PTT

Vận tải Dầu khí Đông Dương ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 2.51%, −6.84pp YoY

Price

9,500

Latest close

05 Jun 2026

P/E 11.73x

P/B 0.67x

EPS 810

BVPS 14,217

ROE 5.8%

ROA 3.2%

Profit Margin 2.5%

Asset Turnover 1.28x

Equity Mult. 1.81x

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

What Is Changing

On a TTM 2026Q1 basis, PTT is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 533bn
	                                
+86.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13bn
	                                
−50.0%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    42.2%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q1'22
Revenue	135.8	115.5	174.7	106.6	71.7	52.1	78.9	83.1	74.1	48.2
Growth	+18%	-34%	+64%	+49%	+37%	-34%	-5%	+12%	+54%	—
Net Income	0.8	0.1	6.9	5.6	5.6	6.7	7.3	7.1	3.4	0.5
Net Margin	0.56%	0.08%	3.95%	5.25%	7.88%	12.82%	9.21%	8.57%	4.57%	1.06%

Drivers of PTT's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Tax ↓ 3.4bn

Gross profit ↓ 9.4bn

Finance costs ↑ 5.8bn

Financial income ↓ 1.9bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Tax ↓ 1.3bn

Administrative expenses ↓ 1.3bn

Gross profit ↓ 3.8bn

Finance costs ↑ 3.1bn

Financial income ↓ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.6% = 9.3% × 0.89 × 1.51

2026Q1 5.8% = 2.5% × 1.28 × 1.81

ROE fell from 12.6% to 5.8% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 2.5% -6.8pp Asset turnover: 1.28x +0.39x Leverage: 1.81x +0.30x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 2.51%, losing 6.8pp. The main pressure is Gross margin fell 8.6pp, outweighing the improvement in SG&A / Revenue fell 2.9pp (with lingering pressure from Net financial result / Revenue fell 1.6pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 2.51% −6.8pp

Gross Margin 6.20% −8.6pp

SG&A / Revenue 3.14% −2.9pp

Non-core / Revenue 0.11% −1.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Non-core sources share remains high

Even though contribution decreased by 1.6pp, non-core sources still accounts for 42.2% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 2.13%, losing 7.0pp. That translates to 2.13 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 5.9pp, outweighing the movement in capital turnover; while invested capital expanded strongly by 133bn.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently 2.13% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.13% −7.0pp

NOPAT Margin 1.45% −5.9pp

Capital Turnover 1.47x +0.22x

Average Invested Capital 361.6bn +133.0bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 1.24x equity, net debt at 0.93x equity.

Over the last 12 months, working capital absorbed 11.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −12.0bn

Inventories increased → lower CFO: −0.9bn

Payables increased → higher CFO: +1.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.6 days versus the same period last year. The main moves came from DIO fell 3.9 days, DSO fell 16.1 days, and DPO fell 12.5 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Working Capital Efficiency

Receivables 19.7 days −16.1 days

Inventory 9.1 days −3.9 days

Payables 13.9 days −12.5 days

Cash Conversion Cycle 14.9 days −7.6 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.93x and interest coverage only at 0.73x.

At present, short-term debt accounts for 18.9% of total debt, cash equals 6.0% of debt, and total debt stands at 232.9bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.73x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 6.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.93x +0.73x

Interest Coverage 0.73x −2.74x

Cash / Debt 6.0% −18.0pp

Short-term Debt / Total Debt 18.9% −4.7pp

CFO / NI 0.69x +0.18x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -4.9bn in 2025, against investing cash flow of -177.3bn.

Post-investment cash flow was negative +182.3bn. Financing cash flow was positive +181.4bn.

CFO / net income was 0.69x.

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 9.2bn −4.3bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is -38.8%. The main risk still sits in core profitability, with net margin down 6.8 pp.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -38.8% of PBT and CFO / net income currently at 0.69x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 2.51% after a 6.8pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022
Revenue	468.5	288.3	259.2	240.6
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	468.5	288.3	259.2	240.6
Cost of Goods Sold	431.6	248.7	233.7	223.6
Gross Profit	36.8	39.6	25.6	17.1
Financial Income	7.4	7.5	5.7	2.4
Financial Expenses	10.3	9.0	9.2	4.2
Interest Expense	9.8	5.4	8.3	3.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	18.0	16.4	10.3	8.7
Operating Profit	15.9	21.8	11.8	6.5
Other Income	8.9	10.6	1.7	0.0
Other Expenses	1.8	1.7	0.1	0.4
Other Profit	7.1	9.0	1.7	-0.4
Profit Before Tax	23.0	30.8	13.5	6.1
Current Income Tax Expense	4.8	6.3	2.8	1.4
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	18.2	24.5	10.7	4.7
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	18.2	24.5	10.7	4.7
Earnings per Share	940.00	1,365.00	1,074.00	473.00
Diluted EPS	1,106.02	1,483.25	1,073.80	473.09

