GVR

Tập đoàn Công nghiệp Cao su Việt Nam - CTCP ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 22.53%, +1.05pp YoY

Price

34,600

Latest close

02 Jun 2026

P/E 21.21x

P/B 2.13x

EPS 1,631

BVPS 16,246

ROE 10.5%

ROA 7.7%

Profit Margin 20.1%

Asset Turnover 0.38x

Equity Mult. 1.36x

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

What Is Changing

On a TTM 2026Q1 basis, GVR is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 32,662bn
	                                
+19.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 7,360bn
	                                
+25.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	29,078.1	26,241.9	22,138.4	25,425.9	26,350.4
Growth	+11%	+19%	-13%	-4%	—
Net Income	5,998.6	4,826.7	3,372.9	4,753.3	5,602.4
Net Margin	20.63%	18.39%	15.24%	18.69%	21.26%

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	8,845.2	8,505.7	9,294.4	6,016.7	5,677.0	9,300.6	7,715.8	4,622.2	4,585.4	7,591.2	6,195.3	4,272.6
Growth	+4%	-8%	+54%	+6%	-39%	+21%	+67%	+1%	-40%	+23%	+45%	—
Net Income	2,513.4	1,136.0	2,187.3	1,523.7	1,355.8	2,398.1	1,120.7	994.5	650.0	1,416.2	493.6	717.3
Net Margin	28.42%	13.36%	23.53%	25.32%	23.88%	25.78%	14.53%	21.52%	14.18%	18.66%	7.97%	16.79%

Drivers of GVR's profit

TTM

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

Gross profit ↑ 1,613.1bn

Other profit ↑ 904.6bn

Administrative expenses ↑ 686.3bn

Tax ↑ 366.1bn

Deferred tax ↑ 206.4bn

TTM

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

Other profit ↑ 759.1bn

Gross profit ↑ 699.7bn

Tax ↑ 218.4bn

Administrative expenses ↑ 109.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.1% = 21.5% × 0.34 × 1.38

2026Q1 11.8% = 22.5% × 0.38 × 1.36

ROE rose from 10.1% to 11.8% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 22.5% +1.0pp Asset turnover: 0.38x +0.04x Leverage: 1.36x -0.02x

Is the profit sustainable?

Start with profitability and earnings quality.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 22.53%, rising 1.0pp. Core operating signals are improving as Gross margin rose 0.5pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (with additional support from Other profit / Revenue rose 2.1pp and Net financial result / Revenue rose 0.3pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 22.53% +1.0pp

Gross Margin 27.84% +0.5pp

SG&A / Revenue 10.36% +0.4pp

Non-core / Revenue 9.01% +2.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Contribution from other income

Profit includes a contribution from other income (33.3% of PBT), not dominant but worth monitoring across periods.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 73.4 days.

Is capital being deployed efficiently?

ROIC edged up to 9.41%, rising 1.2pp. That translates to 9.41 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.08x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 0.6pp; with invested capital holding roughly steady.

Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.

CAPITAL EFFICIENCY TREND

ROIC 9.41% +1.2pp

NOPAT Margin 17.32% −0.6pp

Capital Turnover 0.54x +0.08x

Average Invested Capital 60,154.9bn +679.2bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.39x equity, with a net cash position equivalent to 0.10x equity.

Over the last 12 months, working capital released 1,831.7bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −964.3bn

Inventories decreased → higher CFO: +354.4bn

Payables increased → higher CFO: +2,441.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.0 days versus the same period last year. The main moves came from DIO fell 2.7 days, DSO fell 0.7 days, and DPO fell 2.4 days.

Working capital cycle is flat — components are offsetting each other.

Working Capital Efficiency

Receivables 15.5 days −0.7 days

Inventory 69.4 days −2.7 days

Payables 11.4 days −2.4 days

Cash Conversion Cycle 73.4 days −1.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 6,954.3bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.10x and interest coverage at 23.96x.

At present, short-term debt accounts for 43.8% of total debt, cash equals 338.8% of debt, and total debt stands at 2,635.5bn.

Leverage and liquidity trend

Net Debt / Equity -0.10x −0.12x

Interest Coverage 23.96x +9.64x

Cash / Debt 338.8% +261.2pp

Short-term Debt / Total Debt 43.8% −18.1pp

CFO / NI 1.55x +1.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 6,954.3bn in 2025, against investing cash flow of 1,408.8bn.

Post-investment cash flow was positive +8,363.2bn. Financing cash flow was negative +6,084.2bn.

CFO / net income was 1.55x.

After spending +1,182.7bn on fixed-asset investment, the business generated trailing free cash flow of +8,953.4bn.

