PBC

Listed Company · UPCOM

Price

5,800

Latest close

03 Apr 2026

P/E 15.5x

EPS (TTM) 375

ROE (TTM) 3.4%

P/B 0.5x

BVPS (Latest) 11,094

ROA (TTM) 1.4%

What Is Changing

PBC no longer looks like a business simply rebounding from a weak base. Revenue posted +1.2% YoY, while net margin reached 2.92% with an additional +0.9pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 45.4% to VND 31.5bn in 2025.
Net margin improved from 2.04% in the prior period to 2.92% in 2025.
Revenue growth accelerated to 1.2% in 2025, up 21.7pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	1,077.7	1,065.1	1,340.0	1,057.0	940.6
Growth	+1%	-21%	+27%	+12%	—
Net Income	31.5	21.7	39.4	60.2	29.3
Net Margin	2.92%	2.04%	2.94%	5.69%	3.12%

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	280.2	288.4	289.5	220.4	322.8	240.2	263.4	238.6	357.8	371.9	312.3	298.1
Growth	-3%	-0%	+31%	-32%	+34%	-9%	+10%	-33%	-4%	+19%	+5%	—
Net Income	6.4	22.4	-5.2	19.7	6.5	15.6	8.5	13.7	0.7	15.6	8.6	23.8
Net Margin	2.29%	7.76%	-1.78%	8.93%	2.02%	6.51%	3.23%	5.75%	0.19%	4.20%	2.76%	7.97%

Financial Statements

Profitability

Net margin reached 2.92% while Revenue posted +1.2% YoY.

Balance Sheet

Inventory stood at 177.8bn, liabilities at 1,834.1bn, and equity at 1,293.6bn.

Cash Flow

Operating cash flow was 29.1bn in 2025, while investing cash flow was -67.0bn.

Financing cash flow: -114.4bn.

Item	2025	2024	2023	2022	2021
Revenue	1,079.1	1,066.8	1,341.2	1,057.1	940.8
Revenue Deductions	1.4	1.7	1.1	0.1	0.0
Net Revenue	1,077.7	1,065.1	1,340.0	1,057.0	940.6
Cost of Goods Sold	892.1	855.3	1,109.2	821.6	0.0
Gross Profit	185.6	209.8	230.8	235.4	174.9
Financial Income	2.5	3.0	6.5	4.8	11.4
Financial Expenses	43.9	43.3	46.2	37.5	-35.1
Interest Expense	38.4	36.5	40.6	31.1	-29.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	4.5	4.9	6.0	6.1	-7.5
General and Administrative Expenses	105.0	134.4	134.0	117.0	-105.3
Operating Profit	34.6	30.2	51.1	79.6	38.3
Other Income	6.0	0.1	0.1	3.0	0.0
Other Expenses	0.7	2.1	1.5	5.7	0.0
Other Profit	5.3	-2.1	-1.4	-2.7	-0.7
Profit Before Tax	39.9	28.1	49.7	76.9	37.7
Current Income Tax Expense	8.4	6.5	10.3	16.7	-8.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	31.5	21.7	39.4	60.2	29.3
Non-controlling Interest	—	-0.0	-0.0	-0.0	-0.0
Profit Attributable to Parent	31.5	21.7	39.4	60.2	29.4
Earnings per Share	7,007.00	191.00	347.00	530.00	371.00
Diluted EPS	269.98	191.00	347.00	531.30	266.84

