ND2

Listed Company · UPCOM

Price

36,000

Latest close

03 Apr 2026

P/E 8.4x

EPS (TTM) 4,285

ROE (TTM) 24.2%

P/B 1.9x

BVPS (Latest) 18,570

ROA (TTM) 14.4%

What Is Changing

ND2 no longer looks like a business simply rebounding from a weak base. Revenue posted +12.0% YoY, while net margin reached 52.52% with an additional +8.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 32.89% in 2023 to 52.52% in 2025.
Net Income recovered 32.7% to VND 214.6bn in 2025.
Revenue increased 12.0% YoY to VND 408.7bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	408.7	365.0	325.5	462.1	400.1
Growth	+12%	+12%	-30%	+16%	—
Net Income	214.6	161.8	107.1	224.6	151.3
Net Margin	52.52%	44.33%	32.89%	48.60%	37.80%

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	104.3	153.0	112.2	39.1	82.5	151.9	86.7	43.9	70.9	145.4	71.3	38.0
Growth	-32%	+36%	+187%	-53%	-46%	+75%	+98%	-38%	-51%	+104%	+88%	—
Net Income	53.4	102.4	61.6	-3.1	24.2	102.0	36.5	-0.4	16.1	89.7	18.9	-18.2
Net Margin	51.15%	66.94%	54.84%	-8.01%	29.31%	67.14%	42.12%	-0.97%	22.67%	61.71%	26.49%	-48.02%

Financial Statements

Profitability

Net margin reached 52.52% while Revenue posted +12.0% YoY.

Balance Sheet

Inventory stood at 23.5bn, liabilities at 557.7bn, and equity at 928.8bn.

Cash Flow

Operating cash flow was 320.8bn in 2025, while investing cash flow was 0.7bn.

Financing cash flow: -262.8bn.

Item	2025	2024	2023	2022	2021
Revenue	408.7	365.0	331.5	462.1	400.1
Revenue Deductions	—	0.0	6.0	0.0	0.0
Net Revenue	408.7	365.0	325.5	462.1	400.1
Cost of Goods Sold	125.7	125.4	121.8	131.9	0.0
Gross Profit	283.0	239.6	203.7	330.2	264.0
Financial Income	0.7	0.3	0.7	1.9	1.0
Financial Expenses	40.6	51.8	77.4	77.6	-89.8
Interest Expense	40.6	51.8	77.3	77.6	-89.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	17.3	18.9	15.4	19.9	-16.5
Operating Profit	225.7	169.3	111.7	234.6	158.7
Other Income	0.5	1.6	0.3	0.0	0.0
Other Expenses	0.0	0.1	0.1	0.0	0.0
Other Profit	0.5	1.5	0.2	-0.0	-0.7
Profit Before Tax	226.2	170.8	111.9	234.6	158.1
Current Income Tax Expense	11.5	9.0	4.9	10.0	-6.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	214.6	161.8	107.1	224.6	151.3
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	214.6	161.8	107.1	224.6	151.3
Earnings per Share	4,293.00	3,237.00	2,077.00	4,431.00	3,025.48
Diluted EPS	4,293.00	3,237.00	2,077.00	4,431.00	3,025.48

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	205.0	123.7	108.5	156.2	143.6
I. Cash and cash equivalents	106.5	47.9	32.7	93.9	81.1
1. Cash	2.0	47.9	28.7	8.6	0.0
2. Cash equivalents	104.5	0.0	4.0	85.3	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	74.5	51.9	51.4	36.0	34.9
1. Short-term trade accounts receivable	60.9	38.4	42.4	20.1	0.0
2. Short-term prepayments to suppliers	2.1	3.9	0.8	4.9	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	12.7	10.7	8.8	11.6	0.0
7. Provision for short-term doubtful debts (*)	-1.2	-1.2	-0.6	-0.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	23.5	23.2	24.3	24.7	25.0
1. Inventories	27.8	27.5	28.8	29.3	0.0
2. Provision for decline in value of inventories	-4.3	-4.3	-4.5	-4.5	0.0
V. Other short-term assets	0.5	0.7	0.2	1.6	2.6
1. Short-term prepayments	0.4	0.7	0.2	0.9	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.7	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)	1,281.5	1,358.6	1,447.0	1,533.6	1,626.5
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	1,234.1	1,326.6	1,406.3	1,497.8	1,589.2
1. Tangible fixed assets	1,234.1	1,326.6	1,406.3	1,497.8	1,589.2
- Cost	2,142.3	2,144.4	2,134.6	2,134.6	0.0
- Accumulated depreciation	-908.2	-817.8	-728.3	-636.8	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	—	0.0	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
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	—	0.0	7.2	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	7.2	0.0	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	47.4	32.0	33.5	35.8	0.0
1. Long-term prepayments	47.4	32.0	33.5	35.8	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	37.3
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)	1,486.5	1,482.3	1,555.5	1,689.8	1,770.2
A. LIABILITIES (300=210+330)	557.7	643.1	778.1	916.2	1,010.1
I. Short -term liabilities	199.5	232.0	197.0	180.1	126.0
1. Short-term trade accounts payable	3.3	3.7	4.0	3.3	3.3
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	7.3	4.7	2.8	3.4	0.0
4. Payable to employees	3.5	4.0	2.8	5.9	0.0
5. Short-term acrrued expenses	0.6	0.9	0.8	0.9	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	8.6	7.3	7.3	56.5	0.0
10. Short-term borrowings and financial leases	176.0	211.4	179.3	110.0	101.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.1	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	358.2	411.2	581.2	736.2	884.2
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	0.0	0.0
8. Long-term borrowings and financial leases	358.2	411.2	581.2	736.2	884.2
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)	928.8	839.1	777.4	773.5	760.0
I. Owner's equity	928.8	839.1	777.4	773.5	0.0
1. Owner's capital	499.9	499.9	499.9	499.9	760.0
- Common stock with voting right	499.9	499.9	499.9	499.9	499.9
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	14.4	14.4	14.4	14.4	14.4
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	—	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	414.5	324.8	263.0	259.2	245.7
- Accumulated retained earning at the end of the previous period	199.8	163.0	159.2	87.7	94.5
- Undistributed earnings in this period	214.6	161.8	103.8	171.5	151.3
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)	1,486.5	1,482.3	1,555.5	1,689.8	1,770.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	226.2	170.8	111.9	234.6	158.1
Depreciation of Fixed Assets and Investment Property	92.5	91.4	91.5	91.6	91.2
Provision (Increase)/Reversal	—	0.6	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	-0.7	-0.7	-0.7	-1.9	0.0
Interest Expense	40.6	51.8	77.3	77.6	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	358.6	313.8	280.0	401.8	342.5
Increase/(Decrease) in Receivables	-22.7	-1.1	-14.7	-0.6	0.0
Increase/(Decrease) in Inventory	-0.3	1.1	0.5	0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	51.2	1.1	-10.4	-10.4	0.0
Increase/(Decrease) in Prepaid Expenses	-15.1	0.9	3.1	1.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-40.8	-51.9	-77.4	-77.6	0.0
Corporate Income Tax Paid	-10.2	-7.6	-4.1	-9.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.1	-5.3	0.0
Net Cash Flow from Operating Activities	320.8	256.4	176.8	300.3	239.8
Payments for Fixed Assets and Other Long-term Assets	—	-4.7	-3.3	-0.2	-2.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.6	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	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
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	0.7	0.3	0.7	1.9	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	0.7	-3.8	-2.6	1.8	-1.0
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	154.6	178.8	65.2	0.0	45.3
Repayment of Borrowings	-292.8	-316.6	-150.9	-139.6	-176.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-124.6	-99.5	-149.7	-149.7	-99.6
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	-262.8	-237.4	-235.4	-289.3	-230.5
Net Cash Flow During the Period	58.6	15.2	-61.2	12.8	51.7
Cash and Cash Equivalents at Beginning of Period	47.9	32.7	93.9	81.1	72.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	106.5	47.9	32.7	93.9	81.1

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	104.3	153.0	112.2	39.1	82.5	151.9	86.7	43.9	70.9	145.4	71.3	38.0
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	104.3	153.0	112.2	39.1	82.5	151.9	86.7	43.9	70.9	145.4	71.3	38.0
Cost of Goods Sold	34.1	31.8	30.9	29.7	37.2	29.3	30.7	28.0	34.2	28.6	28.5	30.9
Gross Profit	70.3	121.3	81.4	9.4	45.2	122.6	56.1	15.9	36.7	116.8	42.8	7.1
Financial Income	0.5	0.1	0.0	0.0	0.2	0.1	0.0	0.0	0.0	0.0	0.2	0.5
Financial Expenses	9.7	10.0	10.9	10.0	12.0	12.5	13.2	14.1	16.4	18.5	20.7	21.8
Interest Expense	9.7	10.0	10.9	10.0	12.0	12.5	13.2	14.1	16.4	18.5	20.6	21.8
Share of Associates and Joint Ventures	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	5.0	3.5	5.6	3.0	7.8	3.1	4.0	3.7	4.4	3.8	3.4	4.0
Operating Profit	56.1	107.8	64.8	-3.5	25.6	107.1	38.9	-1.9	15.9	94.5	18.9	-18.3
Other Income	0.0	0.0	0.0	0.4	0.0	0.1	0.0	1.6	0.3	0.0	0.0	0.0
Other Expenses	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.2	0.0	0.0	0.0
Other Profit	0.0	0.0	0.0	0.4	-0.0	0.1	-0.0	1.4	0.1	-0.0	-0.0	0.0
Profit Before Tax	56.2	107.9	64.9	-3.1	25.6	107.2	38.9	-0.4	16.0	94.4	18.9	-18.2
Current Income Tax Expense	2.8	5.4	3.3	0.0	1.4	5.2	2.4	0.0	-0.0	4.7	0.0	0.0
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	53.4	102.4	61.6	-3.1	24.2	102.0	36.5	-0.4	16.1	89.7	18.9	-18.2
Non-controlling Interest	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	53.4	102.4	61.6	-3.1	24.2	102.0	36.5	-0.4	16.1	89.7	18.9	-18.2
Earnings per Share	1,067.45	2,048.88	1,231.33	-62.62	483.42	2,040.03	730.58	-8.51	321.22	1,794.35	377.69	-364.78
Diluted EPS	1,067.45	2,048.88	1,231.33	-62.62	483.42	2,040.03	730.58	-8.51	321.22	1,794.35	377.69	-364.78

