ISH

Listed Company · UPCOM

Price

25,000

Latest close

03 Apr 2026

P/E 13.8x

EPS (TTM) 1,809

ROE (TTM) 14.2%

P/B 1.9x

BVPS (Latest) 13,058

ROA (TTM) 13.1%

What Is Changing

ISH no longer looks like a business simply rebounding from a weak base. Revenue posted +9.9% YoY, while net margin reached 38.65% with an additional +0.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 10.6% to VND 84.2bn in 2025.
Net margin improved from 38.42% in the prior period to 38.65% in 2025.
Revenue growth accelerated to 9.9% in 2025, up 25.1pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	218.0	198.3	233.9	267.2	238.2
Growth	+10%	-15%	-12%	+12%	—
Net Income	84.2	76.2	93.1	112.9	95.5
Net Margin	38.65%	38.42%	39.79%	42.26%	40.08%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	71.6	74.9	47.5	24.0	60.2	71.0	42.1	25.0	66.7	74.5	56.3	36.4
Growth	-4%	+57%	+98%	-60%	-15%	+68%	+68%	-62%	-10%	+32%	+55%	—
Net Income	26.9	35.9	17.8	3.7	23.2	33.3	15.5	4.1	21.6	34.7	24.3	12.4
Net Margin	37.57%	47.95%	37.36%	15.35%	38.59%	46.92%	36.84%	16.51%	32.40%	46.61%	43.20%	34.11%

Financial Statements

Profitability

Net margin reached 38.65% while Revenue posted +9.9% YoY.

Balance Sheet

Inventory stood at 8.0bn, liabilities at 61.0bn, and equity at 587.6bn.

Cash Flow

Operating cash flow was 134.6bn in 2024, while investing cash flow was -38.9bn.

Financing cash flow: -104.4bn.

Item	2025	2024	2023	2022	2021
Revenue	218.0	198.3	233.9	267.2	238.2
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	218.0	198.3	233.9	267.2	238.2
Cost of Goods Sold	96.8	91.8	103.1	110.4	0.0
Gross Profit	121.2	106.6	130.8	156.8	139.5
Financial Income	2.9	1.0	0.3	0.2	0.1
Financial Expenses	0.7	0.8	1.8	2.1	-6.8
Interest Expense	0.7	0.8	1.8	2.1	-6.8
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	-0.0
Selling Expenses	0.0	0.0	0.0	0.0	-0.0
General and Administrative Expenses	11.5	12.9	12.8	12.6	-13.2
Operating Profit	111.8	93.8	116.5	142.3	119.6
Other Income	0.5	0.6	0.0	0.0	0.0
Other Expenses	6.8	0.0	0.0	0.0	0.0
Other Profit	-6.3	0.6	-0.0	0.0	0.0
Profit Before Tax	105.5	94.4	116.5	142.3	119.6
Current Income Tax Expense	21.0	18.7	23.4	29.4	-24.1
Deferred Income Tax Expense	0.2	-0.6	0.0	0.0	0.0
Net Income	84.2	76.2	93.1	112.9	95.5
Non-controlling Interest	0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	84.2	76.2	93.1	112.9	95.5
Earnings per Share	1,803.00	1,659.00	2,068.00	2,510.00	2,119.50
Diluted EPS	1,803.00	1,659.00	2,068.42	2,509.51	2,121.45

