PVY

Listed Company · UPCOM

Price

2,300

Latest close

03 Apr 2026

P/E 287.5x

EPS (TTM) 8

ROE (TTM) -0.1%

P/B -0.3x

BVPS (Latest) -8,290

ROA (TTM) 0.0%

What Is Changing

PVY no longer looks like a business simply rebounding from a weak base. Revenue posted +21.3% YoY, while net margin reached 0.04% with an additional +0.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 0.5bn in 2025.
Revenue growth accelerated to 21.3% in 2025, up 14.3pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	1,290.0	1,063.3	993.5	314.8	369.7
Growth	+21%	+7%	+216%	-15%	—
Net Income	0.5	0.2	-24.1	-115.5	-48.9
Net Margin	0.04%	0.02%	-2.42%	-36.68%	-13.24%

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	269.3	245.0	509.5	266.2	285.7	181.1	262.6	333.9	410.6	344.4	175.8	62.7
Growth	+10%	-52%	+91%	-7%	+58%	-31%	-21%	-19%	+19%	+96%	+180%	—
Net Income	1.4	1.5	0.1	-2.5	-7.3	1.2	4.0	2.4	-6.9	20.4	-13.6	-22.0
Net Margin	0.51%	0.60%	0.02%	-0.93%	-2.55%	0.64%	1.54%	0.73%	-1.68%	5.92%	-7.75%	-35.14%

Financial Statements

Profitability

Net margin reached 0.04% while Revenue posted +21.3% YoY.

Balance Sheet

Inventory stood at 239.4bn, liabilities at 1,710.6bn, and equity at -493.1bn.

Cash Flow

Operating cash flow was 110.7bn in 2025, while investing cash flow was -89.6bn.

Financing cash flow: 91.6bn.

Item	2025	2024	2023	2022	2021
Revenue	1,290.0	1,063.3	993.5	314.8	369.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,290.0	1,063.3	993.5	314.8	369.7
Cost of Goods Sold	1,223.4	998.9	934.5	356.9	0.0
Gross Profit	66.6	64.4	59.0	-42.0	12.2
Financial Income	13.7	14.0	10.3	1.5	1.5
Financial Expenses	62.3	62.2	58.0	54.2	-51.5
Interest Expense	58.7	59.2	57.9	54.0	-51.3
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	12.8	15.8	28.5	21.0	-11.7
Operating Profit	5.2	0.4	-17.2	-115.7	-49.5
Other Income	4.5	0.7	0.3	0.6	0.0
Other Expenses	1.2	1.0	7.3	0.4	0.0
Other Profit	3.2	-0.2	-6.9	0.2	0.6
Profit Before Tax	8.4	0.2	-24.1	-115.5	-48.9
Current Income Tax Expense	8.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.5	0.2	-24.1	-115.5	-48.9
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.5	0.2	-24.1	-115.5	-48.9
Earnings per Share	8.00	3.00	-405.00	-1,941.00	-613.67
Diluted EPS	8.00	3.00	-405.00	-1,941.00	-822.68