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)	205.0	249.0	162.2	75.0	123.7	202.5	129.3	61.4	108.9	216.0	115.3	105.0
I. Cash and cash equivalents	106.5	100.8	21.9	12.8	47.9	52.7	5.2	2.8	32.7	119.6	1.1	35.8
1. Cash	2.0	2.8	21.9	6.8	47.9	3.7	5.2	1.8	28.7	115.6	1.1	15.8
2. Cash equivalents	104.5	98.0	—	6.0	0.0	49.0	0.0	1.0	4.0	4.0	0.0	20.0
II. Short-term financial investments	—	—	—	0.0	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	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	0.0
3. Held to maturity investments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	74.5	125.3	118.0	39.3	51.9	125.4	100.6	34.5	51.4	70.4	88.6	43.6
1. Short-term trade accounts receivable	60.9	98.6	99.1	27.6	38.4	100.0	82.7	24.7	42.4	47.2	69.0	26.0
2. Short-term prepayments to suppliers	2.1	4.4	0.9	4.1	3.9	1.4	1.3	1.0	0.8	4.7	5.2	4.9
3. Short-term inter-company receivables	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	12.7	23.6	19.3	8.9	10.7	24.7	17.3	9.5	8.8	19.2	15.1	13.2
7. Provision for short-term doubtful debts (*)	-1.2	-1.2	-1.2	-1.2	-1.2	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	23.5	22.2	22.0	22.0	23.2	23.5	23.3	23.5	24.3	25.4	24.5	24.2
1. Inventories	27.8	26.5	26.3	26.3	27.5	28.0	27.8	28.1	28.8	29.9	29.1	28.7
2. Provision for decline in value of inventories	-4.3	-4.3	-4.3	-4.3	-4.3	-4.5	-4.5	-4.5	-4.5	-4.5	-4.5	-4.5
V. Other short-term assets	0.5	0.7	0.2	0.8	0.7	0.8	0.2	0.6	0.5	0.6	1.1	1.4
1. Short-term prepayments	0.4	0.1	0.1	0.8	0.7	0.8	0.2	0.6	0.2	0.4	0.2	0.5
2. Value added tax to be reclaimed	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.7	0.1	0.1	0.0	0.0	0.0	0.0	0.4	0.2	0.8	0.9
4. Government bonds	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,281.5	1,300.4	1,325.0	1,335.5	1,358.6	1,376.7	1,400.7	1,423.5	1,447.0	1,461.2	1,485.2	1,509.2
I. Long-term receivables	—	—	—	0.0	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	0.0
2. Long-term prepayments to suppliers	—	—	—	0.0	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	0.0
4. Long-term inter-company receivables	—	—	—	0.0	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	0.0
6. Other long-term receivables	—	—	—	0.0	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	0.0
II. Fixed assets	1,234.1	1,257.2	1,280.3	1,303.4	1,326.6	1,337.9	1,360.6	1,383.3	1,406.3	1,429.1	1,452.0	1,474.9
1. Tangible fixed assets	1,234.1	1,257.2	1,280.3	1,303.4	1,326.6	1,337.9	1,360.6	1,383.3	1,406.3	1,429.1	1,452.0	1,474.9
- Cost	—	—	—	2,144.4	2,144.4	2,132.5	2,132.5	2,132.5	2,134.6	2,134.6	2,134.6	2,134.6
- Accumulated depreciation	—	—	—	-841.0	-817.8	-794.7	-771.9	-749.2	-728.3	-705.5	-682.6	-659.7
2. Financial leased fixed assets	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	0.0	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	0.0
III. Investment properties	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	0.0	0.0	7.5	7.5	7.5	7.2	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	0.0	0.0	7.5	7.5	7.5	7.2	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	0.0	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	0.0
2. Investments in associates, joint-ventures	—	—	—	0.0	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	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	0.0
5. Held to maturity investments	—	—	—	0.0	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	0.0
VI. Other long-term assets	47.4	43.2	44.8	32.1	32.0	31.4	32.6	32.7	33.5	32.1	33.2	34.3
1. Long-term prepayments	47.4	43.2	44.8	32.1	32.0	31.4	32.6	32.7	33.5	32.1	33.2	34.3
2. Deferred income tax assets	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,486.5	1,549.4	1,487.2	1,410.5	1,482.3	1,579.2	1,530.0	1,484.9	1,555.9	1,677.1	1,600.4	1,614.2
A. LIABILITIES (300=210+330)	558.1	674.4	589.6	574.5	642.7	763.8	816.6	708.1	779.1	913.2	926.2	858.9
I. Short -term liabilities	199.9	330.3	243.5	205.9	231.5	310.2	323.4	129.4	198.0	294.6	270.1	155.2
1. Short-term trade accounts payable	3.2	2.4	14.2	2.4	3.7	2.5	3.4	2.3	4.0	2.7	2.6	2.3
2. Short-term advances from customers	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	7.3	16.5	11.5	1.7	4.7	16.5	10.6	2.3	2.7	15.0	6.6	6.0
4. Payable to employees	4.1	1.3	1.2	1.4	3.6	1.5	1.3	1.3	3.9	1.3	1.4	1.2
5. Short-term acrrued expenses	0.6	0.5	0.4	0.0	0.9	0.5	0.7	0.8	0.8	0.7	0.6	0.8
6. Short-term inter-company payables	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	8.6	135.0	8.4	5.5	7.3	109.6	107.2	5.5	7.3	109.4	106.3	4.9
10. Short-term borrowings and financial leases	176.0	174.6	207.8	195.0	211.4	179.7	0.0	117.2	179.3	165.6	152.6	140.0
11. Provision for short-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	0.0	0.0	0.0	200.3	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	0.0	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	0.0
II. Long-term liabilities	358.2	344.2	346.2	368.7	411.2	453.7	493.2	578.7	581.2	618.7	656.2	703.7
1. Long-term trade payables	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	358.2	344.2	346.2	368.7	411.2	453.7	493.2	578.7	581.2	618.7	656.2	703.7
9. Convertible bonds	—	—	—	0.0	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	0.0
11. Deferred income tax liabilities	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	928.4	875.0	897.6	836.0	839.6	815.4	713.4	776.9	776.7	763.9	674.2	755.3
I. Owner's equity	928.4	875.0	897.6	836.0	839.6	815.4	713.4	776.9	776.7	763.9	674.2	755.3
1. Owner's capital	499.9	499.9	499.9	499.9	499.9	499.9	499.9	499.9	499.9	499.9	499.9	499.9
- Common stock with voting right	499.9	499.9	499.9	499.9	499.9	499.9	499.9	499.9	499.9	499.9	499.9	499.9
- Preferred stock	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4
3. Convertible bond option	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	0.0	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	0.0
7. Foreign exchange differences	—	—	—	0.0	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	0.0
9. Fund to support corporate restructuring	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	414.0	360.7	383.2	321.7	325.2	301.1	199.1	262.6	262.4	249.6	159.9	241.0
- Accumulated retained earning at the end of the previous period	199.8	199.8	324.8	324.8	163.0	163.0	163.0	263.0	159.2	159.2	159.2	259.2
- Undistributed earnings in this period	214.2	160.9	58.4	-3.1	162.3	138.1	36.1	-0.4	103.2	90.4	0.6	-18.2
12. Reserves for investment in construction	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	0.0	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)	1,486.5	1,549.4	1,487.2	1,410.5	1,482.3	1,579.2	1,530.0	1,484.9	1,555.9	1,677.1	1,600.4	1,614.2

