PNP

Tân Cảng - Phú Hữu ·UPCOM ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT 1.52x

Price

20,400

Latest close

03 Jun 2026

P/E 7.31x

P/B 1.33x

EPS 2,792

BVPS 15,319

ROE 18.6%

ROA 13.4%

Profit Margin 12.5%

Asset Turnover 1.07x

Equity Mult. 1.39x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, PNP shows mild improvement in both revenue and margins, but the magnitude of change is narrow — profit is at an all-time high. This signal only becomes convincing if the improvement widens in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 360bn
	                                
+4.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 45bn
	                                
+9.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	352.7	356.5	345.2	339.9	335.2
Growth	-1%	+3%	+2%	+1%	—
Net Income	43.0	42.0	41.3	41.0	40.6
Net Margin	12.19%	11.77%	11.95%	12.07%	12.10%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	87.9	95.7	86.5	90.1	80.4	87.3	91.5	86.1	91.4	98.5	88.2	83.6
Growth	-8%	+11%	-4%	+12%	-8%	-5%	+6%	-6%	-7%	+12%	+5%	—
Net Income	11.4	11.4	10.5	11.7	10.0	9.0	11.4	10.8	11.8	9.8	10.7	11.0
Net Margin	13.01%	11.89%	12.11%	12.95%	12.47%	10.31%	12.43%	12.51%	12.93%	9.94%	12.08%	13.16%

Drivers of PNP's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 9.7bn

Financial income ↑ 1.8bn

Finance costs ↓ 0.9bn

Administrative expenses ↑ 7.5bn

Tax ↑ 0.8bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 2.7bn

Financial income ↑ 0.4bn

Administrative expenses ↑ 1.3bn

Tax ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 17.5% = 11.9% × 1.02 × 1.44

2026Q1 18.6% = 12.5% × 1.07 × 1.39

ROE rose from 17.5% to 18.6% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 12.5% +0.6pp Asset turnover: 1.07x +0.05x Leverage: 1.39x -0.05x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 12.48%, rising 0.6pp. Core operating signals are improving as Gross margin rose 1.7pp are enough to offset pressure from SG&A / Revenue rose 1.7pp (in addition, Net financial result / Revenue rose 0.8pp added support while Other profit / Revenue fell 0.1pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 12.48% +0.6pp

Gross Margin 26.04% +1.7pp

SG&A / Revenue 10.37% +1.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 7.1 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 25.09%, rising 6.0pp. That translates to 25.09 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.6pp and capital turnover rose 0.40x, with invested capital holding roughly steady — capital-return quality improved from both sides.

Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.

CAPITAL EFFICIENCY TREND

ROIC 25.09% +6.0pp

NOPAT Margin 12.59% +0.6pp

Capital Turnover 1.99x +0.40x

Average Invested Capital 180.7bn −35.6bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.54x equity, with a net cash position equivalent to 0.21x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 7.1 days versus the same period last year. The main moves came from DIO rose 0.3 days, DSO rose 0.8 days, and DPO fell 6.0 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +7.1 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 46.5 days +0.8 days

Inventory 1.2 days +0.3 days

Payables 24.2 days −6.0 days

Cash Conversion Cycle 23.6 days +7.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 176.7bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.21x and interest coverage at 12.54x.

At present, short-term debt accounts for 22.7% of total debt, cash equals 180.9% of debt, and total debt stands at 63.6bn.

Leverage and liquidity trend

Net Debt / Equity -0.21x +0.09x

Interest Coverage 12.54x +3.05x

Cash / Debt 180.9% −52.4pp

Short-term Debt / Total Debt 22.7% −4.6pp

CFO / NI 1.52x +0.21x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 176.7bn in 2025, against investing cash flow of -36.2bn.

Post-investment cash flow was positive +140.5bn. Financing cash flow was negative +40.2bn.

CFO / net income was 1.52x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 68.5bn +14.4bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.52x. The next item to monitor is cash generation still needs confirmation.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.52x.