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	153.4	203.5	114.3	79.7
I. Cash and cash equivalents	11.5	12.3	12.9	18.0
1. Cash	11.5	12.3	12.9	18.0
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	55.6	152.0	56.7	40.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	55.6	152.0	56.7	40.0
III. Short-term receivables	60.8	22.5	31.6	18.1
1. Short-term trade accounts receivable	45.0	18.7	18.9	16.2
2. Short-term prepayments to suppliers	6.9	1.1	5.2	0.2
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	8.9	3.5	8.9	3.1
7. Provision for short-term doubtful debts (*)	—	-1.5	-2.1	-2.1
8. Assets awaiting resolution	—	0.7	0.7	0.7
IV. Inventories	19.6	12.4	9.6	1.6
1. Inventories	19.6	12.4	9.6	1.6
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	5.8	4.3	3.5	2.0
1. Short-term prepayments	3.3	1.9	1.3	0.8
2. Value added tax to be reclaimed	2.5	2.4	2.2	1.2
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	369.3	111.9	132.9	165.7
I. Long-term receivables	3.7	3.3	2.9	8.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	3.7	3.3	2.9	8.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	365.5	108.3	125.2	156.0
1. Tangible fixed assets	365.2	108.2	125.1	156.0
- Cost	510.0	236.3	256.2	264.1
- Accumulated depreciation	-144.7	-128.1	-131.1	-108.1
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.1	0.1	0.0
- Cost	0.4	0.2	0.2	0.1
- Accumulated depreciation	-0.2	-0.1	-0.1	-0.1
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	0.2	0.3	3.4	0.2
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.2	0.3	3.4	0.2
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.0	1.3	1.5
1. Long-term prepayments	0.0	0.0	1.3	1.5
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	522.7	315.4	247.2	245.5
A. LIABILITIES (300=210+330)	289.0	96.3	115.6	124.2
I. Short -term liabilities	87.9	42.4	52.5	47.2
1. Short-term trade accounts payable	11.1	17.0	17.2	9.6
2. Short-term advances from customers	—	0.0	1.6	4.3
3. Taxes and other payables to state authorities	1.1	2.0	0.8	0.8
4. Payable to employees	9.4	7.6	4.4	4.3
5. Short-term acrrued expenses	6.6	1.0	1.4	1.7
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	0.9	0.9	1.4	1.7
10. Short-term borrowings and financial leases	43.9	13.9	13.9	13.9
11. Provision for short-term liabilities	12.9	0.0	11.7	10.9
12.. Bonus and welfare fund	2.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	201.1	53.8	63.1	77.0
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	1.1	1.2	0.7	0.6
8. Long-term borrowings and financial leases	200.0	48.6	62.5	76.4
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	4.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	233.7	219.2	131.5	121.3
I. Owner's equity	233.7	219.2	131.5	121.3
1. Owner's capital	164.9	164.9	100.0	100.0
- Common stock with voting right	164,931,720,000.00	164,931,720,000.00	100,000,000,000.00	100,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	29.9	29.9	20.8	16.5
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	39.0	24.5	10.8	4.8
- Accumulated retained earning at the end of the previous period	20.8	0.0	0.0	0.1
- Undistributed earnings in this period	18.2	24.5	10.7	4.7
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	522.7	315.4	247.2	245.5

