PAC

Listed Company · HOSE

Price

25,000

Latest close

03 Apr 2026

P/E 12.8x

EPS (TTM) 1,959

ROE (TTM) 11.8%

P/B 1.7x

BVPS (Latest) 14,688

ROA (TTM) 4.5%

What Is Changing

PAC no longer looks like a business simply rebounding from a weak base. Revenue posted +11.9% YoY, while net margin reached 3.28% with an additional -0.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 34bps to 3.28% in 2025.
Revenue growth accelerated to 11.9% in 2025, up 11.2pp versus the prior year.
Net Income growth slowed to -7.1% in 2025 from 9.9% in the prior period, at VND 117.7bn.

Metric	2025	2024	2023	2022	2021
Revenue	3,586.6	3,205.4	3,184.9	3,398.7	3,048.5
Growth	+12%	+1%	-6%	+11%	—
Net Income	117.7	126.6	115.2	157.9	173.8
Net Margin	3.28%	3.95%	3.62%	4.65%	5.70%

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	909.4	909.1	906.1	861.9	762.3	796.9	851.0	795.2	862.9	672.8	807.6	841.7
Growth	+0%	+0%	+5%	+13%	-4%	-6%	+7%	-8%	+28%	-17%	-4%	—
Net Income	33.1	16.2	39.1	29.1	32.3	32.3	34.2	27.8	34.9	21.1	33.0	26.2
Net Margin	3.64%	1.79%	4.32%	3.38%	4.23%	4.05%	4.02%	3.50%	4.05%	3.13%	4.09%	3.11%

Financial Statements

Profitability

Net margin reached 3.28% while Revenue posted +11.9% YoY.

Balance Sheet

Inventory stood at 731.6bn, liabilities at 1,713.9bn, and equity at 1,023.9bn.

Cash Flow

Operating cash flow was 14.5bn in 2025, while investing cash flow was -182.3bn.

Financing cash flow: 66.2bn.

Item	2025	2024	2023	2022	2021
Revenue	4,258.6	3,849.1	3,593.4	3,835.8	3,530.5
Revenue Deductions	672.0	643.6	408.5	437.1	0.0
Net Revenue	3,586.6	3,205.4	3,184.9	3,398.7	3,048.5
Cost of Goods Sold	3,164.2	2,789.4	2,751.2	2,915.4	0.0
Gross Profit	422.4	416.0	433.8	483.3	446.8
Financial Income	45.7	46.2	58.5	66.0	70.7
Financial Expenses	62.5	60.2	75.7	94.4	-52.5
Interest Expense	48.8	41.9	59.4	53.1	-45.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	187.7	173.4	202.0	191.0	-206.7
General and Administrative Expenses	69.6	64.9	60.7	62.5	-51.9
Operating Profit	148.2	163.7	153.8	201.4	206.3
Other Income	2.0	0.6	0.5	0.9	0.0
Other Expenses	0.0	0.0	0.0	1.3	0.0
Other Profit	2.0	0.6	0.5	-0.3	16.1
Profit Before Tax	150.2	164.3	154.3	201.0	222.4
Current Income Tax Expense	34.1	37.8	39.3	42.9	-48.6
Deferred Income Tax Expense	-1.5	-0.2	-0.2	0.2	0.0
Net Income	117.7	126.6	115.2	157.9	173.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	117.7	126.6	115.2	157.9	173.8
Earnings per Share	1,519.00	2,452.00	2,231.00	3,059.00	3,366.00
Diluted EPS	1,688.24	2,724.82	2,478.98	3,398.44	3,740.49

