PRE

Tổng Công ty cổ phần Tái bảo hiểm Hà Nội ·HNX ·2026Q1

◆ DATA LIMITED

Data needs cross-checking · 4 metrics need cross-checking

Price

27,500

Latest close

02 Jun 2026

LOSS RATIO (TTM) 47,4%

EXPENSE RATIO (TTM) 112,3%

ROE (TTM) 15,6%

EPS (TTM) 2.456

BVPS (Latest period) 16.738

LEVERAGE (Latest period) 3,56 lần

Insurance Overview

Data coverage is gradually improving. Net insurance premium increases 21.2%, the loss ratio improves 7.1 percentage points, financial profit increases 9.4%, and reinsurance trend assessment needs more reporting cycles.

	                            
	                                NET INSURANCE PREMIUM
	                            
 1.423 tỷ
+21,2% YoY

	                            
	                                LOSS RATIO
	                            
 47,4%
−7,1 điểm % YoY

	                            
	                                FINANCIAL PROFIT
	                            
 239 tỷ
+9,4% YoY

Metric	2025	2024
NET PREMIUM	1,421.1	1,102.3
Growth	+29%	—
PBT	301.4	240.2
PBT Margin	21.21%	21.79%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
NET PREMIUM	395.0	316.6	316.8	394.7	393.0	195.7	278.3	307.5	320.7
Growth	+1%	+62%	+14%	+28%	+23%	—	—	—	—
PBT	100.9	55.1	115.7	62.8	64.1	88.8	34.7	58.1	58.5
PBT Margin	25.54%	17.39%	36.52%	15.90%	16.32%	45.38%	12.47%	18.88%	18.25%

Drivers of PRE's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by better claims experience. Supporting and offsetting drivers:

Claims experience ↑ 100.9bn

Chi phí khai thác BH ↑ 37.0bn

Investment income ↑ 20.5bn

Unclassified ↑ 103.0bn

Premium volume ↓ 172.7bn

Financial Highlights

Detailed analysis of each financial dimension

Is premium growth healthy?

very positive positive stable watch under pressure

Premium growth and revenue engine

NET PREMIUM GROWTH 21.2% read with the regional reinsurance cycle

NET PREMIUM RETENTION —

Net insurance premium growth was 21.2%, but gross premium and reinsurance mix data are not clean enough for a deep mix conclusion. For reinsurers, retained and assumed premium are core lenses, so this data gap lowers conviction.

Read premium growth as directional evidence, not yet as a full view of revenue quality.

NET INSURANCE PREMIUM 1,421.1bn

NET INSURANCE BUSINESS REVENUE 1,708.8bn

CEDED REINSURANCE PREMIUM 1,354.7bn

NET INSURANCE REVENUE GROWTH 21.7%

NET TO INSURANCE PREMIUM 49.4% +2.2 ppt

Is underwriting profitable?

Underwriting quality and claims pressure

CLAIMS BURDEN 47.4% -7.1 ppt read cautiously with reinsurance data coverage

DIRECT EXPENSE BURDEN 92.2% -2.6 ppt underwriting expense improving

The combined ratio is still above break-even at 141.1%, but improved -9.7 ppt. Claims burden moved -7.1 ppt, indicating recovery from an elevated cost base.

The signal is recovery, not a fully clean underwriting position; the next claims season remains the check.

CLAIM EXPENSES 684.8bn

DIRECT UNDERWRITING EXPENSES 1,587.5bn

INSURANCE COMMISSION EXPENSE 749.0bn

CLAIM RESERVE MOVEMENT 267.4bn

RETAINED CLAIMS BURDEN 74.2% -13.3 ppt

COMMISSION BURDEN 44.3% -1.3 ppt

RESERVE MOVEMENT BURDEN 17.0% -10.9 ppt

REINSURANCE RECOVERY SUPPORT 92.3% -19.6 ppt

Investment income and profit mix

FINANCIAL PROFIT TO PBT 71.4% -17.4 ppt read with reserves and portfolio mix

FINANCIAL EXPENSE BURDEN 23.2% +0.6 ppt stable

Financial profit still contributed 71.4% of PBT, but the share moved -17.4 ppt. The investment engine is therefore less forceful than last year, while PAT received 93.0% from this source.