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	606.8	777.7	913.7	935.3	950.7
I. Cash and cash equivalents	73.6	228.5	206.2	190.9	190.7
1. Cash	73.6	228.5	8.2	80.9	0.0
2. Cash equivalents	—	0.0	198.0	110.0	0.0
II. Short-term financial investments	—	0.0	0.0	70.0	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	70.0	0.0
III. Short-term receivables	199.4	206.7	264.8	227.7	368.8
1. Short-term trade accounts receivable	148.5	211.1	161.4	118.1	0.0
2. Short-term prepayments to suppliers	31.3	50.8	107.2	88.9	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	96.3	5.2	16.3	20.7	0.0
7. Provision for short-term doubtful debts (*)	-76.6	-60.4	-20.2	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	177.8	181.2	273.2	276.7	237.6
1. Inventories	178.0	181.3	281.1	276.8	0.0
2. Provision for decline in value of inventories	-0.2	-0.1	-7.9	-0.1	0.0
V. Other short-term assets	155.9	161.4	169.5	170.0	153.6
1. Short-term prepayments	2.5	3.6	2.0	3.4	0.0
2. Value added tax to be reclaimed	153.4	157.7	167.4	166.5	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.1	0.2	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)	2,521.0	2,389.9	2,253.5	1,961.7	1,710.4
I. Long-term receivables	219.4	156.9	156.9	19.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	19.4
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	219.4	156.9	156.9	19.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	129.3	135.4	112.5	139.5	177.5
1. Tangible fixed assets	81.4	87.5	102.9	127.9	163.9
- Cost	565.2	559.3	547.4	543.7	0.0
- Accumulated depreciation	-483.8	-471.8	-444.6	-415.8	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.3	0.4
- Cost	—	0.0	0.0	0.9	0.0
- Accumulated depreciation	—	0.0	0.0	-0.6	0.0
3. Intangible fixed assets	48.0	47.9	9.6	11.4	13.2
- Cost	65.3	57.2	15.4	14.6	0.0
- Accumulated depreciation	-17.3	-9.3	-5.8	-3.2	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	2,166.7	2,089.6	1,971.6	1,793.8	1,506.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2,166.7	2,089.6	1,971.6	1,793.8	0.0
V. Long-term financial investments	—	0.3	0.3	0.3	-0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.2	0.3	0.3	0.3	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	-1.2	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	5.5	7.8	12.3	8.7	0.0
1. Long-term prepayments	5.5	7.8	12.3	8.7	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	6.6
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)	3,127.7	3,167.6	3,167.2	2,897.0	2,661.1
A. LIABILITIES (300=210+330)	1,834.1	1,897.9	1,919.1	1,631.7	1,453.7
I. Short -term liabilities	1,215.8	976.3	924.0	737.1	886.5
1. Short-term trade accounts payable	167.9	174.6	112.1	148.7	133.7
2. Short-term advances from customers	167.8	149.6	118.5	97.6	86.0
3. Taxes and other payables to state authorities	7.9	4.9	9.9	11.3	0.0
4. Payable to employees	10.9	14.7	12.0	16.1	0.0
5. Short-term acrrued expenses	45.7	5.1	4.1	3.4	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	5.3	6.0	24.9	24.2	0.0
10. Short-term borrowings and financial leases	809.7	620.9	642.1	435.3	626.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	0.6	0.6	0.6	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	618.3	921.6	995.1	894.6	567.2
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	1.9	1.7	2.6	2.8	0.0
8. Long-term borrowings and financial leases	616.4	919.6	992.2	891.6	564.9
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	—	0.3	0.3	0.3	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)	1,293.6	1,269.7	1,248.0	1,265.3	1,207.4
I. Owner's equity	1,293.6	1,269.7	1,248.0	1,265.3	0.0
1. Owner's capital	1,167.0	1,133.0	1,133.0	1,133.0	1,207.4
- Common stock with voting right	1,167.0	1,133.0	1,133.0	1,133.0	1,100.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	25.7	25.7	25.7	25.7	25.7
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	38.5	38.5	38.5	38.5	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	62.4	65.0	43.3	60.6	35.7
- Accumulated retained earning at the end of the previous period	30.9	43.3	4.0	0.4	6.3
- Undistributed earnings in this period	31.5	21.7	39.4	60.2	29.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	7.5	7.5	7.5	7.5
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)	3,127.7	3,167.6	3,167.2	2,897.0	2,661.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	39.9	28.1	49.7	76.9	37.7
Depreciation of Fixed Assets and Investment Property	27.7	30.8	32.0	36.4	43.0
Provision (Increase)/Reversal	16.0	32.5	28.0	-0.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	7.8	3.6	2.1	1.6	0.0
Gain/Loss from Investment Activities	-2.3	-0.7	-3.0	-0.1	0.0
Interest Expense	38.4	36.5	40.6	31.1	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	127.3	130.8	149.3	145.1	102.8
Increase/(Decrease) in Receivables	-67.7	27.6	-195.6	138.9	0.0
Increase/(Decrease) in Inventory	3.3	99.8	-4.3	-38.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-23.7	31.1	-22.1	31.1	0.0
Increase/(Decrease) in Prepaid Expenses	3.4	2.9	-2.2	-3.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-8.3	-35.4	-39.6	-32.1	0.0
Corporate Income Tax Paid	-5.3	-11.5	-11.7	-7.9	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	29.1	245.2	-126.2	233.1	-58.8
Payments for Fixed Assets and Other Long-term Assets	-91.8	-129.9	-188.7	-299.7	-471.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.3	0.1	4.9	0.4	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-135.0	-8.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	70.0	65.0	81.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	22.5	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.6	4.1	1.5	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	-67.0	-129.2	-109.8	-367.7	-396.5
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	200.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	789.5	618.7	1,366.5	2,030.8	1,414.0
Repayment of Borrowings	-903.8	-712.5	-1,059.1	-1,895.3	-1,020.9
Repayment of Finance Leases	—	0.0	0.0	-0.3	0.0
Dividends Paid	-0.0	-0.0	-56.2	-0.0	-0.1
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	-114.4	-93.8	251.3	135.2	593.0
Net Cash Flow During the Period	-152.3	22.2	15.3	0.5	166.6
Cash and Cash Equivalents at Beginning of Period	226.0	206.2	190.9	190.4	52.7
FX Difference from Revaluation	-0.0	-0.0	0.0	-0.1	0.3
Cash and Cash Equivalents at End of Period	73.6	228.5	206.2	190.9	190.7

