PTX

Listed Company · HNX

Price

22,000

Latest close

02 Apr 2026

P/E 6.3x

EPS (TTM) 3,478

ROE (TTM) 22.6%

P/B 1.4x

BVPS (Latest) 16,043

ROA (TTM) 9.1%

What Is Changing

PTX has not yet shown a broad-based top-line recovery. Revenue posted -8.0% YoY, but net margin reached 1.08% 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 -3.8% in 2025 from 56.9% in the prior period, at VND 18.9bn.
Revenue decreased 8.0% YoY to VND 1,751.3bn in 2025.

Metric	2025	2024	2023	2022
Revenue	1,751.3	1,903.8	2,094.5	2,176.9
Growth	-8%	-9%	-4%	—
Net Income	18.9	19.6	12.5	10.3
Net Margin	1.08%	1.03%	0.60%	0.47%

Metric	Q4'25	Q3'25	Q1'25	Q4'24	Q3'24
Revenue	471.7	436.9	411.8	403.9	424.0
Growth	+8%	+6%	+2%	-5%	—
Net Income	4.8	5.8	4.1	7.6	4.4
Net Margin	1.03%	1.34%	1.00%	1.88%	1.04%

Financial Statements

Profitability

Net margin reached 1.08% while Revenue posted -8.0% YoY.

Balance Sheet

Inventory stood at 15.2bn, liabilities at 178.5bn, and equity at 103.2bn.

Cash Flow

Operating cash flow was 45.6bn in 2025, while investing cash flow was -90.7bn.

Financing cash flow: 48.7bn.

Item	2025	2024	2023	2022
Revenue	1,751.3	1,903.8	2,094.5	2,176.9
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	1,751.3	1,903.8	2,094.5	2,176.9
Cost of Goods Sold	1,585.9	1,740.9	1,951.4	2,054.6
Gross Profit	165.4	162.9	143.1	122.3
Financial Income	0.1	0.0	0.1	0.1
Financial Expenses	6.1	2.0	5.2	5.4
Interest Expense	3.3	1.5	1.5	2.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	93.7	99.5	86.0	75.2
General and Administrative Expenses	43.8	40.1	37.2	29.3
Operating Profit	21.9	21.4	14.9	12.5
Other Income	1.3	2.5	0.3	0.3
Other Expenses	0.4	0.3	0.3	0.2
Other Profit	0.9	2.2	-0.1	0.1
Profit Before Tax	22.8	23.6	14.8	12.6
Current Income Tax Expense	3.9	4.0	2.3	2.3
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	18.9	19.6	12.5	10.3
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	18.9	19.6	12.5	10.3
Earnings per Share	2,932.00	3,048.00	2,115.00	1,755.00
Diluted EPS	2,931.95	3,048.04	1,943.15	1,755.25

