NED

Listed Company · UPCOM

Price

7,000

Latest close

03 Apr 2026

P/E 7.5x

EPS (TTM) 934

ROE (TTM) 7.7%

P/B 0.6x

BVPS (Latest) 12,424

ROA (TTM) 5.2%

What Is Changing

NED no longer looks like a business simply rebounding from a weak base. Revenue posted +9.2% YoY, while net margin reached 40.54% with an additional +8.4pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 4.74% in 2023 to 40.54% in 2025.
Revenue increased 9.2% YoY to VND 94.9bn in 2025.
Net Income reached a multi-period high at VND 38.5bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	94.9	87.0	72.7	95.6	65.0
Growth	+9%	+20%	-24%	+47%	—
Net Income	38.5	27.9	3.4	25.4	37.8
Net Margin	40.54%	32.14%	4.74%	26.57%	58.12%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Revenue	29.1	30.5	20.0	15.3	30.1	18.9	14.0	19.7	16.8	14.0	22.1	22.6
Growth	-5%	+52%	+31%	-49%	+59%	+34%	-29%	+17%	+20%	-37%	-2%	—
Net Income	11.3	15.0	7.4	4.1	11.0	3.5	2.4	2.3	1.1	-3.5	3.4	3.0
Net Margin	38.93%	49.31%	37.00%	26.82%	36.54%	18.32%	17.38%	11.56%	6.49%	-24.62%	15.26%	13.29%

Financial Statements

Profitability

Net margin reached 40.54% while Revenue posted +9.2% YoY.

Balance Sheet

Inventory stood at 1.8bn, liabilities at 219.5bn, and equity at 503.8bn.

Cash Flow

Operating cash flow was 43.9bn in 2025, while investing cash flow was 59.7bn.

Financing cash flow: -57.8bn.

Item	2025	2024	2023	2022	2021
Revenue	94.9	87.0	72.7	95.6	65.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	94.9	87.0	72.7	95.6	65.0
Cost of Goods Sold	38.0	34.9	33.5	32.5	0.0
Gross Profit	56.9	52.1	39.2	63.1	25.3
Financial Income	4.7	3.7	0.0	0.6	65.3
Financial Expenses	12.3	19.1	27.6	28.5	-30.0
Interest Expense	12.2	18.8	27.6	28.5	-30.0
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	7.6	6.7	5.8	5.6	-6.0
Operating Profit	41.8	29.9	5.7	29.5	54.6
Other Income	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.7	0.5	0.9	0.0
Other Profit	-0.0	-0.6	-0.5	-0.9	-1.2
Profit Before Tax	41.7	29.3	5.2	28.6	53.4
Current Income Tax Expense	3.9	1.5	1.5	3.2	-15.6
Deferred Income Tax Expense	-0.7	-0.2	0.3	-0.0	0.0
Net Income	38.5	27.9	3.4	25.4	37.8
Non-controlling Interest	0.0	0.0	-0.0	0.0	-0.0
Profit Attributable to Parent	38.5	27.9	3.4	25.4	37.8
Earnings per Share	950.00	690.00	85.00	627.00	1,117.02
Diluted EPS	949.86	689.98	85.13	626.93	932.43