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	150.1	90.8	89.3	76.3	69.7
I. Cash and cash equivalents	15.0	9.0	17.6	12.5	6.3
1. Cash	3.0	7.0	0.6	0.5	0.0
2. Cash equivalents	12.0	2.0	17.0	12.0	0.0
II. Short-term financial investments	80.5	40.0	0.0	0.0	0.0
1. Available for sale securities	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
3. Held to maturity investments	80.5	40.0	0.0	0.0	0.0
III. Short-term receivables	46.5	34.1	63.7	55.8	56.5
1. Short-term trade accounts receivable	45.4	33.5	62.8	54.9	0.0
2. Short-term prepayments to suppliers	0.2	0.5	0.8	0.7	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.9	0.0	0.1	0.2	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	8.0	7.7	8.0	8.0	6.8
1. Inventories	8.0	7.7	8.0	8.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.0	0.0	0.0	0.0
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.1	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.0	0.0
4. Government bonds	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	498.5	542.5	578.6	615.9	653.4
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	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
3. Capital at inter-company	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
5. Long-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	336.5	375.2	407.3	615.0	652.5
1. Tangible fixed assets	334.4	373.0	405.0	437.0	469.1
- Cost	1,073.4	1,085.2	1,085.8	1,085.7	0.0
- Accumulated depreciation	-739.0	-712.2	-680.8	-648.7	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.1	2.2	2.4	178.1	183.4
- Cost	5.0	4.9	4.9	216.6	0.0
- Accumulated depreciation	-2.9	-2.7	-2.6	-38.6	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.6	1.5	0.9	0.9	0.9
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.6	1.5	0.9	0.9	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	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
VI. Other long-term assets	160.4	165.8	170.4	0.0	0.0
1. Long-term prepayments	160.1	165.2	170.4	0.0	0.0
2. Deferred income tax assets	0.3	0.6	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	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
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	648.6	633.3	667.9	692.2	723.1
A. LIABILITIES (300=210+330)	61.0	37.8	56.1	116.2	132.1
I. Short -term liabilities	61.0	37.8	56.1	116.2	102.1
1. Short-term trade accounts payable	0.2	0.2	0.2	0.2	0.1
2. Short-term advances from customers	0.0	0.0	0.0	0.1	0.1
3. Taxes and other payables to state authorities	13.5	11.2	12.2	22.5	0.0
4. Payable to employees	3.4	1.2	1.5	4.0	0.0
5. Short-term acrrued expenses	0.2	0.8	0.0	0.0	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	6.1	5.5	6.1	60.3	0.0
10. Short-term borrowings and financial leases	35.0	16.4	31.2	24.3	24.8
11. Provision for short-term liabilities	1.6	2.2	4.2	4.3	0.0
12.. Bonus and welfare fund	1.0	0.5	0.8	0.5	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.0	0.0	30.0
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	30.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	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
B. OWNER'S EQUITY (400=410+430)	587.6	595.5	611.8	576.0	591.0
I. Owner's equity	587.6	595.5	611.8	576.0	0.0
1. Owner's capital	450.0	450.0	450.0	450.0	591.0
- Common stock with voting right	450.0	450.0	450.0	450.0	450.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	2.4
5. Treasury shares	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	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
9. Fund to support corporate restructuring	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
11. Undistributed earnings after tax	137.6	145.5	161.8	126.0	138.6
- Accumulated retained earning at the end of the previous period	53.4	69.3	68.7	49.1	43.1
- Undistributed earnings in this period	84.2	76.2	93.1	76.9	95.5
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	648.6	633.3	667.9	692.2	723.1

