PVI

PVI ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 13.97%, +3.13pp YoY

Price

77,700

Latest close

02 Jun 2026

P/E 10.84x

P/B 2.01x

EPS 7,168

BVPS 38,720

ROE 15.3%

ROA 3.4%

Profit Margin 13.4%

Asset Turnover 0.25x

Equity Mult. 4.51x

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

What Is Changing

On a TTM 2026Q1 basis, PVI is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 10,027bn
	                                
+25.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,401bn
	                                
+61.5%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    53.0%
	                                
affects earnings quality

Metric	2025	2024	2023	2022
Revenue	9,545.7	7,738.3	6,709.3	6,495.1
Growth	+23%	+15%	+3%	—
Net Income	1,152.1	879.6	1,006.5	873.2
Net Margin	12.07%	11.37%	15.00%	13.44%

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	2,764.8	2,638.1	2,300.5	2,324.2	2,179.1	2,061.1	1,931.3	1,831.9	1,912.3	1,687.9	1,772.0	1,591.8
Growth	+5%	+15%	-1%	+7%	+6%	+7%	+5%	-4%	+13%	-5%	+11%	—
Net Income	571.8	-28.9	420.8	436.9	347.7	66.6	161.8	291.2	371.0	131.2	296.1	322.4
Net Margin	20.68%	-1.09%	18.29%	18.80%	15.96%	3.23%	8.38%	15.89%	19.40%	7.77%	16.71%	20.25%

Drivers of PVI's profit

TTM

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

Gross profit ↑ 736.6bn

Financial income ↑ 139.3bn

Tax ↑ 143.2bn

Administrative expenses ↑ 115.7bn

Finance costs ↑ 85.6bn

TTM

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

Gross profit ↑ 280.9bn

Financial income ↑ 39.5bn

Tax ↑ 76.0bn

Administrative expenses ↑ 32.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.2% = 10.8% × 0.24 × 3.90

2026Q1 15.9% = 14.0% × 0.25 × 4.51

ROE rose from 10.2% to 15.9% — all three components improved, with leverage contributing the most.

Net margin: 14.0% +3.1pp Asset turnover: 0.25x +0.01x Leverage: 4.51x +0.62x

Is the profit sustainable?

Margins improved (+3.1pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 13.97%, rising 3.1pp. The main driver is Gross margin rose 5.0pp and SG&A / Revenue fell 0.7pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 1.7pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 13.97% +3.1pp

Gross Margin 16.80% +5.0pp

SG&A / Revenue 8.57% −0.7pp

Non-core / Revenue 9.49% −1.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 1.7pp, financial result still accounts for 53.5% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 460.6 days.

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 4.22x equity, net debt at 0.06x equity.

Over the last 12 months, working capital released 1,204.8bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −173.8bn

Inventories decreased → higher CFO: +0.9bn

Payables increased → higher CFO: +1,377.8bn

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

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 operating efficiency, with net margin improving 3.1 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 13.97% after expanding 3.1pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 53.0% of PBT and CFO / net income currently at 0.49x.

Statement Data

Item	2025	2024	2023	2022
Revenue	27,319.2	20,376.2	14,661.1	13,378.4
Revenue Deductions	17,773.4	12,638.0	7,951.7	6,883.3
Net Revenue	9,545.7	7,738.3	6,709.3	6,495.1
Cost of Goods Sold	8,174.8	6,785.0	5,670.6	5,440.1
Gross Profit	1,370.9	953.2	1,038.8	1,055.0
Financial Income	1,411.4	1,320.9	1,329.5	942.0
Financial Expenses	493.2	446.3	396.6	238.8
Interest Expense	48.9	31.7	32.9	15.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	836.4	713.5	727.9	660.4
Operating Profit	1,452.8	1,114.2	1,243.8	1,097.8
Other Income	192.3	127.2	92.8	43.7
Other Expenses	185.4	123.9	90.2	36.5
Other Profit	6.9	3.3	2.6	7.1
Profit Before Tax	1,459.7	1,117.6	1,246.4	1,105.0
Current Income Tax Expense	299.8	240.6	242.2	202.7
Deferred Income Tax Expense	7.8	-2.7	-2.3	29.1
Net Income	1,152.1	879.6	1,006.5	873.2
Non-controlling Interest	49.2	36.6	49.4	39.3
Profit Attributable to Parent	1,102.9	843.0	957.1	833.9
Earnings per Share	4,493.00	3,556.00	4,037.00	3,407.00
Diluted EPS	4,708.50	3,598.98	4,086.07	3,560.04

