PDV

Listed Company · HOSE

Price

9,250

Latest close

03 Apr 2026

P/E 7.3x

EPS (TTM) 1,259

ROE (TTM) 8.8%

P/B 0.7x

BVPS (Latest) 13,126

ROA (TTM) 4.1%

What Is Changing

PDV no longer looks like a business simply rebounding from a weak base. Revenue posted +42.2% YoY, while net margin reached 4.62% with an additional -11.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -60.1% in 2025 from 250.2% in the prior period, at VND 89.6bn.
Revenue growth accelerated to 42.2% in 2025, up 15.7pp versus the prior year.
Net margin declined from 16.47% in the prior period to 4.62% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,937.6	1,362.3	1,076.6	973.0	824.2
Growth	+42%	+27%	+11%	+18%	—
Net Income	89.6	224.4	64.1	125.3	24.3
Net Margin	4.62%	16.47%	5.95%	12.88%	2.95%

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	529.3	586.6	470.7	350.9	337.3	321.2	386.2	317.5	402.4	308.8	184.7	180.7
Growth	-10%	+25%	+34%	+4%	+5%	-17%	+22%	-21%	+30%	+67%	+2%	—
Net Income	41.0	32.4	2.9	13.8	1.2	166.9	30.2	26.0	12.4	18.3	8.2	24.3
Net Margin	7.74%	5.53%	0.61%	3.92%	0.36%	51.96%	7.82%	8.19%	3.09%	5.93%	4.44%	13.44%

Financial Statements

Profitability

Net margin reached 4.62% while Revenue posted +42.2% YoY.

Balance Sheet

Inventory stood at 49.7bn, liabilities at 1,192.9bn, and equity at 1,041.1bn.

Cash Flow

Operating cash flow was 119.3bn in 2025, while investing cash flow was -126.2bn.

Financing cash flow: 34.4bn.

Item	2025	2024	2023	2022	2021
Revenue	1,937.6	1,362.3	1,076.6	973.0	824.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,937.6	1,362.3	1,076.6	973.0	824.2
Cost of Goods Sold	1,769.7	1,145.5	936.4	750.8	0.0
Gross Profit	167.9	216.8	140.2	222.2	66.6
Financial Income	25.2	28.7	22.7	13.4	12.2
Financial Expenses	68.4	64.3	45.3	27.8	-17.6
Interest Expense	62.6	45.0	35.3	16.9	-14.6
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	54.1	61.4	52.6	64.6	-32.7
Operating Profit	70.6	119.9	65.1	143.3	28.4
Other Income	44.0	161.0	15.6	14.5	0.0
Other Expenses	3.5	0.5	0.6	0.2	0.0
Other Profit	40.4	160.5	15.1	14.4	2.0
Profit Before Tax	111.0	280.4	80.2	157.6	30.4
Current Income Tax Expense	22.1	56.0	16.1	27.4	-6.1
Deferred Income Tax Expense	-0.7	0.0	0.0	5.0	0.0
Net Income	89.6	224.4	64.1	125.3	24.3
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	89.6	224.4	64.1	125.3	24.3
Earnings per Share	1,255.00	4,111.00	1,987.00	4,570.00	781.17
Diluted EPS	1,129.27	3,394.39	1,486.93	4,989.43	781.17

