NT2

Listed Company · HOSE

Price

26,000

Latest close

03 Apr 2026

P/E 7.7x

EPS (TTM) 3,375

ROE (TTM) 22.4%

P/B 1.6x

BVPS (Latest) 16,427

ROA (TTM) 10.4%

What Is Changing

NT2 no longer looks like a business simply rebounding from a weak base. Revenue posted +33.9% YoY, while net margin reached 14.20% with an additional +12.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin broke above its recent high, rising 415bps to 14.20% in 2025.
Revenue growth accelerated to 33.9% in 2025, up 40.8pp versus the prior year.
Net Income reached a multi-period high at VND 1,130.3bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	7,958.2	5,943.7	6,385.9	8,787.7	6,149.6
Growth	+34%	-7%	-27%	+43%	—
Net Income	1,130.3	82.9	473.1	883.4	533.8
Net Margin	14.20%	1.39%	7.41%	10.05%	8.68%

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	2,367.3	1,928.2	2,081.3	1,426.7	1,791.8	1,711.8	2,186.1	261.9	1,200.5	816.4	2,182.8	2,182.9
Growth	+23%	-7%	+46%	-20%	+5%	-22%	+735%	-78%	+47%	-63%	-0%	—
Net Income	422.2	214.2	326.2	37.0	64.0	44.3	122.2	-158.2	240.1	-123.8	144.2	233.8
Net Margin	17.84%	11.11%	15.68%	2.59%	3.57%	2.59%	5.59%	-60.39%	20.00%	-15.16%	6.61%	10.71%

Financial Statements

Profitability

Net margin reached 14.20% while Revenue posted +33.9% YoY.

Balance Sheet

Inventory stood at 354.1bn, liabilities at 4,413.9bn, and equity at 4,859.4bn.

Cash Flow

Operating cash flow was 1,003.2bn in 2025, while investing cash flow was -1,372.3bn.

Financing cash flow: 334.5bn.

Item	2025	2024	2023	2022	2021
Revenue	7,958.2	5,943.7	6,385.9	8,787.7	6,149.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	7,958.2	5,943.7	6,385.9	8,787.7	6,149.6
Cost of Goods Sold	6,710.4	5,892.2	5,875.6	7,706.2	0.0
Gross Profit	1,247.8	51.5	510.3	1,081.5	675.8
Financial Income	170.4	99.9	106.8	24.4	17.7
Financial Expenses	66.4	38.7	34.5	17.8	-52.0
Interest Expense	64.7	34.9	33.8	15.4	-20.3
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	84.9	81.2	69.0	131.4	-82.9
Operating Profit	1,266.9	31.6	513.7	956.7	558.6
Other Income	4.2	73.2	2.4	1.2	0.0
Other Expenses	3.2	0.9	2.4	14.9	0.0
Other Profit	1.1	72.3	-0.1	-13.7	7.2
Profit Before Tax	1,268.0	104.0	513.6	943.0	565.8
Current Income Tax Expense	137.7	21.1	40.5	45.0	-32.1
Deferred Income Tax Expense	—	0.0	0.0	14.6	0.0
Net Income	1,130.3	82.9	473.1	883.4	533.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1,130.3	82.9	473.1	883.4	533.8
Earnings per Share	3,829.00	276.00	1,546.00	2,992.00	1,844.00
Diluted EPS	3,926.29	287.95	1,643.33	3,068.74	1,854.23

