PSE

Listed Company · HNX

Price

10,800

Latest close

01 Apr 2026

P/E 7.6x

EPS (TTM) 1,412

ROE (TTM) 9.5%

P/B 0.8x

BVPS (Latest) 14,024

ROA (TTM) 6.1%

What Is Changing

PSE no longer looks like a business simply rebounding from a weak base. Revenue posted +14.8% YoY, while net margin reached 0.60% with an additional ±0.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 13.9% to VND 21.6bn in 2025.
Revenue growth accelerated to 14.8% in 2025, up 14.5pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	3,610.3	3,145.3	3,137.1	3,749.3	3,101.0
Growth	+15%	+0%	-16%	+21%	—
Net Income	21.6	18.9	12.1	21.3	56.0
Net Margin	0.60%	0.60%	0.38%	0.57%	1.80%

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	736.6	734.2	1,368.8	770.7	718.2	856.6	926.3	644.2	638.4	931.7	919.5	647.4
Growth	+0%	-46%	+78%	+7%	-16%	-8%	+44%	+1%	-31%	+1%	+42%	—
Net Income	4.7	3.7	9.2	4.4	8.0	4.6	4.4	2.0	-1.8	5.6	5.1	3.2
Net Margin	0.64%	0.50%	0.68%	0.57%	1.12%	0.53%	0.48%	0.31%	-0.29%	0.60%	0.56%	0.49%

Financial Statements

Profitability

Net margin reached 0.60% while Revenue posted +14.8% YoY.

Balance Sheet

Inventory stood at 32.9bn, liabilities at 124.0bn, and equity at 175.0bn.

Cash Flow

Operating cash flow was 7.7bn in 2025, while investing cash flow was -1.7bn.

Financing cash flow: -2.9bn.

Item	2025	2024	2023	2022	2021
Revenue	3,673.3	3,187.7	3,176.3	3,788.6	3,127.8
Revenue Deductions	63.0	42.5	39.3	39.3	0.0
Net Revenue	3,610.3	3,145.3	3,137.1	3,749.3	3,101.0
Cost of Goods Sold	3,519.1	3,064.0	3,060.4	3,666.1	0.0
Gross Profit	91.1	81.3	76.6	83.2	118.1
Financial Income	0.1	0.1	0.1	0.4	0.3
Financial Expenses	0.0	0.5	1.4	1.0	-0.0
Interest Expense	—	0.4	1.3	0.9	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	45.5	33.5	37.6	43.3	-39.5
General and Administrative Expenses	22.1	23.4	22.4	21.4	-20.5
Operating Profit	23.6	23.9	15.3	17.9	58.4
Other Income	3.6	0.1	0.4	8.9	0.0
Other Expenses	0.0	0.1	0.2	0.0	0.0
Other Profit	3.6	-0.0	0.2	8.9	11.9
Profit Before Tax	27.2	23.9	15.5	26.8	70.3
Current Income Tax Expense	5.7	5.0	3.4	5.5	-14.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	21.6	18.9	12.1	21.3	56.0
Non-controlling Interest	—	0.0	0.0	0.0	9.1
Profit Attributable to Parent	21.6	18.9	12.1	21.3	46.9
Earnings per Share	1,114.00	1,206.00	773.00	1,364.00	3,468.00
Diluted EPS	1,725.21	1,514.84	965.81	1,705.13	3,750.15