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,042.6	1,832.3	1,726.2	1,663.7	1,809.4
I. Cash and cash equivalents	97.8	200.6	161.9	113.7	119.2
1. Cash	97.8	170.6	161.9	113.7	0.0
2. Cash equivalents	—	30.0	0.0	0.0	0.0
II. Short-term financial investments	655.0	555.0	505.9	542.0	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	655.0	555.0	505.9	542.0	0.0
III. Short-term receivables	271.1	191.7	298.2	154.0	175.7
1. Short-term trade accounts receivable	164.3	154.9	226.2	104.9	0.0
2. Short-term prepayments to suppliers	91.3	26.0	37.4	15.3	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	18.2	11.7	35.8	35.2	0.0
7. Provision for short-term doubtful debts (*)	-2.7	-0.9	-1.2	-1.4	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	731.6	696.2	643.3	759.9	673.6
1. Inventories	737.6	701.5	647.0	762.4	0.0
2. Provision for decline in value of inventories	-6.0	-5.3	-3.7	-2.4	0.0
V. Other short-term assets	287.0	188.7	116.9	94.1	51.1
1. Short-term prepayments	5.8	5.6	4.8	7.6	0.0
2. Value added tax to be reclaimed	281.2	183.0	112.1	86.4	0.0
3. Taxes and other receivables from state authorities	—	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)	695.3	702.5	707.3	752.3	670.3
I. Long-term receivables	7.2	5.8	5.3	6.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	5.1
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	7.2	5.8	5.3	6.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	363.2	394.1	332.0	578.1	548.2
1. Tangible fixed assets	328.3	353.6	274.7	316.0	321.6
- Cost	1,454.8	1,395.3	1,241.0	1,214.1	0.0
- Accumulated depreciation	-1,126.5	-1,041.7	-966.3	-898.1	0.0
2. Financial leased fixed assets	26.0	31.9	49.6	58.7	17.5
- Cost	47.1	47.1	66.3	67.3	0.0
- Accumulated depreciation	-21.1	-15.2	-16.7	-8.6	0.0
3. Intangible fixed assets	8.9	8.5	7.7	203.4	209.1
- Cost	42.8	41.0	39.2	263.2	0.0
- Accumulated depreciation	-33.9	-32.5	-31.5	-59.8	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	45.9	20.6	87.0	85.4	36.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	45.9	20.6	87.0	85.4	0.0
V. Long-term financial investments	32.5	32.5	32.5	32.5	32.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	32.5	32.5	32.5	32.5	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	246.6	249.5	250.4	49.8	0.0
1. Long-term prepayments	207.8	210.9	209.3	13.3	0.0
2. Deferred income tax assets	5.1	3.6	3.4	3.3	0.0
3. Long-term equipment, supplies, spare parts	33.7	35.1	37.7	33.3	0.0
4. Other long-term assets	—	0.0	0.0	0.0	48.4
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)	2,737.9	2,534.8	2,433.5	2,415.9	2,479.6
A. LIABILITIES (300=210+330)	1,713.9	1,565.9	1,489.0	1,491.3	1,612.3
I. Short -term liabilities	1,706.0	1,550.9	1,467.4	1,445.9	1,544.7
1. Short-term trade accounts payable	196.4	133.5	212.9	85.7	153.9
2. Short-term advances from customers	21.0	37.1	12.1	42.6	61.2
3. Taxes and other payables to state authorities	9.5	7.8	8.2	4.0	0.0
4. Payable to employees	72.6	80.5	94.5	104.3	0.0
5. Short-term acrrued expenses	10.2	18.1	25.9	19.5	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	3.9	28.1	4.5	5.7	0.0
10. Short-term borrowings and financial leases	1,349.3	1,207.0	1,071.7	1,149.4	1,139.8
11. Provision for short-term liabilities	14.0	11.1	10.1	9.2	0.0
12.. Bonus and welfare fund	29.0	27.7	27.3	25.4	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	8.0	15.0	21.6	45.5	67.7
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	1.4	1.9	1.9	1.4	0.0
8. Long-term borrowings and financial leases	6.6	13.1	19.7	44.1	66.2
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)	1,023.9	968.9	944.5	924.6	867.3
I. Owner's equity	1,023.9	968.9	944.5	924.6	0.0
1. Owner's capital	697.1	464.7	464.7	464.7	867.3
- Common stock with voting right	697.1	464.7	464.7	464.7	464.7
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	1.6	1.6	1.6	1.6	1.6
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	194.8	389.2	355.1	311.7	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	130.4	113.4	123.1	146.6	176.2
- Accumulated retained earning at the end of the previous period	12.8	10.0	7.9	-11.3	2.4
- Undistributed earnings in this period	117.7	103.4	115.2	157.9	173.8
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)	2,737.9	2,534.8	2,433.5	2,415.9	2,479.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	150.2	164.3	154.3	201.0	222.4
Depreciation of Fixed Assets and Investment Property	93.6	90.0	85.7	91.2	82.5
Provision (Increase)/Reversal	5.5	27.0	21.5	13.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.9	3.1	-1.6	2.0	0.0
Gain/Loss from Investment Activities	-34.0	-35.5	-43.6	-53.9	0.0
Interest Expense	48.8	41.9	59.4	53.1	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	261.1	290.9	275.7	307.0	292.9
Increase/(Decrease) in Receivables	-157.7	-2.4	-143.0	-14.8	0.0
Increase/(Decrease) in Inventory	-34.6	-52.0	111.0	-86.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	36.7	-112.3	105.4	-107.8	0.0
Increase/(Decrease) in Prepaid Expenses	7.8	-2.4	2.2	-2.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-49.1	-42.0	-60.1	-52.8	0.0
Corporate Income Tax Paid	-37.9	-39.5	-39.9	-56.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-11.8	-9.0	-19.5	-7.0	0.0
Net Cash Flow from Operating Activities	14.5	31.3	231.7	-21.0	207.9
Payments for Fixed Assets and Other Long-term Assets	-108.6	-58.2	-80.3	-202.5	-64.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.3	0.1	0.1	0.3
Loans and Purchases of Debt Instruments	-1,050.0	0.0	-505.9	-629.8	-230.0
Receipts from Loan Repayments and Sale of Debt Instruments	950.0	0.0	542.0	889.8	142.5
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	26.1	57.7	40.0	44.8	0.0
Increase/(Decrease) in Term Deposits	—	-49.1	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	-182.3	-49.4	-4.1	102.3	-125.3
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	2,971.5	2,721.8	2,287.9	2,779.4	2,567.1
Repayment of Borrowings	-2,829.0	-2,588.0	-2,378.9	-2,788.0	-2,656.1
Repayment of Finance Leases	-6.6	-8.9	-10.9	-8.2	0.0
Dividends Paid	-69.7	-69.7	-79.0	-69.7	-23.2
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	66.2	55.3	-181.0	-86.5	-112.3
Net Cash Flow During the Period	-101.5	37.2	46.7	-5.2	46.0
Cash and Cash Equivalents at Beginning of Period	200.6	161.9	113.7	119.2	149.3
FX Difference from Revaluation	-1.3	1.5	1.6	-0.3	-0.5
Cash and Cash Equivalents at End of Period	97.8	200.6	161.9	113.7	119.2