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	583.5	636.9	351.7	411.7	276.0
I. Cash and cash equivalents	248.1	220.9	99.4	50.1	57.0
1. Cash	38.1	40.9	9.4	15.1	0.0
2. Cash equivalents	210.0	180.0	90.0	35.0	0.0
II. Short-term financial investments	20.0	190.0	81.0	196.0	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	20.0	190.0	81.0	196.0	0.0
III. Short-term receivables	168.1	119.4	78.3	109.8	138.3
1. Short-term trade accounts receivable	96.7	66.1	46.0	62.4	0.0
2. Short-term prepayments to suppliers	2.2	6.7	4.5	20.8	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	79.5	56.9	47.1	45.9	0.0
7. Provision for short-term doubtful debts (*)	-10.3	-10.3	-19.3	-19.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	49.7	34.2	22.6	17.4	12.2
1. Inventories	49.7	34.2	22.6	17.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	97.6	72.4	70.3	38.3	18.3
1. Short-term prepayments	16.2	16.0	16.5	7.5	0.0
2. Value added tax to be reclaimed	81.5	56.5	53.8	30.8	0.0
3. Taxes and other receivables from state authorities	0.0	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)	1,650.6	1,527.8	959.7	509.6	596.9
I. Long-term receivables	16.1	16.0	14.8	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	16.1	16.0	14.8	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,512.8	1,388.2	803.2	431.6	546.5
1. Tangible fixed assets	1,512.7	1,388.0	803.1	431.6	546.5
- Cost	1,941.9	1,630.8	1,034.8	586.8	0.0
- Accumulated depreciation	-429.3	-242.8	-231.7	-155.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.2	0.1	0.0	0.0
- Cost	0.5	0.5	0.4	0.2	0.0
- Accumulated depreciation	-0.4	-0.3	-0.2	-0.2	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	5.6	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	5.6	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	121.7	123.6	141.7	72.4	0.0
1. Long-term prepayments	119.0	121.6	139.8	70.4	0.0
2. Deferred income tax assets	2.6	2.0	2.0	2.0	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	50.5
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)	2,234.0	2,164.7	1,311.4	921.3	873.0
A. LIABILITIES (300=210+330)	1,192.9	1,165.5	716.9	474.6	528.8
I. Short -term liabilities	389.1	376.3	266.5	245.3	259.8
1. Short-term trade accounts payable	97.4	133.3	101.4	95.3	138.6
2. Short-term advances from customers	0.1	0.5	0.0	9.3	7.0
3. Taxes and other payables to state authorities	9.6	21.7	2.4	12.6	0.0
4. Payable to employees	20.8	32.6	32.7	25.8	0.0
5. Short-term acrrued expenses	27.6	7.4	7.1	21.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	5.9	16.4	18.8	6.8	0.0
9. Other short-term payables	20.2	21.4	16.1	13.6	0.0
10. Short-term borrowings and financial leases	190.9	136.4	82.9	60.0	74.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	16.7	6.6	5.0	0.9	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	803.8	789.2	450.4	229.3	269.0
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	803.8	789.2	450.4	229.3	269.0
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)	1,041.1	999.2	594.5	446.6	344.2
I. Owner's equity	1,041.1	999.2	594.5	446.6	0.0
1. Owner's capital	793.1	661.0	430.9	311.1	344.2
- Common stock with voting right	793.1	661.0	430.9	251.1	311.1
- Preferred stock	—	0.0	0.0	60.0	0.0
2. Share premium	-0.4	-0.4	-0.2	0.0	0.1
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	113.9	113.9	97.8	10.2	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	134.5	224.8	65.9	125.4	24.8
- Accumulated retained earning at the end of the previous period	44.9	0.4	1.8	0.1	0.5
- Undistributed earnings in this period	89.6	224.4	64.1	125.3	24.3
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)	2,234.0	2,164.7	1,311.4	921.3	873.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	111.0	280.4	80.2	157.6	30.4
Depreciation of Fixed Assets and Investment Property	186.5	112.6	76.5	56.4	88.3
Provision (Increase)/Reversal	—	-8.9	0.0	9.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.9	-2.3	4.6	7.0	0.0
Gain/Loss from Investment Activities	-13.8	-167.1	-12.1	-22.0	0.0
Interest Expense	62.6	45.0	35.3	16.9	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	347.2	259.7	184.3	225.9	123.4
Increase/(Decrease) in Receivables	-74.8	-32.6	-3.3	6.6	0.0
Increase/(Decrease) in Inventory	-15.5	-20.7	-5.2	-5.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-40.8	30.1	9.0	-19.6	0.0
Increase/(Decrease) in Prepaid Expenses	2.4	8.3	-78.4	-31.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-61.4	-42.5	-38.4	-16.1	0.0
Corporate Income Tax Paid	-33.4	-37.3	-26.1	-18.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.5	-4.8	-4.4	-1.6	0.0
Net Cash Flow from Operating Activities	119.3	160.2	37.5	140.1	48.7
Payments for Fixed Assets and Other Long-term Assets	-312.4	-813.3	-448.6	-0.1	-20.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	295.7	0.0	73.9	38.7
Loans and Purchases of Debt Instruments	-40.0	-190.0	-70.0	-216.0	-50.0
Receipts from Loan Repayments and Sale of Debt Instruments	210.0	81.0	185.0	70.2	19.0
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	16.1	5.9	13.6	5.9	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	-126.2	-620.7	-319.9	-66.0	-10.9
Proceeds from Equity Issuance and Capital Contributions	—	230.1	119.8	0.0	0.0
Share Repurchases	—	-0.2	-0.2	-0.1	0.0
Proceeds from Borrowings	211.0	561.3	380.3	35.3	39.4
Repayment of Borrowings	-144.2	-168.0	-142.7	-97.5	-67.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-32.4	-41.3	-25.5	-18.6	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	34.4	581.9	331.7	-80.9	-27.7
Net Cash Flow During the Period	27.4	121.4	49.3	-6.8	-18.8
Cash and Cash Equivalents at Beginning of Period	220.9	99.4	50.1	57.0	46.9
FX Difference from Revaluation	-0.2	0.1	0.0	-0.1	0.0
Cash and Cash Equivalents at End of Period	248.1	220.9	99.4	50.1	57.0

