KTL

Listed Company · UPCOM

Price

30,800

Latest close

31 Mar 2026

P/E 6.2x

EPS (TTM) 4,933

ROE (TTM) 14.6%

P/B 0.9x

BVPS (Latest) 34,768

ROA (TTM) 7.2%

What Is Changing

KTL has not yet shown a broad-based top-line recovery. Revenue posted -1.1% YoY, but net margin reached 6.45% with an additional +2.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 3.54% in 2023 to 6.45% in 2025.
Net Income reached a multi-period high at VND 61.5bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	952.8	963.5	862.0	1,101.0	948.9
Growth	-1%	+12%	-22%	+16%	—
Net Income	61.5	41.5	30.6	29.9	21.8
Net Margin	6.45%	4.31%	3.54%	2.72%	2.29%

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	243.5	251.7	234.9	222.8	257.2	248.6	246.4	211.3	232.9	197.5	209.2	222.5
Growth	-3%	+7%	+5%	-13%	+3%	+1%	+17%	-9%	+18%	-6%	-6%	—
Net Income	1.9	2.6	56.3	2.6	3.1	2.3	44.2	-5.9	4.4	-4.6	40.2	-4.4
Net Margin	0.80%	1.02%	23.97%	1.18%	1.21%	0.93%	17.95%	-2.81%	1.89%	-2.35%	19.23%	-1.97%

Financial Statements

Profitability

Net margin reached 6.45% while Revenue posted -1.1% YoY.

Balance Sheet

Inventory stood at 117.0bn, liabilities at 443.2bn, and equity at 440.9bn.

Cash Flow

Operating cash flow was 85.5bn in 2025, while investing cash flow was -4.7bn.

Financing cash flow: -28.2bn.

Item	2025	2024	2023	2022	2021
Revenue	953.0	963.7	862.9	1,102.6	949.0
Revenue Deductions	0.1	0.2	0.9	1.6	0.0
Net Revenue	952.8	963.5	862.0	1,101.0	948.9
Cost of Goods Sold	855.1	873.2	776.9	993.5	0.0
Gross Profit	97.7	90.3	85.1	107.5	99.8
Financial Income	59.8	51.3	51.6	44.1	50.7
Financial Expenses	17.7	25.0	35.3	36.0	-32.5
Interest Expense	17.4	23.2	34.4	34.7	-15.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	2.6	1.9	1.9	4.9	-6.8
General and Administrative Expenses	78.0	76.9	70.3	82.0	-79.4
Operating Profit	59.2	37.9	29.3	28.7	31.8
Other Income	3.9	6.8	2.7	4.4	0.0
Other Expenses	1.6	3.1	1.5	3.2	0.0
Other Profit	2.3	3.6	1.2	1.2	-10.1
Profit Before Tax	61.5	41.5	30.6	29.9	21.8
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	61.5	41.5	30.6	29.9	21.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	61.5	41.5	30.6	29.9	21.8
Earnings per Share	3,203.00	2,162.00	1,591.57	1,559.00	1,133.08
Diluted EPS	3,203.12	2,161.73	1,591.57	1,559.33	1,133.08

