NTT

Listed Company · UPCOM

Price

10,300

Latest close

31 Mar 2026

P/E 6.2x

EPS (TTM) 1,662

ROE (TTM) 18.7%

P/B 1.1x

BVPS (Latest) 9,648

ROA (TTM) 3.3%

What Is Changing

NTT no longer looks like a business simply rebounding from a weak base. Revenue posted +23.8% YoY, while net margin reached 2.59% with an additional +0.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from -2.06% in 2023 to 2.59% in 2025.
Revenue increased 23.8% YoY to VND 1,526.2bn in 2025.
Net Income reached a multi-period high at VND 39.5bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,526.2	1,232.4	800.9	751.3	635.9
Growth	+24%	+54%	+7%	+18%	—
Net Income	39.5	29.5	-16.5	1.5	2.1
Net Margin	2.59%	2.39%	-2.06%	0.20%	0.33%

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	372.1	339.9	417.7	396.5	385.1	285.2	303.9	258.4	182.2	171.9	243.2	203.6
Growth	+9%	-19%	+5%	+3%	+35%	-6%	+18%	+42%	+6%	-29%	+19%	—
Net Income	5.5	4.8	11.2	17.5	2.6	4.5	17.8	8.1	3.9	-0.1	-10.6	-10.0
Net Margin	1.48%	1.43%	2.67%	4.42%	0.69%	1.60%	5.86%	3.12%	2.16%	-0.08%	-4.35%	-4.89%

Financial Statements

Profitability

Net margin reached 2.59% while Revenue posted +23.8% YoY.

Balance Sheet

Inventory stood at 239.4bn, liabilities at 896.6bn, and equity at 227.3bn.

Cash Flow

Operating cash flow was -36.9bn in 2025, while investing cash flow was -13.2bn.

Financing cash flow: 67.0bn.

Item	2025	2024	2023	2022	2021
Revenue	1,526.8	1,233.6	801.8	755.1	637.2
Revenue Deductions	0.6	1.3	0.9	3.8	0.0
Net Revenue	1,526.2	1,232.4	800.9	751.3	635.9
Cost of Goods Sold	1,398.6	1,137.2	765.8	688.6	0.0
Gross Profit	127.6	95.1	35.1	62.7	50.6
Financial Income	11.4	8.3	6.2	2.9	1.0
Financial Expenses	47.2	32.0	31.2	24.2	-21.4
Interest Expense	29.6	25.2	21.5	20.4	-20.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	24.4	18.0	6.6	8.3	-8.5
General and Administrative Expenses	20.6	20.2	19.0	23.6	-22.2
Operating Profit	46.8	33.3	-15.5	9.5	-0.5
Other Income	4.7	1.9	13.3	2.4	0.0
Other Expenses	1.4	1.3	10.1	10.3	0.0
Other Profit	3.3	0.6	3.2	-7.8	2.7
Profit Before Tax	50.1	33.9	-12.3	1.7	2.2
Current Income Tax Expense	10.6	4.4	4.2	0.2	-0.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	39.5	29.5	-16.5	1.5	2.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	39.5	29.5	-16.5	1.5	2.1
Earnings per Share	1,681.00	1,256.00	-701.00	68.00	112.00
Diluted EPS	1,680.88	1,255.82	-701.43	63.96	112.38

