NBB

Listed Company · HOSE

Price

17,950

Latest close

03 Apr 2026

P/E 167.8x

EPS (TTM) 107

ROE (TTM) 0.6%

P/B 1.0x

BVPS (Latest) 18,140

ROA (TTM) 0.1%

What Is Changing

NBB has not yet shown a broad-based top-line recovery. Revenue posted -44.8% YoY, but net margin reached 24.67% with an additional +24.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 0.37% in 2023 to 24.67% in 2025.
Net Income recovered 1908.9% to VND 8.8bn in 2025.
Revenue decreased 44.8% YoY to VND 35.7bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	35.7	64.7	293.0	466.4	565.2
Growth	-45%	-78%	-37%	-17%	—
Net Income	8.8	0.4	1.1	7.2	337.9
Net Margin	24.67%	0.68%	0.37%	1.54%	59.79%

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	5.9	6.7	12.5	13.6	12.7	11.5	14.6	27.7	82.3	16.9	179.7	14.1
Growth	-12%	-46%	-8%	+7%	+11%	-22%	-47%	-66%	+386%	-91%	+1179%	—
Net Income	9.8	0.7	0.2	0.1	0.4	0.2	0.4	0.0	7.5	0.2	1.2	0.1
Net Margin	165.92%	10.37%	1.39%	0.39%	3.16%	1.62%	3.01%	0.18%	9.07%	0.94%	0.66%	0.95%

Financial Statements

Profitability

Net margin reached 24.67% while Revenue posted -44.8% YoY.

Balance Sheet

Inventory stood at 4,093.7bn, liabilities at 5,962.4bn, and equity at 1,820.9bn.

Cash Flow

Operating cash flow was -759.1bn in 2025, while investing cash flow was 672.3bn.

Financing cash flow: 57.8bn.

Item	2025	2024	2023	2022	2021
Revenue	35.7	64.7	293.0	466.4	565.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	35.7	64.7	293.0	466.4	565.2
Cost of Goods Sold	28.5	42.2	188.5	239.6	0.0
Gross Profit	7.2	22.5	104.6	226.7	241.4
Financial Income	358.9	315.5	353.1	151.4	434.7
Financial Expenses	239.8	255.0	322.8	259.8	-161.4
Interest Expense	229.3	252.2	263.1	170.5	-58.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.9	1.3	1.3	2.9	-3.1
General and Administrative Expenses	15.9	17.3	49.1	42.6	-70.6
Operating Profit	109.5	64.4	84.5	72.9	441.1
Other Income	2.8	6.8	18.2	2.1	0.0
Other Expenses	87.6	56.3	66.8	51.4	0.0
Other Profit	-84.8	-49.5	-48.5	-49.2	-2.3
Profit Before Tax	24.7	14.9	36.0	23.7	438.9
Current Income Tax Expense	21.6	9.6	35.8	17.5	-100.9
Deferred Income Tax Expense	-5.7	4.8	-0.9	-1.0	0.0
Net Income	8.8	0.4	1.1	7.2	337.9
Non-controlling Interest	-0.5	-0.3	-0.8	1.2	-0.5
Profit Attributable to Parent	9.3	0.8	1.9	6.0	338.4
Earnings per Share	89.00	7.00	18.00	57.00	3,133.00
Diluted EPS	89.00	7.61	18.99	59.75	3,367.85

