PWS

Listed Company · UPCOM

Price

13,100

Latest close

26 Mar 2026

P/E 20.2x

EPS (TTM) 650

ROE (TTM) 6.0%

P/B 1.2x

BVPS (Latest) 11,277

ROA (TTM) 5.5%

What Is Changing

PWS has not yet shown a broad-based top-line recovery. Revenue posted -2.1% YoY, but net margin reached 17.82% with an additional -10.6pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -38.6% in 2025 from 26.9% in the prior period, at VND 23.8bn.
Net margin declined from 28.43% in the prior period to 17.82% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	133.6	136.5	127.9	109.6	105.4
Growth	-2%	+7%	+17%	+4%	—
Net Income	23.8	38.8	30.6	15.6	17.6
Net Margin	17.82%	28.43%	23.90%	14.24%	16.67%

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	31.7	36.6	35.2	30.1	32.1	37.1	36.4	30.8	31.1	35.6	33.6	27.6
Growth	-13%	+4%	+17%	-6%	-13%	+2%	+18%	-1%	-13%	+6%	+22%	—
Net Income	8.8	7.2	5.3	4.9	7.0	10.2	9.6	7.8	7.2	10.8	8.6	4.9
Net Margin	27.81%	19.71%	15.12%	16.27%	21.92%	27.56%	26.33%	25.16%	23.05%	30.31%	25.68%	17.89%

Financial Statements

Profitability

Net margin reached 17.82% while Revenue posted -2.1% YoY.

Balance Sheet

Inventory stood at 7.4bn, liabilities at 46.9bn, and equity at 430.3bn.

Cash Flow

Operating cash flow was 54.1bn in 2025, while investing cash flow was -4.1bn.

Financing cash flow: -48.3bn.

Item	2025	2024	2023	2022	2021
Revenue	133.6	136.5	127.9	109.6	105.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	133.6	136.5	127.9	109.6	105.4
Cost of Goods Sold	73.8	70.6	62.6	60.6	0.0
Gross Profit	59.8	65.8	65.3	49.0	47.1
Financial Income	5.2	5.9	9.1	8.4	9.9
Financial Expenses	2.2	2.9	3.6	4.5	-5.3
Interest Expense	2.2	2.9	3.6	4.5	-5.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	24.2	19.6	20.1	22.5	-15.7
General and Administrative Expenses	11.7	7.3	16.8	12.8	-16.3
Operating Profit	26.9	42.0	33.9	17.7	19.8
Other Income	0.4	0.0	0.0	0.6	0.0
Other Expenses	0.7	0.1	0.1	0.4	0.0
Other Profit	-0.2	-0.1	-0.1	0.2	-0.2
Profit Before Tax	26.7	41.9	33.8	17.9	19.6
Current Income Tax Expense	2.9	2.2	3.1	2.4	-2.1
Deferred Income Tax Expense	—	0.9	0.1	-0.1	0.0
Net Income	23.8	38.8	30.6	15.6	17.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	23.8	38.8	30.6	15.6	17.6
Earnings per Share	590.00	961.00	757.00	366.00	435.00
Diluted EPS	590.00	961.00	757.00	406.60	457.70