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	8,033.4	5,773.8	4,770.2	4,556.8	2,581.0
I. Cash and cash equivalents	22.3	57.0	1.2	384.3	1.0
1. Cash	22.3	7.0	1.2	2.3	0.0
2. Cash equivalents	—	50.0	0.0	382.0	0.0
II. Short-term financial investments	3,757.5	2,273.5	2,100.4	949.0	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	3,757.5	2,273.5	2,100.4	949.0	0.0
III. Short-term receivables	3,894.8	2,988.7	2,325.6	2,911.4	2,230.4
1. Short-term trade accounts receivable	3,770.2	2,933.3	2,253.6	2,890.8	0.0
2. Short-term prepayments to suppliers	—	0.0	2.7	2.7	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	124.6	79.7	93.7	59.1	0.0
7. Provision for short-term doubtful debts (*)	—	-24.3	-24.3	-41.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	354.1	332.6	260.4	307.5	310.9
1. Inventories	354.1	332.6	260.4	307.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	4.7	122.1	82.7	4.7	38.2
1. Short-term prepayments	4.7	4.7	4.7	4.7	0.0
2. Value added tax to be reclaimed	—	117.4	78.0	0.0	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)	1,239.9	2,924.0	3,680.9	2,888.0	4,043.0
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	896.8	1,441.7	2,125.2	2,809.1	3,496.4
1. Tangible fixed assets	874.9	1,419.6	2,103.6	2,787.4	3,474.7
- Cost	11,344.0	11,332.5	11,329.7	11,327.5	0.0
- Accumulated depreciation	-10,469.1	-9,912.9	-9,226.1	-8,540.0	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	21.8	22.1	21.6	21.6	21.7
- Cost	31.6	31.6	31.0	31.4	0.0
- Accumulated depreciation	-9.8	-9.6	-9.4	-9.8	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	1.1
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	343.1	1,482.4	1,555.7	78.9	0.0
1. Long-term prepayments	343.1	1,482.4	1,555.7	78.9	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	545.5
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)	9,273.3	8,697.8	8,451.2	7,444.8	6,624.1
A. LIABILITIES (300=210+330)	4,413.9	4,508.8	4,115.3	2,830.9	2,390.5
I. Short -term liabilities	4,413.9	4,508.8	4,115.3	2,830.9	2,390.5
1. Short-term trade accounts payable	1,234.3	2,252.9	1,679.9	769.5	1,033.9
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	88.9	23.4	50.3	159.0	0.0
4. Payable to employees	53.1	21.0	31.8	19.0	0.0
5. Short-term acrrued expenses	1,216.3	1,153.7	1,087.8	1,194.2	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	49.5	49.0	49.9	48.7	0.0
10. Short-term borrowings and financial leases	1,762.3	996.4	1,200.0	630.5	210.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.5	12.4	15.5	10.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
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)	4,859.4	4,189.1	4,335.8	4,613.8	4,233.6
I. Owner's equity	4,859.4	4,189.1	4,335.8	4,613.8	0.0
1. Owner's capital	2,878.8	2,878.8	2,878.8	2,878.8	4,233.6
- Common stock with voting right	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	-0.5	-0.5	-0.5	-0.5	-0.5
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	—	0.0	0.0	0.0	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	226.1	226.1	226.1	181.9	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	1,755.0	1,084.7	1,231.5	1,553.6	1,195.7
- Accumulated retained earning at the end of the previous period	624.7	1,001.8	758.4	670.2	661.9
- Undistributed earnings in this period	1,130.3	82.9	473.1	883.4	533.8
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)	9,273.3	8,697.8	8,451.2	7,444.8	6,624.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,268.0	104.0	513.6	943.0	565.8
Depreciation of Fixed Assets and Investment Property	556.4	687.1	687.2	688.8	690.5
Provision (Increase)/Reversal	-24.3	0.0	-16.9	41.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-3.5	0.4	0.0	0.0
Gain/Loss from Investment Activities	-167.5	-94.7	-98.8	-20.5	0.0
Interest Expense	64.7	34.9	33.8	15.4	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	1,697.2	727.7	1,119.3	1,667.9	1,265.4
Increase/(Decrease) in Receivables	-717.8	-717.5	558.7	-671.9	0.0
Increase/(Decrease) in Inventory	-21.5	-72.2	47.1	3.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-915.4	600.6	715.2	22.1	0.0
Increase/(Decrease) in Prepaid Expenses	1,139.3	73.3	-1,476.8	452.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-62.6	-32.9	-33.6	-15.0	0.0
Corporate Income Tax Paid	-84.9	-20.1	-47.5	-46.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-31.0	-31.3	-25.9	-28.9	0.0
Net Cash Flow from Operating Activities	1,003.2	527.7	856.6	1,383.4	1,074.3
Payments for Fixed Assets and Other Long-term Assets	-9.2	-3.6	-3.4	-1.5	-2.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-4,957.5	-4,110.4	-2,730.4	-948.5	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	3,473.5	3,937.3	1,579.0	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	120.9	109.7	64.6	3.8	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1,372.3	-66.8	-1,090.1	-946.2	8.2
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	3,750.1	2,354.6	1,550.6	830.5	0.0
Repayment of Borrowings	-2,984.2	-2,558.3	-981.1	-410.0	-567.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-431.5	-201.4	-719.1	-474.4	-575.4
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	334.5	-405.1	-149.6	-53.9	-1,143.3
Net Cash Flow During the Period	-34.7	55.8	-383.1	383.3	-15.5
Cash and Cash Equivalents at Beginning of Period	57.0	1.2	384.3	1.0	61.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	22.3	57.0	1.2	384.3	1.0