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	277.8	222.6	259.0	293.4	303.6
I. Cash and cash equivalents	21.7	18.6	29.5	39.1	66.8
1. Cash	21.7	18.6	29.5	29.1	0.0
2. Cash equivalents	—	0.0	0.0	10.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	0.0	0.0
III. Short-term receivables	223.2	87.2	196.5	147.6	47.0
1. Short-term trade accounts receivable	123.2	86.5	152.8	115.7	0.0
2. Short-term prepayments to suppliers	100.1	0.7	43.8	30.4	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	0.0	0.0	0.0	1.5	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	32.9	116.8	33.0	103.3	189.6
1. Inventories	34.0	116.8	33.6	110.3	0.0
2. Provision for decline in value of inventories	-1.1	0.0	-0.6	-7.0	0.0
V. Other short-term assets	0.0	0.0	0.0	3.4	0.1
1. Short-term prepayments	0.0	0.0	0.0	0.1	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	3.3	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)	21.2	21.2	22.1	20.8	20.8
I. Long-term receivables	0.5	0.2	0.1	0.1	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	0.5	0.2	0.1	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	18.7	18.1	18.8	18.6	19.2
1. Tangible fixed assets	4.3	3.3	3.6	3.0	3.1
- Cost	39.6	37.4	36.9	35.9	0.0
- Accumulated depreciation	-35.3	-34.1	-33.2	-32.9	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	14.4	14.8	15.2	15.6	16.1
- Cost	20.2	20.2	20.2	20.2	0.0
- Accumulated depreciation	-5.9	-5.4	-5.0	-4.6	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	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	2.0	3.0	3.2	2.1	0.0
1. Long-term prepayments	2.0	3.0	3.2	2.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	1.6
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)	299.0	243.9	281.2	314.3	324.4
A. LIABILITIES (300=210+330)	124.0	72.5	114.9	138.9	134.8
I. Short -term liabilities	124.0	72.4	114.4	138.1	134.8
1. Short-term trade accounts payable	53.9	41.5	43.4	56.7	73.9
2. Short-term advances from customers	37.7	19.0	24.1	38.5	34.8
3. Taxes and other payables to state authorities	4.5	2.7	0.4	0.4	0.0
4. Payable to employees	13.4	4.5	4.6	8.2	0.0
5. Short-term acrrued expenses	0.3	0.2	0.1	0.1	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	11.4	3.0	39.2	28.4	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.8	1.5	2.6	5.8	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	—	0.1	0.6	0.8	0.0
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	—	0.1	0.6	0.8	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	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)	175.0	171.3	166.2	175.3	189.5
I. Owner's equity	175.0	171.3	166.2	175.3	0.0
1. Owner's capital	125.0	125.0	125.0	125.0	189.5
- Common stock with voting right	125.0	125.0	125.0	125.0	125.0
- Preferred stock	—	0.0	0.0	0.0	0.0
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	—	0.0	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	15.8	15.8	15.8	15.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	5.9	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	28.3	30.5	25.4	34.5	48.7
- Accumulated retained earning at the end of the previous period	14.4	15.4	15.8	17.5	5.4
- Undistributed earnings in this period	13.9	15.1	9.7	17.1	43.3
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)	299.0	243.9	281.2	314.3	324.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	27.2	23.9	15.5	26.8	58.6
Depreciation of Fixed Assets and Investment Property	1.6	1.3	2.1	1.9	2.2
Provision (Increase)/Reversal	1.1	-0.6	-6.5	7.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	-0.4	-0.8	0.0
Interest Expense	—	0.4	1.3	0.9	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	29.9	25.1	11.9	35.9	60.7
Increase/(Decrease) in Receivables	-136.4	109.3	-45.6	-104.0	0.0
Increase/(Decrease) in Inventory	82.8	-83.3	76.7	79.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	41.3	-6.1	-37.8	-7.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.7	0.2	-1.0	-0.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.4	-1.3	-0.9	0.0
Corporate Income Tax Paid	-6.6	-2.9	-0.0	-15.7	0.0
Other Operating Receipts	0.2	0.5	2.4	0.0	0.0
Other Operating Payments	-4.3	-5.4	-8.0	-7.1	0.0
Net Cash Flow from Operating Activities	7.7	37.0	-2.7	-20.1	85.8
Payments for Fixed Assets and Other Long-term Assets	-1.7	-0.6	-1.7	-1.4	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.4	0.4	0.0
Loans and Purchases of Debt Instruments	—	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
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	—	0.0	0.0	0.4	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	-1.7	-0.6	-1.3	-0.6	-0.1
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-2.9	-47.2	-5.6	-7.0	-8.6
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	-2.9	-47.2	-5.6	-7.0	-8.6
Net Cash Flow During the Period	3.1	-10.8	-9.7	-27.7	-8.9
Cash and Cash Equivalents at Beginning of Period	18.6	29.5	39.1	66.8	52.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	21.7	18.6	29.5	39.1	66.8

