The financial statements of SZL

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	534.8	488.2	441.1	410.4	387.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	534.8	488.2	441.1	410.4	387.8
Cost of Goods Sold	324.8	326.3	288.5	276.1	0.0
Gross Profit	210.0	161.9	152.6	134.3	138.5
Financial Income	28.4	24.8	25.1	31.5	27.4
Financial Expenses	4.1	3.9	2.8	0.7	-0.5
Interest Expense	4.1	3.9	2.8	0.7	-0.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	5.0	4.4	3.8	2.9	-2.6
General and Administrative Expenses	59.7	44.9	46.3	44.4	-40.6
Operating Profit	169.6	133.5	124.9	117.8	122.2
Other Income	7.4	2.9	3.1	1.2	0.0
Other Expenses	6.1	10.0	0.0	0.1	0.0
Other Profit	1.3	-7.2	3.1	1.1	1.3
Profit Before Tax	170.9	126.4	128.0	118.9	123.5
Current Income Tax Expense	37.3	23.5	25.1	19.5	-22.4
Deferred Income Tax Expense	-7.1	-1.7	-0.7	0.2	0.0
Net Income	140.7	104.6	103.6	99.2	101.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	140.7	104.6	103.6	99.2	101.1
Earnings per Share VND per share	4,116.00	3,059.00	3,034.00	4,364.00	4,447.00
Diluted EPS VND per share	4,116.00	3,059.00	3,034.00	4,961.82	5,056.16

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	237.2	277.7	423.8	497.6	370.2
I. Cash and cash equivalents	37.6	51.3	173.6	172.3	114.4
1. Cash	37.6	51.3	46.0	80.3	0.0
2. Cash equivalents	—	0.0	127.6	92.0	0.0
II. Short-term financial investments	20.0	20.0	70.0	177.0	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	20.0	20.0	70.0	177.0	0.0
III. Short-term receivables	42.3	78.9	54.4	59.8	100.6
1. Short-term trade accounts receivable	27.3	20.5	23.8	22.1	0.0
2. Short-term prepayments to suppliers	14.2	9.1	1.8	3.0	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	12.1	55.3	34.5	40.2	0.0
7. Provision for short-term doubtful debts (*)	-11.3	-6.2	-5.7	-5.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	117.5	117.3	116.2	77.7	77.4
1. Inventories	117.5	117.3	116.2	77.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	19.7	10.2	9.6	10.9	7.9
1. Short-term prepayments	6.5	6.7	0.8	0.0	0.0
2. Value added tax to be reclaimed	13.2	3.5	6.3	10.9	0.0
3. Taxes and other receivables from state authorities	—	0.0	2.5	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)	1,790.8	1,608.2	1,491.7	1,470.6	1,319.6
I. Long-term receivables	3.7	3.7	3.7	3.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.7
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	3.7	3.7	3.7	3.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	193.1	186.3	202.4	223.6	119.0
1. Tangible fixed assets	192.9	186.0	202.0	223.2	119.0
- Cost	654.1	623.6	616.4	612.5	0.0
- Accumulated depreciation	-461.2	-437.6	-414.3	-389.3	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	0.1	0.2	0.3	0.5	0.0
- Cost	1.3	1.3	1.3	1.3	0.0
- Accumulated depreciation	-1.2	-1.1	-1.0	-0.9	0.0
III. Investment properties	524.8	497.8	501.7	363.5	374.2
- Cost	1,011.9	926.3	876.4	692.8	0.0
- Accumulated depreciation	-487.1	-428.5	-374.6	-329.3	0.0
IV. Long-term assets in progress	377.3	315.2	296.5	385.4	326.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	377.3	315.2	296.5	385.4	0.0
V. Long-term financial investments	398.0	391.8	270.8	270.8	270.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	104.5	104.5	104.5	104.5	0.0
3. Investments in other entities	293.5	287.3	166.3	166.3	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	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	294.0	213.5	216.6	223.5	0.0
1. Long-term prepayments	283.1	209.7	214.5	222.1	0.0
