Cash Equivalents at End of Period	23.9	7.0	4.9	12.4	0.0

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	17.6	24.8	29.2	26.9	26.9	48.5	47.5	43.6	47.6	48.0	29.2	43.3
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	17.6	24.8	29.2	26.9	26.9	48.5	47.5	43.6	47.6	48.0	29.2	43.3
Cost of Goods Sold	32.1	43.0	58.1	47.1	43.1	86.8	72.3	74.0	80.6	67.8	66.9	85.9
Gross Profit	-14.6	-18.2	-28.9	-20.2	-16.2	-38.3	-24.7	-30.4	-32.9	-19.8	-37.7	-42.6
Financial Income	0.0	0.1	0.5	0.0	0.2	0.2	0.3	0.2	0.1	0.1	0.3	0.2
Financial Expenses	32.5	16.4	93.6	16.2	28.2	16.7	130.1	17.7	85.5	17.1	25.6	16.3
Interest Expense	20.2	16.3	19.9	16.2	20.1	16.6	20.3	17.1	17.4	17.0	23.1	16.2
Share of Associates and Joint Ventures	—	—	—	—	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	2.0	2.2	5.5	3.3	3.1	3.8	2.5	3.0	4.2	3.2	2.9	3.6
Operating Profit	-49.1	-36.7	-127.5	-39.7	-47.3	-58.6	-157.1	-50.9	-122.6	-40.0	-65.9	-62.2
Other Income	0.1	46.7	0.9	3.8	0.0	51.5	4.0	1.4	1.2	0.3	1.0	0.0
Other Expenses	0.0	0.2	3.9	1.4	0.8	29.2	0.5	1.0	0.1	0.2	0.2	0.2
Other Profit	0.0	46.5	-3.0	2.4	-0.7	22.3	3.5	0.3	1.1	0.1	0.8	-0.1
Profit Before Tax	-49.0	9.8	-130.5	-37.3	-48.0	-36.3	-153.6	-50.6	-121.6	-39.8	-65.1	-62.4
Current Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-49.0	9.8	-130.5	-37.3	-48.0	-36.3	-153.6	-50.6	-121.6	-39.8	-65.1	-62.4
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-49.0	9.8	-130.5	-37.3	-48.0	-36.3	-153.6	-50.6	-121.6	-39.8	-65.1	-62.4
Earnings per Share	-2,444.75	489.21	-6,508.29	-1,860.74	-2,392.01	-1,809.99	-7,657.83	-2,522.63	-6,061.14	-1,985.89	-3,245.33	-3,110.05
Diluted EPS	-2,444.75	489.21	-6,508.29	-1,860.74	-2,392.01	-1,809.99	-7,657.83	-2,522.63	-6,061.14	-1,985.89	-3,245.33	-3,110.05