Watchpoint: Cash generation still needs confirmation.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	352.7	356.5	345.2	339.9	335.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	352.7	356.5	345.2	339.9	335.2
Cost of Goods Sold	261.5	275.9	266.9	256.8	0.0
Gross Profit	91.2	80.6	78.3	83.0	81.3
Financial Income	4.5	2.5	3.6	2.1	1.0
Financial Expenses	4.5	5.9	8.3	10.0	-10.2
Interest Expense	4.5	5.9	8.3	10.0	-10.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	36.9	28.2	21.6	23.7	-22.1
Operating Profit	54.4	49.0	52.0	51.3	50.0
Other Income	0.0	3.7	0.0	0.0	0.0
Other Expenses	0.5	0.1	0.4	0.0	0.0
Other Profit	-0.5	3.6	-0.4	-0.0	0.7
Profit Before Tax	53.9	52.6	51.6	51.3	50.7
Current Income Tax Expense	10.9	10.7	10.4	10.3	-10.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	43.0	42.0	41.3	41.0	40.6
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	43.0	42.0	41.3	41.0	40.6
Earnings per Share	2,032.00	1,997.00	1,965.00	1,977.00	2,519.62
Diluted EPS	2,670.28	1,997.00	1,965.00	1,977.00	2,519.62

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	209.1	196.3	155.6	117.6	110.5
I. Cash and cash equivalents	175.6	75.3	115.0	69.2	32.2
1. Cash	15.6	5.3	10.0	9.2	0.0
2. Cash equivalents	160.0	70.0	105.0	60.0	0.0
II. Short-term financial investments	0.3	0.3	0.0	10.0	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	0.3	0.3	0.0	10.0	0.0
III. Short-term receivables	27.1	118.8	39.7	38.0	49.1
1. Short-term trade accounts receivable	25.9	117.6	38.6	36.9	0.0
2. Short-term prepayments to suppliers	1.0	0.5	0.3	0.4	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	0.3	0.7	1.0	0.8	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.2	-0.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.6	1.1	0.3	0.0	0.0
1. Inventories	0.6	1.1	0.3	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	5.5	0.9	0.5	0.4	4.2
1. Short-term prepayments	3.0	0.9	0.5	0.4	0.0
2. Value added tax to be reclaimed	2.5	0.0	0.0	0.0	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)	153.4	146.2	193.4	231.9	274.2
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	112.0	142.6	192.0	231.9	273.6
1. Tangible fixed assets	112.0	142.6	192.0	231.9	273.6
- Cost	383.1	381.5	456.7	456.6	0.0
- Accumulated depreciation	-271.0	-238.9	-264.7	-224.8	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	—	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
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	40.5	1.5	1.4	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	40.5	1.5	1.4	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.9	2.1	0.0	0.0	0.0
1. Long-term prepayments	0.9	2.1	0.0	0.0	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	0.5
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)	362.5	342.5	349.0	349.4	384.7
A. LIABILITIES (300=210+330)	126.4	112.5	125.5	131.5	172.7
I. Short -term liabilities	98.9	70.5	69.1	60.6	70.3
1. Short-term trade accounts payable	58.4	36.1	36.5	13.4	25.9
2. Short-term advances from customers	0.6	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.1	5.0	2.8	4.9	0.0
4. Payable to employees	16.8	11.2	9.9	9.0	0.0
5. Short-term acrrued expenses	0.4	0.1	0.0	0.0	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	0.7	0.5	0.5	0.5	0.0
10. Short-term borrowings and financial leases	14.4	14.4	14.4	28.5	29.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.5	3.2	4.9	4.2	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	27.5	42.0	56.4	70.8	102.4
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	27.5	42.0	56.4	70.8	102.4
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
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)	236.0	230.0	223.5	218.0	212.0
I. Owner's equity	236.0	230.0	223.5	218.0	0.0
1. Owner's capital	161.0	161.0	161.0	161.0	212.0
