PAP

Listed Company · UPCOM

Price

26,000

Latest close

02 Apr 2026

P/E -12.0x

EPS (TTM) -2,175

ROE (TTM) -22.9%

P/B 3.1x

BVPS (Latest) 8,410

ROA (TTM) -5.5%

What Is Changing

PAP no longer looks like a business simply rebounding from a weak base. Revenue posted +7013.1% YoY, while net margin reached -326.01% with an additional +469.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income fell to a multi-period low at VND -504.7bn in 2025.
Revenue increased 7013.1% YoY to VND 154.8bn in 2025.
Net margin improved from -795.28% in the prior period to -326.01% in 2025.

Metric	2025	2024	2023	2022
Revenue	154.8	2.2	0.0	0.0
Growth	+7013%	—	—	—
Net Income	-504.7	-17.3	-6.8	-4.3
Net Margin	-326.01%	-795.28%	—	—

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	82.8	43.0	19.2	9.8	2.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Growth	+93%	+124%	+95%	+352%	—	—	—	—	—	—	—	—
Net Income	-125.7	-131.3	-125.1	-122.6	-23.8	9.9	-1.9	-1.5	-1.8	-1.7	-1.8	-1.5
Net Margin	-151.75%	-305.28%	-653.00%	-1247.16%	-1093.78%	—	—	—	—	—	—	—

Financial Statements

Profitability

Net margin reached -326.01% while Revenue posted +7013.1% YoY.

Balance Sheet

Inventory stood at 2.0bn, liabilities at 9,244.8bn, and equity at 1,951.1bn.

Cash Flow

Operating cash flow was 849.3bn in 2025, while investing cash flow was -2,826.2bn.

Financing cash flow: 2,313.2bn.