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,265.5	3,389.7	2,680.8	2,806.1	1,845.7
I. Cash and cash equivalents	4.1	33.1	15.8	12.1	30.2
1. Cash	4.1	4.6	15.7	12.1	0.0
2. Cash equivalents	0.0	28.6	0.1	0.0	0.0
II. Short-term financial investments	—	9.0	0.0	0.0	0.0
1. Available for sale securities	—	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
3. Held to maturity investments	—	9.0	0.0	0.0	0.0
III. Short-term receivables	1,082.7	1,344.7	1,034.9	1,392.6	866.2
1. Short-term trade accounts receivable	290.4	309.7	360.4	353.4	0.0
2. Short-term prepayments to suppliers	383.6	352.9	361.1	846.4	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	—	348.5	2.3	2.3	0.0
6. Other short-term receivables	411.4	404.7	380.5	239.1	0.0
7. Provision for short-term doubtful debts (*)	-2.7	-71.0	-69.4	-48.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	4,093.7	1,932.1	1,578.5	1,355.5	914.0
1. Inventories	4,093.7	1,932.1	1,578.5	1,355.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	85.1	70.7	51.6	45.8	35.3
1. Short-term prepayments	1.9	0.5	0.0	0.0	0.0
2. Value added tax to be reclaimed	80.3	69.8	51.5	45.8	0.0
3. Taxes and other receivables from state authorities	2.9	0.4	0.1	0.0	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)	2,517.7	4,363.9	4,229.3	3,581.2	2,645.0
I. Long-term receivables	2,004.9	2,008.2	2,032.1	1,587.2	0.0
1. Long-term trade receivables	23.6	0.0	0.0	0.0	605.3
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	1,981.3	2,008.2	2,032.1	1,587.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	208.5	217.6	221.9	246.1	221.4
1. Tangible fixed assets	177.1	186.2	190.5	213.3	189.9
- Cost	232.0	252.7	273.7	253.5	0.0
- Accumulated depreciation	-54.9	-66.5	-83.2	-40.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	31.4	31.4	31.4	32.8	31.5
- Cost	31.6	31.7	31.7	33.1	0.0
- Accumulated depreciation	-0.3	-0.4	-0.4	-0.3	0.0
III. Investment properties	22.7	24.0	9.5	10.1	55.8
- Cost	30.1	30.1	14.7	14.7	0.0
- Accumulated depreciation	-7.4	-6.1	-5.2	-4.6	0.0
IV. Long-term assets in progress	5.7	1,795.7	1,653.6	1,606.6	1,593.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.7	1,795.7	1,653.6	1,606.6	0.0
V. Long-term financial investments	16.1	36.5	36.5	16.1	16.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	18.1	38.5	38.5	18.1	0.0
4. Provision for diminution in value of long-term investments	-2.0	-2.0	-2.0	-2.0	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	259.8	281.8	275.7	115.0	0.0
1. Long-term prepayments	252.7	242.1	231.5	109.6	0.0
2. Deferred income tax assets	7.1	5.6	6.2	5.4	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	153.4
5. Goodwill	—	34.0	38.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	7,783.3	7,753.6	6,910.1	6,387.3	4,490.7
A. LIABILITIES (300=210+330)	5,962.4	5,935.6	5,089.5	4,567.4	2,556.6
I. Short -term liabilities	2,020.2	2,572.1	2,244.7	1,884.5	2,192.8
1. Short-term trade accounts payable	37.8	96.0	130.5	92.4	85.4
2. Short-term advances from customers	28.5	42.7	51.4	27.8	34.1
3. Taxes and other payables to state authorities	17.4	24.4	73.3	131.9	0.0
4. Payable to employees	1.7	3.9	3.6	3.0	0.0
5. Short-term acrrued expenses	29.4	46.0	57.7	31.4	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	295.1	317.0	500.5	297.3	0.0
10. Short-term borrowings and financial leases	1,285.6	1,717.6	1,101.0	971.9	837.1
11. Provision for short-term liabilities	322.7	322.9	322.9	321.0	0.0