2. Deferred income tax assets	10.8	3.8	2.1	1.4	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	225.4
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)	2,028.0	1,885.9	1,915.6	1,968.2	1,689.9
A. LIABILITIES (300=210+330)	1,345.5	1,255.8	1,294.9	1,374.4	1,097.4
I. Short -term liabilities	244.8	205.2	182.9	170.6	130.6
1. Short-term trade accounts payable	35.7	18.5	35.3	69.1	24.6
2. Short-term advances from customers	3.3	2.5	2.6	1.1	7.2
3. Taxes and other payables to state authorities	3.6	3.4	0.3	0.3	0.0
4. Payable to employees	11.1	4.6	4.3	4.2	0.0
5. Short-term acrrued expenses	45.4	45.5	5.0	8.2	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	31.2	25.6	25.6	25.7	25.7
9. Other short-term payables	22.5	6.7	12.7	19.0	0.0
10. Short-term borrowings and financial leases	73.2	78.9	78.9	20.2	11.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	18.8	19.5	18.3	23.0	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	1,100.7	1,050.6	1,112.0	1,203.7	966.9
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	13.6	16.1	18.6	6.1	7.1
3. Long-term acrrued expenses	8.2	9.4	10.5	6.9	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	649.8	619.4	645.0	670.7	696.3
7. Other long-term liabilities	292.8	275.2	261.4	282.4	0.0
8. Long-term borrowings and financial leases	136.3	130.5	176.4	237.7	6.9
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	—	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)	682.5	630.1	620.6	593.8	592.4
I. Owner's equity	682.5	630.1	620.6	593.8	0.0
1. Owner's capital	291.1	291.1	291.1	200.0	592.4
- Common stock with voting right VND per share	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock VND per share	—	0.00	0.00	0.00	0.00
2. Share premium	5.5	5.5	5.5	4.0	4.0
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 VND per share	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,812,874,949.00	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
8. Investment and development fund	94.8	84.4	74.0	155.2	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	313.3	271.4	272.3	257.4	266.1
- Accumulated retained earning at the end of the previous period	172.6	166.8	190.6	176.3	165.0
- Undistributed earnings in this period	140.7	104.6	81.7	81.0	101.1
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)	2,028.0	1,885.9	1,915.6	1,968.2	1,689.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	170.9	126.4	128.0	118.9	123.5
Depreciation of Fixed Assets and Investment Property	81.5	76.6	69.5	61.1	58.8
Provision (Increase)/Reversal	5.1	0.5	1.0	1.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-27.9	-24.9	-25.1	-31.8	0.0
Interest Expense	4.1	3.9	2.8	0.7	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	233.6	182.5	176.1	150.5	155.7
Increase/(Decrease) in Receivables	21.9	-23.0	0.5	31.3	0.0
Increase/(Decrease) in Inventory	0.1	-1.0	-38.5	-0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	119.3	43.1	58.7	32.1	0.0
Increase/(Decrease) in Prepaid Expenses	-73.3	-1.1	6.9	2.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-4.0	-4.0	-2.7	-0.7	0.0
Corporate Income Tax Paid	-37.1	-20.2	-27.8	-20.0	0.0
Other Operating Receipts	0.1	0.1	0.0	0.2	0.0
Other Operating Payments	-12.9	-12.8	-12.8	-17.7	0.0
Net Cash Flow from Operating Activities	247.7	163.7	160.4	178.1	102.1
Payments for Fixed Assets and Other Long-term Assets	-201.9	-140.1	-220.5	-197.2	-314.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.2	0.0	0.3	0.0
Loans and Purchases of Debt Instruments	—	-26.0	-161.0	-172.0	-45.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	76.0	268.0	65.0	86.3
