PGS

Listed Company · HNX

Price

52,800

Latest close

01 Apr 2026

P/E 25.4x

EPS (TTM) 2,079

ROE (TTM) 11.3%

P/B 2.6x

BVPS (Latest) 20,375

ROA (TTM) 4.3%

What Is Changing

PGS has not yet shown a broad-based top-line recovery. Revenue posted -4.3% YoY, but net margin reached 1.87% with an additional +0.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -0.8% in 2025 from 9.2% in the prior period, at VND 115.0bn.

Metric	2025	2024	2023	2022	2021
Revenue	6,162.3	6,438.7	5,677.4	6,820.7	5,614.8
Growth	-4%	+13%	-17%	+21%	—
Net Income	115.0	116.0	106.2	98.9	79.4
Net Margin	1.87%	1.80%	1.87%	1.45%	1.41%

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	1,433.9	1,493.5	1,677.8	1,557.1	1,709.9	1,641.7	1,612.0	1,475.1	1,511.4	1,379.7	1,322.9	1,463.4
Growth	-4%	-11%	+8%	-9%	+4%	+2%	+9%	-2%	+10%	+4%	-10%	—
Net Income	14.1	36.4	35.3	29.2	18.4	35.4	33.6	28.5	19.1	27.1	26.9	33.1
Net Margin	0.98%	2.43%	2.11%	1.88%	1.08%	2.16%	2.09%	1.93%	1.26%	1.96%	2.03%	2.26%

Financial Statements

Profitability

Net margin reached 1.87% while Revenue posted -4.3% YoY.

Balance Sheet

Inventory stood at 134.6bn, liabilities at 1,535.1bn, and equity at 1,018.7bn.

Cash Flow

Operating cash flow was 20.2bn in 2025, while investing cash flow was -125.4bn.

Financing cash flow: -189.3bn.

Item	2025	2024	2023	2022	2021
Revenue	6,393.8	6,659.7	5,905.2	7,024.2	5,858.3
Revenue Deductions	231.5	221.1	227.9	203.5	0.0
Net Revenue	6,162.3	6,438.7	5,677.4	6,820.7	5,614.8
Cost of Goods Sold	5,240.4	5,495.1	4,792.2	5,973.5	0.0
Gross Profit	921.9	943.6	885.2	847.2	774.6
Financial Income	27.6	14.5	10.4	10.6	4.3
Financial Expenses	16.9	9.2	12.8	10.4	-12.2
Interest Expense	16.7	9.0	12.8	8.2	-12.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	702.1	684.5	655.8	632.6	-595.3
General and Administrative Expenses	94.9	123.5	86.5	96.1	-73.4
Operating Profit	135.5	140.9	140.5	118.7	98.0
Other Income	6.4	8.9	5.1	6.3	0.0
Other Expenses	0.2	1.0	0.1	1.0	0.0
Other Profit	6.2	7.9	5.1	5.4	1.7
Profit Before Tax	141.7	148.9	145.6	124.1	99.7
Current Income Tax Expense	28.3	39.0	31.1	21.1	-20.3
Deferred Income Tax Expense	-1.6	-6.1	8.3	4.2	0.0
Net Income	115.0	116.0	106.2	98.9	79.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	115.0	116.0	106.2	98.9	79.4
Earnings per Share	2,080.00	2,099.00	1,903.00	1,717.00	1,306.00
Diluted EPS	2,080.00	2,099.00	1,903.00	1,717.00	1,587.03