If underwriting does not improve fast enough, weaker investment yield will reduce thesis confidence.

FINANCIAL ACTIVITY PROFIT 222.7bn

PROFIT BEFORE TAX 301.4bn

PROFIT AFTER TAX 239.6bn

INSURANCE GROSS PROFIT 121.2bn

FINANCIAL PROFIT TO PAT 89.9% -22.4 ppt

INSURANCE GROSS PROFIT MARGIN 7.8% +2.6 ppt

Are capital and reserves adequate?

Capital, reserves and balance-sheet strength

EQUITY TO ASSETS 21.9% -1.0 ppt read with reserve quality

LIABILITIES TO EQUITY 3.56x +0.20x read with reserves and reinsurance assets

Equity to assets was 21.9%, while liabilities to equity was 3.56x. This is an acceptable insurance balance-sheet zone, but not an outstanding capital buffer.

Liquid investments stood at 32.5%, so capital should be read as risk control rather than a profit driver.

TOTAL ASSETS 7,461.5bn

TOTAL EQUITY 1,666.7bn

REINSURANCE ASSETS 2,226.0bn

OPERATING CASH FLOW 480.7bn

LIQUID INVESTMENTS TO ASSETS 27.7% +0.7 ppt

REINSURANCE ASSETS TO ASSETS 27.9% -4.0 ppt

RESERVES TO LIABILITIES 69.3% -2.3 ppt

REINSURANCE ASSETS TO RESERVES 51.6% -6.3 ppt

OPERATING CASH TO ASSETS 10.0% +1.6 ppt

Investment conclusion

Data is still limited, so the investment conclusion should stay anchored to available metrics rather than over-extending the thesis. The sections with available data show: premium is growing 21.2%; underwriting improved as claims burden fell 7.1 ppt to 47.4%; investment income plays a supporting role with financial profit at 222.7bn; capital structure with equity to assets at 21.9% is a buffer for the reinsurance book.

Thesis support basis: The usable fields are premium growth 21.2%, claims burden 47.4% and equity to assets 21.9%; the conclusion should stay anchored to those available fields.

Data note: Some axes lack enough data, so available fields such as premium growth 21.2%, claims burden 47.4% and equity to assets 21.9% should only frame the initial read.

Data across PRE's sections remains limited, so we will monitor more reporting cycles before making a firmer assessment.

Statement Data

Item	2025	2024
1. Insurance premium (01=01.1+01.2-01.3)	2,775.8	2,431.8
- Reinsurance premium assumed	3,107.0	2,483.4
- Increase/(Decrese) in gross unearned premium reserve	331.3	51.5
2. Reinsurance premium ceded	1,354.7	1,329.5
- Reinsurance premium ceded	1,494.3	1,248.1
-Increase/(Decrease) in ceded unearned premium reserve	139.6	-81.4
3. Net insurance premium (03=01-02)	1,421.1	1,102.3
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	287.7	259.3
- Commissions on reinsurance ceded	251.5	226.9
5. Total net revenue from insurance business (10=03+04)	1,708.8	1,361.6
6. Claim expenses on retained risks	1,135.4	833.5
Total claim expenses	1,135.4	833.5
+ Claim and maturity payment expenses	1,135.4	833.5
7. Recoveries from reinsurance ceded	718.1	526.9
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	-80.5	624.2
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-348.0	349.4
9.1. Increase in claim reserve	267.4	274.8
Total claim insurance expenses	684.8	581.4
11. Provision for catastrophe reserve	48.4	-47.9
12. Other insurance operating expenses	854.4	758.3
+ Commission	749.0	651.1
Other insurance operating expenses	105.3	107.2
- Other underwriting expenses	105.3	107.2
+ Others	73.1	57.1
13. Total direct insurance operating expenses	1,587.5	1,291.7
14. Gross insurance operating profit	121.2	69.8
18. Revenue from financial activities	295.8	274.7
19. Expenses on financial activities	73.1	57.1
20. Profit from financial activities	222.7	217.6
21. Administrative expenses	42.0	46.7
22. Operating profit	302.0	240.8
23. Other incomes	36.2	32.4
24. Other expenses	0.5	0.6
25. Other profits	-0.5	-0.6
26. Total profit	301.4	240.2
29. Total profit before tax (55=44+50+53+54)	301.4	240.2
Taxable profit	301.4	240.2
27. Current corporate income tax expenses	61.8	49.7
29. Profit after tax	239.6	190.5
31. Profit after tax for shareholders of the parent compan	239.6	190.5
32. Earning per share	2,215.00	1,761.00

