PVP

Listed Company · HOSE

Price

14,650

Latest close

03 Apr 2026

P/E 7.6x

EPS (TTM) 1,924

ROE (TTM) 10.5%

P/B 0.8x

BVPS (Latest) 18,626

ROA (TTM) 6.3%

What Is Changing

PVP no longer looks like a business simply rebounding from a weak base. Revenue posted +34.0% YoY, while net margin reached 8.25% with an additional -3.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 307bps to 8.25% in 2025.
Revenue growth accelerated to 34.0% in 2025, up 26.0pp versus the prior year.
Net Income growth slowed to -4.2% in 2025 from 10.1% in the prior period, at VND 198.5bn.

Metric	2025	2024	2023	2022	2021
Revenue	2,404.6	1,794.5	1,661.2	1,489.4	1,244.0
Growth	+34%	+8%	+12%	+20%	—
Net Income	198.5	207.1	188.1	216.1	191.0
Net Margin	8.25%	11.54%	11.32%	14.51%	15.36%

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	593.2	833.5	554.4	421.2	706.5	359.2	359.8	373.2	433.5	562.5	360.2	305.0
Growth	-29%	+50%	+32%	-40%	+97%	-0%	-4%	-14%	-23%	+56%	+18%	—
Net Income	44.2	69.2	45.8	40.4	33.9	68.9	62.9	46.4	27.0	55.9	54.8	47.4
Net Margin	7.45%	8.30%	8.26%	9.59%	4.80%	19.18%	17.48%	12.42%	6.22%	9.94%	15.21%	15.56%

Financial Statements

Profitability

Net margin reached 8.25% while Revenue posted +34.0% YoY.

Balance Sheet

Inventory stood at 22.4bn, liabilities at 1,215.0bn, and equity at 1,931.3bn.

Cash Flow

Operating cash flow was 563.5bn in 2025, while investing cash flow was -47.3bn.

Financing cash flow: -295.8bn.

Item	2025	2024	2023	2022	2021
Revenue	2,404.6	1,794.5	1,661.2	1,489.4	1,244.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,404.6	1,794.5	1,661.2	1,489.4	1,244.0
Cost of Goods Sold	2,113.3	1,456.6	1,416.5	1,387.7	0.0
Gross Profit	291.3	337.9	244.7	101.7	256.1
Financial Income	65.1	58.1	70.2	33.2	22.2
Financial Expenses	68.9	76.3	49.0	28.0	-15.9
Interest Expense	52.3	41.9	30.7	15.9	-15.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	45.5	51.0	30.5	30.9	-23.5
Operating Profit	242.0	268.7	235.4	75.9	238.9
Other Income	8.5	0.0	0.0	201.0	0.0
Other Expenses	0.3	0.4	0.2	0.1	0.0
Other Profit	8.2	-0.4	-0.2	200.9	-0.0
Profit Before Tax	250.1	268.2	235.3	276.9	238.9
Current Income Tax Expense	60.6	58.7	58.3	54.2	-47.8
Deferred Income Tax Expense	-9.0	2.5	-11.2	6.6	0.0
Net Income	198.5	207.1	188.1	216.1	191.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	198.5	207.1	188.1	216.1	191.0
Earnings per Share	1,770.00	1,877.00	1,875.00	2,177.00	1,977.00
Diluted EPS	1,913.89	1,997.06	1,994.99	2,291.83	2,026.51