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,520.5	1,769.3	1,578.5	1,161.1	1,179.7
I. Cash and cash equivalents	637.4	932.0	761.4	331.0	421.2
1. Cash	235.4	175.2	261.4	236.0	0.0
2. Cash equivalents	402.0	756.8	500.0	95.0	0.0
II. Short-term financial investments	188.0	58.5	58.5	38.0	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	188.0	58.5	58.5	38.0	0.0
III. Short-term receivables	507.9	613.9	619.7	604.6	508.8
1. Short-term trade accounts receivable	527.8	624.6	546.8	560.9	0.0
2. Short-term prepayments to suppliers	22.3	32.9	36.1	41.6	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	9.6	10.4	58.5	22.7	0.0
7. Provision for short-term doubtful debts (*)	-51.8	-53.9	-21.7	-20.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	134.6	122.2	92.4	130.6	152.4
1. Inventories	136.4	125.3	98.6	135.3	0.0
2. Provision for decline in value of inventories	-1.8	-3.2	-6.2	-4.7	0.0
V. Other short-term assets	52.6	42.8	46.6	56.9	59.7
1. Short-term prepayments	11.3	6.5	5.1	5.4	0.0
2. Value added tax to be reclaimed	39.6	35.1	40.2	45.3	0.0
3. Taxes and other receivables from state authorities	1.7	1.2	1.2	6.2	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)	1,033.3	1,072.1	1,159.1	1,228.4	1,234.6
I. Long-term receivables	19.9	3.2	3.5	3.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.3
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	19.9	3.2	3.5	3.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	330.3	382.4	382.5	390.3	427.8
1. Tangible fixed assets	302.3	356.6	357.4	363.5	399.3
- Cost	2,096.6	2,081.1	2,013.0	1,963.1	0.0
- Accumulated depreciation	-1,794.3	-1,724.5	-1,655.7	-1,599.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	28.1	25.8	25.2	26.7	28.6
- Cost	47.7	43.8	41.5	44.1	0.0
- Accumulated depreciation	-19.6	-18.0	-16.4	-17.3	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	40.7	39.0	82.0	62.0	8.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	40.7	39.0	82.0	62.0	0.0
V. Long-term financial investments	1.0	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	50.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	-50.0	0.0
5. Held to maturity investments	1.0	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	641.3	647.5	691.1	772.7	0.0
1. Long-term prepayments	626.0	633.8	683.5	756.8	0.0
2. Deferred income tax assets	15.3	13.7	7.6	15.9	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	795.2
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)	2,553.8	2,841.4	2,737.6	2,389.5	2,414.2
A. LIABILITIES (300=210+330)	1,535.1	1,826.7	1,727.9	1,370.5	1,407.3
I. Short -term liabilities	1,423.2	1,668.2	1,528.2	1,140.4	1,173.3
1. Short-term trade accounts payable	722.8	848.9	698.4	694.9	980.8
2. Short-term advances from customers	18.2	7.3	2.6	2.0	4.2
3. Taxes and other payables to state authorities	5.0	16.9	10.4	1.8	0.0
4. Payable to employees	70.4	56.5	49.1	47.4	0.0
5. Short-term acrrued expenses	131.7	192.8	162.8	103.7	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	7.5	6.7	23.1	8.8	0.0
10. Short-term borrowings and financial leases	448.8	528.5	564.8	268.8	48.0
11. Provision for short-term liabilities	9.5	0.0	4.8	0.0	0.0
12.. Bonus and welfare fund	9.3	10.6	12.1	13.2	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	111.9	158.5	199.6	230.0	234.1
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	109.5	146.4	177.9	210.9	0.0
8. Long-term borrowings and financial leases	2.4	12.1	21.8	19.2	0.0
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)	1,018.7	1,014.7	1,009.8	1,019.0	1,006.9
I. Owner's equity	1,018.7	1,014.7	1,009.8	1,019.0	0.0
1. Owner's capital	500.0	500.0	500.0	500.0	1,006.9
- Common stock with voting right	500.0	500.0	500.0	500.0	500.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	45.6	45.6	45.6	45.6	45.6
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	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	362.9	362.9	362.9	362.9	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	110.2	106.2	101.3	110.5	98.4
- Accumulated retained earning at the end of the previous period	1.7	1.3	6.1	24.6	29.0
- Undistributed earnings in this period	108.5	105.0	95.2	85.9	69.4
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)	2,553.8	2,841.4	2,737.6	2,389.5	2,414.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	141.7	148.9	145.6	124.1	99.7
Depreciation of Fixed Assets and Investment Property	77.1	73.0	66.8	84.5	87.3
Provision (Increase)/Reversal	6.1	24.4	7.4	-24.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	0.0	0.1	0.0
Gain/Loss from Investment Activities	-27.3	-14.4	-8.8	-11.1	0.0
Interest Expense	16.7	9.0	12.8	8.2	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	214.3	240.8	223.7	181.2	207.7
Increase/(Decrease) in Receivables	85.8	-21.9	2.7	-97.0	0.0
Increase/(Decrease) in Inventory	-11.1	-26.8	36.7	22.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-207.6	146.7	29.0	-246.7	0.0
Increase/(Decrease) in Prepaid Expenses	2.9	48.4	73.5	20.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-16.8	-9.1	-13.0	-7.3	0.0
Corporate Income Tax Paid	-35.0	-34.4	-20.4	-35.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-12.3	-12.4	-6.9	-10.4	0.0
Net Cash Flow from Operating Activities	20.2	331.3	325.3	-172.3	659.7
Payments for Fixed Assets and Other Long-term Assets	-23.1	-30.0	-81.2	-97.1	-45.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.2	1.9	2.2	13.1
Loans and Purchases of Debt Instruments	-131.1	-100.0	-20.5	-0.3	-30.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.5	100.0	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	27.8	15.1	6.1	10.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-125.4	-14.7	-93.6	-85.3	-58.7
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	1,692.1	1,326.8	1,205.2	979.6	1,154.5
Repayment of Borrowings	-1,781.5	-1,372.8	-906.5	-739.6	-1,650.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-100.0	-100.0	-100.0	-72.6	-50.0
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	-189.3	-146.0	198.7	167.4	-545.6
Net Cash Flow During the Period	-294.6	170.6	430.3	-90.2	79.0
Cash and Cash Equivalents at Beginning of Period	932.0	761.4	331.0	421.2	365.9
FX Difference from Revaluation	-0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	637.4	932.0	761.4	331.0	421.2

