MSN

Tập đoàn Masan ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 8.94%, +3.20pp YoY

Price

73,200

Latest close

02 Jun 2026

P/E 22.42x

P/B 2.41x

EPS 3,265

BVPS 30,426

ROE 11.1%

ROA 3.6%

Profit Margin 5.7%

Asset Turnover 0.63x

Equity Mult. 3.06x

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

What Is Changing

On a TTM 2026Q1 basis, MSN has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 86,745bn
	                                
+4.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 7,754bn
	                                
+62.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	81,621.3	83,177.7	78,251.6	76,189.2	88,628.8
Growth	-2%	+6%	+3%	-14%	—
Net Income	6,763.5	4,272.4	1,869.9	4,754.4	10,101.4
Net Margin	8.29%	5.14%	2.39%	6.24%	11.40%

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	24,019.8	23,245.8	21,163.8	18,315.1	18,896.5	22,701.5	21,486.9	20,134.4	18,854.9	20,781.9	20,154.9	18,608.6
Growth	+3%	+10%	+16%	-3%	-17%	+6%	+7%	+7%	-9%	+3%	+8%	—
Net Income	1,973.6	2,295.3	1,865.8	1,619.4	983.0	1,546.6	1,301.0	946.0	478.9	516.8	484.5	429.2
Net Margin	8.22%	9.87%	8.82%	8.84%	5.20%	6.81%	6.05%	4.70%	2.54%	2.49%	2.40%	2.31%

Drivers of MSN's profit

TTM

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

Gross profit ↑ 1,697.3bn

Other profit ↑ 1,304.2bn

Finance costs ↓ 954.6bn

Associates income ↑ 845.8bn

Financial income ↓ 2,103.7bn

Administrative expenses ↑ 438.6bn

TTM

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

Gross profit ↑ 1,711.8bn

Other profit ↑ 298.4bn

Associates income ↑ 151.1bn

Administrative expenses ↑ 519.7bn

Selling expenses ↑ 379.9bn

Tax ↑ 181.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 11.6% = 5.7% × 0.57 × 3.53

2026Q1 17.3% = 8.9% × 0.63 × 3.06

ROE rose from 11.6% to 17.3% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 8.9% +3.2pp Asset turnover: 0.63x +0.06x Leverage: 3.06x -0.47x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 8.94%, rising 3.2pp. The main driver is Gross margin rose 0.7pp and SG&A / Revenue fell 0.5pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 1.6pp added support while Net financial result / Revenue fell 1.1pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 8.94% +3.2pp

Gross Margin 31.46% +0.7pp

SG&A / Revenue 21.69% −0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 25.2 days.

Is capital being deployed efficiently?

ROIC expanded to 7.68%, rising 1.9pp. That translates to 7.68 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.0pp, with capital turnover broadly stable; with invested capital holding roughly steady.

NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.

CAPITAL EFFICIENCY TREND

ROIC 7.68% +1.9pp

NOPAT Margin 8.68% +2.0pp

Capital Turnover 0.88x +0.02x

Average Invested Capital 98,045.7bn +2,112.5bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 1.86x equity, net debt at 1.25x equity.

Over the last 12 months, working capital released 1,689.5bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −268.5bn

Inventories increased → lower CFO: −2,393.6bn

Payables increased → higher CFO: +4,351.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 17.9 days versus the same period last year. The main moves came from DIO fell 7.0 days, DSO fell 2.3 days, and DPO rose 8.6 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 5.2 days −2.3 days

Inventory 66.1 days −7.0 days

Payables 46.1 days +8.6 days

Cash Conversion Cycle 25.2 days −17.9 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.25x and interest coverage only at 1.26x.

At present, short-term debt accounts for 38.7% of total debt, cash equals 10.9% of debt, and total debt stands at 65,037.2bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.25x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.26x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.25x +0.13x

Interest Coverage 1.26x +0.29x

Cash / Debt 10.9% −9.9pp

Short-term Debt / Total Debt 38.7% −0.7pp

CFO / NI 0.99x −3.15x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,369.6bn in 2025, against investing cash flow of 16,898.9bn.

Post-investment cash flow was positive +18,268.5bn. Financing cash flow was negative +24,783.8bn.

CFO / net income was 0.99x.

After spending +1,977.3bn on fixed-asset investment, the business generated trailing free cash flow of +2,941.9bn.

