SBM

Listed Company · UPCOM

Price

34,300

Latest close

02 Apr 2026

P/E 10.5x

EPS (TTM) 3,252

ROE (TTM) 24.2%

P/B 2.6x

BVPS (Latest) 13,059

ROA (TTM) 22.1%

What Is Changing

SBM no longer looks like a business simply rebounding from a weak base. Revenue posted +2.7% YoY, while net margin reached 50.96% with an additional -2.9pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -2.9% in 2025 from 67.2% in the prior period, at VND 146.5bn.
Net margin declined from 53.88% in the prior period to 50.96% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	287.5	279.9	208.4	294.7	196.1
Growth	+3%	+34%	-29%	+50%	—
Net Income	146.5	150.8	90.2	146.2	55.1
Net Margin	50.96%	53.88%	43.29%	49.60%	28.07%

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	89.4	90.0	64.2	43.8	72.6	97.2	64.3	45.8	61.0	64.0	41.9	41.5
Growth	-1%	+40%	+47%	-40%	-25%	+51%	+40%	-25%	-5%	+53%	+1%	—
Net Income	47.8	47.1	30.8	20.7	37.6	56.7	35.1	21.4	28.1	30.8	15.6	15.7
Net Margin	53.49%	52.37%	48.00%	47.28%	51.81%	58.28%	54.62%	46.76%	46.11%	48.17%	37.18%	37.78%

Financial Statements

Profitability

Net margin reached 50.96% while Revenue posted +2.7% YoY.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 74.7bn, and equity at 588.3bn.

Cash Flow

Operating cash flow was 178.9bn in 2025, while investing cash flow was -6.1bn.

Financing cash flow: -152.7bn.

Item	2025	2024	2023	2022	2021
Revenue	287.5	279.9	208.4	294.7	196.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	287.5	279.9	208.4	294.7	196.1
Cost of Goods Sold	118.1	110.2	103.4	124.9	0.0
Gross Profit	169.4	169.7	105.0	169.8	79.3
Financial Income	1.6	0.9	1.3	0.7	0.5
Financial Expenses	2.2	1.8	4.3	9.1	-17.1
Interest Expense	2.2	1.8	4.3	8.9	-17.1
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	5.8	5.9	5.6	5.8	-4.9
Operating Profit	163.0	162.8	96.3	155.7	57.7
Other Income	0.1	0.0	0.0	0.4	0.0
Other Expenses	—	0.0	0.0	0.1	0.0
Other Profit	0.1	0.0	-0.0	0.3	-0.0
Profit Before Tax	163.1	162.9	96.3	156.0	57.7
Current Income Tax Expense	16.6	12.1	6.1	9.8	-2.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	146.5	150.8	90.2	146.2	55.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	146.5	150.8	90.2	146.2	55.1
Earnings per Share	3,252.00	3,348.00	2,003.00	3,245.00	1,382.00
Diluted EPS	3,252.31	3,348.35	2,002.95	3,245.44	1,344.39

