PTT

Listed Company · UPCOM

Price

9,700

Latest close

02 Apr 2026

P/E 8.8x

EPS (TTM) 1,106

ROE (TTM) 8.1%

P/B 0.7x

BVPS (Latest) 14,172

ROA (TTM) 4.4%

What Is Changing

PTT no longer looks like a business simply rebounding from a weak base. Revenue posted +62.5% YoY, while net margin reached 3.89% with an additional -4.6pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -25.4% in 2025 from 127.8% in the prior period, at VND 18.2bn.
Revenue growth accelerated to 62.5% in 2025, up 51.3pp versus the prior year.
Net margin declined from 8.49% in the prior period to 3.89% in 2025.

Metric	2025	2024	2023	2022
Revenue	468.5	288.3	259.2	240.6
Growth	+62%	+11%	+8%	—
Net Income	18.2	24.5	10.7	4.7
Net Margin	3.89%	8.49%	4.14%	1.97%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q1'22
Revenue	115.5	174.7	106.6	71.7	52.1	78.9	83.1	74.1	48.2
Growth	-34%	+64%	+49%	+37%	-34%	-5%	+12%	+54%	—
Net Income	0.1	6.9	5.6	5.6	6.7	7.3	7.1	3.4	0.5
Net Margin	0.08%	3.95%	5.25%	7.88%	12.82%	9.21%	8.57%	4.57%	1.06%

Financial Statements

Profitability

Net margin reached 3.89% while Revenue posted +62.5% YoY.

Balance Sheet

Inventory stood at 19.6bn, liabilities at 289.0bn, and equity at 233.7bn.

Cash Flow

Operating cash flow was -4.9bn in 2025, while investing cash flow was -177.3bn.

Financing cash flow: 181.4bn.

Item	2025	2024	2023	2022
Revenue	468.5	288.3	259.2	240.6
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	468.5	288.3	259.2	240.6
Cost of Goods Sold	431.6	248.7	233.7	223.6
Gross Profit	36.8	39.6	25.6	17.1
Financial Income	7.4	7.5	5.7	2.4
Financial Expenses	10.3	9.0	9.2	4.2
Interest Expense	9.8	5.4	8.3	3.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	18.0	16.4	10.3	8.7
Operating Profit	15.9	21.8	11.8	6.5
Other Income	8.9	10.6	1.7	0.0
Other Expenses	1.8	1.7	0.1	0.4
Other Profit	7.1	9.0	1.7	-0.4
Profit Before Tax	23.0	30.8	13.5	6.1
Current Income Tax Expense	4.8	6.3	2.8	1.4
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	18.2	24.5	10.7	4.7
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	18.2	24.5	10.7	4.7
Earnings per Share	940.00	1,365.00	1,074.00	473.00
Diluted EPS	1,106.02	1,483.25	1,073.80	473.09