Cash Conversion

CFO TTM 4,919.2bn −4,565.7bn

Cash Capex 1,977.3bn −1,073.3bn

FCF TTM +2,941.9bn −3,492.4bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 3.2 pp. The main risk still sits in leverage and liquidity, with interest coverage at 1.26x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.94% after expanding 3.2pp versus the same period last year.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.26x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	81,927.7	83,456.4	78,517.0	76,380.8	89,791.6
Revenue Deductions	306.3	278.7	265.4	191.5	0.0
Net Revenue	81,621.3	83,177.7	78,251.6	76,189.2	88,628.8
Cost of Goods Sold	56,040.7	58,522.0	56,130.5	55,154.2	0.0
Gross Profit	25,580.6	24,655.7	22,121.1	21,035.0	22,134.8
Financial Income	2,094.2	4,043.5	2,405.2	2,575.6	6,799.6
Financial Expenses	6,916.5	7,900.1	8,129.5	6,361.6	-5,706.5
Interest Expense	5,418.2	6,404.7	6,946.1	4,847.7	-4,669.4
Share of Associates and Joint Ventures	5,080.1	4,443.8	3,896.0	4,339.6	3,896.6
Selling Expenses	14,202.5	14,565.4	14,192.4	12,511.5	-11,786.3
General and Administrative Expenses	3,713.8	3,917.0	3,750.0	3,854.3	-4,065.0
Operating Profit	7,922.1	6,760.5	2,350.4	5,222.7	11,273.2
Other Income	446.5	180.0	310.0	279.7	0.0
Other Expenses	480.5	915.8	97.4	355.3	0.0
Other Profit	-34.0	-735.7	212.5	-75.6	215.6
Profit Before Tax	7,888.1	6,024.8	2,563.0	5,147.1	11,488.8
Current Income Tax Expense	1,036.7	1,510.9	1,288.8	626.8	-1,387.4
Deferred Income Tax Expense	87.9	241.5	-595.7	-234.0	0.0
Net Income	6,763.5	4,272.4	1,869.9	4,754.4	10,101.4
Non-controlling Interest	2,655.2	2,273.3	1,451.2	1,187.4	1,538.5
Profit Attributable to Parent	4,108.3	1,999.1	418.7	3,567.0	8,562.9
Earnings per Share	2,710.00	1,345.00	294.00	2,511.00	7,257.00
Diluted EPS	2,701.96	1,321.32	292.62	2,505.40	7,253.39

