FPT

FPT ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 16.69%, +1.49pp YoY

Price

76,100

Latest close

04 Jun 2026

P/E 14.65x

P/B 3.23x

EPS 5,193

BVPS 23,553

ROE 24.8%

ROA 13.6%

Profit Margin 14.6%

Asset Turnover 0.93x

Equity Mult. 1.83x

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

What Is Changing

On a TTM 2026Q1 basis, FPT has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 66,535bn
	                                
+2.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 11,107bn
	                                
+12.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	70,112.8	62,848.8	52,617.9	44,009.5	35,657.3
Growth	+12%	+19%	+20%	+23%	—
Net Income	11,232.3	9,427.4	7,788.0	6,491.3	5,344.8
Net Margin	16.02%	15.00%	14.80%	14.75%	14.99%

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	12,480.0	20,225.5	17,204.5	16,624.7	16,058.1	17,607.8	15,902.8	15,245.2	14,092.9	14,690.4	13,761.7	12,484.4
Growth	-38%	+18%	+3%	+4%	-9%	+11%	+4%	+8%	-4%	+7%	+10%	—
Net Income	2,476.8	2,988.1	2,901.5	2,740.2	2,595.6	2,493.5	2,478.6	2,283.0	2,160.3	2,051.2	2,075.9	1,855.6
Net Margin	19.85%	14.77%	16.87%	16.48%	16.16%	14.16%	15.59%	14.98%	15.33%	13.96%	15.08%	14.86%

Drivers of FPT's profit

TTM

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

Financial income ↑ 774.0bn

Associates income ↑ 732.4bn

Administrative expenses ↓ 474.5bn

Minority interests ↓ 202.4bn

Gross profit ↓ 751.7bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 826.4bn

Administrative expenses ↓ 667.2bn

Associates income ↑ 530.1bn

Minority interests ↓ 431.8bn

Gross profit ↓ 2,056.5bn

Financial income ↓ 157.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 28.3% = 15.2% × 0.95 × 1.95

2026Q1 28.5% = 16.7% × 0.93 × 1.83

ROE is broadly flat at 28.5% — the components are offsetting one another.

Net margin: 16.7% +1.5pp Asset turnover: 0.93x -0.02x Leverage: 1.83x -0.13x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 16.69%, rising 1.5pp. Core operating signals are improving as SG&A / Revenue fell 1.1pp are enough to offset pressure from Gross margin fell 2.1pp (with additional support from Net financial result / Revenue rose 1.2pp and Other profit / Revenue rose 0.1pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 16.69% +1.5pp

Gross Margin 35.83% −2.1pp

SG&A / Revenue 20.17% −1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 3.4 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC edged up to 22.31%, rising 1.1pp. That translates to 22.31 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.4pp, with capital turnover fell 0.06x; while invested capital rose by 3,165bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 22.31% +1.1pp

NOPAT Margin 16.54% +1.4pp

Capital Turnover 1.35x −0.06x

Average Invested Capital 49,336.9bn +3,165.0bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 1.01x equity, net debt at 0.20x equity.

Over the last 12 months, working capital absorbed 450.7bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −3,164.0bn

Inventories increased → lower CFO: −414.6bn

Payables increased → higher CFO: +3,127.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 3.4 days versus the same period last year. The main moves came from DIO fell 4.7 days, DSO rose 0.7 days, and DPO fell 7.4 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +3.4 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 57.7 days +0.7 days

Inventory 14.5 days −4.7 days

Payables 21.8 days −7.4 days

Cash Conversion Cycle 50.4 days +3.4 days

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 0.20x and interest coverage at 7.35x.

At present, short-term debt accounts for 90.0% of total debt, cash equals 49.7% of debt, and total debt stands at 16,096.4bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 90.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.20x −0.13x

Interest Coverage 7.35x +0.92x

Cash / Debt 49.7% +14.7pp

Short-term Debt / Total Debt 90.0% −4.9pp

CFO / NI 1.01x −0.31x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 10,136.0bn in 2025, against investing cash flow of -11,624.7bn.

Post-investment cash flow was negative +1,488.7bn. Financing cash flow was positive +2,801.3bn.

CFO / net income was 1.01x.

After spending +3,079.6bn on fixed-asset investment, the business generated trailing free cash flow of +6,715.6bn.