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
Revenue	733.0	741.0	1,413.6	785.7	726.8	868.0	934.9	658.1	638.1	950.4	932.8	655.0
Revenue Deductions	-3.6	6.8	44.8	15.0	8.6	11.4	8.6	13.8	-0.3	18.7	13.3	7.6
Net Revenue	736.6	734.2	1,368.8	770.7	718.2	856.6	926.3	644.2	638.4	931.7	919.5	647.4
Cost of Goods Sold	712.2	716.5	1,339.9	750.4	691.4	836.3	907.4	628.9	619.5	915.8	896.5	628.7
Gross Profit	24.4	17.7	28.9	20.3	26.8	20.3	18.9	15.3	18.9	15.9	23.1	18.7
Financial Income	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.1
Financial Expenses	0.0	—	—	—	0.2	0.0	0.3	0.0	1.0	0.4	0.0	0.0
Interest Expense	—	—	—	—	0.1	0.0	0.3	0.0	0.9	0.4	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	16.9	7.8	11.2	9.5	9.6	8.8	7.6	7.5	9.3	8.8	10.8	8.8
General and Administrative Expenses	5.5	5.3	6.1	5.2	6.9	5.9	5.2	5.3	5.3	5.4	5.7	6.0
Operating Profit	2.0	4.6	11.6	5.5	10.1	5.7	5.7	2.5	3.4	1.4	6.5	3.9
Other Income	4.1	—	0.0	—	0.1	0.0	0.0	0.0	-5.2	5.6	0.0	0.0
Other Expenses	0.0	—	0.0	0.0	0.0	0.0	0.1	0.0	0.2	0.0	0.0	0.0
Other Profit	4.0	—	0.0	-0.0	0.1	0.0	-0.1	0.0	-5.4	5.6	-0.0	0.0
Profit Before Tax	6.1	4.6	11.6	5.5	10.2	5.7	5.6	2.5	-2.0	7.0	6.5	3.9
Current Income Tax Expense	1.3	0.9	2.4	1.1	2.1	1.1	1.2	0.5	-0.2	1.4	1.4	0.8
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.7	3.7	9.2	4.4	8.0	4.6	4.4	2.0	-1.8	5.6	5.1	3.2
Non-controlling Interest	1.2	0.9	2.3	1.1	2.0	1.1	1.1	0.5	-0.5	1.4	1.3	0.8
Profit Attributable to Parent	3.5	2.8	6.9	3.3	6.0	3.4	3.3	1.5	-1.4	4.2	3.9	2.4
Earnings per Share	303.00	235.00	592.00	282.00	514.00	291.00	283.00	129.00	-117.00	359.00	329.00	202.00
Diluted EPS	283.81	220.47	554.66	264.68	481.76	273.00	265.60	120.71	-109.55	336.23	308.65	189.02

