The financial statements of RAL

Income statement, balance sheet and cash flow, by quarter and by year. Unit: VND billion, unless a line states otherwise.

Item	2025	2024	2023	2022	2021
Revenue	6,441.2	8,413.9	8,330.3	6,927.6	5,719.8
Revenue Deductions	81.6	57.3	13.9	18.3	0.0
Net Revenue	6,359.6	8,356.6	8,316.3	6,909.2	5,709.1
Cost of Goods Sold	4,910.2	6,446.4	6,311.1	5,074.6	0.0
Gross Profit	1,449.4	1,910.2	2,005.3	1,834.7	1,681.7
Financial Income	21.6	25.6	14.1	20.3	5.9
Financial Expenses	113.6	116.4	116.2	100.3	-55.0
Interest Expense	104.8	83.7	107.8	68.4	-52.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	811.6	1,067.5	1,126.0	996.7	-920.5
General and Administrative Expenses	133.1	117.4	159.0	147.1	-210.1
Operating Profit	412.7	634.5	618.2	610.9	502.0
Other Income	0.6	0.5	0.2	0.2	0.0
Other Expenses	0.0	4.8	0.2	2.3	0.0
Other Profit	0.6	-4.3	0.0	-2.1	-0.4
Profit Before Tax	413.2	630.2	618.2	608.8	501.6
Current Income Tax Expense	52.1	37.1	34.0	123.0	-103.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	361.1	593.1	584.3	485.8	398.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	361.1	593.1	584.3	485.8	398.1
Earnings per Share VND per share	15,336.00	25,187.00	25,124.00	25,564.00	33,346.71
Diluted EPS VND per share	15,336.42	25,186.90	24,812.55	21,171.33	32,971.01

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	7,432.7	7,842.1	7,310.9	6,287.0	4,859.2
I. Cash and cash equivalents	1,851.2	1,573.0	802.4	796.0	950.1
1. Cash	1,851.2	1,573.0	802.4	796.0	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	3,146.1	4,363.9	5,220.5	4,525.0	3,213.7
1. Short-term trade accounts receivable	2,868.0	4,295.9	5,049.5	4,358.0	0.0
2. Short-term prepayments to suppliers	311.3	112.5	217.5	166.1	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	105.7	92.4	113.3	168.4	0.0
7. Provision for short-term doubtful debts (*)	-138.9	-136.9	-159.8	-167.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,231.9	1,772.5	1,267.3	961.9	693.0
1. Inventories	2,231.9	1,772.5	1,267.3	961.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	203.5	132.7	20.7	4.1	2.4
1. Short-term prepayments	2.5	4.3	2.7	2.0	0.0
2. Value added tax to be reclaimed	196.8	125.2	17.1	0.0	0.0
3. Taxes and other receivables from state authorities	4.1	3.2	1.0	2.1	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)	703.5	466.8	440.8	429.5	414.7
I. Long-term receivables	2.3	1.4	1.3	1.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.2
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	2.3	1.4	1.3	1.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	369.6	315.7	309.7	301.1	287.7
1. Tangible fixed assets	282.3	231.9	223.6	227.7	217.7
- Cost	1,250.0	1,120.8	1,029.8	958.8	0.0
- Accumulated depreciation	-967.7	-888.9	-806.2	-731.2	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	87.4	83.8	86.0	73.4	70.0
- Cost	162.3	143.8	133.5	108.9	0.0
- Accumulated depreciation	-75.0	-60.0	-47.5	-35.5	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	327.3	145.6	124.8	122.9	122.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	327.3	145.6	124.8	122.9	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	4.2	4.1	5.0	4.2	0.0
1. Long-term prepayments	4.2	4.1	5.0	4.2	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	3.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	8,136.1	8,308.9	7,751.7	6,716.5	5,273.9
A. LIABILITIES (300=210+330)	4,737.5	5,005.3	4,777.4	4,094.8	3,905.0
I. Short -term liabilities	4,736.6	5,004.5	4,776.6	4,094.0	3,904.1
1. Short-term trade accounts payable	814.7	681.3	899.2	1,018.5	833.9
