VHM

Vinhomes ·HOSE ·2026Q1

▲ Showing improvement

Price

145,700

Latest close

03 Jun 2026

P/E 9.35x

P/B 2.19x

EPS 15,585

BVPS 66,427

ROE 25.8%

ROA 8.9%

Profit Margin 31.4%

Asset Turnover 0.28x

Equity Mult. 2.88x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, VHM is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. What is still missing is the ability to convert top-line growth into better profitability.

	                            
	                                TTM REVENUE
	                            
	                                    VND 203,566bn
	                                
+84.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 65,207bn
	                                
+79.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	153,270.9	102,323.2	103,556.7	62,392.6	85,094.0
Growth	+50%	-1%	+66%	-27%	—
Net Income	43,334.8	35,072.7	33,532.9	29,161.6	39,261.5
Net Margin	28.27%	34.28%	32.38%	46.74%	46.14%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	65,114.2	103,009.5	16,420.0	19,022.2	15,697.9	33,136.4	33,323.1	28,218.2	8,211.2	8,697.6	32,724.1	32,833.0
Growth	-37%	+527%	-14%	+21%	-53%	-1%	+18%	+244%	-6%	-73%	-0%	—
Net Income	25,625.4	26,798.0	4,435.6	8,348.2	2,652.0	14,103.7	8,980.1	10,608.7	904.2	891.4	10,723.5	9,713.9
Net Margin	39.35%	26.02%	27.01%	43.89%	16.89%	42.56%	26.95%	37.60%	11.01%	10.25%	32.77%	29.59%

Drivers of VHM's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 36,801.6bn

Finance costs ↑ 5,630.0bn

Tax ↑ 5,329.6bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 26,211.7bn

Tax ↑ 3,961.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 17.3% = 32.9% × 0.22 × 2.45

2026Q1 26.3% = 32.0% × 0.28 × 2.88

ROE rose from 17.3% to 26.3% — mainly driven by leverage, despite net margin moving in the opposite direction.

Net margin: 32.0% -0.9pp Asset turnover: 0.28x +0.07x Leverage: 2.88x +0.44x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 32.03%, falling 0.9pp. SG&A / Revenue fell 5.5pp and Gross margin rose 3.5pp improved but not enough to offset the weakness in Net financial result / Revenue fell 10.0pp (Other profit / Revenue rose 0.7pp still added support).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 32.03% −0.9pp

Gross Margin 35.36% +3.5pp

SG&A / Revenue 3.58% −5.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 18.7% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 18.72%, rising 5.2pp. That translates to 18.72 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.18x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 1.5pp; while invested capital expanded strongly by 74,241bn.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC 18.72% +5.2pp

NOPAT Margin 31.68% −1.5pp

Capital Turnover 0.59x +0.18x

Average Invested Capital 344,462.3bn +74,241.5bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is typical for the real estate sector — liabilities at 2.16x equity, net debt at 0.46x equity.

Development inventory ended the period at 131,414.6bn, about 16.7% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 34,495.5bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −50,792.0bn

Inventories increased → lower CFO: −83,659.8bn

Payables increased → higher CFO: +168,947.3bn

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.46x and interest coverage at 4.70x.

At present, short-term debt accounts for 34.2% of total debt, cash equals 22.1% of debt, and total debt stands at 162,066.8bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 22.1%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.46x +0.17x

Interest Coverage 4.70x +0.73x

Cash / Debt 22.1% −2.3pp

Short-term Debt / Total Debt 34.2% −3.8pp

CFO / NI 1.21x +1.71x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 41,189.1bn in 2025, against investing cash flow of -78,088.0bn.

Post-investment cash flow was negative +36,898.8bn. Financing cash flow was positive +58,080.6bn.

CFO / net income was 1.21x.

After spending +13,518.8bn on fixed-asset investment, the business generated trailing free cash flow of +64,254.9bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 77,773.7bn +94,000.6bn

Cash Capex 13,518.8bn +9,294.0bn

FCF TTM +64,254.9bn +84,706.6bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The next item to monitor is the earnings mix, when non-core contribution is 16.2%. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.21x. Even so, net financial result still accounts for 16.2% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	153,270.9	102,323.2	103,556.7	62,392.6	85,094.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	153,270.9	102,323.2	103,556.7	62,392.6	85,094.0
Cost of Goods Sold	106,928.4	69,355.9	67,850.1	31,696.3	0.0
Gross Profit	46,342.6	32,967.2	35,706.6	30,696.3	48,379.0
Financial Income	29,331.6	26,844.3	19,954.1	16,690.2	7,983.5
Financial Expenses	15,151.2	10,487.4	3,870.3	4,394.1	-2,738.4
Interest Expense	11,213.8	7,589.3	3,052.8	2,075.5	-2,333.1
Share of Associates and Joint Ventures	2.1	3.2	10.7	56.4	53.5
Selling Expenses	1,899.3	3,791.5	3,662.8	2,431.8	-2,301.0
General and Administrative Expenses	6,188.4	4,593.0	4,092.9	2,643.9	-3,188.5
Operating Profit	52,437.5	40,942.9	44,045.4	37,973.1	48,188.1
Other Income	1,371.1	1,163.6	784.7	1,133.7	0.0
Other Expenses	998.7	1,258.6	1,519.8	464.1	0.0
Other Profit	372.4	-95.0	-735.1	669.6	305.0
Profit Before Tax	52,809.9	40,847.9	43,310.3	38,642.7	48,493.1
Current Income Tax Expense	8,585.6	5,667.2	9,232.8	9,820.8	-9,231.6
Deferred Income Tax Expense	889.5	108.1	544.6	-339.7	0.0
Net Income	43,334.8	35,072.7	33,532.9	29,161.6	39,261.5
Non-controlling Interest	1,439.5	3,271.4	161.5	330.7	214.6
Profit Attributable to Parent	41,895.3	31,801.3	33,371.4	28,830.9	39,046.8
Earnings per Share	10,200.00	7,348.00	7,664.00	6,621.00	9,055.00
Diluted EPS	10,200.00	7,348.00	7,664.00	6,621.14	8,967.28