Investments in Other Entities	-6.2	-121.0	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	28.3	25.7	31.1	35.2	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	-179.6	-185.2	-82.4	-268.7	-242.2
Proceeds from Equity Issuance and Capital Contributions VND per share	—	0.00	1,974,970,000.00	0.00	0.00
Share Repurchases VND per share	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	79.0	35.9	46.1	255.9	16.8
Repayment of Borrowings	-78.9	-81.9	-48.5	-16.8	-8.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-82.0	-54.7	-76.4	-90.9	-54.5
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	-81.8	-100.7	-76.9	148.2	-45.9
Net Cash Flow During the Period	-13.7	-122.2	1.1	57.5	2.3
Cash and Cash Equivalents at Beginning of Period	51.3	173.6	172.3	114.4	300.5
FX Difference from Revaluation	0.0	-0.1	0.3	0.4	-0.1
Cash and Cash Equivalents at End of Period	37.6	51.3	173.6	172.3	114.4

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	157.9	138.9	132.5	135.6	137.5	125.1	123.5	124.4	125.0	115.2	126.5	103.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	157.9	138.9	132.5	135.6	137.5	125.1	123.5	124.4	125.0	115.2	126.5	103.9
Cost of Goods Sold	103.0	82.5	77.8	84.2	86.1	76.7	75.5	90.2	85.8	74.8	75.9	70.7
Gross Profit	54.9	56.4	54.7	51.4	51.4	48.4	48.1	34.2	39.2	40.4	50.5	33.3
Financial Income	0.6	0.4	19.2	0.3	8.6	0.3	3.6	6.8	12.9	1.5	7.9	8.5
Financial Expenses	1.5	1.0	1.3	1.3	0.9	0.5	0.8	1.0	1.2	0.9	1.2	0.9
Interest Expense	1.5	1.0	1.3	1.3	0.9	0.5	0.8	1.0	1.2	0.9	1.2	0.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.4	1.1	1.2	1.7	1.1	1.1	1.2	0.9	1.1	1.2	0.6	2.3
General and Administrative Expenses	12.7	14.4	19.4	10.3	12.2	13.4	13.8	10.1	9.6	11.4	15.3	9.7
Operating Profit	40.0	40.3	52.1	38.4	45.9	33.6	35.8	29.1	40.2	28.4	41.3	28.8
Other Income	0.1	0.0	4.1	2.9	0.1	0.4	1.9	0.1	0.2	0.7	0.0	0.0
Other Expenses	0.0	0.1	1.3	0.1	3.7	0.9	10.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.1	-0.1	2.8	2.7	-3.7	-0.5	-8.2	0.1	0.2	0.7	0.0	0.0
Profit Before Tax	40.0	40.3	54.9	41.1	42.2	33.2	27.6	29.2	40.4	29.1	41.3	28.8
Current Income Tax Expense	8.2	8.1	7.5	8.3	7.6	6.7	7.2	4.6	5.7	5.9	7.9	5.2
Deferred Income Tax Expense	0.1	0.1	0.1	0.1	0.1	0.1	-1.9	0.1	0.1	0.1	-0.9	0.0
Net Income	31.8	32.1	47.2	32.7	34.6	26.4	22.3	24.5	34.6	23.2	34.3	23.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	31.8	32.1	47.2	32.7	34.6	26.4	22.3	24.5	34.6	23.2	34.3	23.6
Earnings per Share VND per share	921.00	940.00	1,382.00	958.00	1,011.00	773.00	652.00	716.00	1,013.00	678.00	1,004.00	1,039.00
Diluted EPS VND per share	1,090.61	1,103.33	1,622.48	1,124.70	1,187.17	907.73	765.32	840.80	1,189.72	795.88	1,177.10	1,181.49

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)	404.2	386.0	237.2	263.1	352.1	321.1	257.7	284.5	322.5	317.9	423.8	453.3
I. Cash and cash equivalents	109.0	119.8	37.6	14.8	85.1	90.4	51.3	85.1	86.9	112.8	173.6	95.6
1. Cash	79.0	101.8	37.6	14.8	85.1	90.4	51.3	85.1	76.9	39.4	46.0	38.6
2. Cash equivalents	30.0	18.0	—	—	—	0.0	0.0	0.0	10.0	73.4	127.6	57.0
II. Short-term financial investments	44.0	20.0	20.0	20.0	20.0	20.0	0.0	0.0	46.0	31.0	70.0	164.0
1. Available for sale securities	—	—	—	—	—	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
3. Held to maturity investments	44.0	20.0	20.0	20.0	20.0	20.0	0.0	0.0	46.0	31.0	70.0	164.0
III. Short-term receivables	110.4	101.6	42.3	99.6	116.7	76.4	78.9	74.5	68.1	54.6	54.4	66.9
1. Short-term trade accounts receivable	34.9	28.2	27.3	30.3	34.2	23.1	20.5	22.7	25.9	23.1	23.8	24.0
2. Short-term prepayments to suppliers	84.0	72.2	14.2	24.3	25.4	4.2	9.1	23.9	2.1	3.4	1.8	7.3