- Common stock with voting right	161,000,000,000.00	161,000,000,000.00	161,000,000,000.00	161,000,000,000.00	161,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
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	46.9	42.2	36.4	30.7	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	28.1	26.8	26.1	26.2	26.5
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	28.1	26.8	26.1	26.2	26.5
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)	362.5	342.5	349.0	349.4	384.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	53.9	52.6	51.6	51.3	0.0
Depreciation of Fixed Assets and Investment Property	32.1	33.1	39.9	41.6	8.6
Provision (Increase)/Reversal	—	-0.1	0.1	0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-4.5	-6.1	-3.6	-2.1	0.0
Interest Expense	4.5	5.9	8.3	10.0	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	86.0	85.4	96.3	100.9	0.0
Increase/(Decrease) in Receivables	89.3	-79.0	-1.9	14.4	0.0
Increase/(Decrease) in Inventory	0.5	-0.8	-0.3	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	28.7	1.0	23.3	-7.6	0.0
Increase/(Decrease) in Prepaid Expenses	-0.9	-2.5	-0.1	0.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-4.5	-5.9	-8.3	-10.0	0.0
Corporate Income Tax Paid	-12.5	-8.4	-11.8	-8.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-9.9	-11.4	-9.2	-11.5	0.0
Net Cash Flow from Operating Activities	176.7	-21.7	88.0	78.6	85.1
Payments for Fixed Assets and Other Long-term Assets	-40.5	-0.2	-1.5	0.0	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	19.8	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-0.3	0.0	-30.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	10.0	20.0	30.0
Investments in Other Entities	—	0.0	0.0	0.0	-75.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	4.3	2.7	3.7	1.7	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	-36.2	22.1	12.1	-8.3	-45.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	-14.4	-14.4	-28.5	-32.6	-22.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-25.8	-25.7	-25.8	-25.7	-16.9
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	-40.2	-40.2	-54.3	-58.3	-39.1
Net Cash Flow During the Period	100.3	-39.8	45.9	12.0	0.0
Cash and Cash Equivalents at Beginning of Period	75.3	115.0	69.2	57.2	10.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	175.6	75.3	115.0	69.2	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	87.9	95.7	86.5	90.1	80.4	87.3	91.5	86.1	91.4	98.5	88.2	83.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	87.9	95.7	86.5	90.1	80.4	87.3	91.5	86.1	91.4	98.5	88.2	83.6
Cost of Goods Sold	65.8	65.3	66.8	68.5	60.9	68.1	67.2	65.0	73.6	78.3	68.1	63.7
Gross Profit	22.1	30.4	19.7	21.6	19.4	19.2	24.4	21.1	17.8	20.2	20.1	19.9
Financial Income	1.1	1.5	1.0	1.2	0.7	1.2	0.5	0.5	0.3	1.2	0.6	1.2
Financial Expenses	1.3	1.0	1.1	1.2	1.2	1.3	1.4	1.5	1.7	1.9	2.0	2.1
Interest Expense	1.3	1.0	1.1	1.2	1.2	1.3	1.4	1.5	1.7	1.9	2.0	2.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	7.6	16.2	6.5	7.0	6.4	8.0	8.9	6.6	5.3	7.1	5.3	5.0
Operating Profit	14.3	14.7	13.1	14.6	12.5	11.1	14.5	13.5	11.2	12.4	13.3	14.0
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	19.9	0.0	0.0	0.0
Other Expenses	0.0	0.5	0.0	—	0.0	-0.1	0.2	0.1	16.3	0.1	0.0	0.3
Other Profit	0.0	-0.5	0.0	0.0	-0.0	0.1	-0.2	-0.1	3.6	-0.1	-0.0	-0.3
Profit Before Tax	14.3	14.2	13.1	14.6	12.5	11.3	14.3	13.5	14.8	12.2	13.3	13.8
Current Income Tax Expense	2.9	2.8	2.6	2.9	2.5	2.3	2.9	2.7	3.0	2.4	2.7	2.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	11.4	11.4	10.5	11.7	10.0	9.0	11.4	10.8	11.8	9.8	10.7	11.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	11.4	11.4	10.5	11.7	10.0	9.0	11.4	10.8	11.8	9.8	10.7	11.0
Earnings per Share	709.96	706.87	650.58	724.69	622.21	559.20	706.33	669.48	733.94	608.33	661.84	683.62
Diluted EPS	709.96	706.87	650.58	724.69	622.21	559.20	706.33	669.48	733.94	608.33	661.84	683.62