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	780.5	703.8	590.6	221.0	276.8
I. Cash and cash equivalents	142.4	32.2	59.6	38.3	57.9
1. Cash	98.5	28.3	40.6	35.0	0.0
2. Cash equivalents	43.9	3.9	19.0	3.4	0.0
II. Short-term financial investments	84.1	51.7	18.5	4.8	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	84.1	51.7	18.5	4.8	0.0
III. Short-term receivables	221.7	281.7	346.8	108.5	138.3
1. Short-term trade accounts receivable	261.7	317.3	336.2	116.5	0.0
2. Short-term prepayments to suppliers	1.5	4.9	15.9	1.5	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.5	1.8	26.1	1.6	0.0
7. Provision for short-term doubtful debts (*)	-45.0	-42.2	-31.5	-11.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.5	0.0
IV. Inventories	239.4	241.0	143.6	65.3	63.3
1. Inventories	244.4	246.0	149.5	66.2	0.0
2. Provision for decline in value of inventories	-5.1	-5.1	-5.9	-0.9	0.0
V. Other short-term assets	92.9	97.2	22.2	4.1	2.3
1. Short-term prepayments	10.5	35.5	1.2	1.6	0.0
2. Value added tax to be reclaimed	81.7	60.7	19.9	1.0	0.0
3. Taxes and other receivables from state authorities	0.7	1.0	1.1	1.6	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)	436.9	418.3	412.3	462.7	483.4
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	270.4	288.7	281.5	319.4	350.7
1. Tangible fixed assets	269.9	288.0	280.6	318.4	349.4
- Cost	1,335.1	1,315.3	1,275.0	1,284.3	0.0
- Accumulated depreciation	-1,065.2	-1,027.3	-994.4	-965.9	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	0.6	0.7	0.9	1.1	1.3
- Cost	75.7	75.7	75.7	75.7	0.0
- Accumulated depreciation	-75.1	-75.0	-74.8	-74.6	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	5.3	3.5	18.9	18.9	1.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.3	3.5	18.9	18.9	0.0
V. Long-term financial investments	39.9	2.0	2.6	2.6	2.6
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	39.9	2.0	2.6	2.6	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	121.3	124.1	109.3	121.8	0.0
1. Long-term prepayments	121.3	124.1	109.3	121.8	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	128.8
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,217.4	1,122.1	1,002.9	683.7	760.3
A. LIABILITIES (300=210+330)	1,710.6	1,553.9	1,434.9	1,091.5	1,052.7
I. Short -term liabilities	1,644.4	1,540.2	1,420.6	1,031.1	934.4
1. Short-term trade accounts payable	290.4	379.2	250.1	104.3	106.4
2. Short-term advances from customers	2.6	1.3	3.4	3.3	3.2
3. Taxes and other payables to state authorities	2.0	0.2	0.1	0.0	0.0
4. Payable to employees	0.0	9.7	0.0	0.0	0.0
5. Short-term acrrued expenses	119.0	67.1	139.1	334.4	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	—	3.3	12.0	0.0	21.1
9. Other short-term payables	516.7	457.6	400.1	20.1	0.0
10. Short-term borrowings and financial leases	713.4	621.7	615.8	568.8	491.8
11. Provision for short-term liabilities	0.2	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	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	66.2	13.7	14.2	60.5	118.3
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	13.6	13.6	14.1	20.2	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	40.1	118.1
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	52.6	0.1	0.2	0.2	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)	-493.1	-431.8	-432.0	-407.9	-292.5
I. Owner's equity	-493.1	-431.7	-431.9	-407.8	0.0
1. Owner's capital	594.9	594.9	594.9	594.9	-292.4
- Common stock with voting right	594.9	594.9	594.9	594.9	594.9
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	2.6	2.6	0.0	2.6	2.6
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	—	0.0	0.0	0.0	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	2.6	0.0	0.0
11. Undistributed earnings after tax	-1,090.6	-1,029.2	-1,029.4	-1,005.3	-889.9
- Accumulated retained earning at the end of the previous period	-1,091.1	-1,029.4	-1,005.3	-889.8	-841.0
- Undistributed earnings in this period	0.5	0.2	-24.1	-115.5	-48.9
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	-0.1	-0.1	-0.1	-0.1	-0.1
1. Subsidized not-for-profit funds	-0.1	-0.1	-0.1	-0.1	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,217.4	1,122.1	1,002.9	683.7	760.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	8.4	0.2	-24.1	-115.5	-48.9
Depreciation of Fixed Assets and Investment Property	38.0	33.5	33.1	33.6	34.5
Provision (Increase)/Reversal	55.5	9.8	24.8	10.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.5	-3.6	-7.9	-0.4	0.0
Gain/Loss from Investment Activities	-4.8	-0.9	3.2	-0.9	0.0
Interest Expense	58.7	59.2	57.9	54.0	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	156.5	98.3	87.1	-19.1	36.7
Increase/(Decrease) in Receivables	41.6	17.7	-257.5	20.0	0.0
Increase/(Decrease) in Inventory	1.6	-96.5	-83.3	-3.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-110.2	55.0	271.4	-13.0	0.0
Increase/(Decrease) in Prepaid Expenses	27.7	-49.0	12.8	6.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-2.0	0.0	-0.2	0.0
Corporate Income Tax Paid	-6.1	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.0	-0.2	0.0
Net Cash Flow from Operating Activities	110.7	23.5	30.5	-10.0	56.3
Payments for Fixed Assets and Other Long-term Assets	-21.5	-25.4	-4.1	-19.9	-3.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	-1.7
Loans and Purchases of Debt Instruments	-116.7	-46.5	-21.7	-0.2	-3.4
Receipts from Loan Repayments and Sale of Debt Instruments	46.5	13.8	8.0	10.4	0.0
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	2.2	1.3	1.9	0.9	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	-89.6	-56.8	-16.0	-8.9	-7.5
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	119.5	52.4	37.5	15.9	-4.6
Repayment of Borrowings	-27.8	-46.5	-30.6	-16.9	-0.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-0.0	-0.0	-0.0	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	91.6	5.9	6.8	-1.0	-4.8
Net Cash Flow During the Period	112.7	-27.4	21.3	-19.9	14.8
Cash and Cash Equivalents at Beginning of Period	32.2	59.6	38.3	57.9	14.0
FX Difference from Revaluation	-2.5	0.1	-0.1	0.3	-0.1
Cash and Cash Equivalents at End of Period	142.4	32.2	59.6	38.3	57.9