Item	2025	2024	2023	2022
Revenue	155.1	2.2	0.0	0.0
Revenue Deductions	0.3	0.0	0.0	0.0
Net Revenue	154.8	2.2	0.0	0.0
Cost of Goods Sold	346.3	19.9	0.0	0.0
Gross Profit	-191.5	-17.8	0.0	0.0
Financial Income	32.3	15.0	0.0	4.8
Financial Expenses	278.3	8.1	0.0	0.0
Interest Expense	277.8	3.2	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	21.2	0.4	0.0	0.0
General and Administrative Expenses	44.7	6.0	6.7	6.8
Operating Profit	-503.4	-17.3	-6.7	-2.0
Other Income	0.2	0.0	0.0	0.3
Other Expenses	1.5	0.0	0.1	2.6
Other Profit	-1.3	-0.0	-0.1	-2.3
Profit Before Tax	-504.7	-17.3	-6.8	-4.3
Current Income Tax Expense	—	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	-504.7	-17.3	-6.8	-4.3
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	-504.7	-17.3	-6.8	-4.3
Earnings per Share	-2,175.00	-81.00	-34.00	-28.00
Diluted EPS	-2,175.00	-81.00	-34.00	-28.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,097.1	744.3	537.6	768.0
I. Cash and cash equivalents	612.9	276.6	103.2	635.5
1. Cash	5.8	2.7	1.6	1.4
2. Cash equivalents	607.1	273.9	101.6	634.1
II. Short-term financial investments	—	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0
III. Short-term receivables	1,225.8	445.8	430.1	77.4
1. Short-term trade accounts receivable	62.7	0.2	0.0	0.0
2. Short-term prepayments to suppliers	951.7	442.4	417.7	75.2
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	196.0	0.0	0.0	0.0
6. Other short-term receivables	15.4	3.1	12.4	2.1
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	2.0	0.1	0.0	0.0
1. Inventories	2.0	0.1	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	256.4	21.8	4.3	55.1
1. Short-term prepayments	8.9	0.0	0.1	0.1
2. Value added tax to be reclaimed	247.4	21.7	4.2	55.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	9,098.8	6,376.6	3,899.2	2,398.0
I. Long-term receivables	4.1	3.9	3.9	3.9
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	3.9	3.9	3.9	3.9
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	0.2	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	4,017.1	4,059.3	5.0	6.2
1. Tangible fixed assets	3,987.5	4,030.3	5.0	6.2
- Cost	4,172.0	4,051.3	12.3	12.3
- Accumulated depreciation	-184.5	-21.0	-7.4	-6.2
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	29.6	29.0	0.0	0.0
- Cost	31.5	29.2	0.0	0.0
- Accumulated depreciation	-1.8	-0.2	-0.0	-0.0
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	5,070.8	2,309.3	3,890.3	2,387.8
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	5,070.8	2,309.3	3,890.3	2,387.8
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	8.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	-8.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	6.8	4.2	0.1	0.2
1. Long-term prepayments	6.8	4.2	0.1	0.2
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	11,195.9	7,120.9	4,436.8	3,166.0
A. LIABILITIES (300=210+330)	9,244.8	4,665.1	2,347.6	1,069.8
I. Short -term liabilities	4,119.0	547.3	1,199.6	1,069.8
1. Short-term trade accounts payable	781.9	12.4	2.4	0.1
2. Short-term advances from customers	0.1	0.0	0.0	0.0
3. Taxes and other payables to state authorities	2.4	1.0	0.1	0.1
4. Payable to employees	24.6	6.6	1.2	0.4
5. Short-term acrrued expenses	60.2	218.8	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	2,788.4	34.0	1,071.8	1,067.6
10. Short-term borrowings and financial leases	460.8	273.4	123.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.7	1.0	1.2	1.6
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	5,125.8	4,117.8	1,147.9	0.0
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	1,117.8	0.0	0.0
8. Long-term borrowings and financial leases	5,125.8	3,000.0	1,147.9	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,951.1	2,455.8	2,089.3	2,096.2
I. Owner's equity	1,951.1	2,455.8	2,089.3	2,096.2
1. Owner's capital	2,320.0	2,320.0	2,000.0	2,000.0
- Common stock with voting right	2,320.0	2,320.0	2,000.0	2,000.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	155.7	155.7	91.8	91.9
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	9.3	9.3	9.3	9.3
5. Treasury shares	—	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	2.1	2.1	2.1	2.1
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	-535.9	-31.2	-13.9	-7.1
- Accumulated retained earning at the end of the previous period	-31.2	-13.9	-7.1	-2.8
- Undistributed earnings in this period	-504.7	-17.3	-6.8	-4.3
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	11,195.9	7,120.9	4,436.8	3,166.0

Item	2025	2024	2023	2022
Profit Before Tax	-504.7	-17.3	-6.8	-4.3
Depreciation of Fixed Assets and Investment Property	166.2	13.5	0.9	0.8
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-32.3	-3.4	-6.2	-6.1
Interest Expense	277.8	3.2	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-92.9	-4.0	-12.0	-9.5
Increase/(Decrease) in Receivables	-292.5	-7.3	39.2	-53.9
Increase/(Decrease) in Inventory	-1.9	-0.1	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,499.2	301.9	5.0	1,054.6
Increase/(Decrease) in Prepaid Expenses	-11.5	-4.0	0.1	-0.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-250.6	0.0	0.0	-14.1
Corporate Income Tax Paid	—	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.4	-0.1	-0.5	-0.1
Net Cash Flow from Operating Activities	849.3	286.3	31.8	976.8
Payments for Fixed Assets and Other Long-term Assets	-2,654.3	-2,501.5	-1,842.5	-927.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-378.0	-23.2	-20.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	182.0	23.2	20.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	23.9	2.2	7.5	4.6
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-2,826.2	-2,499.3	-1,834.9	-922.9
Proceeds from Equity Issuance and Capital Contributions	—	383.8	-0.1	580.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	2,712.5	2,040.6	1,479.5	177.2
Repayment of Borrowings	-399.3	-38.1	-208.6	-232.2
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	2,313.2	2,386.3	1,270.9	525.0
Net Cash Flow During the Period	336.3	173.4	-532.3	578.9
Cash and Cash Equivalents at Beginning of Period	276.6	103.2	635.5	56.6
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	612.9	276.6	103.2	635.5

