NHT

Listed Company · HOSE

Price

12,450

Latest close

03 Apr 2026

P/E 6.4x

EPS (TTM) 1,931

ROE (TTM) 12.2%

P/B 0.8x

BVPS (Latest) 16,546

ROA (TTM) 8.5%

What Is Changing

NHT no longer looks like a business simply rebounding from a weak base. Revenue posted +8.6% YoY, while net margin reached 10.52% with an additional +8.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from -6.59% in 2023 to 10.52% in 2025.
Net Income recovered 355.8% to VND 40.2bn in 2025.
Revenue increased 8.6% YoY to VND 382.3bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	382.3	352.0	309.5	880.2	929.0
Growth	+9%	+14%	-65%	-5%	—
Net Income	40.2	8.8	-20.4	63.4	54.1
Net Margin	10.52%	2.51%	-6.59%	7.21%	5.82%

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	187.7	76.4	68.6	47.8	101.9	109.0	73.5	63.8	85.8	46.4	80.9	96.4
Growth	+146%	+11%	+44%	-53%	-6%	+48%	+15%	-26%	+85%	-43%	-16%	—
Net Income	29.5	8.3	-4.9	3.0	2.1	9.1	1.5	-6.0	1.9	-10.4	-6.2	-6.1
Net Margin	15.72%	10.80%	-7.19%	6.19%	2.04%	8.34%	1.99%	-9.42%	2.17%	-22.37%	-7.70%	-6.32%

Financial Statements

Profitability

Net margin reached 10.52% while Revenue posted +8.6% YoY.

Balance Sheet

Inventory stood at 34.9bn, liabilities at 139.7bn, and equity at 402.0bn.

Cash Flow

Operating cash flow was 71.0bn in 2025, while investing cash flow was 141.5bn.

Financing cash flow: -55.5bn.

Item	2025	2024	2023	2022	2021
Revenue	388.0	353.3	313.3	884.1	929.9
Revenue Deductions	5.7	1.2	3.8	3.9	0.0
Net Revenue	382.3	352.0	309.5	880.2	929.0
Cost of Goods Sold	283.8	289.8	269.5	712.9	0.0
Gross Profit	98.5	62.2	40.0	167.4	165.4
Financial Income	6.8	2.5	4.8	6.7	8.4
Financial Expenses	10.6	11.3	12.6	30.1	-19.4
Interest Expense	5.3	7.9	8.7	10.1	-15.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	9.8	9.6	12.9	31.0	-40.7
General and Administrative Expenses	31.2	30.4	40.9	49.3	-56.3
Operating Profit	53.8	13.3	-21.5	63.6	57.4
Other Income	36.1	0.7	4.0	8.3	0.0
Other Expenses	39.8	4.1	2.5	1.7	0.0
Other Profit	-3.7	-3.3	1.5	6.6	3.6
Profit Before Tax	50.1	10.0	-20.0	70.2	60.9
Current Income Tax Expense	12.5	2.6	2.3	8.4	-6.8
Deferred Income Tax Expense	-2.6	-1.4	-2.0	-1.6	0.0
Net Income	40.2	8.8	-20.4	63.4	54.1
Non-controlling Interest	-8.0	-13.7	-20.9	-2.8	2.7
Profit Attributable to Parent	48.3	22.6	0.5	66.2	51.4
Earnings per Share	2,010.00	940.00	22.00	2,759.00	3,342.00
Diluted EPS	2,008.20	939.12	21.76	2,756.00	3,335.82