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,842.3	5,717.6
I. Cash and cash equivalents	37.5	8.7
1. Cash	37.5	8.7
II. Short-term investments	2,388.8	2,229.1
1. Short-term investments	2,388.8	2,229.1
III. Short-term receivables	776.8	668.0
1. Trade accounts receivable	779.1	670.3
1.1. Insurance contract receivables	662.7	533.0
12. Other receivables of customers	116.4	137.3
5. Other receivables	1.0	1.2
6. Provision for short-term doubtful debts	-3.3	-3.5
V. Other short-term assets	413.2	377.3
1. Short-term prepayments	412.9	377.1
1.1. Unallocated commissions expenses	412.7	376.8
1.2. Other short-term prepaid expenses	0.2	0.3
3. Taxes and other receivables from state authorities	0.3	0.2
VIII. Reinsurance assets	2,226.0	2,434.4
1. Reinsurance assets from unearned premium reserves	752.4	612.8
2. Reinsurance assets from claim reserves	1,473.6	1,821.6
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,619.2	983.4
I. Long-term receivables	10.0	10.0
6. Other long-term receivables	10.0	10.0
II. Fixed assets	1.8	2.5
1. Tangible fixed assets	1.6	2.1
- Cost	10.3	10.1
- Accumulated depreciation	-8.7	-7.9
3. Intangible fixed assets	0.2	0.4
- Cost	25.3	25.2
- Accumulated depreciation	-25.1	-24.8
IV. Long-term investments	1,581.8	943.7
VI. Other long-term assets	25.7	27.2
1. Long-term prepayments	25.7	27.2
TOTAL ASSETS (270=100+200)	7,461.5	6,701.0
A. LIABILITIES (300=210+330)	5,794.8	5,091.0
I. Short -term liabilities	5,794.8	5,091.0
1. Short-term borrowings	242.0	—
2. Trade accounts payable	889.0	804.8
2.1. Insurance contract payable	849.1	764.3
2.2. Other payables to suppliers	39.9	40.4
4. Taxes and other payables to state authorities	19.7	17.7
5. Payable to employees	40.6	4.3
8. Other payables	7.9	11.4
9. Unearned commission revenues	146.7	102.4
11. Bonus and welfare fund	7.3	7.4
131. Unearned premium reserve	1,615.9	1,284.7
132. Claim reserve	2,632.2	2,713.4
133. Catastrophe reserve	193.3	144.9
B. OWNER'S EQUITY (400=410+430)	1,666.7	1,610.0
I. Owner's equity	1,666.7	1,610.0
1. Capital from owners	1,044.0	1,044.0
- Common stock with voting right	1,044,000,000,000.00	1,044,000,000,000.00
2. Share premium	329.3	329.3
9. Compulsory reserves	93.4	81.4
11. Undistributed earnings after tax	200.0	155.3
- Accumulated retained earning at the end of the previous period	102.8	—
- Undistributed earnings in this period	97.1	—
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	7,461.5	6,701.0