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	70.8	46.4	81.2	67.3
I. Cash and cash equivalents	15.2	11.6	38.6	22.6
1. Cash	15.2	11.6	38.6	22.6
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
III. Short-term receivables	30.8	13.9	16.2	20.7
1. Short-term trade accounts receivable	23.5	9.5	11.6	11.2
2. Short-term prepayments to suppliers	1.5	0.9	0.8	5.8
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	6.1	3.8	4.8	4.7
7. Provision for short-term doubtful debts (*)	-0.2	-0.3	-1.0	-1.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	15.2	17.2	18.4	17.8
1. Inventories	15.2	17.2	18.4	17.8
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	9.6	3.6	7.9	6.1
1. Short-term prepayments	7.0	3.3	7.3	5.9
2. Value added tax to be reclaimed	2.6	0.3	0.6	0.3
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
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	210.9	148.0	137.2	132.5
I. Long-term receivables	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	200.5	137.9	128.7	120.8
1. Tangible fixed assets	199.2	136.3	127.1	118.9
- Cost	474.3	381.3	359.8	334.8
- Accumulated depreciation	-275.1	-245.0	-232.8	-215.9
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	1.3	1.6	1.6	1.9
- Cost	4.5	4.5	4.3	4.3
- Accumulated depreciation	-3.2	-3.0	-2.7	-2.3
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	0.9	1.0	0.5	4.9
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.9	1.0	0.5	4.9
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	9.5	9.2	8.0	6.8
1. Long-term prepayments	9.5	9.2	8.0	6.8
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)	281.7	194.4	218.4	199.8
A. LIABILITIES (300=210+330)	178.5	92.0	124.0	116.6
I. Short -term liabilities	141.3	89.5	121.5	114.4
1. Short-term trade accounts payable	21.7	7.4	10.6	64.2
2. Short-term advances from customers	3.7	5.3	4.6	8.8
3. Taxes and other payables to state authorities	2.6	2.5	1.5	1.6
4. Payable to employees	36.2	28.1	25.1	18.3
5. Short-term acrrued expenses	0.2	0.0	0.0	0.0
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	5.2	3.4	1.5	1.4
10. Short-term borrowings and financial leases	69.5	40.0	76.1	19.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	2.2	2.7	1.9	1.2
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	37.1	2.6	2.6	2.2
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	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	37.1	2.6	2.6	2.2
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	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)	103.2	102.4	94.3	83.2
I. Owner's equity	103.2	102.4	94.3	83.2
1. Owner's capital	64.3	64.3	64.3	58.5
- Common stock with voting right	64.3	64.3	64.3	58.5
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	0.3	0.3	0.3	0.3
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0
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	19.7	18.1	17.1	14.1
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	18.9	19.6	12.6	10.3
- Accumulated retained earning at the end of the previous period	—	0.0	0.1	0.0
- Undistributed earnings in this period	18.9	19.6	12.5	10.3
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)	281.7	194.4	218.4	199.8

Item	2025	2024	2023	2022
Profit Before Tax	22.8	23.6	14.8	12.6
Depreciation of Fixed Assets and Investment Property	30.4	20.7	19.9	23.1
Provision (Increase)/Reversal	-0.0	-0.7	0.0	-0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.1	-1.5	-0.2	-0.2
Interest Expense	3.3	1.5	1.5	2.4
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	56.4	43.5	36.0	38.0
Increase/(Decrease) in Receivables	-19.2	3.4	1.8	-6.1
Increase/(Decrease) in Inventory	2.1	1.2	-0.6	5.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	20.8	2.6	-56.4	56.7
Increase/(Decrease) in Prepaid Expenses	-3.9	2.7	-2.6	-0.5
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-3.2	-1.5	-1.4	-2.5
Corporate Income Tax Paid	-4.4	-3.2	-2.4	-2.1
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-3.1	-1.1	-0.6	-0.8
Net Cash Flow from Operating Activities	45.6	47.6	-26.3	88.2
Payments for Fixed Assets and Other Long-term Assets	-90.7	-30.4	-15.4	-14.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.5	0.2	0.2
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
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	0.1	0.0	0.1	0.0
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	-90.7	-28.8	-15.1	-14.5
Proceeds from Equity Issuance and Capital Contributions	—	0.0	5.8	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	258.5	170.1	187.7	268.1
Repayment of Borrowings	-194.4	-206.3	-130.3	-316.7
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-15.4	-9.6	-5.8	-5.8
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	48.7	-45.8	57.4	-54.4
Net Cash Flow During the Period	3.6	-27.0	16.0	19.2
Cash and Cash Equivalents at Beginning of Period	11.6	38.6	22.6	3.4
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	15.2	11.6	38.6	22.6