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	294.0	160.3	174.2	302.1	370.6
I. Cash and cash equivalents	169.4	12.3	10.5	25.3	20.4
1. Cash	10.7	12.3	10.5	25.3	0.0
2. Cash equivalents	158.7	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	9.3	22.3	0.0
1. Available for sale securities	—	0.0	10.3	19.4	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	-1.0	-2.0	0.0
3. Held to maturity investments	—	0.0	0.0	5.0	0.0
III. Short-term receivables	87.4	76.8	44.3	67.0	89.0
1. Short-term trade accounts receivable	53.4	73.1	38.3	52.2	0.0
2. Short-term prepayments to suppliers	2.6	5.8	6.6	11.9	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	36.2	0.3	1.9	4.4	0.0
7. Provision for short-term doubtful debts (*)	-4.8	-2.5	-2.5	-1.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	34.9	64.4	99.7	170.4	244.5
1. Inventories	36.1	71.4	101.0	171.6	0.0
2. Provision for decline in value of inventories	-1.2	-7.1	-1.2	-1.2	0.0
V. Other short-term assets	2.2	6.9	10.4	17.0	11.7
1. Short-term prepayments	2.2	1.1	2.2	2.0	0.0
2. Value added tax to be reclaimed	—	5.7	8.1	15.0	0.0
3. Taxes and other receivables from state authorities	—	0.1	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)	247.7	394.9	425.0	449.8	490.8
I. Long-term receivables	0.1	0.0	0.0	0.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	0.1	0.0	0.0	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	87.2	129.3	228.2	285.3	314.4
1. Tangible fixed assets	86.6	128.2	226.6	282.5	310.4
- Cost	215.2	303.0	447.7	515.3	0.0
- Accumulated depreciation	-128.5	-174.8	-221.1	-232.8	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.6	1.5
- Cost	—	0.0	0.0	3.6	0.0
- Accumulated depreciation	—	0.0	0.0	-3.0	0.0
3. Intangible fixed assets	0.6	1.0	1.6	2.2	2.4
- Cost	5.3	5.3	5.3	5.3	0.0
- Accumulated depreciation	-4.7	-4.2	-3.7	-3.1	0.0
III. Investment properties	56.0	126.4	56.6	20.8	22.2
- Cost	147.6	213.2	115.8	40.7	0.0
- Accumulated depreciation	-91.5	-86.8	-59.1	-20.0	0.0
IV. Long-term assets in progress	—	1.8	2.6	0.0	3.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	1.8	2.6	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	104.4	137.4	137.5	143.5	0.0
1. Long-term prepayments	104.4	137.4	137.5	143.5	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	150.1
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)	541.7	555.2	599.2	751.9	861.3
A. LIABILITIES (300=210+330)	139.7	193.4	219.6	315.9	483.5
I. Short -term liabilities	101.1	148.8	172.2	271.3	403.8
1. Short-term trade accounts payable	8.8	19.4	27.0	45.8	54.7
2. Short-term advances from customers	0.8	1.2	0.9	2.7	12.8
3. Taxes and other payables to state authorities	20.6	3.1	2.5	8.5	0.0
4. Payable to employees	8.5	11.7	9.9	13.4	0.0
5. Short-term acrrued expenses	0.4	1.8	0.5	0.4	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	2.5	0.0	0.0	0.0	0.0
9. Other short-term payables	2.9	4.1	3.2	2.9	0.0
10. Short-term borrowings and financial leases	56.6	107.4	128.2	197.6	290.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	38.6	44.7	47.4	44.6	79.7
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	7.1	7.1	5.6	3.8	0.0
8. Long-term borrowings and financial leases	4.2	7.7	9.9	6.8	41.6
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	27.3	29.9	32.0	33.9	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)	402.0	361.8	379.6	436.0	377.8
I. Owner's equity	402.0	361.8	379.6	436.0	0.0
1. Owner's capital	240.3	240.3	240.3	240.3	377.8
- Common stock with voting right	240.3	240.3	240.3	240.3	154.1
- 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	—	0.0	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	78.8	30.5	33.3	68.8	88.5
- Accumulated retained earning at the end of the previous period	30.5	8.0	32.8	2.6	34.9
- Undistributed earnings in this period	48.3	22.6	0.5	66.2	53.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	82.9	91.0	106.0	126.9	135.3
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)	541.7	555.2	599.2	751.9	861.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	50.1	10.0	-20.0	70.2	27.7
Depreciation of Fixed Assets and Investment Property	28.1	26.5	34.8	39.2	20.5
Provision (Increase)/Reversal	-3.4	4.8	-0.1	2.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.3	1.1	-0.1	0.8	0.0
Gain/Loss from Investment Activities	-35.9	1.6	0.3	-0.4	0.0
Interest Expense	5.3	7.9	8.7	10.1	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	45.6	51.9	23.5	121.9	54.0
Increase/(Decrease) in Receivables	7.1	-27.5	28.9	20.5	0.0
Increase/(Decrease) in Inventory	35.3	29.5	70.6	74.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-12.5	-0.8	-21.5	-45.1	0.0
Increase/(Decrease) in Prepaid Expenses	3.4	0.3	5.8	6.9	0.0
Changes in Trading Securities	—	10.3	9.1	-19.4	0.0
Interest Paid	-5.4	-8.2	-9.4	-10.7	0.0
Corporate Income Tax Paid	-2.6	-2.3	-8.4	-4.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	71.0	53.3	98.6	144.5	-66.5
Payments for Fixed Assets and Other Long-term Assets	-3.6	-12.5	-21.4	-7.1	13.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	145.1	9.4	4.5	0.9	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	5.0	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	0.0	0.0	0.9	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	141.5	-3.1	-11.0	-6.0	13.8
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	221.1	270.5	256.5	661.0	424.3
Repayment of Borrowings	-276.6	-294.9	-322.8	-788.1	-362.6
Repayment of Finance Leases	—	-0.4	-0.4	-1.7	-0.4
Dividends Paid	-0.0	-24.0	-36.1	-5.4	-15.5
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	-55.5	-48.7	-102.8	-134.2	45.8
Net Cash Flow During the Period	157.0	1.5	-15.3	4.3	11.5
Cash and Cash Equivalents at Beginning of Period	12.3	10.5	25.3	20.4	36.8
FX Difference from Revaluation	0.2	0.3	0.4	0.6	0.0
Cash and Cash Equivalents at End of Period	169.4	12.3	10.5	25.3	20.4