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	496,890.1	285,478.9	242,340.6	196,535.2	91,216.6
I. Cash and cash equivalents	49,961.9	28,780.1	14,103.2	10,816.8	4,823.7
1. Cash	18,741.9	21,633.8	13,121.8	1,844.9	0.0
2. Cash equivalents	31,220.0	7,146.3	981.4	8,971.9	0.0
II. Short-term financial investments	2,259.2	5,391.9	3,833.9	6,296.7	0.0
1. Available for sale securities	—	3,628.2	0.0	2,352.9	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	2,259.2	1,763.6	3,833.9	3,943.8	0.0
III. Short-term receivables	219,950.0	168,406.0	132,871.1	96,208.7	37,928.9
1. Short-term trade accounts receivable	23,488.1	19,307.9	19,513.0	15,044.2	0.0
2. Short-term prepayments to suppliers	67,413.4	23,593.4	17,430.7	14,830.4	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	4,404.9	8,429.9	4,944.6	5,039.3	0.0
6. Other short-term receivables	124,910.1	117,395.9	91,206.0	61,530.1	0.0
7. Provision for short-term doubtful debts (*)	-266.5	-321.1	-223.3	-235.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	131,414.6	54,696.0	55,317.7	64,362.4	28,542.8
1. Inventories	131,520.0	54,753.9	55,371.9	64,414.0	0.0
2. Provision for decline in value of inventories	-105.4	-57.9	-54.2	-51.6	0.0
V. Other short-term assets	93,304.5	28,204.9	36,214.7	18,850.6	15,139.7
1. Short-term prepayments	1,978.4	1,077.0	1,347.7	5,316.5	0.0
2. Value added tax to be reclaimed	2,397.3	1,230.5	873.2	462.7	0.0
3. Taxes and other receivables from state authorities	56.1	53.6	41.3	36.8	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	88,872.7	25,843.8	33,952.5	13,034.6	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	290,967.2	278,730.4	202,290.1	165,277.4	139,201.1
I. Long-term receivables	71,613.9	107,670.3	33,800.1	22,797.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	14,955.1
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	6,001.3	10,896.8	1,050.8	1,568.0	0.0
6. Other long-term receivables	65,612.5	96,773.5	32,749.3	21,229.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	22,356.4	14,622.2	11,671.4	9,339.8	7,455.5
1. Tangible fixed assets	21,268.6	13,573.1	10,619.0	8,225.1	6,705.9
- Cost	24,605.7	15,982.5	12,261.7	9,269.6	0.0
- Accumulated depreciation	-3,337.0	-2,409.4	-1,642.7	-1,044.4	0.0
2. Financial leased fixed assets	67.7	51.6	0.0	0.0	0.0
- Cost	69.0	54.0	0.0	0.0	0.0
- Accumulated depreciation	-1.3	-2.4	0.0	0.0	0.0
3. Intangible fixed assets	1,020.1	997.5	1,052.4	1,114.7	749.6
- Cost	1,484.8	1,388.0	1,381.3	1,368.9	0.0
- Accumulated depreciation	-464.7	-390.5	-328.9	-254.3	0.0
III. Investment properties	15,919.4	16,916.5	17,036.9	15,523.7	11,973.1
- Cost	18,724.1	19,137.7	18,824.5	16,933.4	0.0
- Accumulated depreciation	-2,804.7	-2,221.3	-1,787.6	-1,409.7	0.0
IV. Long-term assets in progress	95,922.4	81,990.5	60,790.1	50,683.3	44,696.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	95,922.4	81,990.5	60,790.1	50,683.3	0.0
V. Long-term financial investments	12,417.4	12,519.1	7,760.3	7,491.3	10,952.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	192.8	190.7	187.5	147.3	0.0
3. Investments in other entities	12,222.1	12,294.2	7,624.9	7,625.5	0.0
4. Provision for diminution in value of long-term investments	—	0.0	-52.1	-381.1	0.0
5. Held to maturity investments	2.5	34.2	0.0	99.7	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	72,737.7	45,011.9	71,231.3	59,442.0	0.0
1. Long-term prepayments	4,100.7	2,875.9	1,906.9	1,954.7	0.0
2. Deferred income tax assets	1,000.8	1,182.4	995.1	1,297.1	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	67,341.9	40,471.7	67,693.1	54,986.3	49,168.6
5. Goodwill	294.3	481.9	636.2	1,203.9	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	787,857.3	564,209.4	444,630.7	361,812.6	230,417.7
A. LIABILITIES (300=210+330)	538,640.6	343,465.4	261,994.4	213,290.8	98,718.5