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	95.0	128.0	144.8	174.8	191.4
I. Cash and cash equivalents	8.1	6.4	6.9	10.2	6.4
1. Cash	8.1	6.4	6.9	10.2	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	74.3	104.5	122.2	125.5	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	74.3	104.5	122.2	125.5	0.0
III. Short-term receivables	3.7	10.0	6.2	25.2	10.4
1. Short-term trade accounts receivable	3.0	7.5	8.2	8.8	0.0
2. Short-term prepayments to suppliers	1.2	3.7	1.1	15.3	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	2.0	1.6	4.3	5.8	0.0
7. Provision for short-term doubtful debts (*)	-2.8	-2.8	-7.3	-4.8	0.0
8. Assets awaiting resolution	0.3	0.0	0.0	0.0	0.0
IV. Inventories	7.4	6.1	5.7	6.7	4.6
1. Inventories	7.4	6.1	5.7	6.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.4	1.0	3.8	7.2	8.6
1. Short-term prepayments	0.3	0.3	0.1	5.8	0.0
2. Value added tax to be reclaimed	1.1	0.6	3.6	1.4	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	382.2	367.3	371.5	325.6	326.2
I. Long-term receivables	0.8	1.6	1.6	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.8	1.6	1.6	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	310.9	331.9	321.2	306.4	304.6
1. Tangible fixed assets	310.8	331.8	321.1	306.4	304.5
- Cost	743.2	733.5	692.2	649.0	0.0
- Accumulated depreciation	-432.4	-401.7	-371.1	-342.7	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	0.0	0.1	0.2	0.1	0.0
- Cost	1.1	1.3	1.3	1.1	0.0
- Accumulated depreciation	-1.1	-1.2	-1.1	-1.0	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	49.8	6.2	33.1	8.9	16.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	49.8	6.2	33.1	8.9	0.0
V. Long-term financial investments	—	5.0	0.0	4.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	5.0	0.0	4.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	20.7	22.5	15.5	6.3	0.0
1. Long-term prepayments	20.7	22.5	14.6	5.3	0.0
2. Deferred income tax assets	0.0	0.0	0.9	1.0	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	5.4
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)	477.2	495.3	516.2	500.4	517.7
A. LIABILITIES (300=210+330)	46.9	49.2	78.3	78.5	93.1
I. Short -term liabilities	27.1	19.5	38.6	27.2	28.5
1. Short-term trade accounts payable	8.2	2.9	18.6	3.2	7.3
2. Short-term advances from customers	0.1	0.2	0.2	0.2	0.1
3. Taxes and other payables to state authorities	1.6	0.8	1.5	1.5	0.0
4. Payable to employees	4.3	2.5	2.7	3.5	0.0
5. Short-term acrrued expenses	1.0	1.0	1.2	2.9	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	1.7	0.9	1.6	1.0	0.0
10. Short-term borrowings and financial leases	9.9	9.9	11.6	13.3	13.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	1.3	1.2	1.6	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	19.8	29.8	39.7	51.3	64.6
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	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	19.8	29.8	39.7	51.3	64.6
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	430.3	446.1	438.0	421.9	424.6
I. Owner's equity	430.3	446.1	438.0	421.9	0.0
1. Owner's capital	383.6	383.6	383.6	384.0	424.6
- Common stock with voting right	383.6	383.6	383.6	384.0	384.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	8.8	8.8	8.8	8.8	8.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	-0.4	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	15.0	15.0	15.0	16.6	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	22.9	38.6	30.6	12.9	16.8
- Accumulated retained earning at the end of the previous period	0.3	1.8	1.5	0.4	0.1
- Undistributed earnings in this period	22.6	36.9	29.0	12.5	16.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	477.2	495.3	516.2	500.4	517.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	26.7	41.9	33.8	17.9	19.6
Depreciation of Fixed Assets and Investment Property	30.7	30.7	28.5	27.5	27.0
Provision (Increase)/Reversal	0.0	-4.5	2.6	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-5.2	-5.9	-9.1	-8.4	0.0
Interest Expense	2.2	2.9	3.6	4.5	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	54.4	65.1	59.4	41.5	46.1
Increase/(Decrease) in Receivables	5.0	1.1	-1.7	-1.1	0.0
Increase/(Decrease) in Inventory	-1.3	-0.4	0.9	-2.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.7	5.9	-2.1	2.2	0.0
Increase/(Decrease) in Prepaid Expenses	1.8	-8.1	-3.6	-1.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.3	-2.9	-3.7	-4.5	0.0
Corporate Income Tax Paid	-2.1	-3.0	-3.1	-1.6	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.2	-1.9	-1.4	-0.8	0.0
Net Cash Flow from Operating Activities	54.1	55.8	44.7	32.6	35.6
Payments for Fixed Assets and Other Long-term Assets	-44.5	-37.0	-37.7	-38.6	-37.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	-0.0	0.0
Loans and Purchases of Debt Instruments	-69.3	-187.5	-164.7	-129.5	-166.5
Receipts from Loan Repayments and Sale of Debt Instruments	104.5	200.2	172.0	161.5	187.5
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	5.2	8.5	9.2	8.7	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	-4.1	-15.9	-21.2	2.1	-4.5
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	-0.4	0.0
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	-9.9	-11.6	-13.3	-13.3	-13.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-38.3	-28.8	-13.4	-17.3	-20.3
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	-48.3	-40.4	-26.8	-31.0	-33.7
Net Cash Flow During the Period	1.8	-0.5	-3.3	3.7	-1.1
Cash and Cash Equivalents at Beginning of Period	6.4	6.9	10.2	6.4	9.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	8.1	6.4	6.9	10.2	6.4