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	188.5	80.1	69.9	47.8	101.9	109.0	73.7	64.7	94.6	46.5	81.1	96.5
Revenue Deductions	0.8	3.7	1.3	—	0.0	0.1	0.2	0.9	8.9	0.1	0.2	0.1
Net Revenue	187.7	76.4	68.6	47.8	101.9	109.0	73.5	63.8	85.8	46.4	80.9	96.4
Cost of Goods Sold	138.0	63.9	56.7	29.9	84.4	82.8	57.0	55.3	71.3	43.5	68.0	86.3
Gross Profit	49.7	12.6	11.9	17.9	17.5	26.2	16.5	8.5	14.5	2.9	12.8	10.0
Financial Income	1.3	1.0	0.9	3.5	1.5	-0.5	0.5	0.4	0.6	0.5	1.6	1.1
Financial Expenses	1.4	1.5	2.2	5.4	2.5	4.1	2.5	2.9	4.7	1.9	1.1	3.1
Interest Expense	1.0	1.3	1.4	1.6	1.9	2.0	2.0	2.1	2.2	2.2	2.1	2.4
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.8	1.8	1.4	2.8	2.2	2.5	2.4	2.5	0.9	3.0	4.7	4.6
General and Administrative Expenses	11.8	1.6	6.4	8.5	9.5	11.4	9.9	10.4	9.6	9.4	12.9	8.9
Operating Profit	34.1	8.7	2.8	4.7	4.9	7.7	2.2	-6.9	-0.1	-10.9	-4.2	-5.4
Other Income	22.9	0.3	0.2	0.6	2.9	0.1	0.7	0.7	2.7	0.2	2.5	0.3
Other Expenses	18.6	-0.1	7.3	2.6	5.8	-0.5	1.4	0.3	1.3	0.1	4.0	0.7
Other Profit	4.3	0.5	-7.1	-2.0	-2.9	0.7	-0.8	0.4	1.4	0.2	-1.5	-0.5
Profit Before Tax	38.4	9.1	-4.3	2.8	2.0	8.4	1.4	-6.5	1.2	-10.7	-5.7	-5.9
Current Income Tax Expense	10.5	0.9	1.0	0.5	0.9	0.7	0.8	0.3	0.7	0.0	0.7	0.6
Deferred Income Tax Expense	-1.6	—	-0.3	-0.7	-1.0	-1.4	-0.8	-0.8	-1.4	-0.3	-0.2	-0.4
Net Income	29.5	8.3	-4.9	3.0	2.1	9.1	1.5	-6.0	1.9	-10.4	-6.2	-6.1
Non-controlling Interest	-5.3	-0.2	-4.2	-0.9	-4.7	-3.0	-1.9	-4.2	-3.4	-5.1	-7.4	-5.5
Profit Attributable to Parent	34.8	8.5	-0.8	3.8	6.8	12.1	3.4	-1.8	5.3	-5.3	1.1	-0.6
Earnings per Share	1,449.00	354.00	-32.00	160.00	283.00	504.00	141.00	-74.00	221.00	-220.00	47.00	-23.00
Diluted EPS	1,447.30	353.59	-31.83	159.66	283.16	503.53	140.59	-73.49	220.93	-219.46	47.00	-23.41

