GPC

Tập đoàn Green+ ·UPCOM ·2026Q1

● Maintaining

Price

1,900

Latest close

02 Jun 2026

P/E 22.89x

P/B 0.17x

EPS 83

BVPS 11,052

ROE 0.8%

ROA 0.7%

Profit Margin 3.1%

Asset Turnover 0.21x

Equity Mult. 1.18x

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

What Is Changing

On a TTM 2026Q1 basis, GPC posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 149bn
	                                
+48.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 5bn
	                                
+1.8%YoY

Metric	2025	2024	2023	2022
Revenue	152.8	80.6	89.5	548.7
Growth	+90%	-10%	-84%	—
Net Income	4.7	4.9	-0.9	17.9
Net Margin	3.10%	6.04%	-0.99%	3.26%

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	26.8	52.8	47.7	21.7	30.6	37.5	10.5	21.8	10.8	33.4	6.2	1.9
Growth	-49%	+11%	+120%	-29%	-19%	+256%	-52%	+102%	-68%	+439%	+229%	—
Net Income	1.7	9.6	-7.3	1.0	1.5	-1.8	0.9	4.3	1.2	42.6	-3.3	0.2
Net Margin	6.36%	18.16%	-15.24%	4.70%	4.89%	-4.67%	8.18%	19.99%	11.19%	127.78%	-52.53%	12.15%

Drivers of GPC's profit

TTM

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

Gross profit ↑ 7.7bn

Tax ↓ 0.2bn

Minority interests ↓ 0.0bn

Selling expenses ↓ 0.0bn

Finance costs ↑ 8.1bn

Administrative expenses ↑ 0.4bn

TTM

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

Financial income ↑ 0.4bn

Other profit ↑ 0.4bn

Selling expenses ↓ 0.3bn

Finance costs ↓ 0.2bn

Gross profit ↓ 1.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.8% = 4.9% × 0.14 × 1.17

2026Q1 0.8% = 3.4% × 0.21 × 1.18

ROE is broadly flat at 0.8% — the components are offsetting one another.

Net margin: 3.4% -1.6pp Asset turnover: 0.21x +0.07x Leverage: 1.18x +0.02x

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 fell to 3.38%, losing 1.6pp. SG&A / Revenue fell 4.3pp and Gross margin rose 1.0pp improved but not enough to offset the weakness in Net financial result / Revenue fell 8.1pp and Other profit / Revenue fell 0.3pp.

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

Profitability trend

Net Margin 3.38% −1.6pp

Gross Margin 13.62% +1.0pp

SG&A / Revenue 9.59% −4.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 0.72%, broadly flat versus the same period. That translates to 0.72 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 1.6pp, but capital turnover rose 0.07x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 0.72% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.72% −0.0pp

NOPAT Margin 3.32% −1.6pp

Capital Turnover 0.22x +0.07x

Average Invested Capital 685.1bn +10.4bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.20x equity, net debt at 0.10x equity.

Over the last 12 months, working capital released 45.2bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +19.2bn

Inventories decreased → higher CFO: +10.3bn

Payables increased → higher CFO: +15.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 43.9 days versus the same period last year. The main moves came from DIO fell 45.7 days, DSO rose 1.8 days, and DPO fell 0.0 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 100.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +1.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 57.2 days +1.8 days

Inventory 44.7 days −45.7 days

Payables 1.2 days −0.0 days

Cash Conversion Cycle 100.6 days −43.9 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.10x and interest coverage only at 0.90x.

At present, short-term debt accounts for 86.1% of total debt, cash equals 4.3% of debt, and total debt stands at 62.8bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.90x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 86.1% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.10x −0.10x

Interest Coverage 0.90x −7.58x

Cash / Debt 4.3% −16.5pp

Short-term Debt / Total Debt 86.1% −7.1pp

CFO / NI 9.04x +13.10x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -37.0bn in 2025, against investing cash flow of 87.5bn.

Post-investment cash flow was positive +50.4bn. Financing cash flow was negative +62.8bn.

CFO / net income was 9.04x.

After spending +1.3bn on fixed-asset investment, the business generated trailing free cash flow of +40.4bn.