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	88.6	38.5	20.3	25.9	13.6
I. Cash and cash equivalents	69.1	23.4	0.3	0.2	0.3
1. Cash	6.1	18.9	0.3	0.2	0.0
2. Cash equivalents	63.0	4.5	0.0	0.0	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	17.4	12.7	18.0	23.2	11.6
1. Short-term trade accounts receivable	11.3	9.5	8.0	9.8	0.0
2. Short-term prepayments to suppliers	0.1	0.4	0.1	0.2	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	6.0	2.8	9.9	13.2	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	1.8	1.7	1.7	2.2	1.5
1. Inventories	1.8	1.7	1.7	2.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	0.7	0.3	0.3	0.3
1. Short-term prepayments	0.3	0.7	0.3	0.3	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	0.0	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)	634.7	689.1	709.7	735.1	774.5
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	536.9	548.7	566.5	583.8	601.4
1. Tangible fixed assets	536.9	548.7	566.5	583.8	601.4
- Cost	774.9	769.2	770.3	770.3	0.0
- Accumulated depreciation	-237.9	-220.5	-203.8	-186.5	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	0.4	0.4	0.4	0.4	0.0
- Accumulated depreciation	-0.4	-0.4	-0.4	-0.4	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	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	90.8	130.7	130.0	135.5	159.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	130.7	99.0	80.5	0.0
3. Investments in other entities	90.8	0.0	31.1	55.0	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	6.9	9.7	13.2	15.7	0.0
1. Long-term prepayments	6.9	9.7	13.2	15.7	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	13.5
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)	723.3	727.6	730.0	761.0	788.1
A. LIABILITIES (300=210+330)	219.5	241.2	271.4	305.8	364.7
I. Short -term liabilities	107.2	87.9	80.5	63.0	77.3
1. Short-term trade accounts payable	4.9	7.7	10.7	10.3	9.7
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.8	3.7	5.4	3.4	0.0
4. Payable to employees	2.1	1.5	1.9	1.4	0.0
5. Short-term acrrued expenses	0.3	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	67.6	47.9	5.9	5.9	0.0
10. Short-term borrowings and financial leases	26.9	24.9	54.3	39.3	17.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.6	1.8	1.9	2.0	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	112.3	153.2	190.9	242.9	287.3
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	111.9	152.1	189.6	241.9	286.4
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	0.4	1.1	1.3	0.9	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)	503.8	486.4	458.6	455.2	423.4
I. Owner's equity	503.8	486.4	458.6	455.2	0.0
1. Owner's capital	405.0	405.0	405.0	405.0	423.4
- Common stock with voting right	405.0	405.0	405.0	405.0	405.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	2.5	2.5	2.5	2.5	2.5
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	96.2	78.8	50.9	47.4	15.7
- Accumulated retained earning at the end of the previous period	57.7	50.9	47.4	22.1	17.1
- Undistributed earnings in this period	38.5	27.9	3.4	25.4	-1.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	0.1	0.1	0.2	0.2	0.1
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)	723.3	727.6	730.0	761.0	788.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	41.7	29.3	5.2	28.6	53.4
Depreciation of Fixed Assets and Investment Property	17.5	17.3	17.4	17.5	17.7
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.3	0.0	0.0	0.0
Gain/Loss from Investment Activities	-4.7	-3.7	-0.0	-0.6	0.0
Interest Expense	12.2	18.8	27.6	28.5	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	66.8	62.0	50.3	74.1	35.8
Increase/(Decrease) in Receivables	-5.4	6.1	5.2	-11.6	0.0
Increase/(Decrease) in Inventory	-0.1	0.0	0.5	-0.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.1	37.1	1.8	3.1	0.0
Increase/(Decrease) in Prepaid Expenses	3.2	3.1	2.5	-2.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-12.3	-19.0	-27.6	-50.9	0.0
Corporate Income Tax Paid	-4.3	-1.5	-0.4	-10.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.0	-0.0	-0.2	-0.7	0.0
Net Cash Flow from Operating Activities	43.9	87.8	32.1	0.7	38.2
Payments for Fixed Assets and Other Long-term Assets	-5.7	-0.0	0.0	0.0	-2.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.5	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	-14.1	-134.8	-18.5	0.0	-228.9
Proceeds from Investments in Other Entities	74.0	136.9	24.0	24.6	0.0
Dividends and Interest Income Received	5.5	0.0	0.0	0.0	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	59.7	2.6	5.5	24.6	14.0
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	4.4	0.0	0.0	0.0	1.9
Repayment of Borrowings	-42.7	-66.9	-37.3	-24.3	-17.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-19.5	-0.5	-0.2	-1.0	-36.8
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	-67.3	-37.5	-25.3	-52.2
Net Cash Flow During the Period	45.7	23.0	0.1	-0.0	-2.4
Cash and Cash Equivalents at Beginning of Period	23.4	0.3	0.2	0.3	0.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	69.1	23.4	0.3	0.2	0.3