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)	272.9	156.4	160.9	155.3	164.7	201.0	184.5	152.8	170.9	168.5	179.0	242.4
I. Cash and cash equivalents	169.4	36.0	9.6	12.9	12.3	31.3	11.5	7.4	10.2	11.6	7.4	20.3
1. Cash	169.4	36.0	9.6	12.9	12.3	31.3	11.5	7.4	10.2	11.6	7.4	20.3
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	0.0	1.7	1.7	5.6	7.2	12.5	16.0	23.8
1. Available for sale securities	—	—	—	—	0.0	2.7	2.7	6.5	8.4	8.8	11.2	20.8
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	-1.0	-1.0	-1.0	-1.2	-1.2	-0.2	-2.0
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	5.0	5.0	5.0
III. Short-term receivables	72.1	45.8	58.3	50.3	75.9	69.2	61.3	36.5	44.0	22.5	25.3	43.1
1. Short-term trade accounts receivable	52.9	44.3	54.2	45.5	71.9	62.3	56.3	29.8	37.7	17.7	27.7	33.5
2. Short-term prepayments to suppliers	2.7	3.5	6.5	6.0	5.9	8.4	6.2	6.9	7.2	3.8	4.7	6.5
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-9.0	0.0
6. Other short-term receivables	19.0	0.5	0.1	1.3	0.6	0.9	1.2	2.3	1.2	2.9	3.4	4.6
7. Provision for short-term doubtful debts (*)	-2.5	-2.5	-2.5	-2.5	-2.5	-2.5	-2.5	-2.5	-2.0	-2.0	-1.5	-1.5
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	29.1	66.7	85.5	81.7	69.6	94.2	101.2	90.7	99.1	112.9	121.0	144.6
1. Inventories	36.2	73.7	92.6	88.7	70.9	95.5	102.4	91.9	100.4	114.1	122.2	145.9
2. Provision for decline in value of inventories	-7.1	-7.1	-7.1	-7.1	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2
V. Other short-term assets	2.2	8.0	7.5	10.4	6.9	4.5	8.8	12.7	10.3	9.0	9.4	10.5
1. Short-term prepayments	2.2	2.6	3.3	3.0	1.1	1.8	2.4	3.1	2.2	3.1	3.5	3.4
2. Value added tax to be reclaimed	—	5.4	4.2	7.3	5.8	2.4	6.2	9.4	8.1	5.8	5.7	7.2
3. Taxes and other receivables from state authorities	—	—	—	0.1	0.1	0.2	0.2	0.1	0.0	0.1	0.1	0.0
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	265.9	366.8	370.9	385.1	389.2	400.4	413.1	418.2	423.7	433.3	442.9	442.7
I. Long-term receivables	1.2	1.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.2
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	1.2	1.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.2
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	89.9	103.9	112.6	122.9	129.0	136.9	147.0	222.8	264.1	272.5	281.4	280.0
1. Tangible fixed assets	89.3	103.2	111.8	121.9	128.0	135.7	145.7	221.4	262.5	270.8	279.5	277.6
- Cost	—	—	—	—	318.4	332.8	341.5	445.3	518.8	524.1	524.3	515.1
- Accumulated depreciation	—	—	—	—	-190.5	-197.1	-195.8	-224.0	-256.3	-253.3	-244.8	-237.5
2. Financial leased fixed assets	-0.0	—	—	—	-0.0	-0.0	0.0	0.0	0.0	0.0	0.1	0.3
- 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	0.7	0.8	0.9	1.0	1.2	1.3	1.4	1.6	1.7	1.9	2.0
- 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	55.5	125.4	121.4	124.6	119.4	125.6	127.8	55.5	19.5	19.8	20.1	20.4
- 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	0.1	—	—	1.8	3.2	1.5	0.0	0.0	2.6	2.0	0.7	0.2
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	0.1	—	—	1.8	3.2	1.5	0.0	0.0	2.6	2.0	0.7	0.2