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	389.3	363.1	398.4	448.2	476.9
I. Cash and cash equivalents	73.4	20.4	9.9	3.3	3.9
1. Cash	14.9	20.4	9.9	3.3	0.0
2. Cash equivalents	58.5	0.0	0.0	0.0	0.0
II. Short-term financial investments	41.2	0.5	3.7	7.4	0.0
1. Available for sale securities	0.5	0.5	0.5	0.5	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	40.7	0.0	3.3	6.9	0.0
III. Short-term receivables	140.7	169.8	152.3	175.8	178.5
1. Short-term trade accounts receivable	129.8	168.1	129.4	153.0	0.0
2. Short-term prepayments to suppliers	16.0	7.7	28.3	27.5	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.5	2.8	3.4	4.1	0.0
7. Provision for short-term doubtful debts (*)	-8.7	-8.8	-8.8	-8.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	117.0	151.3	211.2	236.8	271.8
1. Inventories	117.0	151.3	211.2	236.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	17.1	21.2	21.3	24.9	21.1
1. Short-term prepayments	6.4	5.5	5.6	4.7	0.0
2. Value added tax to be reclaimed	8.7	14.6	13.8	18.2	0.0
3. Taxes and other receivables from state authorities	1.9	1.0	1.9	1.9	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)	494.8	504.6	538.3	566.3	575.3
I. Long-term receivables	1.0	0.5	0.7	2.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.0	0.5	0.7	2.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	139.9	146.9	186.0	197.0	230.1
1. Tangible fixed assets	112.4	130.7	161.7	135.3	158.4
- Cost	734.5	761.9	773.1	700.1	0.0
- Accumulated depreciation	-622.0	-631.2	-611.4	-564.9	0.0
2. Financial leased fixed assets	27.2	15.8	22.8	59.9	69.2
- Cost	34.9	22.3	37.6	93.8	0.0
- Accumulated depreciation	-7.8	-6.6	-14.8	-33.9	0.0
3. Intangible fixed assets	0.3	0.4	1.5	1.8	2.5
- Cost	4.4	4.4	5.3	5.3	0.0
- Accumulated depreciation	-4.1	-4.0	-3.8	-3.5	0.0
III. Investment properties	158.2	164.1	155.5	161.0	166.4
- Cost	215.5	215.5	197.0	197.0	0.0
- Accumulated depreciation	-57.4	-51.4	-41.5	-36.1	0.0
IV. Long-term assets in progress	5.0	2.2	2.3	2.6	2.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.0	2.2	2.3	2.6	0.0
V. Long-term financial investments	131.3	132.0	131.3	131.9	135.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	131.3	131.3	131.3	131.3	0.0
3. Investments in other entities	—	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
5. Held to maturity investments	—	0.7	0.0	0.7	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	59.4	58.9	62.5	71.8	0.0
1. Long-term prepayments	59.4	58.9	62.5	71.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	37.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	884.1	867.7	936.7	1,014.5	1,052.2
A. LIABILITIES (300=210+330)	443.2	437.0	550.9	638.3	691.2
I. Short -term liabilities	387.8	421.5	497.2	570.3	606.7
1. Short-term trade accounts payable	85.8	75.6	69.1	111.6	116.7
2. Short-term advances from customers	0.0	0.0	12.7	9.8	0.6
3. Taxes and other payables to state authorities	2.7	9.9	2.8	2.9	0.0
4. Payable to employees	23.6	20.7	17.1	19.8	0.0
5. Short-term acrrued expenses	5.4	4.6	24.9	2.7	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	3.8	3.7	3.9	3.6	3.6
9. Other short-term payables	7.9	7.6	9.6	15.8	0.0
10. Short-term borrowings and financial leases	244.7	297.1	354.0	390.7	401.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	13.8	2.3	3.3	13.3	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	55.4	15.5	53.7	68.0	84.5
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	6.1	4.6	0.9	0.9	0.0
8. Long-term borrowings and financial leases	49.3	10.9	52.7	67.1	83.6
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	440.9	430.7	385.8	376.2	360.9
I. Owner's equity	440.4	430.2	385.3	375.7	0.0
1. Owner's capital	192.0	192.0	192.0	192.0	360.4
- Common stock with voting right	192.0	192.0	192.0	192.0	192.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	0.2	0.2	0.2	0.2	0.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	177.0	167.7	159.5	150.7	142.4
5. Treasury shares	—	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	14.5	4.0	3.0	2.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	56.6	66.3	30.6	29.9	19.5
- Accumulated retained earning at the end of the previous period	-4.9	24.8	0.0	0.0	0.0
- Undistributed earnings in this period	61.5	41.5	30.6	29.9	19.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	0.5	0.5	0.5	0.5	0.5
1. Subsidized not-for-profit funds	0.5	0.5	0.5	0.5	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	884.1	867.7	936.7	1,014.5	1,052.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	9.3
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-6.2	0.0	0.0	0.0	0.0
Other Operating Receipts	9.3	5.3	1.6	0.5	0.0
Other Operating Payments	-26.9	-52.5	-61.5	-46.0	0.0
Net Cash Flow from Operating Activities	85.5	86.2	32.0	-0.9	-56.0
Payments for Fixed Assets and Other Long-term Assets	-32.7	-31.3	-26.4	-11.2	-8.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	10.8	13.5	11.8	11.8	0.1
Loans and Purchases of Debt Instruments	—	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
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	57.2	49.0	50.8	43.4	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	-4.7	33.7	40.6	41.6	41.4
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	890.5	885.7	898.3	1,046.4	939.7
Repayment of Borrowings	-900.2	-979.9	-926.0	-1,056.7	-907.5
Repayment of Finance Leases	-4.2	-4.5	-23.3	-18.2	-20.0
Dividends Paid	-14.2	-10.7	-15.0	-12.6	-23.5
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	-28.2	-109.4	-66.0	-41.2	-11.3
Net Cash Flow During the Period	52.6	10.5	6.5	-0.5	0.5
Cash and Cash Equivalents at Beginning of Period	20.4	9.9	3.3	3.9	30.0
FX Difference from Revaluation	0.3	0.0	0.0	-0.1	-0.2
Cash and Cash Equivalents at End of Period	73.4	20.4	9.9	3.3	3.9