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	82.8	43.0	19.2	10.1	2.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Revenue Deductions	—	—	0.1	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	82.8	43.0	19.2	9.8	2.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cost of Goods Sold	112.4	95.5	75.4	63.0	19.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	-29.6	-52.5	-56.2	-53.2	-17.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Income	10.3	12.8	6.7	2.5	0.0	10.5	4.5	0.0	0.0	0.0	0.0	0.0
Financial Expenses	79.4	74.9	61.2	62.8	3.2	0.0	4.9	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	12.6	3.8	2.8	1.9	0.4	0.0	0.0	0.0	0.0	0.0	1.8	1.4
General and Administrative Expenses	14.1	12.9	10.3	7.4	2.4	0.6	1.6	1.5	1.8	1.7	0.0	0.0
Operating Profit	-125.5	-131.3	-123.8	-122.8	-23.8	9.9	-1.9	-1.5	-1.8	-1.7	-1.8	-1.4
Other Income	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.2	0.0	1.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Other Profit	-0.2	-0.0	-1.3	0.2	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.1
Profit Before Tax	-125.7	-131.3	-125.1	-122.6	-23.8	9.9	-1.9	-1.5	-1.8	-1.7	-1.8	-1.5
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	-125.7	-131.3	-125.1	-122.6	-23.8	9.9	-1.9	-1.5	-1.8	-1.7	-1.8	-1.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-125.7	-131.3	-125.1	-122.6	-23.8	9.9	-1.9	-1.5	-1.8	-1.7	-1.8	-1.5
Earnings per Share	-541.66	-565.91	-539.36	-528.47	-102.61	42.74	-9.62	-7.47	-9.18	-8.29	-9.13	-7.41
Diluted EPS	-541.66	-565.91	-539.36	-528.47	-102.61	42.74	-9.62	-7.47	-9.18	-8.29	-9.13	-7.41