12.. Bonus and welfare fund	2.0	1.6	3.8	7.8	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	3,942.2	3,363.5	2,844.7	2,683.0	363.8
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	765.2	644.6	301.5	520.6	0.0
8. Long-term borrowings and financial leases	3,176.1	2,713.9	2,539.4	2,158.2	352.4
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	0.8	5.0	0.8	0.8	0.0
12. Provision for long-term liabilities	—	0.0	3.1	3.3	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)	1,820.9	1,817.9	1,820.7	1,819.8	1,934.1
I. Owner's equity	1,820.9	1,817.9	1,820.7	1,819.8	0.0
1. Owner's capital	1,004.8	1,004.8	1,004.8	1,004.8	1,934.1
- Common stock with voting right	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	207.1	207.1	207.1	207.1	207.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-7.1	-7.1	-7.1	-7.1	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	—	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	0.0	0.0	0.0
11. Undistributed earnings after tax	611.3	607.8	610.2	608.5	617.6
- Accumulated retained earning at the end of the previous period	601.9	607.0	608.3	602.5	279.9
- Undistributed earnings in this period	9.3	0.8	1.9	6.0	337.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	4.9	5.4	5.7	6.5	8.4
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)	7,783.3	7,753.6	6,910.1	6,387.3	4,490.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	24.7	14.9	36.0	23.7	438.9
Depreciation of Fixed Assets and Investment Property	9.6	12.3	10.2	10.1	8.9
Provision (Increase)/Reversal	2.9	1.6	18.6	13.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-284.5	-301.5	-221.0	-185.1	0.0
Interest Expense	247.9	249.3	263.1	170.5	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	0.6	-23.3	106.9	32.4	499.7
Increase/(Decrease) in Receivables	-105.6	83.6	345.8	-576.6	0.0
Increase/(Decrease) in Inventory	-179.4	-314.3	-96.6	-357.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-95.8	-102.9	-234.1	-0.7	0.0
Increase/(Decrease) in Prepaid Expenses	-24.8	-11.1	-112.0	-8.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-334.6	-306.4	-411.4	-124.4	0.0
Corporate Income Tax Paid	-13.9	-24.9	-94.9	-87.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.7	-5.4	-4.2	-21.9	0.0
Net Cash Flow from Operating Activities	-759.1	-704.8	-500.3	-1,144.1	-846.3
Payments for Fixed Assets and Other Long-term Assets	-3.5	-8.0	-0.0	-3.9	-52.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	6.2	40.0	82.5	5.2
Loans and Purchases of Debt Instruments	—	-886.3	-1,331.4	-1,150.8	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	363.2	536.1	896.9	147.6	0.0
Investments in Other Entities	—	0.0	-84.9	0.0	0.0
Proceeds from Investments in Other Entities	44.7	3.8	0.0	6.1	0.0
Dividends and Interest Income Received	267.3	245.7	221.4	101.5	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	672.3	-102.5	-258.1	-816.9	12.9
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	4,339.1	2,663.5	2,899.4	2,145.5	1,245.0
Repayment of Borrowings	-4,281.3	-1,838.8	-2,137.4	-202.5	-574.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	125.2
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	57.8	824.6	762.0	1,943.0	796.0
Net Cash Flow During the Period	-29.0	17.3	3.7	-18.0	-33.5
Cash and Cash Equivalents at Beginning of Period	33.1	15.8	12.1	30.2	67.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.1	33.1	15.8	12.1	30.2

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	5.9	6.7	12.5	13.6	12.7	11.5	14.6	27.7	82.3	16.9	179.7	14.1
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	5.9	6.7	12.5	13.6	12.7	11.5	14.6	27.7	82.3	16.9	179.7	14.1
Cost of Goods Sold	9.5	5.0	9.3	8.3	8.5	9.0	9.6	17.1	71.4	17.4	74.5	9.8
Gross Profit	-3.6	1.7	3.3	5.3	4.2	2.5	5.1	10.6	11.0	-0.5	105.2	4.2
Financial Income	79.6	92.8	115.0	71.4	94.9	81.8	76.0	62.9	210.2	64.8	36.9	41.1
Financial Expenses	40.4	65.7	70.7	62.4	65.7	64.5	62.9	62.0	133.1	53.6	95.8	38.8
Interest Expense	33.2	64.7	68.9	61.7	65.5	63.8	62.9	62.0	107.4	53.6	63.1	35.8
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	0.6	0.2	0.2	0.4	0.5	0.4	0.0	0.4	0.5
General and Administrative Expenses	2.5	2.6	5.2	3.2	3.6	2.9	3.8	4.0	44.2	3.4	7.7	5.3
Operating Profit	33.2	26.2	42.4	10.5	29.5	16.7	13.9	6.9	43.5	7.3	38.1	0.8
Other Income	0.2	1.8	0.7	0.2	1.0	3.0	2.6	0.2	18.1	0.1	0.1	0.0
Other Expenses	12.1	30.6	35.2	9.6	21.0	17.8	11.7	6.6	25.7	5.3	31.9	0.0
Other Profit	-11.9	-28.7	-34.5	-9.4	-20.0	-14.8	-9.1	-6.3	-7.6	-5.3	-31.8	0.0
Profit Before Tax	21.3	-2.5	7.9	1.1	9.5	1.8	4.8	0.6	36.0	2.1	6.3	0.8
Current Income Tax Expense	12.9	1.0	3.1	0.7	4.2	1.4	4.4	0.5	28.7	2.0	5.1	0.7
Deferred Income Tax Expense	-1.5	-4.2	4.6	0.3	4.9	0.3	0.0	0.0	-0.2	-0.1	0.0	0.0
Net Income	9.8	0.7	0.2	0.1	0.4	0.2	0.4	0.0	7.5	0.2	1.2	0.1
Non-controlling Interest	0.4	-0.7	-0.1	-0.1	0.0	-0.3	-0.1	-0.1	-0.2	-0.2	-0.2	-0.1
Profit Attributable to Parent	9.4	1.4	0.2	0.1	0.4	0.4	0.5	0.1	7.7	0.4	1.4	0.3
Earnings per Share	90.00	14.00	2.00	1.00	3.00	5.00	5.00	1.00	74.00	4.00	13.00	2.00
Diluted EPS	93.80	14.26	2.30	1.24	3.72	4.38	5.05	0.99	76.70	3.85	13.50	2.51