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	40,005.0	26,187.9	21,466.5	22,625.5
I. Cash and cash equivalents	1,012.8	388.8	877.2	1,423.6
1. Cash	862.3	316.2	351.5	1,318.4
2. Cash equivalents	150.5	72.6	525.7	105.2
II. Short-term financial investments	13,358.5	9,959.1	7,875.9	8,635.7
1. Available for sale securities	1,757.1	283.0	783.7	1,672.4
2. Provision for diminution in value of available for sale securities (*)	-0.2	-37.1	-37.1	-37.1
3. Held to maturity investments	11,601.5	9,713.2	7,129.3	7,000.4
III. Short-term receivables	24,394.8	15,019.1	12,037.8	11,874.6
1. Short-term trade accounts receivable	24,375.3	15,010.4	12,009.2	11,849.0
2. Short-term prepayments to suppliers	9.2	7.2	14.2	11.6
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	216.8	220.2	245.5	240.4
7. Provision for short-term doubtful debts (*)	-206.5	-218.5	-231.1	-226.3
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	1.0	3.0	1.5	2.4
1. Inventories	1.0	3.0	1.5	2.4
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	1,237.8	817.8	674.1	689.0
1. Short-term prepayments	1,233.4	812.8	656.2	653.4
2. Value added tax to be reclaimed	1.1	0.2	13.1	32.4
3. Taxes and other receivables from state authorities	3.3	4.8	4.8	3.3
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)	4,507.1	5,579.0	5,476.2	3,498.1
I. Long-term receivables	33.8	35.3	31.5	27.1
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	33.8	35.3	31.5	27.1
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	375.4	329.7	354.1	359.6
1. Tangible fixed assets	325.8	271.4	284.8	273.7
- Cost	731.5	627.7	637.5	597.2
- Accumulated depreciation	-405.7	-356.3	-352.7	-323.5
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	49.5	58.3	69.3	85.9
- Cost	233.4	226.5	217.0	215.1
- Accumulated depreciation	-183.9	-168.2	-147.7	-129.3
III. Investment properties	661.0	753.7	784.8	816.4
- Cost	1,005.6	1,105.6	1,105.6	1,105.6
- Accumulated depreciation	-344.6	-351.9	-320.8	-289.2
IV. Long-term assets in progress	0.5	0.2	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.5	0.2	0.0	0.0
V. Long-term financial investments	3,349.0	4,370.7	4,205.1	2,184.2
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	54.5	49.6	64.5	64.5
4. Provision for diminution in value of long-term investments	-41.2	-42.2	-40.3	-36.7
5. Held to maturity investments	3,335.8	4,363.3	4,180.9	2,156.4
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	87.5	89.5	100.6	110.8
1. Long-term prepayments	76.5	70.7	84.6	97.0
2. Deferred income tax assets	11.0	18.7	16.1	13.8
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)	44,512.1	31,766.9	26,942.7	26,123.6
A. LIABILITIES (300=210+330)	35,978.2	23,584.0	18,843.3	18,264.6
I. Short -term liabilities	35,908.5	23,476.5	18,697.8	18,195.2
1. Short-term trade accounts payable	4,942.9	4,060.1	3,185.9	3,568.5
2. Short-term advances from customers	927.3	710.5	447.9	430.3
3. Taxes and other payables to state authorities	185.3	163.4	211.0	186.3
4. Payable to employees	582.5	305.7	422.2	259.6
5. Short-term acrrued expenses	76.8	70.1	64.3	47.7
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	150.4	30.7	29.9	13.8
9. Other short-term payables	66.1	111.1	86.0	108.3
10. Short-term borrowings and financial leases	539.4	200.0	0.0	29.0
11. Provision for short-term liabilities	28,417.5	17,802.9	14,228.1	13,528.8
12.. Bonus and welfare fund	20.2	21.9	22.4	23.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	69.7	107.5	145.5	69.4
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	33.3	70.2	107.4	36.1
7. Other long-term liabilities	35.3	36.1	36.8	31.9
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
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	1.1	1.2	1.4	1.4
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)	8,533.9	8,182.8	8,099.4	7,859.0
I. Owner's equity	8,533.9	8,182.8	8,099.4	7,859.0
1. Owner's capital	2,342.4	2,342.4	2,342.4	2,342.4
- Common stock with voting right	2,342,418,670,000.00	2,342,418,670,000.00	2,342,418,670,000.00	2,342,418,670,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	3,716.7	3,716.7	3,716.7	3,716.7
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	179.2	179.2	179.2	179.2
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	449.7	396.5	357.2	320.4
11. Undistributed earnings after tax	1,495.9	1,188.7	1,173.6	1,044.3
- Accumulated retained earning at the end of the previous period	444.9	383.3	256.1	243.3
- Undistributed earnings in this period	1,051.0	805.3	917.6	801.1
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	349.9	359.3	330.3	256.0
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)	44,512.1	31,766.9	26,942.7	26,123.6

