The financial statements of S99

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

Item	2025	2024	2023	2022	2021
Revenue	1,427.5	1,402.6	1,622.7	1,787.2	6,454.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,427.5	1,402.6	1,622.7	1,787.2	6,454.0
Cost of Goods Sold	1,115.7	1,211.5	1,437.0	1,601.6	0.0
Gross Profit	311.9	191.1	185.7	185.7	327.2
Financial Income	87.0	38.5	59.3	49.9	92.8
Financial Expenses	170.7	164.1	142.5	105.1	-138.4
Interest Expense	146.5	142.4	113.5	69.0	-99.1
Share of Associates and Joint Ventures	—	-0.9	1.6	-1.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	91.5	84.1	12.2	85.5	-66.5
Operating Profit	136.7	-19.4	91.9	43.9	215.0
Other Income	5.7	95.7	39.2	38.7	0.0
Other Expenses	5.9	9.2	7.5	3.9	0.0
Other Profit	-0.1	86.5	31.7	34.8	1.0
Profit Before Tax	136.5	67.1	123.6	78.8	216.0
Current Income Tax Expense	28.2	11.2	26.5	24.0	-42.3
Deferred Income Tax Expense	1.8	12.0	-10.6	-9.6	0.0
Net Income	106.5	43.9	107.8	64.4	173.7
Non-controlling Interest	23.7	3.9	15.3	15.6	64.2
Profit Attributable to Parent	82.8	40.0	92.4	48.8	109.5
Earnings per Share VND per share	796.00	403.00	983.00	766.00	1,234.00
Diluted EPS VND per share	796.00	403.00	983.00	766.00	2,088.86

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,170.2	1,633.8	1,825.6	1,559.6	1,966.1
I. Cash and cash equivalents	336.0	139.2	325.5	210.7	369.5
1. Cash	111.0	64.9	93.5	130.9	0.0
2. Cash equivalents	225.0	74.3	232.0	79.9	0.0
II. Short-term financial investments	437.5	44.4	73.2	23.6	0.0
1. Available for sale securities	1.3	0.5	65.2	18.8	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.5	-0.4	-7.0	-0.9	0.0
3. Held to maturity investments	436.7	44.3	15.0	5.7	0.0
III. Short-term receivables	699.3	749.2	782.5	829.5	796.3
1. Short-term trade accounts receivable	553.6	635.3	604.4	696.8	0.0
2. Short-term prepayments to suppliers	96.1	65.2	118.4	148.5	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	13.3	7.5	4.0	0.0	0.0
6. Other short-term receivables	50.5	54.3	69.5	69.5	0.0
7. Provision for short-term doubtful debts (*)	-14.2	-13.6	-13.8	-85.3	0.0
8. Assets awaiting resolution	—	0.5	0.0	0.0	0.0
IV. Inventories	492.4	504.1	470.3	334.3	636.8
1. Inventories	492.4	504.1	470.3	334.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	205.0	196.9	174.1	161.5	143.9
1. Short-term prepayments	1.2	1.9	0.6	0.3	0.0
2. Value added tax to be reclaimed	203.3	194.5	172.1	161.1	0.0
3. Taxes and other receivables from state authorities	0.5	0.5	1.5	0.1	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,522.3	2,767.8	2,199.2	2,151.5	1,501.0
I. Long-term receivables	1.8	1.5	4.7	5.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	5.7
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	1.8	1.5	4.7	5.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,269.5	2,516.3	1,966.8	753.4	839.2
1. Tangible fixed assets	2,237.3	2,494.4	1,936.6	697.9	785.6
- Cost	3,742.3	3,728.2	2,740.6	1,288.6	0.0
- Accumulated depreciation	-1,505.0	-1,233.8	-804.1	-590.7	0.0
2. Financial leased fixed assets	25.7	20.0	30.3	55.5	53.5
- Cost	33.7	31.4	90.4	122.7	0.0
- Accumulated depreciation	-8.0	-11.4	-60.1	-67.3	0.0
3. Intangible fixed assets	6.5	1.9	0.0	0.0	0.0
- Cost	7.8	2.6	0.5	0.5	0.0
