S99

Listed Company · HNX

Price

9,300

Latest close

02 Apr 2026

P/E 9.1x

EPS (TTM) 1,018

ROE (TTM) 5.8%

P/B 0.5x

BVPS (Latest) 18,060

ROA (TTM) 2.3%

What Is Changing

S99 no longer looks like a business simply rebounding from a weak base. Revenue posted +1.8% YoY, while net margin reached 7.46% with an additional +4.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin broke above its recent high, rising 82bps to 7.46% in 2025.
Net Income recovered 142.6% to VND 106.5bn in 2025.
Revenue growth accelerated to 1.8% in 2025, up 15.3pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	1,427.5	1,402.6	1,622.7	1,787.2	6,454.0
Growth	+2%	-14%	-9%	-72%	—
Net Income	106.5	43.9	107.8	64.4	173.7
Net Margin	7.46%	3.13%	6.64%	3.60%	2.69%

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	90.3	520.9	556.2	388.1	331.1	364.4	332.9	366.8	956.8	239.8	287.0	247.3
Growth	-83%	-6%	+43%	+17%	-9%	+9%	-9%	-62%	+299%	-16%	+16%	—
Net Income	28.8	36.1	41.2	7.6	-9.7	10.8	15.7	27.2	13.2	48.6	27.5	14.2
Net Margin	31.91%	6.92%	7.41%	1.96%	-2.92%	2.95%	4.73%	7.42%	1.37%	20.25%	9.57%	5.76%

Financial Statements

Profitability

Net margin reached 7.46% while Revenue posted +1.8% YoY.

Balance Sheet

Inventory stood at 492.4bn, liabilities at 2,816.3bn, and equity at 1,876.3bn.

Cash Flow

Operating cash flow was 645.2bn in 2025, while investing cash flow was -449.1bn.

Financing cash flow: 0.6bn.

Item	2025	2024	2023	2022	2021
Revenue	1,427.5	1,402.6	1,622.7	1,787.2	6,454.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,427.5	1,402.6	1,622.7	1,787.2	6,454.0
Cost of Goods Sold	1,115.7	1,211.5	1,437.0	1,601.6	0.0
Gross Profit	311.9	191.1	185.7	185.7	327.2
Financial Income	87.0	38.5	59.3	49.9	92.8
Financial Expenses	170.7	164.1	142.5	105.1	-138.4
Interest Expense	146.5	142.4	113.5	69.0	-99.1
Share of Associates and Joint Ventures	—	-0.9	1.6	-1.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	91.5	84.1	12.2	85.5	-66.5
Operating Profit	136.7	-19.4	91.9	43.9	215.0
Other Income	5.7	95.7	39.2	38.7	0.0
Other Expenses	5.9	9.2	7.5	3.9	0.0
Other Profit	-0.1	86.5	31.7	34.8	1.0
Profit Before Tax	136.5	67.1	123.6	78.8	216.0
Current Income Tax Expense	28.2	11.2	26.5	24.0	-42.3
Deferred Income Tax Expense	1.8	12.0	-10.6	-9.6	0.0
Net Income	106.5	43.9	107.8	64.4	173.7
Non-controlling Interest	23.7	3.9	15.3	15.6	64.2
Profit Attributable to Parent	82.8	40.0	92.4	48.8	109.5
Earnings per Share	796.00	403.00	983.00	766.00	1,234.00
Diluted EPS	796.00	403.00	983.00	766.00	2,088.86