Cash Conversion

CFO TTM 9,795.1bn −1,044.9bn

Cash Capex 3,079.6bn −3,141.4bn

FCF TTM +6,715.6bn +2,096.4bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 16.69% after expanding 1.5pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	70,207.7	62,962.7	52,625.2	44,023.0	35,633.0
Revenue Deductions	94.9	113.9	7.3	13.5	0.0
Net Revenue	70,112.8	62,848.8	52,617.9	44,009.5	35,657.3
Cost of Goods Sold	44,224.3	39,150.4	32,298.3	26,842.2	0.0
Gross Profit	25,888.5	23,698.3	20,319.6	17,167.3	13,680.0
Financial Income	2,977.2	1,935.7	2,336.1	1,998.5	1,270.8
Financial Expenses	1,672.0	1,811.5	1,718.3	1,687.4	-1,142.7
Interest Expense	809.8	551.6	832.6	645.7	-482.5
Share of Associates and Joint Ventures	658.0	392.5	42.3	483.6	685.3
Selling Expenses	7,562.7	6,116.0	5,242.6	4,526.4	-3,712.0
General and Administrative Expenses	7,337.3	7,074.0	6,625.4	5,846.3	-4,554.9
Operating Profit	12,951.7	11,025.1	9,111.7	7,589.3	6,226.5
Other Income	142.9	175.5	201.0	184.3	0.0
Other Expenses	50.9	130.9	109.7	111.3	0.0
Other Profit	92.0	44.6	91.3	73.0	108.7
Profit Before Tax	13,043.6	11,069.7	9,203.0	7,662.3	6,335.2
Current Income Tax Expense	1,917.0	1,922.9	1,424.0	1,193.6	-990.4
Deferred Income Tax Expense	-105.7	-280.7	-9.1	-22.7	0.0
Net Income	11,232.3	9,427.4	7,788.0	6,491.3	5,344.8
Non-controlling Interest	1,856.2	1,570.7	1,322.9	1,181.2	1,012.3
Profit Attributable to Parent	9,376.1	7,856.8	6,465.2	5,310.1	4,332.5
Earnings per Share	5,216.00	4,944.00	4,661.00	4,429.00	4,350.00
Diluted EPS	5,216.00	4,944.00	4,661.00	4,429.00	4,773.87