Item	2025	2024
Income tax paid	-55.8	-79.5
Other receipts from operating activities	8.9	—
Other payments for operating activities	-90.3	—
Net cash flows from operating activities	480.7	334.4
1. Payment for fixed assets, constructions and other long-term assets	-0.2	-0.5
2. Receipts from disposal of fixed assets and other long-term assets	—	198.2
4. Receipts from loan repayments, sale of other entities' debt instruments	2,362.7	1,619.9
5. Payments for investment in other entities	-3,160.8	-1,999.0
7. Dividends, interest and profit received	280.1	—
Net cash flows from investing activities	-518.1	-181.5
3. Short-term and long-term borrowings	855.1	677.9
4. Principal repayments	-613.1	-677.9
6. Dividends paid, profits distributed to owners	-176.0	-165.7
Net cash flows from financing activities	66.0	-165.7
Net cash flows during the period	28.5	-12.8
Cash and cash equivalents at beginning of the period	8.7	21.1
Exchange difference due to re-valuation of ending balances	0.3	0.3
Cash and cash equivalents at end of the period	37.5	8.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Insurance premium (01=01.1+01.2-01.3)	852.4	649.5	662.2	717.9	746.1	523.3	601.5	617.5	689.5
- Gross written premium	—	—	—	—	—	—	—	—	695.0
- Reinsurance premium assumed	918.2	790.7	740.0	776.9	799.6	471.8	583.0	733.7	—
- Increase/(Decrese) in gross unearned premium reserve	65.7	141.2	77.7	59.0	53.4	-51.6	-18.6	116.2	5.5
2. Reinsurance premium ceded	457.4	333.0	345.4	323.2	353.1	327.6	323.2	309.9	368.8
- Reinsurance premium ceded	518.1	394.4	376.3	349.8	373.7	237.1	317.7	341.5	351.9
-Increase/(Decrease) in ceded unearned premium reserve	60.7	61.4	30.9	26.6	20.6	-90.6	-5.6	31.6	-16.9
3. Net insurance premium (03=01-02)	395.0	316.6	316.8	394.7	393.0	195.7	278.3	307.5	320.7
4. Commission on reinsurance ceded and other insurance income (04=04.1+04.2)	91.1	85.6	66.2	68.4	67.5	51.2	62.9	68.8	76.3
- Commissions on reinsurance ceded	86.8	68.7	62.4	63.2	57.2	47.8	55.9	56.6	66.5
5. Total net revenue from insurance business (10=03+04)	486.1	402.1	383.0	463.2	460.5	246.9	341.2	376.4	397.1
6. Claim expenses on retained risks	303.3	355.3	185.0	212.0	383.0	193.1	97.2	354.5	188.7
Total claim expenses	303.3	355.3	185.0	212.0	383.0	193.1	97.2	354.5	188.7
+ Claim and maturity payment expenses	303.3	355.3	185.0	212.0	383.0	193.1	97.2	354.5	188.7
7. Recoveries from reinsurance ceded	177.1	229.6	72.4	143.6	272.4	121.3	45.1	277.2	83.3
8. Increase(Decrease) in claim reserves for direct insurance and reinsurance assumed	-3.1	-359.7	12.5	312.6	-55.3	311.6	618.4	-126.4	-179.3
9. Increase(Decrease) in claim reserves related to reinsurance ceded	-62.2	-390.9	-29.6	202.6	-142.8	224.2	524.1	-185.9	-213.0
9.1. Increase in claim reserve	59.1	31.2	42.0	110.0	87.5	87.3	94.3	59.5	33.7
Total claim insurance expenses	185.3	156.9	154.6	178.4	198.1	159.2	146.4	136.8	139.1