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	608.9	739.7	478.0	611.3	466.3
I. Cash and cash equivalents	51.1	34.1	58.1	25.2	25.1
1. Cash	24.5	15.0	48.1	25.2	0.0
2. Cash equivalents	26.7	19.1	10.1	0.0	0.0
II. Short-term financial investments	11.0	67.6	44.6	44.6	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	11.0	67.6	44.6	44.6	0.0
III. Short-term receivables	253.7	221.8	103.1	147.1	121.6
1. Short-term trade accounts receivable	215.2	215.5	94.8	92.9	0.0
2. Short-term prepayments to suppliers	39.3	7.2	8.1	54.8	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.5	0.3	1.5	0.7	0.0
7. Provision for short-term doubtful debts (*)	-1.3	-1.3	-1.3	-1.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	239.4	389.8	262.2	386.7	299.3
1. Inventories	239.4	389.8	262.2	386.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	53.6	26.5	9.9	7.6	5.2
1. Short-term prepayments	2.4	1.9	2.2	1.8	0.0
2. Value added tax to be reclaimed	49.3	22.6	2.6	1.2	0.0
3. Taxes and other receivables from state authorities	1.9	1.9	5.1	4.7	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)	515.0	495.1	563.0	339.8	296.1
I. Long-term receivables	—	1.4	36.7	36.7	0.0
1. Long-term trade receivables	—	1.4	36.7	36.7	45.9
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	491.2	458.9	388.8	235.8	231.7
1. Tangible fixed assets	489.6	457.2	387.1	234.0	229.9
- Cost	901.4	843.5	780.0	601.8	0.0
- Accumulated depreciation	-411.7	-386.3	-392.9	-367.8	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	1.6	1.7	1.7	1.7	1.8
- Cost	1.9	1.9	1.9	1.9	0.0
- Accumulated depreciation	-0.3	-0.3	-0.2	-0.2	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	9.2	10.4	109.1	61.0	12.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	9.2	10.4	109.1	61.0	0.0
V. Long-term financial investments	1.2	1.2	1.2	1.2	1.2
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	1.2	1.2	1.2	1.2	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	13.3	23.3	27.3	5.1	0.0
1. Long-term prepayments	13.3	23.3	27.3	5.1	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	4.7
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)	1,123.8	1,234.8	1,041.0	951.1	762.4
A. LIABILITIES (300=210+330)	896.6	1,047.1	882.7	776.3	638.6
I. Short -term liabilities	594.3	728.0	519.6	630.4	503.7
1. Short-term trade accounts payable	155.3	291.7	167.4	304.7	167.0
2. Short-term advances from customers	14.7	12.8	17.0	17.2	22.7
3. Taxes and other payables to state authorities	5.1	7.8	4.4	4.4	0.0
4. Payable to employees	27.8	16.6	17.2	15.4	0.0
5. Short-term acrrued expenses	1.3	2.8	6.0	2.6	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	5.1	0.0	0.0	0.0	0.0
9. Other short-term payables	5.6	3.4	3.2	3.9	0.0
10. Short-term borrowings and financial leases	379.3	392.3	304.0	281.6	297.4
11. Provision for short-term liabilities	—	0.1	0.0	0.1	0.0
12.. Bonus and welfare fund	0.2	0.4	0.4	0.5	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	302.3	319.1	363.1	146.0	134.9
1. Long-term trade payables	78.6	176.0	208.7	33.2	16.7
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	9.3	8.8	0.0	0.0	0.0
8. Long-term borrowings and financial leases	214.4	134.3	154.4	112.8	118.2
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)	227.3	187.8	158.2	174.7	123.8
I. Owner's equity	227.3	187.8	158.2	174.7	0.0
1. Owner's capital	235.0	235.0	235.0	235.0	123.8
- Common stock with voting right	235.0	235.0	235.0	235.0	185.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	1.8	1.8	1.8	1.8	2.0
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	23.7	23.7	23.7	23.7	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	-33.3	-72.8	-102.3	-85.8	-85.2
- Accumulated retained earning at the end of the previous period	-72.8	-102.3	-85.8	-87.3	-87.3
- Undistributed earnings in this period	39.5	29.5	-16.5	1.5	2.1
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)	1,123.8	1,234.8	1,041.0	951.1	762.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	50.1	33.9	-12.3	1.7	0.0
Depreciation of Fixed Assets and Investment Property	42.0	41.3	25.2	25.5	6.6
Provision (Increase)/Reversal	-0.1	0.1	-0.1	-0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	-2.6	4.3	2.1	0.0
Gain/Loss from Investment Activities	-2.2	-3.6	-2.4	-3.1	0.0
Interest Expense	29.6	25.2	21.5	20.4	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	119.5	94.3	36.3	46.4	0.0
Increase/(Decrease) in Receivables	-23.4	-108.3	-4.3	25.7	0.0
Increase/(Decrease) in Inventory	150.3	-127.8	2.1	-96.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-255.1	98.2	214.5	117.3	0.0
Increase/(Decrease) in Prepaid Expenses	9.5	4.3	-22.6	-1.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-25.0	-21.9	-18.8	-18.2	0.0
Corporate Income Tax Paid	-12.5	0.0	-1.7	-0.1	0.0
Other Operating Receipts	0.3	0.1	0.1	0.0	0.0
Other Operating Payments	-0.6	-0.1	-0.1	-0.3	0.0
Net Cash Flow from Operating Activities	-36.9	-61.1	205.3	73.0	33.3
Payments for Fixed Assets and Other Long-term Assets	-72.0	-15.9	-238.7	-74.3	-15.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.7	4.1	0.0	2.8	0.4
Loans and Purchases of Debt Instruments	—	-22.9	0.0	-28.5	-2.4
Receipts from Loan Repayments and Sale of Debt Instruments	56.6	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	1.6	2.8	2.4	0.8	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	-13.2	-31.9	-236.3	-99.2	-17.3
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	49.8	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	1,484.5	1,103.2	833.4	687.4	463.1
Repayment of Borrowings	-1,417.6	-1,035.5	-770.4	-709.8	-425.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	67.0	67.7	63.0	27.4	38.1
Net Cash Flow During the Period	16.9	-25.3	32.0	1.2	2.0
Cash and Cash Equivalents at Beginning of Period	34.1	58.1	25.2	24.1	8.6
FX Difference from Revaluation	0.1	1.3	1.0	-0.1	-0.1
Cash and Cash Equivalents at End of Period	51.1	34.1	58.1	25.2	25.1

