PDN

Listed Company · HOSE

Price

107,300

Latest close

03 Apr 2026

P/E 11.7x

EPS (TTM) 9,202

ROE (TTM) 32.0%

P/B 4.0x

BVPS (Latest) 26,726

ROA (TTM) 25.7%

What Is Changing

PDN no longer looks like a business simply rebounding from a weak base. Revenue posted +17.8% YoY, while net margin reached 27.70% with an additional +1.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 25.24% in 2023 to 27.70% in 2025.
Revenue growth accelerated to 17.8% in 2025, up 3.3pp versus the prior year.
Net Income reached a multi-period high at VND 436.5bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,575.7	1,337.3	1,167.2	1,067.5	892.5
Growth	+18%	+15%	+9%	+20%	—
Net Income	436.5	347.2	294.6	234.2	160.8
Net Margin	27.70%	25.97%	25.24%	21.94%	18.01%

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	430.4	398.9	392.0	354.5	369.3	332.8	321.8	313.5	334.9	300.3	304.6	227.4
Growth	+8%	+2%	+11%	-4%	+11%	+3%	+3%	-6%	+12%	-1%	+34%	—
Net Income	103.9	108.0	125.5	99.1	86.9	90.1	84.5	85.0	80.5	80.5	80.6	53.4
Net Margin	24.15%	27.07%	32.01%	27.97%	23.55%	27.06%	26.25%	27.11%	24.03%	26.80%	26.46%	23.48%

Financial Statements

Profitability

Net margin reached 27.70% while Revenue posted +17.8% YoY.

Balance Sheet

Inventory stood at 1.2bn, liabilities at 358.9bn, and equity at 1,485.0bn.

Cash Flow

Operating cash flow was 402.2bn in 2025, while investing cash flow was -419.3bn.

Financing cash flow: -140.3bn.

Item	2025	2024	2023	2022	2021
Revenue	1,575.7	1,337.3	1,167.2	1,067.5	892.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,575.7	1,337.3	1,167.2	1,067.5	892.5
Cost of Goods Sold	983.6	838.7	738.4	702.3	0.0
Gross Profit	592.1	498.6	428.8	365.2	268.2
Financial Income	39.7	25.1	25.8	15.8	11.0
Financial Expenses	5.3	7.1	10.9	14.3	-12.6
Interest Expense	5.3	7.0	10.9	14.3	-12.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	22.1	22.3	21.2	19.6	-18.5
General and Administrative Expenses	59.2	61.2	53.3	55.4	-48.1
Operating Profit	545.2	433.1	369.2	291.7	200.1
Other Income	0.5	1.1	1.5	0.9	0.0
Other Expenses	0.1	0.6	2.4	0.3	0.0
Other Profit	0.4	0.4	-0.9	0.6	0.5
Profit Before Tax	545.6	433.6	368.3	292.2	200.6
Current Income Tax Expense	109.1	86.3	73.7	58.0	-39.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	436.5	347.2	294.6	234.2	160.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	436.5	347.2	294.6	234.2	160.8
Earnings per Share	7,350.00	8,713.00	7,337.00	11,338.00	7,823.00
Diluted EPS	7,350.00	8,713.00	7,337.00	11,338.00	8,680.58