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
Revenue	1,069.1	1,061.5	1,082.0	1,045.9	930.3	969.0	1,010.7	939.0	984.8	795.2	886.3	927.1
Revenue Deductions	159.7	152.4	175.9	184.1	168.0	172.1	159.7	143.8	121.9	122.4	78.7	85.4
Net Revenue	909.4	909.1	906.1	861.9	762.3	796.9	851.0	795.2	862.9	672.8	807.6	841.7
Cost of Goods Sold	804.0	822.2	779.0	759.9	663.4	695.1	727.7	695.5	747.4	577.0	699.3	727.5
Gross Profit	105.4	86.9	127.2	102.0	98.9	101.8	123.3	99.7	115.5	95.7	108.3	114.3
Financial Income	12.0	10.8	10.2	10.6	7.9	14.2	11.9	12.2	16.2	14.7	13.5	14.1
Financial Expenses	13.5	15.4	17.4	13.3	17.9	9.1	18.7	14.6	16.7	22.2	16.9	19.9
Interest Expense	13.7	13.7	11.5	9.8	10.2	9.3	10.9	11.6	12.9	14.5	15.8	16.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	49.9	47.5	47.2	43.0	31.9	50.5	49.3	41.6	43.6	48.8	51.1	58.5
General and Administrative Expenses	15.9	15.3	23.3	15.3	16.4	16.1	24.7	15.3	20.8	13.4	11.8	14.7
Operating Profit	38.1	19.5	49.5	41.0	40.6	40.2	42.5	40.4	50.6	26.0	42.0	35.2
Other Income	0.4	1.1	0.5	0.1	0.0	0.2	0.4	0.1	0.2	0.3	0.0	0.0
Other Expenses	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.4	1.1	0.5	0.1	-0.0	0.2	0.4	0.1	0.2	0.3	0.0	0.0
Profit Before Tax	38.5	20.6	50.0	41.1	40.6	40.4	42.9	40.5	50.7	26.3	42.0	35.2
Current Income Tax Expense	6.6	4.3	11.1	11.9	9.1	8.1	8.1	12.6	15.8	5.3	9.2	9.1
Deferred Income Tax Expense	-1.2	—	-0.3	—	-0.7	0.0	0.6	0.0	-0.0	0.0	-0.1	0.0
Net Income	33.1	16.2	39.1	29.1	32.3	32.3	34.2	27.8	34.9	21.1	33.0	26.2
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	33.1	16.2	39.1	29.1	32.3	32.3	34.2	27.8	34.9	21.1	33.0	26.2
Earnings per Share	427.00	210.00	758.00	564.00	625.00	625.00	663.00	539.00	677.00	408.00	639.00	507.00
Diluted EPS	474.91	232.91	841.85	627.00	694.38	695.06	736.48	598.89	751.92	453.21	710.84	563.00