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	58,137.4	45,535.9	36,705.8	30,937.7	35,116.8
I. Cash and cash equivalents	10,522.1	9,315.4	8,279.2	6,440.2	5,417.8
1. Cash	8,084.8	6,725.6	5,975.1	3,880.9	0.0
2. Cash equivalents	2,437.4	2,589.8	2,304.0	2,559.3	0.0
II. Short-term financial investments	29,631.0	21,785.2	16,104.2	13,047.2	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	29,631.0	21,785.2	16,104.2	13,047.2	0.0
III. Short-term receivables	14,402.0	11,381.5	9,674.3	8,502.9	6,882.3
1. Short-term trade accounts receivable	12,734.6	10,537.0	9,057.6	7,990.1	0.0
2. Short-term prepayments to suppliers	952.7	610.4	482.1	292.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	200.4	136.1	176.8	199.3	0.0
5. Short-term loan receivables	9.2	9.8	0.5	0.9	0.0
6. Other short-term receivables	1,091.2	707.8	869.5	719.2	0.0
7. Provision for short-term doubtful debts (*)	-586.2	-619.5	-912.2	-699.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,193.8	1,856.8	1,593.4	1,965.8	1,507.3
1. Inventories	2,277.4	1,990.2	1,725.0	2,121.1	0.0
2. Provision for decline in value of inventories	-83.6	-133.5	-131.5	-155.3	0.0
V. Other short-term assets	1,388.6	1,197.0	1,054.6	981.6	578.6
1. Short-term prepayments	642.0	479.7	449.2	409.3	0.0
2. Value added tax to be reclaimed	609.5	648.7	529.0	392.9	0.0
3. Taxes and other receivables from state authorities	137.1	68.6	76.4	179.4	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)	30,004.6	26,464.1	23,577.1	20,712.7	18,579.9
I. Long-term receivables	564.3	331.6	247.4	225.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	167.2
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	5.3	2.5	0.0	1.2	0.0
6. Other long-term receivables	611.4	381.5	299.8	276.3	0.0
7. Provision for long-term doubtful debts	-52.4	-52.4	-52.4	-52.4	0.0
II. Fixed assets	17,288.5	14,816.1	13,643.2	12,032.9	10,398.8
1. Tangible fixed assets	15,359.2	12,774.6	12,382.1	10,714.2	9,260.9
- Cost	29,122.0	24,457.7	22,289.0	19,008.0	0.0
- Accumulated depreciation	-13,762.9	-11,683.2	-9,906.8	-8,293.8	0.0
2. Financial leased fixed assets	1.3	2.0	4.0	31.6	4.8
- Cost	5.9	5.7	8.0	54.4	0.0
- Accumulated depreciation	-4.6	-3.7	-4.0	-22.8	0.0
3. Intangible fixed assets	1,928.1	2,039.5	1,257.1	1,287.1	1,133.1
- Cost	3,868.9	3,656.3	2,595.6	2,547.9	0.0
- Accumulated depreciation	-1,940.8	-1,616.8	-1,338.5	-1,260.8	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	1,605.1	2,559.8	1,315.3	1,062.2	1,292.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1,605.1	2,559.8	1,315.3	1,062.2	0.0
V. Long-term financial investments	4,737.9	3,318.1	3,335.0	3,238.3	3,100.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3,581.1	2,281.2	2,107.6	2,205.7	0.0
3. Investments in other entities	3,823.8	3,393.7	2,830.3	2,399.1	0.0
4. Provision for diminution in value of long-term investments	-2,667.0	-2,357.1	-1,623.2	-1,376.7	0.0
5. Held to maturity investments	—	0.2	20.2	10.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	5,808.7	5,438.4	5,036.2	4,154.2	0.0
1. Long-term prepayments	4,200.2	3,765.2	3,391.4	3,488.3	0.0
2. Deferred income tax assets	592.8	575.8	360.9	258.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	3,621.3
5. Goodwill	1,015.7	1,097.5	1,283.8	407.9	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	88,142.0	72,000.0	60,282.8	51,650.4	53,696.6
A. LIABILITIES (300=210+330)	44,394.0	36,272.5	30,349.8	26,294.3	32,276.5
I. Short -term liabilities	41,524.9	34,836.2	29,651.7	24,521.2	29,811.6
1. Short-term trade accounts payable	3,837.1	4,423.9	2,603.0	3,209.2	2,866.0
2. Short-term advances from customers	734.7	562.1	602.0	491.1	710.7
3. Taxes and other payables to state authorities	2,199.5	2,298.8	1,432.4	670.6	0.0
4. Payable to employees	5,724.8	4,341.0	3,734.3	3,276.7	0.0
5. Short-term acrrued expenses	1,765.4	1,241.1	848.3	807.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	85.7	92.7	78.5	78.7	0.0
8. Short-term unearned revenue	4,233.7	4,224.6	3,620.2	3,200.4	2,584.3
9. Other short-term payables	1,014.8	874.0	1,015.1	568.8	0.0
10. Short-term borrowings and financial leases	19,169.7	14,446.2	13,837.9	10,904.3	17,799.4
11. Provision for short-term liabilities	599.5	496.6	417.4	251.1	0.0
12.. Bonus and welfare fund	2,160.1	1,835.0	1,462.6	1,062.5	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	2,869.0	1,436.3	698.1	1,773.1	2,464.9