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	280.2	288.6	290.7	220.4	324.5	240.2	263.4	238.6	358.9	371.9	312.3	298.1
Revenue Deductions	—	0.2	1.2	0.0	1.7	0.0	0.0	0.0	1.1	0.0	0.0	0.0
Net Revenue	280.2	288.4	289.5	220.4	322.8	240.2	263.4	238.6	357.8	371.9	312.3	298.1
Cost of Goods Sold	228.0	239.8	247.1	173.8	258.1	194.9	209.7	190.9	308.6	311.9	250.4	238.4
Gross Profit	52.1	48.6	42.5	46.6	64.7	45.3	53.7	47.7	49.2	60.0	61.9	59.7
Financial Income	0.2	1.5	0.4	0.4	3.3	1.2	0.8	0.4	1.3	0.2	4.5	1.4
Financial Expenses	17.8	3.6	20.2	2.5	18.3	5.9	14.5	7.6	14.5	13.7	19.5	8.4
Interest Expense	8.8	10.3	10.7	8.5	10.2	8.8	8.9	8.8	10.5	13.5	18.4	9.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.0	1.0	1.2	1.3	1.2	1.2	1.4	1.2	1.3	1.4	1.6	1.7
General and Administrative Expenses	23.4	25.4	22.7	23.5	36.2	23.5	23.7	25.4	29.5	29.4	28.3	26.2
Operating Profit	10.2	20.1	-1.2	19.7	12.4	15.8	14.9	14.0	5.2	15.6	17.1	24.8
Other Income	3.6	2.3	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	4.9
Other Expenses	0.0	0.0	0.2	0.1	0.2	0.2	0.7	0.3	0.2	0.1	0.2	6.0
Other Profit	3.6	2.3	-0.1	-0.0	-0.2	-0.2	-0.6	-0.3	-0.2	-0.0	-0.1	-1.0
Profit Before Tax	13.7	22.4	-1.4	19.7	12.2	15.6	14.3	13.7	5.0	15.6	16.9	23.8
Current Income Tax Expense	7.3	—	3.8	—	5.7	0.0	5.8	0.0	4.3	0.0	8.3	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	6.4	22.4	-5.2	19.7	6.5	15.6	8.5	13.7	0.7	15.6	8.6	23.8
Non-controlling Interest	—	—	-0.0	-0.0	0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.0	-0.0
Profit Attributable to Parent	6.4	22.4	-5.2	19.7	6.5	15.6	8.5	13.7	0.7	15.6	8.6	23.8
Earnings per Share	55.05	191.70	-45.52	174.00	58.00	138.00	75.00	121.00	5.97	138.00	76.00	210.00
Diluted EPS	55.05	191.70	-45.52	173.77	57.61	137.96	75.12	121.06	5.97	137.70	75.95	209.78