Item	2024	2023	2022	2021	2020
Profit Before Tax	94.4	116.5	142.3	119.6	60.6
Depreciation of Fixed Assets and Investment Property	32.1	32.2	37.4	37.5	37.5
Provision (Increase)/Reversal	-2.0	-0.1	4.3	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.1	-0.3	-0.2	0.0	0.0
Interest Expense	0.8	1.8	2.1	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	124.2	150.1	185.9	163.7	110.3
Increase/(Decrease) in Receivables	29.0	-7.9	0.7	0.0	0.0
Increase/(Decrease) in Inventory	0.2	0.0	-5.1	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.6	-0.9	-2.8	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	5.2	5.2	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.9	-1.8	-2.9	0.0	0.0
Corporate Income Tax Paid	-19.8	-35.2	-13.8	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.8	-2.9	-1.9	0.0	0.0
Net Cash Flow from Operating Activities	134.6	106.5	160.1	114.9	82.1
Payments for Fixed Assets and Other Long-term Assets	0.0	-0.1	-0.1	-0.6	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-40.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.0	0.4	0.2	0.0	0.0
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-38.9	0.3	0.1	-0.5	0.1
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	43.4	67.6	60.1	67.9	55.8
Repayment of Borrowings	-58.2	-60.8	-90.6	-111.1	-126.7
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-89.6	-108.4	-123.6	-73.9	-6.8
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-104.4	-101.6	-154.1	-117.1	-77.7
Net Cash Flow During the Period	-8.7	5.2	6.2	-1.8	2.7
Cash and Cash Equivalents at Beginning of Period	17.6	12.5	6.3	9.0	4.5
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	9.0	17.6	12.5	6.3	9.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	71.6	74.9	47.5	24.0	60.2	71.0	42.1	25.0	66.7	74.5	56.3	36.4
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	71.6	74.9	47.5	24.0	60.2	71.0	42.1	25.0	66.7	74.5	56.3	36.4
Cost of Goods Sold	28.4	27.5	23.3	17.7	27.4	26.9	19.5	18.0	34.6	27.3	22.6	18.6
Gross Profit	43.2	47.4	24.3	6.3	32.8	44.1	22.6	7.1	32.2	47.2	33.7	17.8
Financial Income	0.9	0.4	0.9	0.7	0.2	0.2	0.3	0.2	0.1	0.1	0.1	0.1
Financial Expenses	0.4	0.2	0.1	0.1	0.1	0.1	0.2	0.4	0.5	0.4	0.5	0.5
Interest Expense	0.4	0.2	0.1	0.1	0.1	0.1	0.2	0.4	0.5	0.4	0.5	0.5
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	3.5	2.7	2.7	2.5	3.9	3.0	3.4	2.6	3.6	3.4	2.9	2.9
Operating Profit	40.2	44.9	22.3	4.4	29.0	41.2	19.3	4.3	28.1	43.4	30.4	14.5
Other Income	0.2	0.0	0.0	0.3	0.1	0.5	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	6.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-6.5	0.0	-0.0	0.3	0.1	0.5	0.0	0.0	0.0	-0.0	0.0	0.0
Profit Before Tax	33.7	44.9	22.3	4.6	29.1	41.7	19.3	4.3	28.1	43.4	30.4	14.5
Current Income Tax Expense	6.7	9.1	4.3	0.9	6.4	8.4	3.8	0.1	6.5	8.7	6.1	2.1
Deferred Income Tax Expense	0.1	-0.1	0.2	0.1	-0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	26.9	35.9	17.8	3.7	23.2	33.3	15.5	4.1	21.6	34.7	24.3	12.4
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	26.9	35.9	17.8	3.7	23.2	33.3	15.5	4.1	21.6	34.7	24.3	12.4
Earnings per Share	577.00	767.00	383.00	82.00	506.00	725.00	345.00	92.00	480.00	772.00	540.00	276.00
Diluted EPS	577.00	767.00	394.66	81.75	516.20	740.09	345.04	91.86	480.44	771.61	540.37	276.00