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	36,234.5	53,569.7	43,763.5	47,674.6	43,630.2
I. Cash and cash equivalents	12,101.9	18,617.9	10,124.5	13,853.1	22,304.8
1. Cash	1,013.9	6,064.6	3,290.6	1,718.5	0.0
2. Cash equivalents	11,088.0	12,553.3	6,834.0	12,134.6	0.0
II. Short-term financial investments	5,379.8	608.0	6,794.8	3,659.2	0.0
1. Available for sale securities	3,824.1	0.0	4,183.1	3,302.2	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	1,555.7	608.0	2,611.7	357.0	0.0
III. Short-term receivables	5,639.3	21,864.6	11,985.0	13,929.6	6,634.4
1. Short-term trade accounts receivable	1,274.3	1,302.9	2,309.8	2,735.8	0.0
2. Short-term prepayments to suppliers	542.9	484.5	725.1	1,227.7	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	81.2	81.2	81.2	0.0	0.0
6. Other short-term receivables	3,771.6	20,067.6	8,898.8	10,007.2	0.0
7. Provision for short-term doubtful debts (*)	-85.5	-85.1	-34.9	-47.4	0.0
8. Assets awaiting resolution	55.0	13.6	5.2	6.3	0.0
IV. Inventories	11,262.2	10,787.4	13,174.9	14,445.3	12,813.4
1. Inventories	11,415.7	11,001.8	13,496.6	14,634.3	0.0
2. Provision for decline in value of inventories	-153.5	-214.4	-321.7	-188.9	0.0
V. Other short-term assets	1,851.4	1,691.8	1,684.3	1,787.4	1,544.8
1. Short-term prepayments	378.6	342.3	327.9	374.1	0.0
2. Value added tax to be reclaimed	1,363.3	1,232.9	1,208.8	1,253.9	0.0
3. Taxes and other receivables from state authorities	109.5	116.7	147.6	159.4	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)	92,728.7	94,015.1	103,620.0	93,668.2	82,463.3
I. Long-term receivables	4,949.6	8,524.4	11,211.0	2,113.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1,878.5
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	—	79.2	0.0	81.2	0.0
6. Other long-term receivables	4,949.6	8,445.2	11,211.0	2,032.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	35,484.2	37,049.8	42,885.8	43,535.4	42,653.9
1. Tangible fixed assets	26,392.7	27,121.5	30,468.7	30,611.5	31,151.6
- Cost	48,856.5	47,629.5	52,985.2	50,465.2	0.0
- Accumulated depreciation	-22,463.8	-20,508.1	-22,516.5	-19,853.7	0.0
2. Financial leased fixed assets	204.1	222.7	310.9	349.3	209.6
- Cost	345.2	345.2	444.6	473.0	0.0
- Accumulated depreciation	-141.1	-122.5	-133.8	-123.7	0.0
3. Intangible fixed assets	8,887.4	9,705.6	12,106.2	12,574.5	11,292.8
- Cost	13,373.9	13,952.7	16,690.9	16,375.2	0.0
- Accumulated depreciation	-4,486.5	-4,247.1	-4,584.7	-3,800.7	0.0
III. Investment properties	—	4.2	708.7	729.8	810.1
- Cost	—	18.6	1,216.3	1,148.2	0.0
- Accumulated depreciation	—	-14.5	-507.7	-418.5	0.0
IV. Long-term assets in progress	1,160.9	1,670.9	3,127.2	3,324.8	2,021.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1,160.9	1,670.9	3,127.2	3,324.8	0.0
V. Long-term financial investments	39,473.1	35,318.8	33,219.5	31,333.9	24,538.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	37,967.2	33,409.9	30,281.8	28,480.2	0.0
3. Investments in other entities	2,932.5	2,932.5	2,937.7	2,853.6	0.0
4. Provision for diminution in value of long-term investments	-1,426.7	-1,023.7	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	11,660.8	11,447.1	12,467.9	12,630.6	0.0
1. Long-term prepayments	8,172.2	7,171.0	7,418.0	7,259.9	0.0
2. Deferred income tax assets	520.9	688.0	676.7	302.2	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	10,560.2
5. Goodwill	2,967.8	3,588.1	4,373.1	5,068.5	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	128,963.2	147,584.7	147,383.5	141,342.8	126,093.5
A. LIABILITIES (300=210+330)	83,884.5	106,832.3	109,146.2	104,706.1	83,756.8
I. Short -term liabilities	40,257.5	58,712.2	50,422.5	65,320.9	34,547.8
1. Short-term trade accounts payable	8,362.6	7,171.2	6,318.0	7,489.4	7,970.3
2. Short-term advances from customers	283.0	196.9	861.9	566.3	168.2
3. Taxes and other payables to state authorities	705.2	1,017.4	1,103.2	536.3	0.0
4. Payable to employees	322.1	251.9	264.3	248.4	0.0
5. Short-term acrrued expenses	5,264.7	4,787.1	4,819.0	4,184.4	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	26.3	23.1	67.1	15.7	14.5
9. Other short-term payables	839.8	18,489.6	8,919.8	11,671.9	0.0
10. Short-term borrowings and financial leases	24,331.0	26,724.2	28,030.2	40,567.4	18,805.7
11. Provision for short-term liabilities	91.7	19.6	7.8	10.0	0.0
12.. Bonus and welfare fund	31.1	31.1	31.1	31.1	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	43,627.1	48,120.2	58,723.7	39,385.2	49,209.0