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	129.2	105.9	72.1	61.0	41.4
I. Cash and cash equivalents	97.0	76.9	48.4	31.8	15.0
1. Cash	4.0	16.9	8.4	4.8	0.0
2. Cash equivalents	93.0	60.0	40.0	27.0	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	32.0	28.9	23.6	28.2	25.4
1. Short-term trade accounts receivable	30.5	25.5	22.6	26.4	0.0
2. Short-term prepayments to suppliers	0.7	2.6	0.3	0.4	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	0.9	0.8	0.7	1.3	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.0	0.0	0.0	0.9	0.9
1. Inventories	0.0	0.0	0.0	0.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.0	0.0	0.1	0.1
1. Short-term prepayments	0.0	0.0	0.0	0.1	0.0
2. Value added tax to be reclaimed	0.1	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)	533.7	559.9	591.8	636.9	679.5
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	516.7	546.5	580.4	622.5	671.5
1. Tangible fixed assets	516.7	546.5	580.4	622.5	671.5
- Cost	1,317.0	1,313.2	1,309.2	1,309.2	0.0
- Accumulated depreciation	-800.3	-766.6	-728.8	-686.7	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	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	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	7.5	7.4	7.3	7.3	4.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	7.5	7.4	7.3	7.3	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	9.5	5.9	4.1	7.1	0.0
1. Long-term prepayments	6.3	2.8	1.3	5.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	3.3	3.1	2.8	2.1	0.0
4. Other long-term assets	—	0.0	0.0	0.0	4.0
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)	662.9	665.8	663.9	697.9	720.9
A. LIABILITIES (300=210+330)	74.7	40.8	52.9	87.1	170.2
I. Short -term liabilities	71.7	40.8	52.9	83.9	147.9
1. Short-term trade accounts payable	4.3	3.3	2.4	3.3	2.6
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	20.1	14.9	8.5	13.9	0.0
4. Payable to employees	4.5	5.5	5.3	5.2	0.0
5. Short-term acrrued expenses	0.2	0.1	0.2	0.3	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	1.7	1.2	1.1	2.2	0.0
10. Short-term borrowings and financial leases	38.1	14.0	34.5	56.5	110.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.7	1.8	0.9	2.6	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	3.0	0.0	0.0	3.1	22.4
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	—	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	3.0	0.0	0.0	3.1	22.4
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	—	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)	588.3	625.0	611.0	610.8	550.7
I. Owner's equity	588.3	625.0	611.0	610.8	0.0
1. Owner's capital	450.4	450.4	450.4	450.4	550.7
- Common stock with voting right	450.4	450.4	450.4	450.4	409.5
- 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	8.1	8.1	8.1	8.1	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	129.7	166.4	152.5	152.3	133.1
- Accumulated retained earning at the end of the previous period	73.3	60.7	62.2	51.2	109.6
- Undistributed earnings in this period	56.4	105.8	90.2	101.1	23.6
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)	662.9	665.8	663.9	697.9	720.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	163.1	162.9	96.3	156.0	57.7
Depreciation of Fixed Assets and Investment Property	37.6	37.8	42.1	51.9	61.9
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.7	-0.8	-1.3	-1.1	0.0
Interest Expense	2.2	1.8	4.3	8.9	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	201.2	201.7	141.5	215.7	153.3
Increase/(Decrease) in Receivables	-3.3	-5.3	4.5	-2.8	0.0
Increase/(Decrease) in Inventory	-0.1	-0.3	0.2	-1.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.8	1.4	-2.6	1.2	0.0
Increase/(Decrease) in Prepaid Expenses	-3.5	-1.5	3.8	-1.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.1	-1.9	-4.5	-9.2	0.0
Corporate Income Tax Paid	-12.1	-6.1	-9.7	-2.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.1	-0.8	-1.6	-0.2	0.0
Net Cash Flow from Operating Activities	178.9	187.1	131.6	199.1	130.8
Payments for Fixed Assets and Other Long-term Assets	-7.8	-4.1	-0.1	-6.2	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.4	0.0
Loans and Purchases of Debt Instruments	—	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
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	1.6	0.8	1.4	0.7	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	-6.1	-3.2	1.3	-5.1	-0.9
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	88.6	55.3	71.8	90.1	51.8
Repayment of Borrowings	-61.4	-75.8	-97.0	-162.9	-171.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-179.8	-134.9	-91.1	-104.3	-0.9
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	-152.7	-155.4	-116.3	-177.1	-120.1
Net Cash Flow During the Period	20.1	28.5	16.6	16.9	8.9
Cash and Cash Equivalents at Beginning of Period	76.9	48.4	31.8	15.0	5.2
FX Difference from Revaluation	0.0	0.0	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	97.0	76.9	48.4	31.8	15.0

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	89.4	90.0	64.2	43.8	72.6	97.2	64.3	45.8	61.0	64.0	41.9	41.5
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	89.4	90.0	64.2	43.8	72.6	97.2	64.3	45.8	61.0	64.0	41.9	41.5
Cost of Goods Sold	34.5	35.9	27.4	20.2	30.5	34.5	24.6	20.7	28.8	29.2	23.4	22.1
Gross Profit	54.9	54.1	36.8	23.6	42.2	62.7	39.7	25.1	32.2	34.8	18.5	19.5
Financial Income	0.6	0.3	0.3	0.5	0.5	0.2	0.1	0.1	0.3	0.2	0.4	0.4
Financial Expenses	0.8	0.6	0.5	0.4	0.3	0.4	0.4	0.7	0.8	0.9	1.1	1.5
Interest Expense	0.8	0.6	0.5	0.4	0.3	0.4	0.4	0.7	0.8	0.9	1.1	1.5
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	1.5	1.3	1.6	1.4	2.0	1.4	1.3	1.3	1.7	1.1	1.3	1.6
Operating Profit	53.2	52.5	35.1	22.3	40.4	61.2	38.0	23.3	30.0	32.9	16.6	16.8
Other Income	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	0.0
Profit Before Tax	53.2	52.5	35.1	22.3	40.4	61.2	38.0	23.3	30.0	32.9	16.6	16.8
Current Income Tax Expense	5.4	5.3	4.2	1.6	2.8	4.5	2.9	1.8	1.9	2.1	1.0	1.1
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	47.8	47.1	30.8	20.7	37.6	56.7	35.1	21.4	28.1	30.8	15.6	15.7
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	47.8	47.1	30.8	20.7	37.6	56.7	35.1	21.4	28.1	30.8	15.6	15.7
Earnings per Share	1,062.00	1,046.00	684.00	460.00	835.00	1,258.00	780.00	476.00	625.00	684.00	346.00	349.00
Diluted EPS	1,062.00	1,046.00	684.00	460.00	3,348.00	1,258.00	780.00	476.00	625.00	683.94	346.00	349.00