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)	2,097.1	2,929.7	1,529.5	1,299.6	744.3	771.2	430.8	527.6	538.4	572.5	693.1	830.1
I. Cash and cash equivalents	612.9	2,039.8	460.8	539.8	276.6	164.5	54.5	74.7	103.2	88.0	96.2	110.1
1. Cash	5.8	13.3	3.7	329.8	2.7	0.4	0.4	0.6	1.6	1.9	2.1	6.0
2. Cash equivalents	607.1	2,026.6	457.1	209.9	273.9	164.1	54.1	74.1	101.6	86.1	94.1	104.1
II. Short-term financial investments	—	—	—	—	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	1,225.8	705.2	980.9	720.7	445.8	600.1	292.0	448.4	430.8	480.3	592.5	668.4
1. Short-term trade accounts receivable	62.7	22.6	14.2	9.8	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	951.7	475.4	744.5	687.1	442.4	474.5	267.0	414.2	417.7	430.7	521.2	610.2
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	196.0	196.0	216.0	20.0	0.0	7.3	10.0	20.0	0.0	20.0	20.0	0.0
6. Other short-term receivables	15.4	11.2	6.2	3.9	3.1	118.4	15.0	14.3	13.1	29.6	51.3	58.2
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2.0	1.9	1.9	0.4	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	2.0	1.9	1.9	0.4	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	256.4	182.8	85.9	38.8	21.8	6.6	84.2	4.4	4.4	4.2	4.4	51.6
1. Short-term prepayments	8.9	6.3	3.2	3.2	0.0	0.0	0.0	0.1	0.1	0.2	0.2	0.2
2. Value added tax to be reclaimed	247.4	176.5	82.7	35.5	21.7	6.5	84.2	4.2	4.2	4.0	4.1	51.3
3. Taxes and other receivables from state authorities	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.1
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)	9,098.8	8,160.2	6,961.9	6,377.6	6,376.6	5,920.8	5,348.0	4,113.4	3,898.4	3,691.1	3,308.8	2,753.9
I. Long-term receivables	4.1	4.1	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9
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	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9
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	0.2	0.2	0.1	0.0	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	4,017.1	4,048.1	3,993.3	4,024.3	4,059.3	4.5	4.6	4.7	5.0	5.3	5.6	5.9
1. Tangible fixed assets	3,987.5	4,018.0	3,965.0	3,995.6	4,030.3	4.5	4.6	4.7	5.0	5.3	5.6	5.9
- Cost	—	—	—	—	4,051.3	12.3	12.3	12.3	12.3	12.3	12.3	12.3
- Accumulated depreciation	—	—	—	—	-21.0	-7.9	-7.7	-7.6	-7.4	-7.1	-6.8	-6.5
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	29.6	30.1	28.3	28.7	29.0	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
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	5,070.8	4,102.2	2,957.5	2,345.3	2,309.3	5,912.5	5,339.5	4,104.7	3,889.5	3,681.9	3,299.4	2,744.1
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	5,070.8	4,102.2	2,957.5	2,345.3	2,309.3	5,912.5	5,339.5	4,104.7	3,889.5	3,681.9	3,299.4	2,744.1
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	—	—	—	—	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0
4. Provision for diminution in value of long-term investments	—	—	—	—	-8.0	-8.0	-8.0	-8.0	-8.0	-8.0	-8.0	-8.0
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	6.8	5.9	7.2	4.1	4.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	6.8	5.9	7.2	4.1	4.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	11,195.9	11,090.0	8,491.5	7,677.2	7,120.9	6,692.0	5,778.7	4,641.0	4,436.8	4,263.6	4,002.0	3,584.0
A. LIABILITIES (300=210+330)	9,244.8	9,013.2	6,283.4	5,344.0	4,665.1	4,212.3	3,692.9	2,553.2	2,347.6	2,172.5	1,909.2	1,489.4
I. Short -term liabilities	4,102.2	3,653.7	1,189.6	830.2	547.3	296.5	409.4	1,233.1	1,199.6	1,125.4	1,134.6	1,102.0
1. Short-term trade accounts payable	781.9	736.2	47.1	10.9	12.4	5.5	257.6	1.6	2.4	2.1	3.0	1.3
2. Short-term advances from customers	0.1	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	2.4	3.0	2.2	1.0	1.0	0.4	0.3	0.2	0.1	0.1	0.0	0.0
4. Payable to employees	24.6	9.4	7.5	5.5	6.6	2.8	2.0	0.9	1.2	0.5	0.5	0.5
5. Short-term acrrued expenses	60.2	60.1	60.2	59.9	218.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	2,771.5	2,345.6	843.8	561.2	34.0	27.6	22.2	1,106.3	1,071.8	1,121.4	1,130.0	1,099.0
10. Short-term borrowings and financial leases	460.8	498.7	228.0	190.8	273.4	259.2	126.1	123.0	123.0	0.0	0.0	0.0
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	0.7	0.8	0.9	1.0	1.0	1.0	1.0	1.1	1.2	1.2	1.2	1.2
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	5,142.6	5,359.5	5,093.8	4,513.8	4,117.8	3,915.8	3,283.5	1,320.1	1,147.9	1,047.1	774.6	387.4
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	16.8	1,148.0	1,178.6	1,148.4	1,117.8	1,148.4	1,117.1	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	5,125.8	4,211.4	3,915.2	3,365.5	3,000.0	2,767.5	2,166.4	1,320.1	1,147.9	1,047.1	774.6	387.4
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)	1,951.1	2,076.8	2,208.1	2,333.2	2,455.8	2,479.7	2,085.9	2,087.8	2,089.3	2,091.1	2,092.8	2,094.6
I. Owner's equity	1,951.1	2,076.8	2,208.1	2,333.2	2,455.8	2,479.7	2,085.9	2,087.8	2,089.3	2,091.1	2,092.8	2,094.6
1. Owner's capital	2,320.0	2,320.0	2,320.0	2,320.0	2,320.0	2,320.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0
- Common stock with voting right	2,320.0	2,320.0	2,320.0	2,320.0	2,320.0	2,320.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	155.7	155.7	155.7	155.7	155.7	155.8	91.8	91.8	91.8	91.8	91.8	91.8
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	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3
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	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1
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	-535.9	-410.2	-279.0	-153.8	-31.2	-7.4	-17.3	-15.4	-13.9	-12.1	-10.4	-8.6
- Accumulated retained earning at the end of the previous period	-31.2	-31.2	-31.2	-31.2	-13.9	-17.3	-13.9	-13.9	-7.1	-10.4	-8.6	-7.1
- Undistributed earnings in this period	-504.7	-379.0	-247.7	-122.6	-17.3	9.9	-3.4	-1.5	-6.8	-1.7	-1.8	-1.5
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)	11,195.9	11,090.0	8,491.5	7,677.2	7,120.9	6,692.0	5,778.7	4,641.0	4,436.8	4,263.6	4,002.0	3,584.0