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	2,367.3	1,928.2	2,081.3	1,426.7	1,791.8	1,711.8	2,186.1	261.9	1,200.5	816.4	2,182.8	2,182.9
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	2,367.3	1,928.2	2,081.3	1,426.7	1,791.8	1,711.8	2,186.1	261.9	1,200.5	816.4	2,182.8	2,182.9
Cost of Goods Sold	1,889.7	1,723.6	1,714.7	1,382.1	1,718.9	1,652.2	2,056.6	487.3	973.7	948.6	2,020.5	1,931.2
Gross Profit	477.6	204.6	366.5	44.6	72.9	59.6	129.5	-225.4	226.8	-132.1	162.2	251.6
Financial Income	52.2	48.8	38.0	31.3	34.6	26.7	19.2	19.4	32.1	35.2	17.5	22.1
Financial Expenses	18.3	16.0	18.4	13.7	10.3	11.8	8.7	7.9	11.9	10.6	4.9	7.1
Interest Expense	18.2	15.9	18.2	12.4	10.2	11.0	8.7	5.1	11.5	10.3	4.9	7.1
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	34.7	0.9	21.4	18.7	21.1	25.2	18.4	14.7	-9.6	16.5	17.7	20.1
Operating Profit	476.9	236.4	364.7	43.6	76.1	49.3	121.6	-228.6	256.6	-123.9	157.1	246.5
Other Income	0.6	3.0	0.3	0.4	0.7	1.2	0.7	70.6	1.4	0.4	0.3	0.3
Other Expenses	2.2	0.2	0.3	0.4	0.4	0.1	0.2	0.1	1.5	0.2	0.2	0.6
Other Profit	-1.7	2.7	0.0	-0.0	0.2	1.0	0.6	70.5	-0.1	0.2	0.2	-0.3
Profit Before Tax	475.3	239.2	364.7	43.6	76.4	50.4	122.2	-158.2	256.6	-123.8	157.3	246.2
Current Income Tax Expense	53.0	24.9	38.5	6.6	12.4	6.0	0.0	0.0	16.4	0.0	13.0	12.4
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	422.2	214.2	326.2	37.0	64.0	44.3	122.2	-158.2	240.1	-123.8	144.2	233.8
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	422.2	214.2	326.2	37.0	64.0	44.3	122.2	-158.2	240.1	-123.8	144.2	233.8
Earnings per Share	1,442.00	720.00	1,109.00	104.00	211.00	154.00	424.00	-549.00	809.00	-450.00	477.00	788.00
Diluted EPS	1,466.73	744.19	1,133.29	128.40	222.38	153.90	424.44	-549.40	834.20	-429.93	501.07	812.23