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,103.5	843.0	628.0	467.5	378.4
I. Cash and cash equivalents	120.9	278.1	182.8	230.7	184.6
1. Cash	74.9	50.1	70.8	40.7	0.0
2. Cash equivalents	46.0	228.0	112.0	190.0	0.0
II. Short-term financial investments	778.9	412.7	290.0	125.0	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	778.9	412.7	290.0	125.0	0.0
III. Short-term receivables	194.8	150.1	150.6	109.2	102.7
1. Short-term trade accounts receivable	182.8	144.1	144.9	105.2	0.0
2. Short-term prepayments to suppliers	4.5	1.5	2.7	2.5	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	10.2	6.9	5.3	4.0	0.0
7. Provision for short-term doubtful debts (*)	-2.7	-2.5	-2.4	-2.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1.2	1.7	0.8	1.5	0.6
1. Inventories	1.2	1.7	0.8	1.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	7.7	0.4	3.8	1.1	0.5
1. Short-term prepayments	0.7	0.4	1.1	1.1	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	7.0	0.0	2.6	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)	740.4	705.7	731.4	770.8	763.4
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	334.5	356.2	389.1	383.3	426.0
1. Tangible fixed assets	330.8	352.9	386.6	380.2	422.1
- Cost	989.3	963.4	946.7	885.9	0.0
- Accumulated depreciation	-658.5	-610.5	-560.1	-505.7	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	3.7	3.4	2.5	3.1	3.9
- Cost	9.7	9.1	7.6	7.4	0.0
- Accumulated depreciation	-5.9	-5.7	-5.1	-4.3	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	292.1	234.2	234.0	277.7	226.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	292.1	234.2	234.0	277.7	0.0
V. Long-term financial investments	71.0	71.0	62.6	62.6	62.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	15.2	15.2	15.2	15.2	0.0
3. Investments in other entities	55.8	55.8	47.4	47.4	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	42.9	44.3	45.6	47.2	0.0
1. Long-term prepayments	42.9	44.3	45.6	47.2	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	48.8
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)	1,843.9	1,548.7	1,359.3	1,238.3	1,141.8
A. LIABILITIES (300=210+330)	358.9	309.0	358.8	410.3	417.0
I. Short -term liabilities	309.6	239.2	270.6	292.9	280.5
1. Short-term trade accounts payable	119.1	91.1	80.7	97.5	97.2
2. Short-term advances from customers	1.0	0.6	0.6	0.9	1.2
3. Taxes and other payables to state authorities	34.5	27.2	21.4	17.0	0.0
4. Payable to employees	18.6	31.2	27.1	23.9	0.0
5. Short-term acrrued expenses	10.2	8.0	11.2	5.6	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	1.1	0.0	1.1	1.0	1.0
9. Other short-term payables	4.5	4.7	4.8	5.1	0.0
10. Short-term borrowings and financial leases	70.6	23.5	67.2	91.4	89.4
11. Provision for short-term liabilities	17.8	16.0	15.0	14.4	0.0
12.. Bonus and welfare fund	32.2	36.9	41.7	36.0	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	49.3	69.8	88.2	117.4	136.5
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	24.6	24.6	19.6	19.6	0.0
8. Long-term borrowings and financial leases	24.6	45.2	68.7	97.8	116.9
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)	1,485.0	1,239.7	1,000.5	827.9	724.8
I. Owner's equity	1,485.0	1,239.7	1,000.5	827.9	0.0
1. Owner's capital	555.7	370.4	370.4	185.2	724.8
- Common stock with voting right	555.7	370.4	370.4	185.2	185.2
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	74.4	74.4	74.4	74.4	74.4
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	474.5	485.2	346.4	413.8	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	380.4	309.6	209.2	154.5	145.0
- Accumulated retained earning at the end of the previous period	118.5	101.2	76.9	51.0	48.6
- Undistributed earnings in this period	262.0	208.4	132.3	103.5	96.5
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)	1,843.9	1,548.7	1,359.3	1,238.3	1,141.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	545.6	433.6	368.3	292.2	0.0
Depreciation of Fixed Assets and Investment Property	49.1	51.1	55.8	57.8	0.0
Provision (Increase)/Reversal	2.0	1.2	7.4	16.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	-0.2	-0.1	-0.1	0.0
Gain/Loss from Investment Activities	-39.6	-24.9	-25.9	-15.8	0.0
Interest Expense	5.3	7.0	10.9	14.3	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	562.1	467.8	416.3	364.9	0.0
Increase/(Decrease) in Receivables	-47.8	4.7	-42.8	-5.1	0.0
Increase/(Decrease) in Inventory	0.6	-0.9	0.7	-0.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	26.7	22.7	-12.1	-15.5	0.0
Increase/(Decrease) in Prepaid Expenses	1.1	2.1	1.5	1.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-5.3	-7.1	-11.0	-14.3	0.0
Corporate Income Tax Paid	-106.1	-79.9	-71.2	-51.3	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-29.2	-27.7	-16.3	-15.9	0.0
Net Cash Flow from Operating Activities	402.2	381.8	265.0	262.8	144.6
Payments for Fixed Assets and Other Long-term Assets	-88.5	-26.4	-19.2	-67.8	-89.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.2	0.1	0.0
Loans and Purchases of Debt Instruments	-778.9	-412.7	-290.0	-125.0	-105.0
Receipts from Loan Repayments and Sale of Debt Instruments	412.7	290.0	125.0	100.0	60.0
Investments in Other Entities	—	-8.4	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	35.3	23.2	24.6	14.3	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	-419.3	-134.3	-159.4	-78.4	-126.3
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	99.9	183.0	314.5	329.1	249.0
Repayment of Borrowings	-73.3	-250.2	-367.8	-346.3	-235.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-166.9	-85.2	-100.2	-111.2	-29.2
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	-140.3	-152.3	-153.5	-128.4	-15.6
Net Cash Flow During the Period	-157.4	95.1	-48.0	56.0	-30.4
Cash and Cash Equivalents at Beginning of Period	278.1	182.8	230.7	174.6	172.6
FX Difference from Revaluation	0.2	0.2	0.1	0.1	-0.0
Cash and Cash Equivalents at End of Period	120.9	278.1	182.8	230.7	184.6