I. Short -term liabilities	343,090.2	278,532.3	211,073.2	187,762.4	75,081.6
1. Short-term trade accounts payable	19,961.5	19,960.0	20,452.4	15,031.4	12,614.6
2. Short-term advances from customers	87,602.7	40,286.4	35,137.3	61,962.7	8,916.2
3. Taxes and other payables to state authorities	14,181.9	15,274.6	15,699.4	18,321.3	0.0
4. Payable to employees	—	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	60,793.7	39,485.6	33,490.7	25,088.7	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	317.0	405.3	520.7	514.8	607.8
9. Other short-term payables	116,577.3	128,360.6	87,253.6	51,461.9	0.0
10. Short-term borrowings and financial leases	43,376.9	34,276.5	18,289.6	15,330.1	250.8
11. Provision for short-term liabilities	279.3	483.4	229.5	51.3	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	195,550.4	64,933.1	50,921.1	25,528.4	23,636.9
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	6,486.0	6,159.3	0.0	0.0	0.0
3. Long-term acrrued expenses	66.2	305.5	439.7	414.6	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	364.1	497.5	770.9	917.2	1,207.8
7. Other long-term liabilities	81,470.1	7,221.1	7,770.5	267.9	0.0
8. Long-term borrowings and financial leases	102,945.9	47,015.7	38,393.9	20,876.3	19,668.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	2,171.9	1,464.0	1,168.7	926.0	0.0
12. Provision for long-term liabilities	2,046.2	2,270.0	2,377.5	2,126.4	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)	249,216.7	220,744.0	182,636.3	148,521.8	131,699.2
I. Owner's equity	249,216.7	220,744.0	182,636.3	148,521.8	0.0
1. Owner's capital	41,074.1	41,074.1	43,543.7	43,543.7	131,699.2
- Common stock with voting right	41,074,120,000,000.00	41,074,120,000,000.00	43,543,674,880,000.00	43,543,675,000,000.00	43,543,675,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-6,755.6	-6,755.6	1,260.0	1,260.0	1,260.0
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	—	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
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	1,116.3	1,111.3	1,106.3	475.9	0.0
11. Undistributed earnings after tax	202,644.2	167,205.8	133,391.8	99,933.6	83,050.1
- Accumulated retained earning at the end of the previous period	167,200.8	133,386.8	99,928.6	70,704.7	41,186.6
- Undistributed earnings in this period	35,443.4	33,819.0	33,463.1	29,228.9	41,863.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	11,137.6	18,108.3	3,334.5	3,308.6	3,316.0
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)	787,857.3	564,209.4	444,630.7	361,812.6	230,417.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	52,809.9	40,847.9	43,310.3	38,642.7	48,493.1
Depreciation of Fixed Assets and Investment Property	2,298.1	1,800.5	1,436.3	1,216.5	1,046.6
Provision (Increase)/Reversal	-353.9	206.0	153.5	1,114.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	43.7	245.8	156.8	-3.5	0.0
Gain/Loss from Investment Activities	-28,111.5	-24,574.3	-17,006.3	-13,710.1	0.0
Interest Expense	11,213.8	7,589.3	3,052.8	2,075.5	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	37,900.1	26,115.1	31,103.3	29,335.5	46,464.3
Increase/(Decrease) in Receivables	-17,468.9	-95,391.4	-48,765.0	-49,977.3	0.0
Increase/(Decrease) in Inventory	-77,166.0	7,568.8	-977.6	-30,770.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	117,528.1	59,350.7	24,225.0	94,343.9	0.0
Increase/(Decrease) in Prepaid Expenses	-2,137.1	-674.1	3,567.1	-3,998.6	0.0
Changes in Trading Securities	3,628.2	-1,500.0	2,352.9	-26.4	0.0
Interest Paid	-13,429.2	-6,976.8	-4,176.7	-3,768.6	0.0
Corporate Income Tax Paid	-7,666.2	-10,891.8	-5,812.2	-4,135.0	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	41,189.1	-22,399.5	1,516.9	31,003.5	13,277.9
Payments for Fixed Assets and Other Long-term Assets	-15,430.8	-10,645.1	-9,987.9	-18,299.0	-15,399.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	4,660.9	2,469.8	2,774.7	48.3	9.2
