LSG

Listed Company · UPCOM

Price

33,900

Latest close

03 Apr 2026

P/E 182.8x

EPS (TTM) 185

ROE (TTM) 1.6%

P/B 2.9x

BVPS (Latest) 11,755

ROA (TTM) 0.7%

What Is Changing

LSG no longer looks like a business simply rebounding from a weak base. Revenue posted +134.2% YoY, while net margin reached 255.68% with an additional +175.9pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 20.5bn in 2025.
Revenue increased 134.2% YoY to VND 8.0bn in 2025.
Net margin improved from 79.76% in the prior period to 255.68% in 2025.

Metric	2025	2024	2023	2022
Revenue	8.0	3.4	0.9	0.0
Growth	+134%	+261%	—	—
Net Income	20.5	2.7	6.0	2.6
Net Margin	255.68%	79.76%	629.56%	—

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	3.5	2.9	1.7	—	3.4	0.0	0.0	0.0	0.1	0.4	0.4	0.0
Growth	+23%	+72%	—	—	—	—	—	-100%	-62%	0%	—	—
Net Income	64.4	-16.5	-15.4	-15.7	3.7	0.1	-0.6	-0.2	0.2	2.1	1.6	4.5
Net Margin	1833.86%	-579.37%	-929.86%	—	108.83%	—	—	—	125.99%	533.32%	401.33%	—

Financial Statements

Profitability

Net margin reached 255.68% while Revenue posted +134.2% YoY.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 1,063.5bn, and equity at 1,090.2bn.

Cash Flow

Operating cash flow was -74.1bn in 2025, while investing cash flow was 368.7bn.

Financing cash flow: -318.4bn.

Item	2025	2024	2023	2022
Revenue	8.0	3.4	0.9	0.0
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	8.0	3.4	0.9	0.0
Cost of Goods Sold	4.4	1.0	0.6	0.0
Gross Profit	3.6	2.4	0.4	0.0
Financial Income	95.8	107.4	113.9	137.5
Financial Expenses	146.8	164.2	95.0	120.9
Interest Expense	146.8	104.2	95.0	121.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	13.1	11.9	11.9	12.6
Operating Profit	-60.4	-66.3	7.3	4.0
Other Income	86.2	70.0	0.3	0.2
Other Expenses	0.0	0.1	0.0	0.7
Other Profit	86.2	70.0	0.3	-0.4
Profit Before Tax	25.8	3.6	7.6	3.6
Current Income Tax Expense	5.3	0.9	1.6	1.0
Deferred Income Tax Expense	-0.0	-0.0	0.0	-0.0
Net Income	20.5	2.7	6.0	2.6
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	20.5	2.7	6.0	2.6
Earnings per Share	228.00	30.00	66.00	29.00
Diluted EPS	228.00	30.00	66.00	29.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	717.1	486.4	945.8	2,079.2
I. Cash and cash equivalents	48.6	72.4	22.4	14.5
1. Cash	2.6	2.4	17.4	12.5
2. Cash equivalents	46.0	70.0	5.0	2.0
II. Short-term financial investments	—	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0
III. Short-term receivables	625.2	370.1	879.5	948.0
1. Short-term trade accounts receivable	1.7	1.6	0.0	0.3
2. Short-term prepayments to suppliers	4.6	4.6	4.6	1.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	587.0	340.0	841.0	892.9
6. Other short-term receivables	31.8	23.9	33.9	54.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	-0.2
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	1,073.5
1. Inventories	—	0.0	0.0	1,073.5
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	43.4	43.9	43.9	43.1
1. Short-term prepayments	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	43.4	43.9	43.9	43.1
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,436.6	1,869.0	1,382.8	223.6
I. Long-term receivables	86.9	526.1	48.6	48.6
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	471.0	0.0	0.0
6. Other long-term receivables	86.9	55.1	48.6	48.6
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	0.2	0.4	0.5	0.7
1. Tangible fixed assets	0.2	0.4	0.5	0.7
- Cost	1.5	1.6	1.6	1.6
- Accumulated depreciation	-1.2	-1.2	-1.1	-0.9
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	0.3	0.3	0.3	0.3
- Accumulated depreciation	-0.3	-0.3	-0.3	-0.3
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	1,265.8	1,261.4	1,256.6	101.6
1. Long-term production in progress	1,157.2	1,154.6	1,151.9	0.0
2. Construction in progress	108.6	106.8	104.7	101.6
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	3.0	3.0	3.0	3.0
4. Provision for diminution in value of long-term investments	-3.0	-3.0	-3.0	-3.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	83.7	81.1	77.0	72.7
1. Long-term prepayments	83.0	80.5	76.4	72.0
2. Deferred income tax assets	0.7	0.7	0.7	0.7
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,153.7	2,355.4	2,328.6	2,302.8
A. LIABILITIES (300=210+330)	1,063.5	1,312.4	1,287.4	1,266.7
I. Short -term liabilities	1,010.3	368.2	757.2	736.5
1. Short-term trade accounts payable	0.2	0.2	0.2	4.1
2. Short-term advances from customers	—	0.0	0.0	0.0
3. Taxes and other payables to state authorities	11.1	1.4	1.6	0.3
4. Payable to employees	1.7	0.8	0.7	0.0
5. Short-term acrrued expenses	30.6	24.0	21.2	14.2
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	965.2	22.5	570.7	234.1
10. Short-term borrowings and financial leases	—	318.0	161.7	481.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	1.5	1.3	1.1	2.8
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	53.2	944.2	530.2	530.2
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	53.2	944.2	0.2	0.2
8. Long-term borrowings and financial leases	—	0.0	530.0	530.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,090.2	1,043.0	1,041.2	1,036.1
I. Owner's equity	1,090.2	1,043.0	1,041.2	1,036.1
1. Owner's capital	900.0	900.0	900.0	900.0
- Common stock with voting right	900.0	900.0	900.0	900.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	1.6	1.6	1.6	1.6
5. Treasury shares	—	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	188.6	141.5	139.6	134.5
- Accumulated retained earning at the end of the previous period	168.1	138.7	133.6	131.9
- Undistributed earnings in this period	20.5	2.7	6.0	2.6
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,153.7	2,355.4	2,328.6	2,302.8