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)	7,879.1	7,020.4	7,218.7	5,696.9	5,912.0	6,395.8	5,595.3	3,511.5	4,791.0	4,958.7	6,667.5	5,735.7
I. Cash and cash equivalents	22.3	4.5	20.8	8.7	57.0	3.1	35.7	7.0	1.2	65.3	275.8	1.0
1. Cash	22.3	4.5	20.8	8.7	7.0	3.1	15.7	7.0	1.2	15.1	3.2	0.5
2. Cash equivalents	—	—	—	—	50.0	0.0	20.0	0.0	0.0	50.2	272.7	0.5
II. Short-term financial investments	3,757.5	3,508.5	3,433.5	2,365.5	2,273.5	2,576.4	2,017.4	1,204.4	2,100.4	1,430.5	780.0	1,030.0
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	3,757.5	3,508.5	3,433.5	2,365.5	2,273.5	2,576.4	2,017.4	1,204.4	2,100.4	1,430.5	780.0	1,030.0
III. Short-term receivables	3,740.5	3,138.9	3,393.9	2,855.6	2,997.2	3,264.0	2,977.2	1,745.6	2,346.4	3,083.3	5,251.2	4,383.7
1. Short-term trade accounts receivable	3,615.9	3,032.4	3,305.2	2,804.1	2,941.8	3,208.1	2,938.3	1,708.0	2,250.0	3,042.0	5,220.6	4,356.2
2. Short-term prepayments to suppliers	—	0.2	0.2	0.2	0.0	2.2	0.0	0.0	2.7	20.6	15.2	10.6
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	124.6	106.2	112.8	75.6	79.7	78.0	63.2	61.9	93.7	62.0	56.6	58.1
7. Provision for short-term doubtful debts (*)	—	—	-24.3	-24.3	-24.3	-24.3	-24.3	-24.3	0.0	-41.2	-41.2	-41.2
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	354.1	351.4	345.3	333.9	332.6	333.5	332.4	334.5	260.4	340.7	345.1	310.2
1. Inventories	354.1	351.4	345.3	333.9	332.6	333.5	332.4	334.5	260.4	340.7	345.1	310.2
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	4.7	17.1	25.3	133.2	251.8	218.8	232.5	220.1	82.7	38.8	15.3	10.8
1. Short-term prepayments	4.7	2.9	11.1	6.1	4.7	0.7	13.1	9.9	4.7	5.2	15.3	10.8
2. Value added tax to be reclaimed	—	14.3	14.2	127.1	247.1	218.1	219.4	210.2	78.0	33.7	0.0	0.0
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)	1,244.9	1,303.3	1,495.9	1,688.6	4,102.7	4,003.8	4,269.5	4,698.8	3,680.0	2,878.1	2,498.6	2,692.1
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	901.8	932.8	1,102.7	1,270.6	1,441.7	1,613.3	1,782.9	1,954.5	2,125.2	2,297.0	2,466.1	2,637.2
1. Tangible fixed assets	879.9	910.9	1,080.7	1,248.6	1,419.6	1,591.3	1,760.9	1,932.4	2,103.6	2,275.4	2,444.5	2,615.6
- Cost	—	—	—	—	11,332.5	11,332.5	11,330.4	11,330.2	11,329.8	11,329.8	11,328.2	11,327.5
- Accumulated depreciation	—	—	—	—	-9,912.9	-9,741.2	-9,569.6	-9,397.8	-9,226.2	-9,054.4	-8,883.7	-8,711.9
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	21.8	21.9	22.0	22.0	22.1	22.0	22.0	22.1	21.6	21.6	21.6	21.6
- 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	—	—	—	—	0.0	0.0	1.9	0.0	0.0	211.0	2.4	0.0
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	—	—	—	—	0.0	0.0	1.9	0.0	0.0	211.0	2.4	0.0
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	—	—	—	—	0.0	0.0	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	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	0.0	0.0