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	31.7	36.6	35.2	30.1	32.1	37.1	36.4	30.8	31.1	35.6	33.6	27.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	31.7	36.6	35.2	30.1	32.1	37.1	36.4	30.8	31.1	35.6	33.6	27.6
Cost of Goods Sold	14.0	20.4	20.9	17.3	16.0	18.2	17.7	15.6	15.1	17.2	16.2	14.2
Gross Profit	17.8	16.2	14.3	12.8	16.1	18.9	18.7	15.3	16.0	18.5	17.4	13.3
Financial Income	1.1	1.3	1.4	1.4	1.4	1.3	1.3	1.8	2.1	2.4	2.5	2.2
Financial Expenses	0.5	0.5	0.6	0.6	0.7	0.7	0.8	0.8	0.8	0.9	0.9	1.0
Interest Expense	0.5	0.5	0.6	0.6	0.7	0.7	0.8	0.8	0.8	0.9	0.9	1.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.8	5.9	6.1	5.4	6.1	5.0	4.4	4.1	4.3	4.5	5.1	5.7
General and Administrative Expenses	2.7	3.0	3.1	2.6	3.1	3.5	4.5	3.7	4.9	3.7	4.3	3.3
Operating Profit	9.8	8.0	5.9	5.6	7.7	11.0	10.4	8.5	8.0	11.8	9.6	5.6
Other Income	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 Expenses	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Other Profit	-0.1	-0.0	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.1	-0.0	-0.0	-0.0
Profit Before Tax	9.8	8.0	5.9	5.6	7.7	11.0	10.4	8.5	7.9	11.8	9.5	5.5
Current Income Tax Expense	0.9	0.8	0.6	0.7	0.6	0.7	0.8	0.7	0.8	1.0	0.9	0.6
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.8	7.2	5.3	4.9	7.0	10.2	9.6	7.8	7.2	10.8	8.6	4.9
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.8	7.2	5.3	4.9	7.0	10.2	9.6	7.8	7.2	10.8	8.6	4.9
Earnings per Share	218.00	179.00	132.00	121.00	174.00	253.00	238.00	192.00	177.00	268.00	216.00	120.00
Diluted EPS	218.00	179.00	132.00	121.00	857.00	266.32	250.11	202.25	186.74	281.59	225.19	128.39