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	269.3	245.0	509.5	266.2	285.7	181.1	262.6	333.9	410.6	344.4	175.8	62.7
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	269.3	245.0	509.5	266.2	285.7	181.1	262.6	333.9	410.6	344.4	175.8	62.7
Cost of Goods Sold	253.0	230.0	490.9	251.4	271.6	160.8	247.1	319.4	380.3	314.5	174.0	65.7
Gross Profit	16.3	15.0	18.6	14.8	14.1	20.3	15.5	14.5	30.3	29.9	1.8	-2.9
Financial Income	2.6	6.6	2.4	2.3	4.7	1.1	6.2	1.8	3.4	5.7	0.6	0.6
Financial Expenses	16.3	15.5	14.9	15.6	16.3	14.8	15.9	14.9	14.8	14.6	14.5	14.0
Interest Expense	15.6	14.4	14.4	14.3	14.6	14.6	15.1	14.9	14.8	14.6	14.5	14.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	3.7	3.6	3.8	1.6	10.2	5.3	1.2	-0.8	18.6	0.7	1.5	5.7
Operating Profit	-1.1	2.5	2.3	-0.0	-7.6	1.3	4.6	2.3	0.2	20.3	-13.7	-22.1
Other Income	5.4	0.8	0.1	0.2	0.3	0.1	0.1	0.2	0.2	0.1	0.0	0.0
Other Expenses	0.7	0.1	0.5	0.0	0.0	0.2	0.6	0.0	7.2	0.0	0.0	0.0
Other Profit	4.7	0.8	-0.4	0.2	0.3	-0.1	-0.6	0.1	-7.0	0.0	0.0	0.0
Profit Before Tax	3.6	3.2	1.9	0.1	-7.3	1.2	4.0	2.4	-6.9	20.4	-13.6	-22.0
Current Income Tax Expense	2.2	1.8	1.8	2.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.4	1.5	0.1	-2.5	-7.3	1.2	4.0	2.4	-6.9	20.4	-13.6	-22.0
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.4	1.5	0.1	-2.5	-7.3	1.2	4.0	2.4	-6.9	20.4	-13.6	-22.0
Earnings per Share	23.00	25.00	2.00	-42.00	-122.00	20.00	68.00	41.00	-116.00	343.00	-229.00	-371.00
Diluted EPS	23.24	24.68	1.57	-41.59	-122.31	19.54	67.78	40.75	-115.73	342.60	-229.18	-370.57