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	430.4	398.9	392.0	354.5	369.3	332.8	321.8	313.5	334.9	300.3	304.6	227.4
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	430.4	398.9	392.0	354.5	369.3	332.8	321.8	313.5	334.9	300.3	304.6	227.4
Cost of Goods Sold	276.9	249.4	244.8	212.5	241.2	204.8	203.6	189.2	213.3	181.8	197.8	145.5
Gross Profit	153.5	149.5	147.1	141.9	128.0	128.0	118.2	124.3	121.6	118.5	106.8	81.9
Financial Income	16.8	5.9	14.3	2.7	10.2	2.4	9.4	2.3	9.5	2.4	12.2	1.7
Financial Expenses	1.4	1.1	1.7	1.1	1.9	1.6	2.0	1.7	2.5	2.3	3.0	3.1
Interest Expense	1.4	1.1	1.7	1.1	1.8	1.6	1.9	1.7	2.5	2.3	3.0	3.1
Share of Associates and Joint Ventures	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	9.2	5.3	3.6	3.9	7.4	3.6	3.9	7.3	8.0	5.8	4.5	2.9
General and Administrative Expenses	13.0	14.8	15.6	15.7	18.4	14.5	15.1	13.2	16.2	14.7	10.3	12.0
Operating Profit	146.6	134.3	140.4	123.9	110.6	110.7	106.6	104.4	104.5	98.1	101.2	65.6
Other Income	-15.9	0.1	16.2	0.1	0.5	0.1	0.2	0.2	0.1	1.1	0.3	0.1
Other Expenses	0.0	0.1	0.0	0.0	0.5	0.0	0.0	0.1	0.0	2.4	0.1	0.0
Other Profit	-16.0	0.1	16.2	0.0	0.1	0.1	0.2	0.1	0.1	-1.3	0.2	0.1
Profit Before Tax	130.7	134.3	156.7	124.0	110.7	110.8	106.8	104.5	104.5	96.8	101.4	65.7
Current Income Tax Expense	26.7	26.3	31.2	24.8	23.7	20.7	22.3	19.5	24.1	16.3	20.8	12.3
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	103.9	108.0	125.5	99.1	86.9	90.1	84.5	85.0	80.5	80.5	80.6	53.4
Non-controlling Interest	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	103.9	108.0	125.5	99.1	86.9	90.1	84.5	85.0	80.5	80.5	80.6	53.4
Earnings per Share	1,750.00	1,809.00	3,152.00	2,491.00	2,162.00	2,244.00	2,104.00	2,118.00	1,967.00	1,967.00	3,941.00	2,610.00
Diluted EPS	1,870.47	1,943.50	3,386.83	2,676.51	2,347.08	2,431.39	2,280.37	2,294.66	2,171.99	2,172.53	4,352.18	2,882.58