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)	278.3	464.6	419.5	300.6	222.6	473.7	607.0	313.0	259.4	512.5	384.4	290.4
I. Cash and cash equivalents	21.7	8.0	36.2	35.4	18.6	38.3	55.4	18.9	29.5	61.0	74.7	72.9
1. Cash	21.7	8.0	36.2	35.4	18.6	38.3	55.4	18.9	29.5	61.0	74.7	72.9
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0
III. Short-term receivables	223.2	290.2	289.4	141.5	87.2	355.3	428.7	230.0	196.5	256.8	234.7	140.8
1. Short-term trade accounts receivable	123.2	216.3	169.4	64.2	86.5	208.8	204.3	156.1	152.8	219.1	204.6	107.4
2. Short-term prepayments to suppliers	100.1	70.9	119.8	63.3	0.7	142.6	219.7	72.6	43.8	37.5	29.8	31.8
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	3.0	0.1	14.0	0.0	3.9	4.7	1.3	0.0	0.2	0.3	1.7
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	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	33.3	163.3	93.9	123.6	116.8	80.0	122.7	64.1	33.0	194.7	73.4	73.4
1. Inventories	34.5	163.3	93.9	123.6	116.8	80.0	122.7	68.7	33.6	198.4	77.1	80.4
2. Provision for decline in value of inventories	-1.1	—	—	—	0.0	0.0	0.0	-4.6	-0.6	-3.7	-3.7	-7.0
V. Other short-term assets	0.0	3.1	0.0	0.1	0.0	0.0	0.3	0.0	0.4	0.0	1.6	3.3
1. Short-term prepayments	0.0	—	0.0	0.1	0.0	0.0	0.0	0.0	0.4	0.0	0.0	0.1
2. Value added tax to be reclaimed	—	3.1	—	—	0.0	0.0	0.3	0.0	0.0	0.0	0.4	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.1	3.3
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)	21.2	20.7	19.7	20.7	21.2	19.9	20.7	21.6	21.8	21.2	19.5	19.9
I. Long-term receivables	0.5	0.5	0.1	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1
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	0.5	0.5	0.1	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1
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	18.7	18.4	17.4	17.7	18.1	17.8	18.2	18.5	18.8	18.6	17.6	18.1
1. Tangible fixed assets	4.3	4.0	2.8	3.1	3.3	3.0	3.2	3.4	3.6	3.3	2.2	2.6
- Cost	—	—	—	—	36.4	36.9	36.9	36.9	36.9	36.1	35.9	35.9
- Accumulated depreciation	—	—	—	—	-33.1	-33.9	-33.7	-33.5	-33.2	-32.8	-33.7	-33.3
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	14.4	14.5	14.6	14.7	14.8	14.9	15.0	15.1	15.2	15.3	15.4	15.5
- 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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	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	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	2.0	1.8	2.2	2.8	3.0	2.0	2.3	2.9	2.8	2.4	1.8	1.7
1. Long-term prepayments	2.0	1.8	2.2	2.8	3.0	2.0	2.3	2.9	2.8	2.4	1.8	1.7
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)	299.4	485.3	439.2	321.2	243.9	493.6	627.7	334.5	281.2	533.7	403.9	310.3
A. LIABILITIES (300=210+330)	124.1	312.6	257.0	146.4	72.5	328.6	456.3	166.7	114.9	366.0	240.7	132.5
I. Short -term liabilities	124.1	312.6	257.0	146.3	72.3	328.5	456.1	166.1	114.4	365.2	240.0	131.8
1. Short-term trade accounts payable	53.7	199.0	150.9	23.8	41.5	115.8	178.2	85.3	43.4	184.4	143.8	27.0
2. Short-term advances from customers	37.7	21.8	30.3	99.2	19.0	115.7	201.1	26.0	24.1	27.4	17.4	57.2
3. Taxes and other payables to state authorities	4.6	0.9	2.7	1.2	2.7	1.2	1.2	0.7	0.4	0.5	0.0	1.5
4. Payable to employees	13.4	7.1	7.5	3.1	4.4	3.2	2.8	2.0	4.6	4.3	4.1	3.3
5. Short-term acrrued expenses	0.3	0.1	0.1	-0.0	0.2	32.7	23.3	9.6	0.1	42.3	24.3	7.7
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	11.4	80.7	61.8	17.0	3.0	57.8	47.9	40.2	39.2	44.7	44.5	29.0
10. Short-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	56.6	0.0	0.0
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	3.0	3.0	3.6	2.1	1.5	2.1	1.6	2.4	2.6	5.1	5.8	6.2
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	—	—	—	0.1	0.1	0.1	0.2	0.6	0.6	0.8	0.8	0.7
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	—	—	—	0.1	0.1	0.1	0.2	0.6	0.6	0.8	0.8	0.7
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	175.3	172.7	182.2	174.8	171.4	165.0	171.4	167.8	166.2	167.7	163.2	177.8
I. Owner's equity	175.3	172.7	182.2	174.8	171.4	165.0	171.4	167.8	166.2	167.7	163.2	177.8
1. Owner's capital	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0
- Common stock with voting right	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	—	0.0	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	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	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8
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	3.6	3.6	3.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	30.9	28.3	37.8	34.0	30.6	24.2	30.6	27.1	25.4	26.9	22.4	37.1
- Accumulated retained earning at the end of the previous period	14.4	14.4	26.9	30.5	15.4	15.4	25.4	25.4	15.8	15.8	15.8	34.5
- Undistributed earnings in this period	16.5	13.9	10.9	3.5	15.1	8.8	5.2	1.6	9.7	11.1	6.6	2.5
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)	299.4	485.3	439.2	321.2	243.9	493.6	627.7	334.5	281.2	533.7	403.9	310.3