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)	817.0	734.6	842.5	698.5	706.1	596.0	619.8	742.3	591.8	614.6	395.3	251.4
I. Cash and cash equivalents	142.7	141.3	218.7	52.9	32.2	23.2	33.7	40.1	83.3	128.5	132.0	23.4
1. Cash	98.8	97.4	214.8	49.0	28.3	19.4	20.4	26.8	40.6	90.9	118.1	7.0
2. Cash equivalents	43.9	43.9	3.9	3.9	3.9	3.9	13.4	13.4	42.6	37.6	14.0	16.4
II. Short-term financial investments	122.0	121.2	28.1	53.1	51.7	5.2	15.3	15.3	17.7	12.7	16.7	16.7
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	122.0	121.2	28.1	53.1	51.7	5.2	15.3	15.3	17.7	12.7	16.7	16.7
III. Short-term receivables	221.7	212.9	325.9	290.1	284.0	236.0	332.0	421.7	322.2	370.1	159.3	127.5
1. Short-term trade accounts receivable	261.8	249.8	360.5	322.8	317.3	258.5	331.6	432.1	336.2	272.7	159.0	135.8
2. Short-term prepayments to suppliers	1.5	5.3	8.0	7.3	7.2	9.2	27.9	16.9	13.0	106.4	9.2	1.0
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	3.5	2.5	2.1	2.3	1.8	1.7	2.0	2.2	2.0	2.3	2.3	2.0
7. Provision for short-term doubtful debts (*)	-45.0	-44.7	-44.7	-42.2	-42.2	-33.4	-29.5	-29.5	-29.5	-11.7	-11.7	-11.7
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.4	0.5	0.5	0.5
IV. Inventories	237.7	173.4	174.3	218.8	241.0	271.5	194.0	231.2	146.5	98.5	84.3	79.4
1. Inventories	242.7	178.4	179.4	223.8	246.0	277.5	199.9	237.1	152.4	99.4	85.2	80.3
2. Provision for decline in value of inventories	-5.1	-5.1	-5.1	-5.1	-5.1	-5.9	-5.9	-5.9	-5.9	-0.9	-0.9	-0.9
V. Other short-term assets	92.9	85.8	95.5	83.7	97.2	59.9	44.8	34.0	22.1	4.7	3.0	4.3
1. Short-term prepayments	10.5	16.0	30.5	25.5	35.5	1.4	0.8	1.1	1.2	1.4	1.5	2.5
2. Value added tax to be reclaimed	81.7	69.1	64.2	57.3	60.7	57.5	42.9	31.5	19.9	1.8	0.0	0.2
3. Taxes and other receivables from state authorities	0.7	0.8	0.9	0.9	1.0	1.0	1.0	1.4	1.0	1.5	1.5	1.6
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)	399.0	393.9	402.7	405.8	418.3	410.4	397.0	402.2	413.0	424.6	438.6	450.1
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	270.4	276.8	282.7	279.8	288.7	266.8	266.9	273.7	281.5	291.4	302.6	311.0
1. Tangible fixed assets	269.9	276.3	282.0	279.2	288.0	266.1	266.1	272.9	280.6	290.5	301.7	310.0
- Cost	—	—	—	—	1,315.3	1,284.1	1,276.4	1,275.2	1,275.0	1,280.1	1,284.3	1,284.3
- Accumulated depreciation	—	—	—	—	-1,027.3	-1,018.1	-1,010.3	-1,002.3	-994.4	-989.6	-982.6	-974.3
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	0.6	0.6	0.6	0.7	0.7	0.7	0.8	0.8	0.9	0.9	1.0	1.0
- 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	5.3	1.4	1.1	3.7	3.5	37.9	22.5	18.9	18.9	18.9	18.9	18.9
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	5.3	1.4	1.1	3.7	3.5	37.9	22.5	18.9	18.9	18.9	18.9	18.9
V. Long-term financial investments	2.0	2.0	2.0	2.0	2.0	2.0	2.6	2.6	3.4	3.4	3.4	2.6
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	2.0	2.0	2.0	2.0	2.0	2.0	2.6	2.6	3.4	3.4	3.4	2.6
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	121.3	113.7	116.9	120.2	124.1	103.6	104.9	107.0	109.3	110.9	113.7	117.6