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,170.2	1,633.8	1,825.6	1,559.6	1,966.1
I. Cash and cash equivalents	336.0	139.2	325.5	210.7	369.5
1. Cash	111.0	64.9	93.5	130.9	0.0
2. Cash equivalents	225.0	74.3	232.0	79.9	0.0
II. Short-term financial investments	437.5	44.4	73.2	23.6	0.0
1. Available for sale securities	1.3	0.5	65.2	18.8	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.5	-0.4	-7.0	-0.9	0.0
3. Held to maturity investments	436.7	44.3	15.0	5.7	0.0
III. Short-term receivables	699.3	749.2	782.5	829.5	796.3
1. Short-term trade accounts receivable	553.6	635.3	604.4	696.8	0.0
2. Short-term prepayments to suppliers	96.1	65.2	118.4	148.5	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	13.3	7.5	4.0	0.0	0.0
6. Other short-term receivables	50.5	54.3	69.5	69.5	0.0
7. Provision for short-term doubtful debts (*)	-14.2	-13.6	-13.8	-85.3	0.0
8. Assets awaiting resolution	—	0.5	0.0	0.0	0.0
IV. Inventories	492.4	504.1	470.3	334.3	636.8
1. Inventories	492.4	504.1	470.3	334.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	205.0	196.9	174.1	161.5	143.9
1. Short-term prepayments	1.2	1.9	0.6	0.3	0.0
2. Value added tax to be reclaimed	203.3	194.5	172.1	161.1	0.0
3. Taxes and other receivables from state authorities	0.5	0.5	1.5	0.1	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)	2,522.3	2,767.8	2,199.2	2,151.5	1,501.0
I. Long-term receivables	1.8	1.5	4.7	5.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	5.7
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	1.8	1.5	4.7	5.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,269.5	2,516.3	1,966.8	753.4	839.2
1. Tangible fixed assets	2,237.3	2,494.4	1,936.6	697.9	785.6
- Cost	3,742.3	3,728.2	2,740.6	1,288.6	0.0
- Accumulated depreciation	-1,505.0	-1,233.8	-804.1	-590.7	0.0
2. Financial leased fixed assets	25.7	20.0	30.3	55.5	53.5
- Cost	33.7	31.4	90.4	122.7	0.0
- Accumulated depreciation	-8.0	-11.4	-60.1	-67.3	0.0
3. Intangible fixed assets	6.5	1.9	0.0	0.0	0.0
- Cost	7.8	2.6	0.5	0.5	0.0
- Accumulated depreciation	-1.2	-0.7	-0.4	-0.4	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	22.1	9.3	21.7	1,253.9	529.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	22.1	9.3	21.7	1,253.9	0.0
V. Long-term financial investments	42.0	43.0	116.4	113.8	109.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	11.5	11.5	73.2	70.6	0.0
3. Investments in other entities	30.6	30.6	42.2	42.2	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	—	1.0	1.0	1.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	186.9	197.6	89.6	24.6	0.0
1. Long-term prepayments	110.3	112.8	84.7	11.8	0.0
2. Deferred income tax assets	5.1	6.1	2.7	10.6	0.0
3. Long-term equipment, supplies, spare parts	2.7	2.2	2.2	2.2	0.0
4. Other long-term assets	—	0.0	0.0	0.0	17.7
5. Goodwill	68.8	76.6	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,692.5	4,401.5	4,024.8	3,711.1	3,467.2
A. LIABILITIES (300=210+330)	2,816.3	2,721.0	2,484.1	2,273.6	2,432.1
I. Short -term liabilities	1,168.6	1,240.4	1,268.7	1,031.9	1,546.7
1. Short-term trade accounts payable	166.9	182.8	288.9	271.6	591.9
2. Short-term advances from customers	430.9	274.7	310.6	191.6	211.0
3. Taxes and other payables to state authorities	28.7	15.9	25.5	6.5	0.0
4. Payable to employees	34.4	25.5	32.8	28.7	0.0
5. Short-term acrrued expenses	57.9	52.7	175.2	18.6	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	26.9	20.9	86.7	45.5	0.0
10. Short-term borrowings and financial leases	398.8	643.8	324.9	446.4	532.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	24.0	24.0	24.0	22.8	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	1,647.7	1,480.6	1,215.3	1,241.8	885.4