Cash Conversion

CFO TTM 41.7bn +59.9bn

Cash Capex 1.3bn −17.7bn

FCF TTM +40.4bn +77.6bn

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is earnings conversion is confirmed, with CFO/NI at 9.04x. The main risk still sits in core profitability, with net margin down 1.6 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 9.04x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 3.38% after a 1.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022
Revenue	152.8	80.6	89.5	549.0
Revenue Deductions	—	0.0	0.0	0.3
Net Revenue	152.8	80.6	89.5	548.7
Cost of Goods Sold	131.2	70.1	78.4	515.9
Gross Profit	21.7	10.5	11.1	32.7
Financial Income	6.5	7.1	8.7	8.9
Financial Expenses	7.5	-0.9	3.7	7.3
Interest Expense	7.5	3.9	1.8	1.4
Share of Associates and Joint Ventures	0.8	0.2	-0.2	-0.2
Selling Expenses	3.6	3.2	3.7	2.0
General and Administrative Expenses	11.1	9.7	10.8	11.3
Operating Profit	6.8	5.8	1.4	20.9
Other Income	0.3	1.4	0.9	6.1
Other Expenses	0.7	0.8	1.7	3.8
Other Profit	-0.4	0.6	-0.8	2.2
Profit Before Tax	6.4	6.5	0.6	23.2
Current Income Tax Expense	1.8	1.8	1.2	5.3
Deferred Income Tax Expense	-0.1	-0.1	0.3	0.0
Net Income	4.7	4.9	-0.9	17.9
Non-controlling Interest	0.5	0.5	0.7	2.7
Profit Attributable to Parent	4.3	4.4	-1.6	15.1
Earnings per Share	79.00	81.00	-38.00	379.00
Diluted EPS	79.00	81.00	-38.00	379.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	445.5	480.9	296.1	297.0
I. Cash and cash equivalents	0.7	13.1	6.5	17.4
1. Cash	0.7	13.1	6.5	17.4
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	22.0	50.0	50.0	51.4
1. Available for sale securities	—	0.0	0.0	5.5
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	-4.1
3. Held to maturity investments	22.0	50.0	50.0	50.0
III. Short-term receivables	412.3	395.8	219.0	213.8
1. Short-term trade accounts receivable	38.8	17.6	10.8	6.0
2. Short-term prepayments to suppliers	40.5	10.5	0.7	0.3
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	70.0	70.0	70.0	70.0
6. Other short-term receivables	263.6	298.3	138.0	137.8
7. Provision for short-term doubtful debts (*)	-0.6	-0.6	-0.6	-0.3
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	10.2	21.1	18.9	12.0
1. Inventories	10.2	21.1	18.9	12.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.3	0.9	1.8	2.4
1. Short-term prepayments	0.3	0.1	0.1	0.4
2. Value added tax to be reclaimed	0.1	0.8	0.9	1.2
3. Taxes and other receivables from state authorities	—	0.0	0.8	0.8
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	271.3	290.3	340.7	344.2
I. Long-term receivables	0.6	0.6	0.6	0.6
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	0.6	0.6	0.6	0.6
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	10.1	10.8	11.4	12.1
1. Tangible fixed assets	7.6	8.2	8.8	9.4
- Cost	10.7	10.7	10.7	10.7
- Accumulated depreciation	-3.1	-2.5	-1.9	-1.3
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	2.5	2.5	2.6	2.7
- Cost	3.0	3.0	3.0	3.0
- Accumulated depreciation	-0.5	-0.5	-0.4	-0.3
III. Investment properties	38.0	58.6	59.2	59.7
- Cost	42.2	62.3	62.3	62.3
- Accumulated depreciation	-4.3	-3.7	-3.1	-2.6
IV. Long-term assets in progress	31.0	29.9	21.7	20.2
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	31.0	29.9	21.7	20.2
V. Long-term financial investments	190.9	190.1	247.3	250.9
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	183.7	182.9	200.9	201.1
3. Investments in other entities	7.2	7.2	51.1	51.1
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-4.7	-1.3
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	0.7	0.4	0.6	0.8
1. Long-term prepayments	0.7	0.4	0.6	0.8
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	716.8	771.3	636.9	641.3
A. LIABILITIES (300=210+330)	118.4	176.8	45.6	42.3
I. Short -term liabilities	109.7	166.7	35.3	29.1
1. Short-term trade accounts payable	0.2	0.4	0.2	0.5
2. Short-term advances from customers	—	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.1	1.1	0.6	2.0
4. Payable to employees	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.1	0.1	0.0	0.2
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0
9. Other short-term payables	4.1	1.6	0.1	0.1
10. Short-term borrowings and financial leases	101.6	163.1	34.3	25.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	0.4	0.1	1.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	8.7	10.1	10.3	13.2
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	8.7	10.0	10.0	13.2
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.1	0.3	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	598.4	594.5	591.3	598.9
I. Owner's equity	598.4	594.5	591.3	598.9
1. Owner's capital	540.7	540.7	415.9	415.9
- Common stock with voting right	540,721,430,000.00	540,721,430,000.00	415,940,000,000.00	415,940,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	97.6	97.6
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	47.1	43.2	67.1	68.8
- Accumulated retained earning at the end of the previous period	42.9	38.9	68.6	53.7
- Undistributed earnings in this period	4.3	4.4	-1.6	15.1
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	10.5	10.5	10.7	16.6
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	716.8	771.3	636.9	641.3