Item	Q4'25	Q3'25	Q1'25	Q4'24	Q3'24
Revenue	471.7	436.9	411.8	403.9	424.0
Revenue Deductions	—	—	—	0.0	0.0
Net Revenue	471.7	436.9	411.8	403.9	424.0
Cost of Goods Sold	428.2	393.2	375.3	361.2	388.5
Gross Profit	43.5	43.8	36.6	42.7	35.5
Financial Income	0.0	0.0	0.0	0.0	0.0
Financial Expenses	2.2	2.1	0.6	0.2	0.3
Interest Expense	1.7	1.1	0.2	0.0	0.2
Share of Associates and Joint Ventures	—	—	—	0.0	0.0
Selling Expenses	23.8	22.5	22.0	25.5	20.8
General and Administrative Expenses	11.7	12.4	9.3	8.4	9.4
Operating Profit	5.8	6.8	4.7	8.7	5.0
Other Income	0.3	0.3	0.2	0.4	0.4
Other Expenses	0.3	0.0	0.1	0.1	0.1
Other Profit	0.0	0.3	0.2	0.3	0.3
Profit Before Tax	5.8	7.1	4.9	9.0	5.4
Current Income Tax Expense	1.0	1.3	0.8	1.4	1.0
Deferred Income Tax Expense	—	—	—	0.0	0.0
Net Income	4.8	5.8	4.1	7.6	4.4
Non-controlling Interest	—	—	—	0.0	0.0
Profit Attributable to Parent	4.8	5.8	4.1	7.6	4.4
Earnings per Share	753.00	908.00	639.00	1,178.00	686.00
Diluted EPS	752.56	908.32	639.09	1,178.49	686.12