1. Long-term prepayments	121.3	113.7	116.9	120.2	124.1	103.6	104.9	107.0	109.3	110.9	113.7	117.6
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	1,216.0	1,128.5	1,245.2	1,104.3	1,124.4	1,006.3	1,016.8	1,144.5	1,004.8	1,039.2	833.8	701.5
A. LIABILITIES (300=210+330)	1,709.2	1,623.0	1,741.2	1,538.5	1,556.0	1,430.7	1,442.3	1,574.0	1,434.9	1,462.4	1,277.4	1,131.4
I. Short -term liabilities	1,643.0	1,561.5	1,727.4	1,524.8	1,542.3	1,416.9	1,428.4	1,559.9	1,420.7	1,446.9	1,138.6	1,091.1
1. Short-term trade accounts payable	290.4	253.5	377.5	327.5	381.3	347.8	315.9	273.4	250.2	106.5	89.2	89.1
2. Short-term advances from customers	2.6	1.3	1.8	2.5	1.3	1.3	1.4	3.4	3.4	4.1	3.5	3.4
3. Taxes and other payables to state authorities	2.4	2.1	2.0	1.8	0.2	0.1	0.1	0.0	0.0	0.0	2.4	0.0
4. Payable to employees	0.0	13.1	14.9	11.6	9.7	10.1	10.7	9.6	0.0	4.0	3.9	4.5
5. Short-term acrrued expenses	119.2	136.6	245.2	85.6	67.1	15.8	65.4	224.5	139.1	292.2	490.2	371.8
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	—	—	—	—	3.3	0.8	1.6	6.9	12.0	24.2	32.6	28.8
9. Other short-term payables	514.7	505.5	489.0	474.1	457.6	443.1	428.7	414.4	400.1	385.6	19.9	20.0
10. Short-term borrowings and financial leases	713.4	649.2	596.9	621.7	621.7	597.9	604.7	627.7	615.8	630.3	496.8	573.4
11. Provision for short-term liabilities	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	66.2	61.5	13.7	13.7	13.7	13.8	13.9	14.1	14.2	15.5	138.8	40.3
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	13.6	13.6	13.6	13.6	13.6	13.6	13.8	13.9	14.1	14.2	20.5	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.1	118.1	40.1
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	52.6	47.9	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2
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)	-493.1	-494.5	-496.0	-434.3	-431.6	-424.3	-425.5	-429.5	-430.1	-423.2	-443.5	-429.9
I. Owner's equity	-493.1	-494.5	-495.9	-434.2	-431.6	-424.3	-425.5	-429.5	-430.0	-423.2	-443.5	-429.9
1. Owner's capital	594.9	594.9	594.9	594.9	594.9	594.9	594.9	594.9	594.9	594.9	594.9	594.9
- Common stock with voting right	594.9	594.9	594.9	594.9	594.9	594.9	594.9	594.9	594.9	594.9	594.9	594.9
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-1,090.6	-1,092.0	-1,093.4	-1,031.7	-1,029.1	-1,021.8	-1,022.9	-1,027.0	-1,027.5	-1,020.6	-1,041.0	-1,027.4
- Accumulated retained earning at the end of the previous period	-1,091.1	-1,091.1	-1,091.1	-1,029.2	-1,029.4	-1,029.4	-1,029.4	-1,029.4	-1,005.3	-1,005.3	-1,005.3	-1,005.3
- Undistributed earnings in this period	0.5	-0.9	-2.4	-2.5	0.4	7.6	6.5	2.4	-22.2	-15.3	-35.7	-22.0
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	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
1. Subsidized not-for-profit funds	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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)	1,216.0	1,128.5	1,245.2	1,104.3	1,124.4	1,006.3	1,016.8	1,144.5	1,004.8	1,039.2	833.8	701.5