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	204.7	209.1	235.0	211.0	184.0	196.7	172.6	176.4	185.2	155.1	140.7	148.6
I. Cash and cash equivalents	115.0	175.9	134.6	127.3	123.2	75.5	97.2	112.7	34.2	10.0	17.5	5.6
1. Cash	10.0	15.6	54.4	17.0	22.9	5.3	16.9	27.7	34.2	10.0	17.5	5.6
2. Cash equivalents	105.0	160.3	80.3	110.3	100.3	70.3	80.3	85.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.3	—	—	—	—	0.0	0.0	0.0	75.0	105.0	85.0	80.0
1. Available for sale securities	—	—	—	—	—	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
3. Held to maturity investments	0.3	—	—	—	—	0.0	0.0	0.0	75.0	105.0	85.0	80.0
III. Short-term receivables	85.9	27.1	98.3	81.2	59.1	118.8	74.6	61.1	75.3	39.8	37.9	63.0
1. Short-term trade accounts receivable	57.9	25.9	92.5	74.1	33.9	117.6	67.0	9.2	52.6	38.6	24.4	53.8
2. Short-term prepayments to suppliers	0.7	1.0	0.4	1.4	0.4	0.5	0.3	2.1	0.4	0.4	2.0	0.7
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	27.5	0.3	5.5	5.9	24.9	0.7	7.5	50.0	22.5	1.0	11.6	8.6
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.8	0.6	0.8	1.0	1.0	1.1	0.3	0.3	0.3	0.1	0.0	0.0
1. Inventories	0.8	0.6	0.8	1.0	1.0	1.1	0.3	0.3	0.3	0.1	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	2.7	5.5	1.3	1.5	0.8	1.2	0.5	2.3	0.5	0.2	0.2	0.1
1. Short-term prepayments	2.3	3.0	1.3	1.4	0.4	1.2	0.5	0.4	0.5	0.2	0.2	0.1
2. Value added tax to be reclaimed	0.4	2.5	—	0.1	0.4	0.0	0.0	1.9	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	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
5. Other short-term assets	—	—	—	—	—	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)	145.1	153.4	121.7	130.1	138.4	145.8	152.3	160.3	168.1	193.9	201.9	211.4
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	—	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
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	104.0	112.0	119.0	127.1	135.1	142.6	150.7	158.7	166.7	192.2	201.9	211.4
1. Tangible fixed assets	104.0	112.0	119.0	127.1	135.1	142.6	150.7	158.7	166.7	192.2	201.9	211.4
- Cost	383.1	—	—	—	—	381.5	381.5	381.5	381.5	456.9	456.6	456.6
- Accumulated depreciation	-279.1	—	—	—	—	-238.9	-230.9	-222.8	-214.8	-264.7	-254.7	-245.3
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	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
- Cost	—	—	—	—	—	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
IV. Long-term assets in progress	40.5	40.5	1.5	1.5	1.5	1.5	1.5	1.4	1.4	1.4	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	40.5	40.5	1.5	1.5	1.5	1.5	1.5	1.4	1.4	1.4	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	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
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	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
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.6	0.9	1.2	1.6	1.8	1.7	0.2	0.2	0.0	0.3	0.0	0.0
1. Long-term prepayments	0.6	0.9	1.2	1.6	1.8	1.7	0.2	0.2	0.0	0.3	0.0	0.0
2. Deferred income tax assets	—	—	—	—	—	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
4. Other long-term assets	—	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	349.7	362.4	356.7	341.1	322.5	342.5	324.9	336.7	353.4	349.1	342.6	360.0
A. LIABILITIES (300=210+330)	103.1	126.8	129.3	94.7	85.9	112.5	99.3	118.4	120.1	125.5	125.7	153.8
I. Short -term liabilities	54.0	99.3	98.2	60.0	47.6	70.5	53.7	69.2	67.3	69.1	67.7	105.2
1. Short-term trade accounts payable	16.5	58.5	38.3	17.7	18.7	36.1	12.9	12.2	24.4	36.6	20.1	21.6
2. Short-term advances from customers	0.6	0.6	0.4	0.0	0.1	0.0	0.0	1.0	2.1	0.0	3.3	0.4
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	3.0	3.1	7.9	10.2	2.6	5.0	9.7	3.8	5.0	2.8	8.8	9.3
4. Payable to employees	6.6	16.8	8.9	7.4	3.8	11.2	5.9	5.2	2.6	9.9	8.8	6.1
5. Short-term acrrued expenses	10.6	0.4	9.1	8.8	5.5	0.1	7.5	4.7	15.2	0.0	6.5	3.5
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.4	0.6	16.7	0.4	0.5	0.5	0.4	26.2	1.0	0.5	0.6	26.1
10. Short-term borrowings and financial leases	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4	14.4	16.5	31.5
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.7	4.9	2.5	1.0	2.0	3.2	2.8	1.6	2.5	4.9	3.0	6.7
13. Price stabilization fund	—	—	—	—	—	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
II. Long-term liabilities	49.1	27.5	31.1	34.7	38.3	42.0	45.6	49.2	52.8	56.4	58.0	48.5
1. Long-term trade payables	—	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	—	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
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	49.1	27.5	31.1	34.7	38.3	42.0	45.6	49.2	52.8	56.4	58.0	48.5