Item	Q4'25	Q3'25	Q1'25	Q4'24	Q3'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	70.8	123.3	99.4	48.0	74.9
I. Cash and cash equivalents	15.2	24.2	21.6	11.6	8.0
1. Cash	15.2	24.2	21.6	11.6	8.0
2. Cash equivalents	—	—	—	0.0	0.0
II. Short-term financial investments	—	—	—	0.0	0.0
1. Available for sale securities	—	—	—	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	0.0	0.0
3. Held to maturity investments	—	—	—	0.0	0.0
III. Short-term receivables	30.8	68.8	55.5	13.9	47.1
1. Short-term trade accounts receivable	23.5	59.3	48.4	9.5	38.6
2. Short-term prepayments to suppliers	1.5	2.0	0.4	0.9	2.5
3. Short-term inter-company receivables	—	—	—	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	0.0	0.0
5. Short-term loan receivables	—	—	—	0.0	0.0
6. Other short-term receivables	6.1	7.8	6.9	3.8	6.3
7. Provision for short-term doubtful debts (*)	-0.2	-0.3	-0.3	-0.3	-0.3
8. Assets awaiting resolution	—	—	—	0.0	0.0
IV. Inventories	15.2	21.2	19.0	17.2	16.4
1. Inventories	15.2	21.2	19.0	17.2	16.4
2. Provision for decline in value of inventories	—	—	—	0.0	0.0
V. Other short-term assets	9.6	9.1	3.4	5.2	3.4
1. Short-term prepayments	7.0	4.4	3.4	4.9	3.4
2. Value added tax to be reclaimed	2.6	4.7	—	0.3	0.0
3. Taxes and other receivables from state authorities	0.0	—	—	0.0	0.0
4. Government bonds	—	—	—	0.0	0.0
5. Other short-term assets	—	—	—	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	210.9	211.2	142.0	146.2	137.0
I. Long-term receivables	—	0.1	—	0.0	0.0
1. Long-term trade receivables	—	—	—	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	0.0	0.0
3. Capital at inter-company	—	—	—	0.0	0.0
4. Long-term inter-company receivables	—	—	—	0.0	0.0
5. Long-term loan receivables	—	—	—	0.0	0.0
6. Other long-term receivables	—	0.1	—	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	0.0	0.0
II. Fixed assets	200.5	201.7	131.8	135.9	128.1
1. Tangible fixed assets	199.2	200.3	130.3	134.3	126.5
- Cost	—	—	—	379.3	370.3
- Accumulated depreciation	—	—	—	-244.9	-243.8
2. Financial leased fixed assets	—	—	—	0.0	0.0
- Cost	—	—	—	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0
3. Intangible fixed assets	1.3	1.4	1.5	1.6	1.6
- Cost	—	—	—	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0
III. Investment properties	—	—	—	0.0	0.0
- Cost	—	—	—	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0
IV. Long-term assets in progress	0.9	0.9	1.0	1.0	0.8
1. Long-term production in progress	—	—	—	0.0	0.0
2. Construction in progress	0.9	0.9	1.0	1.0	0.8
V. Long-term financial investments	—	—	—	0.0	0.0
1. Investments in subsidiaries	—	—	—	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	0.0	0.0
3. Investments in other entities	—	—	—	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	0.0	0.0
5. Held to maturity investments	—	—	—	0.0	0.0
6. Other long-term investments	—	—	—	0.0	0.0
VI. Other long-term assets	9.5	8.5	9.2	9.4	8.0
1. Long-term prepayments	9.5	8.5	9.2	9.4	8.0
2. Deferred income tax assets	—	—	—	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	0.0	0.0
4. Other long-term assets	—	—	—	0.0	0.0
5. Goodwill	—	—	—	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	0.0	0.0
TOTAL ASSETS (280=100+200)	281.7	334.6	241.4	194.2	211.9
A. LIABILITIES (300=210+330)	178.5	236.2	153.0	91.9	117.1
I. Short -term liabilities	131.7	186.7	150.4	89.3	114.6
1. Short-term trade accounts payable	21.7	84.8	104.6	7.4	63.5
2. Short-term advances from customers	3.7	2.9	3.5	5.3	4.9
3. Taxes and other payables to state authorities	2.6	9.1	4.4	2.4	6.0
4. Payable to employees	36.2	28.9	8.8	28.1	27.0
5. Short-term acrrued expenses	0.2	0.7	1.7	0.0	5.0
6. Short-term inter-company payables	—	—	—	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	0.0	0.0
8. Short-term unearned revenue	—	—	—	0.0	0.0
9. Other short-term payables	5.2	7.9	22.5	3.4	5.2
10. Short-term borrowings and financial leases	59.9	50.0	—	40.0	0.0
11. Provision for short-term liabilities	—	—	—	0.0	0.0
12.. Bonus and welfare fund	2.2	2.3	5.0	2.7	2.9
13. Price stabilization fund	—	—	—	0.0	0.0
14. Government bonds	—	—	—	0.0	0.0
II. Long-term liabilities	46.8	49.5	2.5	2.6	2.6
1. Long-term trade payables	—	—	—	0.0	0.0
2. Long-term advances from customers	—	—	—	0.0	0.0
3. Long-term acrrued expenses	—	—	—	0.0	0.0
4. Inter-company payables on business capital	—	—	—	0.0	0.0
5. Long-term inter-company payables	—	—	—	0.0	0.0
6. Long-term unearned revenue	—	—	—	0.0	0.0
7. Other long-term liabilities	—	—	—	0.0	0.0
8. Long-term borrowings and financial leases	46.8	49.5	2.5	2.6	2.6
9. Convertible bonds	—	—	—	0.0	0.0
10. Preferred stock (Debts)	—	—	—	0.0	0.0
11. Deferred income tax liabilities	—	—	—	0.0	0.0
12. Provision for long-term liabilities	—	—	—	0.0	0.0
13. Fund for technology development	—	—	—	0.0	0.0
14. Provision for severance allowances	—	—	—	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	103.2	98.4	88.4	102.3	94.7
I. Owner's equity	103.2	98.4	88.4	102.3	94.7
1. Owner's capital	64.3	64.3	64.3	64.3	64.3
- Common stock with voting right	64.3	64.3	64.3	64.3	64.3
- Preferred stock	—	—	—	0.0	0.0
2. Share premium	0.3	0.3	0.3	0.3	0.3
3. Convertible bond option	—	—	—	0.0	0.0
4. Other capital of owners	—	—	—	0.0	0.0
5. Treasury shares	—	—	—	0.0	0.0
6. Assets revaluation differences	—	—	—	0.0	0.0
7. Foreign exchange differences	—	—	—	0.0	0.0
8. Investment and development fund	19.7	19.7	19.7	18.1	18.1
9. Fund to support corporate restructuring	—	—	—	0.0	0.0
10. Other funds from owner's equity	—	—	—	0.0	0.0
11. Undistributed earnings after tax	18.9	14.0	4.1	19.6	12.0
- Accumulated retained earning at the end of the previous period	—	—	—	0.0	0.0
- Undistributed earnings in this period	18.9	14.0	4.1	19.6	12.0
12. Reserves for investment in construction	—	—	—	0.0	0.0
13. Minority's interest	—	—	—	0.0	0.0
14. Financial reserves	—	—	—	0.0	0.0
II. Other resources and funds	—	—	—	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	0.0	0.0
2. Funds invested in fixed assets	—	—	—	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	281.7	334.6	241.4	194.2	211.9