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.8	12.4	12.1	55.6	63.3	55.3	55.3	33.6	45.8	33.8	34.5	41.0
7. Provision for short-term doubtful debts (*)	-11.3	-11.3	-11.3	-10.6	-6.2	-6.2	-6.2	-5.7	-5.7	-5.7	-5.7	-5.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	117.8	117.2	117.5	116.6	116.4	116.7	117.3	116.4	116.1	116.3	116.2	116.3
1. Inventories	117.8	117.2	117.5	116.6	116.4	116.7	117.3	116.4	116.1	116.3	116.2	116.3
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	23.0	27.4	19.7	12.1	13.9	17.5	10.2	8.5	5.4	3.2	9.6	10.5
1. Short-term prepayments	15.2	20.1	6.5	10.5	13.1	14.8	6.7	8.1	4.6	2.5	0.8	2.0
2. Value added tax to be reclaimed	7.7	7.3	13.2	1.6	0.8	2.7	3.5	0.4	0.8	0.7	6.3	8.5
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	2.5	0.0
4. Government bonds	—	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,851.7	1,793.9	1,790.8	1,660.0	1,660.4	1,630.2	1,628.2	1,594.1	1,590.8	1,598.7	1,491.7	1,481.0
I. Long-term receivables	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7
1. Long-term trade receivables	—	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	196.1	193.7	193.1	192.4	180.2	185.6	186.3	187.7	192.8	197.2	202.4	207.0
1. Tangible fixed assets	196.0	193.6	192.9	192.2	180.0	185.4	186.0	187.4	192.5	196.9	202.0	206.6
- Cost	669.4	660.9	—	—	—	628.8	623.6	619.6	618.7	617.1	616.4	614.9
- Accumulated depreciation	-473.4	-467.3	—	—	—	-443.4	-437.6	-432.2	-426.2	-420.3	-414.3	-408.3
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.4
- Cost	1.3	1.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.2	-1.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	594.3	559.4	524.8	527.6	508.9	487.0	497.8	508.0	522.8	526.2	501.7	481.7
- Cost	1,113.6	1,062.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-519.3	-502.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	367.3	345.7	377.3	319.8	356.5	350.1	315.2	271.3	266.1	264.9	296.5	300.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	367.3	345.7	377.3	319.8	356.5	350.1	315.2	271.3	266.1	264.9	296.5	300.2
V. Long-term financial investments	398.0	398.0	398.0	391.8	391.8	391.8	411.8	411.8	391.8	391.8	270.8	270.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	104.5	104.5	104.5	104.5	104.5	104.5	104.5	104.5	104.5	104.5	104.5	104.5
3. Investments in other entities	293.5	293.5	293.5	287.3	287.3	287.3	287.3	287.3	287.3	287.3	166.3	166.3
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	20.0	20.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	292.3	293.4	294.0	224.7	219.2	212.1	213.5	211.7	213.6	215.0	216.6	217.5
1. Long-term prepayments	281.6	282.6	283.1	213.8	208.3	208.4	209.7	209.8	211.6	212.9	214.5	216.3
2. Deferred income tax assets	10.7	10.8	10.8	10.9	11.0	3.7	3.8	1.9	2.0	2.0	2.1	1.2
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	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
5. Goodwill	—	—	—	—	—	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
TOTAL ASSETS (280=100+200)	2,256.0	2,179.9	2,028.0	1,923.1	2,012.5	1,951.3	1,885.9	1,878.6	1,913.3	1,916.6	1,915.6	1,934.3
A. LIABILITIES (300=210+330)	1,488.1	1,462.8	1,345.6	1,287.9	1,409.7	1,294.8	1,254.3	1,238.4	1,297.6	1,272.8	1,294.9	1,331.8
I. Short -term liabilities	275.1	261.9	244.9	254.3	350.9	261.6	203.7	194.5	233.8	193.7	182.9	212.3
1. Short-term trade accounts payable	36.1	24.7	35.7	21.6	32.1	45.3	18.5	11.3	13.7	15.0	35.3	33.0
2. Short-term advances from customers	2.6	0.8	3.3	2.5	0.6	0.8	2.5	2.6	2.6	2.6	2.6	0.4