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	153.4	203.5	114.3	79.7
I. Cash and cash equivalents	11.5	12.3	12.9	18.0
1. Cash	11.5	12.3	12.9	18.0
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	55.6	152.0	56.7	40.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	55.6	152.0	56.7	40.0
III. Short-term receivables	60.8	22.5	31.6	18.1
1. Short-term trade accounts receivable	45.0	18.7	18.9	16.2
2. Short-term prepayments to suppliers	6.9	1.1	5.2	0.2
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	8.9	3.5	8.9	3.1
7. Provision for short-term doubtful debts (*)	—	-1.5	-2.1	-2.1
8. Assets awaiting resolution	—	0.7	0.7	0.7
IV. Inventories	19.6	12.4	9.6	1.6
1. Inventories	19.6	12.4	9.6	1.6
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	5.8	4.3	3.5	2.0
1. Short-term prepayments	3.3	1.9	1.3	0.8
2. Value added tax to be reclaimed	2.5	2.4	2.2	1.2
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	369.3	111.9	132.9	165.7
I. Long-term receivables	3.7	3.3	2.9	8.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	3.7	3.3	2.9	8.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	365.5	108.3	125.2	156.0
1. Tangible fixed assets	365.2	108.2	125.1	156.0
- Cost	510.0	236.3	256.2	264.1
- Accumulated depreciation	-144.7	-128.1	-131.1	-108.1
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.1	0.1	0.0
- Cost	0.4	0.2	0.2	0.1
- Accumulated depreciation	-0.2	-0.1	-0.1	-0.1
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	0.2	0.3	3.4	0.2
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.2	0.3	3.4	0.2
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.0	1.3	1.5
1. Long-term prepayments	0.0	0.0	1.3	1.5
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	522.7	315.4	247.2	245.5
A. LIABILITIES (300=210+330)	289.0	96.3	115.6	124.2
I. Short -term liabilities	87.9	42.4	52.5	47.2
1. Short-term trade accounts payable	11.1	17.0	17.2	9.6
2. Short-term advances from customers	—	0.0	1.6	4.3
3. Taxes and other payables to state authorities	1.1	2.0	0.8	0.8
4. Payable to employees	9.4	7.6	4.4	4.3
5. Short-term acrrued expenses	6.6	1.0	1.4	1.7
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	0.9	0.9	1.4	1.7
10. Short-term borrowings and financial leases	43.9	13.9	13.9	13.9
11. Provision for short-term liabilities	12.9	0.0	11.7	10.9
12.. Bonus and welfare fund	2.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	201.1	53.8	63.1	77.0
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	1.1	1.2	0.7	0.6
8. Long-term borrowings and financial leases	200.0	48.6	62.5	76.4
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	4.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	233.7	219.2	131.5	121.3
I. Owner's equity	233.7	219.2	131.5	121.3
1. Owner's capital	164.9	164.9	100.0	100.0
- Common stock with voting right	164.9	164.9	100.0	100.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	-0.2	-0.2	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	29.9	29.9	20.8	16.5
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	39.0	24.5	10.8	4.8
- Accumulated retained earning at the end of the previous period	20.8	0.0	0.0	0.1
- Undistributed earnings in this period	18.2	24.5	10.7	4.7
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	522.7	315.4	247.2	245.5