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)	101.5	88.0	142.5	135.4	123.6	126.0	140.4	140.4	144.2	141.9	158.9	178.3
I. Cash and cash equivalents	8.1	2.4	13.9	17.8	6.4	4.6	18.6	3.9	6.9	2.6	3.0	4.9
1. Cash	8.1	2.4	5.9	17.8	6.4	4.6	18.6	3.9	6.9	2.6	3.0	4.9
2. Cash equivalents	—	—	8.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	74.3	65.8	103.5	106.5	104.5	111.5	109.2	123.7	122.2	118.2	123.5	131.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	74.3	65.8	103.5	106.5	104.5	111.5	109.2	123.7	122.2	118.2	123.5	131.0
III. Short-term receivables	11.2	11.4	17.9	4.5	5.6	3.6	4.4	5.2	6.2	11.0	22.6	31.5
1. Short-term trade accounts receivable	3.0	3.1	3.0	3.0	7.5	7.7	7.9	7.8	8.2	8.1	8.2	8.5
2. Short-term prepayments to suppliers	8.7	8.0	13.4	1.3	3.7	1.7	0.8	0.6	1.1	2.7	14.3	22.1
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	2.0	3.1	4.3	3.0	1.6	1.5	2.9	4.0	4.3	5.1	4.9	5.6
7. Provision for short-term doubtful debts (*)	-2.8	-2.8	-2.8	-2.8	-7.2	-7.3	-7.3	-7.3	-7.4	-4.8	-4.8	-4.8
8. Assets awaiting resolution	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	7.4	7.4	7.1	6.3	6.1	5.2	6.0	4.8	5.7	6.9	6.9	6.8
1. Inventories	7.4	7.4	7.1	6.3	6.1	5.2	6.0	4.8	5.7	6.9	6.9	6.8
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.5	1.0	0.1	0.3	1.0	1.1	2.3	2.9	3.2	3.2	2.9	4.1
1. Short-term prepayments	0.3	0.1	0.1	0.2	0.3	0.1	0.1	0.1	0.1	0.2	1.1	2.9
2. Value added tax to be reclaimed	0.1	0.8	0.0	0.2	0.6	1.0	2.1	2.7	3.0	2.9	1.8	1.1
3. Taxes and other receivables from state authorities	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	369.8	385.2	360.0	360.7	368.2	366.8	368.1	369.5	372.1	368.9	335.3	324.2
I. Long-term receivables	0.8	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	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	0.8	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	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	310.2	314.2	319.1	325.2	331.9	334.7	341.1	316.1	321.3	327.8	296.4	299.9
1. Tangible fixed assets	310.1	314.2	319.0	325.1	331.8	334.6	341.0	315.9	321.1	327.6	296.3	299.9
- Cost	—	—	—	—	733.5	728.7	727.2	694.5	692.2	691.2	652.5	649.3
- Accumulated depreciation	—	—	—	—	-401.7	-394.0	-386.3	-378.5	-371.2	-363.6	-356.2	-349.4
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	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.1	0.1
- 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	37.5	38.3	17.0	12.1	6.2	6.2	6.3	34.2	33.4	21.6	28.4	13.6
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	37.5	38.3	17.0	12.1	6.2	6.2	6.3	34.2	33.4	21.6	28.4	13.6
V. Long-term financial investments	—	9.0	—	—	5.0	3.0	0.0	0.0	0.0	6.5	0.0	3.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	9.0	—	—	5.0	3.0	0.0	0.0	0.0	6.5	0.0	3.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	21.3	22.0	22.2	21.7	23.4	21.3	19.0	17.6	15.8	13.0	10.6	7.6
1. Long-term prepayments	21.3	22.0	22.2	21.7	22.5	20.4	18.1	16.7	14.8	12.0	9.5	6.6
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.9	0.9	0.9	0.9	0.9	0.9	1.0	1.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	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)	471.3	473.1	502.5	496.0	491.8	492.9	508.5	509.9	516.2	510.8	494.2	502.4
A. LIABILITIES (300=210+330)	38.7	48.9	46.7	45.3	49.7	57.5	82.8	64.5	77.3	78.7	72.4	76.0
I. Short -term liabilities	18.9	24.1	21.9	15.6	20.0	22.8	48.1	24.9	39.4	34.1	27.8	24.7
1. Short-term trade accounts payable	2.4	1.7	5.1	0.8	2.9	1.5	1.3	4.5	10.7	0.5	5.1	4.2
2. Short-term advances from customers	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.1	0.2
3. Taxes and other payables to state authorities	1.8	1.8	1.5	1.2	1.4	1.9	1.9	1.9	1.5	2.0	2.0	1.7
4. Payable to employees	1.7	1.6	1.4	0.0	2.6	2.3	1.5	1.2	2.2	2.0	1.6	0.7
5. Short-term acrrued expenses	1.1	7.9	3.2	2.9	1.0	5.4	3.4	4.7	9.0	14.3	4.1	3.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.5	0.6	0.3	0.4	0.9	0.5	29.3	0.6	1.1	0.7	0.7	0.7
10. Short-term borrowings and financial leases	9.9	9.9	9.9	9.9	9.9	9.9	9.9	11.6	13.3	13.3	13.3	13.3
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.4	0.3	0.2	1.1	0.9	0.5	0.1	1.3	1.0	0.7	0.9
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	19.8	24.8	24.8	29.8	29.8	34.7	34.7	39.7	38.0	44.6	44.6	51.3
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	19.8	24.8	24.8	29.8	29.8	34.7	34.7	39.7	38.0	44.6	44.6	51.3
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	432.6	424.3	455.8	450.7	442.1	435.4	425.7	445.3	438.9	432.1	421.8	426.5
I. Owner's equity	432.6	424.3	455.8	450.7	442.1	435.4	425.7	445.3	438.9	432.1	421.8	426.5
1. Owner's capital	383.6	383.6	383.6	383.6	383.6	383.6	383.6	383.6	383.6	383.6	383.6	384.0
- Common stock with voting right	383.6	383.6	383.6	383.6	383.6	383.6	383.6	383.6	383.6	383.6	383.6	384.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8	8.8
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.4
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	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	16.6
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	25.2	16.8	48.3	43.3	34.7	28.0	18.3	37.9	31.5	24.7	14.4	17.5
- Accumulated retained earning at the end of the previous period	0.3	0.3	38.6	38.6	1.8	1.8	1.8	30.6	1.5	1.5	1.5	12.9
- Undistributed earnings in this period	24.9	16.6	9.7	4.6	32.9	26.2	16.5	7.4	30.0	23.2	12.9	4.6
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	471.3	473.1	502.5	496.0	491.8	492.9	508.5	509.9	516.2	510.8	494.2	502.4