Item	2025	2024	2023	2022
Profit Before Tax	9.4	6.5	0.6	23.2
Depreciation of Fixed Assets and Investment Property	1.2	1.2	1.2	1.1
Provision (Increase)/Reversal	0.0	-4.7	0.7	5.1
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-10.3	-7.2	-9.6	-7.8
Interest Expense	7.5	3.9	1.8	1.4
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	7.8	-0.5	-5.3	23.0
Increase/(Decrease) in Receivables	-65.4	-122.2	46.0	3.5
Increase/(Decrease) in Inventory	11.0	-2.2	-6.9	-6.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	15.1	-2.2	-73.5	-2.6
Increase/(Decrease) in Prepaid Expenses	-0.5	0.2	0.5	-0.5
Changes in Trading Securities	—	0.0	5.5	7.6
Interest Paid	-3.8	-2.7	-1.8	-1.4
Corporate Income Tax Paid	-1.0	-0.5	-2.6	-11.6
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.5	-1.0	-0.5
Net Cash Flow from Operating Activities	-37.0	-130.5	-39.1	10.9
Payments for Fixed Assets and Other Long-term Assets	-1.6	-18.1	-1.5	-21.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	15.6	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-22.0	0.0	0.0	-30.0
Receipts from Loan Repayments and Sale of Debt Instruments	50.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	-183.0
Proceeds from Investments in Other Entities	43.3	18.8	22.5	23.5
Dividends and Interest Income Received	2.2	9.0	8.0	9.9
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	87.5	9.7	29.1	-200.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	153,504,000,000.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	81.8	179.1	57.2	68.2
Repayment of Borrowings	-144.7	-50.3	-51.6	-33.5
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	-1.4	-6.6	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-62.8	127.4	-1.0	188.3
Net Cash Flow During the Period	-12.4	6.6	-11.0	-1.4
Cash and Cash Equivalents at Beginning of Period	13.1	6.5	17.4	18.9
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.7	13.1	6.5	17.4