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Profit Before Tax	5.8	7.1	4.9	4.9	9.0	14.5
Depreciation of Fixed Assets and Investment Property	10.8	8.3	5.3	6.0	5.4	15.3
Provision (Increase)/Reversal	-0.0	0.0	0.0	-0.0	-0.0	-0.1
FX Gain/Loss from Revaluation of Monetary Items	-0.0	—	—	—	0.0	-0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	—	0.0	-1.4
Interest Expense	1.7	1.1	0.3	0.2	0.0	1.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0
Operating Profit Before Changes in Working Capital	18.2	16.5	10.5	11.2	14.4	29.9
Increase/(Decrease) in Receivables	35.7	-13.1	-0.3	-41.5	33.2	-30.9
Increase/(Decrease) in Inventory	6.0	-6.0	3.7	-1.7	-0.8	2.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-58.4	33.2	-38.2	84.3	-68.8	76.5
Increase/(Decrease) in Prepaid Expenses	-3.5	-1.4	1.1	-0.1	-2.9	3.9
Changes in Trading Securities	—	—	—	—	0.0	0.0
Interest Paid	-1.6	-1.1	-0.2	-0.3	-0.0	-1.4
Corporate Income Tax Paid	-2.9	0.0	-0.0	-1.5	-2.4	-0.7
Other Operating Receipts	—	—	—	—	0.0	0.0
Other Operating Payments	-2.4	2.3	-2.7	-0.2	-0.2	-0.9
Net Cash Flow from Operating Activities	-8.9	30.4	-26.0	50.1	-27.5	78.2
Payments for Fixed Assets and Other Long-term Assets	-7.3	-82.9	-0.4	-0.1	-9.0	-24.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.2	1.4
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0
Net Cash Flow from Investing Activities	-7.2	-82.9	-0.4	-0.1	-8.8	-23.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0
Proceeds from Borrowings	70.0	98.5	90.0	—	40.0	130.1
Repayment of Borrowings	-62.9	-51.4	-40.1	-40.0	-0.0	-206.3
Repayment of Finance Leases	—	—	—	—	0.0	0.0
Dividends Paid	0.0	0.0	-15.4	—	0.0	-9.6
Other Financing Receipts	—	—	—	—	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0
Net Cash Flow from Financing Activities	7.1	47.1	34.5	-40.0	40.0	-85.8
Net Cash Flow During the Period	-9.1	-5.4	8.1	10.0	3.7	-30.7
Cash and Cash Equivalents at Beginning of Period	24.2	29.6	21.6	11.6	38.6	38.6
FX Difference from Revaluation	0.0	—	—	—	0.0	0.0
Cash and Cash Equivalents at End of Period	15.2	24.2	29.6	21.6	11.6	8.0

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