- Accumulated depreciation	-1.2	-0.7	-0.4	-0.4	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	22.1	9.3	21.7	1,253.9	529.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	22.1	9.3	21.7	1,253.9	0.0
V. Long-term financial investments	42.0	43.0	116.4	113.8	109.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	11.5	11.5	73.2	70.6	0.0
3. Investments in other entities	30.6	30.6	42.2	42.2	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	—	1.0	1.0	1.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	186.9	197.6	89.6	24.6	0.0
1. Long-term prepayments	110.3	112.8	84.7	11.8	0.0
2. Deferred income tax assets	5.1	6.1	2.7	10.6	0.0
3. Long-term equipment, supplies, spare parts	2.7	2.2	2.2	2.2	0.0
4. Other long-term assets	—	0.0	0.0	0.0	17.7
5. Goodwill	68.8	76.6	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,692.5	4,401.5	4,024.8	3,711.1	3,467.2
A. LIABILITIES (300=210+330)	2,816.3	2,721.0	2,484.1	2,273.6	2,432.1
I. Short -term liabilities	1,168.6	1,240.4	1,268.7	1,031.9	1,546.7
1. Short-term trade accounts payable	166.9	182.8	288.9	271.6	591.9
2. Short-term advances from customers	430.9	274.7	310.6	191.6	211.0
3. Taxes and other payables to state authorities	28.7	15.9	25.5	6.5	0.0
4. Payable to employees	34.4	25.5	32.8	28.7	0.0
5. Short-term acrrued expenses	57.9	52.7	175.2	18.6	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	26.9	20.9	86.7	45.5	0.0
10. Short-term borrowings and financial leases	398.8	643.8	324.9	446.4	532.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	24.0	24.0	24.0	22.8	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	1,647.7	1,480.6	1,215.3	1,241.8	885.4
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	5.7	0.3	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	0.1	0.1	0.0
8. Long-term borrowings and financial leases	1,592.9	1,439.7	1,092.7	1,030.1	798.5
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts) VND per share	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	21.4	19.6	4.5	13.2	0.0
12. Provision for long-term liabilities	27.6	21.0	118.1	198.4	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)	1,876.3	1,680.5	1,540.7	1,437.5	1,035.0
I. Owner's equity	1,876.3	1,680.5	1,540.7	1,437.5	0.0
1. Owner's capital	1,040.9	991.3	940.0	854.5	1,035.0
- Common stock with voting right VND per share	1,040,889,920,000.00	991,343,310,000.00	939,973,690,000.00	854,540,000,000.00	524,267,230,000.00
- Preferred stock VND per share	—	0.00	0.00	0.00	0.00
2. Share premium	-1.6	-1.6	-1.4	-1.4	-1.4
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	134.0	71.5	18.4	18.4	17.7
5. Treasury shares VND per share	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	11.4	11.4	11.4	11.4	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	270.1	299.7	380.3	376.9	329.2
- Accumulated retained earning at the end of the previous period	249.8	285.9	287.9	328.1	219.7
- Undistributed earnings in this period	20.3	13.9	92.4	48.8	109.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	421.4	308.1	192.0	177.6	154.0
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)	4,692.5	4,401.5	4,024.8	3,711.1	3,467.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	136.5	67.1	123.6	62.8	216.0
Depreciation of Fixed Assets and Investment Property	289.8	293.3	222.3	123.8	159.6