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	150.1	91.5	77.3	85.5	90.8	98.2	92.4	74.7	89.3	99.9	72.7	55.4
I. Cash and cash equivalents	15.0	2.1	13.0	5.8	9.0	36.8	43.6	33.5	17.6	17.9	8.2	11.9
1. Cash	3.0	1.1	5.2	5.1	7.0	0.8	3.1	3.9	0.6	1.9	4.2	2.4
2. Cash equivalents	12.0	1.0	7.8	0.7	2.0	36.0	40.5	29.6	17.0	16.0	4.0	9.5
II. Short-term financial investments	80.5	29.3	15.5	53.5	40.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	80.5	29.3	15.5	53.5	40.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	46.5	52.2	41.1	18.5	34.1	53.6	40.8	32.9	63.7	74.4	56.8	35.6
1. Short-term trade accounts receivable	45.4	51.8	40.6	17.2	33.5	53.2	39.9	32.0	62.8	73.3	56.0	34.8
2. Short-term prepayments to suppliers	0.2	0.3	0.1	0.6	0.5	0.3	0.8	0.8	0.8	1.1	0.7	0.7
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.9	0.1	0.3	0.7	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.2
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	8.0	7.8	7.7	7.5	7.7	7.9	7.9	8.1	8.0	7.4	7.7	7.9
1. Inventories	8.0	7.8	7.7	7.5	7.7	7.9	7.9	8.1	8.0	7.4	7.7	7.9
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.1	0.1	0.3	0.0	0.0	0.0	0.3	0.0	0.1	0.0	0.0
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0
2. Value added tax to be reclaimed	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.0	0.2	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	498.5	515.1	524.2	533.1	542.5	551.3	559.9	569.2	578.6	590.5	597.3	606.6
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	336.5	351.8	359.6	367.3	375.2	383.2	391.3	399.3	407.3	587.1	596.4	605.7
1. Tangible fixed assets	334.4	349.6	357.5	365.1	373.0	381.0	389.0	397.0	405.0	413.0	421.0	429.0
- Cost	1,073.4	1,085.7	1,085.6	1,085.3	1,085.2	1,085.8	1,085.8	1,085.8	1,085.8	1,085.8	1,085.8	1,085.7
- Accumulated depreciation	-739.0	-736.1	-728.1	-720.1	-712.2	-704.8	-696.8	-688.8	-680.8	-672.8	-664.8	-656.8
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.1	2.2	2.1	2.2	2.2	2.2	2.3	2.3	2.4	174.1	175.4	176.7
- Cost	5.0	5.0	4.9	4.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.9	-2.9	-2.8	-2.8	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.6	1.6	1.6	1.5	1.5	1.5	0.9	0.9	0.9	3.4	0.9	0.9
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.6	1.6	1.6	1.5	1.5	1.5	0.9	0.9	0.9	3.4	0.9	0.9
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	160.4	161.8	162.9	164.4	165.8	166.5	167.8	169.1	170.4	0.0	0.0	0.0
1. Long-term prepayments	160.1	161.4	162.6	163.9	165.2	166.5	167.8	169.1	170.4	0.0	0.0	0.0
2. Deferred income tax assets	0.3	0.4	0.3	0.5	0.6	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	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	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	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	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	648.6	606.6	601.5	618.7	633.3	649.5	652.3	643.9	667.9	690.3	670.0	662.0
A. LIABILITIES (300=210+330)	61.0	45.9	31.7	19.5	37.8	77.2	68.4	28.0	56.1	100.1	60.5	73.6
I. Short -term liabilities	61.0	45.9	31.7	19.5	37.8	77.2	68.4	28.0	56.1	100.1	60.5	73.6
1. Short-term trade accounts payable	0.2	0.1	0.3	0.3	0.2	0.2	0.1	0.3	0.2	2.4	0.1	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	0.0	0.0	0.0
3. Taxes and other payables to state authorities	13.5	14.1	9.9	3.0	11.2	15.5	7.1	3.2	12.2	14.7	9.8	5.0
4. Payable to employees	3.4	1.4	1.1	0.9	1.2	0.6	0.6	0.0	1.5	2.7	1.1	1.1
5. Short-term acrrued expenses	0.2	0.6	0.5	0.6	0.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0
9. Other short-term payables	6.1	6.9	4.7	3.6	5.5	51.0	49.6	4.0	6.1	60.4	31.0	40.2
10. Short-term borrowings and financial leases	35.0	20.0	12.3	9.1	16.4	9.4	9.8	20.0	31.2	18.5	16.4	27.0