Item	2025	2024	2023	2022
Profit Before Tax	23.0	30.8	13.5	6.1
Depreciation of Fixed Assets and Investment Property	32.3	19.8	28.5	24.7
Provision (Increase)/Reversal	7.4	1.0	4.4	10.9
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.1	-0.0	0.0
Gain/Loss from Investment Activities	-12.1	-15.6	-6.9	-2.0
Interest Expense	9.8	5.4	8.3	3.7
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	60.5	41.3	47.8	43.4
Increase/(Decrease) in Receivables	-40.6	1.4	-9.2	2.3
Increase/(Decrease) in Inventory	-7.3	-2.8	-8.0	-1.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.5	-8.5	0.9	2.8
Increase/(Decrease) in Prepaid Expenses	-1.4	0.7	-0.3	-0.8
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-9.3	-5.3	-8.3	-3.7
Corporate Income Tax Paid	-5.8	-4.9	-2.9	-1.1
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-1.7	-1.2	-0.5	-0.4
Net Cash Flow from Operating Activities	-4.9	20.7	19.4	41.0
Payments for Fixed Assets and Other Long-term Assets	-289.0	-1.4	-3.1	-147.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.2	10.6	4.1	0.0
Loans and Purchases of Debt Instruments	-28.8	-176.5	-103.3	-48.8
Receipts from Loan Repayments and Sale of Debt Instruments	127.7	89.3	86.9	3.8
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	6.6	5.8	4.7	1.4
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-177.3	-72.2	-10.7	-191.2
Proceeds from Equity Issuance and Capital Contributions	—	64,931,720,000.00	0.00	0.00
Share Repurchases	—	-190,241,874.00	0.00	0.00
Proceeds from Borrowings	199.3	72.9	0.0	93.7
Repayment of Borrowings	-17.9	-86.8	-13.9	-3.5
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	181.4	50.9	-13.9	90.2
Net Cash Flow During the Period	-0.8	-0.6	-5.1	-60.0
Cash and Cash Equivalents at Beginning of Period	12.3	12.9	18.0	78.2
FX Difference from Revaluation	0.0	0.1	0.0	-0.2
Cash and Cash Equivalents at End of Period	11.5	12.3	12.9	18.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q1'22
Revenue	135.8	115.5	174.7	106.6	71.7	52.1	78.9	83.1	74.1	48.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Revenue	135.8	115.5	174.7	106.6	71.7	52.1	78.9	83.1	74.1	48.2
Cost of Goods Sold	129.4	114.2	158.5	97.4	61.5	43.5	67.0	71.5	66.7	46.3
Gross Profit	6.4	1.3	16.2	9.2	10.2	8.6	12.0	11.6	7.4	1.8
Financial Income	1.7	1.8	1.6	1.7	2.3	2.3	2.0	2.1	1.1	0.6
Financial Expenses	4.1	4.3	4.0	0.9	1.0	1.1	1.1	4.3	2.4	0.0
Interest Expense	3.8	4.0	4.0	0.9	1.0	1.1	1.1	1.1	2.1	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	3.1	3.2	5.4	5.1	4.4	5.3	4.1	3.5	3.5	1.8
Operating Profit	0.9	-4.5	8.5	4.9	7.1	4.5	8.8	5.9	2.6	0.7
Other Income	0.0	5.6	0.2	3.1	—	4.3	1.7	3.0	1.6	0.0
Other Expenses	0.0	0.9	0.0	1.0	—	0.4	1.3	0.0	0.0	0.0
Other Profit	0.0	4.7	0.2	2.2	—	4.0	0.4	3.0	1.6	-0.0
Profit Before Tax	0.9	0.3	8.7	7.0	7.1	8.5	9.1	8.9	4.3	0.7
Current Income Tax Expense	0.1	0.2	1.7	1.4	1.4	1.8	1.9	1.8	0.9	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Income	0.8	0.1	6.9	5.6	5.6	6.7	7.3	7.1	3.4	0.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.8	0.1	6.9	5.6	5.6	6.7	7.3	7.1	3.4	0.5
Earnings per Share	46.00	6.00	419.00	339.00	342.00	405.00	441.00	432.00	205.00	51.15
Diluted EPS	45.87	5.80	418.61	339.14	342.46	405.32	440.75	431.72	205.47	51.15