Item	2025	2024	2023	2022
Profit Before Tax	1,459.7	1,117.6	1,246.4	1,105.0
Depreciation of Fixed Assets and Investment Property	77.1	86.1	86.0	75.7
Provision (Increase)/Reversal	1,358.3	943.1	403.1	655.1
FX Gain/Loss from Revaluation of Monetary Items	39.9	55.5	28.5	14.0
Gain/Loss from Investment Activities	-1,169.4	-1,102.6	-1,116.8	-892.5
Interest Expense	48.9	31.7	32.9	15.9
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	1,814.5	1,131.3	680.2	973.2
Increase/(Decrease) in Receivables	-106.1	-93.7	394.9	-493.0
Increase/(Decrease) in Inventory	2.0	-1.5	0.9	-1.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,356.2	520.5	-406.6	177.9
Increase/(Decrease) in Prepaid Expenses	-426.2	-142.7	9.6	-229.0
Changes in Trading Securities	-1,524.1	500.7	688.7	-720.7
Interest Paid	-49.0	-31.6	-32.9	-26.0
Corporate Income Tax Paid	-301.8	-265.4	-225.3	-183.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-41.6	-41.5	-37.5	-22.8
Net Cash Flow from Operating Activities	723.9	1,575.9	1,072.1	-524.7
Payments for Fixed Assets and Other Long-term Assets	-29.5	-32.5	-48.9	-22.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.7	0.1	0.3	355.6
Loans and Purchases of Debt Instruments	-12,834.9	-14,071.1	-12,014.8	-7,974.6
Receipts from Loan Repayments and Sale of Debt Instruments	12,053.3	11,698.0	10,320.7	8,802.4
Investments in Other Entities	-5.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	17.1	0.0	0.0
Dividends and Interest Income Received	1,145.3	877.2	870.6	773.1
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	330.9	-1,511.2	-872.0	1,934.1
Proceeds from Equity Issuance and Capital Contributions	—	25,989,600,000.00	17,096,634,773.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	2,087.7	1,915.6	1,683.0	1,045.1
Repayment of Borrowings	-1,748.3	-1,715.6	-1,712.0	-1,243.6
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-772.8	-780.1	-736.7	-803.1
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-433.4	-554.1	-748.6	-1,001.6
Net Cash Flow During the Period	621.4	-489.4	-548.5	407.7
Cash and Cash Equivalents at Beginning of Period	388.8	877.2	1,423.6	1,015.0
FX Difference from Revaluation	2.7	1.0	2.1	0.9
Cash and Cash Equivalents at End of Period	1,012.8	388.8	877.2	1,423.6