Provision (Increase)/Reversal	7.3	-90.9	-145.7	145.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	6.8	-14.3	-3.5	1.8	0.0
Gain/Loss from Investment Activities	-2.5	-10.1	-9.3	-4.7	0.0
Interest Expense	146.5	142.4	113.5	69.0	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	584.4	387.4	300.9	398.0	434.2
Increase/(Decrease) in Receivables	47.0	210.0	111.4	-112.8	0.0
Increase/(Decrease) in Inventory	11.1	-33.1	-136.0	312.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	163.0	-238.5	377.0	-333.4	0.0
Increase/(Decrease) in Prepaid Expenses	3.1	-106.0	-73.2	-8.4	0.0
Changes in Trading Securities	-0.8	64.7	-46.4	-10.1	0.0
Interest Paid	-144.8	-138.1	-117.0	-70.8	0.0
Corporate Income Tax Paid	-17.9	-25.2	-7.0	-22.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	645.2	121.3	409.7	153.4	222.8
Payments for Fixed Assets and Other Long-term Assets	-73.0	-162.9	-232.6	-761.3	-335.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.4	2.9	2.1	0.6	6.4
Loans and Purchases of Debt Instruments	-432.4	-39.3	-4.3	-0.3	-249.2
Receipts from Loan Repayments and Sale of Debt Instruments	48.5	31.5	0.0	6.0	587.1
Investments in Other Entities	—	-336.0	0.0	0.0	-71.6
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	5.5	11.8	7.7	3.5	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	-449.1	-492.0	-227.1	-751.5	-42.4
Proceeds from Equity Issuance and Capital Contributions VND per share	—	4,232,680,000.00	0.00	288,338,520,000.00	50,013,662,051.00
Share Repurchases VND per share	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,191.8	1,288.7	1,291.0	2,067.1	5,298.4
Repayment of Borrowings	-1,180.7	-1,089.9	-1,324.7	-1,883.6	-5,255.8
Repayment of Finance Leases	-10.5	-18.2	-34.2	-37.2	-63.9
Dividends Paid	—	-0.3	0.0	0.0	-70.5
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	0.6	184.5	-67.9	434.7	-41.7
Net Cash Flow During the Period	196.7	-186.2	114.7	-163.4	-71.4
Cash and Cash Equivalents at Beginning of Period	139.2	325.5	210.7	375.5	231.5
FX Difference from Revaluation	0.0	-0.1	0.1	-1.3	-0.7
Cash and Cash Equivalents at End of Period	336.0	139.2	325.5	210.7	369.5

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	289.8	224.6	90.3	520.9	556.2	388.1	331.1	364.4	332.9	366.8	956.8	239.8
Revenue Deductions	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	289.8	224.6	90.3	520.9	556.2	388.1	331.1	364.4	332.9	366.8	956.8	239.8
Cost of Goods Sold	226.3	147.1	8.8	441.7	464.5	325.5	274.0	311.3	286.1	328.3	929.0	206.6
Gross Profit	63.5	77.5	81.4	79.2	91.7	62.6	57.1	53.1	46.7	38.5	27.8	33.2
Financial Income	19.3	2.4	26.0	26.5	28.3	6.0	7.7	6.5	14.1	14.5	-4.7	41.3
Financial Expenses	42.3	29.6	37.0	44.2	51.0	38.2	44.3	72.4	35.7	29.4	23.0	53.2
Interest Expense	39.5	27.2	33.0	39.5	39.6	34.4	36.6	53.6	28.7	27.3	28.7	34.2
Share of Associates and Joint Ventures	—	—	—	—	—	—	0.0	-1.0	-0.3	1.7	2.5	-0.9
Selling Expenses	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	21.5	30.7	26.3	19.9	21.6	20.1	30.2	23.0	19.1	19.5	-69.7	48.1
Operating Profit	19.0	19.7	44.2	41.5	47.5	10.3	-9.8	-36.8	5.8	5.9	72.4	-27.7
Other Income	25.2	0.0	1.3	3.0	0.6	1.0	6.6	49.9	14.1	26.0	-55.9	85.5
Other Expenses	6.0	0.9	-1.0	4.3	1.5	1.4	2.4	1.0	2.4	0.5	1.8	-1.5
Other Profit	19.2	-0.9	2.3	-1.3	-0.9	-0.3	4.2	48.9	11.7	25.5	-57.6	87.0