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	343.1	370.5	393.2	418.0	2,661.0	2,390.5	2,484.7	2,744.3	1,554.8	370.1	30.0	54.9
1. Long-term prepayments	343.1	370.5	393.2	418.0	2,661.0	2,390.5	2,484.7	2,744.3	1,554.8	370.1	30.0	54.9
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)	9,124.0	8,323.7	8,714.6	7,385.4	10,014.7	10,399.6	9,864.7	8,210.3	8,471.0	7,836.8	9,166.0	8,427.8
A. LIABILITIES (300=210+330)	4,395.2	3,815.6	4,420.8	3,389.7	5,836.2	6,285.1	5,794.5	4,234.1	4,112.5	3,718.4	4,493.4	3,868.0
I. Short -term liabilities	4,395.2	3,815.6	4,420.8	3,389.7	5,836.2	6,285.1	5,794.5	4,234.1	4,112.5	3,718.4	4,493.4	3,868.0
1. Short-term trade accounts payable	1,234.3	1,506.4	1,256.8	1,809.8	3,686.6	3,683.7	3,317.7	2,484.1	1,679.9	2,230.7	2,802.6	1,733.2
2. Short-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	74.7	33.9	53.6	16.4	20.8	14.5	8.2	9.8	50.0	12.0	186.9	199.9
4. Payable to employees	43.6	10.8	6.8	7.2	17.6	16.1	1.8	0.0	31.8	8.4	11.1	9.5
5. Short-term acrrued expenses	1,221.3	906.3	1,039.8	98.9	1,053.3	1,075.5	1,083.3	999.2	1,085.4	470.5	1,065.3	1,223.7
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	49.5	49.3	49.4	50.1	49.0	49.1	49.1	49.2	49.9	49.5	48.6	49.9
10. Short-term borrowings and financial leases	1,762.3	1,292.5	1,987.8	1,404.1	996.4	1,424.7	1,307.9	686.3	1,200.0	926.2	350.6	650.0
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	9.5	16.4	26.6	3.2	12.4	21.4	26.4	5.5	15.5	21.1	28.4	1.7
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	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	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)	4,728.8	4,508.1	4,293.8	3,995.7	4,178.5	4,114.5	4,070.2	3,976.2	4,358.6	4,118.4	4,672.7	4,559.8
I. Owner's equity	4,728.8	4,508.1	4,293.8	3,995.7	4,178.5	4,114.5	4,070.2	3,976.2	4,358.6	4,118.4	4,672.7	4,559.8
1. Owner's capital	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8
- Common stock with voting right	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8	2,878.8
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	226.1	226.1	226.1	226.1	226.1	226.1	226.1	226.1	226.1	226.1	226.1	181.9
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	1,624.4	1,403.7	1,189.5	891.4	1,074.2	1,010.1	965.8	871.8	1,254.2	1,014.0	1,568.3	1,499.6
- Accumulated retained earning at the end of the previous period	624.7	826.3	826.3	854.4	1,001.8	1,001.8	1,001.8	1,030.0	758.4	758.4	1,190.2	1,265.8
- Undistributed earnings in this period	999.7	577.4	363.2	37.0	72.3	8.3	-36.0	-158.2	495.8	255.6	378.1	233.8
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)	9,124.0	8,323.7	8,714.6	7,385.4	10,014.7	10,399.6	9,864.7	8,210.3	8,471.0	7,836.8	9,166.0	8,427.8

