The financial statements of PPH

Income statement, balance sheet and cash flow, by quarter and by year. Unit: VND billion, unless a line states otherwise.

Item	2025	2024	2023	2022	2021
Revenue	2,456.9	2,238.1	1,754.5	1,745.5	1,657.4
Revenue Deductions	4.3	5.4	5.1	2.1	0.0
Net Revenue	2,452.6	2,232.7	1,749.4	1,743.4	1,652.1
Cost of Goods Sold	1,971.5	1,803.5	1,401.6	1,393.2	0.0
Gross Profit	481.2	429.1	347.7	350.2	288.6
Financial Income	47.0	48.5	43.3	76.2	36.0
Financial Expenses	78.4	103.5	87.7	100.6	-47.6
Interest Expense	58.0	54.7	59.4	42.2	-42.4
Share of Associates and Joint Ventures	364.3	352.0	320.3	406.5	366.0
Selling Expenses	112.8	88.4	77.1	64.7	-62.3
General and Administrative Expenses	229.8	258.2	221.8	188.3	-148.0
Operating Profit	471.6	379.6	324.7	479.2	432.7
Other Income	7.7	8.9	0.1	2.2	0.0
Other Expenses	3.6	4.5	5.1	1.8	0.0
Other Profit	4.2	4.4	-4.9	0.4	-30.8
Profit Before Tax	475.8	384.0	319.7	479.6	401.9
Current Income Tax Expense	3.1	3.5	3.0	2.7	-1.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	472.6	380.5	316.7	477.0	400.6
Non-controlling Interest	5.7	6.8	5.4	5.1	1.9
Profit Attributable to Parent	467.0	373.8	311.4	471.9	398.5
Earnings per Share VND per share	5,599.00	4,507.00	3,865.00	5,946.00	4,983.00
Diluted EPS VND per share	5,599.00	4,507.00	3,865.00	5,946.00	5,336.73

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,593.8	1,766.6	1,657.8	1,269.8	1,475.1
I. Cash and cash equivalents	102.5	123.3	74.1	72.4	66.2
1. Cash	60.0	72.7	67.8	33.8	0.0
2. Cash equivalents	42.5	50.6	6.3	38.6	0.0
II. Short-term financial investments	433.7	546.2	490.7	273.0	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	433.7	546.2	490.7	273.0	0.0
III. Short-term receivables	564.6	489.7	495.3	461.1	868.5
1. Short-term trade accounts receivable	471.1	437.7	374.6	316.2	0.0
2. Short-term prepayments to suppliers	19.4	21.6	8.2	3.3	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	110.7	54.8	137.0	166.7	0.0
7. Provision for short-term doubtful debts (*)	-36.6	-24.5	-25.1	-25.4	0.0
8. Assets awaiting resolution	0.0	0.0	0.6	0.4	0.0
IV. Inventories	473.7	601.0	595.8	462.0	516.2
1. Inventories	487.7	608.0	605.0	478.9	0.0
2. Provision for decline in value of inventories	-14.0	-7.0	-9.3	-16.9	0.0
V. Other short-term assets	19.4	6.4	2.0	1.4	12.2
1. Short-term prepayments	1.6	1.5	1.2	1.0	0.0
2. Value added tax to be reclaimed	13.9	4.7	0.6	0.2	0.0
3. Taxes and other receivables from state authorities	3.9	0.2	0.2	0.2	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)	2,042.5	1,812.5	1,881.0	2,037.3	2,273.7
I. Long-term receivables	131.1	3.9	1.9	2.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	70.0
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	131.1	3.9	1.9	2.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,038.3	1,054.4	1,139.0	1,107.6	1,217.9
1. Tangible fixed assets	935.3	942.6	1,045.0	982.4	1,092.6
- Cost	2,366.8	2,287.3	2,301.5	2,155.3	0.0
- Accumulated depreciation	-1,431.5	-1,344.7	-1,256.5	-1,172.9	0.0
2. Financial leased fixed assets	102.9	111.7	93.9	125.0	125.1
- Cost	123.9	122.1	100.5	149.3	0.0
- Accumulated depreciation	-20.9	-10.4	-6.6	-24.3	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.2	0.2