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	119.2	136.3	136.8	135.9	137.6	136.4	138.2	139.8	137.5	138.9	140.4	141.9
1. Long-term prepayments	119.2	136.3	136.8	135.9	137.6	136.4	138.2	139.8	137.5	138.9	140.4	141.9
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)	538.8	523.1	531.8	540.4	553.9	601.4	597.5	571.0	594.6	601.9	621.9	685.1
A. LIABILITIES (300=210+330)	141.2	155.1	172.0	175.7	191.4	216.9	222.5	197.4	215.5	224.6	234.2	255.2
I. Short -term liabilities	103.3	110.9	130.5	130.0	146.9	165.5	171.4	148.8	169.4	171.9	192.8	211.0
1. Short-term trade accounts payable	8.4	7.2	19.4	19.4	19.3	26.4	31.9	22.5	25.2	16.3	39.0	40.7
2. Short-term advances from customers	0.8	0.9	0.8	1.2	0.8	3.2	3.4	4.5	1.5	3.5	2.6	4.5
3. Taxes and other payables to state authorities	20.9	4.0	3.0	1.0	3.3	2.0	1.3	0.5	2.2	1.4	1.4	1.3
4. Payable to employees	9.6	6.0	9.1	8.8	9.4	7.5	9.4	8.6	9.3	5.8	5.0	7.9
5. Short-term acrrued expenses	0.4	2.5	1.5	1.4	4.5	6.2	4.2	2.8	1.0	3.0	1.9	1.6
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	4.8	3.6	3.8	5.2	3.5	9.7	3.8	3.0	2.6	3.2	3.9	3.2
10. Short-term borrowings and financial leases	58.4	86.8	92.9	93.0	106.0	110.6	117.5	107.0	127.6	138.7	139.1	151.8
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	—	—	—	—	0.0	0.0	0.0	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
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	38.0	44.2	41.4	45.6	44.5	51.4	51.1	48.6	46.1	52.7	41.4	44.1
1. Long-term trade payables	1.7	—	—	—	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	8.4	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	6.5	11.5	8.7	8.7	7.0	9.6	12.4	7.6	5.7	3.4	3.8	3.8
8. Long-term borrowings and financial leases	2.4	3.8	3.8	7.7	9.1	12.4	0.0	9.9	9.8	17.4	4.2	6.8
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	27.3	28.9	28.9	29.2	28.4	29.4	30.4	31.2	30.6	32.0	33.3	33.5
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)	397.6	368.1	359.8	364.7	362.5	384.5	375.0	373.6	379.1	377.2	387.7	429.9
I. Owner's equity	397.6	368.1	359.8	364.7	362.5	384.5	375.0	373.6	379.1	377.2	387.7	429.9
1. Owner's capital	240.3	240.3	240.3	240.3	240.3	240.3	240.3	240.3	240.3	240.3	240.3	240.3
- Common stock with voting right	240.3	240.3	240.3	240.3	240.3	240.3	240.3	240.3	240.3	240.3	240.3	240.3
- 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	—	—	—	—	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	76.9	42.1	33.6	34.4	30.0	47.2	34.9	31.6	33.3	28.0	33.4	68.2
- Accumulated retained earning at the end of the previous period	30.5	30.5	30.5	30.5	9.3	33.3	33.3	33.3	32.8	32.8	32.8	68.8
- Undistributed earnings in this period	46.3	11.6	3.1	3.8	20.7	13.9	1.6	-1.8	0.5	-4.8	0.6	-0.6
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	80.4	85.7	85.9	90.1	92.3	97.0	99.8	101.7	105.5	109.0	114.0	121.4
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	538.8	523.1	531.8	540.4	553.9	601.4	597.5	571.0	594.6	601.9	621.9	685.1