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)	2,042.3	2,256.5	2,323.3	1,857.3	1,832.3	2,016.8	1,872.0	1,844.2	1,656.8	1,645.6	1,580.3	1,438.4
I. Cash and cash equivalents	97.7	91.1	153.2	106.8	170.6	153.1	170.9	111.9	161.9	96.2	103.2	86.3
1. Cash	97.7	91.1	103.2	91.8	170.6	153.1	170.9	111.9	161.9	96.2	103.2	86.3
2. Cash equivalents	—	—	50.0	15.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	655.0	695.0	565.0	455.0	585.0	625.0	525.0	505.0	505.9	505.9	505.9	320.9
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	655.0	695.0	565.0	455.0	585.0	625.0	525.0	505.0	505.9	505.9	505.9	320.9
III. Short-term receivables	270.9	396.7	407.1	405.1	191.7	382.8	387.7	429.5	298.2	376.4	349.6	362.4
1. Short-term trade accounts receivable	164.3	319.0	359.8	361.6	154.9	342.2	329.2	337.8	226.2	306.2	285.9	284.1
2. Short-term prepayments to suppliers	91.3	58.1	32.9	30.6	26.0	25.0	49.7	49.6	37.4	45.8	51.4	55.9
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	18.0	21.0	15.9	13.8	11.7	17.0	10.2	43.3	35.8	25.4	13.2	23.8
7. Provision for short-term doubtful debts (*)	-2.7	-1.4	-1.4	-0.9	-0.9	-1.4	-1.4	-1.2	-1.2	-1.0	-1.0	-1.4
8. Assets awaiting resolution	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	731.6	803.6	951.8	680.9	696.2	689.4	638.3	663.1	573.9	568.6	542.7	584.1
1. Inventories	737.6	809.5	957.7	686.2	701.5	690.5	639.4	666.8	577.6	570.6	544.7	586.5
2. Provision for decline in value of inventories	-6.0	-5.9	-5.9	-5.3	-5.3	-1.1	-1.1	-3.7	-3.7	-2.0	-2.0	-2.4
V. Other short-term assets	287.0	270.1	246.3	209.4	188.7	166.5	150.1	134.8	116.9	98.6	78.8	84.8
1. Short-term prepayments	5.8	7.1	4.3	5.1	5.6	6.1	4.8	6.8	4.8	8.9	5.2	6.8
2. Value added tax to be reclaimed	281.2	263.0	241.9	204.3	183.0	160.4	145.3	127.9	112.1	89.7	73.7	78.0
3. Taxes and other receivables from state authorities	—	—	—	—	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)	695.3	680.7	696.7	698.1	702.5	708.5	688.5	694.1	707.3	716.0	723.2	732.8
I. Long-term receivables	7.2	5.7	5.6	5.6	5.8	4.8	6.1	6.5	5.3	6.4	6.1	6.5
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	7.2	5.7	5.6	5.6	5.8	4.8	6.1	6.5	5.3	6.4	6.1	6.5
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	363.2	380.2	394.7	384.3	394.1	324.0	319.9	315.0	332.0	537.4	539.3	555.7
1. Tangible fixed assets	328.3	343.8	356.7	344.3	353.6	281.7	269.8	260.9	274.7	285.8	284.2	297.1
- Cost	—	—	—	—	1,395.3	1,291.1	1,254.5	1,246.6	1,241.0	1,241.2	1,220.4	1,214.1
- Accumulated depreciation	—	—	—	—	-1,041.7	-1,009.4	-984.7	-985.7	-966.3	-955.4	-936.1	-917.0
2. Financial leased fixed assets	26.0	27.5	29.0	30.5	31.9	33.4	41.9	46.1	49.6	52.4	54.5	56.6
- 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
3. Intangible fixed assets	8.9	8.9	9.0	9.4	8.5	8.9	8.3	8.0	7.7	199.2	200.6	202.0
- 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	45.9	15.1	17.1	29.1	20.6	101.5	83.2	92.1	87.0	88.5	96.6	88.6
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	45.9	15.1	17.1	29.1	20.6	101.5	83.2	92.1	87.0	88.5	96.6	88.6
V. Long-term financial investments	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5
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	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5	32.5