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	372.7	339.9	417.7	396.6	385.1	285.2	304.0	259.5	182.2	172.0	243.8	203.8
Revenue Deductions	0.6	0.0	0.0	0.0	0.0	0.1	0.1	1.1	0.0	0.1	0.6	0.2
Net Revenue	372.1	339.9	417.7	396.5	385.1	285.2	303.9	258.4	182.2	171.9	243.2	203.6
Cost of Goods Sold	349.1	322.6	371.9	355.2	365.8	265.1	269.2	236.4	163.3	165.6	242.2	196.0
Gross Profit	23.0	17.3	45.8	41.3	19.3	20.1	34.6	22.0	18.9	6.3	1.0	7.6
Financial Income	2.1	3.2	2.4	3.6	6.7	2.2	2.3	0.7	2.6	0.6	1.5	0.4
Financial Expenses	9.6	7.1	17.5	13.1	8.7	9.1	10.6	7.3	11.8	6.5	6.1	6.8
Interest Expense	8.7	7.2	6.8	7.0	6.8	5.9	6.3	6.2	5.4	4.7	6.6	5.8
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.2	5.2	8.2	6.1	10.3	4.0	3.3	2.6	1.8	1.0	2.1	1.5
General and Administrative Expenses	4.0	5.1	5.5	5.3	5.3	4.8	5.4	4.6	4.8	4.4	4.1	5.9
Operating Profit	6.4	3.1	17.0	20.3	1.7	4.4	17.7	8.2	2.9	-5.0	-9.7	-6.1
Other Income	1.4	3.1	0.1	0.1	4.2	0.6	0.1	0.8	4.8	6.1	0.3	4.2
Other Expenses	0.0	0.0	0.1	1.3	2.9	0.4	0.0	0.9	1.7	0.6	0.5	7.4
Other Profit	1.4	3.1	0.0	-1.2	1.3	0.2	0.1	-0.2	3.2	5.5	-0.2	-3.2
Profit Before Tax	7.8	6.2	17.1	19.1	3.0	4.5	17.8	8.1	6.1	0.5	-9.9	-9.3
Current Income Tax Expense	2.3	1.3	5.9	1.6	0.4	0.0	0.0	0.0	2.2	0.6	0.6	0.6
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.5	4.8	11.2	17.5	2.6	4.5	17.8	8.1	3.9	-0.1	-10.6	-10.0
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.5	4.8	11.2	17.5	2.6	4.5	17.8	8.1	3.9	-0.1	-10.6	-10.0
Earnings per Share	235.00	206.00	475.00	746.00	112.00	194.00	757.00	343.00	168.00	-6.00	-450.00	-424.00
Diluted EPS	235.12	206.27	475.31	745.88	112.35	193.59	757.10	343.08	167.86	-6.08	-450.15	-423.79