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	8,195.3	5,724.1	6,921.5	7,255.2	7,315.7	4,685.3	4,723.8	5,144.7	6,134.1	3,855.1	3,557.6	3,243.5
Revenue Deductions	5,430.5	3,086.0	4,621.0	4,931.1	5,136.6	2,624.2	2,792.5	3,312.8	4,221.9	2,167.3	1,785.6	1,651.7
Net Revenue	2,764.8	2,638.1	2,300.5	2,324.2	2,179.1	2,061.1	1,931.3	1,831.9	1,912.3	1,687.9	1,772.0	1,591.8
Cost of Goods Sold	2,104.1	2,579.3	1,820.4	1,838.9	1,799.3	1,904.2	1,787.1	1,564.6	1,526.4	1,447.2	1,495.5	1,342.3
Gross Profit	660.7	58.8	480.1	485.3	379.8	156.9	144.3	267.3	385.9	240.7	276.5	249.6
Financial Income	372.1	365.2	379.1	352.5	332.6	341.6	327.1	328.3	313.7	333.9	335.2	357.9
Financial Expenses	100.3	190.8	105.9	129.8	100.9	148.7	93.5	98.0	95.5	137.6	98.0	66.4
Interest Expense	8.4	13.3	14.5	15.1	6.1	11.2	9.3	7.6	3.7	5.5	12.5	11.8
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	223.4	265.2	190.3	180.1	191.2	213.2	181.3	157.6	161.0	219.5	168.0	166.5
Operating Profit	709.2	-32.0	562.9	527.9	420.3	136.5	196.5	340.0	443.1	217.5	345.6	374.6
Other Income	62.9	54.3	42.9	50.8	44.4	39.9	27.1	30.0	30.2	27.4	20.3	23.4
Other Expenses	57.8	53.5	41.7	48.6	41.6	39.2	28.2	27.2	28.9	30.6	19.6	21.9
Other Profit	5.1	0.8	1.2	2.2	2.8	0.7	-1.1	2.9	1.3	-3.2	0.6	1.5
Profit Before Tax	714.3	-31.3	564.1	530.0	423.1	137.3	195.4	342.9	444.4	214.2	346.3	376.0
Current Income Tax Expense	158.3	-10.2	124.2	105.3	82.3	64.0	25.7	62.3	79.9	86.3	46.5	57.2
Deferred Income Tax Expense	-15.7	7.8	19.1	-12.1	-6.8	6.6	7.9	-10.6	-6.5	-3.2	3.6	-3.5
Net Income	571.8	-28.9	420.8	436.9	347.7	66.6	161.8	291.2	371.0	131.2	296.1	322.4
Non-controlling Interest	17.2	9.6	13.7	14.1	11.3	6.7	7.2	11.6	11.3	7.6	12.3	15.8
Profit Attributable to Parent	554.5	-38.5	407.1	422.8	336.3	59.9	154.6	279.5	359.6	123.6	283.9	306.6
Earnings per Share	2,339.00	1,399.00	1,647.00	1,783.00	1,419.00	253.00	652.00	1,179.00	1,517.00	521.00	1,197.00	1,293.00
Diluted EPS	2,367.36	-164.30	1,737.98	1,804.84	1,435.79	255.69	660.04	1,193.37	1,535.32	527.52	1,211.86	1,309.04