- Cost	0.6	0.6	0.6	0.6	0.0
- Accumulated depreciation	-0.5	-0.5	-0.5	-0.4	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	80.6	6.9	1.7	88.0	222.0
1. Long-term production in progress	—	0.0	0.0	65.3	0.0
2. Construction in progress	80.6	6.9	1.7	22.7	0.0
V. Long-term financial investments	775.7	723.0	715.2	810.6	726.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	700.7	650.2	631.4	722.0	0.0
3. Investments in other entities	107.6	105.9	105.9	105.9	0.0
4. Provision for diminution in value of long-term investments	-32.6	-33.0	-22.2	-17.4	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	16.7	24.2	23.2	28.8	0.0
1. Long-term prepayments	13.8	17.3	12.3	14.0	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	37.6
5. Goodwill	3.0	6.9	10.8	14.8	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,636.3	3,579.1	3,538.8	3,307.1	3,748.8
A. LIABILITIES (300=210+330)	1,524.3	1,695.0	1,760.5	1,519.4	1,879.6
I. Short -term liabilities	1,222.1	1,072.9	1,165.0	802.2	953.0
1. Short-term trade accounts payable	269.2	264.8	262.3	178.2	314.3
2. Short-term advances from customers	132.2	139.0	137.4	19.3	22.9
3. Taxes and other payables to state authorities	4.1	5.1	108.3	80.2	0.0
4. Payable to employees	80.6	68.1	61.8	68.7	0.0
5. Short-term acrrued expenses	13.3	10.4	8.4	9.2	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	4.1	4.0	3.4	3.3	3.3
9. Other short-term payables	25.7	131.2	103.2	62.5	0.0
10. Short-term borrowings and financial leases	612.0	374.3	402.6	294.4	451.6
11. Provision for short-term liabilities	62.5	62.5	62.5	62.5	0.0
12.. Bonus and welfare fund	18.5	13.6	15.1	24.0	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	302.1	622.2	595.5	717.2	926.6
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	17.1	20.5	24.5	23.9	27.6
7. Other long-term liabilities	14.0	13.9	9.9	9.9	0.0
8. Long-term borrowings and financial leases	271.0	587.8	561.1	683.4	864.7
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts) VND per share	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	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)	2,112.0	1,884.0	1,778.3	1,787.7	1,869.3
I. Owner's equity	2,112.0	1,884.0	1,778.3	1,787.7	0.0
1. Owner's capital	746.7	746.7	746.7	746.7	1,869.3
- Common stock with voting right VND per share	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00
- Preferred stock VND per share	—	0.00	0.00	0.00	0.00
2. Share premium	32.4	32.4	32.4	32.4	32.4
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 VND per share	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	547.3	512.4	471.0	440.8	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	741.1	554.9	497.9	543.7	651.9
- Accumulated retained earning at the end of the previous period	387.2	331.5	374.3	184.7	253.7
- Undistributed earnings in this period	353.9	223.3	123.6	359.0	398.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	44.5	37.6	30.3	24.1	19.5
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)	3,636.3	3,579.1	3,538.8	3,307.1	3,748.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	475.8	384.0	319.7	479.6	0.0
Depreciation of Fixed Assets and Investment Property	140.4	142.5	138.4	141.8	0.0