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)	609.7	640.5	753.3	760.5	740.3	657.1	635.2	521.9	477.1	503.2	499.0	610.3
I. Cash and cash equivalents	51.1	28.9	66.8	52.7	34.2	43.3	35.6	58.5	58.1	80.8	28.7	30.1
1. Cash	24.5	8.2	47.7	33.6	15.1	24.2	8.5	48.4	47.1	70.8	18.7	30.1
2. Cash equivalents	26.7	20.7	19.1	19.1	19.1	19.1	27.1	10.1	11.1	10.1	10.1	0.0
II. Short-term financial investments	11.0	52.1	57.2	62.2	67.6	48.1	49.6	44.6	43.6	44.6	44.6	47.2
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	11.0	52.1	57.2	62.2	67.6	48.1	49.6	44.6	43.6	44.6	44.6	47.2
III. Short-term receivables	254.6	215.6	234.3	233.8	221.4	157.4	196.5	131.2	103.1	146.6	104.8	126.3
1. Short-term trade accounts receivable	215.2	204.9	231.9	222.4	215.4	153.0	165.4	122.8	94.8	127.5	100.9	103.0
2. Short-term prepayments to suppliers	40.2	11.6	3.5	12.5	7.2	5.3	14.7	6.3	8.0	10.2	4.2	23.8
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.5	0.2	0.2	0.2	0.1	0.3	17.5	3.4	1.6	10.0	0.9	0.8
7. Provision for short-term doubtful debts (*)	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3
8. Assets awaiting resolution	—	0.1	—	—	0.0	0.2	0.2	0.0	0.0	0.1	0.1	0.0
IV. Inventories	239.4	295.8	352.7	377.9	390.1	389.7	337.8	277.3	262.2	224.3	313.5	397.7
1. Inventories	239.4	295.8	352.7	377.9	390.1	389.7	337.8	277.3	262.2	224.3	313.5	397.7
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	53.6	48.1	42.3	33.9	27.0	18.6	15.7	10.2	10.0	6.8	7.3	9.0
1. Short-term prepayments	2.4	2.0	1.6	1.1	2.1	2.6	3.1	2.5	2.3	2.3	3.7	5.3
2. Value added tax to be reclaimed	49.3	44.0	38.7	30.9	22.6	13.4	9.9	4.8	2.6	1.8	1.3	1.2
3. Taxes and other receivables from state authorities	1.9	2.0	2.0	1.9	2.3	2.6	2.6	3.0	5.1	2.7	2.2	2.5
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)	514.1	524.9	529.5	510.1	494.9	497.6	509.0	557.5	563.0	555.1	522.6	402.8
I. Long-term receivables	—	1.4	1.4	1.4	1.4	1.4	1.4	36.7	36.7	36.7	36.7	36.7
1. Long-term trade receivables	—	1.4	1.4	1.4	1.4	1.4	1.4	36.7	36.7	36.7	36.7	36.7
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	491.2	499.9	453.9	448.8	458.9	468.5	477.8	488.1	388.8	235.4	224.2	229.5
1. Tangible fixed assets	489.6	498.3	452.3	447.1	457.3	466.8	476.1	486.4	387.1	233.7	222.5	227.7
- Cost	—	—	—	—	843.5	853.7	853.3	853.3	780.0	620.1	602.8	601.8
- Accumulated depreciation	—	—	—	—	-386.2	-386.8	-377.2	-366.9	-392.9	-386.4	-380.3	-374.1
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	1.6	1.6	1.6	1.6	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7
- 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	8.3	6.7	54.6	38.0	10.4	2.1	2.6	2.6	109.1	276.6	255.4	130.1
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	8.3	6.7	54.6	38.0	10.4	2.1	2.6	2.6	109.1	276.6	255.4	130.1
V. Long-term financial investments	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
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	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
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	13.3	15.7	18.4	20.8	23.1	24.4	26.0	28.9	27.2	5.3	5.1	5.3