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)	81.6	78.5	77.3	126.7	119.7	121.2	136.0	129.5	124.9	122.5	120.7	104.4
I. Cash and cash equivalents	6.9	8.8	11.3	6.9	7.0	4.8	6.7	4.5	4.9	10.8	6.9	16.4
1. Cash	6.9	8.8	11.3	6.9	7.0	4.8	6.7	4.5	4.9	10.8	6.9	16.4
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	17.0	12.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	17.0	12.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	51.0	48.5	50.3	105.6	104.5	106.9	107.0	105.2	105.2	104.7	102.2	77.3
1. Short-term trade accounts receivable	48.5	46.0	48.5	66.2	63.4	60.3	58.7	56.9	61.9	54.4	51.6	52.7
2. Short-term prepayments to suppliers	23.0	23.0	23.2	53.9	51.8	55.5	60.1	60.1	57.4	59.6	62.2	37.2
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	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2
6. Other short-term receivables	77.1	77.1	77.2	86.3	90.2	92.0	89.7	89.8	87.0	91.9	89.5	88.6
7. Provision for short-term doubtful debts (*)	-100.7	-100.7	-101.8	-104.1	-104.1	-104.1	-104.8	-104.8	-104.4	-104.4	-104.4	-104.4
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.5	1.1	5.7	8.8	2.9	2.2	11.2	9.8	9.7	2.8	3.4	2.7
1. Inventories	0.5	1.1	5.7	8.8	2.9	2.2	11.2	9.8	9.7	2.8	3.4	2.7
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	6.2	8.0	10.1	5.4	5.3	7.4	11.1	10.0	5.1	4.1	8.2	7.9
1. Short-term prepayments	—	1.3	2.8	0.0	0.0	2.7	3.2	3.0	0.1	0.5	0.2	0.8
2. Value added tax to be reclaimed	6.2	6.6	7.2	5.4	5.3	4.7	7.9	7.0	5.0	3.6	8.0	7.1
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	133.0	158.1	186.0	212.5	241.8	261.7	308.2	345.4	387.3	423.1	462.5	487.5
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	128.5	149.9	171.4	191.6	212.9	234.3	285.5	317.3	352.5	387.7	422.9	458.2
1. Tangible fixed assets	128.0	149.4	170.9	191.1	212.4	233.8	285.0	316.8	352.0	387.2	422.4	457.6
- Cost	—	—	—	—	1,856.8	1,856.8	1,994.2	1,994.7	1,994.7	1,994.7	1,994.7	1,994.7
- Accumulated depreciation	—	—	—	—	-1,644.4	-1,623.0	-1,709.2	-1,677.9	-1,642.7	-1,607.5	-1,572.3	-1,537.1
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4
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	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4
V. Long-term financial investments	—	—	—	—	0.0	0.0	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	0.0	0.0
2. Investments in associates, joint-ventures	118.3	118.3	118.3	118.3	118.3	118.3	118.3	118.3	118.3	118.3	118.3	118.3
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-118.3	-118.3	-118.3	-118.3	-118.3	-118.3	-118.3	-118.3	-118.3	-118.3	-118.3	-118.3
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	—	3.7	10.1	16.5	24.4	23.0	18.3	23.6	30.4	30.9	35.2	24.9
1. Long-term prepayments	—	3.7	10.1	16.5	24.4	23.0	18.3	23.6	30.4	30.9	35.2	24.9
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)	214.6	236.5	263.3	339.2	361.5	382.9	444.2	474.9	512.2	545.6	583.3	591.9
A. LIABILITIES (300=210+330)	5,519.5	5,492.4	5,530.7	5,476.1	5,461.1	5,434.5	5,458.8	5,335.9	5,315.2	5,226.9	5,221.9	5,165.5
I. Short -term liabilities	5,517.9	5,490.8	5,529.1	5,474.6	5,459.6	5,433.0	3,125.7	3,091.5	3,070.9	3,037.4	3,034.0	2,977.4
1. Short-term trade accounts payable	158.5	159.3	165.1	174.2	170.4	167.6	180.5	183.0	180.3	175.3	177.8	178.7
2. Short-term advances from customers	13.4	14.9	14.0	14.2	15.4	14.5	14.5	13.6	15.6	13.1	51.6	18.1
3. Taxes and other payables to state authorities	0.9	0.7	0.7	0.7	0.7	0.8	0.8	0.8	0.8	0.8	0.8	0.8
4. Payable to employees	26.4	26.7	26.9	27.0	27.3	28.5	27.8	28.0	28.2	27.8	27.9	27.7
5. Short-term acrrued expenses	2,169.4	2,149.6	2,133.2	2,137.5	2,121.3	2,101.6	2,060.4	2,040.0	2,019.8	2,003.6	1,985.1	1,961.4
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	—	1.6	4.6	7.7	10.7	13.8	16.8	19.9	23.7	26.0	0.0	0.0
9. Other short-term payables	19.0	19.1	19.1	18.8	18.9	18.8	19.0	18.5	18.5	18.6	18.5	18.3
10. Short-term borrowings and financial leases	3,128.2	3,116.7	3,163.4	3,092.2	3,092.6	3,085.0	803.2	785.0	781.1	769.2	769.2	768.8
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	2.1	2.2	2.2	2.2	2.3	2.3	2.6	2.8	2.9	3.0	3.1	3.6
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1.6	1.6	1.6	1.5	1.5	1.5	2,333.1	2,244.3	2,244.3	2,189.5	2,188.0	2,188.1
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	0.6	0.6	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
8. Long-term borrowings and financial leases	1.0	1.0	1.0	1.0	1.0	1.0	2,332.7	2,243.9	2,243.9	2,189.1	2,187.6	2,187.7
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-5,304.9	-5,255.8	-5,267.4	-5,136.9	-5,099.5	-5,051.6	-5,014.5	-4,861.0	-4,803.0	-4,681.4	-4,638.7	-4,573.6
I. Owner's equity	-5,304.9	-5,255.8	-5,267.4	-5,136.9	-5,099.5	-5,051.6	-5,014.5	-4,861.0	-4,803.0	-4,681.4	-4,638.7	-4,573.6
1. Owner's capital	200.6	200.6	200.6	200.6	200.6	200.6	200.6	200.6	200.6	200.6	200.6	200.6
- Common stock with voting right	200.6	200.6	200.6	200.6	200.6	200.6	200.6	200.6	200.6	200.6	200.6	200.6
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8
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	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3
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	49.9	49.9	49.9	49.9	49.9	49.9	49.9	49.9	49.9	49.9	49.9	49.9
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	-5,563.9	-5,514.8	-5,526.4	-5,395.9	-5,358.6	-5,310.6	-5,273.5	-5,120.0	-5,062.0	-4,940.4	-4,897.7	-4,832.6
- Accumulated retained earning at the end of the previous period	-5,358.6	-5,358.6	-5,358.6	-5,358.6	-5,069.4	-5,069.4	-5,069.4	-5,069.4	-4,770.2	-4,770.2	-4,770.2	-4,770.2
- Undistributed earnings in this period	-205.3	-156.3	-167.8	-37.3	-289.2	-241.2	-204.2	-50.6	-291.7	-170.2	-127.5	-62.4
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	—	—	—	—	0.0	0.0	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	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)	214.6	236.5	263.3	339.2	361.5	382.9	444.2	474.9	512.2	545.6	583.3	591.9