Cash Conversion

CFO TTM 10,136.1bn +7,418.8bn

Cash Capex 1,182.7bn +658.0bn

FCF TTM +8,953.4bn +6,760.8bn

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. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 10.2%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 22.53% after expanding 1.0pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.55x. Even so, net financial result still accounts for 10.2% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	29,099.6	26,267.0	22,167.8	25,483.9	26,389.8
Revenue Deductions	21.6	25.1	29.4	57.9	0.0
Net Revenue	29,078.1	26,241.9	22,138.4	25,425.9	26,350.4
Cost of Goods Sold	20,425.4	19,276.9	17,175.5	19,083.8	0.0
Gross Profit	8,652.7	6,965.0	4,962.9	6,342.1	7,697.2
Financial Income	1,091.5	957.2	1,114.8	885.5	812.4
Financial Expenses	310.7	465.0	618.0	696.0	-699.9
Interest Expense	240.7	352.9	477.6	490.8	-582.2
Share of Associates and Joint Ventures	303.6	161.9	-208.2	203.6	281.8
Selling Expenses	477.3	554.3	591.5	591.2	-510.2
General and Administrative Expenses	3,209.5	2,325.1	1,864.5	1,762.8	-1,766.1
Operating Profit	6,050.3	4,739.8	2,795.5	4,381.1	5,815.2
Other Income	1,958.9	1,378.2	1,654.2	1,793.5	0.0
Other Expenses	901.5	511.6	335.9	473.0	0.0
Other Profit	1,057.3	866.6	1,318.4	1,320.5	521.3
Profit Before Tax	7,107.7	5,606.4	4,113.9	5,701.6	6,336.5
Current Income Tax Expense	1,052.1	943.2	688.1	921.2	-734.2
Deferred Income Tax Expense	57.0	-163.5	53.0	27.1	0.0
Net Income	5,998.6	4,826.7	3,372.9	4,753.3	5,602.4
Non-controlling Interest	680.0	837.9	749.7	914.4	1,346.5
Profit Attributable to Parent	5,318.6	3,988.7	2,623.2	3,838.8	4,255.8
Earnings per Share	1,250.00	851.00	485.00	807.00	669.00
Diluted EPS	1,329.64	997.18	655.79	807.00	1,063.96