Loans and Purchases of Debt Instruments	-35,399.9	-17,790.6	-33,625.0	-7,989.3	-18,072.9
Receipts from Loan Repayments and Sale of Debt Instruments	46,089.4	8,289.3	33,769.2	10,476.3	14,464.3
Investments in Other Entities	-135,325.6	-38,422.6	-46,176.1	-54,766.8	-11,585.9
Proceeds from Investments in Other Entities	25,317.3	65,870.6	25,936.6	38,362.5	0.0
Dividends and Interest Income Received	32,000.8	15,613.1	8,676.6	5,339.2	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	-78,088.0	25,384.5	-18,632.0	-26,828.8	-18,462.8
Proceeds from Equity Issuance and Capital Contributions	—	22,000,000,000.00	5,700,000,000.00	0.00	6,514,952,000,000.00
Share Repurchases	—	-10,485,188,000,000.00	0.00	0.00	0.00
Proceeds from Borrowings	137,179.6	80,497.4	53,108.0	25,276.9	16,306.7
Repayment of Borrowings	-77,968.6	-57,737.0	-32,712.2	-13,876.8	-21,320.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-1,130.4	-605.2	0.0	-9,383.7	-5,206.3
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	58,080.6	11,692.0	20,401.5	2,016.3	-3,705.1
Net Cash Flow During the Period	21,181.8	14,676.9	3,286.4	6,191.0	319.0
Cash and Cash Equivalents at Beginning of Period	28,780.1	14,103.2	10,816.8	4,625.8	13,713.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	49,961.9	28,780.1	14,103.2	10,816.8	4,823.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	65,114.2	103,009.5	16,420.0	19,022.2	15,697.9	33,136.4	33,323.1	28,218.2	8,211.2	8,697.6	32,724.1	32,833.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	65,114.2	103,009.5	16,420.0	19,022.2	15,697.9	33,136.4	33,323.1	28,218.2	8,211.2	8,697.6	32,724.1	32,833.0
Cost of Goods Sold	33,744.7	69,387.0	13,954.3	14,498.4	10,540.0	21,179.9	23,571.9	19,904.0	6,436.8	7,815.4	17,767.2	19,617.9
Gross Profit	31,369.6	33,622.5	2,465.7	4,523.8	5,157.9	11,956.6	9,751.2	8,314.2	1,774.4	882.2	14,956.9	13,215.1
Financial Income	4,509.7	7,587.2	7,899.5	9,151.1	4,640.4	10,500.2	5,497.6	8,124.2	1,956.1	4,912.5	1,845.2	2,155.2
Financial Expenses	3,791.9	5,837.9	3,447.5	3,385.8	3,859.5	2,961.1	1,555.0	2,457.4	1,369.1	1,759.7	953.5	398.5
Interest Expense	2,561.0	2,788.1	2,699.1	2,808.1	3,641.5	2,538.7	1,508.3	1,464.5	1,066.1	1,013.8	716.3	784.7
Share of Associates and Joint Ventures	1.1	-0.3	0.9	0.6	1.0	0.9	0.7	0.7	0.9	11.1	-2.1	1.1
Selling Expenses	371.9	308.4	447.8	301.0	732.2	1,295.4	1,628.9	865.4	386.7	477.8	682.5	1,277.9
General and Administrative Expenses	941.9	2,431.9	1,230.7	1,246.2	1,372.5	2,281.0	1,108.6	779.7	525.0	2,421.1	635.9	572.1
Operating Profit	30,774.7	32,631.1	5,240.1	8,742.6	3,835.1	15,920.1	10,957.0	12,336.6	1,450.5	1,147.3	14,528.1	13,122.9
Other Income	69.6	417.9	579.1	500.9	272.1	84.3	276.2	238.5	404.3	250.6	54.9	-48.0
Other Expenses	117.5	63.2	398.9	137.8	267.6	151.7	396.6	327.1	438.5	74.7	376.8	541.6
Other Profit	-47.9	354.8	180.2	363.1	4.4	-67.4	-120.4	-88.6	-34.2	175.9	-321.9	-589.5
Profit Before Tax	30,726.8	32,985.8	5,420.4	9,105.6	3,839.5	15,852.7	10,836.6	12,248.0	1,416.3	1,323.1	14,206.2	12,533.3
Current Income Tax Expense	5,042.7	6,178.3	598.8	457.5	1,081.2	262.5	3,252.7	2,351.2	510.2	-614.8	3,487.5	3,295.0
Deferred Income Tax Expense	58.7	9.6	385.9	300.0	106.2	1,486.6	-1,396.2	-711.9	1.9	1,046.6	-4.8	-475.6
Net Income	25,625.4	26,798.0	4,435.6	8,348.2	2,652.0	14,103.7	8,980.1	10,608.7	904.2	891.4	10,723.5	9,713.9
Non-controlling Interest	73.4	71.8	251.7	794.7	-36.9	2,566.9	1,114.0	-175.1	19.5	0.0	28.8	61.5
Profit Attributable to Parent	25,551.9	26,726.2	4,183.9	7,553.4	2,689.0	11,536.8	7,866.1	10,783.8	884.7	891.4	10,694.8	9,652.5
Earnings per Share	6,221.00	6,506.83	1,018.63	1,839.00	655.00	2,674.00	1,806.00	2,477.00	203.00	190.00	2,456.00	2,217.00
Diluted EPS	6,220.94	6,506.83	1,018.63	1,838.98	654.66	2,808.78	1,806.48	2,476.56	203.00	204.70	2,456.10	2,216.73