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	3.2	3.2	1.9	0.1	-7.3	1.2	4.0	2.4	-8.8	20.4	-13.7	-22.0
Depreciation of Fixed Assets and Investment Property	9.6	9.6	9.6	9.2	9.3	7.8	8.0	8.0	8.0	8.3	8.4	8.4
Provision (Increase)/Reversal	5.2	47.8	2.5	—	8.0	3.9	-0.0	-2.0	24.8	0.0	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.5	1.4	-0.6	0.3	-2.9	2.3	4.2	-5.5	-2.9	-4.9	0.0	-0.1
Gain/Loss from Investment Activities	-7.5	3.8	-1.7	0.6	0.3	1.3	-0.2	-0.4	4.9	-0.7	-0.6	-0.5
Interest Expense	15.6	14.4	14.4	14.3	14.6	14.6	15.1	14.9	14.8	14.6	14.5	14.0
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	25.7	80.2	26.0	24.6	22.0	31.1	31.1	17.4	40.9	37.7	8.6	-0.1
Increase/(Decrease) in Receivables	-11.8	100.2	-41.2	-5.6	-56.2	71.5	80.9	-84.4	1.0	-213.8	-26.5	-18.2
Increase/(Decrease) in Inventory	-66.0	0.9	44.5	22.2	31.5	-77.6	37.2	-87.6	-50.2	-14.2	-4.9	-14.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.6	-229.6	150.3	-31.5	98.9	-15.7	-139.9	128.4	-76.6	200.8	125.9	21.3
Increase/(Decrease) in Prepaid Expenses	-2.2	17.7	-1.7	13.8	-54.5	0.8	2.3	2.4	1.9	2.7	4.9	3.3
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	—	-0.1	-0.2	0.4	-0.3	13.3	-14.9	43.1	-42.8	-0.3	-0.0
Corporate Income Tax Paid	-1.7	-1.8	-1.4	-1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Net Cash Flow from Operating Activities	-55.9	-32.1	176.5	22.2	42.0	9.8	24.9	-38.6	-39.9	-29.5	107.8	-7.9
Payments for Fixed Assets and Other Long-term Assets	-5.0	-6.1	-10.1	-0.3	-12.1	-23.1	-4.9	-0.2	-3.7	-0.4	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	-3.3	3.3	0.0	0.0
Loans and Purchases of Debt Instruments	-0.8	-114.6	0.0	-1.3	-46.5	0.0	0.0	0.0	-5.0	-4.0	-0.8	-11.9
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	21.5	25.0	—	0.0	10.7	0.0	3.2	0.0	8.0	0.0	0.0
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	0.4	0.9	0.8	0.1	0.3	0.1	-0.4	1.5	0.1	1.2	0.3	0.2
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	-5.4	-98.4	15.6	-1.5	-58.3	-12.4	-5.3	4.4	-11.9	8.2	-0.4	-11.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	67.1	52.3	—	—	24.8	0.0	0.0	27.7	5.0	23.5	4.4	4.6
Repayment of Borrowings	-3.0	0.0	-24.8	—	-1.0	-6.8	-23.0	-15.8	-20.6	-7.0	-3.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-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	64.1	52.3	-24.8	-0.0	23.8	-6.8	-23.0	11.9	-15.6	16.5	1.4	4.6
Net Cash Flow During the Period	2.9	-78.1	167.3	20.7	7.5	-9.3	-3.3	-22.3	-67.4	-4.9	108.7	-15.0
Cash and Cash Equivalents at Beginning of Period	141.3	218.7	52.9	32.2	59.6	59.6	59.6	59.6	38.3	38.3	38.3	38.3
FX Difference from Revaluation	-2.5	-0.7	-1.5	-0.0	1.5	-1.2	-3.1	2.9	-1.5	1.4	-0.1	0.1
Cash and Cash Equivalents at End of Period	142.4	141.3	218.7	52.9	32.2	23.2	33.7	40.1	59.6	128.5	132.0	23.4

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PVY

What Is Changing

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Profitability

Balance Sheet

Cash Flow

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