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	32,904.6	27,670.3	23,842.2	23,395.9	22,843.4
I. Cash and cash equivalents	8,237.4	5,778.9	5,564.1	4,370.3	5,328.6
1. Cash	3,524.8	3,017.6	2,334.6	2,525.0	0.0
2. Cash equivalents	4,712.6	2,761.2	3,229.4	1,845.3	0.0
II. Short-term financial investments	14,208.1	13,952.4	11,355.4	11,211.6	0.0
1. Available for sale securities	1.2	1.2	1.2	1.2	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.1	-0.1	-0.1	-0.1	0.0
3. Held to maturity investments	14,207.0	13,951.3	11,354.3	11,210.5	0.0
III. Short-term receivables	2,448.7	2,539.1	2,546.0	2,731.9	2,824.5
1. Short-term trade accounts receivable	1,545.7	1,548.5	1,431.4	1,449.2	0.0
2. Short-term prepayments to suppliers	277.2	354.5	429.5	449.2	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	7.7	8.0	8.0	10.5	0.0
6. Other short-term receivables	936.3	916.3	922.6	1,023.0	0.0
7. Provision for short-term doubtful debts (*)	-393.7	-355.6	-312.5	-235.6	0.0
8. Assets awaiting resolution	75.4	67.3	66.9	35.6	0.0
IV. Inventories	6,667.9	4,351.5	3,360.2	4,115.6	3,573.2
1. Inventories	6,696.6	4,373.9	3,388.1	4,216.2	0.0
2. Provision for decline in value of inventories	-28.7	-22.4	-27.9	-100.6	0.0
V. Other short-term assets	1,342.5	1,048.5	1,016.5	966.5	890.5
1. Short-term prepayments	58.7	77.3	69.2	63.8	0.0
2. Value added tax to be reclaimed	583.9	566.5	527.3	516.8	0.0
3. Taxes and other receivables from state authorities	699.9	404.7	420.1	385.9	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)	53,377.9	55,713.4	54,219.8	54,981.0	56,179.8
I. Long-term receivables	500.3	607.8	657.5	674.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	702.6
2. Long-term prepayments to suppliers	2.9	3.0	3.6	3.0	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	764.0	787.5	798.3	811.0	0.0
6. Other long-term receivables	134.6	214.9	223.5	278.2	0.0
7. Provision for long-term doubtful debts	-401.2	-397.6	-367.9	-417.8	0.0
II. Fixed assets	35,218.0	35,337.2	34,438.2	33,943.7	32,528.5
1. Tangible fixed assets	35,103.2	35,216.7	34,326.0	33,824.9	32,411.2
- Cost	60,750.6	58,319.3	54,895.5	52,268.3	0.0
- Accumulated depreciation	-25,647.3	-23,102.6	-20,569.5	-18,443.5	0.0
2. Financial leased fixed assets	0.8	1.0	0.7	1.2	0.9
- Cost	3.1	3.1	1.9	1.9	0.0
- Accumulated depreciation	-2.3	-2.1	-1.2	-0.7	0.0
3. Intangible fixed assets	113.9	119.5	111.6	117.6	116.4
- Cost	213.0	217.2	203.4	202.8	0.0
- Accumulated depreciation	-99.1	-97.8	-91.8	-85.2	0.0
III. Investment properties	1,264.5	1,286.7	1,344.0	1,418.7	1,477.8
- Cost	2,482.8	2,340.3	2,277.5	2,236.6	0.0
- Accumulated depreciation	-1,218.2	-1,053.6	-933.5	-818.0	0.0
IV. Long-term assets in progress	7,483.2	9,067.1	10,774.4	12,094.6	14,755.5
1. Long-term production in progress	214.4	195.8	196.9	192.7	0.0
2. Construction in progress	7,268.9	8,871.3	10,577.5	11,901.9	0.0
V. Long-term financial investments	2,642.9	2,687.6	2,956.5	2,823.2	2,776.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,958.5	2,258.2	2,184.4	2,431.4	0.0
3. Investments in other entities	329.1	358.7	360.7	393.7	0.0
4. Provision for diminution in value of long-term investments	-37.5	-48.8	-47.1	-54.2	0.0
5. Held to maturity investments	392.9	119.5	458.5	52.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	6,268.8	6,727.0	4,049.2	4,026.5	0.0
1. Long-term prepayments	5,871.4	6,204.5	3,637.6	3,703.5	0.0
2. Deferred income tax assets	300.3	245.7	115.1	168.2	0.0
3. Long-term equipment, supplies, spare parts	97.0	108.6	105.9	117.9	0.0
4. Other long-term assets	—	0.0	0.0	0.0	3,938.7
5. Goodwill	—	168.3	190.6	36.9	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	86,282.5	83,383.7	78,062.1	78,376.9	79,023.3
A. LIABILITIES (300=210+330)	24,080.9	24,986.5	23,084.9	24,910.9	27,106.5
I. Short -term liabilities	10,940.8	11,594.1	9,652.5	10,368.1	10,989.8
1. Short-term trade accounts payable	977.6	990.0	931.4	916.5	748.8
2. Short-term advances from customers	1,211.0	619.0	518.6	524.6	582.4
3. Taxes and other payables to state authorities	704.1	743.2	541.8	617.3	0.0
4. Payable to employees	2,536.5	1,953.0	1,571.5	1,431.4	0.0
5. Short-term acrrued expenses	399.2	444.0	384.4	431.8	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	607.5	382.7	341.5	323.6	511.6
9. Other short-term payables	1,727.1	1,108.4	1,029.3	1,637.5	0.0
10. Short-term borrowings and financial leases	1,446.8	4,074.9	3,002.6	2,817.0	2,510.1
11. Provision for short-term liabilities	39.6	0.0	0.0	2.9	0.0
12.. Bonus and welfare fund	1,291.4	1,278.9	1,331.4	1,665.4	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	13,140.1	13,392.5	13,432.4	14,542.8	16,116.7