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	152.2	131.3	132.9	114.9	40.9
7. Other long-term liabilities	149.2	183.8	41.9	28.1	0.0
8. Long-term borrowings and financial leases	1,903.8	501.1	208.1	1,477.8	2,296.3
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	257.7	357.0	245.7	149.3	0.0
12. Provision for long-term liabilities	405.9	262.9	69.3	2.8	0.0
13. Fund for technology development	0.2	0.2	0.2	0.2	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	43,748.0	35,727.5	29,933.0	25,356.1	21,420.2
I. Owner's equity	43,745.3	35,724.8	29,930.3	25,353.4	0.0
1. Owner's capital	17,035.1	14,710.7	12,699.7	10,970.3	21,417.4
- Common stock with voting right	17,035,071,210,000.00	14,710,691,830,000.00	12,699,688,750,000.00	10,970,265,720,000.00	9,075,516,490,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	49.7	49.7	49.7	49.7	49.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	3,499.5	1,929.0	1,928.6	1,179.1	1,178.2
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	-70.2	-49.5	-17.8	-40.5	0.0
8. Investment and development fund	1,575.4	2,033.3	1,549.9	1,086.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	88.3	87.7	87.2	87.2	0.0
11. Undistributed earnings after tax	14,302.4	11,030.5	8,674.1	7,711.7	6,997.8
- Accumulated retained earning at the end of the previous period	7,369.6	5,458.2	4,471.9	4,103.8	3,966.8
- Undistributed earnings in this period	6,932.8	5,572.3	4,202.2	3,607.9	3,031.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	7,265.1	5,933.3	4,958.9	4,309.7	3,477.4
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	2.8	2.8	2.8	2.8	2.8
1. Subsidized not-for-profit funds	2.8	2.8	2.8	2.8	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)	88,142.0	72,000.0	60,282.8	51,650.4	53,696.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	13,043.6	11,069.7	9,203.0	7,662.3	6,335.2
Depreciation of Fixed Assets and Investment Property	2,914.2	2,535.3	2,286.5	1,833.1	1,643.9
Provision (Increase)/Reversal	651.4	1,149.0	677.9	880.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-27.8	46.3	-34.1	7.7	0.0
Gain/Loss from Investment Activities	-2,575.8	-1,725.0	-1,976.3	-1,986.7	0.0
Interest Expense	809.8	551.6	832.6	645.7	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	14,815.4	13,626.8	10,989.8	9,042.3	7,051.0
Increase/(Decrease) in Receivables	-2,874.8	-1,913.7	-1,163.2	-1,949.0	0.0
Increase/(Decrease) in Inventory	-335.1	-265.3	396.2	-497.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2,556.4	2,875.6	1,380.3	1,299.8	0.0
Increase/(Decrease) in Prepaid Expenses	-595.6	-394.0	65.2	-634.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-812.5	-607.2	-832.0	-635.7	0.0
Corporate Income Tax Paid	-2,238.1	-1,209.9	-971.3	-1,221.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-379.7	-408.7	-347.7	-350.0	0.0
Net Cash Flow from Operating Activities	10,136.0	11,703.8	9,517.1	5,053.8	5,842.0
Payments for Fixed Assets and Other Long-term Assets	-5,097.9	-3,275.3	-3,978.3	-3,215.2	-2,913.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	7.3	14.2	29.3	5.7	2.9
Loans and Purchases of Debt Instruments	-57,012.5	-41,956.6	-33,536.2	-32,995.0	-35,827.1
Receipts from Loan Repayments and Sale of Debt Instruments	49,164.8	36,283.8	30,458.3	40,669.1	27,590.0
Investments in Other Entities	-710.7	-1,106.2	-1,753.6	-557.3	-450.9
Proceeds from Investments in Other Entities	23.5	48.1	94.9	56.4	0.0
Dividends and Interest Income Received	2,000.8	1,530.2	2,137.2	1,793.6	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	-11,624.7	-8,461.8	-6,548.4	5,757.2	-10,415.3
Proceeds from Equity Issuance and Capital Contributions	1,196,235,184,778.00	163,342,989,874.00	73,050,500,000.00	77,028,689,275.00	87,611,404,675.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	43,070.8	30,946.3	34,271.2	28,120.2	34,463.7
Repayment of Borrowings	-36,891.0	-30,013.2	-32,551.9	-35,740.1	-26,931.2
Repayment of Finance Leases	-1.0	-2.3	-30.2	-8.4	-1.3
Dividends Paid	-4,573.8	-3,291.9	-2,930.6	-2,222.1	-2,254.2
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	2,801.3	-2,197.8	-1,168.4	-9,773.3	5,364.7
Net Cash Flow During the Period	1,312.6	1,044.2	1,800.3	1,037.8	-24.7
Cash and Cash Equivalents at Beginning of Period	9,315.4	8,279.2	6,440.2	5,417.8	4,686.2
FX Difference from Revaluation	-106.0	-7.9	38.6	-15.4	-59.8
Cash and Cash Equivalents at End of Period	10,522.1	9,315.4	8,279.2	6,440.2	5,417.8