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)	530.4	559.4	767.0	748.3	858.9	929.7	910.6	915.1	933.9	1,051.5	1,173.6	1,064.8
I. Cash and cash equivalents	73.6	5.2	3.9	164.2	228.5	22.8	16.1	18.0	206.2	6.5	209.4	39.9
1. Cash	73.6	5.2	3.9	164.2	228.5	22.8	16.1	18.0	8.2	6.5	209.4	24.5
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	198.0	0.0	0.0	15.4
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	70.0
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	70.0
III. Short-term receivables	122.4	189.6	348.9	204.3	287.8	497.7	472.9	478.1	285.0	560.3	469.9	528.2
1. Short-term trade accounts receivable	148.5	189.3	173.8	200.3	211.1	209.3	200.3	184.8	161.4	184.8	138.9	135.5
2. Short-term prepayments to suppliers	31.7	61.6	92.4	59.2	92.6	93.1	93.0	106.9	107.2	150.4	304.0	273.7
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	18.3	14.7	143.1	5.1	25.2	223.4	199.8	206.6	16.3	225.1	27.0	119.1
7. Provision for short-term doubtful debts (*)	-76.0	-76.0	-60.4	-60.4	-41.0	-28.1	-20.2	-20.2	-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	177.8	205.8	247.1	218.5	181.2	245.2	232.9	249.6	273.2	309.3	318.2	257.0
1. Inventories	178.0	208.6	249.9	218.6	181.3	245.3	235.7	249.7	281.1	309.4	319.0	257.1
2. Provision for decline in value of inventories	-0.2	-2.8	-2.8	-0.1	-0.1	-0.1	-2.8	-0.1	-7.9	-0.1	-0.8	-0.1
V. Other short-term assets	156.5	158.9	167.1	161.4	161.4	164.0	188.7	169.3	169.5	175.4	176.1	169.7
1. Short-term prepayments	3.1	3.4	4.3	3.2	3.7	1.4	1.2	1.4	2.1	4.4	3.7	2.5
2. Value added tax to be reclaimed	153.4	155.4	159.1	158.0	157.7	162.5	163.3	165.7	167.4	170.6	172.2	166.3
3. Taxes and other receivables from state authorities	0.0	0.0	3.6	0.2	0.0	0.1	24.2	2.2	0.1	0.3	0.3	0.8
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)	2,598.5	2,637.7	2,491.5	2,465.6	2,350.5	2,319.3	2,309.3	2,277.6	2,250.4	2,211.6	2,044.2	2,185.9
I. Long-term receivables	297.4	357.4	219.4	219.4	156.9	156.9	156.9	156.9	156.9	156.9	19.4	217.4
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	297.4	357.4	219.4	219.4	156.9	156.9	156.9	156.9	156.9	156.9	19.4	217.4
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	129.3	129.3	122.7	128.2	95.2	101.9	106.7	114.1	112.5	118.6	122.9	126.0
1. Tangible fixed assets	81.4	80.2	76.7	81.2	87.5	93.7	98.1	105.0	102.9	108.5	112.2	114.9
- Cost	—	—	—	—	559.3	559.1	556.7	556.5	547.4	545.9	542.3	537.4
- Accumulated depreciation	—	—	—	—	-471.8	-465.4	-458.6	-451.6	-444.5	-437.4	-430.1	-422.4
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.2	0.2
- 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	48.0	49.1	46.0	47.0	7.7	8.2	8.6	9.1	9.5	10.0	10.5	10.9
- 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	2,166.1	2,141.0	2,143.7	2,112.0	2,090.3	2,052.6	2,035.7	1,994.8	1,968.4	1,920.9	1,885.7	1,829.1
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	2,166.1	2,141.0	2,143.7	2,112.0	2,090.3	2,052.6	2,035.7	1,994.8	1,968.4	1,920.9	1,885.7	1,829.1
V. Long-term financial investments	—	5.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