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	517,760.3	500,834.7	436,436.6	379,834.9	259,860.1	287,465.9	302,730.5	249,057.9	255,295.7	240,250.0	215,057.9	197,504.8
I. Cash and cash equivalents	35,837.5	49,948.5	48,767.6	48,672.1	21,492.7	28,990.6	20,621.5	17,180.2	9,524.6	14,104.1	2,909.9	5,105.3
1. Cash	30,171.4	18,728.5	33,709.1	33,373.0	20,760.5	21,851.2	20,324.6	16,636.4	8,904.2	13,124.3	2,483.0	3,829.1
2. Cash equivalents	5,666.2	31,220.0	15,058.5	15,299.1	732.2	7,139.4	296.9	543.8	620.4	979.9	426.9	1,276.2
II. Short-term financial investments	10,288.2	2,259.2	2,116.7	3,437.0	3,346.8	3,270.3	3,802.1	3,674.1	3,629.3	3,832.8	4,638.6	4,332.3
1. Available for sale securities	—	—	—	1,500.0	1,500.0	1,500.0	0.0	0.0	0.0	0.0	597.6	351.9
2. Provision for diminution in value of available for sale securities (*)	10,213.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	2,259.2	2,116.7	1,937.0	1,846.8	1,770.3	3,802.1	3,674.1	3,629.3	3,832.8	4,041.0	3,980.4
5. Other short-term investments	75.0	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	225,589.1	215,216.4	218,408.2	210,690.2	149,281.2	171,858.1	187,108.8	137,014.2	152,936.6	126,607.4	121,815.2	122,995.9
1. Short-term trade accounts receivable	27,680.0	23,839.1	22,082.4	20,225.6	17,420.5	19,318.2	20,959.7	20,318.9	19,155.7	19,925.1	19,972.2	19,368.9
2. Short-term prepayments to suppliers	71,997.5	67,668.5	54,859.1	41,842.0	35,921.2	23,473.1	20,586.5	15,329.5	16,571.9	17,197.5	17,038.5	16,514.6
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	—	4,404.9	14,508.7	14,672.1	441.0	17,220.1	10,503.5	1,468.2	17,774.3	4,944.6	17,108.4	4,338.8
6. Other short-term receivables	126,172.3	119,559.5	127,227.7	134,334.7	95,932.7	112,050.7	135,279.0	100,120.3	99,658.3	84,763.3	68,022.3	83,008.6
7. Provision for short-term doubtful debts (*)	-260.7	-255.6	-269.7	-384.1	-434.2	-203.9	-219.9	-222.8	-223.5	-223.2	-326.1	-235.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	138,885.1	134,792.7	125,608.2	80,135.5	55,672.8	48,723.1	57,981.0	56,311.0	58,756.2	52,342.8	55,103.8	55,101.3
1. Inventories	138,990.6	134,898.1	125,690.0	80,210.0	55,730.7	48,780.7	58,034.2	56,363.9	58,808.5	52,379.7	55,168.9	55,183.8
2. Provision for decline in value of inventories	-105.4	-105.4	-81.8	-74.5	-57.9	-57.6	-53.2	-52.9	-52.3	-36.8	-65.2	-82.6
V. Other short-term assets	107,160.4	98,617.9	41,535.9	36,900.0	30,066.6	34,623.8	33,217.0	34,878.5	30,448.9	43,362.8	30,590.4	9,970.0
1. Short-term prepayments	1,885.2	2,007.7	1,727.5	1,420.7	1,271.9	1,175.1	2,160.2	2,399.7	1,868.7	1,444.3	2,204.3	2,578.0
2. Value added tax to be reclaimed	2,246.1	2,392.3	2,123.3	1,931.5	1,431.5	1,223.9	1,211.4	904.4	918.7	875.4	850.6	774.6
3. Taxes and other receivables from state authorities	33.7	31.4	—	124.1	53.6	53.8	41.1	41.2	41.2	41.3	50.7	49.8
4. Government bonds	—	—	386.7	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	102,995.4	94,186.5	37,298.4	33,423.7	27,309.6	32,171.0	29,804.2	31,533.4	27,620.2	41,001.8	27,484.8	6,567.6
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	352,214.2	285,540.5	331,828.0	278,207.0	301,643.5	273,258.2	221,953.9	245,402.8	209,189.0	207,110.8	201,981.6	198,844.5
I. Long-term receivables	43,127.5	68,617.8	72,204.4	80,542.6	123,489.4	100,341.5	49,668.4	58,434.7	33,582.3	34,063.7	36,794.6	33,985.1
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	—	6,001.3	10,859.9	19,574.3	17,988.8	2,066.8	4,509.2	10,930.6	240.0	1,050.8	4,135.8	15,080.4
6. Other long-term receivables	43,127.5	62,616.5	61,344.5	60,968.2	105,500.6	98,274.6	45,159.2	47,504.1	33,342.3	33,012.9	32,658.9	18,904.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	21,404.5	22,055.8	18,119.7	17,450.8	14,474.5	14,693.1	17,352.4	12,519.3	10,972.8	11,731.2	12,051.6	10,094.7
1. Tangible fixed assets	20,325.3	20,968.0	17,070.7	16,389.6	13,440.4	13,644.2	16,308.1	11,490.1	9,937.9	10,678.7	10,986.5	9,016.3