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	-48.6	9.8	-128.8	-37.3	241.2	-36.3	-154.3	-50.6	-129.0	-39.8	-68.0	-62.4
Depreciation of Fixed Assets and Investment Property	21.4	21.4	21.4	21.4	-89.4	22.5	31.7	35.2	35.2	35.2	35.2	35.2
Provision (Increase)/Reversal	-2.0	2.1	-3.3	—	0.0	0.7	-0.7	0.0	0.4	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	12.3	-0.1	73.2	-0.0	-109.7	2.8	106.6	0.4	72.5	-0.4	2.5	-0.1
Gain/Loss from Investment Activities	0.1	-46.7	-0.0	-0.0	-29.3	29.4	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0
Interest Expense	20.2	16.3	19.9	16.2	-54.6	16.7	20.8	17.1	20.5	17.0	26.1	16.2
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	3.4	2.9	-17.6	0.2	-41.8	35.7	4.0	2.1	-0.4	12.0	-4.2	-11.1
Increase/(Decrease) in Receivables	-1.4	1.4	55.6	-1.2	2.9	0.8	-0.7	-3.1	-1.2	1.3	-25.1	5.8
Increase/(Decrease) in Inventory	0.6	4.5	3.1	-5.8	-7.6	9.1	-1.4	-0.1	-6.9	0.6	-0.7	15.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.8	-7.2	-39.1	-0.7	51.3	-42.3	-5.8	-3.2	2.3	-13.6	30.8	-9.4
Increase/(Decrease) in Prepaid Expenses	5.1	7.9	3.5	7.9	-4.8	-5.2	6.2	3.8	1.0	3.9	-9.6	3.6
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.6	4.5	-0.6	0.6	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.0	2.5	-2.5	-17.8	-0.3	-0.2	-0.2	-0.0	-0.1	-0.5	-0.1
Net Cash Flow from Operating Activities	3.8	9.4	5.6	0.0	-5.0	-2.1	2.2	-0.6	-5.3	4.1	-9.3	4.0
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	-1.3	—	0.0	-0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.2	46.9	—	—	57.1	-0.2	0.2	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-12.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	11.8	34.9	-1.3	0.0	57.1	-0.2	0.2	-0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-0.4	-46.7	0.0	0.0	-50.1	-0.1	0.0	0.0	-0.4	-0.4	-0.1	-0.1
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.4	-46.7	0.0	0.0	-50.1	-0.1	0.0	0.0	-0.4	-0.4	-0.1	-0.1
Net Cash Flow During the Period	15.1	-2.5	4.4	0.0	2.1	-2.5	2.4	-0.7	-5.6	3.6	-9.4	4.0
Cash and Cash Equivalents at Beginning of Period	8.8	11.3	6.9	7.0	4.9	4.9	4.9	4.9	12.4	12.4	12.4	12.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.2	0.6	-0.2	0.2	-0.2	0.2	-0.1	0.1
Cash and Cash Equivalents at End of Period	23.9	8.8	11.3	6.9	7.0	4.8	6.7	4.5	4.9	10.8	6.9	16.4

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What Is Changing

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Balance Sheet

Cash Flow

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