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	7.1	8.0	5.9	5.6	7.7	11.0	10.4	8.5	6.9	11.8	9.6	5.5
Depreciation of Fixed Assets and Investment Property	7.6	7.8	7.6	7.7	7.7	7.8	7.8	7.4	7.6	7.3	6.8	6.8
Provision (Increase)/Reversal	0.0	—	—	—	-0.2	0.0	0.0	0.0	2.6	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.1	-1.3	-1.4	-1.4	-1.4	-1.3	-1.3	-1.8	-2.1	-2.4	-2.5	-2.2
Interest Expense	0.5	0.5	0.6	0.6	0.7	0.7	0.8	0.8	0.8	0.9	0.9	1.0
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	14.1	15.1	12.7	12.5	14.4	18.2	17.6	14.8	15.8	17.6	14.8	11.1
Increase/(Decrease) in Receivables	1.1	-0.7	0.4	4.3	0.2	-1.0	1.0	0.1	-2.9	0.3	0.4	0.4
Increase/(Decrease) in Inventory	-0.0	-0.3	-0.8	-0.2	-0.9	0.8	-1.2	0.9	1.2	-0.0	-0.2	-0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.7	2.9	3.5	-2.0	0.2	6.8	-0.8	0.5	-9.0	4.5	4.5	-2.0
Increase/(Decrease) in Prepaid Expenses	1.1	0.2	-0.5	1.0	-2.3	-2.3	-1.4	-2.1	-2.4	-1.7	-1.0	1.5
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.1	0.0	-1.2	—	-1.4	0.0	-1.6	0.0	-1.8	0.0	-2.0	0.0
Corporate Income Tax Paid	-0.8	-0.6	-0.1	-0.6	-0.7	-0.8	-0.7	-0.8	-0.9	-0.9	-0.6	-0.7
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	-0.4	-0.0	-1.4	-0.2	-0.1	-0.1	-1.5	-0.1	-0.3	-0.0	-1.1
Net Cash Flow from Operating Activities	10.5	16.2	14.0	13.5	9.2	21.6	12.9	12.0	-0.0	19.6	16.0	9.1
Payments for Fixed Assets and Other Long-term Assets	-2.2	-21.0	-16.0	-5.3	-8.7	-3.9	-8.6	-15.9	6.6	-21.1	-11.1	-12.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-35.0	-26.3	0.0	-8.0	-37.5	-75.0	-36.0	-39.0	-31.0	-46.2	-39.0	-48.5
Receipts from Loan Repayments and Sale of Debt Instruments	35.5	55.0	3.0	11.0	42.5	69.7	50.5	37.5	33.5	45.0	49.5	44.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.0	2.9	0.1	0.2	1.2	2.2	2.6	2.4	1.9	2.3	2.8	2.2
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	0.3	10.6	-12.9	-2.0	-2.4	-6.9	8.5	-15.0	11.0	-19.9	2.2	-14.4
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-5.0	0.0	-5.0	—	-5.0	0.0	-6.7	0.0	-6.7	0.0	-6.7	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	-38.3	—	—	-0.0	-28.8	0.0	0.0	-0.0	-0.0	-13.4	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	-5.0	-38.3	-5.0	—	-5.0	-28.8	-6.7	0.0	-6.7	-0.0	-20.0	0.0
Net Cash Flow During the Period	5.7	-11.5	-3.9	11.4	1.8	-14.0	14.7	-3.0	4.3	-0.4	-1.9	-5.3
Cash and Cash Equivalents at Beginning of Period	2.4	13.9	17.8	6.4	6.9	6.9	6.9	6.9	10.2	10.2	10.2	10.2
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	8.1	2.4	13.9	17.8	6.4	4.6	18.6	3.9	6.9	2.6	3.0	4.9

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PWS

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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