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	5.5	4.6	11.6	5.5	10.2	5.7	5.6	2.5	-2.0	7.0	6.5	3.9
Depreciation of Fixed Assets and Investment Property	0.5	0.4	0.3	0.3	-0.3	0.4	0.3	0.4	0.5	0.6	0.5	0.5
Provision (Increase)/Reversal	1.1	—	—	—	0.0	0.0	-4.6	4.0	-3.1	0.0	-3.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	-0.0	20.0	-20.0	0.0	-0.0	-0.3	-0.1	0.1	-0.1
Interest Expense	—	—	—	—	0.1	0.0	0.3	0.0	0.9	0.4	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	7.1	5.0	12.0	5.9	30.0	-13.9	1.7	6.9	-4.1	7.9	3.8	4.4
Increase/(Decrease) in Receivables	70.0	-4.3	-147.8	-54.3	248.2	93.6	-199.0	-33.4	60.3	-20.5	-92.2	6.8
Increase/(Decrease) in Inventory	129.2	-69.4	29.8	-6.8	-36.8	42.6	-54.0	-35.1	164.8	-121.3	3.3	29.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-186.2	45.2	117.8	64.4	-256.5	-138.1	289.9	51.5	-189.9	71.2	88.6	-7.6
Increase/(Decrease) in Prepaid Expenses	-0.5	0.5	0.6	0.1	-1.0	0.4	0.6	0.2	-0.7	-0.7	-0.0	0.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	-0.1	0.0	-0.3	0.0	-0.9	-0.4	0.0	0.0
Corporate Income Tax Paid	-0.9	-2.4	-1.1	-2.2	-1.1	-1.2	-0.5	-0.1	3.3	-3.3	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	-0.1	0.1	0.0	2.4	-2.4	2.4	0.0
Other Operating Payments	-2.3	-1.2	-0.4	-0.3	-2.3	-0.3	-1.8	-0.6	-4.5	0.6	-3.9	-0.2
Net Cash Flow from Operating Activities	16.6	-26.8	11.0	6.9	-19.7	-17.0	36.7	-10.6	30.5	-68.9	1.9	33.7
Payments for Fixed Assets and Other Long-term Assets	-0.3	-1.4	—	—	0.0	0.0	0.0	0.0	-0.2	-1.6	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.4	0.0	0.0	0.0
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	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	—	—	0.0	0.0	0.0	-0.0	0.0	-0.1	0.1	-0.1	0.1
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	-0.3	-1.4	—	0.0	0.0	0.0	-0.0	0.0	0.2	-1.4	-0.1	0.1
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	—	—	—	—	0.0	0.0	0.0	0.0	-56.6	56.6	0.0	0.0
Repayment of Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-2.6	-0.0	-10.1	9.8	0.0	0.0	-0.2	0.0	-5.6	0.0	0.0	-0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-2.6	-0.0	-10.1	9.8	0.0	0.0	-0.2	0.0	-62.3	56.6	0.0	-0.0
Net Cash Flow During the Period	13.7	-28.2	0.9	16.7	-19.7	-17.0	36.5	-10.6	-31.6	-13.7	1.9	33.7
Cash and Cash Equivalents at Beginning of Period	8.0	36.2	35.4	18.6	29.5	29.5	29.5	29.5	39.1	39.1	39.1	39.1
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	21.7	8.0	36.2	35.4	18.6	38.3	55.4	18.9	29.5	61.0	74.7	72.9

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PSE

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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