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	26.8	52.8	47.7	21.7	30.6	37.5	10.5	21.8	10.8	33.4	6.2	1.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	26.8	52.8	47.7	21.7	30.6	37.5	10.5	21.8	10.8	33.4	6.2	1.9
Cost of Goods Sold	23.7	38.8	50.7	15.6	26.1	35.6	7.5	18.5	8.4	28.1	5.3	1.0
Gross Profit	3.1	14.0	-3.0	6.2	4.4	1.9	3.1	3.2	2.3	5.3	0.9	0.9
Financial Income	2.1	2.3	0.7	1.7	1.7	1.8	1.8	1.8	1.8	41.3	2.4	2.4
Financial Expenses	0.6	2.3	1.7	2.7	0.8	1.9	0.7	-4.1	0.6	-0.3	1.0	-1.0
Interest Expense	0.6	2.3	1.7	2.7	0.8	1.9	0.7	0.6	0.6	0.4	0.4	0.4
Share of Associates and Joint Ventures	0.3	0.2	0.2	0.4	—	0.2	0.0	-0.1	0.0	-0.2	-0.9	0.0
Selling Expenses	0.4	1.2	0.7	1.0	0.7	1.6	0.3	0.6	0.6	1.2	1.3	0.9
General and Administrative Expenses	2.5	2.5	2.6	3.4	2.6	2.4	2.6	3.0	1.6	2.5	2.5	2.7
Operating Profit	1.9	10.5	-7.0	1.2	2.1	-2.1	1.2	5.4	1.4	43.0	-2.3	0.7
Other Income	0.3	—	0.1	0.2	0.0	0.4	0.0	0.6	0.5	0.0	0.0	0.0
Other Expenses	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.7	0.2
Other Profit	0.2	-0.2	-0.0	0.0	-0.2	0.2	-0.2	0.4	0.2	-0.3	-0.7	-0.2
Profit Before Tax	2.1	10.3	-7.1	1.3	1.9	-1.9	1.1	5.8	1.6	42.7	-3.1	0.5
Current Income Tax Expense	0.4	0.7	0.2	0.3	0.4	-0.0	0.2	1.2	0.4	0.1	0.2	0.3
Deferred Income Tax Expense	—	—	—	-0.1	—	-0.1	0.0	0.3	0.0	0.0	0.0	0.0
Net Income	1.7	9.6	-7.3	1.0	1.5	-1.8	0.9	4.3	1.2	42.6	-3.3	0.2
Non-controlling Interest	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.2	0.1
Profit Attributable to Parent	1.6	9.4	-7.4	0.9	1.4	-1.9	0.7	4.2	1.2	42.5	-3.4	0.1
Earnings per Share	29.00	175.00	-136.00	15.00	26.00	-42.00	150.00	127.00	29.01	967.00	-36.00	48.00
Diluted EPS	29.00	175.00	-136.00	15.00	26.00	99.00	150.00	127.00	29.01	967.00	-36.00	48.00