Item	2025	2024	2023	2022
Profit Before Tax	23.0	30.8	13.5	6.1
Depreciation of Fixed Assets and Investment Property	32.3	19.8	28.5	24.7
Provision (Increase)/Reversal	7.4	1.0	4.4	10.9
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.1	-0.0	0.0
Gain/Loss from Investment Activities	-12.1	-15.6	-6.9	-2.0
Interest Expense	9.8	5.4	8.3	3.7
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	60.5	41.3	47.8	43.4
Increase/(Decrease) in Receivables	-40.6	1.4	-9.2	2.3
Increase/(Decrease) in Inventory	-7.3	-2.8	-8.0	-1.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.5	-8.5	0.9	2.8
Increase/(Decrease) in Prepaid Expenses	-1.4	0.7	-0.3	-0.8
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-9.3	-5.3	-8.3	-3.7
Corporate Income Tax Paid	-5.8	-4.9	-2.9	-1.1
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-1.7	-1.2	-0.5	-0.4
Net Cash Flow from Operating Activities	-4.9	20.7	19.4	41.0
Payments for Fixed Assets and Other Long-term Assets	-289.0	-1.4	-3.1	-147.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.2	10.6	4.1	0.0
Loans and Purchases of Debt Instruments	-28.8	-176.5	-103.3	-48.8
Receipts from Loan Repayments and Sale of Debt Instruments	127.7	89.3	86.9	3.8
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	6.6	5.8	4.7	1.4
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-177.3	-72.2	-10.7	-191.2
Proceeds from Equity Issuance and Capital Contributions	—	64.9	0.0	0.0
Share Repurchases	—	-0.2	0.0	0.0
Proceeds from Borrowings	199.3	72.9	0.0	93.7
Repayment of Borrowings	-17.9	-86.8	-13.9	-3.5
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	181.4	50.9	-13.9	90.2
Net Cash Flow During the Period	-0.8	-0.6	-5.1	-60.0
Cash and Cash Equivalents at Beginning of Period	12.3	12.9	18.0	78.2
FX Difference from Revaluation	0.0	0.1	0.0	-0.2
Cash and Cash Equivalents at End of Period	11.5	12.3	12.9	18.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q1'22
Revenue	115.5	174.7	106.6	71.7	52.1	78.9	83.1	74.1	48.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Revenue	115.5	174.7	106.6	71.7	52.1	78.9	83.1	74.1	48.2
Cost of Goods Sold	114.2	158.5	97.4	61.5	43.5	67.0	71.5	66.7	46.3
Gross Profit	1.3	16.2	9.2	10.2	8.6	12.0	11.6	7.4	1.8
Financial Income	1.8	1.6	1.7	2.3	2.3	2.0	2.1	1.1	0.6
Financial Expenses	4.3	4.0	0.9	1.0	1.1	1.1	4.3	2.4	0.0
Interest Expense	4.0	4.0	0.9	1.0	1.1	1.1	1.1	2.1	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	3.2	5.4	5.1	4.4	5.3	4.1	3.5	3.5	1.8
Operating Profit	-4.5	8.5	4.9	7.1	4.5	8.8	5.9	2.6	0.7
Other Income	5.6	0.2	3.1	—	4.3	1.7	3.0	1.6	0.0
Other Expenses	0.9	0.0	1.0	—	0.4	1.3	0.0	0.0	0.0
Other Profit	4.7	0.2	2.2	—	4.0	0.4	3.0	1.6	-0.0
Profit Before Tax	0.3	8.7	7.0	7.1	8.5	9.1	8.9	4.3	0.7
Current Income Tax Expense	0.2	1.7	1.4	1.4	1.8	1.9	1.8	0.9	0.1
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Income	0.1	6.9	5.6	5.6	6.7	7.3	7.1	3.4	0.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.1	6.9	5.6	5.6	6.7	7.3	7.1	3.4	0.5
Earnings per Share	6.00	419.00	339.00	342.00	405.00	441.00	432.00	205.00	51.15
Diluted EPS	5.80	418.61	339.14	342.46	405.32	440.75	431.72	205.47	51.15