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,639.8	1,321.4	1,228.0	1,435.2	947.7
I. Cash and cash equivalents	503.9	280.5	108.6	754.5	387.9
1. Cash	413.9	93.4	27.9	25.9	0.0
2. Cash equivalents	90.0	187.1	80.8	728.6	0.0
II. Short-term financial investments	818.8	720.8	875.1	193.5	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	818.8	720.8	875.1	193.5	0.0
III. Short-term receivables	291.5	300.2	225.2	480.1	469.8
1. Short-term trade accounts receivable	254.2	288.1	185.8	468.5	0.0
2. Short-term prepayments to suppliers	0.1	0.0	0.5	0.0	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	110.2	85.1	115.4	89.2	0.0
7. Provision for short-term doubtful debts (*)	-73.1	-73.1	-76.4	-77.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	22.4	16.0	13.7	6.5	21.1
1. Inventories	22.4	16.0	13.7	6.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.2	3.9	5.4	0.6	2.8
1. Short-term prepayments	3.2	3.9	5.4	0.6	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	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,506.5	1,865.0	1,486.1	1,129.7	1,353.0
I. Long-term receivables	0.8	10.8	0.7	0.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	17.0
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	0.8	10.8	0.7	0.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,466.9	1,823.5	1,450.8	1,108.7	1,309.0
1. Tangible fixed assets	1,466.9	1,823.5	1,450.6	1,108.7	1,308.9
- Cost	3,589.4	3,588.9	2,900.5	2,320.3	0.0
- Accumulated depreciation	-2,122.5	-1,765.4	-1,449.9	-1,211.6	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.2	0.0	0.0
- Cost	0.2	0.2	0.4	0.2	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	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	0.3	0.0	0.1	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.3	0.0	0.1	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	38.5	30.7	34.5	20.4	0.0
1. Long-term prepayments	0.4	1.5	2.9	0.0	0.0
2. Deferred income tax assets	38.1	29.1	31.6	20.4	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	27.0
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)	3,146.2	3,186.3	2,714.1	2,564.9	2,300.7
A. LIABILITIES (300=210+330)	1,215.0	1,334.3	982.5	914.1	763.9
I. Short -term liabilities	478.9	583.1	453.1	577.8	339.6
1. Short-term trade accounts payable	143.7	162.7	135.2	403.9	161.1
2. Short-term advances from customers	9.8	18.1	11.3	0.0	0.0
3. Taxes and other payables to state authorities	17.7	6.1	13.0	15.1	0.0
4. Payable to employees	17.3	11.4	7.4	4.1	0.0
5. Short-term acrrued expenses	51.9	42.8	53.0	22.7	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	6.5	5.6	5.0	6.1	0.0
10. Short-term borrowings and financial leases	157.6	194.4	171.3	123.9	121.8
11. Provision for short-term liabilities	71.6	138.5	54.2	0.0	0.0
12.. Bonus and welfare fund	2.8	3.6	2.7	2.0	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	736.1	751.2	529.4	336.3	424.3
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	574.7	728.2	424.9	234.0	384.8
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	161.3	23.0	104.5	102.2	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)	1,931.3	1,852.0	1,731.6	1,650.8	1,536.8
I. Owner's equity	1,931.3	1,852.0	1,731.6	1,650.8	0.0
1. Owner's capital	1,037.0	1,037.0	942.8	942.8	1,536.8
- Common stock with voting right	1,037.0	1,037.0	942.8	942.8	942.8
- 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	605.8	605.8	598.8	489.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.9	1.9	1.9	1.9	0.0
11. Undistributed earnings after tax	286.6	207.4	188.3	216.4	191.4
- Accumulated retained earning at the end of the previous period	88.1	0.3	0.2	0.4	0.3
- Undistributed earnings in this period	198.5	207.1	188.1	216.1	191.0
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)	3,146.2	3,186.3	2,714.1	2,564.9	2,300.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	250.1	268.2	235.3	276.9	238.9
Depreciation of Fixed Assets and Investment Property	356.9	315.5	238.4	200.4	198.4
Provision (Increase)/Reversal	71.5	-0.5	56.4	54.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.9	14.0	19.3	-1.9	0.0
Gain/Loss from Investment Activities	-52.2	-47.3	-67.8	-230.8	0.0
Interest Expense	52.3	41.9	30.7	15.9	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	677.7	591.7	512.3	314.8	415.6
Increase/(Decrease) in Receivables	20.7	-91.2	270.0	9.2	0.0
Increase/(Decrease) in Inventory	-6.4	-2.4	-7.1	14.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-8.6	26.0	-226.0	258.9	0.0
Increase/(Decrease) in Prepaid Expenses	1.5	3.5	-7.6	1.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-54.5	-36.0	-30.9	-19.4	0.0
Corporate Income Tax Paid	-50.7	-63.0	-63.1	-48.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-16.3	-10.4	-12.3	-14.0	0.0
Net Cash Flow from Operating Activities	563.5	418.3	435.3	516.9	184.2
Payments for Fixed Assets and Other Long-term Assets	—	-688.3	-580.6	-0.1	-9.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	201.0	0.0
Loans and Purchases of Debt Instruments	-1,930.3	-1,568.3	-1,537.2	-253.5	-66.1
Receipts from Loan Repayments and Sale of Debt Instruments	1,832.3	1,722.6	855.6	126.1	153.1
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	50.7	57.1	52.5	27.4	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	-47.3	-476.9	-1,209.7	100.9	97.2
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	350.0	478.0	397.2	21.5	50.6
Repayment of Borrowings	-542.8	-173.2	-174.8	-178.9	-174.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-102.9	-74.9	-93.7	-93.6	-93.6
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	-295.8	229.8	128.7	-251.0	-217.0
Net Cash Flow During the Period	220.5	171.2	-645.8	366.8	-12.1
Cash and Cash Equivalents at Beginning of Period	280.5	108.6	754.5	387.9	323.5
FX Difference from Revaluation	2.9	0.7	-0.0	-0.3	0.0
Cash and Cash Equivalents at End of Period	503.9	280.5	108.6	754.5	387.9