Item	2025	2024	2023	2022
Profit Before Tax	25.8	3.6	7.6	3.6
Depreciation of Fixed Assets and Investment Property	0.1	0.1	0.1	0.2
Provision (Increase)/Reversal	—	0.0	-0.2	-0.1
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-95.8	-107.4	-113.9	-137.2
Interest Expense	146.8	164.2	95.0	121.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	77.0	60.6	-11.3	-12.5
Increase/(Decrease) in Receivables	-6.8	-1.6	-4.0	357.9
Increase/(Decrease) in Inventory	-4.4	-4.9	-78.3	-60.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.6	-17.5	67.6	54.7
Increase/(Decrease) in Prepaid Expenses	-2.5	-4.1	-4.4	-3.5
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-141.0	-161.4	-204.9	-231.8
Corporate Income Tax Paid	-2.4	-1.3	-0.3	-4.2
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-1.6	-0.7	-2.6	-1.8
Net Cash Flow from Operating Activities	-74.1	-130.8	-238.3	98.6
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-3.0	-2.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-15.0	-811.0	-363.0	-50.0
Receipts from Loan Repayments and Sale of Debt Instruments	239.0	841.0	414.9	271.1
Investments in Other Entities	—	-530.0	-146.8	-332.1
Proceeds from Investments in Other Entities	53.0	944.0	530.0	0.0
Dividends and Interest Income Received	91.7	110.9	133.9	219.2
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	368.7	554.9	566.0	105.5
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	—	0.0	60.0	680.3
Repayment of Borrowings	-318.0	-373.7	-379.3	-886.1
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-0.4	-0.4	-0.4	-0.4
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-318.4	-374.2	-319.8	-206.2
Net Cash Flow During the Period	-23.8	50.0	7.9	-2.1
Cash and Cash Equivalents at Beginning of Period	72.4	22.4	14.5	16.6
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	48.6	72.4	22.4	14.5