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	1,494.1	1,561.4	1,732.9	1,605.5	1,769.9	1,705.5	1,667.4	1,517.0	1,562.7	1,438.0	1,394.6	1,510.0
Revenue Deductions	60.2	67.9	55.1	48.4	60.0	63.8	55.3	41.9	51.3	58.3	71.7	46.6
Net Revenue	1,433.9	1,493.5	1,677.8	1,557.1	1,709.9	1,641.7	1,612.0	1,475.1	1,511.4	1,379.7	1,322.9	1,463.4
Cost of Goods Sold	1,220.0	1,266.9	1,443.6	1,310.0	1,476.1	1,390.4	1,381.5	1,247.1	1,308.4	1,137.9	1,110.3	1,235.6
Gross Profit	213.9	226.6	234.2	247.2	233.8	251.3	230.6	228.0	203.0	241.8	212.6	227.8
Financial Income	7.6	7.7	6.3	6.1	5.2	4.4	2.4	2.5	4.2	1.8	2.5	1.9
Financial Expenses	4.7	4.3	4.2	3.7	2.8	2.6	1.7	2.1	3.5	2.4	3.2	3.7
Interest Expense	4.7	4.2	4.1	3.7	2.7	2.6	1.7	2.1	3.5	2.3	3.2	3.7
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	180.0	161.6	169.4	191.2	181.6	183.7	163.1	171.1	150.4	187.9	155.5	161.9
General and Administrative Expenses	20.8	23.4	27.3	23.4	32.0	24.2	28.7	23.5	17.5	19.3	25.8	23.9
Operating Profit	15.9	45.0	39.7	34.9	22.6	45.1	39.5	33.8	35.8	34.1	30.5	40.1
Other Income	2.0	0.9	1.8	1.8	3.7	0.5	2.9	1.9	1.5	0.0	3.8	1.3
Other Expenses	0.0	0.2	0.0	0.0	0.3	0.6	0.1	0.0	1.4	0.0	0.0	0.0
Other Profit	2.0	0.7	1.8	1.7	3.4	-0.1	2.8	1.9	0.1	-0.0	3.8	1.3
Profit Before Tax	17.9	45.7	41.5	36.7	26.0	45.0	42.3	35.7	35.8	34.1	34.3	41.4
Current Income Tax Expense	6.7	9.2	5.0	7.5	14.7	9.6	7.5	7.1	9.7	7.0	6.2	8.2
Deferred Income Tax Expense	-2.8	0.1	1.2	-0.1	-7.2	-0.1	1.1	0.0	7.1	-0.0	1.2	0.1
Net Income	14.1	36.4	35.3	29.2	18.4	35.4	33.6	28.5	19.1	27.1	26.9	33.1
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	14.1	36.4	35.3	29.2	18.4	35.4	33.6	28.5	19.1	27.1	26.9	33.1
Earnings per Share	98.00	724.00	682.00	575.00	167.00	702.00	669.00	561.00	202.00	536.00	503.00	632.00
Diluted EPS	281.69	727.16	706.44	584.76	367.99	708.49	672.88	569.97	382.31	542.22	537.27	661.41