Provision (Increase)/Reversal	7.0	7.9	1.8	-13.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	6.0	22.3	16.8	20.5	0.0
Gain/Loss from Investment Activities	-406.0	-389.5	-352.2	-470.2	0.0
Interest Expense	58.0	54.7	59.4	42.2	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	281.2	221.9	183.9	200.9	0.0
Increase/(Decrease) in Receivables	-226.9	7.0	-45.2	219.5	0.0
Increase/(Decrease) in Inventory	120.3	-2.9	7.3	48.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-65.4	-108.3	108.4	-93.6	0.0
Increase/(Decrease) in Prepaid Expenses	3.4	-5.3	1.8	5.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-62.3	-57.7	-65.7	-61.5	0.0
Corporate Income Tax Paid	-2.9	-3.9	-2.5	-3.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-31.8	-43.6	-31.9	-20.9	0.0
Net Cash Flow from Operating Activities	15.5	7.2	156.1	295.3	204.7
Payments for Fixed Assets and Other Long-term Assets	-184.2	-63.3	-62.9	-22.4	-43.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.4	5.8	9.6	1.8	16.1
Loans and Purchases of Debt Instruments	-779.0	-1,014.2	-938.3	-548.0	-12.0
Receipts from Loan Repayments and Sale of Debt Instruments	891.5	958.7	720.6	408.4	15.2
Investments in Other Entities	-6.6	-21.6	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	52.4	0.0
Dividends and Interest Income Received	384.7	391.2	460.9	506.2	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	312.7	256.5	190.0	398.4	328.3
Proceeds from Equity Issuance and Capital Contributions VND per share	—	0.00	0.00	0.00	0.00
Share Repurchases VND per share	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,424.3	1,037.0	749.2	984.3	1,335.2
Repayment of Borrowings	-1,497.9	-1,072.9	-770.9	-1,347.3	-1,736.2
Repayment of Finance Leases	-21.1	-22.5	-67.0	-17.7	-7.1
Dividends Paid	-254.3	-158.0	-255.7	-306.7	-157.7
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	-349.0	-216.4	-344.3	-687.3	-565.8
Net Cash Flow During the Period	-20.8	47.4	1.7	6.3	-48.4
Cash and Cash Equivalents at Beginning of Period	123.3	74.1	72.4	66.2	98.9
FX Difference from Revaluation	-0.0	1.8	0.0	-0.1	0.1
Cash and Cash Equivalents at End of Period	102.5	123.3	74.1	72.4	66.2

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	718.6	624.6	622.0	629.1	612.2	594.6	561.1	631.7	552.1	493.1	524.4	446.1
Revenue Deductions	1.6	0.9	1.7	1.2	0.8	0.5	0.5	1.6	0.9	2.4	1.1	1.2
Net Revenue	717.0	623.7	620.3	627.9	611.4	594.1	560.7	630.1	551.2	490.7	523.3	444.9
Cost of Goods Sold	558.1	495.6	494.3	506.9	492.6	475.0	446.7	521.9	442.4	392.4	438.8	358.8
Gross Profit	158.9	128.1	126.0	121.0	118.7	119.0	113.9	108.2	108.7	98.3	84.6	86.0
Financial Income	16.2	11.1	11.0	9.3	15.2	11.6	10.6	8.3	11.2	16.5	14.1	7.5
Financial Expenses	10.4	10.3	9.2	22.5	27.1	22.1	24.2	6.4	36.1	29.1	16.9	35.5
Interest Expense	8.8	8.8	13.9	13.7	13.8	16.7	13.8	13.1	14.3	13.5	15.6	16.3
Share of Associates and Joint Ventures	99.7	92.5	77.0	97.1	100.3	89.5	91.1	78.6	88.5	85.6	68.9	83.1
Selling Expenses	34.5	27.0	31.7	28.1	29.8	22.9	26.0	22.7	22.2	17.5	25.7	17.9
General and Administrative Expenses	64.8	56.7	28.4	82.5	73.4	61.1	49.5	94.3	61.1	53.3	61.2	60.7
Operating Profit	165.2	137.7	144.5	94.4	104.0	114.0	115.9	71.7	89.1	100.6	63.8	62.7
Other Income	0.6	0.1	5.1	2.2	0.3	0.2	3.5	4.2	1.0	0.2	0.0	0.0
