The financial statements of NSC

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	2,456.8	2,594.4	2,206.5	2,030.7	2,085.4
Revenue Deductions	157.6	145.7	171.0	141.6	0.0
Net Revenue	2,299.3	2,448.7	2,035.5	1,889.1	1,931.4
Cost of Goods Sold	1,626.3	1,722.9	1,400.8	1,256.1	0.0
Gross Profit	672.9	725.8	634.7	633.0	620.4
Financial Income	28.0	19.0	14.7	12.3	5.5
Financial Expenses	50.0	39.6	37.7	25.7	-31.6
Interest Expense	31.3	17.9	19.1	12.5	-14.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	205.8	235.7	182.5	177.9	-169.6
General and Administrative Expenses	167.1	196.3	172.8	179.2	-177.2
Operating Profit	278.1	273.2	256.5	262.5	247.5
Other Income	8.4	2.0	13.0	12.5	0.0
Other Expenses	10.9	3.2	2.8	9.0	0.0
Other Profit	-2.6	-1.2	10.2	3.5	1.5
Profit Before Tax	275.5	272.1	266.8	266.0	249.0
Current Income Tax Expense	46.2	50.6	37.7	38.6	-23.3
Deferred Income Tax Expense	2.6	-4.1	-1.1	0.5	0.0
Net Income	226.7	225.6	230.1	226.9	225.6
Non-controlling Interest	7.4	7.6	6.6	6.2	6.3
Profit Attributable to Parent	219.3	217.9	223.5	220.6	219.3
Earnings per Share VND per share	12,470.51	11,712.00	12,657.00	12,555.00	12,479.00
Diluted EPS VND per share	12,470.51	12,392.63	12,657.00	12,555.00	12,470.04

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,793.5	1,290.5	1,366.0	1,175.5	1,063.8
I. Cash and cash equivalents	382.2	278.7	478.5	407.9	311.8
1. Cash	302.6	263.2	359.2	321.9	0.0
2. Cash equivalents	79.6	15.5	119.3	86.0	0.0
II. Short-term financial investments	148.5	2.0	60.0	6.8	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	148.5	2.0	60.0	6.8	0.0
III. Short-term receivables	450.2	444.4	378.5	284.8	317.8
1. Short-term trade accounts receivable	302.5	274.0	221.7	225.0	0.0
2. Short-term prepayments to suppliers	37.1	52.9	37.3	48.4	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	100.0	100.0	100.0	0.0	0.0
6. Other short-term receivables	12.8	20.5	21.2	13.2	0.0
7. Provision for short-term doubtful debts (*)	-2.1	-3.0	-1.8	-1.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	796.5	553.7	438.2	466.3	422.1
1. Inventories	808.2	562.0	446.0	479.2	0.0
2. Provision for decline in value of inventories	-11.8	-8.3	-7.8	-12.9	0.0
V. Other short-term assets	16.3	11.8	10.8	9.7	7.2
1. Short-term prepayments	3.9	2.7	5.8	1.9	0.0
2. Value added tax to be reclaimed	8.3	7.0	2.5	0.0	0.0
3. Taxes and other receivables from state authorities	4.1	2.1	2.6	7.8	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)	815.0	864.3	855.1	850.2	885.5
I. Long-term receivables	1.2	0.8	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	1.2	0.8	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	733.6	767.8	742.9	720.6	735.3
1. Tangible fixed assets	516.9	546.9	523.2	508.6	520.1
- Cost	1,016.4	997.8	923.5	866.6	0.0
- Accumulated depreciation	-499.5	-450.9	-400.3	-358.0	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	216.6	220.9	219.8	212.0	215.3
- Cost	270.9	270.6	264.4	253.3	0.0
- Accumulated depreciation	-54.2	-49.7	-44.6	-41.3	0.0
III. Investment properties	9.5	10.8	10.6	2.4	0.0