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	3.5	2.9	1.7	—	3.4	0.0	0.0	0.0	0.1	0.4	0.4	0.0
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	3.5	2.9	1.7	—	3.4	0.0	0.0	0.0	0.1	0.4	0.4	0.0
Cost of Goods Sold	2.2	1.4	0.8	—	1.0	0.0	0.0	0.0	0.1	0.2	0.2	0.0
Gross Profit	1.3	1.5	0.8	—	2.4	0.0	0.0	0.0	0.0	0.2	0.2	0.0
Financial Income	20.1	20.1	24.4	26.6	26.9	29.0	26.1	25.3	25.7	30.1	34.8	23.2
Financial Expenses	33.6	35.6	38.0	39.7	90.8	26.2	24.1	23.0	22.2	26.3	29.7	16.7
Interest Expense	33.6	35.6	38.0	39.7	90.8	26.2	24.1	23.0	22.2	26.3	0.0	16.7
Share of Associates and Joint Ventures	—	—	—	—	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
General and Administrative Expenses	5.2	2.5	2.8	2.6	3.9	2.8	2.6	2.5	2.7	2.1	2.1	1.9
Operating Profit	-17.3	-16.6	-15.5	-15.7	-65.4	0.1	-0.6	-0.2	0.8	1.9	3.2	4.6
Other Income	86.0	0.1	0.1	0.1	70.0	0.0	0.0	0.0	0.0	0.3	0.0	0.0
Other Expenses	—	0.0	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	86.0	0.1	0.1	0.1	70.0	0.0	-0.0	0.0	0.0	0.3	0.0	0.0
Profit Before Tax	68.8	-16.5	-15.5	-15.7	4.6	0.1	-0.6	-0.2	0.8	2.2	3.2	4.6
Current Income Tax Expense	4.4	—	—	—	0.9	0.0	0.0	0.0	0.6	0.0	1.6	0.0
Deferred Income Tax Expense	-0.0	—	-0.0	0.1	-0.0	0.0	-0.0	0.1	-0.0	0.0	-0.0	0.0
Net Income	64.4	-16.5	-15.4	-15.7	3.7	0.1	-0.6	-0.2	0.2	2.1	1.6	4.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	64.4	-16.5	-15.4	-15.7	3.7	0.1	-0.6	-0.2	0.2	2.1	1.6	4.5
Earnings per Share	715.20	-183.47	-171.51	-174.73	41.41	0.90	-6.94	-2.50	2.10	23.70	17.84	50.53
Diluted EPS	715.20	-183.47	-171.51	-174.73	41.41	0.90	-6.94	-2.50	2.10	23.70	17.84	50.53