Other Expenses	0.1	0.0	1.8	0.3	1.5	0.1	0.2	1.2	3.0	0.1	0.5	-0.2
Other Profit	0.5	0.0	3.3	2.0	-1.2	0.1	3.3	3.0	-2.0	0.1	-0.5	0.2
Profit Before Tax	165.7	137.7	147.8	96.3	102.8	114.1	119.2	74.7	87.1	100.7	63.3	62.9
Current Income Tax Expense	12.3	5.3	0.6	1.1	1.0	0.8	1.1	1.1	1.1	0.7	1.2	0.5
Deferred Income Tax Expense	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	153.4	132.4	147.2	95.2	101.8	113.3	118.1	73.6	85.9	100.0	62.2	62.4
Non-controlling Interest	1.9	1.4	1.2	2.0	1.4	1.1	1.7	1.8	2.0	1.2	1.6	1.0
Profit Attributable to Parent	151.5	131.0	146.1	93.2	100.5	112.2	116.4	71.8	83.9	98.8	60.5	61.4
Earnings per Share VND per share	1,715.00	1,754.00	1,831.00	1,114.00	1,045.00	1,503.00	1,508.00	836.00	846.00	1,324.00	758.00	779.00
Diluted EPS VND per share	2,028.90	1,753.93	1,956.48	1,247.79	1,345.40	1,502.79	1,558.96	961.06	1,123.79	1,323.58	810.82	822.23

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,737.2	1,486.8	1,586.1	1,834.0	1,797.7	1,649.9	1,766.2	1,786.7	1,628.3	1,697.3	1,546.8	1,529.1
I. Cash and cash equivalents	54.3	104.3	102.5	133.3	80.6	86.9	123.4	50.3	41.0	40.2	74.1	31.7
1. Cash	50.3	45.3	60.0	33.3	26.8	48.9	72.8	38.8	40.8	29.0	67.8	23.3
2. Cash equivalents	4.0	59.0	42.5	100.0	53.8	38.0	50.6	11.5	0.2	11.2	6.3	8.5
II. Short-term financial investments	544.0	276.2	433.7	609.7	505.2	364.2	546.2	556.2	434.2	466.7	490.7	573.7
1. Available for sale securities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	544.0	276.2	433.7	609.7	505.2	364.2	546.2	556.2	434.2	466.7	490.7	573.7
III. Short-term receivables	646.1	637.2	556.9	573.1	698.9	727.7	489.3	547.3	524.4	582.0	495.8	488.1
1. Short-term trade accounts receivable	526.7	514.5	471.0	490.8	526.2	513.7	437.3	498.6	471.0	429.9	374.6	369.7
2. Short-term prepayments to suppliers	42.0	28.3	19.5	14.2	25.3	81.5	21.6	19.3	12.7	11.0	8.2	10.3
3. Short-term inter-company receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	112.3	130.3	110.7	113.0	178.8	156.4	54.8	54.6	66.0	166.1	137.0	138.5
7. Provision for short-term doubtful debts (*)	-34.9	-36.0	-44.4	-44.9	-31.7	-24.0	-24.5	-25.3	-25.3	-25.1	-24.6	-30.4
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.4	0.2	0.0	0.0	0.1	0.1	0.6	0.0
IV. Inventories	475.9	446.5	473.7	496.5	495.1	458.9	601.0	628.3	624.4	605.7	484.3	432.2
1. Inventories	489.9	460.5	487.7	503.5	499.5	463.4	608.0	637.4	632.5	613.0	493.5	441.6
2. Provision for decline in value of inventories	-14.0	-14.0	-14.0	-7.0	-4.5	-4.5	-7.0	-9.1	-8.1	-7.3	-9.3	-9.4
V. Other short-term assets	16.8	22.5	19.4	21.3	18.0	12.1	6.4	4.7	4.3	2.7	2.0	3.5
1. Short-term prepayments	3.2	5.1	1.6	4.2	4.2	2.6	1.5	2.7	2.6	2.1	1.2	3.2
2. Value added tax to be reclaimed	10.4	14.3	13.9	16.9	13.5	9.3	4.7	1.8	1.5	0.3	0.6	0.1
3. Taxes and other receivables from state authorities	0.2	0.2	3.9	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.2
4. Government bonds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	3.0	3.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,972.5	2,115.4	2,004.7	1,920.5	1,945.0	1,993.0	1,804.8	1,729.5	1,771.5	1,901.2	1,901.1	1,957.6
I. Long-term receivables	130.5	131.1	121.1	131.3	131.2	131.2	3.9	3.7	2.1	2.3	1.9	2.4