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)	3,240.9	3,162.1	3,337.8	3,466.9	3,005.7	2,858.4	2,797.5	2,749.5	2,679.9	2,760.8	3,086.7	3,360.1
I. Cash and cash equivalents	4.1	32.0	25.3	27.3	33.1	6.8	24.6	16.8	112.8	123.8	185.8	7.1
1. Cash	4.1	12.3	5.6	7.6	33.1	6.8	24.6	16.7	15.7	6.8	185.8	7.1
2. Cash equivalents	—	19.7	19.7	19.7	0.0	0.0	0.0	0.1	97.1	117.0	0.0	0.0
II. Short-term financial investments	—	—	9.0	9.0	9.0	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	—	—	9.0	9.0	9.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	1,082.9	1,023.3	1,205.5	1,377.9	944.6	910.7	913.9	1,014.6	939.1	999.1	1,297.1	1,889.0
1. Short-term trade accounts receivable	290.8	293.6	298.8	307.3	309.7	321.4	327.5	338.9	360.4	351.1	359.0	306.3
2. Short-term prepayments to suppliers	383.6	333.7	335.8	357.5	352.9	344.8	346.2	356.6	376.7	385.3	361.6	858.5
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	—	1.5	190.0	346.8	2.3	2.3	2.3	2.3	2.3	9.2	9.2	2.3
6. Other short-term receivables	410.4	396.5	381.0	437.3	350.4	312.5	307.3	386.1	267.9	304.2	618.1	770.5
7. Provision for short-term doubtful debts (*)	-1.9	-1.9	—	-71.0	-70.7	-70.3	-69.4	-69.4	-68.2	-50.7	-50.7	-48.6
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,067.6	2,026.1	2,019.2	1,980.3	1,948.6	1,873.7	1,795.3	1,661.8	1,576.4	1,586.8	1,553.6	1,417.7
1. Inventories	2,067.6	2,026.1	2,019.2	1,980.3	1,948.6	1,873.7	1,795.3	1,661.8	1,576.4	1,586.8	1,553.6	1,417.7
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	86.3	80.7	78.9	72.5	70.4	67.2	63.7	56.3	51.6	51.1	50.3	46.2
1. Short-term prepayments	3.1	—	0.3	0.2	0.2	0.3	1.0	0.0	0.0	0.0	0.1	0.0
2. Value added tax to be reclaimed	80.3	75.7	75.1	72.0	69.8	66.4	62.4	56.3	51.5	51.0	50.1	46.2
3. Taxes and other receivables from state authorities	2.9	5.0	3.5	0.3	0.3	0.6	0.3	0.0	0.0	0.1	0.1	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)	4,549.9	4,504.1	4,442.2	4,406.2	4,749.9	4,903.6	4,922.4	4,550.0	4,231.4	4,098.6	4,096.0	3,371.9
I. Long-term receivables	2,011.4	2,059.9	1,996.0	2,002.1	2,408.6	2,612.9	2,668.1	2,332.1	2,032.1	2,030.6	2,030.6	1,378.1
1. Long-term trade receivables	30.1	69.3	—	—	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	—	—	—	—	346.2	560.3	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	1,981.3	1,990.6	1,996.0	2,002.1	2,062.4	2,052.6	2,668.1	2,332.1	2,032.1	2,030.6	2,030.6	1,378.1
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	208.5	209.6	214.2	215.9	217.6	219.6	221.4	220.1	221.9	242.2	244.2	244.3
1. Tangible fixed assets	177.1	178.3	182.8	184.6	186.2	188.2	190.0	188.7	190.5	209.4	211.5	211.5
- Cost	—	—	—	—	252.7	266.1	270.2	273.7	273.7	292.1	292.1	253.5
- Accumulated depreciation	—	—	—	—	-66.5	-77.9	-80.2	-85.0	-83.2	-82.7	-80.7	-42.0
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	31.4	31.4	31.4	31.4	31.4	31.4	31.4	31.4	31.4	32.8	32.8	32.8
- 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	22.7	23.1	23.4	23.7	8.8	9.0	9.2	9.3	9.5	9.7	9.8	10.0
- 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	2,032.3	1,934.6	1,882.0	1,841.0	1,797.3	1,750.8	1,714.7	1,680.0	1,653.6	1,615.4	1,611.1	1,608.8
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	2,032.3	1,934.6	1,882.0	1,841.0	1,797.3	1,750.8	1,714.7	1,680.0	1,653.6	1,615.4	1,611.1	1,608.8
V. Long-term financial investments	16.1	16.1	36.5	36.5	36.5	36.5	36.5	36.5	36.5	36.5	36.5	16.1
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	18.1	18.1	38.5	38.5	38.5	38.5	38.5	38.5	38.5	38.5	38.5	18.1