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)	1,521.6	1,673.5	1,872.9	1,582.7	1,769.3	1,379.2	1,458.7	1,369.0	1,577.9	1,139.6	1,197.7	1,223.0
I. Cash and cash equivalents	637.4	841.8	921.0	627.4	932.0	513.4	454.6	389.1	761.4	275.8	431.3	300.5
1. Cash	235.4	223.6	212.8	209.4	175.2	198.4	214.6	279.1	261.4	235.3	224.3	235.0
2. Cash equivalents	402.0	618.2	708.2	418.0	756.8	315.0	240.0	110.0	500.0	40.5	207.0	65.5
II. Short-term financial investments	188.0	58.0	59.0	58.6	58.5	58.5	58.5	58.5	58.5	8.0	8.5	38.0
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	188.0	58.0	59.0	58.6	58.5	58.5	58.5	58.5	58.5	8.0	8.5	38.0
III. Short-term receivables	509.0	600.7	732.2	708.2	613.9	656.6	778.7	747.9	620.4	710.5	594.0	701.8
1. Short-term trade accounts receivable	527.8	611.4	727.6	707.9	585.5	591.3	613.2	617.4	547.5	564.7	517.1	590.3
2. Short-term prepayments to suppliers	22.3	32.4	34.5	40.7	32.9	35.6	26.2	38.8	36.1	49.5	46.9	56.3
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	100.0	50.0	0.0	65.0	0.0	0.0
6. Other short-term receivables	10.7	11.2	24.3	13.4	49.4	55.0	64.4	63.3	58.5	53.3	52.4	76.2
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	-25.2	0.0	-21.7	0.0	0.0	-21.0
8. Assets awaiting resolution	-51.8	-54.3	-54.3	-53.9	-53.9	-25.2	-25.2	-21.7	0.0	-22.1	-22.4	0.0
IV. Inventories	134.6	129.0	118.9	137.6	122.2	104.7	115.4	114.9	91.1	95.9	117.0	129.2
1. Inventories	136.4	131.5	122.0	140.0	125.3	107.7	118.4	121.1	97.3	99.3	121.7	139.4
2. Provision for decline in value of inventories	-1.8	-2.4	-3.1	-2.5	-3.2	-3.0	-3.0	-6.2	-6.2	-3.5	-4.7	-10.2
V. Other short-term assets	52.6	43.9	41.7	51.0	42.8	46.1	51.6	58.6	46.6	49.5	46.9	53.7
1. Short-term prepayments	11.3	12.3	13.7	19.0	6.5	11.4	13.8	16.6	5.1	8.3	6.1	10.8
2. Value added tax to be reclaimed	39.6	30.3	26.1	30.9	35.1	33.5	36.5	40.5	40.2	39.8	39.2	41.7
3. Taxes and other receivables from state authorities	1.7	1.3	2.0	1.2	1.2	1.2	1.3	1.6	1.2	1.3	1.6	1.2
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)	1,033.3	993.9	1,004.3	1,040.7	1,072.1	1,092.8	1,131.3	1,144.7	1,159.1	1,154.8	1,167.0	1,196.1
I. Long-term receivables	19.9	20.3	3.8	3.2	3.2	3.2	3.3	3.4	3.5	3.2	3.0	3.3
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	19.9	20.3	3.8	3.2	3.2	3.2	3.3	3.4	3.5	3.2	3.0	3.3
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	330.3	339.3	351.8	366.2	382.4	394.1	363.5	369.5	382.5	353.8	361.9	373.3
1. Tangible fixed assets	302.3	310.9	326.6	340.7	356.6	368.1	337.2	344.8	357.4	328.2	336.1	347.0
- Cost	—	—	—	—	2,079.4	2,074.8	2,022.0	2,015.7	2,013.0	1,969.7	1,962.7	1,963.6
- Accumulated depreciation	—	—	—	—	-1,722.8	-1,706.8	-1,684.8	-1,670.9	-1,655.7	-1,641.5	-1,626.6	-1,616.7
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	28.1	28.4	25.2	25.5	25.8	26.0	26.4	24.7	25.2	25.6	25.9	26.3
- 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
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	40.7	33.1	34.8	39.2	39.0	38.8	90.2	83.7	82.0	84.4	70.4	63.0
1. Long-term production in progress	40.7	33.1	34.8	39.2	39.0	38.8	90.2	83.7	82.0	84.4	70.4	63.0
2. Construction in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	1.0	1.0	—	—	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	50.0	50.0	50.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-50.0	-50.0	-50.0