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)	1,103.5	1,070.7	1,098.3	963.9	843.1	877.4	810.6	682.2	628.0	626.9	574.2	471.9
I. Cash and cash equivalents	120.9	233.8	310.1	250.0	278.0	317.5	256.2	184.2	182.8	197.8	257.2	236.5
1. Cash	74.9	75.2	113.1	107.0	50.0	70.5	109.2	72.2	70.8	65.8	63.2	46.5
2. Cash equivalents	46.0	158.6	197.0	143.0	228.0	247.0	147.0	112.0	112.0	132.0	194.0	190.0
II. Short-term financial investments	778.9	646.5	600.5	521.7	412.7	367.7	362.1	317.1	290.0	285.0	155.0	105.0
1. Available for sale securities	—	—	—	0.0	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	0.0
3. Held to maturity investments	778.9	646.5	600.5	521.7	412.7	367.7	362.1	317.1	290.0	285.0	155.0	105.0
III. Short-term receivables	194.8	184.9	181.4	189.5	150.2	188.3	186.2	178.9	150.6	140.8	160.7	128.6
1. Short-term trade accounts receivable	182.8	175.5	171.4	183.6	144.1	179.5	177.6	176.7	144.9	136.3	148.0	121.8
2. Short-term prepayments to suppliers	4.5	6.8	4.1	5.6	1.5	8.3	4.8	2.6	2.7	3.9	6.8	4.8
3. Short-term inter-company receivables	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	10.2	5.1	8.4	2.8	7.0	3.0	6.3	2.0	5.3	2.9	8.3	4.4
7. Provision for short-term doubtful debts (*)	-2.7	-2.5	-2.5	-2.5	-2.5	-2.5	-2.5	-2.4	-2.4	-2.4	-2.4	-2.4
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1.2	1.6	1.8	1.3	1.7	1.2	0.7	0.5	0.8	0.8	0.8	1.1
1. Inventories	1.2	1.6	1.8	1.3	1.7	1.2	0.7	0.5	0.8	0.8	0.8	1.1
2. Provision for decline in value of inventories	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	7.7	3.9	4.4	1.5	0.4	2.7	5.3	1.4	3.8	2.5	0.5	0.8
1. Short-term prepayments	0.7	0.4	0.5	0.8	0.4	0.4	0.7	1.1	1.1	0.2	0.5	0.8
2. Value added tax to be reclaimed	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	7.0	3.5	3.9	0.7	0.0	2.3	4.6	0.3	2.6	2.3	0.0	0.0
4. Government bonds	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	740.4	705.0	688.5	695.2	705.7	711.4	720.2	730.7	731.4	741.4	754.6	757.5
I. Long-term receivables	—	—	—	0.0	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	0.0
2. Long-term prepayments to suppliers	—	—	—	0.0	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	0.0
4. Long-term inter-company receivables	—	—	—	0.0	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	0.0
6. Other long-term receivables	—	—	—	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	0.0
II. Fixed assets	334.5	337.3	335.8	345.1	356.2	360.0	370.3	377.1	389.1	398.7	411.9	369.4
1. Tangible fixed assets	330.7	334.1	332.5	341.8	352.9	358.0	368.1	374.7	386.6	396.1	409.2	366.5
- Cost	—	—	—	964.8	963.4	956.0	953.4	947.3	946.7	942.9	942.0	885.9
- Accumulated depreciation	—	—	—	-622.9	-610.5	-598.0	-585.3	-572.7	-560.1	-546.8	-532.8	-519.4
2. Financial leased fixed assets	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	3.7	3.2	3.3	3.3	3.4	2.0	2.2	2.4	2.5	2.5	2.7	2.9
- Cost	—	—	—	0.0	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	0.0
III. Investment properties	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	292.1	253.4	238.2	235.2	234.2	235.8	234.1	237.4	234.0	233.7	233.7	278.8
1. Long-term production in progress	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	292.1	253.4	238.2	235.2	234.2	235.8	234.1	237.4	234.0	233.7	233.7	278.8
V. Long-term financial investments	71.0	71.0	71.0	71.0	71.0	71.0	71.0	71.0	62.6	62.6	62.6	62.6
1. Investments in subsidiaries	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	15.2	15.2	15.2	15.2	15.2	15.2	15.2	15.2	15.2	15.2	15.2	15.2
3. Investments in other entities	55.8	55.8	55.8	55.8	55.8	55.8	55.8	55.8	47.4	47.4	47.4	47.4
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	0.0
5. Held to maturity investments	—	—	—	0.0	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	0.0