4. Provision for diminution in value of long-term investments	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0
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	258.9	260.8	290.1	286.9	281.0	274.7	272.6	234.9	239.7	124.1	123.7	114.6
1. Long-term prepayments	251.8	255.1	257.0	248.3	241.6	233.4	230.6	228.9	233.5	118.1	118.2	109.2
2. Deferred income tax assets	7.1	5.6	1.1	5.6	5.4	6.3	6.0	6.0	6.2	6.0	5.5	5.4
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	—	—	32.0	33.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	34.0	35.0	36.0	37.0	38.0	40.0	40.0	0.0
TOTAL ASSETS (280=100+200)	7,790.8	7,666.2	7,780.0	7,873.1	7,755.5	7,762.0	7,719.8	7,299.5	6,911.3	6,859.3	7,182.7	6,732.0
A. LIABILITIES (300=210+330)	5,968.1	5,847.4	5,961.8	6,055.2	5,937.2	5,944.1	5,901.6	5,478.8	5,100.7	5,038.9	5,361.7	4,912.2
I. Short -term liabilities	2,021.5	2,341.4	2,184.3	2,613.2	2,573.9	2,801.9	2,773.3	2,364.4	2,256.0	1,986.3	2,108.1	2,598.5
1. Short-term trade accounts payable	37.7	47.3	93.4	93.1	95.6	92.9	98.2	98.3	131.7	116.9	128.4	83.8
2. Short-term advances from customers	28.5	28.5	50.8	49.9	42.7	46.6	44.3	51.4	51.4	56.5	50.6	28.4
3. Taxes and other payables to state authorities	16.1	3.0	17.3	19.1	26.6	25.4	31.6	55.0	81.4	139.4	146.0	135.2
4. Payable to employees	1.7	1.5	1.3	1.8	3.9	2.4	1.6	2.4	3.8	5.9	3.8	2.6
5. Short-term acrrued expenses	29.4	41.6	29.5	36.5	45.8	41.9	49.9	47.0	60.7	14.7	54.4	12.4
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	2.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	295.1	272.6	303.6	332.1	323.0	1,304.6	1,671.9	1,240.2	499.3	619.0	580.1	1,031.1
10. Short-term borrowings and financial leases	1,285.6	1,624.3	1,365.6	1,757.2	1,711.9	963.3	550.4	547.1	1,101.0	708.7	818.6	978.1
11. Provision for short-term liabilities	322.7	322.7	322.7	322.7	322.9	322.9	322.9	322.9	322.9	321.0	321.0	321.0
12.. Bonus and welfare fund	2.0	0.0	0.0	0.8	1.6	1.9	2.6	0.1	3.8	4.3	5.2	5.7
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	3,946.6	3,506.0	3,777.6	3,442.0	3,363.3	3,142.2	3,128.3	3,114.5	2,844.7	3,052.7	3,253.6	2,313.8
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	4.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	765.2	758.0	690.4	667.3	644.6	622.4	599.0	575.6	301.5	211.0	199.6	582.8
8. Long-term borrowings and financial leases	3,176.1	2,747.2	3,081.8	2,769.3	2,713.9	2,516.0	2,525.5	2,534.9	2,539.4	2,837.7	3,050.0	1,726.8
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	0.8	0.8	5.4	5.3	4.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
12. Provision for long-term liabilities	—	—	—	—	0.0	3.1	3.1	3.1	3.1	3.2	3.2	3.3
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)	1,822.7	1,818.8	1,818.1	1,818.0	1,818.3	1,817.9	1,818.2	1,820.7	1,810.6	1,820.4	1,821.0	1,819.8
I. Owner's equity	1,822.7	1,818.8	1,818.1	1,818.0	1,818.3	1,817.9	1,818.2	1,820.7	1,810.6	1,820.4	1,821.0	1,819.8
1. Owner's capital	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8
- Common stock with voting right	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8	1,004.8
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	207.1	207.1	207.1	207.1	207.1	207.1	207.1	207.1	207.1	207.1	207.1	207.1
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-7.1	-7.1	-7.1	-7.1	-7.1	-7.1	-7.1	-7.1	-7.1	-7.1	-7.1	-7.1
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	613.0	609.6	608.2	607.9	608.2	607.8	607.9	610.3	600.1	609.7	610.0	608.6
- Accumulated retained earning at the end of the previous period	601.9	607.9	607.8	607.8	607.0	607.0	607.2	610.2	591.2	608.5	608.3	608.3