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	243.5	251.7	235.0	222.9	257.2	248.6	246.5	211.3	233.0	197.5	209.2	223.3
Revenue Deductions	—	—	0.1	0.1	0.0	0.0	0.2	0.0	0.1	0.0	0.0	0.8
Net Revenue	243.5	251.7	234.9	222.8	257.2	248.6	246.4	211.3	232.9	197.5	209.2	222.5
Cost of Goods Sold	219.9	226.5	210.1	196.2	234.7	221.2	223.4	191.6	203.4	178.2	191.1	198.8
Gross Profit	23.6	25.2	24.8	26.6	22.5	27.4	22.9	19.6	29.5	19.2	18.1	23.6
Financial Income	2.3	0.8	56.1	0.6	2.1	0.2	48.7	0.3	0.7	0.4	50.3	0.0
Financial Expenses	4.8	3.9	4.6	4.4	5.9	5.5	6.8	6.7	8.6	7.8	9.5	9.1
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.2	0.7	0.2	0.5	0.4	0.4	0.5	0.5	0.5	0.5	0.4	0.5
General and Administrative Expenses	20.5	19.3	19.6	19.0	19.0	18.9	20.4	18.4	17.0	17.6	18.1	18.0
Operating Profit	-0.7	2.1	56.5	3.3	-0.7	2.9	44.0	-5.7	4.1	-6.3	40.4	-4.0
Other Income	5.4	0.6	0.0	0.1	6.5	0.0	0.2	0.0	0.4	1.8	0.1	0.5
Other Expenses	2.7	0.2	0.2	0.8	2.7	0.6	0.1	0.2	0.1	0.1	0.2	0.9
Other Profit	2.7	0.5	-0.2	-0.7	3.8	-0.6	0.2	-0.2	0.3	1.7	-0.1	-0.4
Profit Before Tax	1.9	2.6	56.3	2.6	3.1	2.3	44.2	-5.9	4.4	-4.6	40.2	-4.4
Current Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.9	2.6	56.3	2.6	3.1	2.3	44.2	-5.9	4.4	-4.6	40.2	-4.4
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.9	2.6	56.3	2.6	3.1	2.3	44.2	-5.9	4.4	-4.6	40.2	-4.4
Earnings per Share	152.94	203.06	4,440.95	136.54	246.13	182.17	3,487.17	-467.98	347.71	-365.32	3,172.59	-346.44
Diluted EPS	152.94	203.06	4,440.95	136.54	246.13	182.17	3,487.17	-467.98	347.71	-365.32	3,172.59	-346.44