1. Long-term trade receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	130.5	131.1	121.1	131.3	131.2	131.2	3.9	3.7	2.1	2.3	1.9	2.4
7. Provision for long-term doubtful debts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,020.6	1,050.6	1,038.3	1,069.2	1,056.4	1,022.2	1,054.4	1,041.2	1,073.2	1,103.9	1,139.1	1,087.5
1. Tangible fixed assets	903.9	930.9	935.3	963.5	949.8	913.0	942.6	956.8	987.2	1,017.4	1,045.1	953.7
- Cost	2,398.3	2,393.9	—	—	—	—	2,287.3	2,290.1	2,299.4	2,309.1	2,301.5	2,168.8
- Accumulated depreciation	-1,494.4	-1,463.0	—	—	—	—	-1,344.7	-1,333.3	-1,312.3	-1,291.8	-1,256.4	-1,215.1
2. Financial leased fixed assets	116.6	119.6	102.9	105.6	106.5	109.1	111.7	84.3	85.9	86.4	93.9	133.7
- Cost	143.3	143.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-26.7	-23.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
- Cost	0.6	0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.5	-0.5	—	—	—	—	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
- Cost	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	77.5	68.1	80.6	35.7	59.1	45.2	6.9	41.5	2.3	6.0	1.7	104.9
1. Long-term production in progress	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	65.3
2. Construction in progress	77.5	68.1	80.6	35.7	59.1	45.2	6.9	41.5	2.3	6.0	1.7	39.6
V. Long-term financial investments	725.7	847.5	747.9	665.1	677.5	772.1	715.4	624.7	674.1	768.7	735.2	737.5
1. Investments in subsidiaries	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	651.5	773.2	675.4	598.6	605.5	699.7	641.9	550.8	594.9	688.6	651.5	653.0
3. Investments in other entities	107.6	107.6	107.6	105.9	105.9	105.9	105.9	105.9	105.9	105.9	105.9	105.9
4. Provision for diminution in value of long-term investments	-33.4	-33.4	-35.1	-39.4	-34.0	-33.5	-32.4	-32.1	-26.8	-25.9	-22.2	-21.4
5. Held to maturity investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	18.3	18.1	16.7	19.2	20.9	22.3	24.2	18.4	19.9	10.6	12.3	13.5
1. Long-term prepayments	17.3	16.2	13.8	15.2	16.0	16.4	17.3	10.5	11.1	10.6	12.3	13.5
2. Deferred income tax assets	—	—	—	—	—	—	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
4. Other long-term assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	1.0	2.0	3.0	3.9	4.9	5.9	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	—	6.9	7.9	8.9	9.8	10.8	11.8
TOTAL ASSETS (280=100+200)	3,709.7	3,602.2	3,590.8	3,754.5	3,742.7	3,642.9	3,571.0	3,516.2	3,399.8	3,598.4	3,447.9	3,486.8
A. LIABILITIES (300=210+330)	1,433.6	1,364.2	1,518.3	1,716.3	1,788.3	1,645.7	1,723.4	1,680.3	1,625.2	1,720.2	1,646.1	1,559.7
I. Short -term liabilities	1,143.3	1,056.4	1,216.1	1,045.1	1,127.9	1,003.5	1,102.2	1,058.8	1,012.0	1,110.2	1,050.7	836.2
1. Short-term trade accounts payable	296.5	311.0	269.2	227.2	263.1	240.5	264.8	286.0	245.5	225.1	262.3	180.4
2. Short-term advances from customers	122.3	127.5	134.8	135.7	135.0	135.9	139.6	137.6	137.7	140.6	22.0	19.4
3. Dividends and profits payable	0.7	0.7	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	19.7	27.4	4.5	51.4	87.7	25.1	33.9	71.3	31.0	128.3	108.5	139.0
4. Payable to employees	59.1	48.6	77.1	61.7	34.4	30.0	68.1	54.7	30.3	27.0	61.8	40.3
5. Short-term acrrued expenses	18.5	13.7	13.1	16.7	18.5	12.5	10.4	18.4	15.6	13.4	8.4	11.4