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	593.2	833.5	554.4	421.2	706.5	359.2	359.8	373.2	433.5	562.5	360.2	305.0
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	593.2	833.5	554.4	421.2	706.5	359.2	359.8	373.2	433.5	562.5	360.2	305.0
Cost of Goods Sold	527.2	748.2	483.3	354.1	624.6	270.5	266.4	294.4	391.3	473.8	300.1	254.9
Gross Profit	66.0	85.3	71.2	67.0	81.9	88.6	93.4	78.8	42.2	88.7	60.2	50.1
Financial Income	15.3	20.0	18.2	12.3	12.8	21.3	10.9	12.9	17.7	18.7	20.2	18.7
Financial Expenses	14.4	13.5	24.0	17.6	25.2	11.2	17.6	22.2	12.9	28.4	6.8	4.3
Interest Expense	12.1	12.5	13.6	14.1	13.9	8.7	9.2	9.8	10.8	11.1	4.7	4.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	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	0.0
General and Administrative Expenses	10.6	13.2	10.3	9.8	23.3	9.5	7.2	10.6	13.3	8.8	5.0	5.2
Operating Profit	56.4	78.6	55.0	52.0	46.2	89.3	79.5	59.0	33.8	70.1	68.6	59.3
Other Income	—	7.3	1.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.3	0.0	0.0	0.0	0.0	0.1	0.3	0.1	0.0	0.1	0.0	0.0
Other Profit	-0.3	7.3	1.2	-0.0	0.0	-0.1	-0.3	-0.1	-0.0	-0.1	-0.0	0.0
Profit Before Tax	56.1	85.9	56.2	51.9	46.2	89.2	79.2	58.9	33.8	70.0	68.5	59.3
Current Income Tax Expense	14.4	19.0	12.7	13.5	4.7	22.1	18.0	14.3	8.8	17.1	16.8	14.9
Deferred Income Tax Expense	-2.5	-2.3	-2.3	-2.0	7.7	-1.7	-1.7	-1.7	-2.0	-3.1	-3.1	-3.1
Net Income	44.2	69.2	45.8	40.4	33.9	68.9	62.9	46.4	27.0	55.9	54.8	47.4
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	44.2	69.2	45.8	40.4	33.9	68.9	62.9	46.4	27.0	55.9	54.8	47.4
Earnings per Share	426.00	667.00	442.00	389.00	348.00	707.00	667.00	492.00	286.00	593.00	581.00	503.00
Diluted EPS	425.99	667.41	441.84	389.36	327.19	664.41	667.36	491.68	286.05	593.32	581.33	503.18