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Revenue	29.1	30.5	20.0	15.3	30.1	18.9	14.0	19.7	16.8	14.0	22.1	22.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	29.1	30.5	20.0	15.3	30.1	18.9	14.0	19.7	16.8	14.0	22.1	22.6
Cost of Goods Sold	11.0	10.6	8.7	7.6	9.5	7.9	7.2	7.9	7.3	8.7	9.6	8.7
Gross Profit	18.0	19.9	11.4	7.7	20.6	10.9	6.9	11.9	9.5	5.3	12.5	13.9
Financial Income	1.0	0.8	1.5	1.4	0.0	0.0	2.8	0.0	0.0	0.0	0.0	0.0
Financial Expenses	2.7	2.8	3.3	3.5	4.6	5.0	5.3	6.1	6.7	7.4	7.5	7.4
Interest Expense	2.7	2.8	—	3.5	4.6	5.0	5.3	6.0	6.7	7.4	7.5	7.4
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	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.1	1.7	2.2	1.5	1.8	1.2	1.1	1.8	1.5	1.3	1.3	1.6
Operating Profit	14.2	16.1	7.4	4.1	14.2	4.8	3.2	4.0	1.4	-3.4	3.8	4.9
Other Income	0.0	—	—	—	0.5	0.0	0.0	0.0	0.0	0.0	2.0	0.0
Other Expenses	0.0	—	0.0	0.0	0.9	0.3	0.0	0.3	0.1	0.1	2.0	0.0
Other Profit	-0.0	—	-0.0	-0.0	-0.4	-0.3	0.0	-0.3	-0.1	-0.1	0.0	-0.0
Profit Before Tax	14.2	16.1	7.4	4.1	13.9	4.5	3.2	3.6	1.3	-3.5	3.8	4.9
Current Income Tax Expense	2.9	1.1	—	—	2.9	1.0	0.6	1.3	0.1	0.0	0.4	1.9
Deferred Income Tax Expense	—	—	—	—	0.0	0.1	0.2	0.0	0.1	0.0	0.0	0.0
Net Income	11.3	15.0	7.4	4.1	11.0	3.5	2.4	2.3	1.1	-3.5	3.4	3.0
Non-controlling Interest	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Profit Attributable to Parent	11.3	15.0	7.4	4.1	11.0	3.5	2.4	2.3	1.1	-3.5	3.4	3.0
Earnings per Share	279.00	371.00	183.00	101.00	271.63	85.38	60.27	56.37	26.93	-85.21	83.00	74.25
Diluted EPS	279.40	371.33	182.86	101.46	271.63	85.38	60.27	56.37	26.93	-85.21	83.26	74.25