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	12,485.8	20,258.9	17,225.5	16,658.3	16,065.0	17,651.1	15,972.4	15,245.9	14,093.3	14,695.8	13,761.8	12,484.5
Revenue Deductions	5.8	33.4	21.0	33.6	6.8	43.2	69.6	0.7	0.4	5.4	0.1	0.2
Net Revenue	12,480.0	20,225.5	17,204.5	16,624.7	16,058.1	17,607.8	15,902.8	15,245.2	14,092.9	14,690.4	13,761.7	12,484.4
Cost of Goods Sold	8,235.1	13,171.3	10,685.7	10,603.7	9,756.8	11,128.8	9,743.9	9,593.9	8,582.5	9,058.5	8,265.4	7,850.5
Gross Profit	4,244.9	7,054.2	6,518.9	6,021.0	6,301.3	6,479.0	6,159.0	5,651.4	5,510.5	5,631.9	5,496.4	4,633.8
Financial Income	415.9	553.7	613.1	1,237.0	573.3	576.4	326.7	569.3	457.1	520.3	516.2	623.0
Financial Expenses	367.2	476.7	352.6	531.4	311.3	831.4	308.2	337.9	334.1	527.6	406.4	287.5
Interest Expense	179.5	207.0	233.6	216.8	152.4	134.9	128.8	150.1	137.8	206.6	265.7	212.4
Share of Associates and Joint Ventures	666.8	283.7	130.8	106.7	136.7	117.8	142.6	58.6	74.5	58.1	39.9	-65.7
Selling Expenses	1,002.3	2,045.2	1,916.6	1,790.3	1,828.8	1,684.4	1,563.9	1,588.2	1,368.9	1,316.2	1,434.2	1,238.3
General and Administrative Expenses	1,210.3	1,892.4	1,647.3	1,913.7	1,877.4	1,735.4	1,808.0	1,717.3	1,823.5	1,979.9	1,773.5	1,475.6
Operating Profit	2,747.8	3,477.3	3,346.4	3,129.4	2,993.8	2,922.0	2,948.2	2,635.8	2,515.5	2,386.7	2,438.4	2,189.8
Other Income	61.7	40.1	34.8	28.8	39.2	40.9	34.7	27.5	44.8	64.5	46.8	47.0
Other Expenses	5.6	19.0	6.5	17.1	8.4	3.3	74.3	-1.0	26.7	16.1	56.1	18.6
Other Profit	56.1	21.1	28.4	11.6	30.9	37.6	-39.6	28.5	18.1	48.4	-9.2	28.4
Profit Before Tax	2,803.8	3,498.4	3,374.7	3,141.0	3,024.7	2,959.7	2,908.6	2,664.3	2,533.6	2,435.1	2,429.2	2,218.1
Current Income Tax Expense	454.7	488.0	589.6	464.0	377.3	536.4	441.2	561.2	389.8	425.0	344.6	337.9
Deferred Income Tax Expense	-127.6	22.3	-116.4	-63.2	51.8	-70.2	-11.2	-180.0	-16.4	-41.1	8.7	24.6
Net Income	2,476.8	2,988.1	2,901.5	2,740.2	2,595.6	2,493.5	2,478.6	2,283.0	2,160.3	2,051.2	2,075.9	1,855.6
Non-controlling Interest	-10.6	485.4	466.7	482.8	421.3	406.5	389.7	409.2	362.2	322.8	336.5	346.4
Profit Attributable to Parent	2,487.4	2,502.7	2,434.8	2,257.4	2,174.3	2,087.0	2,088.9	1,873.8	1,798.0	1,728.4	1,739.3	1,509.2
Earnings per Share	1,460.00	1,168.00	1,036.00	1,529.00	1,478.00	994.00	1,430.00	1,098.00	1,416.00	925.00	1,373.00	1,373.00
Diluted EPS	1,460.00	1,168.00	1,036.00	1,529.00	1,478.00	4,940.00	1,430.00	1,098.00	1,416.00	925.00	1,373.00	1,373.00