6. Short-term inter-company payables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	4.0	3.2	4.1	3.2	4.1	3.3	4.0	2.7	3.7	2.7	3.4	5.7
9. Other short-term payables	37.2	32.0	23.0	36.3	28.0	38.1	131.1	39.6	73.3	77.0	103.2	42.4
10. Short-term borrowings and financial leases	485.4	423.8	612.0	428.8	464.2	449.1	374.3	345.4	375.3	425.6	402.6	312.2
11. Provision for short-term liabilities	62.5	62.5	62.5	62.5	62.5	62.5	62.5	62.5	62.5	62.5	62.5	62.5
12.. Bonus and welfare fund	37.3	6.0	15.9	21.6	30.3	6.6	13.6	40.5	37.2	8.0	16.0	23.1
13. Price stabilization fund	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	290.3	307.8	302.1	671.1	660.4	642.2	621.2	621.5	613.2	610.0	595.5	723.5
1. Long-term trade payables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	15.4	17.1	17.1	18.8	18.8	20.5	20.5	22.6	22.7	24.3	24.5	21.7
7. Other long-term liabilities	13.5	14.0	14.0	13.9	13.9	13.9	12.9	12.9	9.9	9.9	9.9	9.9
8. Long-term borrowings and financial leases	261.5	276.7	271.0	638.4	627.7	607.9	587.8	586.0	580.7	575.7	561.1	691.9
9. Convertible bonds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts) VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	—	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
13. Fund for technology development	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,276.1	2,237.9	2,072.6	2,038.2	1,954.4	1,997.2	1,847.6	1,835.9	1,774.6	1,878.3	1,801.8	1,927.1
I. Owner's equity	2,276.1	2,237.9	2,072.6	2,038.2	1,954.4	1,997.2	1,847.6	1,835.9	1,774.6	1,878.3	1,801.8	1,927.1
1. Owner's capital	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7	746.7
- Common stock with voting right VND per share	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00	746,708,910,000.00
- Preferred stock VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4
3. Convertible bond option	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	37.3	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	643.1	577.1	547.3	547.3	547.3	512.4	512.4	488.6	488.6	471.0	471.0	473.5
9. Fund to support corporate restructuring	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	767.9	834.8	701.6	668.4	588.1	667.0	518.5	533.4	473.2	596.7	521.4	650.8
- Accumulated retained earning at the end of the previous period	486.1	704.1	362.5	362.9	375.8	554.9	303.2	329.7	335.8	497.9	377.8	380.6
- Undistributed earnings in this period	281.9	130.7	339.2	305.5	212.3	112.1	215.4	203.8	137.5	98.8	143.6	270.1
12. Reserves for investment in construction	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	48.7	46.9	44.5	43.4	40.0	38.8	37.6	34.9	33.7	31.5	30.3	23.7
14. Financial reserves	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,709.7	3,602.2	3,590.8	3,754.5	3,742.7	3,642.9	3,571.0	3,516.2	3,399.8	3,598.4	3,447.9	3,486.8

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Profit Before Tax	—	—	258.4	—	217.4	—	0.0	-182.5	182.5	0.0	319.7	-213.5
Depreciation of Fixed Assets and Investment Property	—	—	71.6	—	68.8	—	0.0	-73.0	73.0	0.0	138.4	-69.2
Provision (Increase)/Reversal	—	—	0.7	—	6.3	—	0.0	-8.7	8.7	0.0	1.8	-1.2
FX Gain/Loss from Revaluation of Monetary Items	—	—	-9.8	—	15.9	—	0.0	-22.4	22.4	0.0	16.8	-0.6