5. Held to maturity investments	1.0	1.0	—	—	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	641.3	600.2	613.9	632.0	647.5	656.7	674.4	688.1	691.1	713.4	731.8	756.6
1. Long-term prepayments	626.0	587.7	601.3	618.3	633.8	650.1	668.0	680.5	683.5	698.8	717.1	740.8
2. Deferred income tax assets	15.3	12.5	12.6	13.8	13.7	6.5	6.5	7.6	7.6	14.7	14.6	15.8
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)	2,554.9	2,667.3	2,877.1	2,623.4	2,841.4	2,472.0	2,590.0	2,513.7	2,737.1	2,294.4	2,364.7	2,419.2
A. LIABILITIES (300=210+330)	1,536.1	1,653.5	1,899.5	1,579.9	1,826.7	1,465.7	1,618.7	1,550.9	1,727.3	1,294.8	1,391.9	1,373.0
I. Short -term liabilities	1,424.2	1,529.2	1,760.0	1,431.1	1,668.2	1,295.2	1,438.4	1,363.5	1,527.6	1,084.0	1,172.9	1,141.5
1. Short-term trade accounts payable	722.8	791.7	878.7	852.7	848.9	803.6	754.4	734.9	698.4	628.2	493.1	783.7
2. Short-term advances from customers	18.2	8.2	6.5	7.3	7.3	1.8	1.8	2.0	2.1	2.0	1.5	1.5
3. Taxes and other payables to state authorities	5.0	9.2	8.2	5.7	16.9	10.4	5.7	9.4	10.4	7.4	3.4	7.5
4. Payable to employees	70.4	68.6	67.4	58.1	56.5	73.7	54.5	42.1	49.1	58.0	50.8	47.6
5. Short-term acrrued expenses	131.7	200.0	234.7	236.7	192.8	214.7	232.6	202.7	162.8	171.2	162.2	151.0
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	8.6	8.7	7.0	6.1	6.7	6.7	8.0	82.6	23.1	26.2	109.7	8.3
10. Short-term borrowings and financial leases	448.8	438.1	552.4	257.4	528.5	175.4	371.4	277.7	564.8	183.7	343.2	131.6
11. Provision for short-term liabilities	9.5	—	—	—	0.0	4.4	4.6	4.8	4.8	0.0	0.0	0.0
12.. Bonus and welfare fund	9.3	4.6	5.1	6.9	10.6	4.6	5.5	7.4	12.1	7.2	8.9	10.3
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	111.9	124.3	139.5	148.8	158.5	170.5	180.4	187.4	199.6	210.8	219.0	231.5
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	2.4	4.8	7.3	9.7	0.0	14.5	16.9	19.4	0.0	24.2	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	109.5	119.5	132.3	139.1	146.4	156.0	163.4	168.1	177.9	186.6	192.4	203.4
8. Long-term borrowings and financial leases	—	—	—	—	12.1	0.0	16.9	0.0	21.8	0.0	26.6	28.1
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)	1,018.7	1,013.8	977.6	1,043.5	1,014.7	1,006.4	971.3	962.8	1,009.8	999.7	972.8	1,046.2
I. Owner's equity	1,018.7	1,013.8	977.6	1,043.5	1,014.7	1,006.4	971.3	962.8	1,009.8	999.7	972.8	1,046.2
1. Owner's capital	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0
- Common stock with voting right	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	45.6	45.6	45.6	45.6	45.6	45.6	45.6	45.6	45.6	45.6	45.6	45.6
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	-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	362.9	362.9	362.9	362.9	362.9	362.9	362.9	362.9	362.9	362.9	362.9	362.9
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	110.2	105.3	69.1	135.0	106.2	97.9	62.7	54.3	101.3	91.1	64.3	137.7
- Accumulated retained earning at the end of the previous period	1.7	6.2	6.2	106.2	1.3	1.3	1.3	26.3	6.1	6.1	6.1	106.1
- Undistributed earnings in this period	108.5	99.1	62.9	28.8	105.0	96.6	61.5	28.0	95.2	85.0	58.2	31.6
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	—	—	—	—	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)	2,554.9	2,667.3	2,877.1	2,623.4	2,841.4	2,472.0	2,590.0	2,513.7	2,737.1	2,294.4	2,364.7	2,419.2