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)	41,527.9	58,103.0	53,633.0	52,711.2	46,075.5	45,475.5	42,605.1	40,823.2	37,679.1	36,709.5	39,531.9	38,758.4
I. Cash and cash equivalents	7,993.6	10,540.2	9,853.5	10,019.6	6,755.6	9,315.4	7,935.6	6,836.3	6,341.5	8,279.2	7,153.6	6,236.5
1. Cash	5,022.7	8,084.8	7,677.7	7,755.5	5,342.7	6,725.6	5,251.4	5,620.0	5,411.9	5,975.1	4,868.7	4,116.5
2. Cash equivalents	2,970.9	2,455.4	2,175.8	2,264.2	1,412.9	2,589.8	2,684.3	1,216.3	929.5	2,304.0	2,284.9	2,120.0
II. Short-term financial investments	18,751.5	29,613.0	27,125.6	26,619.4	23,768.4	21,785.2	19,442.6	19,916.1	18,230.2	16,104.2	19,618.2	20,451.9
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	18,787.4	29,613.0	27,125.6	26,619.4	23,768.4	21,785.2	19,442.6	19,916.1	18,230.2	16,104.2	19,618.2	20,451.9
4. Provision for short-term investments held to maturity (*)	-35.9	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	12,348.0	14,400.8	13,077.0	12,525.3	11,997.8	11,380.0	11,875.2	10,992.5	10,054.9	9,533.9	9,819.3	9,006.5
1. Short-term trade accounts receivable	10,175.3	12,733.5	11,454.5	11,175.3	10,855.5	10,537.0	10,799.8	10,309.2	9,393.8	9,044.7	8,927.0	8,039.6
2. Short-term prepayments to suppliers	1,476.7	915.2	801.3	806.0	654.5	610.4	566.1	599.1	628.5	348.4	419.6	500.9
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	255.2	200.4	192.4	164.0	153.8	136.1	194.2	196.8	190.4	183.0	229.7	227.4
5. Short-term loan receivables	—	9.2	45.2	10.1	9.8	9.8	33.5	18.6	0.7	0.5	50.5	50.6
6. Other short-term receivables	783.1	1,128.7	1,196.9	988.0	895.0	706.2	900.1	853.8	819.7	869.5	1,003.1	950.3
7. Provision for short-term doubtful debts (*)	-342.4	-586.2	-613.3	-618.2	-570.7	-619.5	-618.6	-985.1	-978.2	-912.2	-810.6	-762.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,094.6	2,167.2	2,050.3	2,074.1	2,107.9	1,835.8	2,059.1	1,883.5	1,856.4	1,593.4	1,757.5	2,028.3
1. Inventories	1,163.8	2,250.8	2,134.3	2,157.8	2,238.9	1,969.3	2,194.0	2,020.9	1,996.6	1,725.0	1,896.4	2,178.8
2. Provision for decline in value of inventories	-69.3	-83.6	-84.0	-83.7	-130.9	-133.5	-134.8	-137.4	-140.2	-131.5	-138.9	-150.6
V. Other short-term assets	1,340.2	1,381.8	1,526.5	1,472.7	1,445.7	1,159.0	1,292.6	1,194.8	1,196.3	1,198.8	1,183.3	1,035.3
1. Short-term prepayments	592.4	641.1	727.4	721.2	664.9	453.6	617.8	581.2	626.3	582.9	629.7	516.7
2. Value added tax to be reclaimed	626.2	609.5	665.4	636.7	641.3	648.7	604.6	518.9	480.4	531.7	506.5	477.1
3. Taxes and other receivables from state authorities	121.5	131.2	133.7	114.9	139.5	56.8	70.2	94.7	89.5	84.2	47.0	41.4
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)	27,058.2	29,986.7	29,105.3	28,890.4	27,922.2	26,537.7	24,976.5	24,498.8	24,345.6	23,615.7	22,580.7	21,798.3
I. Long-term receivables	529.1	564.3	577.0	555.4	433.7	331.6	346.8	315.6	319.7	247.4	237.4	228.8
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	—	5.3	4.8	5.3	3.2	2.5	0.9	0.3	0.0	0.0	0.6	0.7
6. Other long-term receivables	581.4	611.4	624.5	602.5	482.9	381.5	398.3	367.7	372.0	299.8	289.2	280.4
7. Provision for long-term doubtful debts	-52.4	-52.4	-52.4	-52.4	-52.4	-52.4	-52.4	-52.4	-52.4	-52.4	-52.4	-52.4
II. Fixed assets	11,625.3	17,330.0	16,990.5	16,856.0	15,548.4	14,841.6	14,439.3	14,370.4	13,814.2	13,643.2	13,261.7	12,264.6
1. Tangible fixed assets	10,218.8	15,385.8	15,156.7	14,918.1	13,567.8	12,800.1	12,896.9	12,660.1	12,297.8	12,382.1	12,077.1	11,043.2
- Cost	14,897.1	—	—	—	—	24,483.2	24,158.1	23,459.0	22,649.1	22,289.1	21,617.0	20,182.9
- Accumulated depreciation	-4,678.3	—	—	—	—	-11,683.2	-11,261.2	-10,799.0	-10,351.3	-9,907.0	-9,539.9	-9,139.7
2. Financial leased fixed assets	1.0	1.3	1.6	1.8	2.0	2.0	2.4	3.1	3.5	4.0	2.7	25.0
- Cost	5.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1,405.4	1,942.9	1,832.2	1,936.1	1,978.6	2,039.5	1,540.0	1,707.2	1,512.9	1,257.1	1,182.0	1,196.3
- Cost	2,741.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1,336.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- 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
IV. Long-term assets in progress	979.7	1,604.9	1,639.4	1,668.8	2,812.7	2,559.8	1,474.7	1,475.3	1,429.4	1,315.3	1,329.0	1,758.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	979.7	1,604.9	1,639.4	1,668.8	2,812.7	2,559.8	1,474.7	1,475.3	1,429.4	1,315.3	1,329.0	1,758.1
V. Long-term financial investments	10,525.1	4,737.9	3,983.0	3,814.0	3,526.5	3,319.0	3,214.1	3,095.9	3,415.6	3,367.4	3,223.3	3,045.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9,410.2	3,581.1	2,926.8	2,749.1	2,496.6	2,282.1	2,108.0	1,964.7	2,186.1	2,140.0	2,012.3	1,962.1
3. Investments in other entities	3,822.2	3,823.8	3,467.6	3,489.0	3,422.5	3,393.7	3,127.3	2,957.2	2,949.3	2,830.4	2,562.7	2,432.1
4. Provision for diminution in value of long-term investments	-2,710.1	-2,667.0	-2,411.4	-2,424.3	-2,392.8	-2,357.1	-2,021.3	-1,846.2	-1,740.1	-1,623.2	-1,371.8	-1,369.2
5. Held to maturity investments	2.8	—	—	0.2	0.2	0.2	0.2	20.2	20.2	20.2	20.2	20.2
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	3,399.1	5,749.5	5,915.5	5,996.1	5,600.9	5,485.6	5,501.5	5,241.5	3,755.0	3,758.6	3,773.9	3,808.7