Profit Before Tax	38.3	18.7	46.5	40.2	46.6	10.0	-5.6	12.1	17.4	31.3	14.7	59.3
Current Income Tax Expense	7.7	7.4	13.1	3.5	5.3	2.7	4.0	4.1	2.7	3.7	11.9	8.7
Deferred Income Tax Expense	-4.3	-3.4	4.6	0.6	0.1	-0.3	0.1	-2.7	-1.0	0.4	-10.4	2.1
Net Income	34.9	14.8	28.8	36.1	41.2	7.6	-9.7	10.8	15.7	27.2	13.2	48.6
Non-controlling Interest	-2.7	2.7	2.5	4.1	4.6	-1.1	5.6	3.5	-0.7	4.7	2.7	2.1
Profit Attributable to Parent	37.5	12.1	26.4	32.0	36.6	8.7	-15.3	7.2	16.5	22.5	10.4	46.5
Earnings per Share VND per share	360.64	116.00	253.17	307.48	369.25	88.00	-153.92	72.98	175.30	239.13	110.74	494.72
Diluted EPS VND per share	360.64	116.09	253.17	307.48	369.25	88.09	-153.92	72.98	175.30	239.13	110.74	494.72

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,189.2	2,272.6	2,181.8	2,108.1	2,062.3	2,098.3	1,664.5	1,730.8	1,843.1	1,817.5	1,973.6	1,792.3
I. Cash and cash equivalents	247.2	396.8	335.8	291.7	130.2	186.4	126.2	138.5	120.0	297.7	334.5	224.1
1. Cash	84.1	236.6	160.8	161.2	75.0	113.2	64.9	71.9	30.0	48.7	93.5	81.1
2. Cash equivalents	163.1	160.2	175.0	130.5	55.2	73.2	61.3	66.5	90.0	249.0	241.0	143.0
II. Short-term financial investments	589.2	535.8	437.5	545.3	469.6	417.4	57.4	105.5	109.1	95.6	64.2	84.1
1. Available for sale securities	1.3	1.3	1.3	109.2	46.7	0.5	0.5	52.7	87.2	87.2	65.2	95.1
2. Provision for diminution in value of available for sale securities (*)	-0.5	-0.5	-0.5	-0.4	-1.6	-0.4	-0.4	-0.4	-4.3	-6.5	-7.0	-16.9
3. Held to maturity investments	588.5	535.0	436.7	436.4	424.4	417.3	57.3	53.2	26.2	15.0	6.0	5.9
III. Short-term receivables	513.7	539.1	714.3	680.3	888.5	840.8	759.9	794.0	808.4	782.1	788.4	663.4
1. Short-term trade accounts receivable	357.7	408.9	554.8	559.2	755.2	718.1	635.1	637.9	687.0	569.9	581.2	554.9
2. Short-term prepayments to suppliers	122.7	95.7	96.4	64.6	61.2	63.8	65.2	82.4	92.2	138.9	115.8	96.6
3. Short-term inter-company receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	13.3	13.3	—	—	7.5	9.0	4.0	4.0	4.0	4.0
6. Other short-term receivables	47.0	48.7	63.9	56.6	85.4	72.1	65.2	78.1	38.5	83.1	100.9	120.1
7. Provision for short-term doubtful debts (*)	-13.7	-14.3	-14.1	-13.8	-13.8	-13.7	-13.6	-13.8	-13.8	-13.8	-13.6	-112.3
8. Assets awaiting resolution	—	—	—	0.5	0.5	0.5	0.5	0.5	0.5	0.0	0.0	0.0
IV. Inventories	625.8	583.7	489.4	390.4	377.0	449.5	524.0	494.9	613.0	457.7	607.8	646.6
1. Inventories	625.8	583.7	489.4	390.4	377.0	449.5	524.0	494.9	613.0	457.7	607.8	646.6
2. Provision for decline in value of inventories	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	213.3	217.3	204.9	200.4	197.1	204.1	197.0	197.9	192.7	184.5	178.8	174.1
1. Short-term prepayments	2.9	6.2	1.2	3.0	1.5	5.9	2.0	3.3	0.8	2.7	5.2	5.6
2. Value added tax to be reclaimed	209.6	210.5	203.2	196.9	195.0	196.0	194.5	193.8	191.3	180.8	172.1	167.4
3. Taxes and other receivables from state authorities	0.5	0.6	0.5	0.5	0.5	2.2	0.6	0.7	0.6	1.0	1.5	1.1
4. Government bonds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.2	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,510.5	2,532.6	2,519.0	2,564.7	2,628.5	2,687.9	2,763.6	2,821.0	2,254.3	2,148.0	2,194.8	2,259.4
I. Long-term receivables	6.0	5.5	1.8	1.5	1.6	1.4	1.5	1.5	2.7	2.5	4.7	5.2
1. Long-term trade receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	6.0	5.5	1.8	1.5	1.6	1.4	1.5	1.5	2.7	2.5	4.7	5.2