1. Long-term trade payables	10.7	16.2	19.3	24.3	25.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	2.7	102.1	31.2	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	162.9	6,212.3	8,199.2	752.4	0.0
8. Long-term borrowings and financial leases	40,546.2	38,825.2	41,541.9	30,425.6	39,371.9
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	2,364.7	2,476.5	3,406.4	3,541.7	0.0
12. Provision for long-term liabilities	539.9	487.9	5,525.7	4,641.2	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)	45,078.6	40,752.4	38,237.2	36,636.7	42,336.7
I. Owner's equity	45,078.6	40,752.4	38,237.2	36,636.7	0.0
1. Owner's capital	15,204.9	15,129.3	14,308.4	14,237.2	42,336.7
- Common stock with voting right	15,204,920,000,000.00	15,129,281,000,000.00	14,308,434,000,000.00	14,237,248,000,000.00	11,805,347,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	14,164.5	14,164.6	8,723.1	8,723.1	11,084.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	-8,388.1	-8,388.1	-8,388.1	-8,388.1	-8,388.1
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	11.3	9.5	-224.2	-385.2	0.0
8. Investment and development fund	—	0.0	0.0	0.0	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	342.4	583.6	0.0
11. Undistributed earnings after tax	14,355.6	9,326.9	11,798.1	11,381.9	18,795.9
- Accumulated retained earning at the end of the previous period	9,326.9	11,798.1	11,381.9	17,656.9	762.4
- Undistributed earnings in this period	5,028.7	-2,471.2	416.1	-6,275.0	18,033.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	9,730.5	10,510.3	11,677.7	10,484.1	9,525.7
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	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)	128,963.2	147,584.7	147,383.5	141,342.8	126,093.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	7,888.1	6,024.8	2,563.0	5,147.1	11,488.8
Depreciation of Fixed Assets and Investment Property	3,428.7	4,133.0	4,006.6	4,406.5	4,631.7
Provision (Increase)/Reversal	631.5	1,362.4	407.3	232.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-21.1	12.6	59.1	-41.0	0.0
Gain/Loss from Investment Activities	-6,211.4	-7,067.3	-5,870.3	-5,848.9	0.0
Interest Expense	5,924.1	6,911.4	7,422.4	5,340.1	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	11,639.9	11,376.9	8,588.1	9,236.7	11,185.3
Increase/(Decrease) in Receivables	299.8	-337.6	452.1	-671.7	0.0
Increase/(Decrease) in Inventory	-671.9	-98.6	1,076.4	-1,736.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,077.8	2,143.4	-442.4	-1,432.2	0.0
Increase/(Decrease) in Prepaid Expenses	98.2	628.3	426.2	95.1	0.0
Changes in Trading Securities	-3,824.1	4,183.1	-880.9	-3,302.2	0.0
Interest Paid	-5,975.2	-6,961.0	-7,902.9	-5,070.5	0.0
Corporate Income Tax Paid	-1,273.8	-1,408.4	-816.2	-903.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.1	-0.7	0.0	-4.7	0.0
Net Cash Flow from Operating Activities	1,369.6	9,525.5	500.5	-3,788.9	1,143.9
Payments for Fixed Assets and Other Long-term Assets	-1,878.2	-3,099.3	-2,228.8	-4,165.3	-2,805.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	22.0	34.8	17.5	23.9	19.3
Loans and Purchases of Debt Instruments	-13,280.6	-40,732.3	-28,673.7	-11,336.5	-9,264.8
Receipts from Loan Repayments and Sale of Debt Instruments	32,034.3	32,404.1	20,544.2	4,750.0	9,235.7
Investments in Other Entities	-3,114.5	-6,557.3	-11.8	-14,163.4	-5,260.7
Proceeds from Investments in Other Entities	84.7	4,284.3	708.6	283.8	0.0
Dividends and Interest Income Received	3,031.2	2,972.1	1,820.4	632.4	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	-2,472.2	0.0
Net Cash Flow from Investing Activities	16,898.9	-10,693.5	-7,823.7	-26,447.3	6,346.2
Proceeds from Equity Issuance and Capital Contributions	2,822,594,000,000.00	6,411,786,000,000.00	71,136,000,000.00	-40,387,000,000.00	17,363,923,000,000.00
Share Repurchases	-2,551,526,000,000.00	0.00	0.00	0.00	-9,777,448,000,000.00
Proceeds from Borrowings	59,984.6	93,606.5	91,059.1	78,059.9	60,085.7
Repayment of Borrowings	-84,136.8	-88,611.3	-87,324.9	-54,956.4	-57,114.9
Repayment of Finance Leases	-12.3	-14.1	-15.3	-13.9	-19.5
Dividends Paid	-890.5	-1,721.3	-243.8	-1,253.1	-3,442.1
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	-24,783.8	9,671.6	3,546.2	21,796.2	7,095.7
Net Cash Flow During the Period	-6,515.4	8,503.5	-3,777.0	-8,439.9	10,006.4
Cash and Cash Equivalents at Beginning of Period	18,617.9	10,124.5	13,853.1	22,304.8	7,721.4
FX Difference from Revaluation	-0.7	-10.1	48.4	-11.8	-2.4
Cash and Cash Equivalents at End of Period	12,101.9	18,617.9	10,124.5	13,853.1	22,304.8