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)	715.2	756.3	772.7	466.7	492.9	435.9	1,091.7	933.3	945.8	927.3	2,520.9	2,124.8
I. Cash and cash equivalents	48.6	96.1	25.7	43.5	72.4	30.8	65.0	9.4	22.4	11.3	3.5	7.7
1. Cash	2.6	3.1	1.7	2.5	2.4	0.5	7.5	0.9	17.4	2.3	0.5	0.7
2. Cash equivalents	46.0	93.0	24.0	41.0	70.0	30.3	57.5	8.5	5.0	9.0	3.0	7.0
II. Short-term financial investments	—	—	—	—	0.0	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
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	623.2	616.0	702.5	378.8	376.6	360.8	982.6	879.9	879.5	872.0	1,357.7	977.4
1. Short-term trade accounts receivable	1.7	1.2	1.2	—	1.6	0.0	0.0	0.0	0.0	0.0	0.3	0.7
2. Short-term prepayments to suppliers	4.6	4.8	4.7	4.6	4.6	4.6	5.0	4.6	4.6	4.6	4.9	6.8
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	587.0	587.0	641.5	340.0	340.0	340.0	949.0	841.0	841.0	846.0	1,240.9	892.9
6. Other short-term receivables	29.8	23.1	55.1	34.2	30.3	16.2	28.6	34.3	33.9	21.4	111.9	77.2
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.2	-0.2
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	0.4	0.5	0.5	0.0	0.0	0.0	0.0	0.0	0.0	1,115.8	1,096.0
1. Inventories	—	0.4	0.5	0.5	0.0	0.0	0.0	0.0	0.0	0.0	1,115.8	1,096.0
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	43.4	43.8	43.9	44.0	43.9	44.3	44.1	44.1	43.9	44.0	43.9	43.6
1. Short-term prepayments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	43.4	43.8	43.9	44.0	43.9	44.3	44.1	44.0	43.9	44.0	43.9	43.5
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	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
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)	1,398.3	1,395.9	1,394.6	1,873.5	1,862.6	1,910.0	1,427.8	1,402.6	1,385.9	1,364.5	228.2	225.6
I. Long-term receivables	48.6	48.6	48.6	528.9	519.6	519.6	56.3	48.6	48.6	48.6	48.6	48.6
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	—	—	—	471.0	471.0	471.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	48.6	48.6	48.6	57.9	48.6	48.6	56.3	48.6	48.6	48.6	48.6	48.6
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	0.2	0.3	0.3	0.3	0.4	0.4	0.4	0.5	0.5	0.6	0.6	0.6
1. Tangible fixed assets	0.2	0.3	0.3	0.3	0.4	0.4	0.4	0.5	0.5	0.6	0.6	0.6
- Cost	—	—	—	—	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
- Accumulated depreciation	—	—	—	—	-1.2	-1.2	-1.2	-1.1	-1.1	-1.0	-1.0	-1.0
2. Financial leased fixed assets	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	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
- 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	1,265.8	1,264.3	1,263.3	1,262.5	1,261.4	1,310.0	1,292.3	1,275.6	1,259.7	1,239.5	104.2	102.4
1. Long-term production in progress	1,157.2	1,156.3	1,155.7	1,155.2	1,154.6	1,203.9	1,186.6	1,170.3	1,153.5	1,134.4	0.0	0.0
2. Construction in progress	108.6	108.0	107.6	107.3	106.8	106.1	105.7	105.3	106.1	105.1	104.2	102.4
V. Long-term financial investments	—	—	—	—	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
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0
4. Provision for diminution in value of long-term investments	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0
5. Held to maturity investments	—	—	—	—	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
VI. Other long-term assets	83.7	82.7	82.4	81.9	81.1	80.0	78.8	77.9	77.0	75.8	74.8	73.9
1. Long-term prepayments	83.0	82.1	81.7	81.3	80.5	79.4	78.2	77.3	76.4	75.2	74.1	73.2
2. Deferred income tax assets	0.7	0.6	0.6	0.6	0.7	0.6	0.6	0.6	0.7	0.6	0.7	0.6
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)	2,113.5	2,152.1	2,167.3	2,340.2	2,355.4	2,345.9	2,519.5	2,335.9	2,331.7	2,291.8	2,749.0	2,350.3
A. LIABILITIES (300=210+330)	1,055.5	1,158.6	1,157.2	1,312.9	1,312.4	1,306.6	1,480.1	1,295.0	1,288.0	1,248.3	1,707.7	1,309.7
I. Short -term liabilities	58.3	214.3	213.0	368.7	50.2	44.4	205.5	764.7	757.8	718.1	1,177.4	779.4
1. Short-term trade accounts payable	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
2. Short-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.1	0.1	0.1	0.1	1.4	0.1	0.1	0.0	2.2	1.3	1.7	0.0
4. Payable to employees	1.7	—	—	—	0.8	0.0	0.0	0.0	0.7	0.0	0.0	0.0
5. Short-term acrrued expenses	30.6	31.8	30.3	28.5	24.0	12.7	16.9	21.7	21.2	21.7	20.4	20.8
6. Short-term inter-company payables	—	—	—	—	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.4
9. Other short-term payables	21.2	21.3	21.2	21.4	22.5	30.1	25.2	580.2	570.7	567.0	647.4	250.4
10. Short-term borrowings and financial leases	—	159.0	159.0	318.0	0.0	0.0	161.7	161.7	161.7	126.7	506.1	506.1
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	1.5	2.0	2.3	0.5	1.3	1.4	1.4	0.9	1.1	1.1	1.6	1.6
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	997.2	944.2	944.2	944.2	1,262.2	1,262.2	1,274.6	530.2	530.2	530.2	530.2	530.2
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	997.2	944.2	944.2	944.2	944.2	944.2	956.6	0.2	0.2	0.2	0.2	0.2
8. Long-term borrowings and financial leases	—	—	—	—	318.0	318.0	318.0	530.0	530.0	530.0	530.0	530.0
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)	1,057.9	993.6	1,010.1	1,027.3	1,043.0	1,039.3	1,039.4	1,041.0	1,043.7	1,043.5	1,041.4	1,040.7
I. Owner's equity	1,057.9	993.6	1,010.1	1,027.3	1,043.0	1,039.3	1,039.4	1,041.0	1,043.7	1,043.5	1,041.4	1,040.7
1. Owner's capital	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0
- Common stock with voting right	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0
- Preferred stock	—	—	—	—	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
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	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
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	—	—	—	—	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
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	156.4	92.0	108.5	125.7	141.5	137.7	137.9	139.4	142.1	141.9	139.8	139.1
- Accumulated retained earning at the end of the previous period	139.7	139.7	139.7	141.5	138.7	138.7	138.7	139.6	133.6	133.6	133.6	134.5
- Undistributed earnings in this period	16.7	-47.7	-31.2	-15.7	2.7	-1.0	-0.8	-0.2	8.5	8.3	6.2	4.5
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	—	—	—	—	0.0	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
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)	2,113.5	2,152.1	2,167.3	2,340.2	2,355.4	2,345.9	2,519.5	2,335.9	2,331.7	2,291.8	2,749.0	2,350.3