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	78.8	78.7	78.7	100.7	86.8
3. Long-term acrrued expenses	253.7	439.0	332.6	264.5	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	9,775.1	9,095.4	8,947.5	9,093.4	8,781.6
7. Other long-term liabilities	172.4	173.4	134.4	143.9	0.0
8. Long-term borrowings and financial leases	1,526.1	2,963.9	3,577.3	4,595.7	6,473.7
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	4.3	4.3	4.3	4.3	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	1,329.7	637.8	357.6	340.2	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	62,201.6	58,397.2	54,977.2	53,466.0	51,916.7
I. Owner's equity	62,153.7	58,343.7	54,936.3	53,391.8	0.0
1. Owner's capital	40,000.0	40,000.0	40,000.0	40,000.0	51,822.3
- Common stock with voting right	40,000,000,000,000.00	40,000,000,000,000.00	40,000,000,000,000.00	40,000,000,000,000.00	40,000,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	13.7	325.8	325.8	198.8	153.4
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	401.3	10.6	10.6	10.6	10.6
5. Treasury shares	—	-959,534,010.00	-959,534,010.00	-959,568,311.00	0.00
6. Assets revaluation differences	-1,576.2	-1,574.2	-1,574.2	-1,574.2	0.0
7. Foreign exchange differences	1,734.1	1,349.0	460.7	253.8	0.0
8. Investment and development fund	8,581.9	6,577.6	5,408.5	5,089.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.3	0.3	0.3	0.0
11. Undistributed earnings after tax	7,154.0	6,240.5	5,187.4	4,981.5	4,543.8
- Accumulated retained earning at the end of the previous period	3,389.7	2,251.8	2,564.2	1,142.6	3,094.6
- Undistributed earnings in this period	3,764.4	3,988.7	2,623.2	3,838.8	1,449.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	5,844.8	5,415.1	5,118.2	4,432.8	4,101.1
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	47.9	53.5	40.9	74.3	94.5
1. Subsidized not-for-profit funds	-30.2	-33.8	-53.8	-37.8	0.0
2. Funds invested in fixed assets	78.1	87.3	94.7	112.1	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	86,282.5	83,383.7	78,062.1	78,376.9	79,023.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	7,107.7	5,606.4	4,113.9	5,701.6	6,336.5
Depreciation of Fixed Assets and Investment Property	3,102.4	2,703.7	2,488.4	2,458.8	2,265.8
Provision (Increase)/Reversal	152.2	69.0	-43.4	28.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-18.8	-27.1	47.0	25.7	0.0
Gain/Loss from Investment Activities	-2,321.5	-1,558.9	-2,944.0	-1,258.1	0.0
Interest Expense	240.7	352.9	805.6	501.3	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	496.1	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	8,758.8	7,146.1	4,467.5	7,457.9	8,872.2
Increase/(Decrease) in Receivables	-734.7	-16.2	199.6	153.3	0.0
Increase/(Decrease) in Inventory	-2,331.1	-985.8	842.7	-683.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3,276.8	1,215.0	-693.5	-666.4	0.0
Increase/(Decrease) in Prepaid Expenses	-36.0	-2,575.0	32.2	-30.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-274.7	-343.1	-457.6	-443.9	0.0
Corporate Income Tax Paid	-1,231.2	-795.9	-621.8	-767.5	0.0
Other Operating Receipts	416.2	1,340.9	1,728.8	1,028.0	0.0
Other Operating Payments	-889.7	-4,552.0	-2,249.3	-4,705.5	0.0
Net Cash Flow from Operating Activities	6,954.3	434.0	3,248.5	1,342.7	4,063.1
Payments for Fixed Assets and Other Long-term Assets	-1,158.0	-596.3	-965.0	-802.3	-961.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	1,489.0	352.3	611.3	673.0	157.1
Loans and Purchases of Debt Instruments	-16,070.2	-2,160.8	-2,639.2	-2,616.2	-2,587.0
Receipts from Loan Repayments and Sale of Debt Instruments	15,564.9	1,439.4	1,538.7	1,752.6	1,703.8
Investments in Other Entities	—	-10.9	-12.3	-46.5	-32.1
Proceeds from Investments in Other Entities	3.1	0.0	1.2	32.1	0.0
Dividends and Interest Income Received	1,579.9	358.9	378.2	468.6	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	1,408.8	-617.3	-1,087.0	-538.6	-1,011.0
Proceeds from Equity Issuance and Capital Contributions	62,343,873,206.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,945.7	6,577.8	4,572.0	4,671.4	3,435.6
Repayment of Borrowings	-8,024.4	-6,118.9	-5,404.9	-6,264.1	-6,559.2
Repayment of Finance Leases	-0.4	0.0	0.0	0.0	0.0
Dividends Paid	-2,067.4	-87.9	-87.9	-119.0	-107.0
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	-6,084.2	371.0	-920.8	-1,711.6	-3,230.7
Net Cash Flow During the Period	2,279.0	187.7	1,240.8	-907.6	-1,994.0
Cash and Cash Equivalents at Beginning of Period	5,778.9	5,564.1	4,370.3	5,303.6	5,528.3
FX Difference from Revaluation	179.6	27.1	-47.0	-25.7	-21.1
Cash and Cash Equivalents at End of Period	8,237.4	5,778.9	5,564.1	4,370.3	5,328.6