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	5.7	0.3	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	0.1	0.1	0.0
8. Long-term borrowings and financial leases	1,592.9	1,439.7	1,092.7	1,030.1	798.5
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	21.4	19.6	4.5	13.2	0.0
12. Provision for long-term liabilities	27.6	21.0	118.1	198.4	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)	1,876.3	1,680.5	1,540.7	1,437.5	1,035.0
I. Owner's equity	1,876.3	1,680.5	1,540.7	1,437.5	0.0
1. Owner's capital	1,040.9	991.3	940.0	854.5	1,035.0
- Common stock with voting right	1,040.9	991.3	940.0	854.5	524.3
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	-1.6	-1.6	-1.4	-1.4	-1.4
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	134.0	71.5	18.4	18.4	17.7
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	0.0
8. Investment and development fund	11.4	11.4	11.4	11.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	270.1	299.7	380.3	376.9	329.2
- Accumulated retained earning at the end of the previous period	249.8	285.9	287.9	328.1	219.7
- Undistributed earnings in this period	20.3	13.9	92.4	48.8	109.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	421.4	308.1	192.0	177.6	154.0
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)	4,692.5	4,401.5	4,024.8	3,711.1	3,467.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	136.5	67.1	123.6	62.8	216.0
Depreciation of Fixed Assets and Investment Property	289.8	293.3	222.3	123.8	159.6
Provision (Increase)/Reversal	7.3	-90.9	-145.7	145.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	6.8	-14.3	-3.5	1.8	0.0
Gain/Loss from Investment Activities	-2.5	-10.1	-9.3	-4.7	0.0
Interest Expense	146.5	142.4	113.5	69.0	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	584.4	387.4	300.9	398.0	434.2
Increase/(Decrease) in Receivables	47.0	210.0	111.4	-112.8	0.0
Increase/(Decrease) in Inventory	11.1	-33.1	-136.0	312.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	163.0	-238.5	377.0	-333.4	0.0
Increase/(Decrease) in Prepaid Expenses	3.1	-106.0	-73.2	-8.4	0.0
Changes in Trading Securities	-0.8	64.7	-46.4	-10.1	0.0
Interest Paid	-144.8	-138.1	-117.0	-70.8	0.0
Corporate Income Tax Paid	-17.9	-25.2	-7.0	-22.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	645.2	121.3	409.7	153.4	222.8
Payments for Fixed Assets and Other Long-term Assets	-73.0	-162.9	-232.6	-761.3	-335.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.4	2.9	2.1	0.6	6.4
Loans and Purchases of Debt Instruments	-432.4	-39.3	-4.3	-0.3	-249.2
Receipts from Loan Repayments and Sale of Debt Instruments	48.5	31.5	0.0	6.0	587.1
Investments in Other Entities	—	-336.0	0.0	0.0	-71.6
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	5.5	11.8	7.7	3.5	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	-449.1	-492.0	-227.1	-751.5	-42.4
Proceeds from Equity Issuance and Capital Contributions	—	4.2	0.0	288.3	50.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	1,191.8	1,288.7	1,291.0	2,067.1	5,298.4
Repayment of Borrowings	-1,180.7	-1,089.9	-1,324.7	-1,883.6	-5,255.8
Repayment of Finance Leases	-10.5	-18.2	-34.2	-37.2	-63.9
Dividends Paid	—	-0.3	0.0	0.0	-70.5
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	0.6	184.5	-67.9	434.7	-41.7
Net Cash Flow During the Period	196.7	-186.2	114.7	-163.4	-71.4
Cash and Cash Equivalents at Beginning of Period	139.2	325.5	210.7	375.5	231.5
FX Difference from Revaluation	0.0	-0.1	0.1	-1.3	-0.7
Cash and Cash Equivalents at End of Period	336.0	139.2	325.5	210.7	369.5