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	88.6	83.0	68.1	73.6	39.8	16.5	53.6	20.3	26.5	28.8	33.4	25.9
I. Cash and cash equivalents	69.1	49.0	40.7	49.6	2.2	1.4	0.8	0.3	0.2	0.9	1.0	0.2
1. Cash	6.1	26.0	18.7	3.4	2.2	1.4	0.8	0.3	0.2	0.9	1.0	0.2
2. Cash equivalents	63.0	23.0	22.0	46.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	17.4	30.0	25.0	21.8	35.0	12.7	50.9	18.0	24.1	25.6	30.1	23.2
1. Short-term trade accounts receivable	11.3	13.5	11.1	4.4	15.0	11.2	4.4	8.0	7.4	7.7	5.3	9.8
2. Short-term prepayments to suppliers	0.1	0.6	0.4	1.8	0.2	0.3	0.2	0.1	0.4	0.1	0.4	0.2
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	6.0	15.9	13.5	15.6	19.8	1.2	46.3	9.9	16.2	17.7	24.4	13.2
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	1.8	1.9	1.7	1.7	1.7	1.8	1.7	1.7	1.8	1.7	1.9	2.2
1. Inventories	1.8	1.9	1.7	1.7	1.7	1.8	1.7	1.7	1.8	1.7	1.9	2.2
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	0.4	2.1	0.7	0.5	0.9	0.5	0.2	0.3	0.5	0.6	0.3	0.3
1. Short-term prepayments	0.3	0.4	0.7	0.5	0.9	0.5	0.2	0.3	0.5	0.6	0.3	0.3
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	1.7	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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)	634.7	625.4	630.7	631.5	694.2	699.9	663.5	709.7	713.4	718.6	724.2	735.1
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	536.9	540.9	544.2	545.9	553.0	557.8	562.1	566.5	570.8	575.2	579.5	583.8
1. Tangible fixed assets	536.9	540.9	544.2	545.9	553.0	557.8	562.1	566.5	570.8	575.2	579.5	583.8
- Cost	—	—	—	—	769.1	770.3	770.3	770.3	770.3	770.3	770.3	770.3
- Accumulated depreciation	—	—	—	—	-216.2	-212.5	-208.2	-203.8	-199.5	-195.2	-190.8	-186.5
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	—	—	—	—	0.0	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
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	—	—	1.1	0.0	0.0	0.0	0.0	0.0	0.0	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
2. Construction in progress	—	—	1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	90.8	76.7	76.7	76.7	130.7	130.7	89.0	130.0	130.0	130.0	130.0	135.6
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	—	—	76.7	76.7	130.7	76.7	0.0	99.0	99.0	99.0	99.0	80.5
3. Investments in other entities	90.8	76.7	—	—	0.0	54.0	89.0	31.1	31.1	31.1	31.1	55.0
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	6.9	7.8	8.7	8.9	10.6	11.4	12.3	13.2	12.5	13.4	14.6	15.7
1. Long-term prepayments	6.9	7.8	8.7	8.9	10.6	11.4	12.3	13.2	12.5	13.4	14.6	15.7
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)	723.3	708.4	698.8	705.1	734.0	716.4	717.1	730.0	739.9	747.4	757.5	761.0
A. LIABILITIES (300=210+330)	220.1	216.5	221.9	214.6	258.3	251.9	256.1	271.4	283.5	292.2	299.0	305.8
I. Short -term liabilities	107.2	93.1	85.1	70.8	112.7	64.5	65.0	80.5	60.8	66.2	56.1	63.0
1. Short-term trade accounts payable	4.9	4.9	5.0	4.7	10.4	10.9	10.3	10.7	11.1	12.1	11.2	10.3
2. Short-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.8	4.5	2.1	1.1	9.7	6.8	5.7	5.4	6.4	3.2	4.4	3.4
4. Payable to employees	2.0	0.9	1.0	0.7	2.9	1.2	0.7	1.9	0.7	0.7	0.6	1.4
5. Short-term acrrued expenses	0.3	0.2	0.8	0.2	0.2	0.7	0.6	0.5	0.3	0.4	0.5	0.6
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	67.6	54.8	52.9	47.0	35.6	5.8	5.7	5.9	5.7	5.7	5.8	7.3
10. Short-term borrowings and financial leases	26.9	26.2	21.6	15.3	52.1	37.4	40.2	54.3	34.8	42.2	31.5	37.9
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	1.6	1.7	1.7	1.7	1.8	1.9	1.9	1.9	1.9	1.9	2.0	2.0
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	113.0	123.4	136.8	143.8	145.6	187.4	191.1	190.9	222.7	225.9	242.9	242.8
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	111.9	122.3	135.8	142.7	144.5	185.9	189.6	189.6	221.5	224.8	241.9	241.9
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	1.1	1.1	1.1	1.1	1.1	1.5	1.4	1.3	1.2	1.1	1.0	0.9