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	24,075.2	23,300.6	21,255.7	18,425.1	18,946.4	22,735.9	21,574.6	20,203.5	18,942.4	20,860.3	20,244.8	18,696.9
Revenue Deductions	55.5	54.7	91.8	109.9	49.9	34.4	87.7	69.1	87.5	78.4	89.9	88.4
Net Revenue	24,019.8	23,245.8	21,163.8	18,315.1	18,896.5	22,701.5	21,486.9	20,134.4	18,854.9	20,781.9	20,154.9	18,608.6
Cost of Goods Sold	16,113.7	15,990.4	14,722.3	12,625.7	12,702.3	15,639.0	15,066.3	14,216.6	13,600.1	15,014.1	14,215.3	13,281.1
Gross Profit	7,906.0	7,255.4	6,441.5	5,689.4	6,194.2	7,062.5	6,420.6	5,917.8	5,254.8	5,767.8	5,939.6	5,327.5
Financial Income	425.1	320.9	829.1	367.4	576.8	1,967.7	854.5	647.3	574.0	644.4	421.0	689.8
Financial Expenses	1,894.8	1,604.4	2,041.6	1,388.0	1,882.5	1,917.0	2,032.0	2,051.8	1,899.3	1,614.6	2,386.2	2,139.3
Interest Expense	1,214.6	1,231.5	1,682.3	1,111.8	1,392.6	1,526.4	1,707.4	1,549.0	1,621.9	1,669.0	1,744.5	1,786.0
Share of Associates and Joint Ventures	1,341.2	1,384.3	1,264.6	1,241.1	1,190.1	763.7	1,158.2	1,273.4	1,248.5	945.9	1,049.0	923.6
Selling Expenses	4,089.7	3,807.5	3,356.4	3,328.8	3,709.8	3,604.6	3,678.3	3,702.5	3,580.0	3,820.4	3,623.6	3,432.1
General and Administrative Expenses	1,369.1	906.1	1,001.7	956.7	849.4	905.8	1,129.2	910.5	971.4	1,030.1	956.8	902.9
Operating Profit	2,318.7	2,642.7	2,135.5	1,624.5	1,519.4	3,366.5	1,593.7	1,173.7	626.6	893.1	443.0	466.6
Other Income	24.6	123.9	73.0	238.3	11.2	68.0	35.3	58.1	18.6	84.3	163.2	18.1
Other Expenses	23.2	99.2	56.4	16.6	308.2	777.9	63.3	63.0	11.5	29.6	23.3	33.8
Other Profit	1.4	24.7	16.6	221.7	-297.0	-709.9	-28.0	-4.9	7.0	54.8	139.9	-15.7
Profit Before Tax	2,320.2	2,667.4	2,152.1	1,846.3	1,222.4	2,656.6	1,565.8	1,168.8	633.7	947.8	582.9	450.9
Current Income Tax Expense	398.8	324.8	310.8	183.2	217.9	605.5	371.3	239.4	294.7	495.3	318.8	256.1
Deferred Income Tax Expense	-52.2	47.2	-24.5	43.7	21.5	504.6	-106.5	-16.6	-139.9	-64.3	-220.4	-234.4
Net Income	1,973.6	2,295.3	1,865.8	1,619.4	983.0	1,546.6	1,301.0	946.0	478.9	516.8	484.5	429.2
Non-controlling Interest	727.8	821.4	657.1	587.2	589.5	855.5	599.9	443.4	374.5	466.7	436.1	323.9
Profit Attributable to Parent	1,245.8	1,474.0	1,208.7	1,032.2	393.5	691.1	701.1	502.6	104.4	50.1	48.4	105.3
Earnings per Share	819.00	969.00	795.00	682.00	260.00	457.00	463.00	332.00	73.00	35.00	34.00	74.00
Diluted EPS	819.34	969.40	794.91	682.25	260.09	456.77	463.39	349.41	72.93	35.02	33.81	73.96