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	8,850.1	8,518.9	9,296.2	6,017.9	5,682.0	9,318.3	7,717.1	4,623.2	4,590.3	7,606.8	6,199.5	4,275.5
Revenue Deductions	5.0	13.2	1.8	1.2	5.0	17.8	1.3	1.1	5.0	15.6	4.2	2.9
Net Revenue	8,845.2	8,505.7	9,294.4	6,016.7	5,677.0	9,300.6	7,715.8	4,622.2	4,585.4	7,591.2	6,195.3	4,272.6
Cost of Goods Sold	6,508.5	6,023.2	6,646.1	4,390.2	4,040.0	6,224.8	6,120.2	3,449.7	3,509.4	5,988.0	4,960.8	3,303.5
Gross Profit	2,336.7	2,482.4	2,648.3	1,626.5	1,637.0	3,075.8	1,595.6	1,172.5	1,076.0	1,603.1	1,234.5	969.1
Financial Income	260.0	335.8	265.2	323.8	236.9	377.6	226.3	234.7	227.0	351.5	284.5	284.6
Financial Expenses	57.6	81.3	66.9	77.4	84.2	102.6	90.6	115.4	111.3	131.3	117.1	156.9
Interest Expense	40.5	48.5	58.3	67.7	69.4	186.1	81.3	81.4	94.0	114.6	93.5	121.5
Share of Associates and Joint Ventures	30.3	59.6	25.7	55.8	10.7	103.8	4.6	59.0	-6.4	85.1	-268.9	8.5
Selling Expenses	116.4	154.1	133.3	109.0	93.9	186.1	149.7	103.1	113.3	218.0	158.5	110.7
General and Administrative Expenses	529.7	1,228.6	579.2	532.6	420.6	836.9	511.3	414.9	363.4	667.5	452.1	397.1
Operating Profit	1,923.3	1,413.9	2,159.8	1,287.1	1,285.8	2,431.5	1,074.8	832.8	708.6	1,022.9	522.5	597.5
Other Income	1,133.7	396.4	574.2	614.7	363.1	499.7	323.6	417.8	122.7	753.4	184.3	352.1
Other Expenses	96.1	403.0	115.1	64.3	84.6	224.4	92.1	67.2	52.8	104.5	84.7	56.4
Other Profit	1,037.6	-6.6	459.1	550.4	278.4	275.3	231.6	350.6	69.9	648.9	99.7	295.7
Profit Before Tax	2,960.9	1,407.3	2,618.9	1,837.4	1,564.2	2,706.8	1,306.4	1,183.4	778.5	1,671.8	622.2	893.2
Current Income Tax Expense	453.7	289.8	393.6	301.7	235.3	414.8	240.8	181.8	134.0	285.8	129.5	137.4
Deferred Income Tax Expense	-6.1	-18.5	38.0	12.1	-26.8	-106.1	-55.1	7.1	-5.5	-30.1	-0.9	38.5
Net Income	2,513.4	1,136.0	2,187.3	1,523.7	1,355.8	2,398.1	1,120.7	994.5	650.0	1,416.2	493.6	717.3
Non-controlling Interest	262.6	134.9	290.0	119.7	171.1	424.9	176.9	131.0	174.5	251.8	180.8	163.0
Profit Attributable to Parent	2,250.8	1,001.0	1,897.3	1,404.0	1,184.6	1,973.1	943.8	863.5	475.6	1,164.4	312.8	554.3
Earnings per Share	556.00	250.00	474.00	351.00	292.00	493.00	236.00	216.00	119.00	291.00	78.00	139.00
Diluted EPS	562.69	250.26	474.32	350.99	296.16	1,289.00	235.95	215.88	118.89	291.10	78.21	138.56