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	529.3	586.6	470.7	350.9	337.3	321.2	386.2	317.5	402.4	308.8	184.7	180.7
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	529.3	586.6	470.7	350.9	337.3	321.2	386.2	317.5	402.4	308.8	184.7	180.7
Cost of Goods Sold	454.4	546.1	453.0	311.6	314.5	250.6	321.7	259.2	370.9	263.8	157.6	145.8
Gross Profit	74.9	40.5	17.7	39.3	22.9	70.6	64.6	58.3	31.6	44.9	27.1	34.9
Financial Income	4.2	8.0	6.2	6.8	12.2	9.3	4.5	2.7	3.4	4.0	8.3	7.0
Financial Expenses	17.2	17.1	20.3	18.3	23.0	10.0	16.0	15.3	9.7	19.8	9.8	6.0
Interest Expense	16.8	16.2	14.6	15.0	14.3	9.7	10.0	11.0	8.4	12.2	9.1	5.6
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	5.0	17.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	19.6	12.4	—	—	16.4	15.0	16.3	13.8	14.8	11.0	15.7	10.0
Operating Profit	42.2	19.0	-1.3	10.7	-4.2	55.0	36.7	31.9	10.5	18.1	9.9	25.9
Other Income	8.1	21.9	8.0	5.9	5.7	154.0	1.2	0.1	6.0	4.8	0.4	4.5
Other Expenses	—	0.4	3.2	—	0.0	-0.0	0.2	0.0	0.0	0.0	0.0	0.0
Other Profit	8.1	21.5	4.8	5.9	5.7	154.1	1.0	0.1	6.0	4.8	0.4	4.5
Profit Before Tax	50.4	40.5	3.5	16.6	1.4	209.1	37.7	32.0	16.5	22.9	10.3	30.4
Current Income Tax Expense	10.1	8.0	0.6	2.8	0.2	42.2	7.6	6.0	4.0	4.5	2.1	6.1
Deferred Income Tax Expense	-0.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	41.0	32.4	2.9	13.8	1.2	166.9	30.2	26.0	12.4	18.3	8.2	24.3
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	41.0	32.4	2.9	13.8	1.2	166.9	30.2	26.0	12.4	18.3	8.2	24.3
Earnings per Share	516.64	490.95	43.24	208.08	18.22	2,525.03	700.60	603.60	288.94	588.93	263.65	780.85
Diluted EPS	516.64	490.95	43.24	208.08	18.22	2,525.03	700.60	603.60	288.94	588.93	263.65	780.85