2. Short-term advances from customers	36.5	37.2	19.3	15.2	19.2
3. Taxes and other payables to state authorities	21.5	24.1	27.8	81.7	0.0
4. Payable to employees	67.9	127.0	56.7	58.0	0.0
5. Short-term acrrued expenses	232.2	119.6	335.4	408.4	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	136.7	119.6	103.2	95.7	0.0
10. Short-term borrowings and financial leases	2,939.3	3,549.4	3,102.8	2,297.7	2,293.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	487.9	346.3	232.2	118.7	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.8	0.8	0.8	0.8	0.8
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	0.8	0.8	0.8	0.8	0.8
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts) VND per share	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	3,398.7	3,303.6	2,974.3	2,621.7	1,369.0
I. Owner's equity	3,398.7	3,303.6	2,974.3	2,621.7	0.0
1. Owner's capital	235.5	235.5	235.5	229.5	1,369.0
- Common stock with voting right VND per share	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	229,474,190,000.00	120,750,000,000.00
- Preferred stock VND per share	—	0.00	0.00	0.00	0.00
2. Share premium	1,077.6	1,077.6	1,077.6	1,077.6	175.1
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 VND per share	—	0.00	0.00	0.00	0.00
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	1,063.1	866.5	674.6	531.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	720.2	589.7	461.2	354.3	0.0
11. Undistributed earnings after tax	302.3	534.2	525.4	428.5	398.1
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	302.3	534.2	525.4	428.5	398.1
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)	8,136.1	8,308.9	7,751.7	6,716.5	5,273.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	413.2	630.2	618.2	608.8	501.6
Depreciation of Fixed Assets and Investment Property	106.9	98.9	95.1	97.3	97.0
Provision (Increase)/Reversal	2.0	-22.9	-7.6	10.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	4.2	-8.7	1.9	-0.7	0.0
Gain/Loss from Investment Activities	-1.7	-1.5	-6.7	-10.9	0.0
Interest Expense	104.8	83.7	107.8	68.4	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	629.4	779.6	808.7	773.4	733.7
Increase/(Decrease) in Receivables	1,264.6	784.6	-703.8	-1,209.6	0.0
Increase/(Decrease) in Inventory	-459.4	-505.3	-305.4	-268.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	191.3	-375.6	-200.0	139.2	0.0
Increase/(Decrease) in Prepaid Expenses	1.7	-0.7	-1.4	-1.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-106.3	-75.7	-107.2	-68.3	0.0
Corporate Income Tax Paid	-46.9	-37.6	-72.2	-114.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-6.7	-23.8	-8.0	-180.8	0.0
Net Cash Flow from Operating Activities	1,467.7	545.6	-589.2	-930.6	-31.5
Payments for Fixed Assets and Other Long-term Assets	-464.8	-141.3	-105.8	-113.2	-209.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	0.3	0.1	0.1	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-300.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	300.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.1	1.1	6.8	12.6	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	-463.1	-139.8	-98.9	-100.5	-207.6
Proceeds from Equity Issuance and Capital Contributions VND per share	—	0.00	6,000,000,000.00	1,011,260,990,829.00	0.00
Share Repurchases VND per share	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	4,040.4	4,561.3	4,198.6	4,057.0	3,144.4
Repayment of Borrowings	-4,650.4	-4,114.7	-3,393.4	-4,046.2	-2,904.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-112.1	-82.5	-116.2	-144.9	-30.2