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)	38,129.1	41,045.2	36,207.3	34,449.0	28,541.4	25,886.0	25,673.2	26,670.8	25,919.1	21,207.4	22,198.9	22,001.1
I. Cash and cash equivalents	933.8	987.8	1,524.3	534.4	729.6	388.8	623.0	603.5	927.5	877.2	1,000.2	1,640.7
1. Cash	879.6	862.3	818.2	467.6	718.6	316.2	562.3	386.5	643.0	351.5	415.2	345.3
2. Cash equivalents	54.2	125.5	706.1	66.8	11.0	72.6	60.7	217.0	284.5	525.7	585.0	1,295.4
II. Short-term financial investments	14,165.2	14,248.1	13,059.7	13,805.5	10,629.8	9,670.7	8,571.4	10,657.3	10,282.4	7,613.1	8,421.9	6,980.7
1. Available for sale securities	1,578.2	2,619.4	1,625.1	1,636.0	245.9	283.0	283.0	1,527.3	1,327.3	783.7	600.9	744.7
2. Provision for diminution in value of available for sale securities (*)	-0.2	-0.2	-0.1	—	—	-37.1	-37.1	-37.1	-37.1	-37.1	-37.1	-37.1
3. Held to maturity investments	12,587.2	11,628.9	11,434.7	12,169.5	10,383.9	9,424.8	8,325.4	9,167.1	8,992.3	6,866.5	7,858.1	6,273.2
III. Short-term receivables	21,416.1	24,568.8	20,244.3	19,040.4	16,251.3	15,005.7	15,744.0	14,625.8	14,019.7	12,041.6	12,142.4	12,702.8
1. Short-term trade accounts receivable	21,375.5	24,546.8	20,241.1	18,997.0	15,949.9	14,997.5	15,722.6	14,562.5	13,976.5	12,014.2	12,113.0	12,648.0
2. Short-term prepayments to suppliers	9.9	9.2	10.8	11.0	8.0	7.2	7.0	9.9	9.5	14.3	15.7	27.8
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	238.8	219.3	222.2	254.9	516.3	219.6	244.1	287.1	267.7	245.5	250.5	257.5
7. Provision for short-term doubtful debts (*)	-208.1	-206.5	-229.7	-222.5	-222.9	-218.5	-229.7	-233.7	-234.0	-232.5	-236.7	-230.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1.0	1.0	0.9	0.9	1.9	3.0	2.1	2.5	1.8	1.5	1.6	1.8
1. Inventories	1.0	1.0	0.9	0.9	1.9	3.0	2.1	2.5	1.8	1.5	1.6	1.8
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	1,613.0	1,239.4	1,378.1	1,067.7	928.8	817.8	732.7	781.6	687.5	674.1	632.8	675.1
1. Short-term prepayments	1,604.8	1,235.1	1,374.8	1,064.7	923.1	812.8	723.7	774.6	674.1	656.2	610.5	647.7
2. Value added tax to be reclaimed	5.0	1.1	0.1	1.4	1.7	0.2	4.0	2.0	7.5	13.1	17.5	22.6
3. Taxes and other receivables from state authorities	3.2	3.2	3.2	1.7	3.9	4.8	5.0	5.0	6.0	4.8	4.8	4.8
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)	5,911.7	3,640.8	5,797.0	5,004.4	6,771.4	5,867.1	7,866.1	4,874.7	4,775.4	5,738.5	6,209.2	6,392.9
I. Long-term receivables	34.3	33.8	33.0	35.8	35.8	35.6	32.0	31.5	31.5	31.5	30.4	29.0
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	34.3	33.8	33.0	35.8	35.8	35.6	32.0	31.5	31.5	31.5	30.4	29.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	371.0	394.2	309.3	314.8	321.9	327.7	335.6	341.1	349.1	354.1	351.0	345.8
1. Tangible fixed assets	322.4	344.7	259.2	264.5	266.3	269.5	276.4	280.7	284.4	284.8	278.0	268.8