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)	583.5	575.3	687.5	609.7	636.9	740.1	390.6	370.2	351.7	277.9	295.7	404.7
I. Cash and cash equivalents	248.1	234.9	184.0	238.2	220.9	363.5	169.9	64.5	99.4	10.9	58.7	95.9
1. Cash	38.1	39.9	28.6	20.5	40.9	98.5	79.9	14.5	9.4	10.9	13.7	10.9
2. Cash equivalents	210.0	195.0	155.4	217.8	180.0	265.0	90.0	50.0	90.0	0.0	45.0	85.0
II. Short-term financial investments	20.0	30.0	160.0	150.0	190.0	170.0	50.0	111.0	81.0	71.0	71.0	151.0
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	20.0	30.0	160.0	150.0	190.0	170.0	50.0	111.0	81.0	71.0	71.0	151.0
III. Short-term receivables	168.1	205.0	219.9	108.0	119.4	124.1	88.0	96.1	78.3	112.4	101.7	101.2
1. Short-term trade accounts receivable	96.7	101.4	160.0	65.2	66.1	47.6	40.2	66.1	46.0	43.0	40.2	58.1
2. Short-term prepayments to suppliers	2.2	11.7	8.9	7.9	6.7	32.2	8.1	7.0	4.5	20.5	35.6	18.7
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	79.5	102.2	61.4	45.3	56.9	54.7	59.0	42.3	47.1	68.2	45.2	43.6
7. Provision for short-term doubtful debts (*)	-10.3	-10.3	-10.3	-10.3	-10.3	-10.3	-19.3	-19.3	-19.3	-19.3	-19.3	-19.3
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	49.7	38.6	39.2	34.2	34.2	17.9	24.0	22.8	22.6	32.5	17.5	14.8
1. Inventories	49.7	38.6	39.2	34.2	34.2	17.9	24.0	22.8	22.6	32.5	17.5	14.8
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	97.6	66.8	84.4	79.3	72.4	64.6	58.7	75.9	70.3	51.1	46.8	41.7
1. Short-term prepayments	16.2	15.7	16.6	17.6	16.0	13.3	12.9	17.0	16.5	7.4	8.0	7.9
2. Value added tax to be reclaimed	81.5	51.1	67.8	61.6	56.5	51.2	45.8	58.9	53.8	43.7	38.8	33.9
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.1	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)	1,650.6	1,695.1	1,434.3	1,464.7	1,527.8	1,121.0	901.4	920.5	959.7	960.1	936.1	500.1
I. Long-term receivables	16.1	16.1	16.3	16.0	16.0	14.8	14.8	14.8	14.8	4.8	4.8	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	16.1	16.1	16.3	16.0	16.0	14.8	14.8	14.8	14.8	4.8	4.8	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	1,512.8	1,564.0	1,301.6	1,345.0	1,388.2	998.6	756.1	779.7	803.2	822.5	834.2	419.3
1. Tangible fixed assets	1,512.7	1,563.9	1,301.4	1,344.8	1,388.0	998.5	756.0	779.6	803.1	822.3	834.1	419.3
- Cost	—	—	—	—	1,630.8	1,201.8	1,034.8	1,034.8	1,034.8	1,030.6	1,018.8	586.8
- Accumulated depreciation	—	—	—	—	-242.8	-203.3	-278.7	-255.2	-231.7	-208.2	-184.7	-167.5
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	0.1	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	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	—	—	4.4	1.4	0.0	2.2	1.0	0.0	0.0	1.6	2.6	1.0
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	—	—	4.4	1.4	0.0	2.2	1.0	0.0	0.0	1.6	2.6	1.0
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	121.7	115.0	112.0	102.3	123.6	105.4	129.5	126.1	141.7	131.2	94.4	79.8