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)	34,159.9	32,960.8	30,912.3	29,120.1	28,554.1	27,738.5	25,448.9	23,460.3	22,975.1	24,185.7	23,731.0	22,558.7
I. Cash and cash equivalents	8,927.7	7,886.9	7,488.5	5,700.3	5,299.0	6,187.0	5,861.5	4,145.7	4,611.6	5,677.9	5,534.4	4,142.0
1. Cash	3,664.9	3,507.1	2,890.5	2,330.4	2,345.2	3,032.6	2,678.9	1,890.9	1,871.4	2,277.0	2,354.1	1,792.1
2. Cash equivalents	5,262.9	4,379.8	4,598.0	3,369.9	2,953.8	3,154.4	3,182.5	2,254.8	2,740.2	3,401.0	3,180.3	2,350.0
II. Short-term financial investments	16,938.8	14,563.1	13,964.8	13,656.2	14,273.2	13,561.3	13,025.4	12,730.1	11,744.4	11,227.1	10,770.3	10,888.6
1. Available for sale securities	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
2. Provision for diminution in value of available for sale securities (*)	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
3. Held to maturity investments	16,946.9	14,562.0	13,963.7	13,655.1	14,272.1	13,560.2	13,024.3	12,729.0	11,743.3	11,226.0	10,769.2	10,887.5
4. Provision for short-term investments held to maturity (*)	-9.2	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	2,743.1	2,587.9	3,129.2	3,336.5	3,164.1	2,522.8	2,401.3	2,216.1	2,454.7	2,866.8	2,836.8	2,573.6
1. Short-term trade accounts receivable	1,461.4	1,544.4	1,355.5	1,346.5	1,309.5	1,586.7	1,154.2	1,067.1	1,110.5	1,338.9	1,190.3	935.9
2. Short-term prepayments to suppliers	440.5	293.6	677.4	751.3	676.8	375.1	480.6	545.8	575.8	468.0	572.4	710.5
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	—	7.7	7.7	7.7	8.0	8.0	8.0	8.0	8.0	8.0	10.4	10.5
6. Other short-term receivables	1,161.3	1,069.8	1,341.1	1,478.8	1,423.0	946.6	1,005.6	840.4	996.9	1,327.7	1,241.5	1,102.4
7. Provision for short-term doubtful debts (*)	-396.0	-386.0	-320.0	-314.8	-320.6	-460.6	-313.9	-313.4	-303.4	-314.5	-216.5	-223.3
8. Assets awaiting resolution	75.9	58.4	67.5	67.0	67.3	67.0	66.8	68.0	66.9	38.6	38.7	37.5
IV. Inventories	4,205.8	6,671.5	5,148.7	5,086.0	4,701.3	4,364.6	3,116.2	3,132.9	3,084.6	3,377.5	3,672.3	3,890.8
1. Inventories	4,233.9	6,703.1	5,170.9	5,109.9	4,721.9	4,390.9	3,143.4	3,157.2	3,109.9	3,404.9	3,704.6	3,936.6
2. Provision for decline in value of inventories	-28.2	-31.6	-22.2	-23.9	-20.6	-26.3	-27.2	-24.3	-25.3	-27.5	-32.3	-45.8
V. Short-term Biological Assets	1.7	—	—	—	—	—	—	—	—	—	—	—
2. Short-term seasonal or single-harvest crops	1.7	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	1,342.8	1,251.5	1,181.1	1,341.0	1,116.5	1,102.8	1,044.6	1,235.6	1,079.9	1,036.5	917.2	1,063.7
1. Short-term prepayments	142.5	68.4	245.7	376.2	168.5	128.2	116.6	215.7	140.6	89.9	58.6	180.8
2. Value added tax to be reclaimed	593.6	589.0	587.9	574.3	570.2	578.9	545.7	556.0	541.4	528.9	541.3	517.1
3. Taxes and other receivables from state authorities	606.7	594.1	347.4	390.5	377.8	395.8	382.1	463.9	397.9	417.7	317.3	365.8
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.2	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	53,019.0	53,553.2	53,927.1	54,388.5	54,685.7	55,806.2	52,731.8	52,656.3	53,938.0	54,199.5	54,065.8	54,057.6
I. Long-term receivables	207.5	498.1	509.9	492.7	601.3	690.1	645.6	605.4	671.4	653.3	571.0	569.1
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	5.7	0.9	1.4	3.6	1.6	1.0	1.6	0.9	1.6	1.0	1.6	0.8
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	—	764.0	768.3	770.2	785.0	787.5	788.5	790.5	798.1	797.2	772.8	776.5
6. Other long-term receivables	232.2	129.4	133.3	117.0	218.2	224.8	213.8	173.3	237.7	221.0	214.8	209.9
7. Provision for long-term doubtful debts	-30.4	-396.1	-393.2	-398.1	-403.6	-323.2	-358.2	-359.2	-366.0	-366.0	-418.3	-418.2
II. Fixed assets	35,533.8	35,439.7	35,127.0	35,673.6	35,476.4	35,354.7	34,413.3	34,446.8	34,903.3	34,459.0	33,962.6	34,085.6
1. Tangible fixed assets	35,419.4	35,318.8	35,009.6	35,555.8	35,357.5	35,234.7	34,302.3	34,337.2	34,792.6	34,346.6	33,849.9	33,970.0
- Cost	61,651.6	—	—	—	—	58,331.2	56,560.1	55,704.4	55,962.4	54,921.7	53,761.1	53,300.2
- Accumulated depreciation	-26,232.3	—	—	—	—	-23,096.5	-22,257.8	-21,367.2	-21,169.8	-20,575.1	-19,911.2	-19,330.2
2. Financial leased fixed assets	0.7	0.8	0.9	1.1	0.8	1.0	1.3	1.7	0.6	0.7	0.8	0.9
- Cost	3.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	113.7	120.1	116.5	116.8	118.1	119.0	109.7	108.0	110.1	111.8	111.8	114.7
- Cost	214.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-100.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	283.0	—	—	—	—	—	—	—	—	—	—	—
3. Long-term seasonal or single-harvest crops	283.0	—	—	—	—	—	—	—	—	—	—	—
III. Investment properties	1,232.7	1,246.0	1,197.4	1,223.2	1,251.3	1,282.8	1,261.9	1,284.8	1,309.2	1,341.0	1,365.8	1,394.1
- Cost	2,484.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1,252.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	6,749.8	7,589.0	8,201.4	8,022.4	8,243.3	9,109.9	9,706.9	9,464.8	10,101.8	10,783.0	11,192.3	11,058.5
1. Long-term production in progress	99.8	220.2	214.6	219.8	196.7	197.5	198.5	198.4	196.2	195.8	195.2	197.8
2. Construction in progress	6,649.9	7,368.7	7,986.8	7,802.6	8,046.6	8,912.5	9,508.4	9,266.4	9,905.6	10,587.2	10,997.1	10,860.7
V. Long-term financial investments	2,816.8	2,529.9	2,475.8	2,199.3	2,427.5	2,641.3	2,664.1	2,770.9	2,957.3	2,987.7	2,928.6	2,961.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,985.7	1,844.8	1,818.6	1,873.3	2,052.6	2,211.5	2,153.0	2,071.2	2,147.1	2,198.3	2,090.0	2,398.6
3. Investments in other entities	334.1	329.1	329.1	329.1	354.5	358.7	360.7	360.7	360.7	360.7	393.7	393.7
4. Provision for diminution in value of long-term investments	-37.5	-36.9	-39.0	-38.7	-45.9	-48.5	-52.0	-33.3	-47.1	-46.1	-52.8	-52.8
5. Held to maturity investments	903.9	392.9	367.1	35.7	66.3	119.5	202.5	372.3	496.6	474.8	497.7	222.3
6. Provision for long-term investments held to maturity (*)	-369.3	—	—	—	—	—	—	—	—	—	—	—