7. Provision for long-term doubtful debts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,233.2	2,273.9	2,270.1	2,316.5	2,377.5	2,448.0	2,545.8	2,580.4	1,897.7	1,918.3	2,037.0	2,115.8
1. Tangible fixed assets	2,146.9	2,197.7	2,237.8	2,296.5	2,359.9	2,428.5	2,523.9	2,561.2	1,873.8	1,899.8	1,936.8	2,077.3
- Cost	3,694.5	3,749.0	—	—	—	—	3,758.7	3,705.8	2,837.6	2,788.2	2,740.9	2,766.4
- Accumulated depreciation	-1,547.5	-1,551.3	—	—	—	—	-1,234.9	-1,144.6	-963.7	-888.3	-804.1	-689.2
2. Financial leased fixed assets	79.7	69.9	25.7	13.5	16.0	17.7	20.0	17.2	21.8	18.5	30.3	38.5
- Cost	95.2	81.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-15.5	-11.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	6.6	6.4	6.5	6.5	1.7	1.8	1.9	2.0	2.1	0.0	69.9	0.0
- Cost	8.1	7.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.5	-1.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	42.7	25.0	22.2	23.3	23.8	10.6	9.4	87.9	34.5	22.4	21.0	10.5
1. Long-term production in progress	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	42.7	25.0	22.2	23.3	23.8	10.6	9.4	87.9	34.5	22.4	21.0	10.5
V. Long-term financial investments	42.9	42.9	42.9	42.9	43.9	43.9	43.0	43.0	232.1	116.5	117.3	112.9
1. Investments in subsidiaries	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	12.4	12.4	12.4	12.4	12.4	12.4	12.4	12.4	201.4	73.3	73.2	69.7
3. Investments in other entities	30.6	30.6	30.6	30.6	30.6	30.6	30.6	30.6	30.6	42.2	43.1	42.2
4. Provision for diminution in value of long-term investments	—	—	—	—	—	—	-0.9	-0.9	-0.9	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
6. Other long-term investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	185.7	185.3	182.0	180.4	181.6	183.9	163.9	108.1	87.4	88.2	14.9	15.1
1. Long-term prepayments	110.0	110.6	110.3	108.2	109.6	110.0	85.1	81.6	82.8	83.6	10.2	10.5
2. Deferred income tax assets	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.4	2.4	2.4	2.6	2.4
3. Long-term equipment, supplies, spare parts	1.5	2.9	2.9	2.9	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2
4. Other long-term assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	71.7	69.3	66.4	66.9	67.3	69.3	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	—	74.1	21.9	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,699.7	4,805.2	4,700.8	4,672.8	4,690.8	4,786.3	4,428.1	4,551.8	4,097.4	3,965.5	4,168.5	4,051.8
A. LIABILITIES (300=210+330)	2,686.2	2,839.1	2,821.0	2,913.3	2,961.9	3,097.6	2,745.2	2,848.6	2,521.7	2,406.4	2,626.2	2,523.1
I. Short -term liabilities	1,209.0	1,307.6	1,180.5	1,124.0	1,093.0	1,174.8	1,268.6	1,366.6	1,367.9	1,223.7	1,412.8	1,269.6
1. Short-term trade accounts payable	125.5	186.1	165.2	174.6	176.6	156.3	182.3	251.7	264.9	229.0	295.6	264.9
2. Short-term advances from customers	430.1	414.4	431.7	342.7	259.9	284.6	274.7	161.9	256.6	287.6	310.6	512.0
3. Dividends and profits payable	7.7	0.5	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	22.6	10.8	25.1	19.3	14.8	5.3	19.2	11.9	7.0	5.3	25.5	15.9
4. Payable to employees	16.5	23.6	33.3	12.3	20.1	19.6	25.4	18.6	30.1	16.3	32.5	19.7
5. Short-term acrrued expenses	47.9	43.4	71.4	58.3	73.2	45.5	56.6	40.9	32.1	85.8	309.8	19.7
6. Short-term inter-company payables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	28.4	60.2	27.0	22.9	58.8	47.3	26.9	44.3	67.8	100.1	89.8	53.4