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)	388.4	407.9	426.6	350.4	363.9	376.9	394.6	401.9	397.4	414.1	406.7	410.7
I. Cash and cash equivalents	60.3	67.9	74.4	57.5	20.4	9.2	5.7	6.2	9.9	4.5	17.4	7.4
1. Cash	14.9	22.5	29.2	12.5	20.4	9.2	5.7	6.2	9.9	4.5	17.4	7.4
2. Cash equivalents	45.4	45.4	45.2	45.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	53.6	53.6	40.5	0.5	1.2	1.1	3.1	3.1	3.1	7.5	7.5	7.4
1. Available for sale securities	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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
3. Held to maturity investments	53.1	53.1	40.0	—	0.7	0.7	2.7	2.7	2.6	7.0	7.0	6.9
III. Short-term receivables	140.8	131.7	150.6	118.4	169.8	150.8	160.4	163.1	152.4	159.9	146.5	157.9
1. Short-term trade accounts receivable	129.8	126.7	131.8	115.5	168.1	128.3	137.0	141.1	129.4	132.6	125.1	135.9
2. Short-term prepayments to suppliers	16.2	11.2	12.4	9.2	7.7	28.3	28.5	27.5	28.3	32.4	26.2	26.4
3. Short-term inter-company receivables	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.5	2.6	15.2	2.5	2.8	3.1	3.7	3.3	3.5	3.7	3.9	4.4
7. Provision for short-term doubtful debts (*)	-8.7	-8.7	-8.8	-8.8	-8.8	-8.8	-8.8	-8.8	-8.8	-8.8	-8.8	-8.8
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	116.8	123.1	145.5	145.1	151.2	187.1	198.4	202.6	210.7	218.3	214.6	213.3
1. Inventories	116.8	123.1	145.5	145.1	151.2	187.1	198.4	202.6	210.7	218.3	214.6	213.3
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	16.9	31.7	15.6	29.0	21.2	28.6	26.9	26.9	21.3	24.0	20.8	24.7
1. Short-term prepayments	6.2	9.1	7.6	10.9	5.6	7.1	6.9	9.4	5.5	8.2	6.1	8.6
2. Value added tax to be reclaimed	8.8	20.7	6.1	16.2	14.6	19.6	18.1	15.6	13.8	13.8	12.8	14.1
3. Taxes and other receivables from state authorities	1.9	1.9	1.9	1.9	1.0	1.9	1.9	1.9	1.9	1.9	1.9	2.0
4. Government bonds	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	495.5	495.5	494.0	495.6	503.8	519.0	528.1	533.2	538.9	522.3	545.4	553.7
I. Long-term receivables	1.0	0.7	0.5	0.5	0.5	0.6	0.7	0.7	0.7	0.7	1.6	1.8
1. Long-term trade receivables	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.0	0.7	0.5	0.5	0.5	0.6	0.7	0.7	0.7	0.7	1.6	1.8
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	139.9	137.5	138.8	139.7	147.0	155.4	160.3	164.2	186.0	169.9	186.2	189.2
1. Tangible fixed assets	112.4	116.8	122.0	124.1	130.7	139.4	141.1	145.5	161.7	127.1	125.8	130.0
- Cost	—	—	—	—	761.9	774.8	765.4	764.4	773.1	711.9	701.0	700.1
- Accumulated depreciation	—	—	—	—	-631.2	-635.3	-624.3	-619.0	-611.4	-584.8	-575.2	-570.1
2. Financial leased fixed assets	27.2	20.4	16.4	15.1	15.8	15.5	18.8	18.2	22.8	41.3	58.7	57.5
- Cost	—	—	—	—	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
3. Intangible fixed assets	0.3	0.3	0.4	0.4	0.4	0.4	0.5	0.5	1.5	1.6	1.6	1.7
- Cost	—	—	—	—	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
III. Investment properties	158.2	159.7	161.1	162.6	164.1	165.6	167.1	168.6	155.5	156.9	158.2	159.6
- Cost	—	—	—	—	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
IV. Long-term assets in progress	5.0	5.1	2.4	2.5	2.2	2.8	2.5	2.4	5.1	3.3	2.9	2.2
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5.0	5.1	2.4	2.5	2.2	2.8	2.5	2.4	5.1	3.3	2.9	2.2
V. Long-term financial investments	132.0	132.0	132.0	132.0	131.3	131.3	131.3	131.3	131.9	131.9	131.9	131.9
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	131.3	131.3	131.3	131.3	131.3	131.3	131.3	131.3	131.3	131.3	131.3	131.3
3. Investments in other entities	—	—	—	—	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
5. Held to maturity investments	0.7	0.7	0.7	0.7	0.0	0.0	0.0	0.0	0.7	0.7	0.7	0.7
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	59.4	60.5	59.2	58.4	58.8	63.3	66.2	66.1	59.7	59.6	64.5	69.0
1. Long-term prepayments	59.4	60.5	59.2	58.4	58.8	63.3	66.2	66.1	59.7	59.6	64.5	69.0