1. Long-term prepayments	1,748.0	4,200.2	4,112.6	4,043.3	3,785.6	3,815.2	3,447.2	3,317.2	3,291.8	3,389.9	3,426.8	3,492.3
2. Deferred income tax assets	672.9	533.5	626.8	909.0	749.2	573.0	619.6	589.6	463.2	368.7	347.1	316.3
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	978.1	1,015.7	1,176.0	1,043.8	1,066.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	1,097.5	1,434.7	1,334.8	1,611.7	1,283.8	755.5	693.0
TOTAL ASSETS (280=100+200)	68,586.1	88,089.6	82,738.3	81,601.6	73,997.7	72,013.2	67,581.6	65,322.0	62,024.7	60,325.3	62,112.7	60,556.7
A. LIABILITIES (300=210+330)	28,464.1	44,338.2	39,907.8	41,725.1	36,101.0	36,216.6	32,217.4	32,537.7	30,297.6	30,376.9	33,707.0	31,961.5
I. Short -term liabilities	25,696.2	41,552.8	36,286.0	37,683.2	33,917.1	34,780.3	30,969.6	31,341.2	29,033.2	29,667.3	33,050.4	31,322.7
1. Short-term trade accounts payable	1,852.7	3,837.1	2,987.8	3,048.1	3,244.4	4,423.9	3,096.6	3,214.6	3,179.7	2,603.1	2,585.7	2,650.6
2. Short-term advances from customers	824.6	761.3	889.4	832.7	601.3	562.1	561.5	774.0	663.8	602.1	501.9	601.2
3. Dividends and profits payable	19.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	930.8	2,192.2	1,689.0	1,444.4	1,121.4	2,292.7	1,674.4	1,334.3	958.8	1,433.2	1,069.1	810.5
4. Payable to employees	2,381.5	5,678.4	5,855.5	4,948.8	3,131.5	4,267.6	4,450.9	3,918.3	2,685.9	3,761.2	3,589.5	2,508.1
5. Short-term acrrued expenses	1,297.3	1,843.4	1,288.3	1,316.0	1,333.9	1,253.4	1,331.8	1,089.7	934.9	882.9	1,164.5	925.7
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	72.1	85.7	97.3	146.3	101.9	92.7	73.9	80.1	71.6	78.5	92.2	83.4
8. Short-term unearned revenue	1,095.4	4,230.7	3,772.5	2,905.4	2,690.4	4,253.0	3,609.2	2,819.0	2,436.7	3,620.2	3,359.6	2,674.3
9. Other short-term payables	586.5	1,014.7	886.3	791.6	1,251.5	916.3	867.6	836.5	741.2	1,007.2	681.2	618.2
10. Short-term borrowings and financial leases	14,491.4	19,169.7	16,906.4	20,297.3	18,320.2	14,446.2	14,167.8	16,024.1	15,984.1	13,837.9	18,937.9	19,315.4
11. Provision for short-term liabilities	568.4	578.3	447.3	445.9	469.5	438.1	68.1	172.0	283.9	379.6	287.6	345.9
12.. Bonus and welfare fund	1,576.2	2,161.3	1,466.3	1,506.7	1,651.0	1,834.3	1,067.8	1,078.7	1,092.7	1,461.3	781.2	789.4
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	2,767.9	2,785.4	3,621.8	4,041.9	2,183.9	1,436.3	1,247.8	1,196.5	1,264.4	709.6	656.6	638.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	351.2	127.5	157.1	154.4	148.6	131.3	136.3	129.1	125.5	132.9	134.6	132.7
7. Other long-term liabilities	144.4	149.2	148.6	146.0	174.9	183.8	191.6	194.2	186.7	41.9	31.1	30.9
8. Long-term borrowings and financial leases	1,605.1	1,903.8	2,681.4	2,739.6	987.7	501.1	478.3	478.5	525.1	208.1	172.1	229.4
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	225.4	198.8	251.7	646.5	569.7	357.0	281.7	281.8	330.2	257.2	282.5	243.8
12. Provision for long-term liabilities	441.6	405.9	382.7	355.2	302.8	262.9	159.7	112.6	96.7	69.3	36.2	1.9
13. Fund for technology development	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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)	40,122.0	43,751.5	42,830.5	39,876.5	37,896.7	35,796.6	35,364.2	32,784.2	31,727.1	29,948.4	28,405.7	28,595.2
I. Owner's equity	40,122.0	43,748.7	42,827.8	39,873.7	37,893.9	35,793.9	35,361.4	32,781.5	31,724.4	29,945.6	28,402.9	28,592.4
1. Owner's capital	17,035.1	17,035.1	17,035.1	14,813.3	14,710.7	14,710.7	14,604.5	14,604.5	12,699.7	12,699.7	12,699.7	11,043.3
- Common stock with voting right	17,035,071,210,000.00	17,035,071,210,000.00	17,035,071,210,000.00	14,813,301,220,000.00	14,710,691,830,000.00	14,710,691,830,000.00	14,604,480,660,000.00	14,604,480,660,000.00	12,699,688,750,000.00	12,699,688,750,000.00	12,699,688,750,000.00	11,043,316,220,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	855.3	3,499.5	3,499.5	3,445.3	1,929.0	1,929.0	1,928.1	1,928.1	1,928.1	1,928.6	1,179.1	1,179.1
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	-108.3	-70.2	-27.7	0.8	13.7	-49.5	-29.6	-54.2	-39.2	-17.0	-51.4	-63.8
8. Investment and development fund	1,326.4	1,556.9	1,237.9	1,153.1	2,071.1	2,109.0	1,785.9	1,689.8	1,626.8	1,560.0	1,278.3	1,186.2
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	91.0	88.3	88.3	87.3	91.6	87.7	87.7	87.7	87.7	87.2	87.2	87.2
11. Undistributed earnings after tax	19,702.8	14,324.3	13,905.3	13,754.6	13,205.5	11,023.6	11,263.8	9,176.7	10,478.8	8,679.2	8,388.8	10,666.1
- Accumulated retained earning at the end of the previous period	17,215.4	7,399.8	7,034.3	9,318.4	11,031.2	5,458.2	5,501.8	5,504.8	8,680.8	4,470.6	5,190.1	7,663.6
- Undistributed earnings in this period	2,487.4	6,924.5	6,871.1	4,436.3	2,174.3	5,565.3	5,762.0	3,671.8	1,798.1	4,208.6	3,198.7	3,002.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,170.0	7,265.1	7,039.7	6,569.5	5,822.6	5,933.7	5,671.4	5,299.2	4,892.7	4,958.2	4,771.6	4,444.6
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8
1. Subsidized not-for-profit funds	—	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8
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)	68,586.1	88,089.6	82,738.3	81,601.6	73,997.7	72,013.2	67,581.6	65,322.0	62,024.7	60,325.3	62,112.7	60,556.7