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	246.6	247.2	246.7	246.6	249.5	245.7	246.7	248.1	250.4	51.2	48.7	49.6
1. Long-term prepayments	207.8	208.9	208.3	207.1	210.9	207.1	207.3	207.2	209.3	10.6	11.0	12.9
2. Deferred income tax assets	5.1	3.9	3.9	3.6	3.6	2.9	2.9	3.4	3.4	3.4	3.4	3.3
3. Long-term equipment, supplies, spare parts	33.7	34.4	34.5	35.9	35.1	35.7	36.6	37.5	37.7	37.2	34.2	33.4
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)	2,737.6	2,937.2	3,020.0	2,555.3	2,534.8	2,725.3	2,560.4	2,538.4	2,364.1	2,361.6	2,303.5	2,171.2
A. LIABILITIES (300=210+330)	1,713.8	1,944.4	2,043.4	1,558.3	1,565.9	1,765.5	1,586.4	1,589.3	1,419.7	1,450.5	1,381.0	1,266.9
I. Short -term liabilities	1,705.8	1,934.7	2,032.2	1,545.4	1,550.9	1,748.8	1,568.1	1,569.4	1,398.1	1,423.8	1,348.0	1,228.1
1. Short-term trade accounts payable	192.8	197.0	296.7	211.9	117.2	208.7	139.4	219.5	143.6	121.9	180.3	144.4
2. Short-term advances from customers	21.0	20.4	54.6	49.9	37.1	2.5	7.4	3.7	12.1	25.1	3.9	5.7
3. Taxes and other payables to state authorities	9.5	19.2	20.6	5.3	7.8	10.4	5.8	7.0	8.2	22.3	21.4	3.0
4. Payable to employees	72.6	84.2	75.3	67.8	80.5	81.0	73.5	64.2	94.5	76.7	75.7	65.2
5. Short-term acrrued expenses	13.8	78.5	90.6	68.1	34.5	140.5	87.6	84.0	25.9	122.5	75.3	67.2
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	3.8	4.0	51.0	4.8	28.1	50.6	4.6	5.8	4.5	6.3	5.8	5.3
10. Short-term borrowings and financial leases	1,349.3	1,490.3	1,395.7	1,102.1	1,207.0	1,215.6	1,206.8	1,151.9	1,071.7	1,011.6	947.7	906.4
11. Provision for short-term liabilities	14.0	11.4	11.4	11.1	11.1	11.1	11.1	10.1	10.1	9.6	9.6	9.2
12.. Bonus and welfare fund	29.0	29.8	36.2	24.5	27.7	28.3	31.9	23.2	27.3	27.7	28.5	21.7
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	8.0	9.6	11.3	12.9	15.0	16.7	18.3	20.0	21.6	26.8	32.9	38.8
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	1.4	1.4	1.4	1.4	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.4
8. Long-term borrowings and financial leases	6.6	8.2	9.9	11.5	13.1	14.8	16.4	18.1	19.7	24.9	31.0	37.4
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)	1,023.9	992.8	976.6	997.0	968.9	959.9	974.0	949.1	944.5	911.1	922.5	904.3
I. Owner's equity	1,023.9	992.8	976.6	997.0	968.9	959.9	974.0	949.1	944.5	911.1	922.5	904.3
1. Owner's capital	697.1	697.1	464.7	464.7	464.7	464.7	464.7	464.7	464.7	464.7	464.7	464.7
- Common stock with voting right	697.1	697.1	464.7	464.7	464.7	464.7	464.7	464.7	464.7	464.7	464.7	464.7
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
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	194.8	194.8	427.2	389.2	389.2	389.2	389.2	355.1	355.1	355.1	355.1	311.7
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	130.4	99.3	83.1	141.5	113.4	104.3	118.5	127.7	123.1	89.7	101.1	126.3
- Accumulated retained earning at the end of the previous period	12.8	14.8	14.8	112.4	10.0	10.0	56.5	99.8	7.9	9.4	41.9	100.1
- Undistributed earnings in this period	117.6	84.5	68.3	29.1	103.4	94.4	62.1	27.8	115.2	80.3	59.2	26.2
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)	2,737.6	2,937.2	3,020.0	2,555.3	2,534.8	2,725.3	2,560.4	2,538.4	2,364.1	2,361.6	2,303.5	2,171.2