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	17.9	45.7	41.5	36.7	26.0	45.0	42.3	35.7	35.8	34.1	34.3	41.4
Depreciation of Fixed Assets and Investment Property	19.3	19.3	19.2	19.2	17.4	22.6	17.1	15.9	16.3	15.7	16.4	18.4
Provision (Increase)/Reversal	6.4	-0.7	1.1	-0.7	24.5	-0.2	0.0	-0.0	7.2	-1.5	-4.2	5.9
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	-0.0	0.0	-0.0	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-7.2	-8.2	-6.2	-5.7	-5.3	-4.6	-1.2	-3.6	-2.2	-2.6	-2.1	-1.9
Interest Expense	4.7	4.2	4.1	3.7	2.7	2.6	1.7	2.1	3.5	2.3	3.2	3.7
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	41.2	60.3	59.6	53.2	65.3	65.4	60.0	50.0	60.6	48.0	47.6	67.5
Increase/(Decrease) in Receivables	85.3	111.5	-21.0	-90.1	12.7	22.2	21.8	-78.7	20.8	-56.6	127.3	-88.8
Increase/(Decrease) in Inventory	-5.0	-9.4	18.0	-14.7	-17.7	10.7	2.7	-22.5	0.7	22.3	17.7	-4.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-142.2	-133.0	28.9	38.8	-1.4	48.5	49.1	45.5	29.4	166.6	-291.2	124.2
Increase/(Decrease) in Prepaid Expenses	-37.3	15.0	22.2	3.0	21.3	20.2	15.4	-8.4	18.4	16.2	28.3	10.5
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.7	-4.3	-3.9	-3.9	-2.7	-2.5	-1.7	-2.2	-3.3	-3.2	-2.3	-4.2
Corporate Income Tax Paid	-9.2	-5.0	-5.2	-15.6	-9.1	-8.0	-7.1	-10.2	-7.8	-5.0	-7.1	-0.6
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-4.5	-0.6	-3.0	-4.2	0.4	-1.1	-1.7	-5.2	3.1	-2.0	-1.6	-6.4
Net Cash Flow from Operating Activities	-76.3	34.4	95.7	-33.6	68.9	155.3	138.4	-31.7	122.0	186.3	-81.1	98.1
Payments for Fixed Assets and Other Long-term Assets	-14.1	-5.1	-0.4	-3.5	-5.9	-1.2	-18.2	-4.6	-30.8	-18.0	-30.1	-2.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.4	0.0	0.0	0.1	0.0	0.1	0.0	1.5	-0.2	0.6	0.0
Loans and Purchases of Debt Instruments	-130.5	0.5	-1.0	-0.1	0.0	0.0	-50.0	-50.0	44.5	-65.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	—	0.5	—	0.0	100.0	0.0	0.0	-30.0	0.5	29.5	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	7.8	7.7	6.3	6.1	4.8	3.8	3.1	3.6	-0.4	2.8	1.9	1.9
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	-136.3	3.0	5.4	2.5	-1.0	102.6	-65.0	-51.0	-15.2	-79.9	1.9	-0.4
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	439.2	428.5	540.3	284.2	531.3	160.9	364.1	270.4	546.0	183.2	339.3	136.7
Repayment of Borrowings	-430.9	-545.1	-247.8	-557.7	-180.6	-359.3	-272.9	-560.0	-167.3	-345.1	-129.2	-264.9
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	-100.0	—	0.0	-0.8	-99.2	0.0	0.0	-100.0	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	8.3	-116.7	192.5	-273.5	350.7	-199.2	-7.9	-289.6	378.7	-261.8	210.0	-128.2
Net Cash Flow During the Period	-204.4	-79.2	293.6	-304.6	418.6	58.8	65.5	-372.3	485.5	-155.4	130.8	-30.6
Cash and Cash Equivalents at Beginning of Period	841.8	921.0	627.4	932.0	761.4	761.4	761.4	761.4	331.0	331.0	331.0	331.0
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	637.4	841.8	921.0	627.4	932.0	513.4	454.6	389.1	761.4	275.8	431.3	300.5

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