NDW

Listed Company · UPCOM

Price

14,500

Latest close

05 Feb 2026

P/E 16.0x

EPS (TTM) 904

ROE (TTM) 8.0%

P/B 1.2x

BVPS (Latest) 11,843

ROA (TTM) 6.1%

What Is Changing

NDW has not yet shown a broad-based top-line recovery. Revenue posted -0.2% YoY, but net margin reached 11.21% 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 growth slowed to -6.9% in 2025 from 1.0% in the prior period, at VND 31.1bn.
Net margin declined from 12.01% in the prior period to 11.21% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	277.1	277.7	270.1	266.1	253.6
Growth	-0%	+3%	+2%	+5%	—
Net Income	31.1	33.4	33.0	30.5	36.8
Net Margin	11.21%	12.01%	12.23%	11.46%	14.53%

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	67.1	75.7	70.1	64.3	68.1	72.9	69.0	67.6	68.0	71.0	66.2	65.0
Growth	-11%	+8%	+9%	-6%	-7%	+6%	+2%	-1%	-4%	+7%	+2%	—
Net Income	-0.9	11.4	10.8	9.6	-0.3	11.6	11.6	10.5	-5.6	16.0	12.2	10.9
Net Margin	-1.33%	15.07%	15.41%	15.02%	-0.49%	15.97%	16.76%	15.46%	-8.26%	22.56%	18.37%	16.81%

Financial Statements

Profitability

Net margin reached 11.21% while Revenue posted -0.2% YoY.

Balance Sheet

Inventory stood at 16.0bn, liabilities at 156.3bn, and equity at 406.5bn.

Cash Flow

Operating cash flow was 103.9bn in 2025, while investing cash flow was -152.7bn.

Financing cash flow: 3.7bn.

Item	2025	2024	2023	2022	2021
Revenue	277.1	277.7	270.1	266.1	253.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	277.1	277.7	270.1	266.1	253.6
Cost of Goods Sold	181.6	184.8	177.9	176.4	0.0
Gross Profit	95.5	92.9	92.2	89.7	93.2
Financial Income	1.3	1.1	0.7	0.2	0.2
Financial Expenses	2.4	2.3	3.9	3.8	-4.7
Interest Expense	2.4	2.3	3.9	3.8	-3.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	29.7	27.0	25.3	25.2	-24.0
General and Administrative Expenses	30.8	26.2	26.4	25.7	-23.8
Operating Profit	33.9	38.4	37.3	35.2	40.9
Other Income	3.4	1.5	1.7	1.5	0.0
Other Expenses	2.3	2.3	1.8	1.5	0.0
Other Profit	1.1	-0.8	-0.1	-0.1	0.9
Profit Before Tax	35.1	37.6	37.2	35.1	41.8
Current Income Tax Expense	4.0	4.3	4.1	4.6	-4.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	31.1	33.4	33.0	30.5	36.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	31.1	33.4	33.0	30.5	36.8
Earnings per Share	908.00	975.00	965.00	891.00	1,075.00
Diluted EPS	905.58	972.30	962.98	888.81	1,073.96

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	130.3	110.9	105.7	88.2	101.9
I. Cash and cash equivalents	37.8	82.9	79.2	61.5	45.7
1. Cash	19.3	14.8	32.2	58.5	0.0
2. Cash equivalents	18.5	68.1	47.0	3.0	0.0
II. Short-term financial investments	12.6	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	12.6	0.0	0.0	0.0	0.0
III. Short-term receivables	57.5	11.3	4.8	3.1	19.8
1. Short-term trade accounts receivable	26.0	2.2	2.0	1.2	0.0
2. Short-term prepayments to suppliers	30.3	6.9	1.2	0.4	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.2	2.1	1.6	1.6	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	16.0	16.0	21.4	19.9	19.9
1. Inventories	18.9	19.4	24.9	23.7	0.0
2. Provision for decline in value of inventories	-3.0	-3.4	-3.5	-3.8	0.0
V. Other short-term assets	6.5	0.8	0.4	3.7	6.5
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	5.6	0.6	0.1	2.8	0.0
3. Taxes and other receivables from state authorities	—	0.1	0.3	0.9	0.0
4. Government bonds	0.9	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)	432.4	360.7	376.0	410.1	400.9
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	335.6	325.8	346.1	384.5	301.8
1. Tangible fixed assets	335.0	325.5	345.7	383.8	301.4
- Cost	1,311.3	1,248.3	1,216.7	1,241.7	0.0
- Accumulated depreciation	-976.3	-922.8	-871.1	-857.9	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	0.6	0.2	0.4	0.6	0.4
- Cost	2.2	1.7	1.7	1.7	0.0
- Accumulated depreciation	-1.6	-1.5	-1.3	-1.1	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	78.8	18.0	16.3	13.3	81.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	78.8	18.0	16.3	13.3	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	1.0
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	18.0	16.9	13.6	12.3	0.0
1. Long-term prepayments	18.0	16.9	13.6	12.3	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	16.4
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)	562.7	471.6	481.7	498.3	502.8
A. LIABILITIES (300=210+330)	156.3	103.6	113.6	127.9	115.2
I. Short -term liabilities	101.9	59.1	64.1	73.9	63.2
1. Short-term trade accounts payable	27.3	2.9	5.2	16.6	5.5
2. Short-term advances from customers	2.1	2.5	5.2	5.9	8.5
3. Taxes and other payables to state authorities	1.9	3.7	1.1	0.5	0.0
4. Payable to employees	20.1	18.7	17.3	19.0	0.0
5. Short-term acrrued expenses	2.2	4.1	1.6	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	12.0	9.4	8.3	16.5	0.0
10. Short-term borrowings and financial leases	21.1	4.1	13.9	4.5	10.7
11. Provision for short-term liabilities	2.2	2.4	2.6	2.1	0.0
12.. Bonus and welfare fund	13.0	11.5	8.9	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	54.3	44.4	49.6	54.0	52.0
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	24.3	24.9	25.9	26.6	0.0
8. Long-term borrowings and financial leases	30.0	19.6	23.6	27.5	32.2
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)	406.5	368.0	368.1	370.4	387.6
I. Owner's equity	406.5	368.0	368.1	370.4	0.0
1. Owner's capital	343.1	343.1	343.1	343.1	387.6
- Common stock with voting right	343.1	343.1	343.1	343.1	343.1
- 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	-0.8	-0.8	-0.8	-0.8	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	13.4	11.6	9.9	8.7	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	50.8	14.2	15.9	19.4	36.8
- Accumulated retained earning at the end of the previous period	19.8	0.0	0.0	6.0	0.0
- Undistributed earnings in this period	31.1	14.2	15.9	13.4	36.8
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)	562.7	471.6	481.7	498.3	502.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	35.1	37.6	37.2	35.1	0.0
Depreciation of Fixed Assets and Investment Property	53.6	53.5	66.6	63.9	0.0
Provision (Increase)/Reversal	-0.4	-0.1	-0.3	2.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.3	-0.3	-0.6	-0.2	0.0
Interest Expense	2.4	2.4	3.9	3.8	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	89.4	93.1	106.8	104.6	0.0
Increase/(Decrease) in Receivables	-28.8	-0.2	1.9	9.2	0.0
Increase/(Decrease) in Inventory	0.5	0.6	-7.2	-3.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	56.3	8.2	-10.4	1.4	0.0
Increase/(Decrease) in Prepaid Expenses	-1.1	-6.1	-2.0	1.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.3	-2.3	-3.9	-3.8	0.0
Corporate Income Tax Paid	-7.7	-2.5	-2.8	-4.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.5	-1.4	-0.8	-0.4	0.0
Net Cash Flow from Operating Activities	103.9	89.5	81.6	103.7	0.3
Payments for Fixed Assets and Other Long-term Assets	-141.3	-43.7	-28.3	-52.3	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-12.6	0.0	0.0	0.0	-11.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	1.0
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	1.3	1.1	0.7	0.2	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	-152.7	-42.6	-27.6	-52.1	-9.9
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	17.6	0.0	20.0	0.0	0.0
Repayment of Borrowings	-5.6	-13.9	-14.4	-10.9	-16.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-8.2	-29.2	-41.9	-36.0	-22.2
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	3.7	-43.2	-36.3	-46.9	-38.2
Net Cash Flow During the Period	-45.1	3.7	17.7	4.8	-28.4
Cash and Cash Equivalents at Beginning of Period	82.9	79.2	61.5	56.7	93.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	37.8	82.9	79.2	61.5	45.7

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	67.1	75.7	70.1	64.3	68.1	72.9	69.0	67.6	68.0	71.0	66.2	65.0
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	67.1	75.7	70.1	64.3	68.1	72.9	69.0	67.6	68.0	71.0	66.2	65.0
Cost of Goods Sold	50.1	47.6	43.0	41.0	53.8	47.2	40.6	43.4	59.9	39.5	37.5	40.1
Gross Profit	17.0	28.1	27.0	23.3	14.4	25.7	28.5	24.2	8.1	31.6	28.7	24.8
Financial Income	0.3	0.2	0.3	0.6	0.3	0.3	0.2	0.3	0.5	0.1	0.1	0.1
Financial Expenses	0.8	0.6	0.5	0.5	0.6	0.6	0.6	0.6	1.0	1.0	1.0	1.0
Interest Expense	0.8	0.6	0.5	0.5	0.6	0.6	0.6	0.6	1.0	1.0	1.0	1.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	9.1	7.2	7.3	6.1	7.1	6.6	7.6	5.7	6.5	6.6	6.5	5.5
General and Administrative Expenses	9.6	7.7	7.2	6.4	6.3	5.7	7.6	6.4	6.6	6.3	7.7	5.8
Operating Profit	-2.2	12.9	12.4	10.8	0.7	13.1	12.9	11.8	-5.6	17.7	13.6	12.6
Other Income	2.2	0.4	0.4	0.4	0.4	0.4	0.4	0.3	0.5	0.4	0.4	0.4
Other Expenses	0.7	0.6	0.6	0.4	1.2	0.4	0.3	0.5	1.3	0.4	0.4	0.5
Other Profit	1.5	-0.3	-0.1	-0.0	-0.7	0.0	0.0	-0.1	-0.8	0.0	-0.1	-0.2
Profit Before Tax	-0.7	12.6	12.2	10.7	-0.0	13.1	12.9	11.6	-6.3	17.8	13.6	12.4
Current Income Tax Expense	0.2	1.2	1.4	1.1	0.3	1.5	1.3	1.2	-0.7	1.7	1.4	1.5
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.9	11.4	10.8	9.6	-0.3	11.6	11.6	10.5	-5.6	16.0	12.2	10.9
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.9	11.4	10.8	9.6	-0.3	11.6	11.6	10.5	-5.6	16.0	12.2	10.9
Earnings per Share	-26.00	333.00	315.00	282.00	-10.00	340.00	338.00	306.00	-164.00	467.00	355.00	319.00
Diluted EPS	-26.03	332.49	314.71	281.22	-9.81	339.35	337.29	304.76	-163.66	466.95	354.51	318.40

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)	135.1	115.1	118.5	118.8	111.1	137.4	117.5	108.1	105.9	110.8	102.5	103.5
I. Cash and cash equivalents	50.4	60.2	64.3	78.0	82.9	108.9	91.2	83.1	79.2	85.7	68.5	79.5
1. Cash	19.3	27.1	24.7	22.9	14.8	43.9	33.2	35.1	32.2	54.2	64.5	75.5
2. Cash equivalents	31.1	33.1	39.6	55.1	68.1	65.0	58.0	48.0	47.0	31.5	4.0	4.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	5.0	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	5.0	0.0
III. Short-term receivables	63.9	32.5	29.7	20.6	11.3	7.3	8.8	6.0	5.0	5.3	7.5	4.9
1. Short-term trade accounts receivable	26.0	2.4	2.5	2.2	2.2	3.0	3.0	3.1	2.2	1.8	1.4	1.3
2. Short-term prepayments to suppliers	36.8	27.9	24.8	15.8	6.9	1.9	3.4	0.8	1.2	1.3	4.2	1.9
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	1.2	2.2	2.4	2.6	2.2	2.4	2.4	2.0	1.6	2.3	1.8	1.7
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	16.0	18.6	22.9	18.4	16.2	21.1	16.9	18.5	21.4	19.7	21.4	18.5
1. Inventories	18.9	22.0	26.3	21.8	19.6	24.5	20.4	22.0	24.9	23.5	25.2	22.3
2. Provision for decline in value of inventories	-3.0	-3.4	-3.4	-3.4	-3.4	-3.5	-3.5	-3.5	-3.5	-3.8	-3.8	-3.8
V. Other short-term assets	4.9	3.8	1.6	1.7	0.6	0.2	0.5	0.5	0.4	0.0	0.1	0.6
1. Short-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	4.0	3.5	1.6	1.3	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.5
3. Taxes and other receivables from state authorities	0.9	0.3	—	0.4	0.6	0.2	0.5	0.5	0.3	0.0	0.1	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)	411.9	397.7	368.0	358.2	363.2	348.7	360.8	362.6	381.8	382.3	381.0	394.0
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	336.0	313.6	310.1	314.0	328.1	328.8	333.0	336.9	346.1	353.3	356.3	370.4
1. Tangible fixed assets	335.4	313.0	309.5	313.4	327.9	328.5	332.7	336.5	345.7	352.8	355.7	369.8
- Cost	—	—	—	—	1,248.3	1,239.7	1,230.6	1,221.0	1,216.7	1,254.2	1,242.9	1,242.5
- Accumulated depreciation	—	—	—	—	-920.4	-911.2	-897.9	-884.5	-871.1	-901.3	-887.1	-872.6
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	0.6	0.6	0.7	0.6	0.2	0.3	0.3	0.4	0.4	0.5	0.5	0.6
- 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	57.9	71.9	43.2	30.9	18.0	5.9	17.6	14.7	16.3	18.9	14.7	13.9
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	57.9	71.9	43.2	30.9	18.0	5.9	17.6	14.7	16.3	18.9	14.7	13.9
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	18.0	12.2	14.7	13.3	17.1	14.0	10.1	11.0	19.4	10.1	10.0	9.7
1. Long-term prepayments	18.0	12.2	14.7	13.3	17.1	14.0	10.1	11.0	19.4	10.1	10.0	9.7
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)	547.0	512.9	486.5	477.0	474.3	486.1	478.3	470.7	487.8	493.1	483.5	497.5
A. LIABILITIES (300=210+330)	140.6	125.4	110.4	99.3	106.3	98.6	102.5	92.1	119.3	118.9	108.2	116.1
I. Short -term liabilities	86.3	73.5	63.3	52.0	61.8	53.0	55.4	44.0	69.9	67.6	56.7	63.3
1. Short-term trade accounts payable	11.6	5.0	8.9	6.0	3.0	6.9	6.5	2.6	5.2	5.3	7.7	18.2
2. Short-term advances from customers	2.1	5.2	6.9	5.5	2.5	2.4	2.7	2.6	5.4	6.3	4.8	4.7
3. Taxes and other payables to state authorities	1.9	3.4	3.1	2.4	3.6	4.2	3.1	2.5	0.8	3.6	2.8	1.3
4. Payable to employees	20.1	13.8	14.0	11.5	20.6	12.2	13.0	12.0	23.1	11.5	10.0	11.8
5. Short-term acrrued expenses	2.4	—	—	—	3.7	0.0	2.8	0.8	1.5	3.1	2.5	0.0
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	12.0	10.6	10.1	9.4	9.4	9.3	8.9	8.2	8.3	8.8	8.6	8.5
10. Short-term borrowings and financial leases	21.1	20.2	5.0	4.1	4.1	4.1	4.1	4.1	14.2	18.5	9.6	9.5
11. Provision for short-term liabilities	2.2	2.2	2.2	2.3	3.6	2.5	2.6	2.6	2.6	1.6	1.7	1.8
12.. Bonus and welfare fund	13.0	13.1	13.2	10.9	11.5	11.5	11.6	8.6	8.9	8.9	8.9	7.6
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	54.3	51.9	47.1	47.2	44.4	45.7	47.0	48.2	49.3	51.3	51.6	52.8
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	24.3	24.5	24.6	24.6	24.9	25.1	25.4	25.6	25.9	26.1	26.4	26.5
8. Long-term borrowings and financial leases	30.0	27.3	22.4	22.7	19.6	20.6	21.6	22.6	23.4	25.2	25.2	26.3
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)	406.4	387.5	376.1	377.7	368.0	387.5	375.9	378.5	368.5	374.1	375.2	381.3
I. Owner's equity	406.4	387.5	376.1	377.7	368.0	387.5	375.9	378.5	368.5	374.1	375.2	381.3
1. Owner's capital	343.1	343.1	343.1	343.1	343.1	343.1	343.1	343.1	343.1	343.1	343.1	343.1
- Common stock with voting right	343.1	343.1	343.1	343.1	343.1	343.1	343.1	343.1	343.1	343.1	343.1	343.1
- 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	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8
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	13.4	13.4	13.4	11.6	11.6	11.6	11.6	9.9	9.9	9.9	9.9	8.7
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	50.7	31.9	20.4	23.8	14.2	33.7	22.0	26.4	16.4	22.0	23.1	30.3
- Accumulated retained earning at the end of the previous period	19.8	—	—	14.2	0.0	0.0	0.0	15.9	0.0	0.0	0.0	19.4
- Undistributed earnings in this period	31.0	31.9	20.4	9.6	14.2	33.7	22.0	10.5	16.4	22.0	23.1	10.9
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)	547.0	512.9	486.5	477.0	474.3	486.1	478.3	470.7	487.8	493.1	483.5	497.5