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	153.4	170.9	428.4	211.1	203.5	202.2	201.3	193.4	105.4
I. Cash and cash equivalents	11.5	6.7	14.8	14.1	12.3	17.2	20.3	85.0	77.8
1. Cash	11.5	6.7	14.8	14.1	12.3	17.2	20.3	20.1	7.5
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	64.9	70.2
II. Short-term financial investments	55.6	77.3	67.0	152.2	152.0	154.4	139.3	60.4	0.0
1. Available for sale securities	—	—	—	—	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
3. Held to maturity investments	55.6	77.3	67.0	152.2	152.0	154.4	139.3	60.4	0.0
III. Short-term receivables	60.8	67.9	328.5	27.4	22.5	20.8	32.9	36.6	26.2
1. Short-term trade accounts receivable	45.0	54.7	29.3	21.4	18.7	17.8	30.0	34.8	26.3
2. Short-term prepayments to suppliers	6.9	6.6	—	1.9	1.1	0.1	0.4	1.0	0.1
3. Short-term inter-company receivables	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	8.9	6.6	299.2	4.2	3.5	3.8	3.5	2.2	2.0
7. Provision for short-term doubtful debts (*)	—	—	—	-0.5	-1.5	-1.5	-1.6	-2.0	-2.1
8. Assets awaiting resolution	—	—	—	0.5	0.7	0.7	0.7	0.7	0.0
IV. Inventories	19.6	12.8	11.6	11.9	12.4	5.1	4.4	5.4	0.1
1. Inventories	19.6	12.8	11.6	11.9	12.4	5.1	4.4	5.4	0.1
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	5.8	6.3	6.5	5.4	4.3	4.7	4.4	5.9	1.3
1. Short-term prepayments	3.3	3.5	3.9	2.9	1.9	1.8	1.7	3.1	0.9
2. Value added tax to be reclaimed	2.5	2.8	2.6	2.5	2.4	2.9	2.7	2.7	0.4
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	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	369.3	380.5	103.5	108.5	111.9	118.0	123.5	129.5	32.8
I. Long-term receivables	3.7	3.6	3.6	3.7	3.3	3.4	3.8	3.5	2.9
1. Long-term trade receivables	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	3.7	3.6	3.6	3.7	3.3	3.4	3.8	3.5	2.9
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	365.5	376.7	99.1	103.6	108.3	114.2	119.1	124.4	29.3
1. Tangible fixed assets	365.2	376.4	98.9	103.5	108.2	114.1	119.0	124.3	29.3
- Cost	—	—	—	—	236.3	249.7	249.7	256.8	116.5
- Accumulated depreciation	—	—	—	—	-128.1	-135.6	-130.7	-132.5	-87.2
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.2	0.3	0.1	0.1	0.1	0.1	0.1	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.2	0.2	0.7	0.3	0.3	0.3	0.3	0.3	0.2
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.2	0.7	0.3	0.3	0.3	0.3	0.3	0.2
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	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
3. Investments in other entities	—	—	—	—	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
5. Held to maturity investments	—	—	—	—	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
VI. Other long-term assets	0.0	0.0	—	0.8	0.0	0.1	0.3	1.2	0.5
1. Long-term prepayments	0.0	0.0	—	0.8	0.0	0.1	0.3	1.2	0.5
2. Deferred income tax assets	—	—	—	—	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
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	522.7	551.4	531.8	319.6	315.4	320.3	324.8	322.9	138.2
A. LIABILITIES (300=210+330)	289.0	317.8	305.1	94.8	96.3	107.8	119.6	123.2	20.8
I. Short -term liabilities	87.9	107.6	62.8	43.3	42.4	45.2	55.6	61.2	20.0
1. Short-term trade accounts payable	11.1	26.2	25.0	16.7	17.0	11.8	15.7	18.5	10.2
2. Short-term advances from customers	—	4.2	—	1.9	0.0	2.3	8.5	8.7	0.0
3. Taxes and other payables to state authorities	1.1	3.4	2.9	1.5	2.0	2.1	2.1	1.2	0.5
4. Payable to employees	9.4	11.7	8.3	7.1	7.6	8.8	8.3	7.1	3.2
5. Short-term acrrued expenses	6.6	1.6	1.2	1.2	1.0	4.8	4.0	3.4	3.9
6. Short-term inter-company payables	—	—	—	—	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
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.7	0.4
9. Other short-term payables	0.9	1.2	1.0	1.0	0.9	1.1	1.6	1.7	1.8
10. Short-term borrowings and financial leases	43.9	40.4	21.0	13.9	13.9	13.9	13.9	13.9	0.0
11. Provision for short-term liabilities	12.9	15.8	—	—	0.0	0.0	0.0	5.9	0.0
12.. Bonus and welfare fund	2.0	3.1	3.4	0.0	0.0	0.5	1.5	0.0	0.0
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	201.1	210.1	242.3	51.4	53.8	62.5	64.0	62.0	0.8
1. Long-term trade payables	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	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
7. Other long-term liabilities	1.1	1.1	1.1	1.2	1.2	1.4	1.1	1.1	0.8
8. Long-term borrowings and financial leases	200.0	209.0	233.8	45.1	48.6	52.1	55.5	59.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	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
12. Provision for long-term liabilities	—	—	7.3	5.1	4.0	9.0	7.4	1.9	0.0
13. Fund for technology development	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	233.7	233.6	226.7	224.8	219.2	212.5	205.2	199.7	117.4
I. Owner's equity	233.7	233.6	226.7	224.8	219.2	212.5	205.2	199.7	117.4
1. Owner's capital	164.9	164.9	164.9	164.9	164.9	164.9	164.9	164.9	100.0
- Common stock with voting right	164.9	164.9	164.9	164.9	164.9	164.9	164.9	164.9	100.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	0.0
3. Convertible bond option	—	—	—	—	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
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	29.9	29.9	29.9	29.9	29.9	29.9	29.9	20.8	13.1
9. Fund to support corporate restructuring	—	—	—	—	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
11. Undistributed earnings after tax	39.0	39.0	32.0	30.1	24.5	17.8	10.5	14.1	4.4
- Accumulated retained earning at the end of the previous period	20.8	20.8	20.8	24.5	0.0	0.0	0.0	10.8	3.9
- Undistributed earnings in this period	18.2	18.1	11.2	5.6	24.5	17.8	10.5	3.4	0.5
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	522.7	551.4	531.8	319.6	315.4	320.3	324.8	322.9	138.2