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
Profit Before Tax	2,803.8	3,503.2	3,374.7	3,141.0	3,024.7	2,959.7	2,908.6	2,669.0	2,533.6	2,435.1	2,429.2	2,218.1
Depreciation of Fixed Assets and Investment Property	409.9	814.0	734.2	722.0	644.0	668.1	644.3	630.3	617.4	676.6	557.5	542.3
Provision (Increase)/Reversal	67.7	460.8	47.5	57.9	85.1	810.5	184.6	14.2	81.1	508.5	15.2	27.0
FX Gain/Loss from Revaluation of Monetary Items	64.4	79.6	29.2	-64.7	-71.8	-70.3	182.0	-42.8	-22.6	-68.4	126.2	-101.0
Gain/Loss from Investment Activities	-1,039.5	-747.6	-588.5	-749.6	-490.1	-505.5	-456.7	-420.0	-337.6	-403.0	-544.7	-388.4
Interest Expense	179.5	207.0	233.6	216.8	152.4	134.9	128.8	150.1	137.8	206.6	265.7	212.4
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	2,485.8	4,317.0	3,830.7	3,323.4	3,344.3	3,997.3	3,591.6	3,000.9	3,009.8	3,355.5	2,849.0	2,510.5
Increase/(Decrease) in Receivables	-884.6	-1,438.9	-532.6	-307.9	-595.4	444.1	-1,241.6	-926.8	-167.5	-205.3	-926.3	118.1
Increase/(Decrease) in Inventory	-328.2	-143.0	23.5	33.2	-248.6	224.7	-173.1	-24.3	-271.6	171.5	282.4	57.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2,597.2	1,872.8	1,915.1	1,937.2	-3,168.7	2,233.1	1,663.0	2,031.6	-1,997.6	1,083.6	1,972.0	946.5
Increase/(Decrease) in Prepaid Expenses	-364.2	-2.2	-155.7	-232.1	-205.6	-203.8	-166.5	19.7	-67.3	218.7	-46.6	10.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-156.9	-229.2	-244.3	-177.3	-161.8	-124.2	-198.4	-124.4	-160.1	-320.3	-161.6	-161.0
Corporate Income Tax Paid	-979.5	-257.2	-452.2	-241.7	-1,287.0	-115.5	-228.2	-233.8	-633.3	-266.9	-255.1	-162.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-23.1	-10.9	-40.4	-144.4	-184.0	-73.5	-10.8	-14.0	-370.0	-64.8	-9.7	-52.0
Net Cash Flow from Operating Activities	-2,847.8	4,108.5	4,344.0	4,190.5	-2,506.9	6,382.2	3,235.9	3,728.9	-657.6	3,972.0	3,704.0	3,267.8
Payments for Fixed Assets and Other Long-term Assets	-589.1	-972.3	-830.4	-687.8	-2,607.4	-1,823.6	-877.0	-913.0	-647.3	-936.1	-1,123.1	-1,295.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.1	0.8	2.5	0.8	3.2	0.7	1.6	1.6	10.3	9.3	7.7	0.8
Loans and Purchases of Debt Instruments	-8,105.0	-19,516.0	-10,246.9	-17,090.3	-10,159.3	-13,690.6	-8,248.0	-11,804.0	-8,977.4	-7,266.5	-5,579.3	-13,958.9
Receipts from Loan Repayments and Sale of Debt Instruments	6,907.8	17,046.2	9,706.1	14,237.0	8,175.5	11,370.1	8,725.9	10,099.9	6,851.3	10,829.1	6,413.2	7,357.7
Investments in Other Entities	-24.0	—	—	—	—	-334.9	-94.3	-10.8	-733.2	-1,054.6	-260.9	-131.6
Proceeds from Investments in Other Entities	3.4	0.4	0.0	17.4	5.7	48.1	0.0	0.0	0.0	0.0	94.9	0.0
Dividends and Interest Income Received	263.4	563.0	340.8	817.6	279.3	341.2	364.4	607.2	284.3	650.0	344.0	910.6
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	-713.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-2,254.9	-3,293.5	-1,097.3	-2,836.6	-4,397.4	-4,089.0	-127.3	-2,019.2	-3,212.0	2,231.1	-103.4	-7,116.9
Proceeds from Equity Issuance and Capital Contributions	2,000,000.00	—	—	—	—	106,211,170,000.00	57,131,819,874.00	0.00	0.00	0.00	0.00	73,050,500,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	6,750.8	11,517.6	7,824.9	11,552.8	12,175.5	6,736.9	7,449.9	7,228.6	10,487.2	7,596.5	8,360.6	11,615.9
Repayment of Borrowings	-4,164.4	-9,866.4	-11,220.8	-7,901.5	-7,902.3	-6,354.5	-9,459.8	-7,172.7	-7,982.5	-12,719.9	-8,696.6	-4,450.2
Repayment of Finance Leases	-0.2	-0.2	-0.3	-0.3	-0.2	-0.2	-1.4	-0.3	-0.3	-0.4	-0.3	-27.2
Dividends Paid	-0.0	-1,702.1	-6.2	-2,865.5	-0.0	-1,469.5	-18.1	-1,269.2	-535.1	-1.9	-2,371.9	-377.9
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	2,586.2	-51.1	-3,402.4	1,981.8	4,273.0	-981.2	-1,972.3	-1,213.6	1,969.3	-5,125.6	-2,708.3	6,833.6
Net Cash Flow During the Period	-2,516.5	763.8	-155.6	3,335.7	-2,631.2	1,312.0	1,136.3	496.1	-1,900.3	1,077.5	892.3	2,984.5
Cash and Cash Equivalents at Beginning of Period	10,522.1	9,853.5	10,019.6	6,755.6	9,315.4	8,279.2	8,279.2	8,279.2	8,279.2	6,440.2	6,440.2	6,440.2
FX Difference from Revaluation	-12.0	-106.0	-10.7	-0.2	71.5	67.8	-36.9	-1.3	-37.4	48.0	24.9	-37.4
Cash and Cash Equivalents at End of Period	7,993.6	10,522.1	9,853.5	10,019.6	6,755.6	9,315.4	7,935.6	6,836.3	6,341.5	8,279.2	7,153.6	6,236.5

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FPT

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