1. Long-term prepayments	119.0	113.0	110.1	100.3	121.6	103.5	127.5	124.1	139.8	129.3	92.5	77.8
2. Deferred income tax assets	2.6	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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)	2,234.0	2,270.4	2,121.8	2,074.4	2,164.7	1,861.1	1,292.1	1,290.8	1,311.4	1,238.0	1,231.8	904.8
A. LIABILITIES (300=210+330)	1,192.9	1,270.2	1,120.6	1,061.5	1,165.5	863.1	647.8	670.3	717.2	775.9	761.4	433.9
I. Short -term liabilities	389.1	418.6	410.1	312.0	376.3	300.1	239.6	240.7	266.8	301.4	255.8	216.7
1. Short-term trade accounts payable	97.1	153.4	199.1	99.2	133.3	80.3	69.1	88.7	101.4	78.3	64.0	86.7
2. Short-term advances from customers	0.4	1.1	0.6	4.6	0.5	0.1	1.1	0.1	0.0	8.8	0.3	7.3
3. Taxes and other payables to state authorities	9.6	7.9	0.0	2.2	21.7	42.2	7.3	4.7	3.1	4.6	1.7	5.9
4. Payable to employees	20.8	14.7	12.5	35.8	32.6	39.4	34.1	33.6	32.3	28.7	30.7	22.5
5. Short-term acrrued expenses	27.6	21.2	11.5	8.7	7.4	5.1	11.6	3.9	7.1	51.4	27.2	9.7
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	5.9	4.7	0.1	1.3	16.4	9.6	15.3	16.3	18.8	6.6	15.4	0.0
9. Other short-term payables	20.2	18.5	18.2	17.8	21.4	20.2	20.4	16.6	16.1	17.4	14.3	16.3
10. Short-term borrowings and financial leases	190.9	178.9	148.8	136.5	136.4	96.3	72.4	72.9	82.9	100.5	93.1	68.0
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	16.7	18.0	19.3	5.9	6.6	6.8	8.2	3.9	5.0	5.3	9.0	0.3
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	803.8	851.6	710.5	749.5	789.2	563.1	408.2	429.6	450.4	474.4	505.6	217.2
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	803.8	851.6	710.5	749.5	789.2	563.1	408.2	429.6	450.4	474.4	505.6	217.2
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)	1,041.1	1,000.1	1,001.2	1,012.9	999.2	998.0	644.3	620.5	594.2	462.1	470.3	470.9
I. Owner's equity	1,041.1	1,000.1	1,001.2	1,012.9	999.2	998.0	644.3	620.5	594.2	462.1	470.3	470.9
1. Owner's capital	793.1	661.0	661.0	661.0	661.0	661.0	430.9	430.9	430.9	311.1	311.1	311.1
- Common stock with voting right	793.1	661.0	661.0	661.0	661.0	661.0	430.9	430.9	430.9	311.1	311.1	311.1
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.2	-0.2	-0.2	0.0	0.0	0.0
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	113.9	113.9	113.9	113.9	113.9	113.9	113.9	97.8	97.8	97.8	97.8	10.2
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	134.5	225.7	226.8	238.5	224.8	223.6	99.7	91.9	65.6	53.2	61.4	149.7
- Accumulated retained earning at the end of the previous period	44.9	177.1	210.2	224.8	0.4	0.4	43.5	65.9	1.8	1.8	28.9	125.4
- Undistributed earnings in this period	89.6	48.6	16.6	13.8	224.4	223.2	56.2	26.0	63.8	51.3	32.5	24.3
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)	2,234.0	2,270.4	2,121.8	2,074.4	2,164.7	1,861.1	1,292.1	1,290.8	1,311.4	1,238.0	1,231.8	904.8