11. Provision for catastrophe reserve	12.0	11.9	10.9	12.8	12.8	-78.0	8.0	11.8	10.3
12. Other insurance operating expenses	237.2	215.6	177.2	246.0	215.3	148.8	190.8	200.2	218.6
+ Commission	211.5	179.7	152.9	224.8	191.6	126.8	163.3	168.9	192.1
Other insurance operating expenses	25.7	35.9	24.4	21.2	23.6	22.0	27.4	31.2	26.5
- Other underwriting expenses	25.7	35.9	24.4	21.2	23.6	22.0	27.4	31.2	26.5
+ Others	14.0	14.0	20.9	23.3	16.3	16.1	15.4	16.1	9.5
13. Total direct insurance operating expenses	434.4	384.4	342.7	437.2	426.1	230.0	345.1	348.7	368.0
14. Gross insurance operating profit	51.7	17.7	40.3	26.0	34.3	16.9	-3.9	27.7	29.1
18. Revenue from financial activities	73.3	62.6	107.6	67.5	58.0	103.1	63.5	57.7	50.4
19. Expenses on financial activities	14.0	14.0	20.9	23.3	16.3	16.1	15.4	16.1	9.5
20. Profit from financial activities	59.3	48.7	86.7	44.2	41.7	87.0	48.1	41.6	40.9
21. Administrative expenses	10.1	11.3	10.9	7.4	11.9	15.1	9.5	11.2	11.0
22. Operating profit	100.9	55.1	116.1	62.9	64.1	88.9	34.7	58.1	59.0
23. Other incomes	4.2	16.9	3.8	5.2	10.2	3.4	7.0	12.2	9.8
24. Other expenses	—	0.0	0.4	0.1	—	0.1	0.0	0.0	0.5
25. Other profits	—	-0.0	-0.4	-0.1	—	-0.1	-0.0	-0.0	-0.5
Share of profitin associates and joint ventures	—	16.9	3.8	5.2	10.2	3.4	7.0	12.2	9.8
26. Total profit	100.9	55.1	115.7	62.8	64.1	88.8	34.7	58.1	58.5
29. Total profit before tax (55=44+50+53+54)	100.9	55.1	115.7	62.8	64.1	88.8	34.7	58.1	58.5
Taxable profit	100.9	55.1	115.7	62.8	64.1	88.8	34.7	58.1	58.5
27. Current corporate income tax expenses	20.1	11.9	24.5	12.2	12.7	17.9	8.8	11.8	11.6
29. Profit after tax	80.7	43.1	91.2	50.6	51.4	70.9	25.9	46.2	47.0
31. Profit after tax for shareholders of the parent compan	80.7	43.1	91.2	50.6	51.4	70.9	25.9	46.2	47.0
32. Earning per share	746.00	399.00	843.00	468.00	475.00	655.00	240.00	427.00	434.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,762.0	5,832.0	6,187.9	6,323.5	5,555.3	5,717.6	5,652.8	5,410.5	5,000.1
I. Cash and cash equivalents	88.6	37.5	40.4	17.6	11.0	8.7	9.5	99.4	9.2
1. Cash	88.6	37.5	40.4	17.6	11.0	8.7	9.5	19.4	9.2
2. Cash equivalents	—	—	—	—	—	—	—	80.0	—
II. Short-term investments	2,116.8	2,391.2	2,246.4	2,453.2	1,944.1	2,229.1	2,276.1	2,232.4	1,964.4
1. Short-term investments	—	—	—	—	—	2,229.1	2,276.1	2,232.4	1,964.4
3. Held to maturity investments	2,116.8	2,391.2	2,246.4	2,453.2	1,944.1	—	—	—	—
III. Short-term receivables	883.9	776.7	955.7	920.3	911.6	668.0	722.2	927.0	777.8
1. Trade accounts receivable	885.0	779.1	957.1	919.6	914.8	670.3	721.2	927.2	779.3
1.1. Insurance contract receivables	884.9	662.7	825.4	794.4	786.6	533.0	585.0	793.2	664.6
12. Other receivables of customers	0.1	116.4	131.7	125.2	128.2	137.3	136.3	134.0	114.8
5. Other receivables	2.5	0.9	2.0	3.6	0.4	1.2	3.1	2.3	2.1
6. Provision for short-term doubtful debts	-3.6	-3.3	-3.3	-2.9	-3.7	-3.5	-2.1	-2.5	-3.6
V. Other short-term assets	448.2	413.2	402.6	390.9	376.4	377.3	344.2	369.5	312.2