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	135.6	153.4	170.9	428.4	211.1	203.5	202.2	201.3	193.4	105.4
I. Cash and cash equivalents	13.9	11.5	6.7	14.8	14.1	12.3	17.2	20.3	85.0	77.8
1. Cash	13.9	11.5	6.7	14.8	14.1	12.3	17.2	20.3	20.1	7.5
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	64.9	70.2
II. Short-term financial investments	60.6	55.6	77.3	67.0	152.2	152.0	154.4	139.3	60.4	0.0
1. Available for sale securities	—	—	—	—	—	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
3. Held to maturity investments	60.6	55.6	77.3	67.0	152.2	152.0	154.4	139.3	60.4	0.0
III. Short-term receivables	39.5	60.8	67.9	328.5	27.4	22.5	20.8	32.9	36.6	26.2
1. Short-term trade accounts receivable	36.3	45.0	54.7	29.3	21.4	18.7	17.8	30.0	34.8	26.3
2. Short-term prepayments to suppliers	0.7	6.9	6.6	—	1.9	1.1	0.1	0.4	1.0	0.1
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.5	8.9	6.6	299.2	4.2	3.5	3.8	3.5	2.2	2.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	-0.5	-1.5	-1.5	-1.6	-2.0	-2.1
8. Assets awaiting resolution	—	—	—	—	0.5	0.7	0.7	0.7	0.7	0.0
IV. Inventories	12.9	19.6	12.8	11.6	11.9	12.4	5.1	4.4	5.4	0.1
1. Inventories	12.9	19.6	12.8	11.6	11.9	12.4	5.1	4.4	5.4	0.1
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	8.7	5.8	6.3	6.5	5.4	4.3	4.7	4.4	5.9	1.3
1. Short-term prepayments	6.0	3.3	3.5	3.9	2.9	1.9	1.8	1.7	3.1	0.9
2. Value added tax to be reclaimed	2.7	2.5	2.8	2.6	2.5	2.4	2.9	2.7	2.7	0.4
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	376.3	369.3	380.5	103.5	108.5	111.9	118.0	123.5	129.5	32.8
I. Long-term receivables	3.6	3.7	3.6	3.6	3.7	3.3	3.4	3.8	3.5	2.9
1. Long-term trade receivables	—	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	3.6	3.7	3.6	3.6	3.7	3.3	3.4	3.8	3.5	2.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	353.6	365.5	376.7	99.1	103.6	108.3	114.2	119.1	124.4	29.3
1. Tangible fixed assets	353.4	365.2	376.4	98.9	103.5	108.2	114.1	119.0	124.3	29.3
- Cost	510.0	—	—	—	—	236.3	249.7	249.7	256.8	116.5
- Accumulated depreciation	-156.6	—	—	—	—	-128.1	-135.6	-130.7	-132.5	-87.2
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.2	0.2	0.3	0.1	0.1	0.1	0.1	0.1	0.0
- Cost	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.2	0.2	0.2	0.7	0.3	0.3	0.3	0.3	0.3	0.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.2	0.2	0.7	0.3	0.3	0.3	0.3	0.3	0.2
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	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
3. Investments in other entities	—	—	—	—	—	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
5. Held to maturity investments	—	—	—	—	—	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
VI. Other long-term assets	19.0	0.0	0.0	—	0.8	0.0	0.1	0.3	1.2	0.5
1. Long-term prepayments	19.0	0.0	0.0	—	0.8	0.0	0.1	0.3	1.2	0.5
2. Deferred income tax assets	—	—	—	—	—	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
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	512.0	522.7	551.4	531.8	319.6	315.4	320.3	324.8	322.9	138.2
A. LIABILITIES (300=210+330)	277.5	289.0	317.8	305.1	94.8	96.3	107.8	119.6	123.2	20.8
I. Short -term liabilities	86.9	87.9	107.6	62.8	43.3	42.4	45.2	55.6	61.2	20.0
1. Short-term trade accounts payable	21.5	11.1	26.2	25.0	16.7	17.0	11.8	15.7	18.5	10.2
2. Short-term advances from customers	—	—	4.2	—	1.9	0.0	2.3	8.5	8.7	0.0
3. Dividends and profits payable	0.3	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.2	1.1	3.4	2.9	1.5	2.0	2.1	2.1	1.2	0.5
4. Payable to employees	6.7	9.4	11.7	8.3	7.1	7.6	8.8	8.3	7.1	3.2
5. Short-term acrrued expenses	2.4	6.6	1.6	1.2	1.2	1.0	4.8	4.0	3.4	3.9
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.7	0.4
9. Other short-term payables	0.8	0.9	1.2	1.0	1.0	0.9	1.1	1.6	1.7	1.8
10. Short-term borrowings and financial leases	43.9	43.9	40.4	21.0	13.9	13.9	13.9	13.9	13.9	0.0
11. Provision for short-term liabilities	10.9	12.9	15.8	—	—	0.0	0.0	0.0	5.9	0.0
12.. Bonus and welfare fund	0.2	2.0	3.1	3.4	0.0	0.0	0.5	1.5	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	190.5	201.1	210.1	242.3	51.4	53.8	62.5	64.0	62.0	0.8
1. Long-term trade payables	—	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	—	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
7. Other long-term liabilities	1.5	1.1	1.1	1.1	1.2	1.2	1.4	1.1	1.1	0.8