3. Dividends and profits payable	0.3	0.3	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	7.2	18.4	3.6	26.4	24.0	16.9	3.4	18.7	3.0	5.1	0.3	7.2
4. Payable to employees	4.3	2.9	11.1	5.2	4.9	2.5	4.6	3.9	2.7	1.8	4.3	2.0
5. Short-term acrrued expenses	45.6	44.5	45.4	44.4	45.3	44.5	44.0	4.7	4.8	7.9	5.0	11.1
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	54.9	66.7	31.2	37.3	52.7	58.4	25.6	36.7	45.0	55.5	25.6	35.7
9. Other short-term payables	6.3	3.1	22.5	24.5	93.8	3.5	6.7	12.9	62.5	14.8	12.7	19.5
10. Short-term borrowings and financial leases	90.6	87.2	73.2	70.6	73.1	75.6	78.9	80.5	74.1	78.3	78.9	81.7
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	27.4	13.4	18.8	21.9	24.4	14.2	19.5	23.3	25.4	12.7	18.3	21.9
13. Price stabilization fund	—	—	—	—	—	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
II. Long-term liabilities	1,213.0	1,200.9	1,100.7	1,033.6	1,058.8	1,033.2	1,050.6	1,043.9	1,063.9	1,079.2	1,112.0	1,119.5
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	11.6	13.6	13.6	14.1	16.1	16.1	16.1	16.3	16.6	16.8	18.6	6.1
3. Long-term acrrued expenses	7.7	8.0	8.2	8.5	8.8	9.1	9.4	9.6	9.9	10.2	10.5	6.2
4. Inter-company payables on business capital	—	—	—	—	—	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
6. Long-term unearned revenue	726.7	734.4	649.8	600.2	606.6	613.0	619.4	625.8	632.2	638.5	645.0	651.4
7. Other long-term liabilities	299.0	297.2	292.8	288.1	281.1	280.7	275.2	257.4	256.1	259.2	261.4	277.3
8. Long-term borrowings and financial leases	168.1	147.6	136.3	122.7	146.3	114.3	130.5	134.7	149.0	154.4	176.4	178.4
9. Convertible bonds	—	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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
13. Fund for technology development	—	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	767.8	717.1	682.4	635.2	602.8	656.5	631.6	640.2	615.7	643.8	620.6	602.5
I. Owner's equity	767.8	717.1	682.4	635.2	602.8	656.5	631.6	640.2	615.7	643.8	620.6	602.5
1. Owner's capital	291.1	291.1	291.1	291.1	291.1	291.1	291.1	291.1	291.1	291.1	291.1	200.0
- Common stock with voting right VND per share	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	200,000,000,000.00
- Preferred stock VND per share	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	28.8	7.3	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.6
3. Convertible bond option	—	—	—	—	—	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
5. Treasury shares VND per share	-14,246,901,949.00	-21,693,106,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00
6. Assets revaluation differences	—	—	—	—	—	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
8. Investment and development fund	108.9	94.8	94.8	94.8	94.8	84.4	84.4	84.4	84.4	74.0	74.0	165.2
9. Fund to support corporate restructuring	—	—	—	—	—	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
11. Undistributed earnings after tax	353.2	345.5	313.3	266.0	233.6	297.8	272.9	281.5	257.0	295.5	272.3	254.1
- Accumulated retained earning at the end of the previous period	289.3	313.3	172.6	172.6	172.6	271.4	168.3	199.2	199.2	272.3	190.6	184.7
- Undistributed earnings in this period	63.9	32.1	140.6	93.4	61.0	26.4	104.6	82.3	57.8	23.2	81.7	69.3
12. Reserves for investment in construction	—	—	—	—	—	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
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,256.0	2,179.9	2,028.0	1,923.1	2,012.5	1,951.3	1,885.9	1,878.6	1,913.3	1,916.6	1,915.6	1,934.3

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	40.0	40.3	54.9	41.1	41.8	33.2	27.6	29.2	40.4	29.1	41.3	28.8