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	50.4	40.5	3.5	16.6	1.4	209.1	37.9	32.0	16.1	22.9	10.8	30.4
Depreciation of Fixed Assets and Investment Property	51.2	48.4	43.5	43.4	39.5	26.0	23.5	23.5	23.5	23.4	17.4	12.3
Provision (Increase)/Reversal	—	—	—	—	0.0	-8.9	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.5	-0.5	1.3	0.6	-0.1	-4.3	2.6	1.7	-2.3	6.3	1.6	-1.0
Gain/Loss from Investment Activities	4.6	-10.0	1.4	-9.8	-814.0	682.3	2.9	-5.8	-2.3	-1.8	-3.2	-4.8
Interest Expense	16.8	16.2	14.6	15.0	14.3	9.7	10.0	11.0	8.4	12.2	9.1	5.6
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	122.4	94.6	64.3	65.9	-758.9	913.9	76.9	62.4	43.4	62.9	35.7	42.4
Increase/(Decrease) in Receivables	-78.7	115.2	-121.7	10.4	53.4	-60.1	35.8	-35.4	117.9	-117.0	-8.1	3.9
Increase/(Decrease) in Inventory	-11.1	0.6	-5.0	0.0	-16.3	6.2	-1.3	-0.1	9.8	-15.0	-2.7	2.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-38.9	-33.1	38.7	-7.5	493.8	-436.7	12.4	-38.4	-85.5	113.2	1.6	-20.4
Increase/(Decrease) in Prepaid Expenses	-6.5	2.3	-13.1	19.7	-20.8	24.1	0.3	15.2	-19.6	-40.0	-11.0	-7.8
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-16.8	-14.3	-14.9	-15.4	-11.5	-10.0	-10.3	-11.2	-12.8	-11.2	-8.9	-5.5
Corporate Income Tax Paid	-8.5	-0.6	-2.8	-21.4	-21.1	-7.6	-5.3	-3.3	-5.3	-2.1	-6.1	-12.7
Other Operating Receipts	—	—	—	—	0.0	0.1	0.0	0.0	-0.0	0.0	0.0	0.0
Other Operating Payments	-3.5	0.9	-0.8	-1.1	-0.6	-0.7	-1.8	-1.4	-3.2	-0.6	-0.1	-0.5
Net Cash Flow from Operating Activities	-41.6	165.6	-55.3	50.6	-282.0	429.1	106.7	-12.2	44.7	-9.7	0.5	2.0
Payments for Fixed Assets and Other Long-term Assets	-1.2	-309.4	-1.7	—	-423.6	-390.6	0.0	0.0	-4.8	-8.4	-435.4	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	303.6	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	225.2	-265.2	-278.5	-560.0	-10.0	-20.0	-60.0	0.0	-10.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	90.0	50.0	-197.5	267.5	343.5	215.0	81.0	30.0	50.0	0.0	90.0	45.0
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	2.4	5.3	3.9	4.5	4.1	0.7	1.7	1.7	5.6	0.2	5.7	2.0
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	91.2	-254.1	29.9	6.8	-354.5	-431.2	72.7	11.7	-9.2	-8.1	-349.7	47.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	230.1	0.0	0.0	0.0	119.8	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	-0.2	-0.0	0.0	-0.2	0.0	0.0	0.0
Proceeds from Borrowings	0.0	211.0	—	—	295.6	265.7	0.0	0.0	17.8	17.3	337.1	8.2
Repayment of Borrowings	-35.7	-40.2	-28.3	-40.0	-32.0	-78.5	-23.9	-34.5	-58.9	-47.3	-25.0	-11.5
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.6	-31.6	-0.2	—	0.0	-40.8	-0.1	0.0	-25.5	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	-36.3	139.2	-28.5	-40.0	493.7	146.1	-24.0	-34.5	53.0	-30.0	312.1	-3.3
Net Cash Flow During the Period	13.3	50.7	-53.9	17.4	-142.8	144.0	155.4	-35.1	88.6	-47.9	-37.1	45.7
Cash and Cash Equivalents at Beginning of Period	234.9	184.0	238.2	220.9	99.4	99.4	99.4	99.4	50.1	50.1	50.1	50.1
FX Difference from Revaluation	-0.2	-0.1	-0.3	-0.0	0.2	-0.4	0.0	0.1	0.0	0.0	-0.0	0.1
Cash and Cash Equivalents at End of Period	248.1	234.9	184.0	238.2	220.9	363.5	219.9	64.5	99.4	10.9	58.7	95.9

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Balance Sheet

Cash Flow

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