1. Long-term prepayments	13.3	15.7	18.4	20.8	23.1	24.4	26.0	28.9	27.2	5.3	5.1	5.3
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)	1,123.8	1,165.4	1,282.8	1,270.7	1,235.2	1,154.7	1,144.2	1,079.5	1,040.0	1,058.3	1,021.5	1,013.2
A. LIABILITIES (300=210+330)	897.1	944.2	1,066.3	1,065.4	1,044.2	966.4	960.1	913.2	882.9	905.2	867.4	848.4
I. Short -term liabilities	594.8	630.7	722.8	756.8	725.2	645.3	636.0	550.1	480.8	553.8	521.5	648.9
1. Short-term trade accounts payable	155.3	201.8	279.8	306.5	292.6	253.0	252.6	212.9	156.9	221.9	205.0	300.1
2. Short-term advances from customers	14.7	14.9	13.4	16.6	12.8	17.1	18.4	17.1	17.0	17.2	17.2	17.2
3. Taxes and other payables to state authorities	5.6	26.1	21.5	4.5	4.2	18.8	7.6	3.9	4.4	15.3	4.1	2.1
4. Payable to employees	27.8	22.4	16.0	12.0	16.5	13.5	12.1	9.4	17.2	13.3	13.0	10.7
5. Short-term acrrued expenses	1.3	6.4	0.9	2.8	2.8	1.9	9.5	8.9	6.0	7.5	6.0	4.1
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	5.1	8.9	12.7	—	0.0	0.0	4.4	6.6	0.0	2.2	4.4	6.6
9. Other short-term payables	5.5	8.2	3.8	3.4	19.5	19.2	18.6	5.6	3.6	18.8	18.6	4.1
10. Short-term borrowings and financial leases	379.3	341.7	374.1	410.3	376.3	321.3	312.3	285.1	275.3	257.1	252.3	303.3
11. Provision for short-term liabilities	—	0.1	0.0	0.2	0.1	0.1	0.1	0.1	0.0	0.0	0.4	0.2
12.. Bonus and welfare fund	0.2	0.1	0.5	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	302.3	313.5	343.5	308.6	319.1	321.2	324.0	363.0	402.1	351.4	345.8	199.5
1. Long-term trade payables	78.6	87.0	175.9	134.2	176.0	178.4	189.4	208.1	219.0	171.1	171.1	33.2
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	—	—	2.4	1.2	0.0	8.0	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	9.3	—	8.8	8.8	8.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	214.4	226.5	156.4	164.4	134.3	134.8	134.6	154.9	183.1	180.3	174.7	166.3
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)	226.7	221.2	216.4	205.3	191.0	188.3	184.1	166.3	157.1	153.2	154.2	164.8
I. Owner's equity	226.7	221.2	216.4	205.3	191.0	188.3	184.1	166.3	157.1	153.2	154.2	164.8
1. Owner's capital	235.0	235.0	235.0	235.0	235.0	235.0	235.0	235.0	235.0	235.0	235.0	235.0
- Common stock with voting right	235.0	235.0	235.0	235.0	235.0	235.0	235.0	235.0	235.0	235.0	235.0	235.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8
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	23.7	23.7	23.7	23.7	23.7	23.7	23.7	23.7	23.7	23.7	23.7	23.7
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	-33.8	-39.3	-44.1	-55.2	-69.6	-72.2	-76.4	-94.2	-103.4	-107.4	-106.3	-95.8
- Accumulated retained earning at the end of the previous period	-72.8	-72.8	-72.8	-72.8	-102.3	-102.3	-102.3	-102.3	-85.8	-85.8	-85.8	-85.8
- Undistributed earnings in this period	39.0	33.5	28.7	17.5	32.7	30.1	25.9	8.1	-17.6	-21.6	-20.5	-10.0
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)	1,123.8	1,165.4	1,282.8	1,270.7	1,235.2	1,154.7	1,144.2	1,079.5	1,040.0	1,058.3	1,021.5	1,013.2