Depreciation of Fixed Assets and Investment Property	22.3	21.6	21.1	20.6	20.1	19.7	17.0	20.4	20.2	19.1	18.8	18.2
Provision (Increase)/Reversal	—	—	0.6	0.0	4.5	0.0	0.5	0.0	0.0	0.0	1.0	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	-0.0	-0.0	0.0	-0.0
Gain/Loss from Investment Activities	-0.6	-0.4	-19.2	-0.3	-9.0	0.5	-3.8	-6.8	-12.9	-1.5	-7.9	-8.5
Interest Expense	1.5	1.0	1.3	1.3	0.9	0.5	0.8	1.0	1.2	0.9	1.2	0.9
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	—	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
Operating Profit Before Changes in Working Capital	63.2	62.5	58.6	62.8	58.3	53.9	42.2	43.8	48.9	47.6	54.4	39.4
Increase/(Decrease) in Receivables	-9.0	-53.4	52.3	-3.1	-30.5	3.2	-8.0	-18.3	-1.4	7.1	4.2	-0.6
Increase/(Decrease) in Inventory	-0.6	0.3	-0.7	-0.2	0.3	0.6	-0.9	-0.3	0.2	-0.1	0.1	0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.9	177.6	30.1	5.0	37.6	46.6	-12.1	37.3	-16.0	32.2	-7.9	-1.1
Increase/(Decrease) in Prepaid Expenses	5.8	-13.0	-65.3	-3.0	1.8	-6.8	1.6	-1.7	-0.8	-0.2	3.0	3.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.4	-1.1	-1.1	-1.3	0.2	-1.6	-0.8	-1.0	-1.3	-0.9	-1.1	-0.9
Corporate Income Tax Paid	-12.1	-7.5	-15.9	-6.7	-7.3	-7.2	-12.3	0.0	-5.9	-1.9	-17.0	-6.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Other Operating Payments	-1.8	-5.4	-3.1	-2.5	-1.9	-5.4	-3.8	-2.1	-1.2	-5.7	-2.1	-3.3
Net Cash Flow from Operating Activities	51.1	160.0	55.0	51.0	58.4	83.4	5.8	57.7	22.4	78.2	33.7	30.8
Payments for Fixed Assets and Other Long-term Assets	-90.9	-106.0	-63.6	-19.5	-93.8	-25.0	-37.5	-42.0	-24.3	-36.8	-37.7	-56.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	0.0	0.0	0.4	0.0	0.2	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-24.0	—	—	—	—	0.0	0.0	0.0	-15.0	-11.0	0.0	-10.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	26.0	0.0	50.0	94.0	77.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-121.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.3	19.2	8.5	0.3	0.3	3.6	19.1	0.6	2.3	14.9	8.4
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	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
Net Cash Flow from Investing Activities	-114.5	-105.7	-50.6	-11.1	-93.2	-24.7	-33.8	3.1	-38.7	-116.4	71.1	19.3
Proceeds from Equity Issuance and Capital Contributions VND per share	28,900,740,903.00	2,484,260,000.00	—	—	—	0.00	0.00	0.00	0.00	0.00	-66,000,000.00	2,040,970,000.00
Share Repurchases VND per share	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	37.1	50.8	26.7	1.4	41.6	9.3	6.3	20.9	2.5	6.1	7.4	17.8
Repayment of Borrowings	-13.3	-25.5	-10.5	-27.4	-12.2	-28.8	-12.2	-28.8	-12.2	-28.8	-12.2	-26.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	—	2.2	-84.2	—	0.0	-0.1	-54.6	-0.0	-0.0	-21.9	-0.0
Other Financing Receipts	—	—	—	—	—	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
Net Cash Flow from Financing Activities	52.8	27.8	18.4	-110.2	29.5	-19.5	-5.9	-62.5	-9.6	-22.7	-26.7	-6.5
Net Cash Flow During the Period	-10.7	82.1	22.8	-70.3	-5.3	39.1	-33.8	-1.7	-25.9	-60.9	78.1	43.6
Cash and Cash Equivalents at Beginning of Period	119.8	37.6	14.8	85.1	90.4	51.3	173.6	173.6	173.6	173.6	172.3	172.3
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	0.0	-0.0	0.3
Cash and Cash Equivalents at End of Period	109.0	119.8	37.6	14.8	85.1	90.4	51.3	85.1	86.9	112.8	173.6	95.6

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Where does this stock stand
among the rest of your investments?

How much does this stock
contribute to the portfolio?

Is the portfolio
well balanced?

What other opportunities
or risks may be present?