8. Long-term borrowings and financial leases	189.0	200.0	209.0	233.8	45.1	48.6	52.1	55.5	59.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	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
12. Provision for long-term liabilities	—	—	—	7.3	5.1	4.0	9.0	7.4	1.9	0.0
13. Fund for technology development	—	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	234.5	233.7	233.6	226.7	224.8	219.2	212.5	205.2	199.7	117.4
I. Owner's equity	234.5	233.7	233.6	226.7	224.8	219.2	212.5	205.2	199.7	117.4
1. Owner's capital	164.9	164.9	164.9	164.9	164.9	164.9	164.9	164.9	164.9	100.0
- Common stock with voting right	164,931,720,000.00	164,931,720,000.00	164,931,720,000.00	164,931,720,000.00	164,931,720,000.00	164,931,720,000.00	164,931,720,000.00	164,931,720,000.00	164,931,720,000.00	100,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	0.0
3. Convertible bond option	—	—	—	—	—	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
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	29.9	29.9	29.9	29.9	29.9	29.9	29.9	29.9	20.8	13.1
9. Fund to support corporate restructuring	—	—	—	—	—	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
11. Undistributed earnings after tax	39.8	39.0	39.0	32.0	30.1	24.5	17.8	10.5	14.1	4.4
- Accumulated retained earning at the end of the previous period	39.0	20.8	20.8	20.8	24.5	0.0	0.0	0.0	10.8	3.9
- Undistributed earnings in this period	0.8	18.2	18.1	11.2	5.6	24.5	17.8	10.5	3.4	0.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	512.0	522.7	551.4	531.8	319.6	315.4	320.3	324.8	322.9	138.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q1'22
Profit Before Tax	0.9	0.3	8.7	7.0	7.1	8.5	9.1	9.8	3.4	0.7
Depreciation of Fixed Assets and Investment Property	11.9	11.2	11.8	4.7	4.7	4.7	4.9	5.1	5.2	3.9
Provision (Increase)/Reversal	-2.0	-2.9	15.8	-6.7	1.1	-5.0	1.7	7.8	-3.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.1	—	—	0.1	-0.1	-0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-1.7	-5.8	-1.6	-1.6	-3.0	-6.6	-1.9	-6.6	-0.6	-0.6
Interest Expense	3.8	4.0	4.0	0.9	1.0	1.1	1.1	1.1	2.1	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	12.8	6.7	38.6	4.3	10.9	2.5	14.8	17.2	6.7	3.9
Increase/(Decrease) in Receivables	24.3	5.4	-23.0	-18.7	-4.2	-1.0	12.2	-1.5	-6.7	-5.8
Increase/(Decrease) in Inventory	6.8	-6.9	-1.1	0.3	0.4	-7.2	-0.7	0.9	4.2	-0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.4	-18.2	3.1	14.8	0.8	-3.0	-10.0	-8.5	11.7	0.9
Increase/(Decrease) in Prepaid Expenses	-21.6	0.2	0.4	-0.1	-1.8	-0.1	0.0	2.4	-1.7	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.8	-3.9	-3.6	-0.8	-1.0	-1.0	-1.1	-1.1	-2.1	-0.1
Corporate Income Tax Paid	-0.8	-2.5	-1.3	0.0	-1.9	-1.9	-1.8	-0.8	-0.5	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.7	-1.1	-0.3	-0.3	—	0.0	0.0	-0.1	0.0	0.0
Net Cash Flow from Operating Activities	17.4	-20.4	12.7	-0.5	3.3	-11.8	13.5	8.5	11.6	-1.1
Payments for Fixed Assets and Other Long-term Assets	—	0.3	-4.7	-284.6	—	0.0	0.0	-1.4	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	5.2	0.0	1.0	—	5.9	0.0	3.0	1.8	0.0
Loans and Purchases of Debt Instruments	-23.1	4.5	-18.6	-14.8	—	-25.2	-48.1	-90.1	-14.9	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	18.1	19.7	7.0	101.0	—	27.7	33.0	17.4	11.2	0.0
Investments in Other Entities	—	—	—	—	—	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
Dividends and Interest Income Received	0.9	1.0	0.9	2.7	2.0	2.1	1.9	1.4	1.0	0.6
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-4.1	30.7	-15.3	-194.7	2.0	10.4	-13.2	-69.6	-1.0	0.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	64,931,720,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	-190,241,874.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	199.3	—	0.0	0.0	72.9	0.0	0.0
Repayment of Borrowings	-11.0	-5.5	-5.5	-3.5	-3.5	-3.5	-3.5	-76.4	-3.5	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-11.0	-5.5	-5.5	195.8	-3.5	-3.5	-3.5	-3.7	61.5	0.0
Net Cash Flow During the Period	2.3	4.8	-8.1	0.6	1.8	-4.8	-3.1	-64.7	72.1	-0.4
Cash and Cash Equivalents at Beginning of Period	11.5	6.7	14.8	14.1	12.3	12.9	12.9	12.9	12.9	78.2
FX Difference from Revaluation	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	13.9	11.5	6.7	14.8	14.1	12.3	17.2	20.3	85.0	77.8

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PTT

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