- Cost	14.8	14.8	13.4	4.8	0.0
- Accumulated depreciation	-5.3	-4.0	-2.8	-2.3	0.0
IV. Long-term assets in progress	—	10.6	7.7	12.5	14.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	10.6	7.7	12.5	0.0
V. Long-term financial investments	26.1	26.1	26.1	26.1	26.1
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	26.1	26.1	26.1	26.1	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	44.6	48.2	67.8	88.7	0.0
1. Long-term prepayments	36.2	31.4	31.0	29.5	0.0
2. Deferred income tax assets	8.4	11.0	6.9	5.9	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.8	0.8	109.4
5. Goodwill	—	5.8	29.1	52.5	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,608.5	2,154.9	2,221.2	2,025.7	1,949.2
A. LIABILITIES (300=210+330)	959.9	634.2	775.0	674.5	644.6
I. Short -term liabilities	927.4	601.6	742.9	642.8	612.6
1. Short-term trade accounts payable	80.4	121.3	128.7	127.0	97.0
2. Short-term advances from customers	17.8	19.7	15.1	16.2	22.8
3. Taxes and other payables to state authorities	39.1	22.5	23.6	6.8	0.0
4. Payable to employees	13.6	28.8	21.6	42.7	0.0
5. Short-term acrrued expenses	30.4	14.6	20.1	12.8	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	0.3	0.3	0.0	0.0	0.0
9. Other short-term payables	119.0	172.7	194.2	178.8	0.0
10. Short-term borrowings and financial leases	591.4	195.5	315.8	221.0	200.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	35.4	26.2	23.7	37.5	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	32.5	32.6	32.1	31.6	31.9
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	1.2	1.3	0.7	0.2	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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	31.3	31.4	31.4	31.4	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,549.6	1,520.6	1,446.1	1,351.3	1,304.6
I. Owner's equity	1,549.6	1,520.6	1,446.1	1,351.3	0.0
1. Owner's capital	175.9	175.9	175.9	175.9	1,304.6
- Common stock with voting right VND per share	175,869,880,000.00	175,869,880,000.00	175,869,880,000.00	175,869,880,000.00	175,869,880,000.00
- Preferred stock VND per share	—	0.00	0.00	0.00	0.00
2. Share premium	331.2	331.2	331.2	331.2	331.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	8.0	8.0	0.0	0.0	0.0
5. Treasury shares VND per share	-50,000,000.00	-50,000,000.00	-50,000,000.00	-50,000,000.00	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	564.9	553.6	509.4	463.0	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	469.7	358.2	339.9	294.7	247.5
- Accumulated retained earning at the end of the previous period	253.9	162.1	117.2	75.3	31.9
- Undistributed earnings in this period	215.8	196.1	222.7	219.3	215.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	93.8	89.8	86.5	82.9
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	99.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,608.5	2,154.9	2,221.2	2,025.7	1,949.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	275.5	272.1	266.8	266.0	0.0
Depreciation of Fixed Assets and Investment Property	67.5	80.7	74.0	74.1	0.0