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)	1,640.0	1,786.0	1,530.0	1,390.5	1,326.8	1,417.4	1,346.6	1,240.6	1,228.0	1,175.9	1,176.9	1,368.8
I. Cash and cash equivalents	503.9	315.2	249.5	282.2	280.5	350.8	315.1	469.9	108.6	118.7	150.2	232.4
1. Cash	413.9	275.2	178.6	136.3	93.4	181.5	179.4	109.2	27.9	23.3	57.4	54.4
2. Cash equivalents	90.0	40.0	71.0	145.9	187.1	169.3	135.8	360.7	80.8	95.4	92.9	178.0
II. Short-term financial investments	818.8	980.5	946.6	766.7	720.8	812.7	842.1	570.9	875.1	740.8	683.2	709.6
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	818.8	980.5	946.6	766.7	720.8	812.7	842.1	570.9	875.1	740.8	683.2	709.6
III. Short-term receivables	291.7	466.6	312.5	316.2	305.5	239.6	172.9	185.2	225.2	300.7	332.5	420.5
1. Short-term trade accounts receivable	250.5	443.3	293.4	300.7	267.3	206.1	155.5	167.1	174.2	238.7	281.5	387.0
2. Short-term prepayments to suppliers	0.1	5.3	4.5	1.6	0.3	0.0	0.2	0.6	0.5	2.0	1.1	0.2
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	114.1	91.0	87.6	87.0	110.9	106.6	93.6	94.0	127.0	136.5	126.4	110.9
7. Provision for short-term doubtful debts (*)	-73.1	-73.1	-73.1	-73.1	-73.1	-73.1	-76.3	-76.4	-76.4	-76.4	-76.4	-77.6
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	22.4	21.0	18.6	22.2	16.0	11.8	12.8	10.6	13.7	9.8	8.9	5.6
1. Inventories	22.4	21.0	18.6	22.2	16.0	11.8	12.8	10.6	13.7	9.8	8.9	5.6
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	3.2	2.7	2.7	3.2	4.0	2.5	3.6	4.0	5.4	5.8	2.1	0.8
1. Short-term prepayments	3.2	2.7	2.7	3.2	4.0	2.5	3.6	4.0	5.4	5.8	2.1	0.8
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	1,506.6	1,609.2	1,686.1	1,768.1	1,865.3	1,356.6	1,352.6	1,419.2	1,483.3	1,541.7	1,608.0	1,082.9
I. Long-term receivables	0.8	24.4	24.1	10.9	10.0	0.7	0.7	0.7	0.7	0.7	0.9	0.7
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	0.8	24.4	24.1	10.9	10.0	0.7	0.7	0.7	0.7	0.7	0.9	0.7
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	1,466.9	1,548.6	1,628.2	1,725.1	1,825.2	1,246.6	1,314.5	1,382.5	1,448.0	1,508.1	1,577.4	1,058.6
1. Tangible fixed assets	1,466.9	1,548.6	1,628.2	1,725.1	1,824.5	1,246.1	1,314.3	1,382.4	1,447.8	1,507.9	1,577.4	1,058.6
- Cost	—	—	—	—	3,589.1	2,900.8	2,900.8	2,900.5	2,897.7	2,889.9	2,891.5	2,320.3
- Accumulated depreciation	—	—	—	—	-1,764.6	-1,654.7	-1,586.4	-1,518.2	-1,449.9	-1,382.0	-1,314.1	-1,261.6
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	—	—	—	—	0.6	0.6	0.1	0.2	0.2	0.2	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
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	0.3	—	—	—	0.0	71.1	0.4	0.2	0.1	0.1	0.1	0.1
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	0.3	—	—	—	0.0	71.1	0.4	0.2	0.1	0.1	0.1	0.1
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	38.7	36.2	33.9	32.1	30.1	38.2	37.0	35.7	34.5	32.8	29.7	23.5
1. Long-term prepayments	0.4	0.4	0.5	1.0	1.0	1.4	1.9	2.4	2.9	3.2	3.1	0.0