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)	31,419.3	36,234.5	32,214.1	32,650.9	48,551.3	53,569.7	43,530.0	48,982.4	42,629.1	43,763.5	47,845.7	45,883.8
I. Cash and cash equivalents	7,081.1	12,101.9	13,266.3	10,552.7	12,769.1	18,617.9	13,225.0	18,158.2	8,492.7	10,124.5	9,477.1	8,829.0
1. Cash	1,634.8	1,013.9	1,606.8	1,949.7	2,555.2	6,064.6	2,221.3	6,379.6	2,003.5	3,290.6	4,041.9	2,434.9
2. Cash equivalents	5,446.3	11,088.0	11,659.5	8,603.0	10,213.9	12,553.3	11,003.7	11,778.6	6,489.2	6,834.0	5,435.2	6,394.1
II. Short-term financial investments	6,924.1	5,379.8	1,463.3	894.8	404.2	608.0	3,107.6	3,819.0	5,329.2	6,794.8	4,780.8	4,623.3
1. Available for sale securities	2,203.0	3,824.1	446.7	68.2	—	0.0	1,720.3	1,510.5	3,218.8	4,183.1	1,216.5	2,643.4
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
3. Held to maturity investments	4,775.9	1,555.7	1,016.6	826.5	404.2	608.0	1,387.3	2,308.5	2,110.3	2,611.7	3,564.2	1,980.0
4. Provision for short-term investments held to maturity (*)	-54.8	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	3,603.2	5,639.3	5,282.6	9,108.0	23,734.3	21,864.6	12,366.5	12,578.1	14,304.7	11,985.0	17,765.7	16,745.4
1. Short-term trade accounts receivable	1,543.9	1,274.3	1,457.1	1,126.4	943.2	1,302.9	2,188.4	2,130.3	2,496.9	2,309.8	2,362.5	2,388.1
2. Short-term prepayments to suppliers	624.1	542.9	583.0	619.7	573.0	484.5	720.2	671.0	708.5	725.1	875.1	1,168.7
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	—	81.2	81.2	81.2	81.2	81.2	81.2	357.6	1,591.2	81.2	0.0	0.0
6. Other short-term receivables	1,410.3	3,771.6	3,218.6	7,344.0	22,199.2	20,067.6	9,430.3	9,487.3	9,539.2	8,898.8	14,558.9	13,224.0
7. Provision for short-term doubtful debts (*)	-30.5	-85.5	-84.3	-81.5	-78.3	-85.1	-74.5	-72.2	-34.5	-34.9	-43.0	-45.2
8. Assets awaiting resolution	55.4	55.0	27.1	18.2	16.0	13.6	20.9	4.2	3.5	5.2	12.3	9.8
IV. Inventories	11,329.9	11,262.2	10,307.8	10,282.8	9,798.1	10,787.4	12,858.9	12,602.1	12,766.3	13,174.9	14,026.4	13,902.2
1. Inventories	11,544.2	11,415.7	10,460.3	10,397.1	9,994.4	11,001.8	13,168.5	12,833.7	13,103.4	13,496.6	14,443.3	14,298.2
2. Provision for decline in value of inventories	-214.3	-153.5	-152.5	-114.3	-196.2	-214.4	-309.6	-231.6	-337.1	-321.7	-416.9	-396.0
V. Short-term Biological Assets	584.5	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	569.4	—	—	—	—	—	—	—	—	—	—	—
2. Short-term seasonal or single-harvest crops	37.5	—	—	—	—	—	—	—	—	—	—	—
3. Provision for impairment of short-term biological assets	-22.3	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	1,896.4	1,851.4	1,894.0	1,812.7	1,845.6	1,691.8	1,971.9	1,824.8	1,736.2	1,684.3	1,795.7	1,783.9
1. Short-term prepayments	354.8	378.6	420.1	358.6	451.1	342.3	412.8	376.6	385.8	327.9	455.8	403.0
2. Value added tax to be reclaimed	1,431.1	1,363.3	1,360.6	1,338.6	1,277.8	1,232.9	1,413.0	1,303.6	1,208.1	1,208.8	1,174.7	1,223.0
3. Taxes and other receivables from state authorities	110.6	109.5	113.3	115.5	116.7	116.7	146.1	144.6	142.3	147.6	165.2	157.9
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	99,298.6	92,728.7	89,137.1	90,815.6	94,600.8	94,015.1	110,761.5	108,483.5	103,893.3	103,620.0	97,227.0	94,974.5
I. Long-term receivables	1,725.2	4,949.6	2,337.4	4,895.1	9,276.5	8,524.4	17,061.0	16,453.9	11,263.4	11,211.0	3,449.3	2,135.2
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	79.2	79.2	79.2	198.4	0.0	0.0	0.0	81.2	81.2
6. Other long-term receivables	1,725.2	4,949.6	2,337.4	4,815.9	9,197.3	8,445.2	16,862.5	16,453.9	11,263.4	11,211.0	3,368.2	2,054.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	35,310.9	35,484.2	35,518.1	35,634.6	36,348.7	37,049.8	43,441.7	42,405.0	43,008.5	42,885.8	42,522.2	42,666.2
1. Tangible fixed assets	26,322.2	26,392.7	26,305.2	26,292.0	26,713.1	27,121.5	30,521.4	30,290.6	30,763.7	30,468.7	30,076.5	30,058.9
- Cost	49,295.7	—	—	—	—	47,629.5	54,962.0	54,151.5	53,874.0	52,985.2	51,855.2	51,121.9
- Accumulated depreciation	-22,973.5	—	—	—	—	-20,508.1	-24,440.6	-23,860.9	-23,110.3	-22,516.5	-21,778.8	-21,063.0
2. Financial leased fixed assets	199.5	204.1	208.8	213.4	218.1	222.7	227.4	299.4	304.6	310.9	317.4	323.8
- Cost	345.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-145.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	8,789.1	8,887.4	9,004.2	9,129.1	9,417.5	9,705.6	12,692.9	11,814.9	11,940.2	12,106.2	12,128.3	12,283.6
- Cost	13,399.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4,609.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	70.5	—	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	65.6	—	—	—	—	—	—	—	—	—	—	—
a) Immature bearer livestock	9.6	—	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	56.0	—	—	—	—	—	—	—	—	—	—	—
- Cost	96.6	—	—	—	—	—	—	—	—	—	—	—
- Accumulated depreciation (*)	-40.6	—	—	—	—	—	—	—	—	—	—	—
3. Long-term seasonal or single-harvest crops	4.9	—	—	—	—	—	—	—	—	—	—	—
III. Investment properties	—	—	3.0	3.4	3.8	4.2	673.5	688.4	692.7	708.7	697.6	710.7
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	964.1	1,160.9	1,231.1	1,926.4	1,685.9	1,670.9	2,277.7	2,479.3	2,328.0	3,127.2	3,375.6	3,603.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	964.1	1,160.9	1,231.1	1,926.4	1,685.9	1,670.9	2,277.7	2,479.3	2,328.0	3,127.2	3,375.6	3,603.6
V. Long-term financial investments	50,404.4	39,473.1	38,469.7	37,342.6	36,210.3	35,318.8	35,621.7	34,554.1	34,441.9	33,219.5	34,299.7	33,247.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	39,237.7	37,967.2	36,749.0	35,620.8	34,401.4	33,409.9	32,893.0	31,745.7	31,517.1	30,281.8	31,420.6	30,371.2
3. Investments in other entities	2,932.5	2,932.5	2,932.5	2,932.5	2,932.5	2,932.5	2,951.0	2,964.3	2,938.7	2,937.7	2,879.1	2,876.1
4. Provision for diminution in value of long-term investments	-1,835.7	-1,426.7	-1,211.8	-1,210.7	-1,123.7	-1,023.7	-222.3	-155.9	-14.0	0.0	0.0	0.0
5. Held to maturity investments	10,069.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	10,823.5	11,660.8	11,577.8	11,013.5	11,075.6	11,447.1	11,685.9	11,902.8	7,957.5	8,094.7	8,200.3	7,896.3
1. Long-term prepayments	7,472.8	8,172.2	7,872.2	7,144.5	6,985.7	7,171.0	7,231.0	7,310.4	7,242.8	7,418.0	7,513.3	7,344.8
2. Deferred income tax assets	540.3	520.9	582.9	591.5	641.5	688.0	706.7	680.3	714.7	676.7	687.0	551.5
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	2,810.5	2,967.8	3,122.6	3,277.5	3,448.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	3,588.1	3,748.2	3,912.0	4,201.3	4,373.1	4,682.3	4,715.2
TOTAL ASSETS (280=100+200)	130,717.9	128,963.2	121,351.2	123,466.6	143,152.2	147,584.7	154,291.4	157,465.9	146,522.4	147,383.5	145,072.6	140,858.4
A. LIABILITIES (300=210+330)	84,455.3	83,884.5	78,378.1	81,823.9	99,823.7	106,832.3	113,111.1	111,259.7	107,688.9	109,146.2	106,999.4	103,334.1
I. Short -term liabilities	41,645.7	40,257.5	37,637.8	36,915.5	52,674.7	58,712.2	53,667.2	51,330.0	49,428.2	50,422.5	54,028.7	57,503.6
1. Short-term trade accounts payable	9,163.0	8,362.6	6,915.7	6,076.8	5,827.0	7,171.2	7,867.1	6,177.7	5,988.5	6,318.0	6,068.9	6,601.8
2. Short-term advances from customers	342.0	283.0	250.2	199.9	184.6	196.9	482.6	593.3	847.0	861.9	350.2	573.3
3. Dividends and profits payable	88.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	621.9	705.2	965.6	827.3	480.3	1,017.4	1,350.6	780.0	667.3	1,103.2	1,423.3	988.4
4. Payable to employees	451.4	322.1	411.5	373.3	362.2	251.9	385.5	380.9	359.8	264.3	375.1	260.9
5. Short-term acrrued expenses	5,248.1	5,264.7	4,799.3	4,140.8	4,230.2	4,787.1	5,268.6	4,318.6	4,688.6	4,819.0	4,949.9	4,476.8
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	33.2	26.3	37.2	29.3	27.7	23.1	42.2	41.9	45.8	67.1	101.6	63.6
9. Other short-term payables	377.4	839.8	210.5	3,548.5	17,308.8	18,489.6	8,764.9	9,647.9	8,587.8	8,919.8	15,026.2	13,453.9
10. Short-term borrowings and financial leases	25,197.5	24,331.0	23,925.0	21,596.8	24,205.9	26,724.2	29,466.9	29,351.5	28,205.4	28,030.2	25,692.7	31,045.0
11. Provision for short-term liabilities	91.7	91.7	91.7	91.7	16.7	19.6	7.7	7.0	6.9	7.8	9.6	8.6
12.. Bonus and welfare fund	31.1	31.1	31.1	31.1	31.1	31.1	31.1	31.1	31.1	31.1	31.1	31.1
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	42,809.6	43,627.1	40,740.2	44,908.4	47,149.0	48,120.2	59,444.0	59,929.8	58,260.7	58,723.7	52,970.7	45,830.4
1. Long-term trade payables	11.4	10.7	14.1	14.3	17.3	16.2	22.9	17.1	19.3	19.3	21.6	21.6
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	3.9	2.7	34.5	83.5	200.9	102.1	515.6	350.8	173.4	31.2	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	80.6	162.9	807.8	2,761.4	6,914.3	6,212.3	13,974.6	12,371.5	7,874.5	8,199.2	1,787.7	617.9
8. Long-term borrowings and financial leases	39,839.6	40,546.2	37,009.3	39,144.1	37,107.5	38,825.2	36,272.4	38,519.8	41,447.6	41,541.9	42,922.7	37,024.1
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	2,331.8	2,364.7	2,379.5	2,412.6	2,418.9	2,476.5	3,228.8	3,340.0	3,363.0	3,406.4	3,471.3	3,502.3
12. Provision for long-term liabilities	542.3	539.9	495.1	492.6	490.1	487.9	5,429.7	5,330.6	5,382.9	5,525.7	4,767.4	4,664.5
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	46,262.6	45,078.6	42,973.2	41,642.7	43,328.4	40,752.4	41,180.3	46,206.1	38,833.5	38,237.2	38,073.2	37,524.3
I. Owner's equity	46,262.6	45,078.6	42,973.2	41,642.7	43,328.4	40,752.4	41,180.3	46,206.1	38,833.5	38,237.2	38,073.2	37,524.3
1. Owner's capital	15,204.9	15,204.9	15,204.9	15,129.3	15,129.3	15,129.3	15,129.3	15,129.3	14,308.4	14,308.4	14,308.4	14,237.2
- Common stock with voting right	15,204,920,000,000.00	15,204,920,000,000.00	15,204,920,000,000.00	15,129,281,000,000.00	15,129,281,000,000.00	15,129,281,000,000.00	15,129,281,000,000.00	14,383,516,000,000.00	14,308,434,000,000.00	14,308,434,000,000.00	14,308,434,000,000.00	14,237,248,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	745,765,000,000.00	0.00	0.00	0.00	0.00
2. Share premium	14,164.5	14,164.5	14,164.5	14,164.6	14,164.6	14,164.6	14,164.6	14,164.6	8,723.1	8,723.1	8,723.1	8,723.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	-8,388.1	-8,388.1	-8,388.1	-8,388.1	-8,388.1	-8,388.1	-8,388.1	-8,388.1	-8,388.1	-8,388.1	-8,388.1	-8,388.1
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	11.5	11.3	11.0	10.6	9.9	9.5	-149.1	-162.5	-212.0	-224.2	-313.2	-356.5
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	403.5	471.2	384.2	342.4	702.4	579.6
11. Undistributed earnings after tax	15,601.4	14,355.6	12,708.8	11,557.6	9,834.5	9,326.9	8,344.6	12,415.7	11,913.1	11,798.1	11,750.5	11,702.1
- Accumulated retained earning at the end of the previous period	14,355.6	9,326.9	9,326.9	9,326.9	9,326.9	11,798.1	11,798.1	11,798.1	11,798.1	11,381.9	11,381.9	11,381.9
- Undistributed earnings in this period	1,245.8	5,028.7	3,381.9	2,230.7	507.6	-2,471.2	-3,453.4	617.6	115.0	416.1	368.6	320.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	9,668.4	9,730.5	9,272.1	9,168.8	12,578.4	10,510.3	11,675.6	12,576.1	12,104.9	11,677.7	11,290.1	11,026.9
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	130,717.9	128,963.2	121,351.2	123,466.6	143,152.2	147,584.7	154,291.4	157,465.9	146,522.4	147,383.5	145,072.6	140,858.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	2,320.2	2,667.4	2,152.1	1,846.3	1,222.4	2,656.6	1,565.8	1,168.8	633.7	947.8	582.9	450.9
Depreciation of Fixed Assets and Investment Property	929.3	859.7	841.0	848.0	879.9	974.0	1,175.0	940.2	1,043.8	944.9	1,030.0	946.7
Provision (Increase)/Reversal	538.3	293.0	88.9	134.1	115.6	903.3	224.2	134.4	100.5	-21.8	91.2	342.5
FX Gain/Loss from Revaluation of Monetary Items	-14.9	-29.3	-20.0	21.9	6.4	93.3	2.9	-32.8	-50.8	-273.8	477.3	-80.4
Gain/Loss from Investment Activities	-1,747.6	-1,647.9	-2,060.1	-1,104.0	-1,399.4	-1,951.1	-1,761.0	-1,633.4	-1,721.7	-1,589.5	-1,494.1	-1,395.9
Interest Expense	1,384.5	1,354.5	1,817.7	1,220.2	1,531.7	1,662.5	1,822.7	1,712.9	1,713.3	1,799.0	1,894.5	1,886.7
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	3,409.7	3,497.4	2,819.6	2,966.4	2,356.5	4,338.6	3,029.5	2,290.0	1,718.8	1,806.5	2,581.9	2,150.5
Increase/(Decrease) in Receivables	-613.5	162.5	-396.1	578.6	-45.2	-827.8	56.6	561.8	-128.1	281.8	150.4	489.3
Increase/(Decrease) in Inventory	-687.9	-1,063.8	-144.9	-497.0	1,033.8	-346.0	-344.3	231.0	360.7	915.8	-125.5	-525.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,619.2	1,280.1	1,629.7	-177.5	-1,654.5	2,146.1	1,441.2	-366.3	-1,077.6	305.0	323.5	-53.1
Increase/(Decrease) in Prepaid Expenses	-55.0	-87.8	18.3	41.5	126.3	341.1	176.4	-60.6	171.5	153.1	85.0	110.5
Changes in Trading Securities	1,621.0	—	—	—	—	1,720.3	-209.8	1,708.3	964.2	-2,966.5	1,426.8	672.9
Interest Paid	-1,336.6	-1,218.8	-2,123.5	-1,468.7	-1,164.2	-2,485.0	-1,490.3	-1,599.6	-1,386.2	-2,030.1	-2,444.8	-1,844.9
Corporate Income Tax Paid	-483.2	-346.9	-170.6	-28.2	-728.2	-453.5	-81.3	-214.9	-658.7	-340.3	-197.0	-83.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.5	-0.1	-0.2	-0.3	-0.7	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	3,473.7	-1,155.0	1,253.8	1,346.7	-75.9	4,433.2	2,578.0	2,549.7	-35.4	-1,874.7	1,800.2	916.6
Payments for Fixed Assets and Other Long-term Assets	-447.2	-594.9	-571.7	-363.6	-348.1	-1,546.3	-933.3	-222.9	-396.8	-462.7	-385.8	-531.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	5.2	8.5	2.4	2.8	8.4	-0.5	11.7	-29.4	52.9	2.1	6.2	6.2
Loans and Purchases of Debt Instruments	-9,363.6	-4,503.7	-621.5	-3,482.3	-4,673.2	-22,870.5	634.5	-14,598.3	-3,897.9	-10,690.6	-12,044.3	-3,706.2
Receipts from Loan Repayments and Sale of Debt Instruments	1,962.4	890.3	7,036.6	21,849.7	2,257.7	19,677.0	-35.2	10,283.5	2,478.8	10,978.3	7,784.1	1,531.0
Investments in Other Entities	—	—	—	—	—	-1,457.3	-5,100.0	0.0	0.0	2.5	-14.3	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	-508.4	593.0	2,901.1	0.0	1,383.2	0.0	708.6	0.0	0.0
Dividends and Interest Income Received	323.1	1,641.2	1,015.4	262.6	112.0	903.9	301.0	1,544.2	223.0	459.5	878.9	236.9
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	-7,520.3	-3,859.9	6,861.2	17,005.4	-3,107.9	-2,392.5	-5,121.3	-1,639.8	-1,539.9	997.7	-3,775.1	-2,463.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	12,876,000,000.00	-63,858,000,000.00	6,409,082,000,000.00	53,686,000,000.00	0.00	71,136,000,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	14,122.4	17,165.3	14,676.9	14,677.4	13,465.0	41,543.2	13,845.7	24,468.8	13,748.8	28,875.7	23,181.4	17,362.0
Repayment of Borrowings	-14,332.7	-13,204.0	-19,546.0	-32,687.3	-18,699.5	-36,818.8	-15,837.6	-22,100.1	-13,854.7	-27,264.5	-20,525.1	-23,178.8
Repayment of Finance Leases	-3.2	-3.2	-3.1	-3.0	-3.0	19.8	-10.6	-19.6	-3.8	-3.7	-3.6	-4.0
Dividends Paid	-789.9	-107.9	-776.4	-2.0	-4.1	-1,395.2	-325.5	-0.5	-0.1	-39.5	-204.3	-0.1
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-1,003.4	3,850.2	-5,401.0	-20,566.5	-2,666.5	3,361.9	-2,391.9	8,757.6	-56.0	1,568.1	2,519.5	-5,820.8
Net Cash Flow During the Period	-5,050.0	-1,164.7	2,714.0	-2,214.4	-5,850.3	5,402.5	-4,935.2	9,667.5	-1,631.3	691.1	544.6	-7,368.1
Cash and Cash Equivalents at Beginning of Period	12,128.8	13,266.3	10,552.7	12,769.1	18,617.9	10,124.5	10,124.5	10,124.5	10,124.5	13,853.1	13,853.1	13,853.1
FX Difference from Revaluation	2.2	-0.7	-0.9	-0.5	1.5	-9.7	2.0	-2.0	-0.4	-43.7	103.5	-6.5
Cash and Cash Equivalents at End of Period	7,081.1	12,101.9	13,266.3	10,552.7	12,769.1	18,617.9	13,225.0	18,158.2	8,492.7	10,124.5	9,477.1	8,829.0

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MSN

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