10. Short-term borrowings and financial leases	506.3	529.0	402.8	469.7	465.6	592.2	659.4	813.3	685.3	475.4	324.9	359.8
11. Provision for short-term liabilities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0
13. Price stabilization fund	—	15.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,477.2	1,531.5	1,640.5	1,789.3	1,868.9	1,922.7	1,476.5	1,482.0	1,153.8	1,182.7	1,213.3	1,253.5
1. Long-term trade payables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	5.7	2.1	1.5	0.9	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	—	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	0.1	0.1	0.1	0.1
8. Long-term borrowings and financial leases	1,462.2	1,512.4	1,587.5	1,745.8	1,831.1	1,887.9	1,424.1	1,434.6	1,055.7	1,077.0	1,092.7	1,129.3
9. Convertible bonds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts) VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	2.9	7.0	19.6	15.0	11.3	11.2	11.5	11.4	10.9	11.9	2.5	12.7
12. Provision for long-term liabilities	12.1	12.2	27.6	26.3	24.9	22.7	40.9	36.0	87.2	93.8	118.1	111.4
13. Fund for technology development	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,013.5	1,966.1	1,879.8	1,759.5	1,728.9	1,688.7	1,683.0	1,703.2	1,575.8	1,559.1	1,542.3	1,528.7
I. Owner's equity	2,013.5	1,966.1	1,879.8	1,759.5	1,728.9	1,688.7	1,683.0	1,703.2	1,575.8	1,559.1	1,542.3	1,528.7
1. Owner's capital	1,040.9	1,040.9	1,040.9	1,040.9	991.3	991.3	991.3	991.3	940.0	940.0	940.0	940.0
- Common stock with voting right VND per share	1,040,889,920,000.00	1,040,889,920,000.00	1,040,889,920,000.00	1,040,889,920,000.00	991,343,310,000.00	991,343,310,000.00	991,343,310,000.00	991,343,310,000.00	939,973,690,000.00	939,973,690,000.00	939,973,690,000.00	939,973,690,000.00
- Preferred stock VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-1.8	-1.8	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.4	-1.4	-1.4	-1.4
3. Convertible bond option	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	140.3	134.0	134.0	71.5	71.5	71.5	69.3	18.4	18.4	18.4	18.4	18.4
5. Treasury shares VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4
9. Fund to support corporate restructuring	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	334.0	282.2	270.8	321.6	344.8	309.3	284.5	369.2	411.4	393.9	385.0	374.1
- Accumulated retained earning at the end of the previous period	284.4	270.1	172.7	249.9	299.5	300.6	307.7	320.3	372.4	371.5	292.3	291.8
- Undistributed earnings in this period	49.6	12.1	98.1	71.7	45.3	8.7	-23.2	48.9	39.0	22.5	92.7	82.3
12. Reserves for investment in construction	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	488.7	499.4	424.2	315.6	311.3	306.7	328.0	314.3	196.0	196.7	188.9	186.1
14. Financial reserves	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,699.7	4,805.2	4,700.8	4,672.8	4,690.8	4,786.3	4,428.1	4,551.8	4,097.4	3,965.5	4,168.5	4,051.8

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Profit Before Tax	38.3	18.7	42.0	40.2	44.3	10.0	-5.6	12.1	19.4	31.3	15.0	59.3
Depreciation of Fixed Assets and Investment Property	48.8	50.2	78.5	63.5	77.7	70.2	73.0	92.4	61.4	61.3	93.0	47.2
Provision (Increase)/Reversal	-16.0	0.1	1.8	0.2	3.6	1.7	4.7	-54.2	-8.8	-24.8	-101.7	-62.9