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	38.6	20.6	50.0	41.1	40.6	40.4	42.9	40.5	50.7	26.3	42.0	35.2
Depreciation of Fixed Assets and Investment Property	22.4	24.0	24.0	23.3	27.6	21.0	20.6	20.9	17.9	22.7	22.6	22.4
Provision (Increase)/Reversal	4.0	-13.7	15.1	—	3.8	-11.2	9.7	0.0	21.9	-0.9	0.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-4.5	0.2	-1.8	3.1	6.1	-5.7	3.1	-0.4	-6.3	3.8	1.5	-0.6
Gain/Loss from Investment Activities	-10.6	-9.2	-8.4	-5.8	-8.2	-6.8	-9.1	-11.2	-12.2	-12.1	-10.9	-8.4
Interest Expense	13.7	13.7	11.5	9.8	10.2	9.3	10.9	11.6	12.9	14.5	15.8	16.2
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	63.7	35.6	90.4	71.5	80.1	47.0	78.0	61.3	84.9	54.4	71.5	64.8
Increase/(Decrease) in Receivables	128.7	-11.3	-40.9	-234.2	168.0	24.3	-15.4	-141.6	89.7	-41.0	19.3	-211.1
Increase/(Decrease) in Inventory	72.6	148.4	-270.1	14.5	-10.4	-50.2	28.3	-19.7	-76.8	-28.9	41.0	175.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-35.9	-163.9	163.8	72.6	-188.3	179.0	-75.1	33.3	-6.1	-0.9	83.0	29.4
Increase/(Decrease) in Prepaid Expenses	7.3	-3.4	-0.4	4.3	0.8	-0.5	5.9	1.0	0.7	-3.2	2.0	2.6
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-15.0	-12.2	-12.8	-9.1	-10.2	-7.9	-12.7	-10.6	-15.3	-12.2	-18.3	-14.3
Corporate Income Tax Paid	-16.2	-8.5	0.0	-13.2	-8.1	-8.1	-8.1	-15.3	-24.2	-7.1	-0.6	-8.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.9	-6.4	-1.3	-3.1	-0.7	7.6	-11.7	-4.2	-7.1	0.1	-8.9	-3.7
Net Cash Flow from Operating Activities	204.3	-21.7	-71.3	-96.7	31.1	191.3	-11.0	-95.7	45.7	-38.6	189.0	35.5
Payments for Fixed Assets and Other Long-term Assets	-56.7	-10.3	-19.5	-22.2	-20.8	-55.6	-8.9	-9.8	-50.1	17.3	-42.9	-4.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.1	—	0.5	-0.5	0.3	0.0	0.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-240.0	-245.0	-400.0	-165.0	-415.9	-140.0	-475.0	-50.0	0.0	0.0	-455.9	-50.0
Receipts from Loan Repayments and Sale of Debt Instruments	250.0	145.0	260.0	295.0	455.9	40.0	455.0	50.9	0.0	0.0	270.0	272.0
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	11.0	4.6	5.3	5.2	10.8	0.3	41.6	4.9	0.7	0.7	20.1	18.5
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	-35.6	-105.6	-154.0	113.0	30.6	-155.8	13.0	-4.1	-49.3	18.0	-208.7	235.9
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	703.8	672.3	919.6	675.8	727.5	529.0	739.9	725.6	562.3	700.2	499.5	525.8
Repayment of Borrowings	-838.5	-584.2	-622.9	-783.5	-746.1	-519.5	-683.5	-647.9	-491.8	-651.6	-460.9	-774.5
Repayment of Finance Leases	-2.4	-0.8	-1.6	-1.6	-5.1	-14.2	1.6	-6.7	-2.7	-2.7	-2.7	-2.7
Dividends Paid	-23.2	-23.2	-23.3	—	-23.2	-46.5	0.0	-23.2	0.0	-32.5	0.0	-46.5
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	-160.3	64.0	271.9	-109.3	-47.0	-51.1	58.0	47.8	67.8	13.3	35.8	-297.9
Net Cash Flow During the Period	8.3	-63.3	46.5	-93.0	14.7	-15.6	60.0	-52.0	64.2	-7.2	16.1	-26.5
Cash and Cash Equivalents at Beginning of Period	91.1	153.2	106.8	200.6	161.9	161.9	161.9	161.9	113.7	113.7	113.7	113.7
FX Difference from Revaluation	-1.3	0.4	-0.9	-0.8	2.8	-2.2	-1.0	1.9	1.5	0.2	0.8	-0.9
Cash and Cash Equivalents at End of Period	97.8	91.1	153.2	106.8	170.6	153.1	170.9	111.9	161.9	96.2	103.2	86.3

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PAC

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Balance Sheet

Cash Flow

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