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q1'22
Profit Before Tax	0.3	8.7	7.0	7.1	8.5	9.1	9.8	3.4	0.7
Depreciation of Fixed Assets and Investment Property	11.2	11.8	4.7	4.7	4.7	4.9	5.1	5.2	3.9
Provision (Increase)/Reversal	-2.9	15.8	-6.7	1.1	-5.0	1.7	7.8	-3.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	—	—	0.1	-0.1	-0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-5.8	-1.6	-1.6	-3.0	-6.6	-1.9	-6.6	-0.6	-0.6
Interest Expense	4.0	4.0	0.9	1.0	1.1	1.1	1.1	2.1	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	6.7	38.6	4.3	10.9	2.5	14.8	17.2	6.7	3.9
Increase/(Decrease) in Receivables	5.4	-23.0	-18.7	-4.2	-1.0	12.2	-1.5	-6.7	-5.8
Increase/(Decrease) in Inventory	-6.9	-1.1	0.3	0.4	-7.2	-0.7	0.9	4.2	-0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-18.2	3.1	14.8	0.8	-3.0	-10.0	-8.5	11.7	0.9
Increase/(Decrease) in Prepaid Expenses	0.2	0.4	-0.1	-1.8	-0.1	0.0	2.4	-1.7	0.1
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.9	-3.6	-0.8	-1.0	-1.0	-1.1	-1.1	-2.1	-0.1
Corporate Income Tax Paid	-2.5	-1.3	0.0	-1.9	-1.9	-1.8	-0.8	-0.5	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.1	-0.3	-0.3	—	0.0	0.0	-0.1	0.0	0.0
Net Cash Flow from Operating Activities	-20.4	12.7	-0.5	3.3	-11.8	13.5	8.5	11.6	-1.1
Payments for Fixed Assets and Other Long-term Assets	0.3	-4.7	-284.6	—	0.0	0.0	-1.4	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	5.2	0.0	1.0	—	5.9	0.0	3.0	1.8	0.0
Loans and Purchases of Debt Instruments	4.5	-18.6	-14.8	—	-25.2	-48.1	-90.1	-14.9	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	19.7	7.0	101.0	—	27.7	33.0	17.4	11.2	0.0
Investments in Other Entities	—	—	—	—	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
Dividends and Interest Income Received	1.0	0.9	2.7	2.0	2.1	1.9	1.4	1.0	0.6
Increase/(Decrease) in Term Deposits	—	—	—	—	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
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	30.7	-15.3	-194.7	2.0	10.4	-13.2	-69.6	-1.0	0.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	64.9	0.0
Share Repurchases	—	—	—	—	0.0	0.0	-0.2	0.0	0.0
Proceeds from Borrowings	0.0	0.0	199.3	—	0.0	0.0	72.9	0.0	0.0
Repayment of Borrowings	-5.5	-5.5	-3.5	-3.5	-3.5	-3.5	-76.4	-3.5	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-5.5	-5.5	195.8	-3.5	-3.5	-3.5	-3.7	61.5	0.0
Net Cash Flow During the Period	4.8	-8.1	0.6	1.8	-4.8	-3.1	-64.7	72.1	-0.4
Cash and Cash Equivalents at Beginning of Period	6.7	14.8	14.1	12.3	12.9	12.9	12.9	12.9	78.2
FX Difference from Revaluation	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	11.5	6.7	14.8	14.1	12.3	17.2	20.3	85.0	77.8

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