Provision (Increase)/Reversal	2.6	1.7	-7.5	-4.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.7	-3.4	-1.6	-0.4	0.0
Gain/Loss from Investment Activities	-20.7	-14.3	-23.2	-9.5	0.0
Interest Expense	31.3	17.9	19.1	12.5	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	356.8	354.7	327.6	338.5	0.0
Increase/(Decrease) in Receivables	-5.3	-73.6	13.6	7.3	0.0
Increase/(Decrease) in Inventory	-246.3	-116.0	33.3	-40.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-56.8	-17.6	-11.9	9.6	0.0
Increase/(Decrease) in Prepaid Expenses	-6.0	2.8	-5.5	1.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-30.9	-17.5	-17.3	-12.4	0.0
Corporate Income Tax Paid	-38.9	-53.3	-18.3	-41.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-46.2	-67.3	-70.3	-52.1	0.0
Net Cash Flow from Operating Activities	-73.6	12.2	251.1	210.8	-298.9
Payments for Fixed Assets and Other Long-term Assets	-24.4	-92.2	-56.3	-38.0	-18.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.7	0.8	12.0	2.5	0.0
Loans and Purchases of Debt Instruments	-187.5	-2.0	-162.0	-5.2	-5.3
Receipts from Loan Repayments and Sale of Debt Instruments	41.0	60.0	8.8	3.3	4.8
Investments in Other Entities	—	0.0	0.0	0.0	-1.9
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	19.0	14.3	10.7	9.4	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	-147.1	-19.1	-186.8	-28.0	-17.2
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	1,852.8	1,024.5	838.9	549.5	450.3
Repayment of Borrowings	-1,456.8	-1,144.9	-744.1	-529.1	-213.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-71.7	-73.4	-90.1	-107.4	-44.0
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	324.2	-193.7	4.8	-87.0	192.7
Net Cash Flow During the Period	103.5	-200.7	69.1	95.8	0.0
Cash and Cash Equivalents at Beginning of Period	278.7	478.5	407.9	311.8	262.1
FX Difference from Revaluation	0.0	0.9	1.5	0.4	0.0
Cash and Cash Equivalents at End of Period	382.2	278.7	478.5	407.9	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	561.5	383.2	792.3	510.5	778.0	378.7	1,020.7	507.1	706.6	365.3	852.0	471.4
Revenue Deductions	58.9	20.3	21.6	17.7	109.9	10.5	51.6	9.8	74.0	14.8	71.2	48.8
Net Revenue	502.6	362.9	770.7	492.7	668.0	368.2	969.1	497.3	632.5	350.5	780.8	422.6
Cost of Goods Sold	330.8	258.0	486.6	398.9	485.0	257.4	675.8	372.5	441.2	233.0	525.0	307.2
Gross Profit	171.8	104.9	284.1	93.8	183.0	110.7	293.3	124.7	191.3	117.5	255.8	115.4
Financial Income	12.8	8.8	8.9	7.8	7.8	3.8	3.9	2.6	7.2	5.4	3.9	3.4
Financial Expenses	19.3	8.8	19.6	9.7	15.7	5.1	13.5	8.1	13.4	4.5	11.5	8.6
Interest Expense	11.7	6.8	8.9	8.9	9.4	4.2	4.1	4.7	5.7	3.4	3.8	5.9
Share of Associates and Joint Ventures	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	67.0	30.8	75.5	34.8	63.2	31.6	94.2	41.4	63.3	35.7	73.1	39.5
General and Administrative Expenses	44.8	23.5	68.9	29.4	37.7	29.3	73.7	38.1	50.3	35.6	61.6	40.8
Operating Profit	53.5	50.6	129.1	27.7	74.2	48.7	115.7	39.7	71.5	46.9	113.4	29.9
Other Income	2.5	0.1	5.3	2.5	0.5	0.0	0.7	-0.3	-0.2	0.7	15.5	0.2
Other Expenses	1.5	0.4	0.2	0.3	0.6	0.5	-0.4	0.9	0.9	1.6	1.7	0.1