1. Short-term prepayments	448.0	412.9	402.4	390.7	373.9	377.1	343.9	369.2	310.9
1.1. Unallocated commissions expenses	447.4	412.7	401.8	390.2	373.8	376.8	343.3	368.5	310.5
1.2. Other short-term prepaid expenses	0.6	0.2	0.6	0.5	0.1	0.3	0.6	0.7	0.4
3. Taxes and other receivables from state authorities	0.2	0.3	0.2	0.2	2.4	0.2	0.3	0.3	1.2
VIII. Reinsurance assets	2,224.5	2,213.4	2,542.8	2,541.5	2,312.2	2,434.4	2,300.7	1,782.2	1,936.5
1. Reinsurance assets from unearned premium reserves	813.1	752.4	690.9	660.0	633.4	612.8	703.3	708.9	677.3
2. Reinsurance assets from claim reserves	1,411.4	1,461.0	1,851.9	1,881.5	1,678.8	1,821.6	1,597.4	1,073.3	1,259.2
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,202.3	1,616.9	1,768.0	1,542.2	1,687.8	983.4	1,094.0	979.5	1,054.1
I. Long-term receivables	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
6. Other long-term receivables	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
II. Fixed assets	1.6	1.8	1.8	2.0	2.2	2.5	2.7	2.9	3.1
1. Tangible fixed assets	1.4	1.6	1.6	1.8	1.9	2.1	2.3	2.3	2.4
- Cost	10.3	10.3	10.2	10.2	10.1	10.1	10.0	9.9	9.7
- Accumulated depreciation	-8.8	-8.7	-8.5	-8.3	-8.1	-7.9	-7.7	-7.5	-7.3
3. Intangible fixed assets	0.1	0.2	0.1	0.2	0.3	0.4	0.5	0.6	0.7
- Cost	25.3	25.3	25.2	25.2	25.2	25.2	25.2	25.2	25.2
- Accumulated depreciation	-25.2	-25.1	-25.1	-25.0	-24.9	-24.8	-24.7	-24.6	-24.5
IV. Long-term investments	2,165.4	1,579.4	1,730.2	1,503.7	1,648.7	943.7	1,053.7	938.7	1,012.7
5. Held to maturity investments	—	—	—	—	—	—	—	—	1,012.7
VI. Other long-term assets	25.3	25.7	26.1	26.4	26.8	27.2	27.6	27.9	28.3
1. Long-term prepayments	25.3	25.7	26.1	26.4	26.8	27.2	27.6	27.9	28.3
TOTAL ASSETS (270=100+200)	7,964.3	7,448.9	7,955.9	7,865.7	7,243.0	6,701.0	6,746.9	6,390.0	6,054.2
A. LIABILITIES (300=210+330)	6,216.8	5,785.5	6,205.1	6,160.4	5,581.6	5,091.5	5,088.1	4,710.3	4,413.7
I. Short -term liabilities	6,216.8	5,785.5	6,205.1	6,160.4	5,581.6	5,091.5	5,088.1	4,710.3	4,413.7
1. Short-term borrowings	342.5	242.0	355.7	449.4	256.3	—	173.2	237.2	223.7
2. Trade accounts payable	1,140.1	889.0	1,028.3	1,014.1	1,030.4	804.8	807.4	964.0	699.0
2.1. Insurance contract payable	1,065.9	849.1	954.3	939.0	960.4	764.3	763.6	930.2	659.1
2.2. Other payables to suppliers	74.2	39.9	74.0	75.2	70.0	40.4	43.8	33.9	39.9
4. Taxes and other payables to state authorities	28.0	19.3	25.3	12.9	12.7	18.2	10.0	12.9	11.9
5. Payable to employees	12.0	41.5	8.5	5.1	4.3	4.3	9.3	8.9	7.2
8. Other payables	9.8	7.6	13.6	14.8	8.9	11.4	14.4	14.6	11.7
9. Unearned commission revenues	163.7	146.7	129.3	116.6	110.5	102.4	107.1	111.1	105.2
11. Bonus and welfare fund	4.7	7.3	5.7	9.1	4.7	7.4	5.9	8.4	3.3
131. Unearned premium reserve	1,681.7	1,615.9	1,474.8	1,397.1	1,338.1	1,284.7	1,336.2	1,354.8	1,238.6
132. Claim reserve	2,629.1	2,622.8	2,982.5	2,970.7	2,658.1	2,713.4	2,401.8	1,783.5	1,909.9