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	620.5	239.2	364.7	43.6	76.4	50.4	122.2	-158.2	233.9	-123.8	157.3	246.2
Depreciation of Fixed Assets and Investment Property	40.5	172.3	171.8	171.8	171.8	171.8	171.8	171.7	171.8	171.8	171.8	171.9
Provision (Increase)/Reversal	0.0	-24.3	—	—	0.0	0.0	0.0	0.0	-16.9	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	-4.0	0.6	-0.1	-0.0	0.6	-0.3	0.0	0.0
Gain/Loss from Investment Activities	-51.1	-47.4	-37.7	-31.2	-31.2	-26.7	-19.0	-17.8	-32.1	-32.0	-14.6	-20.2
Interest Expense	18.2	15.9	18.2	12.4	10.2	11.0	8.7	5.1	11.5	10.3	4.9	7.1
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	628.1	355.6	516.9	196.5	223.1	207.1	283.5	0.9	368.9	26.1	319.3	405.0
Increase/(Decrease) in Receivables	-722.8	273.3	-387.7	119.4	240.0	-270.4	-1,238.8	413.5	761.7	2,139.7	-867.9	-1,474.7
Increase/(Decrease) in Inventory	-2.7	-6.1	-11.5	-1.3	0.9	-1.1	2.1	-74.2	80.4	4.4	-34.9	-2.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	89.9	122.5	383.1	-1,511.0	-13.4	373.8	913.7	656.6	115.1	-1,329.3	896.0	1,033.4
Increase/(Decrease) in Prepaid Expenses	25.5	30.9	19.8	1,063.0	-274.7	106.6	256.4	-1,193.8	-974.1	-541.0	20.3	17.9
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-16.5	-19.2	-15.2	-11.8	-10.3	-10.8	-6.2	-5.6	-11.2	-10.1	-5.8	-6.5
Corporate Income Tax Paid	-24.3	-45.7	0.0	-14.9	-6.2	-0.0	-0.0	-13.9	-3.7	-10.5	-12.4	-20.8
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-6.9	-10.2	-4.7	-9.2	-9.0	-5.0	-7.2	-10.1	-5.6	-7.3	-4.7	-8.3
Net Cash Flow from Operating Activities	-29.6	701.2	500.8	-169.1	150.3	400.3	203.6	-226.5	331.4	272.0	310.1	-56.8
Payments for Fixed Assets and Other Long-term Assets	-4.3	-0.4	-4.4	—	-0.1	-2.3	-0.3	-0.8	0.0	-2.8	-0.5	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-1,079.0	-1,445.5	-1,068.0	-1,365.0	-980.0	-1,113.5	-1,483.0	-534.0	-669.9	-1,280.5	-699.0	-81.0
Receipts from Loan Repayments and Sale of Debt Instruments	830.0	1,370.5	0.0	1,273.0	1,283.0	554.5	669.9	1,430.0	0.0	630.0	949.0	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	32.2	53.4	0.0	35.2	29.0	11.6	17.0	52.2	0.6	26.4	15.0	22.5
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	-221.1	-22.0	-1,072.4	-56.8	331.9	-549.6	-796.4	947.3	-669.3	-626.8	264.5	-58.5
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	1,053.5	708.8	583.7	1,404.1	131.9	839.1	829.2	554.4	273.8	926.2	-299.4	650.0
Repayment of Borrowings	-583.7	-1,404.1	0.0	-996.4	-560.2	-722.4	-207.6	-1,068.1	0.0	-350.6	0.0	-630.5
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-201.3	-0.1	-0.1	-230.0	-0.0	-0.1	-0.1	-201.3	-0.1	-431.3	-0.2	-287.5
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	268.5	-695.4	583.6	177.7	-428.3	116.7	621.6	-715.0	273.7	144.3	-299.7	-268.0
Net Cash Flow During the Period	17.8	-16.3	12.0	-48.2	53.9	-32.7	28.7	5.8	-64.2	-210.5	274.9	-383.3
Cash and Cash Equivalents at Beginning of Period	4.5	20.8	8.7	57.0	1.2	1.2	1.2	1.2	384.3	384.3	384.3	384.3
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	22.3	4.5	20.8	8.7	57.0	3.1	35.7	7.0	1.2	65.3	275.8	1.0

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NT2

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Balance Sheet

Cash Flow

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