Other Profit	1.0	-0.2	5.1	2.2	-0.1	-0.5	1.1	-1.2	-1.1	-0.9	13.7	0.1
Profit Before Tax	54.5	50.3	134.2	29.9	74.1	48.2	116.8	38.5	70.4	46.0	127.2	30.1
Current Income Tax Expense	7.6	8.6	26.8	-1.6	12.8	8.3	28.0	-0.8	15.3	8.4	19.7	0.7
Deferred Income Tax Expense	2.7	0.8	-2.1	4.0	-1.7	2.3	-4.6	1.9	-1.8	1.2	-2.0	1.0
Net Income	44.2	41.0	109.4	27.5	63.0	37.6	93.5	37.4	56.9	36.3	109.5	28.4
Non-controlling Interest	2.2	-0.2	3.9	0.9	2.8	0.6	3.1	1.0	2.7	0.9	3.5	0.6
Profit Attributable to Parent	42.0	41.2	105.5	26.6	60.3	37.0	90.4	36.4	54.2	35.5	106.0	27.8
Earnings per Share VND per share	2,565.00	2,149.00	5,926.00	1,448.00	3,409.00	2,106.00	4,282.00	2,051.00	3,086.00	2,019.00	6,063.00	1,596.00
Diluted EPS VND per share	2,387.70	2,340.49	6,000.59	1,510.74	3,409.00	2,106.00	11,491.00	2,051.00	3,086.00	2,019.00	6,063.00	1,596.00

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)	2,035.4	1,834.7	1,797.7	1,780.5	1,965.9	1,814.6	1,291.8	1,424.7	1,569.7	1,459.9	1,370.2	1,233.8
I. Cash and cash equivalents	347.7	243.2	382.2	261.1	400.0	198.9	278.7	201.6	337.0	281.8	478.5	189.5
1. Cash	336.2	168.7	302.6	244.6	375.0	177.9	263.2	168.3	307.5	230.9	359.2	164.0
2. Cash equivalents	11.5	74.5	79.6	16.6	25.0	21.0	15.5	33.3	29.5	50.9	119.3	25.5
II. Short-term financial investments	327.0	418.1	148.5	79.7	57.4	18.0	2.0	5.0	5.0	3.0	60.0	66.5
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	327.0	418.1	148.5	79.7	57.4	18.0	2.0	5.0	5.0	3.0	60.0	66.5
III. Short-term receivables	266.9	240.4	455.8	383.6	388.7	427.5	445.7	376.6	398.3	404.3	382.2	294.8
1. Short-term trade accounts receivable	224.5	172.2	302.2	210.6	229.9	223.3	274.0	184.3	232.0	206.2	222.1	135.6
2. Short-term prepayments to suppliers	21.7	37.8	37.1	37.3	36.8	77.6	52.9	70.0	49.6	72.9	40.5	36.1
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	—	—	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
6. Other short-term receivables	22.7	32.4	18.7	37.6	23.9	29.0	20.5	24.0	18.3	26.9	21.3	25.0
7. Provision for short-term doubtful debts (*)	-1.9	-1.9	-2.1	-1.9	-1.9	-2.5	-1.7	-1.6	-1.6	-1.6	-1.8	-1.8
8. Assets awaiting resolution	—	—	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,061.3	894.9	795.3	1,035.0	1,100.6	1,147.2	553.7	828.4	815.6	754.0	438.6	664.8
1. Inventories	1,073.1	906.6	808.2	1,043.5	1,109.1	1,155.3	562.0	836.4	823.7	761.7	446.4	675.3
2. Provision for decline in value of inventories	-11.9	-11.7	-13.0	-8.5	-8.5	-8.1	-8.3	-8.0	-8.0	-7.7	-7.8	-10.5
V. Short-term Biological Assets	8.3	5.5	—	—	—	—	—	—	—	—	—	—
2. Short-term seasonal or single-harvest crops	8.3	5.5	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	24.2	32.5	16.0	21.0	19.3	23.0	11.8	13.2	13.8	16.8	10.9	18.2
1. Short-term prepayments	9.0	16.4	3.9	6.9	5.8	8.3	2.6	4.9	5.8	9.7	5.8	8.9
2. Value added tax to be reclaimed	12.0	10.5	8.3	10.8	10.1	8.4	7.0	5.2	4.6	3.3	2.5	0.8
3. Taxes and other receivables from state authorities	3.2	5.6	3.9	3.3	3.3	6.3	2.1	3.1	3.4	3.7	2.5	8.5
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)	795.3	799.3	815.2	824.9	843.2	842.4	862.1	845.7	847.6	834.3	851.9	846.5