FX Gain/Loss from Revaluation of Monetary Items	-0.6	-0.8	4.8	2.8	-1.7	0.8	2.0	16.2	-5.9	-10.6	9.6	-13.2
Gain/Loss from Investment Activities	-15.8	-1.1	14.6	-9.1	-5.4	-2.5	-0.1	-1.5	-1.3	-1.5	-1.2	-1.5
Interest Expense	39.5	27.2	33.0	39.5	39.7	34.4	36.6	53.6	27.8	27.3	28.7	34.2
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	94.1	94.3	174.6	137.1	158.1	114.6	110.6	118.6	92.6	83.0	43.4	63.1
Increase/(Decrease) in Receivables	25.8	138.7	-37.7	357.2	-181.2	-91.4	-19.8	58.8	-99.5	-5.3	-33.3	-29.1
Increase/(Decrease) in Inventory	-42.1	-91.3	-102.5	-13.5	72.6	54.5	-29.1	118.1	-155.3	12.6	176.4	-215.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-71.0	-8.1	109.2	-140.6	214.6	-20.1	60.7	-35.3	-50.3	-163.9	52.5	234.7
Increase/(Decrease) in Prepaid Expenses	3.9	-5.3	-0.4	-0.0	4.8	-1.3	-2.1	-1.4	2.8	-1.0	-69.2	-1.4
Changes in Trading Securities	—	—	—	—	—	—	52.2	34.5	0.0	-22.0	29.9	-53.9
Interest Paid	-40.4	-26.8	-39.9	-26.5	-49.9	-28.5	-30.4	-51.4	-27.5	-28.0	-29.1	-38.5
Corporate Income Tax Paid	-0.2	-20.7	-4.5	-0.7	-0.5	-12.2	-1.1	-0.7	-0.8	-22.6	-2.2	-1.2
Other Operating Receipts	—	—	—	—	—	—	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
Net Cash Flow from Operating Activities	-29.9	80.7	206.8	250.5	172.3	15.6	140.8	241.1	-238.1	-147.2	168.4	-41.4
Payments for Fixed Assets and Other Long-term Assets	-11.9	1.0	-55.3	24.4	-46.7	4.6	12.5	-811.3	-3.1	-17.2	11.6	-5.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.3	—	0.2	1.1	0.0	1.0	0.0	0.0	0.1	0.1	0.1	-0.4
Loans and Purchases of Debt Instruments	-53.5	-85.0	-34.5	-12.8	-19.6	-365.5	-2.6	-10.0	-33.2	0.0	-0.1	18.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	47.5	-19.5	20.5	—	0.0	-36.0	36.0	0.0	0.0	-22.5
Investments in Other Entities	—	—	—	—	—	—	0.0	116.0	-116.0	0.0	0.0	-0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	12.3	14.5	11.1	-8.3	7.8	-5.1	1.3	-2.5	2.6	1.5	1.8	1.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-46.8	-69.5	-30.9	-15.2	-38.0	-365.0	11.3	-743.8	-113.7	-15.7	13.3	-8.3
Proceeds from Equity Issuance and Capital Contributions VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	337.6	299.7	68.0	387.1	47.9	688.8	247.4	988.4	373.8	440.7	218.4	395.8
Repayment of Borrowings	-351.0	-230.8	-199.3	-464.2	-228.7	-288.5	-404.6	-452.4	-200.6	-294.0	-317.3	-335.8
Repayment of Finance Leases	-59.6	-19.3	-0.2	-6.7	0.1	-3.6	-7.1	-15.2	1.4	-11.8	18.3	-35.5
Dividends Paid	—	—	—	—	—	—	0.0	0.3	-0.3	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-72.9	49.6	-131.4	-83.9	-180.7	396.6	-164.4	521.1	174.3	134.9	-80.6	24.5
Net Cash Flow During the Period	-149.6	60.8	44.4	151.5	-46.4	47.2	-12.3	18.4	-177.4	-28.0	101.1	-25.2
Cash and Cash Equivalents at Beginning of Period	396.8	336.0	291.7	140.1	186.4	139.2	325.5	325.5	325.5	325.5	210.7	210.7
FX Difference from Revaluation	0.0	0.0	0.0	0.2	0.1	0.0	0.0	0.0	-0.2	0.2	0.3	-0.3
Cash and Cash Equivalents at End of Period	247.2	396.8	336.0	291.7	140.1	186.4	126.2	138.5	120.0	297.7	325.5	224.1

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Where does this stock stand
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Is the portfolio
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What other opportunities
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