- Cost	735.2	—	—	—	—	625.5	645.8	648.2	643.5	637.5	627.0	608.7
- Accumulated depreciation	-412.8	—	—	—	—	-356.0	-369.5	-367.5	-359.1	-352.7	-349.0	-339.9
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	48.6	49.5	50.1	50.3	55.6	58.2	59.2	60.4	64.7	69.3	73.0	77.0
- Cost	234.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-185.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	653.5	642.1	730.3	738.1	745.9	753.7	761.2	769.1	776.9	784.8	792.7	800.6
- Cost	1,005.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-352.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.2	0.5	0.2	0.2	0.2	0.2	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
2. Construction in progress	0.2	0.5	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	4,731.0	2,484.4	4,639.5	3,817.7	5,578.2	4,659.1	6,649.2	3,632.5	3,520.3	4,467.9	4,936.6	5,117.9
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	54.5	49.5	49.6	49.6	49.6	49.6	49.6	49.6	64.5	64.5	64.5	64.5
4. Provision for diminution in value of long-term investments	-41.1	-41.2	-41.5	-41.8	-42.0	-42.2	-42.1	-42.3	-41.8	-40.3	-39.6	-39.4
5. Held to maturity investments	4,717.6	2,476.1	4,631.4	3,809.8	5,570.5	4,651.7	6,641.6	3,625.2	3,497.5	4,443.7	4,911.7	5,092.8
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	121.5	85.8	84.7	97.8	89.5	90.8	88.1	100.6	97.6	100.1	98.4	99.5
1. Long-term prepayments	94.8	74.8	66.2	60.2	63.9	72.0	62.8	67.3	75.0	84.6	86.1	83.6
2. Deferred income tax assets	26.7	11.0	18.5	37.7	25.6	18.7	25.4	33.2	22.6	15.5	12.3	15.9
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)	44,040.8	44,686.0	42,004.3	39,453.4	35,312.8	31,753.1	33,539.3	31,545.5	30,694.5	26,945.8	28,408.1	28,393.9
A. LIABILITIES (300=210+330)	34,971.0	36,155.7	32,663.5	30,526.2	26,806.3	23,562.5	25,418.1	22,824.6	22,257.5	18,831.1	20,401.0	19,997.8
I. Short -term liabilities	34,900.1	36,084.7	32,593.6	30,455.7	26,736.1	23,455.0	25,301.2	22,697.1	22,121.0	18,685.5	20,250.0	19,838.7
1. Short-term trade accounts payable	5,429.0	5,141.2	5,763.5	5,859.1	4,574.2	4,059.9	4,508.2	4,219.4	3,826.0	3,184.6	3,277.4	3,165.6
2. Short-term advances from customers	761.5	882.0	1,064.1	893.5	691.3	712.7	740.2	674.8	541.6	447.9	434.0	422.0
3. Taxes and other payables to state authorities	301.5	183.6	212.0	249.3	184.8	153.8	131.7	156.8	150.4	201.8	99.6	142.5
4. Payable to employees	357.8	582.0	315.8	305.7	213.7	308.8	232.4	225.4	261.8	415.2	316.7	234.0
5. Short-term acrrued expenses	77.5	76.6	130.8	174.2	102.2	70.0	101.6	143.6	95.1	63.8	47.8	57.7
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	419.7	190.9	271.4	203.4	232.6	30.7	35.8	32.0	32.2	29.9	29.1	30.4