1. Investments in subsidiaries	—	5.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1.2	1.2	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	-1.2	-1.3	—	—	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	5.6	4.6	5.4	5.7	7.8	7.7	9.8	11.5	12.3	15.0	15.9	13.2
1. Long-term prepayments	5.6	4.6	5.4	5.7	7.8	7.7	9.8	11.5	12.3	15.0	15.9	13.2
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)	3,128.8	3,197.1	3,258.5	3,213.9	3,209.4	3,248.9	3,220.0	3,192.7	3,184.3	3,263.1	3,217.8	3,250.8
A. LIABILITIES (300=210+330)	1,834.2	1,908.8	1,974.3	1,924.4	1,921.7	1,967.8	1,949.7	1,930.9	1,922.4	2,001.8	1,976.7	2,018.3
I. Short -term liabilities	1,215.9	1,146.4	1,211.5	1,002.9	1,000.2	960.7	941.9	935.8	927.2	929.8	904.7	905.7
1. Short-term trade accounts payable	167.9	180.5	243.3	187.2	174.6	188.8	176.2	131.0	112.1	136.8	87.8	249.9
2. Short-term advances from customers	167.8	232.3	209.1	175.6	149.6	145.4	140.9	140.3	118.5	113.6	111.9	119.8
3. Taxes and other payables to state authorities	8.0	6.8	3.4	8.0	8.8	6.0	4.2	2.9	13.4	12.0	7.9	2.7
4. Payable to employees	10.9	15.9	12.9	8.5	14.7	14.3	13.8	9.5	12.0	11.5	7.4	9.8
5. Short-term acrrued expenses	45.7	24.5	16.7	10.8	5.1	5.7	11.7	4.1	3.8	2.0	3.2	0.8
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	5.3	4.9	5.1	5.8	26.0	27.6	26.9	24.7	24.9	25.2	24.4	24.8
10. Short-term borrowings and financial leases	809.7	681.1	720.6	606.4	620.9	572.2	567.6	622.7	642.1	628.1	661.6	497.3
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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	618.3	762.5	762.8	921.6	921.6	1,007.1	1,007.7	995.1	995.1	1,072.1	1,072.0	1,112.6
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	1.9	2.2	2.2	1.7	1.7	2.0	2.6	2.6	2.6	2.9	2.8	2.8
8. Long-term borrowings and financial leases	616.4	760.3	760.3	919.6	919.6	1,004.8	1,004.8	992.2	992.2	1,068.9	1,068.9	1,109.5
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	—	—	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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)	1,294.7	1,288.2	1,284.2	1,289.4	1,287.7	1,281.2	1,270.3	1,261.8	1,261.9	1,261.2	1,241.1	1,232.5
I. Owner's equity	1,294.7	1,288.2	1,284.2	1,289.4	1,287.7	1,281.2	1,270.3	1,261.8	1,261.9	1,261.2	1,241.1	1,232.5
1. Owner's capital	1,167.0	1,167.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0
- Common stock with voting right	1,167.0	1,167.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0	1,133.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	25.7	25.7	25.7	25.7	25.7	25.7	25.7	25.7	25.7	25.7	25.7	25.7
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	38.5	38.5	38.5	38.5	38.5	38.5	38.5	38.5	38.5	38.5	38.5	38.5
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	63.4	57.0	79.6	84.7	83.0	76.5	65.6	57.1	57.2	56.5	36.4	27.7
- Accumulated retained earning at the end of the previous period	30.9	30.9	65.0	65.0	43.3	43.3	43.3	43.3	4.0	4.0	4.0	4.0
- Undistributed earnings in this period	32.6	26.1	14.5	19.7	39.7	33.1	22.2	13.7	53.2	52.6	32.4	23.8
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	—	—	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5
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)	3,128.8	3,197.1	3,258.5	3,213.9	3,209.4	3,248.9	3,220.0	3,192.7	3,184.3	3,263.1	3,217.8	3,250.8