I. Long-term receivables	1.3	1.2	2.1	2.1	2.1	2.1	0.8	2.1	2.1	0.0	2.1	2.1
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	1.3	1.2	2.1	2.1	2.1	2.1	2.1	2.1	2.1	0.0	2.1	2.1
7. Provision for long-term doubtful debts	—	—	—	—	—	—	-1.3	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	718.9	720.5	733.6	745.4	759.0	754.4	767.8	724.7	733.8	731.5	742.9	730.3
1. Tangible fixed assets	496.2	503.8	516.9	527.7	540.6	534.7	546.9	503.2	511.0	512.5	523.2	516.5
- Cost	1,022.5	1,016.5	—	—	—	—	997.8	941.5	936.5	925.7	923.5	907.8
- Accumulated depreciation	-526.3	-512.7	—	—	—	—	-450.9	-438.3	-425.5	-413.2	-400.3	-391.4
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	222.8	216.6	216.6	217.7	218.4	219.7	220.9	221.5	222.7	219.0	219.8	213.9
- Cost	278.7	271.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-56.0	-55.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	0.1	0.2	—	—	—	—	—	—	—	—	—	—
3. Long-term seasonal or single-harvest crops	0.1	0.2	—	—	—	—	—	—	—	—	—	—
III. Investment properties	9.0	9.2	9.5	9.9	10.2	10.5	10.8	10.5	10.1	10.4	10.6	3.0
- Cost	14.9	14.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.9	-5.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	1.6	1.9	10.6	10.6	34.3	19.7	5.4	4.5	16.8
1. Long-term production in progress	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	1.6	1.9	10.6	10.6	34.3	19.7	5.4	4.5	16.8
V. Long-term financial investments	26.1	26.1	26.1	26.1	26.1	26.1	26.1	26.1	26.1	26.1	26.1	26.1
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	26.1	26.1	26.1	26.1	26.1	26.1	26.1	26.1	26.1	26.1	26.1	26.1
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	39.9	42.1	43.9	39.9	43.9	38.6	46.1	48.0	55.9	37.6	36.6	33.3
1. Long-term prepayments	35.2	34.6	34.0	31.6	32.0	29.0	29.3	29.9	30.1	31.1	28.9	27.6
2. Deferred income tax assets	4.8	7.5	8.6	7.0	11.1	8.8	10.2	5.5	7.5	5.7	6.9	4.9
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	1.2	1.2	0.8	0.8	0.8	0.9	0.9	0.8	0.8	0.8
5. Goodwill	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	—	5.8	11.6	17.4	23.3	29.1	35.0
TOTAL ASSETS (280=100+200)	2,830.7	2,633.9	2,612.9	2,605.4	2,809.1	2,657.0	2,154.0	2,270.4	2,417.4	2,294.2	2,222.1	2,080.3
A. LIABILITIES (300=210+330)	1,174.5	990.2	952.9	1,043.9	1,232.4	1,105.5	633.3	823.1	1,001.3	825.7	776.0	733.1
I. Short -term liabilities	1,142.0	957.7	920.3	1,011.3	1,199.7	1,072.9	600.7	790.5	968.6	793.3	743.9	701.1
1. Short-term trade accounts payable	50.1	51.5	80.2	39.1	99.4	96.6	121.3	95.1	77.9	105.4	128.7	70.8
2. Short-term advances from customers	14.2	13.5	17.4	13.7	17.7	14.4	19.7	21.3	11.4	11.9	15.1	25.3
3. Dividends and profits payable	0.1	0.1	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	9.8	10.8	29.2	15.7	22.6	8.6	21.6	17.4	19.5	9.9	23.7	12.1
4. Payable to employees	5.7	2.2	16.1	3.7	7.8	4.7	28.8	9.3	13.0	4.2	21.6	9.6
5. Short-term acrrued expenses	20.5	24.3	31.3	22.2	25.0	19.5	14.6	19.1	20.1	20.3	17.8	16.8
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	0.4	0.7	0.3	0.9	0.7	0.7	0.3	0.7	0.5	0.7	0.0	0.2