11. Provision for short-term liabilities	1.6	1.6	1.1	1.9	2.2	0.0	0.0	0.5	4.2	0.0	0.0	0.0
12.. Bonus and welfare fund	1.0	1.2	1.7	0.1	0.5	0.7	1.2	0.1	0.8	1.3	2.1	0.1
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	587.6	560.7	569.8	599.2	595.5	572.3	584.0	615.9	611.8	590.2	609.4	588.4
I. Owner's equity	587.6	560.7	569.8	599.2	595.5	572.3	584.0	615.9	611.8	590.2	609.4	588.4
1. Owner's capital	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0
- Common stock with voting right	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	137.6	110.7	119.8	149.2	145.5	122.3	134.0	165.9	161.8	140.2	159.4	138.4
- Accumulated retained earning at the end of the previous period	53.4	53.4	98.4	145.5	69.3	69.3	114.3	161.8	68.7	68.7	122.7	126.0
- Undistributed earnings in this period	84.2	57.3	21.4	3.7	76.2	53.0	19.7	4.1	93.1	71.5	36.7	12.4
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	648.6	606.6	601.5	618.7	633.3	649.5	652.3	643.9	667.9	690.3	670.0	662.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	33.7	44.9	22.3	4.6	29.1	41.7	19.3	4.3	28.1	43.4	30.4	14.5
Depreciation of Fixed Assets and Investment Property	8.0	8.0	8.0	8.0	8.0	8.0	8.1	8.0	4.2	9.4	9.3	9.3
Provision (Increase)/Reversal	-0.0	0.6	-0.8	-0.3	2.2	0.0	-0.5	-3.7	4.2	0.0	0.0	-4.3
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	5.9	-0.4	-0.9	-0.7	-0.3	-0.2	-0.3	-0.2	-0.1	-0.1	-0.1	-0.1
Interest Expense	0.4	0.2	0.1	0.1	0.1	0.1	0.2	0.4	0.5	0.4	0.5	0.5
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	47.9	53.3	28.7	11.7	39.2	49.6	26.8	8.7	37.0	53.1	40.2	19.8
Increase/(Decrease) in Receivables	6.4	-11.4	-22.8	16.1	18.8	-12.7	-7.6	30.5	10.7	-17.6	-21.2	20.2
Increase/(Decrease) in Inventory	-0.1	-0.1	-0.2	0.2	0.2	0.0	0.0	-0.0	-0.6	0.3	4.2	-3.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.1	0.7	4.2	-2.0	-3.5	4.3	1.3	-2.7	-3.5	6.0	-5.3	1.9
Increase/(Decrease) in Prepaid Expenses	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	5.3	-0.1	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-0.2	-0.1	-0.1	-0.1	-0.1	-0.2	-0.4	-0.5	-2.4	1.5	-0.5
Corporate Income Tax Paid	-7.3	-3.5	-0.7	-8.8	-6.7	-3.1	-0.1	-9.9	-7.0	-4.9	-1.7	-21.7
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.5	-0.5	-0.4	-0.2	-0.5	-1.5	-0.7	-0.5	-0.7	-1.2	-0.4
Net Cash Flow from Operating Activities	48.7	39.6	10.0	18.0	48.9	38.8	20.1	26.9	40.8	33.7	16.5	15.4
Payments for Fixed Assets and Other Long-term Assets	0.0	-0.3	-0.5	-0.1	0.7	-0.7	0.0	0.0	0.0	0.0	-0.1	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-53.2	-27.3	-2.0	-13.5	-40.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	2.0	13.5	40.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.7	1.3	0.0	0.2	0.2	0.3	0.3	0.1	0.1	0.1	0.1
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-50.6	-13.5	38.7	-13.6	-39.0	-0.4	0.3	0.3	0.1	0.1	0.0	0.1
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	21.9	18.5	12.3	9.1	16.4	9.4	9.8	7.9	22.1	15.6	13.4	16.6
Repayment of Borrowings	-6.9	-10.8	-9.1	-16.4	-9.4	-9.8	-20.0	-19.1	-9.4	-13.5	-24.0	-13.9
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.2	-44.7	-44.7	-0.4	-44.7	-44.8	0.0	-0.1	-53.9	-26.1	-9.6	-18.8
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	14.7	-37.0	-41.5	-7.6	-37.7	-45.2	-10.2	-11.3	-41.3	-24.0	-20.3	-16.1
Net Cash Flow During the Period	12.9	-10.9	7.2	-3.1	-27.8	-6.9	10.2	15.8	-0.3	9.8	-3.7	-0.6
Cash and Cash Equivalents at Beginning of Period	2.1	13.0	5.8	9.0	17.6	17.6	17.6	17.6	12.5	12.5	12.5	12.5
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	15.0	2.1	13.0	5.8	9.0	36.8	43.6	33.5	17.6	17.9	8.2	11.9

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