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	56.6	107.9	64.9	-3.1	25.6	107.2	38.9	-0.4	16.8	94.4	18.9	-18.2
Depreciation of Fixed Assets and Investment Property	23.1	23.0	23.2	23.2	23.2	22.7	22.7	22.8	22.8	22.9	22.9	22.9
Provision (Increase)/Reversal	—	—	—	0.0	0.3	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	0.0
Gain/Loss from Investment Activities	-0.5	-0.1	-0.0	-0.0	-0.6	0.3	-0.4	-0.0	-0.0	-0.0	-0.2	-0.5
Interest Expense	9.7	10.0	10.9	10.0	12.0	12.5	13.2	14.1	16.4	18.5	20.6	21.8
Gain/Loss on Disposal of Fixed Assets	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	88.9	140.8	98.9	30.0	60.5	142.7	74.4	36.4	55.9	135.8	62.2	26.0
Increase/(Decrease) in Receivables	51.4	-7.9	-78.8	12.6	73.0	-24.8	-66.1	16.8	19.9	18.2	-45.0	-7.8
Increase/(Decrease) in Inventory	-1.3	-0.2	0.0	1.2	0.5	0.0	0.0	0.7	1.1	-0.9	-0.4	0.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.2	42.7	21.2	-7.5	-6.7	4.2	8.8	-5.5	-15.7	7.5	-4.8	2.5
Increase/(Decrease) in Prepaid Expenses	-4.5	1.6	-12.0	-0.2	-0.5	0.6	0.4	0.3	-1.1	0.9	1.4	1.8
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-9.7	-9.9	-10.5	-10.7	-11.8	-12.7	-13.3	-14.1	-16.3	-18.4	-20.8	-21.8
Corporate Income Tax Paid	-5.4	-3.3	0.0	-1.4	-5.2	-2.4	0.0	-0.1	-3.9	-0.1	0.0	0.0
Other Operating Receipts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.8	-0.9
Net Cash Flow from Operating Activities	114.2	163.9	18.8	23.9	109.9	107.6	4.3	34.5	40.0	143.0	-6.6	0.3
Payments for Fixed Assets and Other Long-term Assets	—	—	—	0.0	-4.7	0.0	0.0	0.0	-3.3	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	0.0	0.0	0.0	0.6	0.0	0.0	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	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	0.0
Investments in Other Entities	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	0.5	0.1	0.0	0.0	0.2	0.1	0.0	0.0	0.0	0.0	0.2	0.5
Increase/(Decrease) in Term Deposits	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	0.5	0.1	0.0	0.0	-4.5	0.1	0.6	0.0	-3.3	0.0	0.2	0.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.0	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	0.0
Proceeds from Borrowings	86.6	48.0	-4.8	24.8	105.0	41.1	12.7	20.0	41.7	14.4	9.1	0.0
Repayment of Borrowings	-71.1	-133.1	-4.9	-83.8	-115.8	-101.2	-15.2	-84.5	-65.5	-38.9	-37.5	-9.0
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-124.4	0.0	-0.0	-0.1	-99.4	-0.0	-0.0	-0.0	-99.8	0.0	-0.0	-49.9
Other Financing Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-109.0	-85.1	-9.8	-59.0	-110.2	-60.2	-2.5	-64.5	-123.6	-24.5	-28.4	-58.9
Net Cash Flow During the Period	5.7	78.9	9.1	-35.1	-4.8	47.5	2.5	-30.0	-86.8	118.5	-34.8	-58.1
Cash and Cash Equivalents at Beginning of Period	100.8	21.9	12.8	47.9	32.7	32.7	32.7	32.7	93.9	93.9	93.9	93.9
FX Difference from Revaluation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	106.5	100.8	21.9	12.8	47.9	52.7	5.2	2.8	32.7	119.6	1.1	35.8

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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