Gain/Loss from Investment Activities	—	—	-195.6	—	-210.4	—	0.0	195.8	-195.8	0.0	-352.2	202.9
Interest Expense	—	—	27.5	—	30.5	—	0.0	-27.8	27.8	0.0	59.4	-27.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	152.8	—	128.4	—	0.0	-118.6	118.6	0.0	183.9	-109.1
Increase/(Decrease) in Receivables	—	—	64.9	—	-291.8	—	0.0	22.7	-22.7	0.0	-45.2	7.7
Increase/(Decrease) in Inventory	—	—	21.1	—	99.2	—	0.0	27.5	-27.5	0.0	7.3	-22.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	-43.9	—	-21.5	—	0.0	150.2	-150.2	0.0	108.4	-22.7
Increase/(Decrease) in Prepaid Expenses	—	—	4.8	—	-1.4	—	0.0	0.2	-0.2	0.0	1.8	0.5
Changes in Trading Securities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	-30.2	—	-32.2	—	0.0	29.5	-29.5	0.0	-65.7	32.7
Corporate Income Tax Paid	-4.6	-1.3	-1.7	-0.4	0.0	-0.8	-2.1	-0.1	-0.6	-1.0	-1.8	-0.1
Other Operating Receipts	3.9	15.2	—	—	—	—	8.0	25.3	-13.5	13.5	-24.8	24.8
Other Operating Payments	-49.9	-38.3	164.5	-177.5	24.0	-42.8	-64.8	-244.0	17.5	-30.1	19.6	-34.0
Net Cash Flow from Operating Activities	50.8	50.8	103.2	51.2	2.9	-141.9	57.0	19.7	-75.0	-50.7	28.6	32.6
Payments for Fixed Assets and Other Long-term Assets	-21.5	-19.9	-34.5	-37.4	-34.6	-77.8	-12.6	-14.5	-38.2	-1.1	5.4	-13.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	4.1	2.2	—	—	0.7	5.0	0.9	0.0	0.4	0.0
Loans and Purchases of Debt Instruments	—	—	-325.0	—	-454.0	—	0.0	474.2	-474.2	0.0	-938.3	434.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	396.5	—	495.0	—	0.0	-530.7	530.7	0.0	720.6	-225.0
Investments in Other Entities	-0.6	—	—	—	—	—	0.0	0.0	0.0	-21.6	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	255.1	9.9	3.5	180.6	190.1	10.5	18.2	214.3	213.6	30.0	72.1	91.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-34.2	144.5	144.5	43.9	6.6	117.7	16.4	82.8	208.7	31.3	160.9	-13.6
Proceeds from Equity Issuance and Capital Contributions VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	-100,000,000.00	100,000,000.00
Share Repurchases VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	284.4	271.9	493.5	275.7	307.8	347.3	242.0	309.1	216.4	270.9	91.6	231.6
Repayment of Borrowings	-260.0	-463.4	-646.0	-315.1	-279.8	-256.9	-224.3	-331.4	-271.7	-245.6	-80.3	-255.5
Repayment of Finance Leases	-17.3	—	-15.8	0.0	-5.3	—	-1.1	-15.7	-3.1	-2.6	-57.0	2.0
Dividends Paid	-73.7	-1.9	-110.2	-3.0	-38.5	-102.6	-16.9	-55.2	-74.6	-37.2	-101.4	-11.9
Other Financing Receipts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-66.6	-193.5	-278.6	-42.4	-15.8	-12.2	-0.3	-93.2	-133.0	-14.5	-147.2	-33.8
Net Cash Flow During the Period	-49.9	1.8	-30.9	52.8	-6.3	-36.4	73.1	9.3	0.8	-33.9	42.3	-14.8
Cash and Cash Equivalents at Beginning of Period	104.3	102.5	133.3	80.6	86.9	123.3	74.1	74.1	74.1	74.1	72.4	72.4
FX Difference from Revaluation	0.0	—	-0.0	-0.1	-0.1	—	0.0	0.0	0.0	0.0	0.0	-0.8
Cash and Cash Equivalents at End of Period	54.3	104.3	102.5	133.3	80.6	86.9	123.4	50.3	41.0	40.2	74.1	31.7

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Where does this stock stand
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contribute to the portfolio?

Is the portfolio
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What other opportunities
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