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	6,195.4	6,250.4	6,415.7	6,777.2	6,686.1	6,727.4	4,040.0	4,083.7	3,809.8	3,774.9	3,850.3	3,954.0
1. Long-term prepayments	5,803.2	5,850.1	6,031.6	6,153.9	6,032.5	6,213.3	3,625.4	3,691.8	3,607.8	3,549.3	3,653.9	3,759.1
2. Deferred income tax assets	301.0	301.9	283.9	366.4	386.2	240.4	134.2	100.7	94.0	114.0	83.9	83.0
3. Long-term equipment, supplies, spare parts	91.2	98.4	100.2	101.9	105.6	105.4	106.5	111.8	108.1	111.6	112.5	111.9
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	155.1	161.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	168.3	173.9	179.4	185.0	200.6	195.3	34.5
TOTAL ASSETS (280=100+200)	87,178.9	86,514.0	84,839.4	83,508.6	83,239.8	83,544.7	78,180.7	76,116.7	76,913.1	78,385.3	77,796.8	76,616.3
A. LIABILITIES (300=210+330)	22,194.2	23,912.6	20,906.4	21,457.4	23,156.6	24,938.4	20,767.8	20,517.6	20,895.0	23,531.7	22,506.8	22,444.6
I. Short -term liabilities	8,269.6	11,352.7	8,231.1	8,793.3	10,057.7	11,925.5	7,954.4	7,823.7	7,722.6	10,016.6	8,306.8	8,257.5
1. Short-term trade accounts payable	798.0	973.7	766.7	947.0	677.2	984.9	959.3	910.8	822.1	927.4	785.3	795.4
2. Short-term advances from customers	727.8	1,207.4	649.7	624.0	882.6	623.8	583.9	784.4	782.4	690.4	585.7	580.9
3. Dividends and profits payable	19.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	668.8	798.1	1,146.2	827.0	439.6	774.1	777.1	440.2	356.4	543.5	759.4	521.4
4. Payable to employees	1,150.7	2,581.6	1,318.7	955.5	846.1	2,064.8	1,037.9	877.7	674.7	1,581.0	810.8	636.3
5. Short-term acrrued expenses	649.5	474.4	462.7	749.2	469.3	526.4	474.7	580.9	512.4	484.2	461.2	453.1
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	272.7	831.0	616.4	612.2	604.4	359.7	287.7	299.4	318.8	344.9	275.4	298.4
9. Other short-term payables	2,013.1	1,782.8	1,118.5	1,076.6	1,156.0	1,171.0	1,251.6	1,094.8	989.8	1,127.7	1,678.4	1,451.2
10. Short-term borrowings and financial leases	1,154.9	1,390.9	1,421.6	2,313.1	4,227.9	4,132.9	1,759.0	2,064.1	2,445.3	2,844.2	1,905.0	2,378.2
11. Provision for short-term liabilities	55.9	20.0	0.0	0.0	9.3	1.0	1.0	0.5	5.7	0.5	17.7	17.7
12.. Bonus and welfare fund	759.0	1,292.7	730.7	688.8	745.2	1,286.8	822.1	770.8	814.9	1,472.7	1,027.9	1,124.9
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	13,924.6	12,559.9	12,675.3	12,664.1	13,098.9	13,012.9	12,813.5	12,694.0	13,172.3	13,515.1	14,200.0	14,187.1
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	78.8	78.8	78.8	78.8	78.7	78.7	78.7	75.2	78.7	78.7	106.4	102.1
3. Long-term acrrued expenses	175.0	173.4	241.9	147.5	221.5	348.4	334.3	127.3	105.2	252.2	248.6	246.6
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	10,485.0	9,547.3	9,689.4	9,247.9	9,065.8	9,121.8	8,859.5	8,902.8	8,963.6	8,946.7	9,094.4	9,052.3
7. Other long-term liabilities	335.9	172.6	164.9	160.8	484.6	183.8	211.3	137.1	185.0	185.0	91.5	174.9
8. Long-term borrowings and financial leases	1,480.6	1,586.4	1,820.5	2,396.7	2,605.1	2,910.9	2,973.8	3,094.8	3,482.1	3,735.0	4,319.2	4,295.6
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	4.3	6.5	6.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3
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	1,365.1	994.9	673.6	628.1	639.0	364.9	351.6	352.6	353.5	313.3	335.5	311.4
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)	64,984.7	62,601.4	63,933.0	62,051.2	60,083.2	58,606.3	57,412.9	55,599.0	56,018.2	54,853.6	55,290.0	54,171.7
I. Owner's equity	64,984.7	62,552.9	63,862.5	61,972.7	60,015.3	58,557.3	57,356.0	55,543.2	55,978.0	54,808.7	55,220.7	54,110.0
1. Owner's capital	40,000.0	40,000.0	40,000.0	40,000.0	40,000.0	40,000.0	40,000.0	40,000.0	40,000.0	40,000.0	40,000.0	40,000.0
- Common stock with voting right	40,000,000,000,000.00	40,000,000,000,000.00	40,000,000,000,000.00	40,000,000,000,000.00	40,000,000,000,000.00	40,000,000,000,000.00	40,000,000,000,000.00	40,000,000,000,000.00	40,000,000,000,000.00	40,000,000,000,000.00	40,000,000,000,000.00	40,000,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	13.7	13.7	13.7	371.0	371.0	325.8	325.8	325.8	325.8	325.8	321.8	198.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	401.3	401.3	401.3	304.3	305.2	10.6	10.6	10.6	10.6	10.6	10.6	10.6
5. Treasury shares	—	—	—	-35,893,701,247.00	-35,893,701,247.00	-959,534,010.00	-959,534,010.00	-959,534,010.00	-959,534,010.00	-959,534,010.00	-959,534,010.00	-959,568,311.00
6. Assets revaluation differences	-1,576.2	-1,576.2	-1,576.2	-1,576.2	-1,574.2	-1,574.2	-1,574.2	-1,574.2	-1,574.2	-1,574.2	-1,574.2	-1,574.2
7. Foreign exchange differences	2,035.3	1,791.1	1,806.6	1,702.4	1,345.2	1,345.4	645.7	817.8	691.9	463.7	215.3	9.0
8. Investment and development fund	8,582.6	8,695.5	6,686.0	6,863.0	6,476.3	6,622.3	5,645.3	5,643.3	5,409.3	5,404.9	5,293.8	5,293.5
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	—	—	—	—	—	0.3	0.3	0.3	0.3	0.3	0.3	0.3
11. Undistributed earnings after tax	9,422.3	7,334.4	10,700.6	8,616.5	7,420.3	6,385.2	6,975.9	5,801.1	5,896.9	5,029.9	6,109.3	5,643.8
- Accumulated retained earning at the end of the previous period	7,171.5	3,398.3	6,160.1	6,039.4	6,253.0	4,412.1	6,032.1	4,937.5	5,421.3	2,444.7	5,796.4	5,089.6
- Undistributed earnings in this period	2,250.8	3,936.1	4,540.5	2,577.0	1,167.4	1,973.1	943.8	863.5	475.6	2,585.2	312.8	554.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	6,105.7	5,893.1	5,830.6	5,727.6	5,707.3	5,442.8	5,327.7	4,519.5	5,218.3	5,148.6	4,844.8	4,529.1
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	48.5	70.5	78.5	67.9	49.0	56.8	55.9	40.2	44.9	69.4	61.8
1. Subsidized not-for-profit funds	—	-29.6	-10.0	-4.1	-16.9	-34.8	-29.8	-28.9	-23.0	-53.6	-32.4	-43.7
2. Funds invested in fixed assets	—	78.1	80.4	82.6	84.9	83.8	86.6	84.8	63.2	98.5	101.7	105.4
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)	87,178.9	86,514.0	84,839.4	83,508.6	83,239.8	83,544.7	78,180.7	76,116.7	76,913.1	78,385.3	77,796.8	76,616.3