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	14.0	—	36.1	—	0.0	-25.5	25.5	0.0	-12.3	20.1	-20.1	0.0
Depreciation of Fixed Assets and Investment Property	21.7	—	20.3	—	0.0	-20.8	20.8	0.0	25.2	-12.5	12.5	0.0
Provision (Increase)/Reversal	-0.0	—	-0.1	—	0.0	-0.1	0.1	0.0	-0.1	-0.3	0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-10.8	—	10.9	—	0.0	-2.8	2.8	0.0	4.3	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-1.9	—	-0.3	—	0.0	1.3	-1.3	0.0	-2.4	0.5	-0.5	0.0
Interest Expense	15.9	—	13.7	—	0.0	-12.5	12.5	0.0	21.5	-12.4	12.4	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	38.9	—	80.6	—	0.0	-60.4	60.4	0.0	36.3	-4.6	4.6	0.0
Increase/(Decrease) in Receivables	8.4	—	-31.8	—	0.0	57.4	-57.4	0.0	-4.3	8.5	-8.5	0.0
Increase/(Decrease) in Inventory	113.1	—	37.2	—	0.0	75.6	-75.6	0.0	2.1	-70.4	70.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-259.5	—	4.4	—	0.0	-79.5	79.5	0.0	214.5	-110.0	110.0	0.0
Increase/(Decrease) in Prepaid Expenses	4.2	—	5.2	—	0.0	-0.3	0.3	0.0	-22.6	1.9	-1.9	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-13.8	—	-11.2	—	0.0	10.9	-10.9	0.0	-18.8	10.5	-10.5	0.0
Corporate Income Tax Paid	-7.2	-0.0	0.0	-5.3	-319.6	319.6	0.0	0.0	-1.5	-0.0	0.0	-0.2
Other Operating Receipts	—	—	—	—	407.9	-0.0	-57.7	57.8	-32.5	32.5	-14.5	14.5
Other Operating Payments	195.0	-195.5	47.6	-47.6	-95.1	-326.7	73.7	-73.7	25.7	-25.7	44.0	-44.1
Net Cash Flow from Operating Activities	-119.4	3.2	81.3	-2.0	452.1	22.6	-160.7	157.0	60.1	-18.6	167.3	-3.5
Payments for Fixed Assets and Other Long-term Assets	83.8	-96.2	-26.0	-33.5	8.9	-39.2	9.4	-13.3	-140.7	95.9	-131.7	-62.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.4	-0.0	0.1	3.7	0.1	-0.1	0.8	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	-5.0	—	0.0	2.5	-2.5	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	41.2	—	15.3	—	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	1.1	0.2	0.1	0.1	1.5	0.1	0.3	0.6	1.4	0.4	0.5	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	124.2	-88.4	-26.0	-23.0	1.6	-47.1	8.2	-12.8	-139.2	96.3	-128.6	-64.8
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	362.0	387.0	336.9	398.6	-167.7	265.9	406.4	43.3	337.9	82.3	168.2	245.0
Repayment of Borrowings	-344.7	-339.2	-378.6	-355.0	-295.1	-236.0	-274.5	-187.1	-282.3	-107.5	-208.7	-171.8
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	0.0	0.0	0.0	0.0	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	17.3	47.8	-41.7	43.6	-462.9	29.9	131.8	-143.8	55.5	-25.2	-40.5	73.2
Net Cash Flow During the Period	22.1	-37.4	13.6	18.6	-9.2	5.4	-20.7	0.4	-23.6	52.5	-1.8	5.0
Cash and Cash Equivalents at Beginning of Period	28.9	66.8	52.7	34.1	58.1	58.1	58.1	58.1	25.2	25.2	25.2	25.2
FX Difference from Revaluation	0.1	0.0	0.5	-0.0	0.1	-0.2	0.2	-0.0	0.9	-0.1	0.2	-0.0
Cash and Cash Equivalents at End of Period	51.1	28.9	66.8	52.7	34.2	43.3	38.1	58.5	58.1	80.8	28.5	30.1

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