133. Catastrophe reserve	205.3	193.3	181.4	170.5	157.7	144.9	222.9	214.9	203.2
B. OWNER'S EQUITY (400=410+430)	1,747.5	1,663.3	1,750.8	1,705.3	1,661.4	1,609.5	1,658.7	1,679.7	1,640.5
I. Owner's equity	1,747.5	1,663.3	1,750.8	1,705.3	1,661.4	1,609.5	1,658.7	1,679.7	1,640.5
1. Capital from owners	1,044.0	1,044.0	1,044.0	1,044.0	1,044.0	1,044.0	1,044.0	1,044.0	1,044.0
- Common stock with voting right	1,044,000,000,000.00	1,044,000,000,000.00	1,044,000,000,000.00	1,044,000,000,000.00	1,044,000,000,000.00	1,044,000,000,000.00	1,044,000,000,000.00	1,044,000,000,000.00	1,044,000,000,000.00
2. Share premium	329.3	329.3	329.3	329.3	329.3	329.3	329.3	329.3	329.3
9. Compulsory reserves	97.5	93.3	91.1	86.5	84.0	81.4	77.8	76.5	74.2
11. Undistributed earnings after tax	276.7	196.8	286.4	245.5	204.1	154.8	207.6	229.9	193.0
- Accumulated retained earning at the end of the previous period	200.0	102.8	102.8	148.6	155.3	—	—	—	—
- Undistributed earnings in this period	76.7	93.9	183.5	96.9	48.8	—	—	—	—
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	7,964.3	7,448.9	7,955.9	7,865.7	7,243.0	6,701.0	6,746.9	6,390.0	6,054.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Income tax paid	-19.3	-12.9	-42.9	-30.3	-17.5	-13.3	-66.2	-50.0	-35.3
Other receipts from operating activities	0.3	4.0	4.9	5.2	0.3	—	—	—	—
Other payments for operating activities	-18.6	-14.1	-76.2	-44.6	-24.6	—	—	-3.0	—
Net cash flows from operating activities	83.5	158.6	322.1	230.7	109.8	39.2	295.2	162.1	-81.1
1. Payment for fixed assets, constructions and other long-term assets	-0.0	-0.1	-0.1	-0.1	-0.0	-0.2	-0.3	-0.3	-0.2
2. Receipts from disposal of fixed assets and other long-term assets	—	—	—	—	—	198.2	—	—	—
4. Receipts from loan repayments, sale of other entities' debt instruments	667.3	661.0	1,701.8	844.4	490.4	463.0	1,156.9	584.0	267.0
5. Payments for investment in other entities	-866.7	-657.5	-2,503.3	-1,628.5	-910.4	-306.0	-1,693.0	-961.5	-450.5
7. Dividends, interest and profit received	66.4	78.4	201.8	113.0	56.2	—	103.2	56.4	28.9
Net cash flows from investing activities	-133.0	81.7	-599.8	-671.3	-363.9	251.9	-433.4	-321.4	-154.8
3. Short-term and long-term borrowings	294.6	164.2	690.9	478.1	256.3	285.1	—	392.8	223.7
4. Principal repayments	-194.2	-277.9	-335.2	-28.7	—	-252.0	-425.9	-155.6	—
6. Dividends paid, profits distributed to owners	—	-129.4	-46.6	-0.0	—	-119.1	-46.6	—	—
Net cash flows from financing activities	100.5	-243.1	309.1	449.4	256.3	-292.3	126.6	237.2	223.7
Net cash flows during the period	51.0	-2.8	31.4	8.8	2.2	-1.2	-11.6	77.9	-12.1
Cash and cash equivalents at beginning of the period	37.5	40.4	8.7	8.7	8.7	9.5	21.1	21.1	21.1
Exchange difference due to re-valuation of ending balances	0.2	-0.1	0.3	0.1	0.1	0.4	-0.0	0.3	0.2
Cash and cash equivalents at end of the period	88.6	37.5	40.4	17.6	11.0	8.7	9.5	99.4	9.2

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