NBT

Listed Company · UPCOM

Price

16,700

Latest close

03 Apr 2026

P/E 9.8x

EPS (TTM) 1,709

ROE (TTM) 12.4%

P/B 1.1x

BVPS (Latest) 15,601

ROA (TTM) 10.6%

What Is Changing

NBT has not yet shown a broad-based top-line recovery. Revenue posted -0.2% YoY, but net margin reached 22.33% with an additional -1.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 72bps to 22.33% in 2025.
Net Income growth slowed to -6.5% in 2025 from 4.3% in the prior period, at VND 54.0bn.

Metric	2025	2024	2023	2022	2021
Revenue	241.9	242.3	225.8	215.5	206.5
Growth	-0%	+7%	+5%	+4%	—
Net Income	54.0	57.8	55.4	54.6	47.6
Net Margin	22.33%	23.84%	24.54%	25.32%	23.05%

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	56.4	59.0	66.8	59.8	53.7	56.6	71.0	61.0	54.7	55.8	61.6	53.6
Growth	-4%	-12%	+12%	+11%	-5%	-20%	+16%	+12%	-2%	-9%	+15%	—
Net Income	10.5	16.7	16.7	13.1	11.3	12.4	20.8	15.0	12.3	14.5	16.5	13.2
Net Margin	18.59%	28.32%	24.96%	22.00%	21.02%	21.96%	29.30%	24.65%	22.53%	25.97%	26.79%	24.66%

Financial Statements

Profitability

Net margin reached 22.33% while Revenue posted -0.2% YoY.

Balance Sheet

Inventory stood at 10.7bn, liabilities at 73.2bn, and equity at 455.7bn.

Cash Flow

Operating cash flow was 77.8bn in 2025, while investing cash flow was -32.9bn.

Financing cash flow: -67.2bn.

Item	2025	2024	2023	2022	2021
Revenue	241.9	242.3	225.8	215.5	206.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	241.9	242.3	225.8	215.5	206.5
Cost of Goods Sold	82.5	89.0	83.4	77.0	0.0
Gross Profit	159.4	153.3	142.4	138.5	123.6
Financial Income	0.8	0.2	0.2	0.7	1.6
Financial Expenses	5.4	6.5	4.5	4.1	-5.1
Interest Expense	5.4	6.5	4.5	4.1	-5.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	63.7	56.1	53.2	50.9	-45.8
General and Administrative Expenses	28.7	21.5	19.3	18.7	-17.4
Operating Profit	62.4	69.4	65.6	65.5	57.0
Other Income	3.2	0.5	1.3	1.1	0.0
Other Expenses	0.3	0.2	0.1	0.8	0.0
Other Profit	2.9	0.3	1.3	0.3	0.7
Profit Before Tax	65.3	69.7	66.9	65.8	57.7
Current Income Tax Expense	11.3	12.0	11.5	11.2	-10.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	54.0	57.8	55.4	54.6	47.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	54.0	57.8	55.4	54.6	47.6
Earnings per Share	1,607.00	1,764.00	1,666.00	1,605.00	1,441.00
Diluted EPS	1,607.00	1,764.00	1,666.00	1,605.00	1,619.02

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	74.1	93.5	91.6	51.5	81.4
I. Cash and cash equivalents	56.0	78.3	62.7	23.0	47.2
1. Cash	33.8	76.3	60.7	10.5	0.0
2. Cash equivalents	22.2	2.0	2.0	12.4	0.0
II. Short-term financial investments	—	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	6.1	2.0	17.1	15.7	18.7
1. Short-term trade accounts receivable	0.8	1.0	15.5	15.1	0.0
2. Short-term prepayments to suppliers	5.1	0.9	1.4	0.5	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.2	0.2	0.2	0.2	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	10.7	11.9	10.5	9.9	11.5
1. Inventories	10.7	11.9	10.5	9.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.3	1.3	1.3	2.9	4.0
1. Short-term prepayments	1.2	1.3	1.3	1.3	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	1.5	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.1	0.1	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)	454.9	454.5	460.7	458.9	437.1
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	423.9	425.5	416.1	429.3	416.8
1. Tangible fixed assets	423.8	425.3	416.1	429.2	416.6
- Cost	1,008.4	971.5	923.6	899.4	0.0
- Accumulated depreciation	-584.6	-546.1	-507.5	-470.2	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	0.1	0.2	0.0	0.1	0.1
- Cost	1.5	1.5	1.3	1.3	0.0
- Accumulated depreciation	-1.4	-1.3	-1.3	-1.2	0.0
III. Investment properties	—	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
IV. Long-term assets in progress	1.7	6.0	25.5	9.3	5.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.7	6.0	25.5	9.3	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	29.2	23.1	19.1	20.3	0.0
1. Long-term prepayments	29.2	23.1	19.1	20.3	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	14.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	528.9	548.0	552.2	510.5	518.6
A. LIABILITIES (300=210+330)	73.2	90.0	109.6	99.2	110.4
I. Short -term liabilities	36.8	44.5	47.9	52.5	42.3
1. Short-term trade accounts payable	3.0	2.3	3.9	6.2	7.9
2. Short-term advances from customers	0.2	0.2	0.2	0.2	0.2
3. Taxes and other payables to state authorities	3.0	3.0	3.5	2.4	0.0
4. Payable to employees	9.6	7.1	5.7	5.4	0.0
5. Short-term acrrued expenses	0.1	0.3	0.5	0.6	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	0.1	0.7	3.0	12.6	0.0
10. Short-term borrowings and financial leases	16.0	27.1	25.7	18.5	18.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.8	3.7	5.4	6.6	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	36.5	45.5	61.7	46.7	68.1
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	—	0.0	0.0	2.9	0.0
8. Long-term borrowings and financial leases	36.5	45.5	61.7	43.8	62.1
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	455.7	458.0	442.6	411.3	408.2
I. Owner's equity	455.7	458.0	442.6	411.3	0.0
1. Owner's capital	294.0	294.0	294.0	294.0	408.2
- Common stock with voting right	294.0	294.0	294.0	294.0	294.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	126.7	111.0	95.1	82.0	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	35.0	53.0	53.6	35.3	46.7
- Accumulated retained earning at the end of the previous period	—	11.8	14.7	0.0	38.4
- Undistributed earnings in this period	35.0	41.2	38.9	35.3	8.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	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)	528.9	548.0	552.2	510.5	518.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-11.6	-12.4	-10.5	-12.7	0.0
Other Operating Receipts	2.2	1.5	1.6	1.8	0.0
Other Operating Payments	-23.8	-26.4	-23.6	-23.0	0.0
Net Cash Flow from Operating Activities	77.8	91.7	83.5	80.2	46.8
Payments for Fixed Assets and Other Long-term Assets	-34.4	-26.0	-43.0	-56.2	-44.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.5	0.0	1.2	1.1	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-1.9
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	62.8
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.0	0.0	0.7	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	-32.9	-26.0	-41.8	-54.3	18.5
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	7.0	11.1	45.2	0.2	0.0
Repayment of Borrowings	-27.1	-25.9	-20.1	-18.5	-18.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-47.0	-35.3	-27.1	-31.7	-26.5
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-67.2	-50.1	-2.0	-50.0	-45.0
Net Cash Flow During the Period	-22.2	15.6	39.7	-24.2	3.1
Cash and Cash Equivalents at Beginning of Period	78.3	62.7	23.0	47.2	26.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	56.0	78.3	62.7	23.0	47.2

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	56.4	59.0	66.8	59.8	53.7	56.6	71.0	61.0	54.7	55.8	61.6	53.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	56.4	59.0	66.8	59.8	53.7	56.6	71.0	61.0	54.7	55.8	61.6	53.6
Cost of Goods Sold	19.1	18.6	23.0	21.1	18.9	20.8	25.8	23.5	22.1	19.4	22.7	19.1
Gross Profit	37.3	40.4	43.8	38.7	34.9	35.8	45.2	37.6	32.6	36.4	38.9	34.5
Financial Income	0.3	0.4	0.1	0.0	0.1	0.0	0.0	0.0	0.1	0.1	0.1	0.0
Financial Expenses	1.2	1.3	1.4	1.5	1.6	1.7	1.7	1.4	1.2	1.2	1.0	1.1
Interest Expense	1.2	1.3	1.4	1.5	1.6	1.7	1.7	1.4	1.2	1.2	1.0	1.1
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	16.3	15.2	17.1	15.1	14.7	14.0	14.3	12.9	13.4	13.1	13.7	12.9
General and Administrative Expenses	7.3	6.1	6.4	6.1	4.8	5.0	4.6	5.1	4.5	4.6	4.4	4.6
Operating Profit	12.8	18.1	19.0	16.1	13.7	15.1	24.6	18.1	13.6	17.5	19.9	15.9
Other Income	0.0	2.0	1.1	0.0	0.0	0.0	0.5	0.0	1.3	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.2	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	2.0	1.1	-0.2	-0.0	-0.1	0.5	-0.0	1.3	-0.0	0.0	-0.0
Profit Before Tax	12.8	20.2	20.1	15.9	13.7	15.0	25.1	18.1	14.9	17.5	19.9	15.9
Current Income Tax Expense	2.3	3.5	3.4	2.7	2.4	2.6	4.3	3.1	2.6	3.0	3.4	2.7
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	10.5	16.7	16.7	13.1	11.3	12.4	20.8	15.0	12.3	14.5	16.5	13.2
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	10.5	16.7	16.7	13.1	11.3	12.4	20.8	15.0	12.3	14.5	16.5	13.2
Earnings per Share	300.00	510.00	502.00	397.00	334.00	372.00	658.00	461.00	364.00	439.00	501.00	401.00
Diluted EPS	300.00	510.00	502.00	397.00	1,825.00	372.00	658.00	461.00	364.00	439.00	501.00	401.00

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)	74.1	72.2	100.2	81.7	93.5	86.4	103.2	83.2	91.6	64.3	79.6	55.8
I. Cash and cash equivalents	56.0	51.9	80.1	60.2	78.3	69.1	70.1	50.5	62.7	32.8	40.2	21.6
1. Cash	33.8	29.9	38.1	58.2	76.3	67.1	68.1	48.5	60.7	30.8	38.2	19.6
2. Cash equivalents	22.2	22.0	42.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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	6.1	6.3	5.1	5.1	2.0	2.8	19.0	18.2	17.1	17.6	25.8	22.2
1. Short-term trade accounts receivable	0.8	1.0	0.8	1.0	1.0	1.3	17.2	17.3	15.5	15.9	17.2	15.6
2. Short-term prepayments to suppliers	5.1	5.2	4.1	4.0	0.9	1.1	1.5	0.5	1.4	1.5	8.4	6.2
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.2	0.2	0.2	0.2	0.2	0.5	0.2	0.5	0.2	0.2	0.2	0.5
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	10.7	12.4	13.0	15.5	11.9	13.0	13.7	13.2	10.5	11.1	13.2	10.9
1. Inventories	10.7	12.4	13.0	15.5	11.9	13.0	13.7	13.2	10.5	11.1	13.2	10.9
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	1.3	1.7	2.0	0.9	1.3	1.5	0.4	1.3	1.3	2.9	0.4	1.1
1. Short-term prepayments	1.2	1.7	2.0	0.9	1.3	1.5	0.4	0.7	1.3	1.7	0.4	0.8
2. Value added tax to be reclaimed	0.0	—	—	—	0.0	0.0	0.0	0.4	0.0	1.1	0.0	0.2
3. Taxes and other receivables from state authorities	0.1	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.1
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)	454.9	447.0	446.9	450.6	454.7	455.1	457.8	463.7	460.7	466.2	441.9	448.4
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	423.9	410.4	412.9	420.2	425.4	424.5	431.1	441.1	416.1	422.5	418.0	419.1
1. Tangible fixed assets	423.8	410.3	412.7	420.1	425.3	424.4	431.0	441.0	416.1	422.4	418.0	419.0
- Cost	—	—	—	—	971.4	961.0	958.0	958.0	923.6	921.5	908.1	899.3
- Accumulated depreciation	—	—	—	—	-546.1	-536.6	-526.9	-517.0	-507.5	-499.1	-490.1	-480.3
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	0.1	0.1	0.1	0.2	0.2	0.1	0.0	0.0	0.0	0.1	0.1	0.1
- 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	1.7	10.0	8.5	7.2	6.2	9.2	6.1	3.6	25.5	24.9	5.1	10.3
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	1.7	10.0	8.5	7.2	6.2	9.2	6.1	3.6	25.5	24.9	5.1	10.3
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	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	29.2	26.5	25.5	23.2	23.1	21.4	20.7	19.1	19.1	18.8	18.8	18.9
1. Long-term prepayments	29.2	26.5	25.5	23.2	23.1	21.4	20.7	19.1	19.1	18.8	18.8	18.9
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	528.9	519.2	547.1	532.3	548.1	541.5	561.0	546.9	552.2	530.4	521.5	504.2
A. LIABILITIES (300=210+330)	70.2	69.3	79.5	77.3	88.3	91.5	101.4	105.4	108.5	97.4	83.7	81.1
I. Short -term liabilities	33.8	36.9	44.9	38.5	42.9	43.6	45.7	52.8	46.8	41.5	41.2	36.2
1. Short-term trade accounts payable	2.9	5.4	6.8	4.5	2.3	2.8	3.2	14.3	3.9	3.3	4.7	3.1
2. Short-term advances from customers	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.4	0.2
3. Taxes and other payables to state authorities	2.9	4.4	4.2	3.4	3.3	3.6	5.2	3.9	3.5	3.6	4.3	3.2
4. Payable to employees	6.7	5.2	5.2	3.4	5.2	4.0	3.3	2.7	4.4	3.8	3.3	2.8
5. Short-term acrrued expenses	0.1	0.2	0.2	0.3	0.3	0.3	0.4	0.3	0.5	0.3	0.5	0.3
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	0.0
9. Other short-term payables	0.1	0.2	0.3	0.7	0.7	3.0	3.0	3.0	3.0	3.3	3.2	3.1
10. Short-term borrowings and financial leases	16.0	17.4	24.5	24.5	27.1	26.8	26.6	26.6	25.7	22.8	19.5	19.5
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	4.8	3.9	3.5	1.6	3.7	2.8	3.8	1.8	5.5	4.2	5.2	4.0
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	36.5	32.4	34.6	38.9	45.5	47.9	55.7	52.6	61.7	55.9	42.5	44.9
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	2.9	2.9	2.9
8. Long-term borrowings and financial leases	36.5	32.4	34.6	38.9	45.5	47.9	55.7	52.6	61.7	52.9	39.6	42.0
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)	458.7	449.9	467.6	455.0	459.8	450.0	459.6	441.5	443.8	433.1	437.8	423.1
I. Owner's equity	458.7	449.9	467.6	455.0	459.8	450.0	459.6	441.5	443.8	433.1	437.8	423.1
1. Owner's capital	294.0	294.0	294.0	294.0	294.0	294.0	294.0	294.0	294.0	294.0	294.0	294.0
- Common stock with voting right	294.0	294.0	294.0	294.0	294.0	294.0	294.0	294.0	294.0	294.0	294.0	294.0
- 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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	126.7	123.7	120.7	113.7	111.0	108.4	105.7	97.7	95.1	92.5	90.0	85.0
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	38.0	32.2	52.9	47.3	54.8	47.6	59.9	49.8	54.7	46.5	53.8	44.1
- Accumulated retained earning at the end of the previous period	32.2	20.1	41.3	38.3	47.6	39.3	43.3	38.9	46.5	36.2	41.2	35.3
- Undistributed earnings in this period	5.8	12.0	11.5	9.0	7.2	8.3	16.7	10.9	8.2	10.4	12.6	8.8
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)	528.9	519.2	547.1	532.3	548.1	541.5	561.0	546.9	552.2	530.4	521.5	504.2