VI. Other long-term assets	42.9	43.3	43.5	43.9	44.3	44.6	44.9	45.2	45.6	46.4	46.4	46.8
1. Long-term prepayments	42.9	43.3	43.5	43.9	44.3	44.6	44.9	45.2	45.6	46.4	46.4	46.8
2. Deferred income tax assets	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,843.9	1,775.7	1,786.7	1,659.1	1,548.8	1,588.8	1,530.8	1,412.9	1,359.3	1,368.3	1,328.8	1,229.5
A. LIABILITIES (300=210+330)	358.8	394.6	513.6	394.3	309.0	435.9	468.8	327.4	358.5	403.5	444.5	348.1
I. Short -term liabilities	309.5	335.0	454.1	324.5	239.2	359.5	392.5	239.2	276.1	303.6	344.6	230.8
1. Short-term trade accounts payable	119.1	142.7	132.9	108.6	91.1	120.5	108.4	95.9	80.7	108.6	125.7	86.9
2. Short-term advances from customers	1.0	0.8	0.5	0.9	0.6	0.6	0.9	0.4	0.6	0.3	0.3	0.7
3. Taxes and other payables to state authorities	34.4	73.5	73.7	31.4	27.1	61.5	30.0	24.6	21.0	57.3	44.9	19.2
4. Payable to employees	18.6	28.6	24.8	17.4	31.2	27.7	24.1	15.1	27.1	22.3	21.0	13.9
5. Short-term acrrued expenses	10.2	12.7	16.6	10.1	8.0	9.7	8.4	13.6	11.2	5.1	6.4	4.1
6. Short-term inter-company payables	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	1.1	5.6	0.2	4.5	0.0	4.1	0.1	4.2	1.1	3.9	1.6	5.6
9. Other short-term payables	4.5	5.5	97.3	46.9	4.7	4.4	89.6	5.4	4.8	4.4	35.9	4.3
10. Short-term borrowings and financial leases	70.6	15.9	57.8	53.5	23.5	62.9	61.4	27.0	73.0	32.8	35.8	45.0
11. Provision for short-term liabilities	17.8	7.4	3.4	21.0	16.0	23.7	23.9	20.0	15.0	24.3	24.3	19.4
12.. Bonus and welfare fund	32.2	42.4	46.9	30.2	36.9	44.7	45.7	32.8	41.7	44.6	48.8	31.6
13. Price stabilization fund	—	—	—	0.0	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	0.0
II. Long-term liabilities	49.3	59.5	59.5	69.8	69.8	76.4	76.4	88.2	82.4	99.9	99.9	117.4
1. Long-term trade payables	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	0.0	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	0.0
7. Other long-term liabilities	24.6	24.6	24.6	24.6	24.6	19.6	19.6	19.6	19.6	19.6	19.6	19.6
8. Long-term borrowings and financial leases	24.6	34.9	34.9	45.2	45.2	56.8	56.8	68.7	62.8	80.3	80.3	97.8
9. Convertible bonds	—	—	—	0.0	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	0.0
11. Deferred income tax liabilities	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	1,485.1	1,381.1	1,273.1	1,264.8	1,239.8	1,152.9	1,062.0	1,085.5	1,000.8	964.8	884.3	881.3
I. Owner's equity	1,485.1	1,381.1	1,273.1	1,264.8	1,239.8	1,152.9	1,062.0	1,085.5	1,000.8	964.8	884.3	881.3
1. Owner's capital	555.7	555.7	370.4	370.4	370.4	370.4	370.4	370.4	370.4	370.4	185.2	185.2
- Common stock with voting right	555.7	555.7	370.4	370.4	370.4	370.4	370.4	370.4	370.4	370.4	185.2	185.2
- Preferred stock	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	74.4	74.4	74.4	74.4	74.4	74.4	74.4	74.4	74.4	74.4	74.4	74.4
3. Convertible bond option	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	0.0	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	0.0
7. Foreign exchange differences	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	474.5	300.0	485.2	485.2	485.2	346.4	346.4	346.4	346.5	228.6	413.8	413.8
9. Fund to support corporate restructuring	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	380.5	451.1	343.1	334.7	309.7	361.6	270.7	294.2	209.4	291.4	210.9	207.9
- Accumulated retained earning at the end of the previous period	118.5	118.5	118.5	235.6	101.2	101.2	101.2	209.2	76.9	76.9	76.9	154.5
- Undistributed earnings in this period	262.0	332.6	224.6	99.1	208.5	260.4	169.5	85.0	132.5	214.5	134.0	53.4
12. Reserves for investment in construction	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	0.0	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)	1,843.9	1,775.7	1,786.7	1,659.1	1,548.8	1,588.8	1,530.8	1,412.9	1,359.3	1,368.3	1,328.8	1,229.5