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)	252.9	445.5	446.9	460.3	456.3	480.9	469.3	475.8	300.0	296.3	288.0	295.9
I. Cash and cash equivalents	2.7	0.7	17.1	0.6	30.8	13.1	4.5	7.9	5.1	6.5	1.2	1.2
1. Cash	2.7	0.7	17.1	0.6	30.8	13.1	4.5	7.9	5.1	6.5	1.2	1.2
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	148.1	22.0	22.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	52.8
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	5.5
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-2.7
3. Held to maturity investments	148.1	22.0	22.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0
III. Short-term receivables	91.2	412.3	388.8	393.1	354.0	395.8	395.1	392.2	220.6	219.2	209.3	212.7
1. Short-term trade accounts receivable	29.2	38.8	23.2	28.0	17.5	17.6	18.0	12.6	13.0	10.8	6.2	6.1
2. Short-term prepayments to suppliers	12.5	40.5	11.8	12.7	12.3	10.5	11.3	15.7	0.7	0.7	2.7	0.6
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	—	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0
6. Other short-term receivables	50.1	263.6	284.5	282.9	254.8	298.3	296.4	294.5	137.5	138.2	130.9	136.1
7. Provision for short-term doubtful debts (*)	-0.6	-0.6	-0.6	-0.6	-0.6	0.0	-0.6	-0.6	-0.6	-0.6	-0.6	-0.3
8. Assets awaiting resolution	—	—	—	—	—	-0.6	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	10.6	10.2	18.6	16.4	20.9	21.1	18.9	24.7	22.6	18.9	24.9	26.1
1. Inventories	10.6	10.2	18.6	16.4	20.9	21.1	18.9	24.7	22.6	18.9	24.9	26.1
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	0.3	0.3	0.4	0.2	0.6	0.9	0.8	1.1	1.7	1.8	2.6	3.1
1. Short-term prepayments	0.2	0.3	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.3	0.7
2. Value added tax to be reclaimed	0.1	0.1	0.2	0.1	0.5	0.8	0.7	1.0	1.0	0.9	1.6	1.8
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.6	0.8	0.8	0.6
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)	412.0	271.3	271.0	290.9	290.2	290.3	290.0	283.0	343.3	343.4	342.9	344.4
I. Long-term receivables	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	10.0	10.1	10.3	10.5	10.6	10.8	10.9	11.1	11.3	11.4	11.6	11.7
1. Tangible fixed assets	7.5	7.6	7.8	7.9	8.1	8.2	8.4	8.5	8.7	8.8	9.0	9.1
- Cost	10.7	—	—	—	—	10.7	10.7	10.7	10.7	10.7	10.7	10.7
- Accumulated depreciation	-3.2	—	—	—	—	-2.5	-2.3	-2.2	-2.1	-1.9	-1.8	-1.6
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	2.5	2.5	2.5	2.5	2.5	2.5	2.6	2.6	2.6	2.6	2.6	2.6
- Cost	3.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	37.8	38.0	38.1	58.3	58.5	58.6	58.7	58.9	59.0	59.2	59.3	59.4
- Cost	42.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	171.7	31.0	30.8	30.5	30.2	29.9	29.5	22.4	22.0	21.7	21.3	21.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	171.7	31.0	30.8	30.5	30.2	29.9	29.5	22.4	22.0	21.7	21.3	21.0
V. Long-term financial investments	191.3	190.9	190.6	190.4	190.1	190.1	189.8	189.6	250.0	250.0	249.4	250.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	184.1	183.7	183.5	183.2	182.9	182.9	182.7	182.4	200.9	200.9	200.2	201.1
3. Investments in other entities	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	51.1	51.1	51.1	51.1
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.0	-2.0	-2.0	-1.8	-1.3
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	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	0.7	0.7	0.6	0.6	0.4	0.4	0.4	0.5	0.5	0.6	0.7	0.8
1. Long-term prepayments	0.7	0.7	0.6	0.6	0.4	0.4	0.4	0.5	0.5	0.6	0.7	0.8
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	664.9	716.8	717.9	751.2	746.5	771.3	759.3	758.8	643.3	639.7	630.8	640.2
A. LIABILITIES (300=210+330)	67.2	118.4	128.6	154.5	150.7	176.8	162.4	162.9	48.8	45.3	32.8	38.9
I. Short -term liabilities	58.5	109.7	119.2	144.5	140.6	166.4	151.1	153.2	39.0	35.2	21.0	25.4
1. Short-term trade accounts payable	0.5	0.2	8.5	0.6	0.3	0.4	1.5	1.5	0.2	0.2	0.2	0.2
2. Short-term advances from customers	0.0	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.2	3.1	1.1	1.2	0.8	1.0	1.0	1.0	0.4	0.6	0.5	0.8
4. Payable to employees	0.0	0.0	0.0	0.5	0.0	0.0	0.0	0.5	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	1.9	0.1	—	0.1	—	0.1	0.0	0.0	0.0	0.0	0.1	0.0
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	—	0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.8	4.1	3.7	3.0	1.4	1.6	107.4	107.3	0.1	0.1	0.1	0.1
10. Short-term borrowings and financial leases	54.1	101.6	105.3	138.4	137.4	162.9	40.7	42.4	37.8	34.3	20.0	24.3
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	0.0	0.6	0.6	0.6	0.5	0.4	0.4	0.4	0.4	0.1	0.1	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	8.7	8.7	9.5	10.0	10.1	10.4	11.3	9.8	9.8	10.0	11.8	13.5
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	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	8.7	8.7	9.5	10.0	10.0	10.2	11.0	9.5	9.8	10.0	11.8	13.5
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	—	—	—	—	0.1	0.2	0.3	0.3	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)	597.6	598.4	589.3	596.6	595.7	594.5	596.9	595.9	594.6	594.5	598.1	601.3
I. Owner's equity	597.6	598.4	589.3	596.6	595.7	594.5	596.9	595.9	594.6	594.5	598.1	601.3
1. Owner's capital	540.7	540.7	540.7	540.7	540.7	540.7	415.9	415.9	415.9	415.9	415.9	415.9
- Common stock with voting right	540,721,430,000.00	540,721,430,000.00	540,721,430,000.00	540,721,430,000.00	540,721,430,000.00	540,721,430,000.00	415,940,000,000.00	415,940,000,000.00	415,940,000,000.00	415,940,000,000.00	415,940,000,000.00	415,940,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	97.6	97.6	97.6	97.6	97.6	97.6
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	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	46.3	47.1	37.8	45.2	44.4	43.2	72.3	71.4	70.2	70.3	67.3	70.7
- Accumulated retained earning at the end of the previous period	44.7	42.9	42.9	42.9	43.0	38.9	66.1	66.1	69.1	29.2	68.8	68.8
- Undistributed earnings in this period	1.6	4.3	-5.1	2.3	1.4	4.4	6.2	5.3	1.1	41.1	-1.5	1.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	10.8	0.0	0.0	0.0
13. Minority's interest	10.6	10.5	10.8	10.7	10.6	10.5	11.1	11.0	0.0	10.7	17.2	17.1
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)	664.9	716.8	717.9	751.2	746.5	771.3	759.3	758.8	643.3	639.7	630.8	640.2