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	90.3	520.9	556.2	388.1	331.1	364.4	332.9	366.8	956.8	239.8	287.0	247.3
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	90.3	520.9	556.2	388.1	331.1	364.4	332.9	366.8	956.8	239.8	287.0	247.3
Cost of Goods Sold	8.8	441.7	464.5	325.5	274.0	311.3	286.1	328.3	929.0	206.6	226.2	184.8
Gross Profit	81.4	79.2	91.7	62.6	57.1	53.1	46.7	38.5	27.8	33.2	60.8	62.6
Financial Income	26.0	26.5	28.3	6.0	7.7	6.5	14.1	14.5	-4.7	41.3	19.0	6.8
Financial Expenses	37.0	44.2	51.0	38.2	44.3	72.4	35.7	29.4	23.0	53.2	37.4	32.2
Interest Expense	33.0	39.5	39.6	34.4	36.6	53.6	28.7	27.3	28.7	34.2	25.6	25.8
Share of Associates and Joint Ventures	—	—	—	—	0.0	-1.0	-0.3	1.7	2.5	-0.9	-1.9	1.9
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	26.3	19.9	21.6	20.1	30.2	23.0	19.1	19.5	-69.7	48.1	16.4	22.4
Operating Profit	44.2	41.5	47.5	10.3	-9.8	-36.8	5.8	5.9	72.4	-27.7	24.1	16.7
Other Income	1.3	3.0	0.6	1.0	6.6	49.9	14.1	26.0	-55.9	85.5	8.2	1.4
Other Expenses	-1.0	4.3	1.5	1.4	2.4	1.0	2.4	0.5	1.8	-1.5	0.4	0.1
Other Profit	2.3	-1.3	-0.9	-0.3	4.2	48.9	11.7	25.5	-57.6	87.0	7.8	1.2
Profit Before Tax	46.5	40.2	46.6	10.0	-5.6	12.1	17.4	31.3	14.7	59.3	31.9	17.9
Current Income Tax Expense	13.1	3.5	5.3	2.7	4.0	4.1	2.7	3.7	11.9	8.7	4.5	1.4
Deferred Income Tax Expense	4.6	0.6	0.1	-0.3	0.1	-2.7	-1.0	0.4	-10.4	2.1	-0.0	2.3
Net Income	28.8	36.1	41.2	7.6	-9.7	10.8	15.7	27.2	13.2	48.6	27.5	14.2
Non-controlling Interest	2.5	4.1	4.6	-1.1	5.6	3.5	-0.7	4.7	2.7	2.1	1.5	5.2
Profit Attributable to Parent	26.4	32.0	36.6	8.7	-15.3	7.2	16.5	22.5	10.4	46.5	25.9	9.1
Earnings per Share	253.17	307.48	369.25	88.00	-153.92	72.98	175.30	239.13	110.74	494.72	303.50	106.05
Diluted EPS	253.17	307.48	369.25	88.09	-153.92	72.98	175.30	239.13	110.74	494.72	303.50	106.05