2. Deferred income tax assets	38.3	35.8	33.5	31.1	29.1	36.8	35.1	33.3	31.6	29.6	26.5	23.5
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)	3,146.6	3,395.2	3,216.2	3,158.6	3,192.1	2,774.0	2,699.1	2,659.8	2,711.3	2,717.6	2,784.9	2,451.7
A. LIABILITIES (300=210+330)	1,215.0	1,507.7	1,397.1	1,266.2	1,338.9	954.7	944.9	881.8	983.7	1,017.0	1,139.1	753.5
I. Short -term liabilities	478.9	684.6	558.6	542.0	587.7	601.9	436.7	357.6	368.7	359.6	433.2	446.8
1. Short-term trade accounts payable	143.1	289.7	157.3	115.2	165.9	123.3	86.3	84.0	135.2	87.9	98.3	266.1
2. Short-term advances from customers	9.8	—	—	14.7	18.1	4.6	5.9	17.1	11.3	0.8	11.4	0.0
3. Taxes and other payables to state authorities	17.9	37.0	29.8	14.7	6.4	48.9	21.3	15.7	12.0	18.9	22.8	16.8
4. Payable to employees	17.7	24.5	18.1	17.5	11.4	19.4	14.1	13.4	10.8	9.0	6.8	4.5
5. Short-term acrrued expenses	51.2	36.5	42.2	38.7	43.8	19.9	30.4	40.0	51.9	58.0	59.6	30.1
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	6.5	109.2	109.3	5.6	5.6	54.8	80.5	5.2	5.0	5.3	99.5	4.4
10. Short-term borrowings and financial leases	157.6	177.4	188.5	195.5	194.4	122.0	125.7	123.3	139.8	157.0	123.8	123.6
11. Provision for short-term liabilities	72.4	—	—	139.8	138.5	202.0	63.2	58.7	0.0	19.3	0.0	0.0
12.. Bonus and welfare fund	2.8	10.2	13.4	0.2	3.6	6.8	9.2	0.4	2.7	3.4	11.0	1.3
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	736.1	823.1	838.5	724.2	751.2	352.8	508.2	524.2	615.1	657.4	705.9	306.7
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	574.7	608.5	642.2	686.0	728.2	343.0	380.4	408.0	456.4	509.4	570.5	189.2
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	161.3	214.6	196.3	38.2	23.0	9.8	127.9	116.2	158.6	148.0	135.3	117.5
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)	1,931.6	1,887.4	1,819.0	1,892.4	1,853.3	1,819.3	1,754.2	1,778.0	1,727.5	1,700.6	1,645.8	1,698.2
I. Owner's equity	1,931.6	1,887.4	1,819.0	1,892.4	1,853.3	1,819.3	1,754.2	1,778.0	1,727.5	1,700.6	1,645.8	1,698.2
1. Owner's capital	1,037.0	1,037.0	1,037.0	1,037.0	1,037.0	1,037.0	942.8	942.8	942.8	942.8	942.8	942.8
- Common stock with voting right	1,037.0	1,037.0	1,037.0	1,037.0	1,037.0	1,037.0	942.8	942.8	942.8	942.8	942.8	942.8
- 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	605.8	605.8	605.8	605.8	605.8	605.8	605.8	598.8	598.8	598.8	598.8	489.8
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	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
11. Undistributed earnings after tax	286.9	242.8	174.3	247.8	208.6	174.7	203.8	234.6	184.1	157.2	102.4	263.9
- Accumulated retained earning at the end of the previous period	88.1	88.1	88.1	207.4	0.3	0.3	94.6	188.3	0.2	0.2	0.2	216.4
- Undistributed earnings in this period	198.8	154.6	86.2	40.4	208.3	174.4	109.3	46.4	184.0	157.0	102.2	47.4
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)	3,146.6	3,395.2	3,216.2	3,158.6	3,192.1	2,774.0	2,699.1	2,659.8	2,711.3	2,717.6	2,784.9	2,451.7