- Cost	23,928.6	—	—	—	—	16,056.2	19,128.4	13,439.9	11,668.9	12,322.8	12,472.2	10,321.3
- Accumulated depreciation	-3,603.3	—	—	—	—	-2,411.9	-2,820.2	-1,949.9	-1,731.0	-1,644.1	-1,485.7	-1,305.0
2. Financial leased fixed assets	73.6	67.7	70.2	69.7	48.9	51.4	26.2	0.0	0.0	0.0	0.0	0.0
- Cost	76.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1,005.6	1,020.1	978.8	991.4	985.2	997.5	1,018.1	1,029.2	1,034.9	1,052.5	1,065.1	1,078.4
- Cost	1,489.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-483.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	15,918.1	16,070.2	16,221.7	15,585.0	16,787.4	17,215.9	17,238.0	20,510.2	17,632.9	17,931.5	18,977.8	18,360.2
- Cost	18,798.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2,880.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	97,043.2	93,391.8	84,999.0	81,776.3	83,199.8	83,690.5	80,363.2	84,143.7	67,385.9	63,970.2	62,855.5	66,311.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	97,043.2	93,391.8	84,999.0	81,776.3	83,199.8	83,690.5	80,363.2	84,143.7	67,385.9	63,970.2	62,855.5	66,311.4
V. Long-term financial investments	56,183.7	12,417.8	12,435.0	12,495.7	12,502.8	12,849.3	9,736.4	10,374.9	8,021.4	7,760.3	7,323.4	7,372.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	193.9	192.8	193.2	192.2	191.6	190.7	189.8	189.1	188.4	187.5	176.3	178.4
3. Investments in other entities	41,043.2	12,222.1	12,222.1	12,284.2	12,294.2	12,294.2	9,513.4	10,158.3	7,831.5	7,624.9	7,097.4	7,094.3
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	-52.1	0.0	0.0
5. Held to maturity investments	14,946.5	2.9	19.8	19.2	16.9	364.4	33.2	27.5	1.5	0.0	49.7	99.7
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	118,537.1	72,987.1	127,848.1	70,356.7	51,189.6	44,468.0	47,595.6	59,420.1	70,995.9	71,017.7	62,929.0	61,619.0
1. Long-term prepayments	4,128.1	4,306.8	4,044.6	3,571.9	2,827.7	2,870.3	2,701.3	2,557.5	1,863.6	1,645.9	2,041.1	2,044.0
2. Deferred income tax assets	1,061.6	1,044.2	947.6	1,244.2	1,116.3	1,318.8	2,424.0	1,049.7	1,049.3	869.9	1,864.5	1,788.4
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	113,090.9	67,341.9	122,524.1	65,172.7	46,801.4	39,797.0	41,949.5	55,253.6	68,083.1	68,501.9	59,023.5	57,786.6
5. Goodwill	256.6	294.3	331.7	368.0	444.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	481.9	520.7	559.2	597.7	636.2	1,049.5	1,101.5
TOTAL ASSETS (280=100+200)	869,974.5	786,375.2	768,264.6	658,041.9	561,503.6	560,724.2	524,684.4	494,460.8	464,484.7	447,360.8	417,039.5	396,349.3
A. LIABILITIES (300=210+330)	597,132.3	538,469.6	533,334.9	427,430.5	338,107.5	340,281.2	308,718.6	287,678.2	268,268.5	264,991.3	236,175.0	226,245.7
I. Short -term liabilities	388,427.6	345,174.2	329,506.3	276,535.4	237,524.6	290,350.3	246,563.6	224,582.9	214,974.9	214,020.1	196,259.0	190,660.3
1. Short-term trade accounts payable	17,221.5	20,237.2	17,348.2	19,319.4	19,245.6	18,764.9	21,162.6	18,684.0	19,209.7	20,607.4	17,865.0	18,235.2
2. Short-term advances from customers	105,202.9	89,157.0	100,841.1	47,982.5	43,294.1	46,382.9	49,421.2	41,714.8	43,551.0	54,503.8	38,103.1	49,284.1
3. Dividends and profits payable	6.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	18,850.2	14,068.8	13,002.4	5,539.9	11,595.8	14,500.6	13,565.9	15,886.7	14,306.1	16,044.1	19,979.9	21,244.4
4. Payable to employees	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	67,719.9	60,369.1	42,043.4	45,211.6	35,317.7	40,647.5	42,455.5	39,119.5	31,212.6	35,215.8	35,686.3	34,904.9
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	427.5	262.4	314.3	276.4	416.1	430.3	493.8	396.1	323.1	520.7	839.5	584.8
9. Other short-term payables	123,200.0	117,383.5	107,234.1	111,581.1	93,745.0	125,971.6	94,713.1	82,532.5	81,585.8	68,491.4	69,987.3	48,895.4
10. Short-term borrowings and financial leases	55,456.9	43,376.9	48,372.8	46,258.0	33,423.8	43,306.5	24,201.7	25,892.8	24,400.9	18,289.6	13,637.8	17,380.6