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	57.0	—	-31.1	—	0.0	1.1	-1.1	0.0	7.6	-7.8	7.8	0.0
Depreciation of Fixed Assets and Investment Property	0.1	—	0.1	—	0.0	-0.1	0.1	0.0	0.1	-0.1	0.1	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	-0.2	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	-44.9	—	-51.0	—	0.0	51.4	-51.4	0.0	-113.9	58.0	-58.0	0.0
Interest Expense	69.2	—	77.7	—	0.0	-47.2	47.2	0.0	95.0	-46.5	46.5	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	81.3	—	-4.4	—	0.0	5.1	-5.1	0.0	-11.3	3.8	-3.8	0.0
Increase/(Decrease) in Receivables	-7.0	—	0.3	—	0.0	0.7	-0.7	0.0	-4.0	4.6	-4.6	0.0
Increase/(Decrease) in Inventory	-1.9	—	-2.4	—	0.0	34.6	-34.6	0.0	-78.3	42.2	-42.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9.1	—	-1.5	—	0.0	-32.1	32.1	0.0	67.6	-31.5	31.5	0.0
Increase/(Decrease) in Prepaid Expenses	-1.2	—	-1.3	—	0.0	1.8	-1.8	0.0	-4.4	2.1	-2.1	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-68.8	—	-72.2	—	0.0	87.3	-87.3	0.0	-204.9	45.4	-45.4	0.0
Corporate Income Tax Paid	-1.5	0.0	0.0	-0.9	0.0	0.0	0.0	-1.3	0.0	-0.3	0.0	-0.0
Other Operating Receipts	—	—	—	—	70.0	0.2	-0.0	0.0	-1.6	1.6	-0.1	0.1
Other Operating Payments	2.4	-3.2	0.8	-1.7	-1.8	-3.8	1.4	-2.0	-0.2	-0.4	-1.7	-0.4
Net Cash Flow from Operating Activities	44.5	-35.4	-41.1	-42.1	29.0	-60.2	-61.4	-38.0	-38.7	-130.8	-36.9	-31.8
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	0.0	1.0	-1.0	0.0	-3.0	2.5	-2.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-15.0	—	—	—	0.0	471.0	-471.0	0.0	-363.0	500.0	-500.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	69.5	—	169.5	—	0.0	-363.0	363.0	0.0	414.9	-152.0	152.0	0.0
Investments in Other Entities	—	—	—	—	0.0	530.0	-530.0	0.0	-146.8	278.9	-278.9	0.0
Proceeds from Investments in Other Entities	53.0	—	—	—	0.0	-944.0	944.0	0.0	530.0	-662.0	662.0	0.0
Dividends and Interest Income Received	-35.6	101.0	13.1	13.1	12.6	48.6	24.2	25.0	13.3	120.4	0.2	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	67.4	105.5	182.6	13.1	12.6	-226.4	329.2	25.0	398.4	134.7	32.8	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	—	—	—	—	0.0	944.0	0.0	0.0	-627.0	662.0	0.0	25.0
Repayment of Borrowings	-159.0	0.0	-159.0	—	0.0	-691.7	-212.0	0.0	278.9	-658.2	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.2	—	-0.2	—	0.0	0.2	-0.2	0.0	-0.4	0.2	-0.2	0.0
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	-159.4	0.2	-159.2	—	0.0	252.5	-212.2	0.0	-348.6	4.0	-0.2	25.0
Net Cash Flow During the Period	-47.5	70.3	-17.7	-29.0	41.6	-34.2	55.6	-13.0	11.1	7.9	-4.3	-6.8
Cash and Cash Equivalents at Beginning of Period	96.1	25.7	43.5	72.4	22.4	22.4	22.4	22.4	14.5	14.5	14.5	14.5
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	48.6	96.1	25.7	43.5	72.4	30.8	65.0	9.4	22.4	11.3	3.5	7.7

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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