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	2,960.9	887.9	2,702.7	1,952.8	1,564.2	2,706.8	1,306.4	1,124.2	778.5	1,661.9	622.2	881.9
Depreciation of Fixed Assets and Investment Property	672.5	1,099.5	749.1	604.8	648.9	729.0	710.1	584.9	601.9	729.4	619.0	578.8
Provision (Increase)/Reversal	17.7	163.1	-4.3	-15.2	8.7	107.2	0.1	4.9	-8.0	30.2	-26.2	-35.1
FX Gain/Loss from Revaluation of Monetary Items	-4.7	3.5	-15.7	-3.1	-3.6	-49.2	181.6	-166.4	-11.5	5.2	5.2	28.0
Gain/Loss from Investment Activities	-958.6	-521.9	-530.8	-732.1	-536.8	-431.6	-379.7	953.9	-1,715.8	-1,715.8	-385.7	412.1
Interest Expense	40.5	46.4	58.3	205.5	-69.4	93.8	81.3	90.5	94.0	477.6	85.4	-248.3
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	94.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	2,822.3	1,858.8	2,897.4	2,418.6	1,584.0	3,156.0	1,899.8	2,591.9	-260.9	1,188.5	919.9	1,617.5
Increase/(Decrease) in Receivables	-734.6	-293.2	-98.8	162.2	-504.9	-277.7	-424.4	500.8	88.4	182.4	-145.9	122.0
Increase/(Decrease) in Inventory	2,339.5	-1,523.7	150.0	-611.4	-345.9	-1,247.5	213.0	-246.6	278.3	331.1	219.4	186.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1,047.5	2,982.3	636.5	-129.6	-212.4	1,381.5	931.5	135.5	-1,022.6	-105.6	572.8	36.5
Increase/(Decrease) in Prepaid Expenses	-45.7	-40.4	265.4	-341.8	80.8	-2,599.6	204.7	-198.3	-41.6	-22.5	189.2	52.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-31.8	-108.3	-17.5	-68.5	-80.4	-70.5	-42.5	-115.7	-84.9	-13.4	-188.6	-38.9
Corporate Income Tax Paid	-487.6	-405.7	-217.8	-97.9	-509.8	-325.7	-55.9	225.1	-621.8	-26.3	-568.0	349.2
Other Operating Receipts	379.5	—	—	—	—	-77.7	2,318.6	-708.7	746.1	-845.0	2,533.0	-851.3
Other Operating Payments	-567.7	12.4	-84.8	-221.8	-595.5	-1,730.7	-1,024.5	-1,140.1	-111.5	-1,976.0	-273.4	626.2
Net Cash Flow from Operating Activities	2,626.5	2,606.0	3,667.3	1,236.4	-555.3	-1,791.8	4,020.5	1,044.0	-1,030.4	-1,286.8	3,258.3	2,100.5
Payments for Fixed Assets and Other Long-term Assets	-209.9	-613.2	-137.2	-222.4	-185.2	-20.5	-189.9	-129.2	-122.7	-471.5	5.9	-339.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	547.5	630.8	143.5	279.5	435.3	-162.0	222.6	67.2	100.5	312.5	120.5	65.5
Loans and Purchases of Debt Instruments	-5,827.1	-5,168.8	-3,366.6	-4,414.5	-3,120.3	444.5	-1,728.0	-1,251.4	-1,063.9	1,467.6	-1,512.9	-1,467.2
Receipts from Loan Repayments and Sale of Debt Instruments	3,560.4	4,904.0	2,876.8	4,876.7	2,907.4	-424.2	-29.1	392.6	1,614.6	-543.7	-1.7	703.2
Investments in Other Entities	—	—	—	—	—	-2.4	-1.7	-3.4	-3.4	127.7	-133.1	2.4
Proceeds from Investments in Other Entities	—	3.1	—	—	—	0.0	0.0	0.0	0.0	1.2	0.0	0.0
Dividends and Interest Income Received	308.6	296.4	523.0	546.0	214.4	-79.4	68.6	-44.7	222.4	149.2	-15.9	18.8
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	-1,620.5	52.3	39.5	1,065.4	251.6	-243.9	-1,657.5	-968.9	747.6	1,043.0	-1,537.3	-1,016.7
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	618.2	1,358.9	777.6	655.4	1,153.9	3,560.7	966.0	882.9	1,082.3	1,431.3	817.1	1,126.2
Repayment of Borrowings	-996.1	180.2	-62.0	405.9	-28.0	-1,254.5	-1,492.9	-1,547.0	-1,734.8	-1,075.6	-1,300.5	-1,485.0
Repayment of Finance Leases	-0.1	-0.1	-0.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-15.0	-1,695.1	-306.3	-65.5	-0.5	5.9	3.3	14.8	-28.7	-77.1	0.7	27.7
Other Financing Receipts	30.0	—	—	—	—	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	-363.1	-1,668.3	-1,946.4	-2,263.2	-206.3	2,312.1	-523.6	-649.3	-681.2	278.7	-482.7	-331.1
Net Cash Flow During the Period	642.9	990.0	1,760.3	38.5	-509.9	276.4	1,839.4	-574.3	-964.0	34.9	1,238.4	752.7
Cash and Cash Equivalents at Beginning of Period	8,237.4	7,488.5	5,546.2	5,299.0	5,778.9	5,564.1	5,564.1	5,564.1	5,564.1	4,370.3	4,370.3	4,370.3
FX Difference from Revaluation	47.4	179.6	420.6	238.7	30.0	49.2	-181.6	166.4	11.5	-5.2	-5.2	-28.0
Cash and Cash Equivalents at End of Period	8,927.7	8,237.4	7,488.5	5,546.2	5,299.0	6,187.0	5,861.5	4,203.7	4,611.6	5,564.1	5,534.4	4,301.3

Explore Other Stocks In The Same Sector

DGC, NTP, RTB, PHR, AAA, APH, PAT, DPR, TRC, CSV, DRG, DRI, BRR, HPP, PRT, NHH, HVT, ADP, HII, VTZ, TNC, SBR, HRC, SIV, PLP, HDA, HSP, PBT, PCH, IRC, VNP, ECO, SFN, HNP, SDN, VTQ, DMS, DPC, PGN, PCM, DVG, VHG, NSG, KTT, BQP, NHP

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

GVR

What Is Changing

Drivers of GVR'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