11. Provision for short-term liabilities	342.6	319.3	349.9	366.4	486.5	346.0	549.7	356.4	385.8	347.3	160.2	131.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	208,704.7	193,295.5	203,828.6	150,895.1	100,582.9	49,930.8	62,155.0	63,095.3	53,293.5	50,971.2	39,916.0	35,585.4
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	10,054.3	5,220.3	7,035.5	11,058.7	5,916.3	0.0	0.0	4,612.7	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	180.3	24.5	1,607.1	446.5	326.9	316.0	432.4	611.6	441.2	439.7	43.0	114.4
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	287.5	422.1	354.2	455.7	420.0	472.5	532.3	695.9	910.2	770.9	864.8	935.1
7. Other long-term liabilities	87,232.8	80,732.8	97,795.5	90,754.6	35,578.3	7,313.1	9,295.1	8,926.0	8,984.5	7,770.5	5,821.7	5,050.0
8. Long-term borrowings and financial leases	106,610.0	102,878.9	93,117.0	44,093.3	54,525.9	37,985.7	47,969.2	44,645.7	39,496.1	38,393.9	29,488.4	25,988.3
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	2,291.5	2,035.4	2,022.7	1,932.0	1,504.2	1,445.9	1,623.9	1,358.6	1,224.8	1,172.2	1,103.2	1,052.9
12. Provision for long-term liabilities	2,048.3	1,981.5	1,896.6	2,154.4	2,311.3	2,397.8	2,302.2	2,244.8	2,236.9	2,424.0	2,594.9	2,444.8
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)	272,842.2	247,905.6	234,929.7	230,611.4	223,396.0	220,443.0	215,965.7	206,782.6	196,216.2	182,369.5	180,864.5	170,103.6
I. Owner's equity	272,842.2	247,905.6	234,929.7	230,611.4	223,396.0	220,443.0	215,965.7	206,782.6	196,216.2	182,369.5	180,864.5	170,103.6
1. Owner's capital	41,074.1	41,074.1	41,074.1	41,074.1	41,074.1	41,074.1	43,543.7	43,543.7	43,543.7	43,543.7	43,543.7	43,543.7
- Common stock with voting right	41,074,120,000,000.00	41,074,120,000,000.00	41,074,120,000,000.00	41,074,120,000,000.00	41,074,120,000,000.00	41,074,120,000,000.00	43,543,675,000,000.00	43,543,674,880,000.00	43,543,674,880,000.00	43,543,675,000,000.00	43,543,675,000,000.00	43,543,675,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-6,755.6	-6,755.6	-6,755.6	-6,755.6	-6,755.6	-6,755.6	1,260.0	1,260.0	1,260.0	1,260.0	1,260.0	1,260.0
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	—	—	—	—	—	0.00	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	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	—	—	—	—	—	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
10. Other funds from owner's equity	1,116.3	1,116.3	1,116.3	1,116.3	1,111.3	1,111.3	1,111.3	1,111.3	1,106.3	1,106.3	480.9	478.8
11. Undistributed earnings after tax	226,824.5	200,769.0	181,864.3	177,228.3	169,894.8	166,651.0	154,216.1	146,584.5	136,335.9	133,125.0	132,283.6	121,553.6
- Accumulated retained earning at the end of the previous period	202,644.2	167,200.8	167,200.8	167,205.8	167,205.8	133,386.8	133,386.1	133,344.3	133,391.6	99,999.5	99,983.8	99,933.6
- Undistributed earnings in this period	24,180.3	33,568.2	14,663.5	10,022.5	2,689.0	33,264.2	20,830.0	13,240.2	2,944.2	33,125.5	32,299.8	21,619.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	10,582.9	11,701.8	17,630.6	17,948.3	18,071.4	18,362.2	15,834.6	14,283.1	13,970.4	3,334.5	3,296.3	3,267.5
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)	869,974.5	786,375.2	768,264.6	658,041.9	561,503.6	560,724.2	524,684.4	494,460.8	464,484.7	447,360.8	417,039.5	396,349.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	30,726.8	34,517.0	5,420.4	9,033.0	3,839.5	16,264.7	10,836.6	12,342.8	1,416.3	1,389.9	14,206.2	12,640.2
Depreciation of Fixed Assets and Investment Property	613.4	777.2	402.7	629.7	488.5	349.2	530.4	370.2	420.7	390.6	408.4	324.5
Provision (Increase)/Reversal	59.6	180.5	-420.0	-271.8	157.4	-60.5	31.6	138.2	-38.0	-147.2	288.3	-169.5
FX Gain/Loss from Revaluation of Monetary Items	17.8	-149.7	-3.8	148.9	48.3	167.2	-161.8	225.9	0.0	-16.7	100.3	73.1