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)	503.2	491.9	476.9	490.5	475.8	464.5	461.0	458.6	456.3	455.2	458.5	455.2
I. Owner's equity	503.2	491.9	476.9	490.5	475.8	464.5	461.0	458.6	456.3	455.2	458.5	455.2
1. Owner's capital	405.0	405.0	405.0	405.0	405.0	405.0	405.0	405.0	405.0	405.0	405.0	405.0
- Common stock with voting right	405.0	405.0	405.0	405.0	405.0	405.0	405.0	405.0	405.0	405.0	405.0	405.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5
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	—	—	—	—	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	95.6	84.2	69.2	82.9	68.1	56.8	53.3	50.9	48.6	47.5	50.8	47.5
- Accumulated retained earning at the end of the previous period	57.7	57.7	57.7	78.8	50.9	50.9	50.9	47.4	47.4	47.4	47.4	22.1
- Undistributed earnings in this period	37.8	26.5	11.5	4.1	17.3	5.9	2.4	3.5	1.2	0.1	3.4	25.4
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	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.1
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)	723.3	708.4	698.8	705.1	734.0	716.4	717.1	730.0	739.9	747.4	757.5	761.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Profit Before Tax	14.1	16.1	7.4	4.1	13.9	4.5	3.2	3.6	1.3	-3.5	3.8	4.9
Depreciation of Fixed Assets and Investment Property	4.4	4.4	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.4
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	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.0	-0.8	-1.5	-1.4	-0.0	-0.0	-2.8	0.0	-0.0	-0.0	-0.0	-0.0
Interest Expense	2.7	2.8	3.2	3.5	4.6	5.0	5.3	6.0	6.7	7.4	7.5	7.4
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	20.3	22.5	13.5	10.5	22.7	13.8	10.1	14.0	12.3	8.3	15.6	16.7
Increase/(Decrease) in Receivables	11.2	-8.7	1.1	-9.0	-22.3	-4.8	10.1	6.1	1.5	4.6	-6.9	-2.6
Increase/(Decrease) in Inventory	0.1	-0.2	-0.0	0.0	0.1	-0.1	0.0	0.0	-0.0	0.2	0.3	1.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.0	3.2	6.4	-5.8	31.3	2.2	-1.9	-1.2	2.0	0.4	0.6	-2.2
Increase/(Decrease) in Prepaid Expenses	1.0	1.1	0.0	1.0	0.4	0.6	0.9	-0.5	1.0	0.9	1.1	-3.3
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-5.2	-0.9	-5.2	-0.9	-5.1	-4.6	-5.4	-5.9	-6.7	-7.5	-7.5	-11.7
Corporate Income Tax Paid	0.0	0.0	-0.1	-4.2	-0.3	-1.2	0.0	-0.0	0.0	-0.4	0.0	3.5
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.0	0.0	-0.8	-0.2	-0.0	43.0	-43.0	-0.0	-0.1	-0.1	0.0	-0.4
Net Cash Flow from Operating Activities	20.4	17.0	14.9	-8.5	26.9	48.9	-29.2	12.5	10.0	6.5	3.2	1.8
Payments for Fixed Assets and Other Long-term Assets	-0.4	-0.0	-3.7	-1.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.5	0.0	0.0	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
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	-76.7	-58.0	0.0	0.0	0.0	-18.5	0.0
Proceeds from Investments in Other Entities	20.1	0.0	0.0	54.0	-0.0	35.1	101.8	0.0	0.0	0.0	24.0	0.6
Dividends and Interest Income Received	4.0	0.1	-0.1	1.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.5
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	9.6	0.1	-3.8	53.8	0.5	-41.6	43.8	0.0	0.0	0.0	5.5	0.0
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	1.1	2.1	1.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-10.9	-10.9	-1.9	-19.0	-26.7	-6.6	-14.1	-12.3	-10.7	-6.5	-7.9	-7.9
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-0.0	-19.3	-0.1	0.0	-0.0	-0.1	-0.1	-0.0	-0.1	-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	-9.9	-8.8	-20.0	-19.1	-26.7	-6.6	-14.1	-12.4	-10.7	-6.5	-7.9	-7.9
Net Cash Flow During the Period	20.0	8.3	-8.9	26.3	0.7	0.7	0.5	0.1	-0.7	-0.1	0.8	-6.1
Cash and Cash Equivalents at Beginning of Period	49.0	40.7	49.6	23.4	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.3
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	69.1	49.0	40.7	49.6	2.2	1.4	0.8	0.3	0.2	0.9	1.0	0.2

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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