9. Other short-term payables	127.6	133.2	119.2	124.7	131.9	138.2	173.6	172.6	213.4	165.7	197.4	217.6
10. Short-term borrowings and financial leases	867.4	697.4	591.4	753.2	855.0	775.2	195.5	421.4	568.9	452.5	315.8	319.9
11. Provision for short-term liabilities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	46.2	23.8	35.4	38.0	39.4	15.1	25.3	33.6	44.0	22.6	23.7	28.8
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	32.4	32.5	32.6	32.6	32.7	32.6	32.6	32.6	32.7	32.4	32.1	32.0
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	1.1	1.2	1.2	1.2	1.4	1.2	1.3	1.3	1.3	1.1	0.7	0.6
8. Long-term borrowings and financial leases	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
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	31.3	31.3	31.3	31.4	31.4	31.4	31.4	31.4	31.4	31.4	31.4	31.4
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)	1,656.3	1,643.8	1,659.9	1,561.5	1,576.7	1,551.5	1,520.6	1,447.3	1,416.1	1,468.5	1,446.1	1,347.3
I. Owner's equity	1,656.3	1,643.8	1,659.9	1,561.5	1,576.7	1,551.5	1,520.6	1,447.3	1,416.1	1,468.5	1,446.1	1,347.3
1. Owner's capital	175.9	175.9	175.9	175.9	175.9	175.9	175.9	175.9	175.9	175.9	175.9	175.9
- Common stock with voting right VND per share	175,869,880,000.00	175,869,880,000.00	175,869,880,000.00	175,869,880,000.00	175,869,880,000.00	175,869,880,000.00	175,869,880,000.00	175,869,880,000.00	175,869,880,000.00	175,869,880,000.00	175,869,880,000.00	175,869,880,000.00
- Preferred stock VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	331.2	331.2	331.2	331.2	331.2	331.2	331.2	331.2	331.2	331.2	331.2	331.2
3. Convertible bond option	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	0.0	0.0	0.0	0.0
5. Treasury shares VND per share	-50,000,000.00	-50,000,000.00	-50,000,000.00	-50,000,000.00	-50,000,000.00	-50,000,000.00	-50,000,000.00	-50,000,000.00	-50,000,000.00	-50,000,000.00	-50,000,000.00	-50,000,000.00
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	594.4	565.8	564.9	573.3	578.8	547.2	553.6	554.2	559.8	515.0	509.4	517.8
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	447.5	464.2	480.2	377.4	387.1	394.9	358.2	287.3	252.5	357.3	339.8	235.4
- Accumulated retained earning at the end of the previous period	365.2	423.2	253.9	254.9	290.2	357.9	162.1	162.2	163.2	321.8	116.4	117.6
- Undistributed earnings in this period	82.3	41.0	226.2	122.5	96.9	37.0	196.1	125.1	89.3	35.5	223.4	117.7
12. Reserves for investment in construction	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	99.3	98.8	99.9	95.7	95.7	94.4	93.8	90.8	96.7	89.1	89.8	87.0
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)	2,830.7	2,633.9	2,612.9	2,605.4	2,809.1	2,657.0	2,154.0	2,270.4	2,417.4	2,294.2	2,222.1	2,080.3

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	54.5	50.3	123.4	29.9	74.0	48.2	116.8	38.5	70.4	46.0	127.4	30.1
Depreciation of Fixed Assets and Investment Property	14.9	14.3	14.9	15.6	8.3	28.7	19.4	20.3	18.1	20.3	20.5	16.7