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	12.7	22.6	-15.0	19.7	12.2	15.6	8.4	13.7	-12.3	15.6	22.7	23.8
Depreciation of Fixed Assets and Investment Property	5.1	5.3	10.0	7.2	6.9	7.3	7.5	7.5	7.6	7.8	8.2	8.4
Provision (Increase)/Reversal	-2.1	-0.2	18.3	—	12.9	-2.8	10.7	-7.8	28.0	-0.7	0.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	5.4	—	2.4	—	6.4	-4.2	4.2	0.0	2.1	-1.1	1.1	0.0
Gain/Loss from Investment Activities	-0.0	-2.3	-0.0	-0.0	-0.2	-0.0	-0.4	-0.1	-0.6	-0.0	-3.1	0.6
Interest Expense	8.8	10.3	10.7	8.5	10.2	8.8	8.8	8.8	7.3	13.5	10.6	9.2
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	32.2	33.4	26.3	35.4	48.4	24.7	39.2	22.2	32.1	35.1	40.2	42.0
Increase/(Decrease) in Receivables	129.6	2.2	-138.8	-60.6	201.8	-8.8	-13.3	-213.8	278.8	-215.9	234.7	-493.2
Increase/(Decrease) in Inventory	30.6	41.3	-31.3	-37.3	64.0	-9.6	14.0	31.3	28.4	9.6	-61.9	19.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-118.6	1.2	57.7	36.0	-22.8	27.6	40.0	45.3	-25.5	49.9	-165.8	119.3
Increase/(Decrease) in Prepaid Expenses	-0.0	1.7	-0.9	2.6	-2.3	1.9	1.9	1.4	5.1	0.2	-3.9	-3.6
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	1.5	-2.7	-3.6	-3.5	-8.9	-14.3	-0.7	-11.5	-4.7	-15.3	-8.8	-10.9
Corporate Income Tax Paid	0.0	0.0	-5.3	—	0.0	0.0	0.0	-11.5	0.0	-0.0	0.0	-11.7
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	75.3	77.1	-95.9	-27.3	280.0	21.5	81.2	-136.6	314.1	-136.4	34.5	-338.4
Payments for Fixed Assets and Other Long-term Assets	3.0	-53.1	-19.2	-22.5	-38.0	-19.3	-41.0	-32.4	-52.2	-31.0	-69.5	-36.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	2.3	—	—	0.0	0.0	0.1	0.0	-0.0	0.0	5.9	-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	0.0	0.0	70.0	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	5.5	17.0	—	—	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	0.2	0.0	0.3	0.1	0.6	0.0	3.0	0.4
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	8.5	-33.8	-19.2	-22.5	-37.8	-19.3	-40.6	-32.2	-51.6	-31.0	9.5	-36.7
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	178.9	225.0	219.9	165.8	271.9	181.2	161.7	70.7	239.5	275.0	331.0	521.1
Repayment of Borrowings	-194.1	-264.5	-265.0	-180.2	-308.5	-176.7	-204.2	-90.1	-302.2	-310.5	-205.3	-241.0
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	-0.0	-0.0	-0.1	-56.0
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	-15.3	-39.5	-45.1	-14.5	-36.6	4.6	-42.5	-19.3	-62.8	-35.6	125.5	224.1
Net Cash Flow During the Period	68.5	3.7	-160.2	-64.3	205.7	6.8	-2.0	-188.2	199.7	-202.9	169.5	-151.0
Cash and Cash Equivalents at Beginning of Period	5.2	3.9	164.2	228.5	206.2	206.2	206.2	206.2	190.9	190.9	190.9	190.9
FX Difference from Revaluation	-0.0	—	0.0	—	-0.0	-0.1	0.1	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	73.6	5.2	3.9	164.2	228.5	22.8	16.1	18.0	206.2	6.5	209.4	39.9

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PBC

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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