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
Profit Before Tax	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.4	-3.4	-2.7	-2.0	-2.6	-4.3	-3.1	-2.5	-3.0	-3.4	-2.7	-1.5
Other Operating Receipts	—	—	—	—	0.3	0.5	0.3	0.4	0.5	0.2	0.3	0.5
Other Operating Payments	-5.3	-6.6	-6.2	-5.6	-8.1	-6.0	-5.9	-6.4	-7.4	-5.6	-5.1	-5.5
Net Cash Flow from Operating Activities	17.4	21.8	26.2	12.3	21.4	27.5	29.4	13.4	19.0	21.8	24.7	18.1
Payments for Fixed Assets and Other Long-term Assets	-15.9	-8.5	-3.5	-6.5	-10.1	-0.4	-12.9	-2.6	-16.3	-13.8	-3.8	-9.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	1.5	—	0.0	0.0	0.0	0.0	1.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	0.1	0.1	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	-15.9	-8.5	-2.0	-6.5	-10.1	-0.4	-12.9	-2.6	-15.3	-13.7	-3.7	-9.1
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	7.0	—	—	—	2.2	1.6	7.3	0.0	28.9	9.8	0.0	6.5
Repayment of Borrowings	-4.3	-9.3	-4.3	-9.3	-4.3	-9.1	-4.2	-8.2	-2.8	-7.6	-2.4	-7.3
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	-32.3	0.0	-14.7	0.0	-20.6	0.0	-14.7	0.0	-17.6	0.0	-9.5
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	2.7	-41.6	-4.3	-24.0	-2.1	-28.2	3.1	-22.9	26.2	-15.4	-2.4	-10.4
Net Cash Flow During the Period	4.2	-28.2	19.9	-18.1	9.2	-1.1	19.6	-12.1	29.9	-7.4	18.6	-1.4
Cash and Cash Equivalents at Beginning of Period	51.9	80.1	60.2	78.3	62.7	62.7	62.7	62.7	23.0	23.0	23.0	23.0
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	56.0	51.9	80.1	60.2	78.3	69.1	70.1	50.5	62.7	32.8	40.2	21.6

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NBT

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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