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	2.1	13.3	-7.1	1.3	1.9	-1.9	1.1	5.8	1.6	32.8	-3.1	0.5
Depreciation of Fixed Assets and Investment Property	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
Provision (Increase)/Reversal	—	0.0	0.0	0.0	—	0.0	0.0	-4.8	0.0	3.1	-1.0	-1.5
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	—	—	—	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.7	-5.5	-0.9	-2.1	-1.7	-6.2	-1.8	-1.7	-1.8	-35.7	-5.5	0.8
Interest Expense	1.0	2.3	1.7	2.7	0.8	1.9	0.7	0.7	0.6	0.5	0.4	0.4
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	0.7	10.3	-6.0	2.2	1.3	-5.9	0.3	0.3	0.7	1.1	-8.8	0.5
Increase/(Decrease) in Receivables	82.9	-19.0	-0.6	-44.2	-1.7	-3.0	-19.4	-105.0	-8.6	23.8	1.1	-3.3
Increase/(Decrease) in Inventory	-0.5	8.5	-2.2	4.5	0.2	-2.2	5.8	-2.1	-3.7	6.0	1.3	-12.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.1	-10.4	16.7	8.3	0.5	-0.9	9.6	108.1	-0.0	-35.2	0.3	4.9
Increase/(Decrease) in Prepaid Expenses	0.1	-0.2	-0.1	-0.2	0.1	-0.1	0.1	0.0	0.2	0.1	0.6	0.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	5.5	0.0
Interest Paid	-5.6	-0.9	-1.0	-0.9	-1.0	-0.7	-0.7	-0.6	-0.6	-0.4	-0.4	-0.4
Corporate Income Tax Paid	-1.3	0.0	0.0	-0.4	-0.6	0.0	-0.1	0.0	-0.4	2.6	-0.6	-0.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.0	0.0	-0.0	-0.1	-0.0	-0.0	-0.0	-0.6	-0.0	0.1	-0.2
Net Cash Flow from Operating Activities	77.4	-11.7	6.8	-30.8	-1.3	-12.9	-4.6	0.6	-13.1	-2.1	-1.0	-11.0
Payments for Fixed Assets and Other Long-term Assets	-0.4	-0.2	-0.3	-0.4	-0.8	-0.9	-2.9	-14.4	-0.4	-0.3	-0.4	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	15.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-28.4	0.0	-22.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	21.1	0.0	50.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	43.3	5.8	4.3	8.7	5.8	8.0	4.4	5.1
Dividends and Interest Income Received	1.0	0.0	0.0	0.0	2.1	2.5	0.0	3.4	3.1	-2.0	3.1	-0.0
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	-6.7	-0.2	43.4	-0.4	44.7	7.4	1.4	-2.3	8.5	5.7	7.2	4.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	13.4	27.6	23.8	9.7	20.7	35.8	3.5	19.2	13.9	23.5	8.4	15.4
Repayment of Borrowings	-82.0	-32.1	-57.4	-8.7	-46.4	-21.0	-3.7	-14.9	-10.7	-10.9	-14.5	-9.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	-0.7	0.0	0.0	0.0	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	-68.6	-4.5	-33.7	1.0	-25.7	14.1	-0.2	4.4	3.2	12.6	-6.1	5.9
Net Cash Flow During the Period	2.0	-16.4	16.5	-30.2	17.7	8.6	-3.4	2.7	-1.3	16.1	0.1	-0.4
Cash and Cash Equivalents at Beginning of Period	0.7	17.1	0.6	30.8	13.1	6.5	6.5	6.5	6.5	5.5	17.4	17.4
FX Difference from Revaluation	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.7	0.7	17.1	0.6	30.8	13.1	4.5	7.9	5.1	5.4	1.2	1.2

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GPC

What Is Changing

Drivers of GPC's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▲

Working Capital Efficiency ▲▲

Is financial risk significant?

Leverage & Liquidity ▼▼

Cash Flow ▲▲

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow