MZG

Listed Company · UPCOM

Price

13,000

Latest close

03 Apr 2026

P/E 11.7x

EPS (TTM) 1,115

ROE (TTM) 8.6%

P/B 1.0x

BVPS (Latest) 12,756

ROA (TTM) 2.5%

What Is Changing

MZG no longer looks like a business simply rebounding from a weak base. Revenue posted +8.6% YoY, while net margin reached 2.46% with an additional +0.8pp 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 118.6bn in 2025.
Revenue increased 8.6% YoY to VND 4,826.4bn in 2025.
Net margin improved from 1.63% in the prior period to 2.46% in 2025.

Metric	2025	2024	2023	2022
Revenue	4,826.4	4,444.9	3,204.4	2,781.2
Growth	+9%	+39%	+15%	—
Net Income	118.6	72.6	62.5	67.9
Net Margin	2.46%	1.63%	1.95%	2.44%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	1,290.7	1,221.7	1,218.1	1,095.9	1,324.4
Growth	+6%	+0%	+11%	-17%	—
Net Income	34.0	37.3	28.1	19.2	27.6
Net Margin	2.63%	3.05%	2.31%	1.76%	2.08%

Financial Statements

Profitability

Net margin reached 2.46% while Revenue posted +8.6% YoY.

Balance Sheet

Inventory stood at 764.4bn, liabilities at 3,723.3bn, and equity at 1,486.1bn.

Cash Flow

Operating cash flow was 51.5bn in 2025, while investing cash flow was -645.2bn.

Financing cash flow: 803.7bn.

Item	2025	2024	2023	2022
Revenue	4,826.9	4,447.7	3,205.5	2,783.3
Revenue Deductions	0.5	2.8	1.1	2.0
Net Revenue	4,826.4	4,444.9	3,204.4	2,781.2
Cost of Goods Sold	4,426.7	4,107.4	2,877.8	2,493.7
Gross Profit	399.8	337.5	326.6	287.6
Financial Income	28.3	19.4	22.7	18.4
Financial Expenses	211.7	197.9	198.0	154.0
Interest Expense	198.6	174.6	180.3	131.8
Share of Associates and Joint Ventures	—	0.0	-5.6	0.2
Selling Expenses	49.1	55.7	55.3	52.7
General and Administrative Expenses	39.2	31.5	30.4	28.1
Operating Profit	128.0	71.8	59.9	71.3
Other Income	4.0	2.3	4.7	0.3
Other Expenses	5.7	0.6	1.3	1.5
Other Profit	-1.7	1.7	3.5	-1.2
Profit Before Tax	126.2	73.5	63.4	70.0
Current Income Tax Expense	7.7	0.9	1.0	2.2
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	118.6	72.6	62.5	67.9
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	118.6	72.6	62.5	67.9
Earnings per Share	1,104.00	685.00	625.00	692.00
Diluted EPS	1,017.69	685.00	625.00	692.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,337.0	2,638.1	2,074.2	1,610.8
I. Cash and cash equivalents	279.0	69.0	257.5	83.3
1. Cash	181.5	21.9	43.8	49.2
2. Cash equivalents	97.5	47.0	213.8	34.0
II. Short-term financial investments	723.6	456.0	253.0	143.0
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	723.6	456.0	253.0	143.0
III. Short-term receivables	1,481.4	1,328.3	830.2	664.5
1. Short-term trade accounts receivable	950.1	946.7	600.3	546.8
2. Short-term prepayments to suppliers	487.0	292.0	188.2	78.6
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	—	0.0	0.0	0.0
6. Other short-term receivables	44.3	89.6	41.7	39.2
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	764.4	695.8	653.4	649.4
1. Inventories	764.4	695.8	653.4	649.4
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	88.6	89.1	80.1	70.5
1. Short-term prepayments	10.1	7.4	8.4	7.6
2. Value added tax to be reclaimed	78.5	81.7	71.7	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	62.9
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)	1,872.4	1,801.7	1,758.0	2,001.7
I. Long-term receivables	14.3	13.4	10.7	12.7
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	—	0.0	0.0	0.0
6. Other long-term receivables	14.3	13.4	10.7	12.7
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	1,524.1	1,602.7	1,590.6	1,685.0
1. Tangible fixed assets	1,269.6	1,191.9	1,264.6	1,348.2
- Cost	1,806.2	1,618.7	1,602.2	1,596.3
- Accumulated depreciation	-536.6	-426.8	-337.6	-248.2
2. Financial leased fixed assets	254.5	410.7	326.0	336.8
- Cost	299.0	493.3	378.2	363.5
- Accumulated depreciation	-44.4	-82.6	-52.2	-26.7
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
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	192.4	45.1	32.8	1.3
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	192.4	45.1	32.8	1.3
V. Long-term financial investments	1.5	0.0	5.0	188.5
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	183.3
3. Investments in other entities	1.5	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	5.0	5.2
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	140.0	140.5	119.0	114.3
1. Long-term prepayments	140.0	120.7	119.0	114.3
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	19.8	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)	5,209.4	4,439.8	3,832.2	3,612.5
A. LIABILITIES (300=210+330)	3,723.3	3,177.8	2,642.8	2,485.6
I. Short -term liabilities	2,585.1	2,363.3	1,988.2	1,595.5
1. Short-term trade accounts payable	241.0	303.7	264.4	235.3
2. Short-term advances from customers	0.8	10.6	14.4	15.4
3. Taxes and other payables to state authorities	7.7	0.7	3.7	4.4
4. Payable to employees	5.1	4.5	4.6	5.6
5. Short-term acrrued expenses	10.8	11.2	12.0	10.7
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	0.0
9. Other short-term payables	1.3	0.4	57.5	127.1
10. Short-term borrowings and financial leases	2,318.2	2,032.2	1,631.5	1,196.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	1,138.2	814.5	654.6	890.1
1. Long-term trade payables	231.7	324.1	153.3	241.6
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	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	906.4	490.4	501.3	648.5
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)	1,486.1	1,262.0	1,189.4	1,126.9
I. Owner's equity	1,486.1	1,262.0	1,189.4	1,126.9
1. Owner's capital	1,165.1	1,059.2	999.2	999.2
- Common stock with voting right	1,165.1	1,059.2	999.2	859.2
- Preferred stock	—	0.0	0.0	140.0
2. Share premium	32.1	32.5	32.5	32.5
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
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	288.9	170.3	157.7	95.2
- Accumulated retained earning at the end of the previous period	170.3	97.8	95.2	75.6
- Undistributed earnings in this period	118.6	72.6	62.5	19.7
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)	5,209.4	4,439.8	3,832.2	3,612.5

Item	2025	2024	2023	2022
Profit Before Tax	126.2	73.5	63.4	70.0
Depreciation of Fixed Assets and Investment Property	128.4	123.5	117.9	109.5
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.7	7.3	3.6	-5.6
Gain/Loss from Investment Activities	-24.1	-11.9	-11.4	-7.2
Interest Expense	198.6	174.6	180.3	131.8
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	431.9	367.0	353.8	298.6
Increase/(Decrease) in Receivables	3.3	-515.4	-135.9	-84.2
Increase/(Decrease) in Inventory	-68.7	-62.2	-4.0	-260.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-92.3	167.5	-136.2	177.6
Increase/(Decrease) in Prepaid Expenses	-23.5	-3.1	-7.9	-6.4
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-197.8	-175.1	-180.9	-150.6
Corporate Income Tax Paid	-1.5	-0.6	-1.5	-4.4
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.0	0.0
Net Cash Flow from Operating Activities	51.5	-221.9	-112.6	-30.1
Payments for Fixed Assets and Other Long-term Assets	-400.1	-27.0	-71.7	-228.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.1	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	-867.1	-435.0	-130.4	-151.3
Receipts from Loan Repayments and Sale of Debt Instruments	605.2	242.3	20.7	84.4
Investments in Other Entities	-1.5	0.0	0.0	-39.2
Proceeds from Investments in Other Entities	—	0.0	183.0	0.0
Dividends and Interest Income Received	17.2	6.4	10.3	4.5
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	-645.2	-213.3	11.9	-330.2
Proceeds from Equity Issuance and Capital Contributions	105.6	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	4,953.7	4,019.7	2,766.0	2,460.0
Repayment of Borrowings	-4,156.3	-3,686.1	-2,427.6	-2,026.9
Repayment of Finance Leases	-99.2	-87.0	-63.5	-84.8
Dividends Paid	—	0.0	0.0	-60.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	803.7	246.7	274.9	288.2
Net Cash Flow During the Period	210.1	-188.5	174.3	-72.1
Cash and Cash Equivalents at Beginning of Period	69.0	257.5	83.3	155.4
FX Difference from Revaluation	-0.1	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	279.0	69.0	257.5	83.3

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	1,290.8	1,221.7	1,218.5	1,096.0	1,324.5
Revenue Deductions	0.1	0.0	0.4	0.0	0.2
Net Revenue	1,290.7	1,221.7	1,218.1	1,095.9	1,324.4
Cost of Goods Sold	1,182.4	1,116.1	1,115.3	1,012.8	1,219.8
Gross Profit	108.2	105.5	102.8	83.2	104.5
Financial Income	6.6	8.6	6.3	6.6	2.2
Financial Expenses	55.3	50.5	56.8	49.1	54.8
Interest Expense	52.6	48.7	50.4	47.0	46.6
Share of Associates and Joint Ventures	—	—	—	—	0.0
Selling Expenses	13.2	12.3	11.1	12.4	16.9
General and Administrative Expenses	12.3	9.8	9.2	7.9	7.9
Operating Profit	34.1	41.5	32.0	20.4	27.0
Other Income	2.1	0.8	-0.1	1.2	1.0
Other Expenses	0.1	2.5	2.0	1.1	0.4
Other Profit	2.0	-1.7	-2.1	0.0	0.6
Profit Before Tax	36.1	39.8	29.9	20.4	27.7
Current Income Tax Expense	2.1	2.6	1.8	1.2	0.1
Deferred Income Tax Expense	—	—	—	—	0.0
Net Income	34.0	37.3	28.1	19.2	27.6
Non-controlling Interest	—	—	—	—	0.0
Profit Attributable to Parent	34.0	37.3	28.1	19.2	27.6
Earnings per Share	316.00	352.00	265.00	182.00	274.00
Diluted EPS	291.63	351.85	265.17	181.64	260.15

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,337.0	2,958.0	2,931.2	2,724.5	2,639.6
I. Cash and cash equivalents	279.0	97.4	107.8	83.8	214.0
1. Cash	181.5	10.3	23.2	12.9	21.9
2. Cash equivalents	97.5	87.2	84.6	70.9	192.1
II. Short-term financial investments	723.6	665.7	645.7	474.3	310.9
1. Available for sale securities	—	—	—	—	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0
3. Held to maturity investments	723.6	665.7	645.7	474.3	310.9
III. Short-term receivables	1,481.4	1,363.1	1,338.7	1,309.0	1,329.2
1. Short-term trade accounts receivable	950.1	949.7	957.8	967.7	946.7
2. Short-term prepayments to suppliers	487.0	343.9	314.2	257.4	292.0
3. Short-term inter-company receivables	—	—	—	—	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0
5. Short-term loan receivables	—	—	—	—	0.0
6. Other short-term receivables	44.3	69.5	66.7	83.9	90.5
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0
8. Assets awaiting resolution	—	—	—	—	0.0
IV. Inventories	764.4	751.1	754.7	765.2	696.3
1. Inventories	764.4	751.1	754.7	765.2	696.3
2. Provision for decline in value of inventories	—	—	—	—	0.0
V. Other short-term assets	88.6	80.7	84.2	92.2	89.1
1. Short-term prepayments	10.1	7.7	5.0	6.4	7.4
2. Value added tax to be reclaimed	78.5	72.9	79.2	85.6	81.7
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.2	0.0
4. Government bonds	—	—	—	—	0.0
5. Other short-term assets	—	—	—	—	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,872.4	1,771.4	1,745.1	1,773.5	1,801.1
I. Long-term receivables	14.3	6.3	11.5	12.0	13.4
1. Long-term trade receivables	—	—	—	—	0.0
2. Long-term prepayments to suppliers	—	0.9	—	—	0.0
3. Capital at inter-company	—	—	—	—	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0
5. Long-term loan receivables	—	—	—	—	0.0
6. Other long-term receivables	14.3	5.4	11.5	12.0	13.4
7. Provision for long-term doubtful debts	—	—	—	—	0.0
II. Fixed assets	1,524.1	1,529.9	1,571.3	1,601.2	1,633.1
1. Tangible fixed assets	1,269.6	1,095.8	1,152.1	1,170.0	1,191.9
- Cost	—	—	—	—	1,618.7
- Accumulated depreciation	—	—	—	—	-426.8
2. Financial leased fixed assets	254.5	434.1	419.1	431.2	441.1
- Cost	—	—	—	—	0.0
- Accumulated depreciation	—	—	—	—	0.0
3. Intangible fixed assets	—	—	—	—	0.0
- Cost	—	—	—	—	0.0
- Accumulated depreciation	—	—	—	—	0.0
III. Investment properties	—	—	—	—	0.0
- Cost	—	—	—	—	0.0
- Accumulated depreciation	—	—	—	—	0.0
IV. Long-term assets in progress	192.4	92.6	17.3	16.9	14.1
1. Long-term production in progress	—	—	—	—	0.0
2. Construction in progress	192.4	92.6	17.3	16.9	14.1
V. Long-term financial investments	1.5	1.5	1.5	1.5	0.0
1. Investments in subsidiaries	—	—	—	—	0.0
2. Investments in associates, joint-ventures	—	1.5	—	1.5	0.0
3. Investments in other entities	1.5	—	1.5	—	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0
5. Held to maturity investments	—	—	—	—	0.0
6. Other long-term investments	—	—	—	—	0.0
VI. Other long-term assets	140.0	141.2	143.5	142.0	140.5
1. Long-term prepayments	140.0	141.2	123.7	122.2	120.7
2. Deferred income tax assets	—	—	—	—	0.0
3. Long-term equipment, supplies, spare parts	—	—	19.8	19.8	19.8
4. Other long-term assets	—	—	—	—	0.0
5. Goodwill	—	—	—	—	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0
TOTAL ASSETS (280=100+200)	5,209.4	4,729.4	4,676.2	4,498.0	4,440.7
A. LIABILITIES (300=210+330)	3,723.3	3,382.8	3,366.9	3,216.8	3,178.5
I. Short -term liabilities	2,585.1	2,633.0	2,641.0	2,494.6	2,364.2
1. Short-term trade accounts payable	241.0	204.2	282.6	192.4	303.7
2. Short-term advances from customers	0.8	5.8	10.9	5.0	10.6
3. Taxes and other payables to state authorities	7.7	6.1	3.1	1.9	0.4
4. Payable to employees	5.1	5.3	3.9	4.6	5.6
5. Short-term acrrued expenses	10.8	14.6	14.3	14.2	11.1
6. Short-term inter-company payables	—	—	—	—	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0
8. Short-term unearned revenue	0.0	0.0	0.1	—	0.0
9. Other short-term payables	1.3	2.5	1.0	9.2	44.0
10. Short-term borrowings and financial leases	2,318.2	2,394.4	2,325.2	2,267.2	1,988.7
11. Provision for short-term liabilities	—	—	—	—	0.0
12.. Bonus and welfare fund	—	—	—	—	0.0
13. Price stabilization fund	—	—	—	—	0.0
14. Government bonds	—	—	—	—	0.0
II. Long-term liabilities	1,138.2	749.8	725.9	722.2	814.4
1. Long-term trade payables	231.7	279.0	272.2	290.6	324.1
2. Long-term advances from customers	—	—	—	—	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0
5. Long-term inter-company payables	—	—	—	—	0.0
6. Long-term unearned revenue	—	—	—	—	0.0
7. Other long-term liabilities	—	—	—	—	0.0
8. Long-term borrowings and financial leases	906.4	470.8	453.7	431.5	490.2
9. Convertible bonds	—	—	—	—	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0
13. Fund for technology development	—	—	—	—	0.0
14. Provision for severance allowances	—	—	—	—	0.0
B. OWNER'S EQUITY (400=410+430)	1,486.1	1,346.6	1,309.3	1,281.2	1,262.2
I. Owner's equity	1,486.1	1,346.6	1,309.3	1,281.2	1,262.2
1. Owner's capital	1,165.1	1,059.2	1,059.2	1,059.2	1,059.2
- Common stock with voting right	1,165.1	1,059.2	1,059.2	1,059.2	1,059.2
- Preferred stock	—	—	—	—	0.0
2. Share premium	32.1	32.5	32.5	32.5	32.5
3. Convertible bond option	—	—	—	—	0.0
4. Other capital of owners	—	—	—	—	0.0
5. Treasury shares	—	—	—	—	0.0
6. Assets revaluation differences	—	—	—	—	0.0
7. Foreign exchange differences	—	—	—	—	0.0
8. Investment and development fund	—	—	—	—	0.0
9. Fund to support corporate restructuring	—	—	—	—	0.0
10. Other funds from owner's equity	—	—	—	—	0.0
11. Undistributed earnings after tax	288.9	254.9	217.7	189.6	170.5
- Accumulated retained earning at the end of the previous period	170.3	170.3	170.3	170.3	115.7
- Undistributed earnings in this period	118.6	84.6	47.3	19.2	54.8
12. Reserves for investment in construction	—	—	—	—	0.0
13. Minority's interest	—	—	—	—	0.0
14. Financial reserves	—	—	—	—	0.0
II. Other resources and funds	—	—	—	—	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	5,209.4	4,729.4	4,676.2	4,498.0	4,440.7