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	-722.2	364.1	694.9	877.2	209.9
Net Cash Flow During the Period	282.5	769.9	6.8	-153.9	126.6
Cash and Cash Equivalents at Beginning of Period	1,573.0	802.4	796.0	950.1	979.4
FX Difference from Revaluation	-4.2	0.6	-0.3	-0.3	0.0
Cash and Cash Equivalents at End of Period	1,851.2	1,573.0	802.4	796.0	950.1

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	1,598.0	1,815.6	2,325.7	1,373.4	1,201.2	1,540.9	2,101.1	1,345.8	2,129.6	2,837.5	3,383.8	1,282.0
Revenue Deductions	21.6	19.8	48.2	8.8	11.6	13.0	23.5	16.9	10.2	6.7	9.1	0.8
Net Revenue	1,576.4	1,795.8	2,277.5	1,364.6	1,189.6	1,527.9	2,077.5	1,328.9	2,119.4	2,830.9	3,374.8	1,281.2
Cost of Goods Sold	1,186.7	1,341.9	1,805.0	991.3	931.8	1,199.6	1,560.2	944.5	1,682.1	2,259.7	2,697.2	966.5
Gross Profit	389.7	454.0	472.6	373.3	257.7	328.2	517.3	384.4	437.3	571.2	677.6	314.6
Financial Income	5.4	6.4	1.4	9.5	8.2	2.5	12.5	2.3	6.1	4.7	4.0	3.3
Financial Expenses	39.7	29.3	34.8	27.3	27.1	24.4	33.8	40.6	20.0	20.1	29.3	24.2
Interest Expense	37.2	28.9	26.6	27.2	26.8	24.3	23.4	20.8	17.8	19.8	26.0	23.3
Share of Associates and Joint Ventures	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	183.4	265.4	276.0	235.8	129.4	170.3	262.4	242.2	236.3	326.7	400.4	161.9
General and Administrative Expenses	37.5	34.1	36.2	28.0	28.5	22.9	36.9	17.4	43.6	21.3	44.7	29.5
Operating Profit	134.6	131.6	127.0	91.7	80.9	113.1	196.7	86.6	143.5	207.7	207.2	102.4
Other Income	—	—	—	0.5	0.1	0.0	0.4	0.0	0.2	0.0	0.0	0.2
Other Expenses	0.0	—	0.0	—	—	—	0.4	4.5	0.0	0.0	0.0	0.2
Other Profit	-0.0	—	-0.0	0.5	0.1	0.0	-0.0	-4.5	0.2	0.0	0.0	0.0
Profit Before Tax	134.6	131.6	127.0	92.1	81.0	113.1	196.7	82.1	143.6	207.7	207.2	102.4
Current Income Tax Expense	17.4	15.0	17.4	11.3	11.2	12.2	14.0	5.5	6.3	13.1	12.7	5.5
Deferred Income Tax Expense	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	117.1	116.6	109.6	80.8	69.8	100.9	182.7	76.6	137.3	194.7	194.5	96.9
Non-controlling Interest	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	117.1	116.6	109.6	80.8	69.8	100.9	182.7	76.6	137.3	194.7	194.5	96.9
Earnings per Share VND per share	4,973.00	4,951.00	4,654.00	3,433.00	2,965.00	4,284.00	7,761.00	3,254.00	5,830.00	8,267.00	8,261.00	4,115.00
Diluted EPS VND per share	4,973.48	4,950.65	4,653.52	3,433.32	2,965.29	4,284.37	7,760.70	3,253.60	5,829.53	8,266.80	8,260.82	4,114.54

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	8,392.6	7,632.9	7,376.3	7,314.2	7,346.3	7,621.8	7,814.7	8,197.8	7,963.0	8,372.5	7,342.8	7,134.0
I. Cash and cash equivalents	2,485.6	2,130.7	1,851.2	1,665.4	1,596.2	1,644.5	1,573.0	1,268.0	1,140.8	1,268.7	802.4	920.2
1. Cash	2,485.6	2,130.7	1,851.2	1,665.4	1,596.2	1,644.5	1,573.0	1,268.0	1,140.8	1,268.7	802.4	920.2
2. Cash equivalents	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	—	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
3. Held to maturity investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	3,283.2	3,257.9	3,089.8	3,253.8	3,313.7	3,730.3	4,336.5	5,091.6	5,420.7	5,640.9	5,252.3	4,755.0
1. Short-term trade accounts receivable	2,786.4	2,940.6	2,882.7	3,184.8	3,239.8	3,539.3	4,295.9	4,956.7	5,238.4	5,481.3	5,049.5	4,561.3
2. Short-term prepayments to suppliers	407.5	223.5	88.5	23.5	1.2	104.7	59.8	86.5	197.9	203.1	249.4	233.3
3. Short-term inter-company receivables	—	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	230.6	230.0	240.0	166.4	198.4	214.3	117.6	185.3	131.7	110.5	113.3	120.6
7. Provision for short-term doubtful debts (*)	-141.3	-136.3	-121.4	-120.9	-125.7	-128.0	-136.9	-136.9	-147.3	-154.0	-159.8	-160.3
8. Assets awaiting resolution	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,407.2	2,053.9	2,231.9	2,202.9	2,243.3	2,090.4	1,772.5	1,740.8	1,323.6	1,428.4	1,267.3	1,451.5
1. Inventories	2,407.2	2,053.9	2,231.9	2,202.9	2,243.3	2,090.4	1,772.5	1,740.8	1,323.6	1,428.4	1,267.3	1,451.5
2. Provision for decline in value of inventories	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	216.6	190.4	203.5	192.1	193.1	156.5	132.7	97.5	77.9	34.6	20.7	7.3
1. Short-term prepayments	3.1	3.9	2.5	3.3	4.8	1.6	4.3	5.1	6.4	3.0	2.7	2.6
2. Value added tax to be reclaimed	137.8	181.4	196.8	185.1	173.6	151.7	125.2	89.4	68.8	26.9	17.2	3.7
3. Taxes and other receivables from state authorities	75.7	5.2	4.1	3.8	14.8	3.3	3.2	3.0	2.7	4.7	0.9	0.9
4. Government bonds	—	—	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	910.0	843.4	703.5	610.5	546.8	467.6	466.8	460.5	466.6	467.3	440.8	440.4
I. Long-term receivables	2.0	2.0	2.3	2.3	1.3	1.3	1.4	1.4	1.3	1.3	1.3	1.4
1. Long-term trade receivables	—	—	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	2.0	2.0	2.3	2.3	1.3	1.3	1.4	1.4	1.3	1.3	1.3	1.4
7. Provision for long-term doubtful debts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	353.9	363.6	369.6	373.3	351.6	311.8	315.7	318.3	335.6	336.3	309.7	310.8
1. Tangible fixed assets	271.3	278.5	282.3	290.7	268.2	230.2	231.9	233.1	248.0	248.7	223.6	224.1
- Cost	1,243.1	1,238.1	—	—	—	—	1,120.8	1,103.8	1,097.0	1,075.8	1,029.8	1,009.7
- Accumulated depreciation	-971.7	-959.7	—	—	—	—	-888.9	-870.7	-849.0	-827.1	-806.2	-785.6
2. Financial leased fixed assets	—	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	82.5	85.1	87.4	82.6	83.4	81.5	83.8	85.2	87.5	87.5	86.0	86.6
- Cost	164.5	163.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-82.0	-78.4	—	—	—	—	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
- Cost	—	—	—	—	—	—	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
IV. Long-term assets in progress	551.3	474.4	327.3	229.9	189.1	150.3	145.6	136.5	124.8	124.7	124.8	124.5
1. Long-term production in progress	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	551.3	474.4	327.3	229.9	189.1	150.3	145.6	136.5	124.8	124.7	124.8	124.5
V. Long-term financial investments	—	—	—	—	—	—	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
2. Investments in associates, joint-ventures	—	—	—	—	—	—	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
4. Provision for diminution in value of long-term investments	—	—	—	—	—	—	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
6. Other long-term investments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.9	3.5	4.2	4.9	4.8	4.1	4.1	4.3	4.9	5.1	5.0	3.7
1. Long-term prepayments	2.9	3.5	4.2	4.9	4.8	4.1	4.1	4.3	4.9	5.1	5.0	3.7
2. Deferred income tax assets	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	9,302.7	8,476.3	8,079.8	7,924.7	7,893.1	8,089.3	8,281.5	8,658.3	8,429.5	8,839.9	7,783.6	7,574.4
A. LIABILITIES (300=210+330)	5,819.4	4,961.1	4,681.1	4,635.6	4,626.0	4,684.9	4,979.7	5,539.3	5,328.2	5,670.9	4,809.3	4,794.6
I. Short -term liabilities	5,818.6	4,960.2	4,680.3	4,634.8	4,625.2	4,684.0	4,978.9	5,538.5	5,327.4	5,670.1	4,808.5	4,793.8
1. Short-term trade accounts payable	1,345.0	935.6	754.5	418.0	483.7	568.3	671.4	1,026.6	899.7	1,586.7	931.1	1,001.6
2. Short-term advances from customers	45.5	63.8	51.2	46.0	33.3	36.9	37.2	27.0	31.0	36.3	19.3	19.8
3. Dividends and profits payable	65.1	40.7	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	21.3	16.9	21.5	21.9	20.8	13.5	25.9	10.8	12.9	19.0	27.8	12.4
4. Payable to employees	75.2	69.9	67.9	86.7	69.9	62.8	127.0	57.7	52.8	42.6	56.7	50.9
5. Short-term acrrued expenses	164.2	146.8	242.8	139.9	72.1	46.5	119.6	223.6	264.9	210.6	335.4	223.1
6. Short-term inter-company payables	—	—	—	—	—	—	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
8. Short-term unearned revenue	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	97.7	110.9	115.2	160.4	67.8	101.0	102.2	95.0	51.3	55.8	103.2	85.5
10. Short-term borrowings and financial leases	3,428.8	3,089.5	2,939.3	3,273.0	3,387.0	3,511.4	3,549.4	3,749.8	3,641.0	3,489.8	3,102.8	3,167.6
11. Provision for short-term liabilities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	575.8	486.1	487.9	488.9	490.6	343.6	346.3	347.9	373.9	229.3	232.2	233.0
13. Price stabilization fund	—	—	—	—	—	—	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
II. Long-term liabilities	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
1. Long-term trade payables	—	—	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	—	—	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
7. Other long-term liabilities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
9. Convertible bonds	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts) VND per share	—	—	—	—	—	—	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
12. Provision for long-term liabilities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	3,483.2	3,515.3	3,398.7	3,289.1	3,267.1	3,404.4	3,301.8	3,119.0	3,101.3	3,168.9	2,974.3	2,779.8
I. Owner's equity	3,483.2	3,515.3	3,398.7	3,289.1	3,267.1	3,404.4	3,301.8	3,119.0	3,101.3	3,168.9	2,974.3	2,779.8
1. Owner's capital	235.5	235.5	235.5	235.5	235.5	235.5	235.5	235.5	235.5	235.5	235.5	235.5
- Common stock with voting right VND per share	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00
- Preferred stock VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1,077.6	1,077.6	1,077.6	1,077.6	1,077.6	1,077.6	1,077.6	1,077.6	1,077.6	1,077.6	1,077.6	1,077.6
3. Convertible bond option	—	—	—	—	—	—	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
5. Treasury shares VND per share	—	—	—	—	—	—	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
7. Foreign exchange differences	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	1,136.8	1,063.1	1,063.1	1,063.1	1,063.1	866.5	866.5	866.5	866.5	674.6	674.6	674.6
9. Fund to support corporate restructuring	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	799.7	720.2	720.2	720.2	720.2	589.7	589.7	589.7	589.7	461.2	461.2	461.2
11. Undistributed earnings after tax	233.7	418.8	302.3	192.7	170.7	635.1	532.4	349.7	331.9	720.1	525.4	330.9
- Accumulated retained earning at the end of the previous period	—	302.3	—	—	—	534.2	0.0	0.0	0.0	525.4	0.0	0.0
- Undistributed earnings in this period	233.7	116.6	302.3	192.7	170.7	100.9	532.4	349.7	331.9	194.7	525.4	330.9
12. Reserves for investment in construction	—	—	—	—	—	—	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
14. Financial reserves	—	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	—	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
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)	9,302.7	8,476.3	8,079.8	7,924.7	7,893.1	8,089.3	8,281.5	8,658.3	8,429.5	8,839.9	7,783.6	7,574.4

Item	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Profit Before Tax	134.6	131.6	127.0	92.1	81.0	113.1	196.7	82.1	143.6	207.7	207.2	102.4
Depreciation of Fixed Assets and Investment Property	15.2	27.0	27.4	27.7	31.2	20.6	21.8	28.4	25.1	23.6	23.4	22.8
Provision (Increase)/Reversal	-5.0	2.6	18.0	-4.8	-2.3	-8.9	-0.0	-10.4	-4.9	-7.6	-0.5	-5.0
FX Gain/Loss from Revaluation of Monetary Items	2.2	-3.0	11.4	-2.3	-4.0	-0.9	-8.7	11.0	-0.5	-2.7	3.3	-0.9
Gain/Loss from Investment Activities	-0.4	-0.3	-0.9	-0.2	-0.4	-0.3	-0.3	-0.2	-0.3	-0.4	-2.1	-2.5
Interest Expense	37.2	28.9	26.6	27.2	26.8	24.3	23.4	20.8	17.8	19.8	26.0	23.3
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	—	—	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
Operating Profit Before Changes in Working Capital	183.8	186.9	209.5	139.7	132.3	147.9	232.9	131.7	180.8	240.5	257.3	140.1
Increase/(Decrease) in Receivables	-57.2	-94.4	1,619.6	-1,310.8	339.8	616.0	719.0	329.7	175.9	-428.2	-478.4	444.8
Increase/(Decrease) in Inventory	-353.3	178.0	-29.0	40.4	-152.8	-317.9	-31.7	-417.1	104.7	-161.1	184.3	-428.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	448.5	77.6	-997.9	1,430.7	38.3	-279.8	-352.4	119.2	-609.4	508.9	42.5	-123.1
Increase/(Decrease) in Prepaid Expenses	1.4	-0.7	1.6	1.3	-3.9	2.7	1.1	1.8	-3.2	-0.4	-1.3	0.1
Changes in Trading Securities	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-36.8	-28.8	-27.5	-27.0	-27.6	-24.2	-33.5	-43.5	-19.5	-18.5	-22.8	-29.1
Corporate Income Tax Paid	-15.0	-17.4	-17.7	-11.8	-5.2	-12.2	-9.1	-2.7	-13.1	-12.7	-0.8	-16.3
Other Operating Receipts	0.0	0.4	—	—	—	—	0.8	0.5	-0.2	0.2	-0.0	0.0
Other Operating Payments	-0.7	-3.7	9.6	-12.3	0.0	-4.0	-1.8	-40.1	-1.5	-2.8	-6.0	4.9
Net Cash Flow from Operating Activities	170.5	297.8	756.5	260.9	321.7	128.7	525.2	79.5	-185.5	125.9	-25.2	-6.7
Payments for Fixed Assets and Other Long-term Assets	-96.3	-168.9	-238.7	6.3	-210.7	-21.7	-32.5	-14.8	-30.6	-51.4	-2.8	-51.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	0.0	0.5	0.1	—	0.0	0.0	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	—	—	—	—	—	—	0.3	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	—	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
Dividends and Interest Income Received	0.4	0.3	0.3	0.3	-1.9	2.5	12.5	12.5	-4.0	4.7	2.2	2.5
Increase/(Decrease) in Term Deposits	—	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	—	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
Net Cash Flow from Investing Activities	-95.9	-168.6	-238.4	7.0	-212.5	-19.2	-19.8	-2.3	-34.6	-46.7	-0.5	-48.8
Proceeds from Equity Issuance and Capital Contributions VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	6,000,000,000.00	-6,000,000,000.00
Share Repurchases VND per share	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,367.1	1,042.9	1,081.5	899.7	1,132.0	927.1	1,224.5	954.1	1,165.3	1,217.4	1,203.5	950.9
Repayment of Borrowings	-1,027.8	-892.7	-1,415.2	-1,037.5	-1,232.6	-965.1	-1,424.9	-845.2	-1,014.2	-830.4	-1,301.2	-738.3
Repayment of Finance Leases	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-58.9	—	5.6	-59.0	-58.7	—	0.0	-58.9	-58.9	0.0	0.0	-58.9
Other Financing Receipts	—	—	—	—	—	—	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
Net Cash Flow from Financing Activities	280.4	150.2	-328.1	-196.8	-159.3	-38.0	-200.4	50.0	92.3	387.1	-91.7	147.8
Net Cash Flow During the Period	355.0	279.4	190.0	71.1	-50.1	71.5	304.9	127.2	-127.8	466.3	-117.5	92.2
Cash and Cash Equivalents at Beginning of Period	2,130.7	1,851.2	1,665.4	1,596.2	1,644.5	1,573.0	802.4	802.4	802.4	802.4	796.0	796.0
FX Difference from Revaluation	—	—	-4.2	—	1.9	—	0.0	0.1	-0.1	0.0	-0.3	-0.0
Cash and Cash Equivalents at End of Period	2,485.6	2,130.7	1,851.2	1,665.4	1,596.2	1,644.5	1,573.0	1,268.0	1,140.8	1,268.7	802.4	920.2

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