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)	2,181.8	2,108.1	2,062.3	2,098.3	1,664.5	1,730.8	1,843.1	1,817.5	1,973.6	1,792.3	1,552.7	1,487.1
I. Cash and cash equivalents	335.8	291.7	130.2	186.4	126.2	138.5	120.0	297.7	334.5	224.1	249.6	264.4
1. Cash	160.8	161.2	75.0	113.2	64.9	71.9	30.0	48.7	93.5	81.1	156.6	240.0
2. Cash equivalents	175.0	130.5	55.2	73.2	61.3	66.5	90.0	249.0	241.0	143.0	93.0	24.4
II. Short-term financial investments	437.5	545.3	469.6	417.4	57.4	105.5	109.1	95.6	64.2	84.1	45.7	24.0
1. Available for sale securities	1.3	109.2	46.7	0.5	0.5	52.7	87.2	87.2	65.2	95.1	41.3	19.1
2. Provision for diminution in value of available for sale securities (*)	-0.5	-0.4	-1.6	-0.4	-0.4	-0.4	-4.3	-6.5	-7.0	-16.9	-1.4	-0.8
3. Held to maturity investments	436.7	436.4	424.4	417.3	57.3	53.2	26.2	15.0	6.0	5.9	5.9	5.7
III. Short-term receivables	714.3	680.3	888.5	840.8	759.9	794.0	808.4	782.1	788.4	663.4	664.4	645.9
1. Short-term trade accounts receivable	554.8	559.2	755.2	718.1	635.1	637.9	687.0	569.9	581.2	554.9	543.1	498.6
2. Short-term prepayments to suppliers	96.4	64.6	61.2	63.8	65.2	82.4	92.2	138.9	115.8	96.6	114.6	151.7
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	13.3	13.3	—	—	7.5	9.0	4.0	4.0	4.0	4.0	4.0	4.0
6. Other short-term receivables	63.9	56.6	85.4	72.1	65.2	78.1	38.5	83.1	100.9	120.1	91.8	81.4
7. Provision for short-term doubtful debts (*)	-14.1	-13.8	-13.8	-13.7	-13.6	-13.8	-13.8	-13.8	-13.6	-112.3	-89.1	-89.8
8. Assets awaiting resolution	—	0.5	0.5	0.5	0.5	0.5	0.5	0.0	0.0	0.0	0.0	0.0
IV. Inventories	489.4	390.4	377.0	449.5	524.0	494.9	613.0	457.7	607.8	646.6	430.3	385.2
1. Inventories	489.4	390.4	377.0	449.5	524.0	494.9	613.0	457.7	607.8	646.6	430.3	385.2
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	204.9	200.4	197.1	204.1	197.0	197.9	192.7	184.5	178.8	174.1	162.6	167.7
1. Short-term prepayments	1.2	3.0	1.5	5.9	2.0	3.3	0.8	2.7	5.2	5.6	3.3	1.6
2. Value added tax to be reclaimed	203.2	196.9	195.0	196.0	194.5	193.8	191.3	180.8	172.1	167.4	159.2	166.0
3. Taxes and other receivables from state authorities	0.5	0.5	0.5	2.2	0.6	0.7	0.6	1.0	1.5	1.1	0.1	0.1
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)	2,519.0	2,564.7	2,628.5	2,687.9	2,763.6	2,821.0	2,254.3	2,148.0	2,194.8	2,259.4	2,307.7	2,240.1
I. Long-term receivables	1.8	1.5	1.6	1.4	1.5	1.5	2.7	2.5	4.7	5.2	5.2	5.9
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	1.8	1.5	1.6	1.4	1.5	1.5	2.7	2.5	4.7	5.2	5.2	5.9
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	2,270.1	2,316.5	2,377.5	2,448.0	2,545.8	2,580.4	1,897.7	1,918.3	2,037.0	2,115.8	2,155.8	1,561.0
1. Tangible fixed assets	2,237.8	2,296.5	2,359.9	2,428.5	2,523.9	2,561.2	1,873.8	1,899.8	1,936.8	2,077.3	2,113.8	1,512.2
- Cost	—	—	—	—	3,758.7	3,705.8	2,837.6	2,788.2	2,740.9	2,766.4	2,759.8	2,125.2
- Accumulated depreciation	—	—	—	—	-1,234.9	-1,144.6	-963.7	-888.3	-804.1	-689.2	-646.0	-613.0
2. Financial leased fixed assets	25.7	13.5	16.0	17.7	20.0	17.2	21.8	18.5	30.3	38.5	42.0	48.8
- 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	6.5	6.5	1.7	1.8	1.9	2.0	2.1	0.0	69.9	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
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	22.2	23.3	23.8	10.6	9.4	87.9	34.5	22.4	21.0	10.5	5.4	528.7
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	22.2	23.3	23.8	10.6	9.4	87.9	34.5	22.4	21.0	10.5	5.4	528.7
V. Long-term financial investments	42.9	42.9	43.9	43.9	43.0	43.0	232.1	116.5	117.3	112.9	113.7	115.7
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	12.4	12.4	12.4	12.4	12.4	12.4	201.4	73.3	73.2	69.7	70.6	72.5
3. Investments in other entities	30.6	30.6	30.6	30.6	30.6	30.6	30.6	42.2	43.1	42.2	42.2	42.2