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
Profit Before Tax	265.0	—	280.6	0.0	0.0	-212.2	212.2	0.0	368.3	-167.1	167.1	0.0
Depreciation of Fixed Assets and Investment Property	24.2	—	24.9	0.0	0.0	-25.6	25.6	0.0	55.8	-28.1	28.1	0.0
Provision (Increase)/Reversal	14.6	—	-12.6	0.0	0.0	-10.1	10.1	0.0	7.4	-10.0	10.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	—	—	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-22.5	—	-17.1	0.0	0.0	12.6	-12.6	0.0	-25.9	14.1	-14.1	0.0
Interest Expense	2.5	—	2.8	0.0	0.0	-3.6	3.6	0.0	10.9	-6.1	6.1	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	0.0
Interest Income and Dividends	—	—	—	0.0	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	0.0
Other Adjustments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	283.5	—	278.6	0.0	0.0	-239.0	239.0	0.0	416.3	-197.2	197.2	0.0
Increase/(Decrease) in Receivables	-14.8	—	-33.0	0.0	0.0	36.8	-36.8	0.0	-42.8	49.6	-49.6	0.0
Increase/(Decrease) in Inventory	0.6	—	-0.1	0.0	0.0	-0.1	0.1	0.0	0.7	-0.6	0.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-34.9	—	61.7	0.0	0.0	-29.2	29.2	0.0	-12.1	-36.4	36.4	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	—	0.6	0.0	0.0	-1.2	1.2	0.0	1.5	-1.3	1.3	0.0
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.5	—	-2.8	0.0	0.0	3.7	-3.7	0.0	-11.0	6.2	-6.2	0.0
Corporate Income Tax Paid	-57.5	-24.8	-0.0	-23.8	-43.0	-0.1	-19.5	-17.3	-42.1	-12.3	-2.0	-14.8
Other Operating Receipts	—	—	—	0.0	9.4	10.4	-2.9	2.9	-10.0	10.0	-2.4	2.4
Other Operating Payments	57.9	-72.6	20.0	-34.5	-41.1	-56.1	10.2	-29.0	40.3	-47.4	12.2	-21.4
Net Cash Flow from Operating Activities	18.8	116.7	183.8	83.1	60.2	148.2	93.4	79.9	7.1	104.3	119.1	34.5
Payments for Fixed Assets and Other Long-term Assets	-55.0	-21.8	-5.5	-6.2	-9.7	-4.2	-4.1	-8.4	-2.3	-4.9	-6.2	-5.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0
Loans and Purchases of Debt Instruments	-178.4	—	-600.5	0.0	0.0	362.1	-362.1	0.0	-290.0	255.0	-255.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	—	412.7	0.0	0.0	-290.0	290.0	0.0	125.0	-125.0	125.0	0.0
Investments in Other Entities	—	—	—	0.0	0.0	0.0	0.0	-8.4	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	0.0
Dividends and Interest Income Received	11.2	9.4	8.4	6.3	5.9	6.5	5.2	5.6	6.8	5.7	8.5	3.6
Increase/(Decrease) in Term Deposits	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-176.2	-58.5	-75.8	-108.8	-48.8	-3.2	-43.9	-38.4	-0.4	-29.2	-147.5	17.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.0	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	0.0
Proceeds from Borrowings	50.0	0.0	13.9	35.9	39.0	60.0	37.1	46.9	129.9	63.8	61.1	59.8
Repayment of Borrowings	-5.6	-41.9	-19.9	-5.9	-89.9	-58.6	-14.6	-87.0	-107.2	-66.7	-87.8	-106.1
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-92.6	-42.0	-32.3	-0.0	-85.2	-0.0	0.0	-44.5	-31.6	-24.1	-0.1
Other Financing Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	44.3	-134.5	-47.9	-2.3	-51.0	-83.7	22.5	-40.1	-21.7	-34.5	-50.8	-46.5
Net Cash Flow During the Period	-113.1	-76.3	60.1	-28.0	-39.6	61.3	72.0	1.4	-15.0	40.6	-79.3	5.8
Cash and Cash Equivalents at Beginning of Period	233.8	310.1	250.0	278.1	182.8	182.8	182.8	182.8	230.7	230.7	230.7	230.7
FX Difference from Revaluation	0.2	—	—	0.0	0.2	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	120.9	233.8	310.1	250.0	278.0	317.5	256.2	184.2	182.8	197.8	157.2	236.5

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Balance Sheet

Cash Flow

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