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	11.8	—	23.2	—	0.0	-24.6	24.6	0.0	37.2	-25.9	25.9	0.0
Depreciation of Fixed Assets and Investment Property	27.0	—	26.6	—	0.0	-27.0	27.0	0.0	66.6	-29.3	29.3	0.0
Provision (Increase)/Reversal	-0.4	—	—	—	0.0	0.0	-0.0	0.0	-0.3	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	-0.4	—	-0.8	—	0.0	0.5	-0.5	0.0	-0.6	0.2	-0.2	0.0
Interest Expense	1.3	—	1.0	—	0.0	-1.2	1.2	0.0	3.9	-2.0	2.0	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	39.3	—	50.0	—	0.0	-52.3	52.3	0.0	106.8	-57.0	57.0	0.0
Increase/(Decrease) in Receivables	-9.2	—	-19.5	—	0.0	4.2	-4.2	0.0	1.9	1.6	-1.6	0.0
Increase/(Decrease) in Inventory	7.4	—	-6.9	—	0.0	-4.5	4.5	0.0	-7.2	2.2	-2.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	37.7	—	18.7	—	0.0	-3.5	3.5	0.0	-10.4	8.6	-8.6	0.0
Increase/(Decrease) in Prepaid Expenses	-2.9	—	1.9	—	0.0	1.2	-1.2	0.0	-2.0	-2.2	2.2	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.2	—	-1.1	—	0.0	1.2	-1.2	0.0	-3.9	2.0	-2.0	0.0
Corporate Income Tax Paid	-3.2	-2.0	0.0	-2.5	-1.0	-0.5	-0.5	-0.5	-1.5	-0.8	-0.5	0.0
Other Operating Receipts	—	—	—	—	3.5	15.1	-6.8	6.8	-19.2	19.2	-8.2	8.2
Other Operating Payments	71.3	-71.3	38.3	-40.7	-16.0	-43.9	21.7	-23.0	21.2	-21.2	15.3	-16.1
Net Cash Flow from Operating Activities	76.5	-10.7	44.2	-6.1	2.9	44.1	31.8	19.4	-23.5	61.4	19.7	23.9
Payments for Fixed Assets and Other Long-term Assets	-66.1	-22.1	-38.2	-14.9	-5.9	-7.0	-13.9	-3.6	-15.7	-2.8	-9.6	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	—	0.1	0.1	0.1	-0.0	0.0	-0.1	0.1	-0.0	0.0
Loans and Purchases of Debt Instruments	-3.0	—	-9.6	—	0.0	0.0	0.0	0.0	0.0	5.0	-5.0	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	0.4	—	0.8	—	0.0	-0.5	0.5	0.0	0.7	-0.2	0.2	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	-90.7	-0.1	-60.1	-1.8	-8.9	-25.5	-12.4	-4.6	13.4	-26.3	-13.5	-1.2
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	-6.4	17.9	2.0	4.1	0.0	0.0	0.0	0.0	9.9	0.0	5.1	5.0
Repayment of Borrowings	-1.8	-1.5	-1.3	-1.0	-1.0	-1.0	-1.0	-10.9	-6.1	-1.0	-6.1	-1.1
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	-8.2	—	-19.0	0.0	-10.3	0.0	-0.2	-16.9	-16.3	-8.5
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	-8.2	16.4	-7.5	3.1	-20.0	-1.0	-11.3	-10.9	3.5	-17.9	-17.3	-4.6
Net Cash Flow During the Period	-22.4	5.5	-23.4	-4.9	-26.0	17.7	8.1	4.0	-6.5	17.2	-11.0	18.0
Cash and Cash Equivalents at Beginning of Period	60.2	54.7	78.0	82.9	79.2	79.2	79.2	79.2	61.5	61.5	61.5	61.5
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	37.8	60.2	54.7	78.0	82.9	108.9	91.2	83.1	79.2	85.7	68.5	79.5

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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