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Profit Before Tax	36.1	39.5	30.3	20.4	73.3
Depreciation of Fixed Assets and Investment Property	32.7	31.9	32.8	31.0	123.2
Provision (Increase)/Reversal	—	—	—	—	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.7	-4.8	4.8	-0.0	7.4
Gain/Loss from Investment Activities	-5.2	-8.2	-5.2	-5.4	-12.0
Interest Expense	52.6	48.7	50.4	47.0	174.7
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0
Interest Income and Dividends	—	—	—	—	0.0
Amortization of Goodwill	—	—	—	—	0.0
Other Adjustments	—	—	—	—	0.0
Operating Profit Before Changes in Working Capital	118.9	107.0	113.1	93.0	366.6
Increase/(Decrease) in Receivables	-10.9	12.1	-43.7	45.8	-520.5
Increase/(Decrease) in Inventory	-13.3	3.5	10.5	-69.4	-42.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9.6	-91.1	118.0	-128.9	313.6
Increase/(Decrease) in Prepaid Expenses	-30.1	8.2	1.2	-2.8	-3.1
Changes in Trading Securities	—	—	—	—	0.0
Interest Paid	-53.1	-47.6	-50.4	-46.7	-174.0
Corporate Income Tax Paid	0.0	-0.9	-0.6	—	-0.6
Other Operating Receipts	—	—	—	—	0.0
Other Operating Payments	—	—	—	—	0.0
Net Cash Flow from Operating Activities	21.2	-8.8	148.1	-109.0	-60.9
Payments for Fixed Assets and Other Long-term Assets	-332.2	3.3	-44.8	-26.5	-149.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.3	—	1.4	—	1.9
Loans and Purchases of Debt Instruments	-201.4	-275.0	-302.5	-88.2	-348.9
Receipts from Loan Repayments and Sale of Debt Instruments	149.2	252.9	158.6	44.5	279.9
Investments in Other Entities	—	—	—	—	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0
Dividends and Interest Income Received	3.4	8.0	3.3	2.5	32.7
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0
Other Investing Receipts	—	—	—	—	0.0
Other Investing Payments	—	—	—	—	0.0
Net Cash Flow from Investing Activities	-379.8	-12.2	-184.0	-69.2	-184.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	60.0
Share Repurchases	—	—	—	—	0.0
Proceeds from Borrowings	1,601.1	1,260.5	1,221.6	870.6	3,971.1
Repayment of Borrowings	-1,146.3	-1,217.6	-1,136.5	-655.9	-3,620.7
Repayment of Finance Leases	-20.0	-32.2	-25.2	-21.7	-123.9
Dividends Paid	—	—	—	—	-85.0
Other Financing Receipts	—	—	—	—	0.0
Other Financing Payments	—	—	—	—	0.0
Net Cash Flow from Financing Activities	540.3	10.6	59.9	192.9	201.5
Net Cash Flow During the Period	181.7	-10.4	24.0	14.8	-43.5
Cash and Cash Equivalents at Beginning of Period	97.4	107.8	83.8	69.0	257.5
FX Difference from Revaluation	-0.1	0.0	0.0	—	0.0
Cash and Cash Equivalents at End of Period	279.0	97.4	107.8	83.8	214.0

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