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
Profit Before Tax	-257.0	—	-247.7	—	0.0	3.4	-3.4	0.0	-6.8	3.3	-3.3	0.0
Depreciation of Fixed Assets and Investment Property	85.8	—	80.4	—	0.0	-0.2	0.2	0.0	0.9	-0.5	0.5	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-23.1	—	-9.2	—	0.0	1.5	-1.5	0.0	-6.2	3.2	-3.2	0.0
Interest Expense	154.3	—	123.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-39.9	—	-53.1	—	0.0	4.6	-4.6	0.0	-12.0	6.0	-6.0	0.0
Increase/(Decrease) in Receivables	24.9	—	-317.4	—	0.0	82.6	-82.6	0.0	39.2	-0.6	0.6	0.0
Increase/(Decrease) in Inventory	-0.1	—	-1.8	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	769.7	—	729.5	—	0.0	-68.6	68.6	0.0	5.0	-61.5	61.5	0.0
Increase/(Decrease) in Prepaid Expenses	-5.4	—	-6.1	—	0.0	-0.1	0.1	0.0	0.1	-0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-123.6	—	-127.0	—	0.0	0.0	0.0	0.0	0.0	19.2	-19.2	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	—	—	—	—	104.0	74.3	-12.4	12.4	-61.3	61.3	-12.6	12.6
Other Operating Payments	78.2	-78.4	9.6	-9.8	-295.2	-3.5	6.0	-6.1	51.8	-51.9	545.1	-545.5
Net Cash Flow from Operating Activities	-165.9	791.4	220.2	3.7	594.7	-890.4	134.7	-153.4	288.8	-293.6	1,468.7	-1,432.3
Payments for Fixed Assets and Other Long-term Assets	-2,634.6	681.0	-633.4	-67.4	0.0	1,002.6	-988.4	-54.8	-1,264.6	756.7	-1,324.1	-10.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	—	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	—	-378.0	—	0.0	20.0	-20.0	0.0	-20.0	20.0	-20.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	20.0	—	162.0	—	0.0	-10.0	10.0	0.0	20.0	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	16.8	—	7.1	—	0.0	-1.5	1.5	0.0	7.5	-4.3	4.3	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	-3,007.2	1,090.4	-886.1	-23.4	4.8	903.8	-1,004.4	-47.3	-1,272.0	787.4	-1,869.7	519.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	384.0	0.0	0.0	-0.1	0.1	-0.1	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	2,072.4	-399.6	626.0	413.7	-501.5	-297.4	861.9	183.8	1,157.2	-584.6	434.5	472.4
Repayment of Borrowings	-326.2	96.9	-39.1	-130.9	14.1	9.9	-12.4	-11.6	-158.8	82.6	-47.4	-85.0
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	1,746.2	-302.7	586.8	282.9	-487.4	96.6	849.5	172.1	998.4	-502.0	387.1	387.4
Net Cash Flow During the Period	-1,426.9	1,579.0	-79.0	263.2	112.1	110.0	-20.2	-28.5	15.2	-8.2	-13.9	-525.4
Cash and Cash Equivalents at Beginning of Period	2,039.8	460.8	539.8	276.6	103.2	103.2	103.2	103.2	635.5	635.5	635.5	635.5
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	612.9	2,039.8	460.8	539.8	276.6	164.5	54.5	74.7	103.2	88.0	96.2	110.1

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Balance Sheet

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