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
Profit Before Tax	42.5	11.2	-6.3	2.8	2.0	8.4	2.3	-6.5	3.4	-10.7	-6.8	-5.9
Depreciation of Fixed Assets and Investment Property	11.1	3.0	6.8	7.2	8.1	10.7	6.4	8.2	7.4	9.4	11.1	6.9
Provision (Increase)/Reversal	-1.7	—	-1.7	—	-1.0	0.1	-0.1	0.0	0.3	0.0	-0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.8	—	-0.5	—	0.0	0.1	-0.1	0.0	-0.1	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-44.7	-0.4	9.2	—	-5.0	-4.3	5.9	-0.4	0.6	-1.6	1.9	-0.6
Interest Expense	1.0	1.3	1.8	1.2	1.9	2.0	2.0	2.1	2.0	2.2	2.0	2.5
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	7.8	17.2	9.3	11.3	5.9	17.0	16.3	3.4	13.6	-0.7	7.8	2.9
Increase/(Decrease) in Receivables	-30.1	19.2	-10.1	28.2	-0.4	1.8	-26.3	10.4	-25.1	12.0	10.9	31.0
Increase/(Decrease) in Inventory	37.6	20.2	-5.2	-17.3	24.6	8.6	-12.2	9.1	13.1	8.9	23.6	25.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	10.6	-26.8	5.2	-1.5	-12.2	11.6	10.7	0.4	4.0	0.5	-20.6	-5.4
Increase/(Decrease) in Prepaid Expenses	3.8	-3.0	3.0	-0.5	-0.4	-0.3	4.9	-3.2	2.3	2.5	0.7	0.2
Changes in Trading Securities	—	—	—	—	2.7	0.5	3.4	3.8	-1.5	2.0	10.1	-1.4
Interest Paid	-4.7	2.5	-1.9	-1.2	-1.9	-2.0	-2.0	-2.1	-2.7	-2.2	-2.2	-2.2
Corporate Income Tax Paid	0.0	0.0	0.0	-2.6	0.0	0.0	0.0	-2.3	-0.2	0.2	-0.2	-8.2
Other Operating Receipts	—	—	—	—	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	0.0
Net Cash Flow from Operating Activities	25.0	29.2	0.4	16.4	18.2	37.3	-5.3	19.4	3.5	23.1	30.1	41.8
Payments for Fixed Assets and Other Long-term Assets	-2.0	2.7	-2.9	-1.3	-2.5	-3.8	-4.0	-2.1	-3.2	-13.9	-2.1	-2.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	141.3	0.6	3.1	—	-2.8	-9.3	2.9	0.8	1.2	0.4	1.9	1.0
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	5.0	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	-0.0	0.0	0.0	0.5	0.0	0.3	0.1
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	139.3	3.4	0.2	-1.3	-5.4	-13.1	-1.1	-1.3	3.6	-13.6	0.1	-1.1
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	44.2	56.0	73.3	47.6	116.9	40.6	55.8	58.3	70.7	58.7	64.6	62.4
Repayment of Borrowings	-75.2	-62.1	-77.2	-62.0	-124.8	-45.0	-45.3	-79.5	-79.7	-64.5	-70.7	-108.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.4	-0.5	-0.2	-0.1
Dividends Paid	-0.0	—	—	—	-24.0	0.0	0.0	0.0	-0.1	0.0	-36.0	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	-31.0	-6.1	-3.9	-14.4	-31.9	-4.4	10.6	-21.2	-8.6	-6.2	-42.2	-45.7
Net Cash Flow During the Period	133.3	26.4	-3.3	0.6	-19.0	19.8	4.2	-3.1	-1.6	3.3	-12.0	-5.0
Cash and Cash Equivalents at Beginning of Period	36.0	9.6	12.9	12.3	10.5	10.5	10.5	10.5	25.3	25.3	25.3	25.3
FX Difference from Revaluation	0.2	—	0.0	—	0.0	-0.1	0.1	0.0	0.4	-0.2	0.2	0.0
Cash and Cash Equivalents at End of Period	169.4	36.0	9.6	12.9	12.3	31.3	11.7	7.4	10.5	11.6	8.5	20.3

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NHT

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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