2. Deferred income tax assets	—	—	—	—	0.0	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
4. Other long-term assets	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	883.9	903.4	920.6	846.1	867.7	895.9	922.6	935.1	936.3	936.4	952.1	964.4
A. LIABILITIES (300=210+330)	443.0	459.5	479.2	412.7	437.0	492.7	521.8	555.2	550.5	554.9	565.9	592.6
I. Short -term liabilities	387.7	425.5	452.9	397.1	421.4	459.3	491.3	501.6	496.3	514.4	523.9	527.1
1. Short-term trade accounts payable	86.0	62.2	82.9	70.7	75.5	76.5	81.9	71.1	69.2	78.4	70.7	85.3
2. Short-term advances from customers	0.0	0.3	0.5	0.2	0.0	14.0	14.1	14.2	12.7	13.2	24.8	17.9
3. Taxes and other payables to state authorities	2.7	12.7	7.2	2.9	9.9	7.6	4.9	2.9	2.8	9.9	6.4	3.0
4. Payable to employees	23.1	10.7	10.8	11.5	20.7	14.2	13.3	10.1	16.6	8.7	8.3	9.4
5. Short-term acrrued expenses	5.4	0.6	5.0	5.8	4.6	21.9	22.2	28.0	24.9	0.2	3.0	6.3
6. Short-term inter-company payables	—	—	—	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
8. Short-term unearned revenue	3.8	1.4	4.3	2.3	3.7	1.5	4.5	2.5	3.9	1.5	4.5	2.4
9. Other short-term payables	7.9	12.1	11.6	10.0	7.6	11.4	16.2	12.3	9.5	25.2	20.5	17.1
10. Short-term borrowings and financial leases	244.7	300.3	301.4	292.6	297.1	305.9	322.7	358.8	353.5	363.9	367.6	374.4
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	14.0	25.4	29.2	1.1	2.3	6.2	11.4	1.7	3.4	13.2	18.1	11.3
13. Price stabilization fund	—	—	—	—	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
II. Long-term liabilities	55.4	34.0	26.3	15.7	15.5	33.4	30.5	53.7	54.2	40.5	42.0	65.5
1. Long-term trade payables	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	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
7. Other long-term liabilities	6.1	5.1	5.1	4.6	4.6	0.9	0.9	0.9	0.9	0.9	0.9	0.9
8. Long-term borrowings and financial leases	49.3	28.9	21.1	11.1	10.9	32.5	29.6	52.7	53.2	39.5	41.1	64.6
9. Convertible bonds	—	—	—	—	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
11. Deferred income tax liabilities	—	—	—	—	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
13. Fund for technology development	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	440.9	443.9	441.4	433.3	430.7	403.2	400.9	379.9	385.8	381.6	386.2	371.8
I. Owner's equity	440.4	443.4	440.9	432.8	430.2	402.7	400.3	379.3	385.3	381.0	385.7	371.3
1. Owner's capital	192.0	192.0	192.0	192.0	192.0	192.0	192.0	192.0	192.0	192.0	192.0	192.0
- Common stock with voting right	126.8	126.8	126.8	192.0	126.8	126.8	126.8	126.8	126.8	126.8	126.8	126.8
- Preferred stock	65.2	65.2	65.2	—	65.2	65.2	65.2	65.2	65.2	65.2	65.2	65.2
2. Share premium	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	177.0	177.0	177.0	167.7	167.7	167.7	167.7	159.5	159.5	159.5	159.5	150.7
5. Treasury shares	—	—	—	—	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
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	14.5	14.5	14.5	4.0	4.0	4.0	4.0	3.0	3.0	3.0	3.0	2.8
9. Fund to support corporate restructuring	—	—	—	—	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
11. Undistributed earnings after tax	56.6	59.7	57.1	68.9	66.3	38.8	36.4	24.6	30.6	26.3	30.9	25.5
- Accumulated retained earning at the end of the previous period	-4.9	0.3	1.9	66.3	24.8	0.0	0.0	30.6	0.0	0.0	0.0	29.9
- Undistributed earnings in this period	61.5	59.3	55.1	2.6	41.5	38.8	36.4	-5.9	30.6	26.3	30.9	-4.4
12. Reserves for investment in construction	—	—	—	—	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
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
1. Subsidized not-for-profit funds	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
2. Funds invested in fixed assets	—	—	—	—	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
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	883.9	903.4	920.6	846.1	867.7	895.9	922.6	935.1	936.3	936.4	952.1	964.4