4. Provision for diminution in value of long-term investments	—	—	—	—	-0.9	-0.9	-0.9	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
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	182.0	180.4	181.6	183.9	163.9	108.1	87.4	88.2	14.9	15.1	27.5	28.8
1. Long-term prepayments	110.3	108.2	109.6	110.0	85.1	81.6	82.8	83.6	10.2	10.5	11.4	12.7
2. Deferred income tax assets	2.5	2.5	2.5	2.5	2.5	2.4	2.4	2.4	2.6	2.4	13.9	13.9
3. Long-term equipment, supplies, spare parts	2.9	2.9	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	66.4	66.9	67.3	69.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	74.1	21.9	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,700.8	4,672.8	4,690.8	4,786.3	4,428.1	4,551.8	4,097.4	3,965.5	4,168.5	4,051.8	3,860.4	3,727.2
A. LIABILITIES (300=210+330)	2,821.0	2,913.3	2,961.9	3,097.6	2,745.2	2,848.6	2,521.7	2,406.4	2,626.2	2,523.1	2,375.1	2,269.4
I. Short -term liabilities	1,180.5	1,124.0	1,093.0	1,174.8	1,268.6	1,366.6	1,367.9	1,223.7	1,412.8	1,269.6	986.5	950.7
1. Short-term trade accounts payable	165.2	174.6	176.6	156.3	182.3	251.7	264.9	229.0	295.6	264.9	286.3	232.1
2. Short-term advances from customers	431.7	342.7	259.9	284.6	274.7	161.9	256.6	287.6	310.6	512.0	262.4	192.7
3. Taxes and other payables to state authorities	25.1	19.3	14.8	5.3	19.2	11.9	7.0	5.3	25.5	15.9	7.1	3.4
4. Payable to employees	33.3	12.3	20.1	19.6	25.4	18.6	30.1	16.3	32.5	19.7	20.3	11.8
5. Short-term acrrued expenses	71.4	58.3	73.2	45.5	56.6	40.9	32.1	85.8	309.8	19.7	27.3	29.7
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	27.0	22.9	58.8	47.3	26.9	44.3	67.8	100.1	89.8	53.4	52.5	49.6
10. Short-term borrowings and financial leases	402.8	469.7	465.6	592.2	659.4	813.3	685.3	475.4	324.9	359.8	306.6	407.4
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0
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	1,640.5	1,789.3	1,868.9	1,922.7	1,476.5	1,482.0	1,153.8	1,182.7	1,213.3	1,253.5	1,388.6	1,318.7
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	5.7	2.1	1.5	0.9	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	0.1	0.1	0.1	0.1	0.1	0.1
8. Long-term borrowings and financial leases	1,587.5	1,745.8	1,831.1	1,887.9	1,424.1	1,434.6	1,055.7	1,077.0	1,092.7	1,129.3	1,158.1	1,088.4
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	19.6	15.0	11.3	11.2	11.5	11.4	10.9	11.9	2.5	12.7	17.5	17.6
12. Provision for long-term liabilities	27.6	26.3	24.9	22.7	40.9	36.0	87.2	93.8	118.1	111.4	212.9	212.6
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)	1,879.8	1,759.5	1,728.9	1,688.7	1,683.0	1,703.2	1,575.8	1,559.1	1,542.3	1,528.7	1,485.3	1,457.8
I. Owner's equity	1,879.8	1,759.5	1,728.9	1,688.7	1,683.0	1,703.2	1,575.8	1,559.1	1,542.3	1,528.7	1,485.3	1,457.8
1. Owner's capital	1,040.9	1,040.9	991.3	991.3	991.3	991.3	940.0	940.0	940.0	940.0	854.5	854.5
- Common stock with voting right	1,040.9	1,040.9	991.3	991.3	991.3	991.3	940.0	940.0	940.0	940.0	854.5	854.5
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4
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	134.0	71.5	71.5	71.5	69.3	18.4	18.4	18.4	18.4	18.4	18.4	18.4
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	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	270.8	321.6	344.8	309.3	284.5	369.2	411.4	393.9	385.0	374.1	412.1	386.2
- Accumulated retained earning at the end of the previous period	172.7	249.9	299.5	300.6	307.7	320.3	372.4	371.5	292.3	291.8	377.1	377.1
- Undistributed earnings in this period	98.1	71.7	45.3	8.7	-23.2	48.9	39.0	22.5	92.7	82.3	35.0	9.1
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	424.2	315.6	311.3	306.7	328.0	314.3	196.0	196.7	188.9	186.1	190.2	188.6
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)	4,700.8	4,672.8	4,690.8	4,786.3	4,428.1	4,551.8	4,097.4	3,965.5	4,168.5	4,051.8	3,860.4	3,727.2