Provision (Increase)/Reversal	0.1	-0.2	3.5	0.0	-0.2	-0.8	1.7	0.0	0.4	-0.3	-5.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	0.3	1.1	1.7	-2.6	0.5	-1.0	0.5	0.1	-0.6	-0.2	-1.4
Gain/Loss from Investment Activities	-9.3	-3.6	-7.2	-4.2	-7.7	-1.6	-2.3	-2.6	-4.9	-3.7	-14.8	-1.8
Interest Expense	11.7	6.8	8.8	8.9	9.4	4.2	4.1	4.7	5.7	3.4	3.6	5.9
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	71.7	68.0	144.6	51.8	81.3	79.1	138.8	61.4	89.7	65.2	131.4	49.6
Increase/(Decrease) in Receivables	-16.4	100.3	-66.4	9.2	31.8	20.1	-74.9	22.2	-8.4	-17.0	-75.4	31.1
Increase/(Decrease) in Inventory	-169.3	-103.9	235.2	65.6	46.2	-593.3	274.5	-13.9	-60.8	-315.7	229.3	72.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.3	-44.0	71.3	-55.9	-35.4	-36.8	2.0	42.2	-38.2	-48.6	-2.6	57.9
Increase/(Decrease) in Prepaid Expenses	-3.4	-3.9	-1.5	1.4	-2.6	-3.3	2.8	2.1	2.0	-1.9	-0.3	-1.7
Changes in Trading Securities	—	—	—	—	—	—	0.0	0.0	3.2	-3.2	0.0	0.0
Interest Paid	-9.7	-4.9	-9.8	-7.0	-9.9	-4.2	-4.2	-6.1	15.9	-23.7	-1.8	-5.2
Corporate Income Tax Paid	-30.4	-7.5	-16.7	-0.0	0.0	-22.1	-22.1	-0.7	-17.6	-12.8	-6.0	-6.3
Other Operating Receipts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-5.3	-13.5	-27.0	8.5	-12.8	-15.0	-8.3	-15.3	-24.6	0.0	-11.3	-27.6
Net Cash Flow from Operating Activities	-166.2	-9.3	329.6	73.6	98.6	-575.5	308.7	91.8	-38.8	-357.7	263.1	170.6
Payments for Fixed Assets and Other Long-term Assets	0.0	-34.3	10.0	-18.4	18.4	-34.3	-16.1	-49.2	-23.6	-2.9	-10.0	-5.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	4.7	—	—	—	5.9	0.1	0.2	0.1	11.8	0.1
Loans and Purchases of Debt Instruments	91.1	-169.7	-109.8	-20.3	-41.4	-16.0	0.0	0.0	-2.0	-3.0	4.5	-164.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	39.0	—	2.0	—	3.0	0.0	0.0	60.0	2.0	1.0
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	8.1	5.0	5.2	4.4	7.8	1.6	1.2	4.1	3.5	5.3	3.1	0.5
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	99.2	-199.0	-48.8	-36.4	-13.0	-48.8	-6.0	-45.1	-22.0	59.5	11.4	-168.7
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	448.9	595.2	346.4	509.3	303.2	693.9	186.5	244.3	288.0	340.7	240.9	198.7
Repayment of Borrowings	-277.7	-490.4	-508.1	-611.2	-223.3	-114.3	-412.4	-389.5	-171.7	-204.0	-244.9	-237.4
Repayment of Finance Leases	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	-35.3	-0.1	-71.1	34.7	-35.1	-0.7	-35.7	-0.9	-35.8	18.5	-55.0
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	171.2	69.6	-161.9	-173.0	114.5	544.5	-226.6	-180.9	115.4	100.9	14.4	-93.8
Net Cash Flow During the Period	104.2	-138.7	118.9	-135.8	200.1	-79.7	76.1	-134.2	54.6	-197.2	288.9	-91.9
Cash and Cash Equivalents at Beginning of Period	243.2	382.2	261.1	400.0	198.9	278.7	478.5	478.5	478.5	478.5	407.9	407.9
FX Difference from Revaluation	0.3	-0.3	0.0	-2.1	0.9	-0.0	1.0	-1.2	0.6	0.6	0.1	1.4
Cash and Cash Equivalents at End of Period	347.7	243.2	382.2	261.1	400.0	198.9	278.7	201.6	337.0	281.8	478.5	189.5

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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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