- Undistributed earnings in this period	11.1	1.7	0.4	0.1	1.2	0.8	0.7	0.1	8.8	1.1	1.7	0.3
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	4.9	4.5	5.3	5.3	5.4	5.3	5.6	5.7	5.8	6.0	6.2	6.4
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)	7,790.8	7,666.2	7,780.0	7,873.1	7,755.5	7,762.0	7,719.8	7,299.5	6,911.3	6,859.3	7,182.7	6,732.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	20.8	-2.5	5.3	1.1	9.5	1.8	3.9	0.6	29.1	2.1	3.9	0.8
Depreciation of Fixed Assets and Investment Property	0.6	2.9	3.1	3.0	2.2	0.0	3.9	2.0	4.3	1.9	2.0	2.0
Provision (Increase)/Reversal	0.8	0.0	2.1	—	0.4	0.0	1.0	0.0	18.6	-2.5	2.5	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	-5.4	-140.1	-67.6	-71.4	-94.9	-79.0	-78.5	-62.9	-79.5	-63.5	-37.0	-41.1
Interest Expense	47.9	69.4	68.9	61.7	65.9	63.8	60.8	62.0	107.4	53.6	66.3	35.8
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	64.8	-70.4	11.8	-5.6	-17.0	-13.3	-8.9	1.7	80.0	-8.4	37.8	-2.5
Increase/(Decrease) in Receivables	-63.9	6.1	-43.0	-4.8	173.5	-53.6	79.2	29.4	-582.2	497.2	642.7	-211.9
Increase/(Decrease) in Inventory	-92.9	-17.0	6.8	-76.3	-76.0	-127.5	-78.5	-109.8	89.3	-111.9	-9.6	-64.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-36.5	-43.2	-11.3	-4.8	-8.4	-143.3	-82.6	-7.8	194.4	-151.2	-1,040.9	763.6
Increase/(Decrease) in Prepaid Expenses	-12.2	2.1	-8.8	-5.9	-8.1	-1.5	-3.2	2.5	-112.0	-1.0	1.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-38.8	-94.6	-152.8	-48.4	-39.5	-2.1	-85.1	-119.0	-225.9	0.0	-185.4	0.0
Corporate Income Tax Paid	7.0	-13.1	-6.6	-1.2	-1.5	-6.3	-16.8	-0.1	-76.5	-8.3	-10.1	-0.1
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-4.2	0.2	-0.8	-0.8	-0.3	2.2	3.7	-8.0	-4.2	2.6	-2.6	0.0
Net Cash Flow from Operating Activities	-176.6	-229.9	-204.7	-147.9	22.6	-345.5	-192.3	-210.9	-637.0	219.0	-567.0	484.8
Payments for Fixed Assets and Other Long-term Assets	-1.9	—	-1.6	—	-2.1	-3.8	-3.2	0.0	-0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	—	0.6	—	0.6	3.1	2.8	0.0	40.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-1.5	-190.0	—	0.0	-65.7	-626.8	0.0	522.0	-377.8	-1,475.6	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	17.0	-1.8	346.2	1.7	0.0	124.9	13.0	0.0	-25.2	233.4	688.6	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	321.5	-321.5	-84.9	84.9	124.2	-209.1
Proceeds from Investments in Other Entities	44.7	—	—	—	0.0	-3.8	3.8	0.0	-116.4	116.4	0.0	0.0
Dividends and Interest Income Received	-29.3	125.9	125.4	45.3	79.6	127.0	65.1	49.5	221.4	-123.3	-21.3	144.6
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	84.9	-84.9	0.0	0.0
Net Cash Flow from Investing Activities	221.0	123.7	280.7	47.0	78.1	181.7	-223.8	-272.1	641.8	-151.3	-684.1	-64.5
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	1,928.4	1,042.6	551.5	816.5	583.1	352.3	804.1	1,137.8	347.9	621.5	1,909.6	20.4
Repayment of Borrowings	-2,000.6	-929.6	-629.5	-721.5	-657.5	-206.3	-380.2	-653.7	-460.6	-751.3	-479.8	-445.7
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	-72.2	113.0	-78.0	95.0	-74.3	146.0	423.9	484.1	-112.7	-129.8	1,429.8	-425.3
Net Cash Flow During the Period	-27.9	6.7	-2.0	-5.9	26.4	-17.8	7.7	1.1	-107.9	-62.0	178.7	-5.0
Cash and Cash Equivalents at Beginning of Period	32.0	25.3	27.3	33.1	15.7	15.7	15.8	15.7	12.1	12.1	12.1	12.1
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	4.1	32.0	25.3	27.3	33.1	6.8	24.6	16.8	15.8	123.8	185.8	7.1

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