Gain/Loss from Investment Activities	-4,683.9	-7,571.9	-7,202.3	-9,258.2	-4,079.2	-8,498.6	-5,516.1	-8,184.9	-1,866.4	-2,720.3	-1,831.8	-1,882.7
Interest Expense	2,668.4	2,419.6	2,699.1	2,453.5	3,641.5	2,684.6	1,508.3	2,042.4	1,066.1	974.3	716.3	679.2
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	29,402.1	30,172.9	896.1	2,735.0	4,096.0	10,906.5	7,229.1	6,934.6	998.7	-129.4	13,887.7	11,664.7
Increase/(Decrease) in Receivables	-20,217.2	-1,560.8	-14,765.2	-14,248.8	13,105.9	-30,207.2	-30,756.6	-30,089.3	-1,302.6	-22,423.3	-4,626.0	-15,553.9
Increase/(Decrease) in Inventory	-7,470.5	-9,896.3	-50,281.1	-16,011.8	-976.8	-12,970.8	20,865.7	4,896.0	-3,342.6	-7,545.5	-27.0	6,031.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	38,409.6	-15,377.6	68,364.6	77,550.8	-13,009.6	35,598.7	3,729.6	15,893.5	1,583.2	20,693.4	11,085.1	-1,596.5
Increase/(Decrease) in Prepaid Expenses	65.8	-296.2	-575.3	-1,118.9	-146.7	722.5	-312.3	-759.3	-533.8	566.6	442.6	1,006.8
Changes in Trading Securities	—	—	—	—	—	-1,500.0	0.0	1.5	-1.5	547.6	-195.7	2,201.1
Interest Paid	-2,509.4	-4,298.5	-3,057.7	-2,434.1	-3,638.8	-3,526.3	-1,435.4	-2,514.6	-651.4	-1,625.7	-747.0	-1,235.3
Corporate Income Tax Paid	-460.0	-462.7	-266.9	-6,013.9	-922.7	-1,821.7	-7,012.2	-734.2	-1,323.6	344.9	-5,245.5	-606.7
Other Operating Receipts	—	—	—	—	—	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
Net Cash Flow from Operating Activities	37,220.1	-1,719.2	1,814.6	40,458.2	635.6	-2,798.4	-7,692.2	-6,371.9	-4,573.7	-9,571.3	14,574.2	1,911.8
Payments for Fixed Assets and Other Long-term Assets	-412.8	-8,261.0	-2,809.8	-2,035.2	-2,324.9	2,543.5	-3,836.7	-606.6	-10,005.5	2,281.7	-4,215.4	-3,760.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	616.3	2,157.3	432.7	1,949.5	121.4	1,010.1	1,983.8	-847.4	885.5	2,769.2	-44.1	49.6
Loans and Purchases of Debt Instruments	-16,470.3	-21,198.5	9,170.9	-16,004.5	-7,367.7	6,640.7	6,388.7	-18,742.9	-10,089.1	-11,853.0	-4,473.4	-6,136.3
Receipts from Loan Repayments and Sale of Debt Instruments	6,001.7	37,983.6	-179.3	86.4	8,198.7	-11,413.6	-9,313.2	24,562.5	2,198.2	24,590.9	4,952.0	2,277.2
Investments in Other Entities	-66,392.9	—	—	—	—	-2,022.9	-17,876.1	-10,242.2	-5,046.6	-28,935.0	-12,832.1	-3,328.1
Proceeds from Investments in Other Entities	9,273.1	7,898.0	3,886.0	11,365.5	2,167.8	15,833.0	23,966.5	9,285.0	14,761.3	13,976.0	-204.7	6,060.8
Dividends and Interest Income Received	1,352.7	12,468.2	1,915.6	17,019.4	597.5	260.8	7,713.7	3,656.9	1,370.4	4,972.3	180.9	2,031.5
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	-66,032.2	4,716.4	-52,720.1	-15,552.1	-14,532.2	12,851.6	9,026.6	7,065.4	-5,925.7	7,802.2	-16,636.8	-2,806.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	1,653,000,000.00	20,000,000,000.00	0.00	2,000,000,000.00	-11,000,000,000.00	0.00	15,700,000,000.00
Share Repurchases	—	—	—	—	—	-10,485,188,000,000.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	26,933.8	35,856.1	64,754.6	15,432.8	21,136.1	17,980.3	18,320.9	14,691.7	16,035.3	20,139.5	7,810.7	17,554.1
Repayment of Borrowings	-11,208.6	-36,631.2	-13,657.3	-13,153.2	-14,526.9	-9,180.9	-16,228.6	-7,729.8	-9,516.4	-7,166.1	-7,943.5	-13,459.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-162.2	-1,023.9	-100.0	-6.5	—	0.0	-5.2	0.0	-600.0	0.0	0.0	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	15,563.0	-1,802.9	51,001.2	2,273.1	6,609.2	-1,684.1	2,107.1	6,961.9	5,920.8	12,962.4	-132.8	4,109.9
Net Cash Flow During the Period	-13,249.1	1,194.3	95.7	27,179.2	-7,287.4	8,369.2	3,441.5	7,655.4	-4,578.6	11,193.3	-2,195.4	3,215.6
Cash and Cash Equivalents at Beginning of Period	49,086.6	48,767.6	48,671.9	21,492.7	28,780.1	14,103.2	14,103.2	14,103.2	14,103.2	10,816.8	10,816.8	10,816.8
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	35,837.5	49,961.9	48,767.6	48,671.9	21,492.7	28,990.6	20,621.5	17,180.0	9,524.6	14,103.2	2,909.9	5,105.3

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