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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	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
Operating Profit Before Changes in Working Capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	0.0	0.0	-6.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	4.0	0.1	-0.0	0.0	-0.1	1.0	-0.0	0.7
Other Operating Payments	-19.7	14.6	-26.9	5.1	1.9	11.2	-27.8	4.4	-47.1	4.3	-15.7	-3.1
Net Cash Flow from Operating Activities	26.7	19.3	-3.8	43.3	44.7	22.6	24.0	-8.4	17.3	-8.1	-0.3	23.1
Payments for Fixed Assets and Other Long-term Assets	-11.8	-14.8	-2.9	-3.3	-3.9	-4.2	-6.0	-0.6	-19.9	-0.5	-5.9	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	10.6	0.0	-46.2	46.4	0.0	0.0	0.2	0.0	10.9	0.0	1.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	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	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
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.6	0.2	55.3	0.0	1.1	0.2	47.5	0.1	0.1	0.5	50.2	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	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
Other Investing Receipts	—	—	—	—	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
Net Cash Flow from Investing Activities	13.6	-27.6	11.3	-1.9	-2.8	-2.0	41.8	0.1	-4.5	-0.0	45.2	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	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
Proceeds from Borrowings	237.0	229.1	212.9	211.6	216.3	225.8	247.0	196.5	254.0	181.6	253.4	209.3
Repayment of Borrowings	-280.5	-211.7	-193.1	-215.1	-245.9	-238.5	-305.3	-190.1	-239.0	-184.1	-279.0	-224.0
Repayment of Finance Leases	8.4	-10.8	-0.9	-0.9	-1.0	-1.1	-0.9	-1.6	-12.1	-2.4	-4.7	-4.1
Dividends Paid	-0.1	-4.6	-9.5	-0.0	-0.2	-3.3	-7.0	-0.2	-10.3	-0.0	-4.5	-0.2
Other Financing Receipts	—	—	—	—	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
Net Cash Flow from Financing Activities	-35.2	2.1	9.3	-4.4	-30.7	-17.1	-66.3	4.7	-7.4	-4.9	-34.7	-19.0
Net Cash Flow During the Period	5.1	-6.3	16.8	37.0	11.2	3.5	-0.5	-3.6	5.4	-13.1	10.2	4.1
Cash and Cash Equivalents at Beginning of Period	67.9	74.4	57.5	20.4	9.9	9.9	9.9	9.9	3.3	3.3	3.3	3.3
FX Difference from Revaluation	0.3	—	0.2	—	0.0	0.0	0.0	0.0	0.0	0.2	-0.2	0.0
Cash and Cash Equivalents at End of Period	73.4	67.9	74.4	57.5	20.4	9.2	5.7	6.2	9.9	4.5	17.4	7.4

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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