9. Other short-term payables	115.3	88.8	40.7	115.4	77.5	108.1	87.3	95.6	109.6	86.4	894.0	110.5
10. Short-term borrowings and financial leases	1,445.4	539.4	1,666.1	1,517.0	1,430.3	200.0	1,142.8	934.2	882.8	0.0	729.4	819.2
11. Provision for short-term liabilities	25,954.2	28,379.9	23,099.1	21,097.3	19,196.2	17,788.9	18,290.6	16,174.6	16,179.3	14,233.4	14,390.9	14,818.9
12.. Bonus and welfare fund	38.1	20.2	30.3	40.8	33.3	22.0	30.6	40.7	42.2	22.4	30.9	37.8
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	70.9	71.0	69.9	70.5	70.1	107.5	116.8	127.5	136.5	145.5	151.1	159.1
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	34.8	34.6	33.6	34.0	34.0	70.2	79.5	90.1	99.1	107.4	116.7	124.7
7. Other long-term liabilities	34.9	35.3	35.1	35.3	34.9	36.1	36.1	36.0	36.0	36.8	33.0	33.0
8. Long-term borrowings and financial leases	—	—	—	—	—	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
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	1.1	1.1	1.2	1.2	1.2	1.2	1.2	1.4	1.4	1.4	1.4	1.4
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)	9,069.8	8,530.3	9,340.8	8,927.1	8,506.5	8,190.6	8,121.2	8,720.8	8,437.0	8,114.7	8,007.0	8,396.1
I. Owner's equity	9,069.8	8,530.3	9,340.8	8,927.1	8,506.5	8,190.6	8,121.2	8,720.8	8,437.0	8,114.7	8,007.0	8,396.1
1. Owner's capital	2,342.4	2,342.4	2,342.4	2,342.4	2,342.4	2,342.4	2,342.4	2,342.4	2,342.4	2,342.4	2,342.4	2,342.4
- Common stock with voting right	2,342,418,670,000.00	2,342,418,670,000.00	2,342,418,670,000.00	2,342,418,670,000.00	2,342,418,670,000.00	2,342,418,670,000.00	2,342,418,670,000.00	2,342,418,670,000.00	2,342,418,670,000.00	2,342,418,670,000.00	2,342,418,670,000.00	2,342,418,670,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	3,716.7	3,716.7	3,716.7	3,716.7	3,716.7	3,716.7	3,716.7	3,716.7	3,716.7	3,716.7	3,716.7	3,716.7
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	179.2	179.2	179.2	179.2	179.2	179.2	179.2	179.2	179.2	179.2	179.2	179.2
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	476.4	449.6	451.0	428.0	410.0	396.9	386.0	382.0	372.8	357.2	343.5	334.0
11. Undistributed earnings after tax	1,988.0	1,493.1	2,284.8	1,899.2	1,487.5	1,195.9	1,146.8	1,748.6	1,484.3	1,189.3	1,079.5	1,551.6
- Accumulated retained earning at the end of the previous period	1,460.1	444.9	1,181.9	1,150.2	1,164.7	383.3	383.2	1,132.7	1,138.6	256.1	256.1	1,006.0
- Undistributed earnings in this period	527.9	1,048.1	1,102.9	749.0	322.8	812.6	763.6	616.0	345.7	933.3	823.4	545.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	367.2	349.3	366.7	361.6	370.7	359.6	350.1	351.9	341.6	329.9	345.8	272.2
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)	44,040.8	44,686.0	42,004.3	39,453.4	35,312.8	31,753.1	33,539.3	31,545.5	30,694.5	26,945.8	28,408.1	28,393.9

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	714.3	-44.8	564.1	517.2	423.1	137.3	195.4	339.0	444.4	207.5	346.3	374.8
Depreciation of Fixed Assets and Investment Property	16.6	16.7	17.6	21.3	21.5	21.6	21.5	21.1	21.6	21.5	21.9	21.4
Provision (Increase)/Reversal	365.7	372.7	343.6	151.9	490.1	149.9	362.6	155.4	252.7	-58.0	101.7	145.1
FX Gain/Loss from Revaluation of Monetary Items	37.2	24.9	-14.3	-36.7	66.1	22.5	-17.8	18.6	7.3	4.3	14.2	0.5
Gain/Loss from Investment Activities	-275.4	-271.2	-332.7	-296.3	-269.2	-273.8	-268.3	-285.4	-275.1	-297.3	-308.0	-288.8
Interest Expense	8.4	13.3	14.5	15.1	6.1	11.2	9.3	7.6	3.7	5.5	12.5	11.8
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	866.8	111.6	592.7	372.5	737.7	68.6	302.7	256.3	454.7	-116.6	188.7	264.9
Increase/(Decrease) in Receivables	-423.6	866.5	128.3	-745.0	-355.9	150.1	578.8	-646.1	-163.7	-35.6	246.2	-177.5
Increase/(Decrease) in Inventory	0.1	-0.1	0.0	0.9	1.2	-0.9	0.4	-0.7	-0.4	0.1	0.2	-0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	497.0	-774.3	139.6	1,515.5	475.4	-365.5	-268.8	476.0	734.2	-224.8	214.1	9.6
Increase/(Decrease) in Prepaid Expenses	-389.7	131.0	-317.8	-135.9	-103.5	-98.4	52.2	-89.6	-8.3	-44.1	34.5	24.5
Changes in Trading Securities	178.9	—	—	—	—	0.0	1,244.8	-200.6	-543.6	-182.9	143.8	665.0
Interest Paid	-5.9	-13.5	-14.5	-15.1	-5.9	-11.3	-9.1	-7.6	-3.6	-5.6	-12.6	-11.7
Corporate Income Tax Paid	-67.3	-51.0	-100.4	-86.9	-63.4	-28.6	-63.9	-82.6	-90.2	-47.6	-55.0	-49.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-12.6	-10.0	-10.5	-8.7	-12.3	0.0	-9.8	-9.0	-12.7	-9.7	-5.5	-10.4
Net Cash Flow from Operating Activities	643.7	78.1	428.3	-492.8	710.2	-286.0	1,827.4	-303.7	366.5	-666.8	754.5	715.0
Payments for Fixed Assets and Other Long-term Assets	-4.7	-12.1	-7.0	-7.0	-3.3	-20.2	-8.2	-5.1	-8.8	-16.5	-19.4	-11.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-8.1	9.2	0.6	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.2
Loans and Purchases of Debt Instruments	-6,453.0	-782.3	-4,303.5	-2,577.5	-5,171.7	-2,190.6	-6,671.1	-2,296.2	-2,932.2	-2,318.1	-2,786.6	-2,276.2
Receipts from Loan Repayments and Sale of Debt Instruments	4,404.5	2,329.2	3,864.6	2,564.9	3,294.6	2,992.2	5,145.8	1,992.1	1,567.9	4,004.9	1,393.8	1,811.7
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	17.1	0.0	0.0	17.1	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	541.5	-149.5	804.0	228.9	261.8	210.0	269.9	230.1	172.3	328.5	103.4	225.7
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	-1,511.7	1,372.1	367.4	192.7	-1,601.4	991.6	-1,263.7	-62.1	-1,200.8	1,998.9	-1,308.8	-249.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	25,989,600,000.00	0.00	0.00	0.00	0.00	3,188,869,248.00	9,385,361,235.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	922.4	28.8	685.1	44.5	1,329.3	-95.0	840.8	286.9	882.8	65.0	627.1	380.2
Repayment of Borrowings	-134.4	-1,213.1	-506.5	70.3	-99.0	-847.8	-632.2	-235.6	0.0	-794.5	-716.9	-171.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-764.3	-8.4	-0.0	—	-22.2	-757.9	0.0	0.0	-724.5	-2.6	-0.2
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	788.0	-1,948.6	170.2	114.8	1,230.3	-939.0	-549.3	51.3	882.8	-1,453.9	-89.2	217.8
Net Cash Flow During the Period	-80.1	-498.4	965.8	-185.2	339.1	-233.4	14.5	-314.5	48.5	-121.9	-643.5	683.2
Cash and Cash Equivalents at Beginning of Period	1,012.8	1,524.3	547.4	729.6	388.8	877.2	877.2	877.2	877.2	1,423.6	1,423.6	1,423.6
FX Difference from Revaluation	1.1	2.7	15.8	4.7	1.7	-0.8	-5.0	0.4	1.9	-1.1	3.3	1.0
Cash and Cash Equivalents at End of Period	933.8	1,012.8	1,524.3	547.4	729.6	388.8	623.0	613.5	927.5	877.2	1,000.2	1,640.4

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