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	42.0	40.2	44.3	10.0	-5.6	12.1	19.4	31.3	15.0	59.3	31.4	17.9
Depreciation of Fixed Assets and Investment Property	78.5	63.5	77.7	70.2	73.0	92.4	61.4	61.3	93.0	47.2	42.8	39.4
Provision (Increase)/Reversal	1.8	0.2	3.6	1.7	4.7	-54.2	-8.8	-24.8	-101.7	-62.9	0.1	18.7
FX Gain/Loss from Revaluation of Monetary Items	4.8	2.8	-1.7	0.8	2.0	16.2	-5.9	-10.6	9.6	-13.2	-1.1	1.2
Gain/Loss from Investment Activities	14.6	-9.1	-5.4	-2.5	-0.1	-1.5	-1.3	-1.5	-1.2	-1.5	-6.6	0.0
Interest Expense	33.0	39.5	39.7	34.4	36.6	53.6	27.8	27.3	28.7	34.2	24.8	25.8
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	174.6	137.1	158.1	114.6	110.6	118.6	92.6	83.0	43.4	63.1	91.4	103.0
Increase/(Decrease) in Receivables	-37.7	357.2	-181.2	-91.4	-19.8	58.8	-99.5	-5.3	-33.3	-29.1	-0.9	174.7
Increase/(Decrease) in Inventory	-102.5	-13.5	72.6	54.5	-29.1	118.1	-155.3	12.6	176.4	-215.3	-46.2	-50.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	109.2	-140.6	214.6	-20.1	60.7	-35.3	-50.3	-163.9	52.5	234.7	112.4	-22.6
Increase/(Decrease) in Prepaid Expenses	-0.4	-0.0	4.8	-1.3	-2.1	-1.4	2.8	-1.0	-69.2	-1.4	-0.5	-2.1
Changes in Trading Securities	—	—	—	—	52.2	34.5	0.0	-22.0	29.9	-53.9	-22.1	-0.4
Interest Paid	-39.9	-26.5	-49.9	-28.5	-30.4	-51.4	-27.5	-28.0	-29.1	-38.5	-19.5	-29.9
Corporate Income Tax Paid	-4.5	-0.7	-0.5	-12.2	-1.1	-0.7	-0.8	-22.6	-2.2	-1.2	-1.0	-2.7
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	206.8	250.5	172.3	15.6	140.8	241.1	-238.1	-147.2	168.4	-41.4	113.5	169.3
Payments for Fixed Assets and Other Long-term Assets	-55.3	24.4	-46.7	4.6	12.5	-811.3	-3.1	-17.2	11.6	-5.1	-104.1	-135.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	1.1	0.0	1.0	0.0	0.0	0.1	0.1	0.1	-0.4	1.1	1.3
Loans and Purchases of Debt Instruments	-34.5	-12.8	-19.6	-365.5	-2.6	-10.0	-33.2	0.0	-0.1	18.5	-18.7	-4.0
Receipts from Loan Repayments and Sale of Debt Instruments	47.5	-19.5	20.5	—	0.0	-36.0	36.0	0.0	0.0	-22.5	22.5	0.0
Investments in Other Entities	—	—	—	—	0.0	116.0	-116.0	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	11.1	-8.3	7.8	-5.1	1.3	-2.5	2.6	1.5	1.8	1.2	3.6	1.2
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	-30.9	-15.2	-38.0	-365.0	11.3	-743.8	-113.7	-15.7	13.3	-8.3	-95.5	-136.6
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	68.0	387.1	47.9	688.8	247.4	988.4	373.8	440.7	218.4	395.8	238.4	438.5
Repayment of Borrowings	-199.3	-464.2	-228.7	-288.5	-404.6	-452.4	-200.6	-294.0	-317.3	-335.8	-269.5	-402.2
Repayment of Finance Leases	-0.2	-6.7	0.1	-3.6	-7.1	-15.2	1.4	-11.8	18.3	-35.5	-0.1	-17.0
Dividends Paid	—	—	—	—	0.0	0.3	-0.3	0.0	0.0	0.0	0.0	0.0
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	-131.4	-83.9	-180.7	396.6	-164.4	521.1	174.3	134.9	-80.6	24.5	-31.2	19.3
Net Cash Flow During the Period	44.4	151.5	-46.4	47.2	-12.3	18.4	-177.4	-28.0	101.1	-25.2	-13.2	52.0
Cash and Cash Equivalents at Beginning of Period	291.7	140.1	186.4	139.2	325.5	325.5	325.5	325.5	210.7	210.7	210.7	210.7
FX Difference from Revaluation	0.0	0.2	0.1	0.0	0.0	0.0	-0.2	0.2	0.3	-0.3	-1.5	1.6
Cash and Cash Equivalents at End of Period	336.0	291.7	140.1	186.4	126.2	138.5	120.0	297.7	325.5	224.1	249.6	264.4

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S99

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Balance Sheet

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