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	55.8	85.9	56.5	51.9	46.2	89.2	75.4	58.9	38.9	70.0	67.1	59.3
Depreciation of Fixed Assets and Investment Property	81.8	79.6	97.2	98.4	110.0	68.3	68.3	68.3	68.0	67.9	52.5	50.1
Provision (Increase)/Reversal	18.3	18.3	18.3	16.5	-50.3	14.5	19.0	16.2	-7.4	32.3	16.3	15.3
FX Gain/Loss from Revaluation of Monetary Items	-1.1	-3.9	3.4	0.7	7.9	-11.9	7.6	10.4	2.9	11.1	6.4	-1.2
Gain/Loss from Investment Activities	-13.6	-14.0	-13.0	-11.6	-12.3	-11.8	-10.6	-12.5	-15.2	-16.9	-18.4	-17.3
Interest Expense	12.1	12.5	13.6	14.1	13.9	8.7	9.2	9.8	10.8	11.1	4.7	4.2
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	153.3	178.3	176.0	170.1	115.5	157.0	168.9	151.1	98.0	175.4	128.6	110.3
Increase/(Decrease) in Receivables	193.5	-147.7	-11.3	-13.8	-78.4	-61.1	14.5	29.0	82.6	21.2	98.0	68.3
Increase/(Decrease) in Inventory	-1.4	-2.4	3.6	-6.2	-4.3	1.0	-2.2	3.1	-3.8	-0.9	-3.3	1.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-132.7	133.9	35.6	-45.4	62.6	38.2	-14.0	-54.4	49.5	-17.4	-127.9	-130.2
Increase/(Decrease) in Prepaid Expenses	-0.5	0.1	0.7	1.2	-1.0	1.6	0.9	1.9	0.7	-3.4	-4.8	-0.2
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-12.3	-13.1	-13.2	-15.9	-7.9	-8.8	-9.5	-9.7	-11.0	-11.6	-2.9	-5.4
Corporate Income Tax Paid	-31.8	-14.2	0.0	-4.7	-40.1	0.0	-14.3	-8.6	-18.0	-16.9	-14.9	-13.4
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-7.4	-3.2	-2.3	-3.4	-3.3	-2.4	-2.4	-2.3	-0.7	-7.6	-3.3	-0.7
Net Cash Flow from Operating Activities	160.7	131.8	189.2	81.8	43.1	125.4	141.9	110.1	197.3	138.8	69.4	29.7
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	-617.5	-70.0	-1.5	-0.1	-10.9	-2.0	-567.7	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-642.4	-362.4	-586.1	-339.4	-427.3	-293.5	-557.9	-289.5	-281.4	-593.7	-126.0	-536.1
Receipts from Loan Repayments and Sale of Debt Instruments	804.1	328.5	406.2	293.5	519.2	322.9	286.7	593.7	147.1	536.1	152.4	20.0
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	18.4	10.0	12.4	9.9	15.5	9.5	8.6	23.5	7.0	27.0	10.1	8.5
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	180.1	-23.9	-167.6	-36.0	-510.1	-31.1	-264.1	327.6	-138.2	-32.7	-531.2	-507.7
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	350.0	—	478.0	0.0	0.0	0.0	0.0	0.0	397.2	0.0
Repayment of Borrowings	-48.1	-44.7	-405.7	-44.2	-34.9	-26.8	-34.6	-77.0	-68.9	-44.3	-17.5	-44.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-102.7	-0.1	-0.1	-0.0	-49.1	-25.7	-0.1	-0.0	-0.2	-93.3	-0.1	-0.1
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	-150.9	-44.8	-55.8	-44.3	394.0	-52.5	-34.7	-77.0	-69.2	-137.7	379.6	-44.1
Net Cash Flow During the Period	190.0	63.1	-34.2	1.6	-73.0	41.9	-156.9	360.6	-10.0	-31.5	-82.2	-522.1
Cash and Cash Equivalents at Beginning of Period	315.2	249.5	282.2	280.5	108.6	108.6	108.6	108.6	754.5	754.5	754.5	754.5
FX Difference from Revaluation	2.9	4.2	1.6	0.1	2.7	-6.2	2.2	0.6	-0.1	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	503.9	315.2	249.5	282.2	280.5	350.8	315.1	469.9	108.6	118.7	150.2	232.4

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PVP

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Balance Sheet

Cash Flow

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