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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
13. Fund for technology development	—	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	246.6	235.7	227.4	246.4	236.6	230.0	225.6	218.3	233.3	223.5	216.9	206.3
I. Owner's equity	246.6	235.7	227.4	246.4	236.6	230.0	225.6	218.3	233.3	223.5	216.9	206.3
1. Owner's capital	161.0	161.0	161.0	161.0	161.0	161.0	161.0	161.0	161.0	161.0	161.0	161.0
- Common stock with voting right	161,000,000,000.00	161,000,000,000.00	161,000,000,000.00	161,000,000,000.00	161,000,000,000.00	161,000,000,000.00	161,000,000,000.00	161,000,000,000.00	161,000,000,000.00	161,000,000,000.00	161,000,000,000.00	161,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	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
8. Investment and development fund	46.9	42.3	42.3	42.2	42.2	42.2	36.4	36.4	36.4	36.4	30.6	30.6
9. Fund to support corporate restructuring	—	—	—	—	—	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
11. Undistributed earnings after tax	38.7	32.4	24.1	43.1	33.3	26.8	28.2	20.9	35.9	26.1	25.3	14.7
- Accumulated retained earning at the end of the previous period	27.3	—	—	26.5	26.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	11.4	32.4	24.1	16.6	6.8	26.8	28.2	20.9	35.9	26.1	25.3	14.7
12. Reserves for investment in construction	—	—	—	—	—	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
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	349.7	362.4	356.7	341.1	322.5	342.5	324.9	336.7	353.4	349.1	342.6	360.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	26.7	—	27.1	—	0.0	-28.2	28.2	0.0	51.6	-24.1	24.1
Depreciation of Fixed Assets and Investment Property	—	16.1	—	16.1	—	0.0	-17.0	17.0	0.0	39.9	-20.5	20.5
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-2.5	—	-2.0	—	0.0	4.4	-4.4	0.0	-3.6	1.9	-1.9
Interest Expense	—	2.1	—	2.4	—	0.0	-3.2	3.2	0.0	8.3	-4.4	4.4
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	—	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
Operating Profit Before Changes in Working Capital	—	42.4	—	43.6	—	0.0	-44.0	44.0	0.0	96.3	-47.1	47.1
Increase/(Decrease) in Receivables	—	52.0	—	37.4	—	0.0	23.6	-23.6	0.0	-1.9	25.2	-25.2
Increase/(Decrease) in Inventory	—	0.1	—	0.4	—	0.0	0.0	0.0	0.0	-0.3	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	38.0	—	-9.2	—	0.0	23.6	-23.6	0.0	23.3	-12.3	12.3
Increase/(Decrease) in Prepaid Expenses	—	-0.8	—	-0.1	—	0.0	0.1	-0.1	0.0	-0.1	-0.3	0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-2.1	—	-2.4	—	0.0	3.2	-3.2	0.0	-8.3	4.4	-4.4
Corporate Income Tax Paid	-2.9	-4.5	-3.5	0.0	-4.5	-2.0	-2.0	-2.0	-2.3	-6.0	-2.0	0.0
Other Operating Receipts	1.6	—	—	—	—	21.7	16.4	-5.1	5.1	-17.9	17.9	-6.0
Other Operating Payments	-7.0	14.0	-16.4	2.5	-10.0	-28.5	-18.2	4.4	-9.7	12.8	-19.2	6.2
Net Cash Flow from Operating Activities	-57.0	97.3	21.8	6.3	51.2	-18.0	34.7	-13.9	-2.3	14.1	50.4	11.1
Payments for Fixed Assets and Other Long-term Assets	—	-40.0	—	-0.5	—	0.0	0.0	0.0	0.0	-1.5	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	-19.8	19.8	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	80.0	-80.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	10.0	-90.0	90.0
Investments in Other Entities	—	—	—	—	—	0.0	-120.3	45.0	-45.0	160.0	-160.0	45.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	2.4	—	2.0	—	0.0	-1.1	1.1	0.0	3.7	-2.1	2.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	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
Net Cash Flow from Investing Activities	—	-26.2	-11.5	31.5	-30.0	10.0	3.8	-9.0	30.0	27.1	-27.1	17.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-5.6	-9.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-16.3	-9.4	—	—	0.0	-25.6	0.0	-0.0	-0.1	-25.7	0.0
Other Financing Receipts	—	—	—	—	—	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
Net Cash Flow from Financing Activities	-3.6	-20.0	-13.0	-3.6	-3.6	-3.6	-29.3	-3.6	-3.6	-3.7	-31.3	-9.7
Net Cash Flow During the Period	-60.6	51.2	-2.7	34.1	17.6	-11.6	9.2	-26.5	24.1	37.5	-8.0	18.6
Cash and Cash Equivalents at Beginning of Period	175.6	54.4	127.0	22.9	5.3	10.0	10.0	115.0	10.0	69.2	9.2	69.2
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	115.0	175.6	54.4	127.0	22.9	5.3	16.9	112.7	34.2	115.0	17.5	85.6

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PNP

What Is Changing

Drivers of PNP's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲

Is capital being used efficiently?

Is capital being deployed efficiently? ▲▲

Balance Sheet ●

Working Capital Efficiency ▼

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Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow