RYG

Listed Company · HOSE

Price

10,700

Latest close

03 Apr 2026

P/E 15.2x

EPS (TTM) 703

ROE (TTM) 4.1%

P/B 0.6x

BVPS (Latest) 17,017

ROA (TTM) 1.2%

What Is Changing

RYG no longer looks like a business simply rebounding from a weak base. Revenue posted +23.8% YoY, while net margin reached 1.80% with an additional -2.2pp 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 219bps to 1.80% in 2025.
Net Income fell to a multi-period low at VND 37.6bn in 2025.
Revenue increased 23.9% YoY to VND 2,095.7bn in 2025.

Metric	2025	2024	2023	2022
Revenue	2,095.7	1,692.1	1,395.6	1,396.8
Growth	+24%	+21%	-0%	—
Net Income	37.6	67.5	102.3	74.8
Net Margin	1.80%	3.99%	7.33%	5.36%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	554.2	538.2	529.0	479.5	474.5	353.2	429.8
Growth	+3%	+2%	+10%	+1%	+34%	-18%	—
Net Income	5.0	12.2	11.0	3.5	8.2	18.5	26.1
Net Margin	0.90%	2.26%	2.09%	0.73%	1.73%	5.23%	6.07%

Financial Statements

Profitability

Net margin reached 1.80% while Revenue posted +23.8% YoY.

Balance Sheet

Inventory stood at 797.0bn, liabilities at 2,223.3bn, and equity at 770.0bn.

Cash Flow

Operating cash flow was -98.9bn in 2025, while investing cash flow was -414.6bn.

Financing cash flow: 482.6bn.

Item	2025	2024	2023	2022
Revenue	2,095.7	1,692.1	1,395.6	1,398.4
Revenue Deductions	0.1	0.0	0.0	1.6
Net Revenue	2,095.7	1,692.1	1,395.6	1,396.8
Cost of Goods Sold	1,823.4	1,425.9	1,104.1	1,143.0
Gross Profit	272.2	266.1	291.4	253.8
Financial Income	23.2	8.8	7.2	5.0
Financial Expenses	114.1	62.0	52.1	32.2
Interest Expense	102.2	56.6	46.4	25.9
Share of Associates and Joint Ventures	10.5	16.5	21.5	0.0
Selling Expenses	71.4	76.2	79.7	80.2
General and Administrative Expenses	67.6	65.9	64.1	52.7
Operating Profit	52.7	87.4	124.2	93.8
Other Income	0.5	1.4	0.1	0.1
Other Expenses	2.3	4.9	1.0	0.6
Other Profit	-1.8	-3.5	-0.9	-0.5
Profit Before Tax	50.9	83.8	123.3	93.3
Current Income Tax Expense	13.3	17.1	21.4	18.7
Deferred Income Tax Expense	-0.1	-0.8	-0.4	-0.2
Net Income	37.6	67.5	102.3	74.8
Non-controlling Interest	0.3	0.0	0.8	0.5
Profit Attributable to Parent	37.4	67.5	101.5	74.3
Earnings per Share	830.00	1,500.00	2,680.00	2,065.00
Diluted EPS	830.46	1,500.07	2,254.56	2,064.79

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,822.8	1,526.0	1,125.0	792.7
I. Cash and cash equivalents	11.3	42.2	17.9	70.3
1. Cash	11.3	42.2	17.9	70.3
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	235.7	158.4	22.5	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	235.7	158.4	22.5	0.0
III. Short-term receivables	733.3	598.5	674.9	397.8
1. Short-term trade accounts receivable	554.6	479.3	498.8	232.9
2. Short-term prepayments to suppliers	131.8	80.3	129.3	119.0
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	46.9	38.9	46.8	45.9
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	797.0	683.9	389.1	301.9
1. Inventories	797.0	683.9	389.1	301.9
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	45.3	42.9	20.6	22.7
1. Short-term prepayments	4.5	6.6	5.6	11.1
2. Value added tax to be reclaimed	40.1	36.3	15.0	11.6
3. Taxes and other receivables from state authorities	0.7	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)	1,170.5	945.2	556.6	388.5
I. Long-term receivables	6.6	6.2	2.6	5.0
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	6.6	6.2	2.6	5.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	982.9	293.1	331.2	283.5
1. Tangible fixed assets	877.2	174.0	232.0	199.5
- Cost	1,321.1	577.5	623.6	560.2
- Accumulated depreciation	-443.9	-403.5	-391.6	-360.7
2. Financial leased fixed assets	44.8	56.3	34.3	17.3
- Cost	61.2	67.4	52.4	30.8
- Accumulated depreciation	-16.4	-11.1	-18.1	-13.5
3. Intangible fixed assets	60.8	62.8	64.8	66.8
- Cost	68.2	68.2	68.2	68.2
- Accumulated depreciation	-7.4	-5.4	-3.4	-1.4
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	5.7	460.4	38.9	10.6
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	5.7	460.4	38.9	10.6
V. Long-term financial investments	138.5	131.0	115.0	3.5
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	138.5	128.0	111.5	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	—	3.0	3.5	3.5
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	36.8	54.3	68.9	85.8
1. Long-term prepayments	30.8	47.0	61.1	77.1
2. Deferred income tax assets	—	0.4	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	6.0	6.9	7.9	8.8
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,993.3	2,471.2	1,681.6	1,181.2
A. LIABILITIES (300=210+330)	2,223.3	1,723.5	951.8	692.3
I. Short -term liabilities	1,798.1	1,338.3	913.6	666.9
1. Short-term trade accounts payable	317.8	278.6	206.9	134.8
2. Short-term advances from customers	79.4	68.0	65.5	58.5
3. Taxes and other payables to state authorities	15.0	21.1	22.0	14.6
4. Payable to employees	14.8	16.6	13.8	16.6
5. Short-term acrrued expenses	17.4	14.5	11.7	11.9
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	17.5	61.2	12.6	6.9
10. Short-term borrowings and financial leases	1,313.6	864.2	580.7	423.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	22.6	14.0	0.6	0.6
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	425.2	385.2	38.1	25.4
1. Long-term trade payables	49.2	48.6	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	5.2	0.1	1.0	1.0
8. Long-term borrowings and financial leases	357.9	323.3	23.5	10.3
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	12.8	13.3	13.7	14.1
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)	770.0	747.7	729.9	489.0
I. Owner's equity	770.0	747.7	729.9	489.0
1. Owner's capital	450.0	450.0	450.0	360.0
- Common stock with voting right	450.0	450.0	450.0	360.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	40.0	40.0	40.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.0	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	94.4	57.4	0.0	0.0
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	148.7	163.4	218.3	116.9
- Accumulated retained earning at the end of the previous period	111.3	95.9	116.9	42.6
- Undistributed earnings in this period	37.4	67.5	101.5	74.3
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	36.9	36.9	21.5	12.1
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)	2,993.3	2,471.2	1,681.6	1,181.2

Item	2025	2024	2023	2022
Profit Before Tax	50.9	83.8	123.3	93.3
Depreciation of Fixed Assets and Investment Property	53.3	37.7	38.3	32.2
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-3.8	2.4	0.6	-1.3
Gain/Loss from Investment Activities	-20.1	-20.7	-23.6	-0.2
Interest Expense	102.2	56.6	46.4	25.9
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	182.5	159.8	185.0	150.0
Increase/(Decrease) in Receivables	-135.6	64.0	-276.7	-148.9
Increase/(Decrease) in Inventory	-113.1	-294.9	-87.2	-28.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	72.9	71.7	80.9	24.0
Increase/(Decrease) in Prepaid Expenses	18.3	13.1	21.5	-65.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-101.7	-56.4	-46.1	-25.6
Corporate Income Tax Paid	-15.5	-23.0	-13.5	-17.6
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-6.7	-6.7	0.0	0.0
Net Cash Flow from Operating Activities	-98.9	-72.4	-136.0	-111.9
Payments for Fixed Assets and Other Long-term Assets	-347.2	-352.5	-90.6	-18.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	52.9	0.0	0.0
Loans and Purchases of Debt Instruments	-181.8	-158.4	-116.5	-3.0
Receipts from Loan Repayments and Sale of Debt Instruments	107.5	23.0	94.0	0.0
Investments in Other Entities	—	0.0	-90.0	-95.7
Proceeds from Investments in Other Entities	—	0.0	0.0	25.8
Dividends and Interest Income Received	6.8	1.6	1.9	0.2
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	-414.6	-433.4	-201.3	-90.7
Proceeds from Equity Issuance and Capital Contributions	—	15.4	138.7	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	1,439.4	1,504.3	924.2	703.9
Repayment of Borrowings	-944.0	-934.5	-753.7	-537.8
Repayment of Finance Leases	-12.8	-10.3	-24.2	0.0
Dividends Paid	—	-44.8	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	482.6	530.0	284.9	166.1
Net Cash Flow During the Period	-31.0	24.2	-52.4	-36.5
Cash and Cash Equivalents at Beginning of Period	42.2	17.9	70.3	107.1
FX Difference from Revaluation	0.1	0.1	0.0	-0.3
Cash and Cash Equivalents at End of Period	11.3	42.2	17.9	70.3

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	554.2	538.2	529.0	479.5	474.5	353.2	429.8
Revenue Deductions	0.0	0.0	0.0	—	0.0	0.0	0.0
Net Revenue	554.2	538.2	529.0	479.5	474.5	353.2	429.8
Cost of Goods Sold	475.3	464.5	458.6	435.3	415.9	285.9	353.3
Gross Profit	78.9	73.7	70.4	44.2	58.6	67.4	76.5
Financial Income	8.6	8.5	2.6	3.5	2.2	2.6	0.9
Financial Expenses	43.3	30.3	21.5	16.2	18.2	15.8	11.9
Interest Expense	32.6	29.9	21.7	15.4	16.3	11.8	12.4
Share of Associates and Joint Ventures	6.6	0.9	2.5	0.0	8.2	3.2	4.5
Selling Expenses	20.2	17.8	24.8	9.2	20.3	17.1	19.6
General and Administrative Expenses	19.9	16.7	15.6	17.2	23.3	18.5	15.0
Operating Profit	10.5	18.3	13.6	5.1	7.2	21.8	35.4
Other Income	0.3	0.2	0.0	0.0	3.6	0.0	-24.2
Other Expenses	1.6	0.4	0.1	0.1	0.6	0.1	-21.0
Other Profit	-1.3	-0.2	-0.1	-0.1	3.0	-0.1	-3.2
Profit Before Tax	9.2	18.1	13.5	5.0	10.2	21.7	32.2
Current Income Tax Expense	4.6	6.1	2.6	1.6	2.2	3.3	6.2
Deferred Income Tax Expense	-0.5	-0.1	-0.1	-0.1	-0.2	-0.1	-0.1
Net Income	5.0	12.2	11.0	3.5	8.2	18.5	26.1
Non-controlling Interest	—	—	—	0.1	0.0	0.7	-0.4
Profit Attributable to Parent	5.0	12.2	11.0	3.4	8.2	17.8	26.5
Earnings per Share	111.00	271.00	245.37	76.00	1,820.00	395.00	587.96
Diluted EPS	111.27	270.59	245.37	76.32	181.97	395.32	587.96

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,836.5	1,751.8	1,754.0	1,646.9	1,430.8	1,329.8	1,293.4
I. Cash and cash equivalents	11.3	3.4	5.9	7.2	42.2	18.5	8.6
1. Cash	11.3	3.4	5.9	7.2	42.2	18.5	8.6
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0
II. Short-term financial investments	235.7	244.5	243.1	203.0	158.4	91.3	66.2
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	235.7	244.5	243.1	203.0	158.4	91.3	66.2
III. Short-term receivables	745.2	844.9	780.5	669.2	601.6	606.3	673.8
1. Short-term trade accounts receivable	554.6	643.7	639.8	549.9	481.0	464.5	499.4
2. Short-term prepayments to suppliers	143.2	114.7	81.1	71.0	81.7	103.6	134.0
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	47.3	86.5	59.7	48.3	38.9	38.2	40.5
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0
8. Assets awaiting resolution	0.1	—	—	—	0.0	0.0	0.0
IV. Inventories	799.2	621.0	688.9	728.9	576.9	580.9	504.2
1. Inventories	799.2	621.0	688.9	728.9	576.9	580.9	504.2
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0
V. Other short-term assets	45.1	38.0	35.5	38.6	51.6	32.9	40.5
1. Short-term prepayments	3.6	7.3	6.4	11.1	15.4	3.3	10.6
2. Value added tax to be reclaimed	40.4	27.4	29.2	27.5	36.3	29.5	29.9
3. Taxes and other receivables from state authorities	1.1	3.3	—	—	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)	1,167.7	1,167.4	1,050.5	933.3	1,045.2	892.8	652.4
I. Long-term receivables	6.5	6.5	6.3	5.5	6.2	3.3	3.9
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	6.5	6.5	6.3	5.5	6.2	3.3	3.9
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0
II. Fixed assets	938.9	793.6	281.5	284.1	293.1	287.0	296.1
1. Tangible fixed assets	833.2	687.2	172.5	167.7	174.0	169.5	175.6
- Cost	—	—	—	—	577.5	552.4	552.4
- Accumulated depreciation	—	—	—	—	-403.5	-382.9	-376.8
2. Financial leased fixed assets	44.8	45.1	47.1	54.1	56.3	54.2	56.7
- Cost	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0
3. Intangible fixed assets	60.8	61.3	61.8	62.3	62.8	63.3	63.8
- Cost	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0
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	24.8	171.2	603.9	483.7	563.4	410.8	166.4
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0
2. Construction in progress	24.8	171.2	603.9	483.7	563.4	410.8	166.4
V. Long-term financial investments	138.0	131.4	114.0	114.5	131.4	126.9	123.7
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	138.0	131.4	114.0	111.5	128.4	123.4	120.2
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	—	—	—	3.0	3.0	3.5	3.5
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0
VI. Other long-term assets	59.5	64.7	44.9	45.6	50.9	64.9	62.2
1. Long-term prepayments	54.4	58.2	38.4	38.8	44.0	57.7	54.8
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	5.1	6.5	6.5	6.7	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	6.9	7.2	7.4
TOTAL ASSETS (280=100+200)	3,004.2	2,919.2	2,804.6	2,580.2	2,476.0	2,222.6	1,945.8
A. LIABILITIES (300=210+330)	2,238.5	2,152.3	2,057.8	1,844.5	1,713.6	1,430.7	1,170.8
I. Short -term liabilities	1,832.4	1,765.1	1,635.4	1,484.6	1,358.8	1,333.6	1,094.8
1. Short-term trade accounts payable	339.6	318.5	365.0	313.5	328.8	514.1	276.5
2. Short-term advances from customers	83.9	89.1	56.7	88.7	69.5	30.2	63.6
3. Taxes and other payables to state authorities	18.8	22.8	21.2	21.2	21.8	15.6	12.5
4. Payable to employees	15.1	13.8	13.6	11.5	16.6	13.9	11.1
5. Short-term acrrued expenses	18.1	23.7	16.5	18.2	14.5	16.8	20.6
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	20.6	16.1	32.7	13.4	11.0	68.0	12.6
10. Short-term borrowings and financial leases	1,313.6	1,258.5	1,115.7	1,003.9	896.1	674.5	697.3
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0
12.. Bonus and welfare fund	22.6	22.6	14.0	14.0	0.6	0.6	0.6
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0
II. Long-term liabilities	406.1	387.1	422.4	359.8	354.8	97.1	76.0
1. Long-term trade payables	35.2	9.9	—	—	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	0.2	0.2	0.1	0.1	0.1	1.0	1.0
8. Long-term borrowings and financial leases	357.9	364.1	408.8	346.1	341.4	82.7	61.5
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0
11. Deferred income tax liabilities	12.8	12.9	13.5	13.6	13.3	13.4	13.5
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)	765.8	766.9	746.8	735.8	762.4	791.9	775.0
I. Owner's equity	765.8	766.9	746.8	735.8	762.4	791.9	775.0
1. Owner's capital	450.0	450.0	450.0	450.0	450.0	450.0	450.0
- Common stock with voting right	450.0	450.0	450.0	450.0	450.0	450.0	450.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0
2. Share premium	40.0	40.0	40.0	40.0	40.0	40.0	40.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.0	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	94.4	94.4	57.4	57.4	0.0	0.0	0.0
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	143.1	144.9	162.4	151.4	235.4	265.0	263.4
- Accumulated retained earning at the end of the previous period	110.3	117.1	148.0	148.0	166.9	201.5	218.3
- Undistributed earnings in this period	32.8	27.8	14.5	3.4	68.6	63.5	45.1
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0
13. Minority's interest	38.3	37.6	37.0	37.0	36.9	36.9	21.5
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)	3,004.2	2,919.2	2,804.6	2,580.2	2,476.0	2,222.6	1,945.8

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Profit Before Tax	10.5	18.1	17.2	5.0	7.8	21.7	56.5
Depreciation of Fixed Assets and Investment Property	15.0	19.7	9.3	9.3	10.8	9.4	19.3
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-3.9	0.1	1.7	-1.8	-0.4	-0.9	-2.9
Gain/Loss from Investment Activities	-10.3	-3.5	-4.6	-1.7	-8.0	47.4	-9.8
Interest Expense	35.3	29.9	21.7	15.4	15.5	11.8	26.8
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	46.7	64.3	45.3	26.2	25.7	89.4	89.8
Increase/(Decrease) in Receivables	103.0	-73.6	-103.0	-62.1	47.3	32.3	8.0
Increase/(Decrease) in Inventory	-176.1	69.8	38.1	-44.9	3.9	-76.7	-115.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	78.3	2.9	36.3	-44.6	-201.6	319.1	16.4
Increase/(Decrease) in Prepaid Expenses	30.1	-20.7	5.2	3.7	1.7	4.4	1.2
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0
Interest Paid	-36.1	-29.0	-20.6	-16.0	-15.3	-11.7	-26.9
Corporate Income Tax Paid	-7.5	-7.9	-0.1	—	-0.0	-1.8	-21.2
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0
Other Operating Payments	0.0	—	—	-6.7	0.0	0.0	0.0
Net Cash Flow from Operating Activities	31.9	5.8	7.7	-144.4	-138.2	355.2	-47.9
Payments for Fixed Assets and Other Long-term Assets	-83.2	-108.5	-155.1	-0.4	27.6	-318.8	-100.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	—	—	—	0.0	0.0	51.7
Loans and Purchases of Debt Instruments	62.7	-1.4	-40.1	-203.0	-38.4	-25.1	-43.7
Receipts from Loan Repayments and Sale of Debt Instruments	-53.9	0.0	3.0	158.4	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	2.9	0.9	1.3	1.7	0.8	0.5	0.7
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	-71.4	-109.0	-190.9	-43.3	-10.1	-343.4	-92.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0
Proceeds from Borrowings	141.7	461.1	428.8	407.8	409.7	209.1	625.4
Repayment of Borrowings	-81.4	-360.5	-250.8	-251.4	-245.8	-208.0	-480.7
Repayment of Finance Leases	-9.0	—	—	-3.9	6.8	-3.1	-14.1
Dividends Paid	—	—	—	—	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	47.5	100.6	181.9	152.5	170.7	-1.9	130.6
Net Cash Flow During the Period	7.9	-2.5	-1.3	-35.1	22.4	9.9	-9.3
Cash and Cash Equivalents at Beginning of Period	3.4	5.9	7.2	42.2	17.9	17.9	17.9
FX Difference from Revaluation	0.1	0.0	0.0	0.1	1.4	0.0	0.0
Cash and Cash Equivalents at End of Period	11.3	3.4	5.9	7.2	42.2	18.5	8.6

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

RYG

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

Related Research