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)	129.2	113.6	85.0	89.4	105.7	116.3	47.9	41.1	72.1	75.2	40.4	59.8
I. Cash and cash equivalents	97.0	74.7	47.7	72.4	76.9	76.4	10.0	25.2	48.4	48.2	12.7	44.6
1. Cash	4.0	31.7	33.7	34.4	16.9	31.4	10.0	10.2	8.4	9.2	12.7	5.6
2. Cash equivalents	93.0	43.0	14.0	38.0	60.0	45.0	0.0	15.0	40.0	39.0	0.0	39.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	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	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	32.0	38.8	36.9	16.9	28.8	39.5	36.9	15.1	23.6	26.9	26.5	14.1
1. Short-term trade accounts receivable	30.5	36.7	35.1	12.5	25.5	37.3	35.6	13.1	22.6	24.6	25.3	12.0
2. Short-term prepayments to suppliers	0.7	0.5	0.8	2.7	2.5	0.4	0.7	0.5	0.3	0.8	0.7	0.8
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	0.9	1.6	1.0	1.7	0.8	1.7	0.6	1.5	0.7	1.5	0.4	1.3
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.0	1.0
1. Inventories	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.0	1.0
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	0.2	0.1	0.3	0.1	0.0	0.3	1.1	0.8	0.0	0.1	0.3	0.1
1. Short-term prepayments	0.0	0.1	0.1	0.1	0.0	0.1	0.0	0.0	0.0	0.1	0.1	0.1
2. Value added tax to be reclaimed	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	0.2	—	0.0	0.3	1.0	0.8	0.0	0.0	0.2	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)	533.7	543.9	554.0	552.5	559.9	564.5	573.5	581.8	591.8	603.6	614.6	625.3
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	516.7	525.9	535.4	537.2	546.5	552.3	561.3	570.7	580.4	590.9	601.4	611.9
1. Tangible fixed assets	516.7	525.9	535.4	537.2	546.5	552.3	561.3	570.7	580.4	590.9	601.4	611.9
- Cost	—	—	—	—	1,313.2	1,309.6	1,309.2	1,309.2	1,309.2	1,309.2	1,309.2	1,309.2
- Accumulated depreciation	—	—	—	—	-766.6	-757.3	-747.9	-738.6	-728.8	-718.3	-707.8	-697.3
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	—	—	—	—	0.0	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
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	7.5	7.4	7.4	8.8	7.4	7.4	7.4	7.3	7.3	7.3	7.3	7.3
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	7.5	7.4	7.4	8.8	7.4	7.4	7.4	7.3	7.3	7.3	7.3	7.3
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	9.5	10.6	11.2	6.4	5.9	4.9	4.9	3.8	4.1	5.4	5.8	6.1
1. Long-term prepayments	6.3	7.3	8.1	3.3	2.8	1.7	1.8	1.1	1.3	2.6	3.9	3.8
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	3.3	3.3	3.1	3.2	3.1	3.1	3.1	2.7	2.8	2.9	1.9	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	—	—	—	—	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)	662.9	657.5	639.0	641.9	665.6	680.8	621.5	622.9	663.9	678.9	655.0	685.1
A. LIABILITIES (300=210+330)	74.6	72.0	55.6	41.2	40.7	48.4	45.8	35.5	52.9	51.0	57.9	58.6
I. Short -term liabilities	71.6	68.4	55.6	41.2	40.7	48.4	45.8	35.5	52.9	47.9	54.7	55.5
1. Short-term trade accounts payable	4.3	6.0	10.5	3.1	3.2	6.1	3.6	1.5	2.4	4.0	3.2	2.6
2. Short-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	20.1	18.4	11.5	3.7	14.9	15.8	10.4	3.2	8.5	8.8	6.2	3.1
4. Payable to employees	4.5	2.1	4.6	1.5	5.5	1.8	2.8	1.6	5.3	1.5	2.4	1.5
5. Short-term acrrued expenses	0.2	0.2	1.4	0.2	0.1	0.2	0.1	0.1	0.2	0.3	0.2	0.3
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	1.7	1.7	2.6	1.1	1.2	1.2	7.7	1.0	1.1	1.4	10.4	0.8
10. Short-term borrowings and financial leases	38.1	37.2	22.3	31.7	14.0	21.5	19.4	27.8	34.5	31.0	31.4	46.2
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	2.7	2.7	2.7	—	1.8	1.8	1.8	0.2	0.9	0.9	1.0	1.0
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	3.0	3.6	—	—	0.0	0.0	0.0	0.0	0.0	3.1	3.1	3.1
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	3.0	3.6	—	—	0.0	0.0	0.0	0.0	0.0	3.1	3.1	3.1
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	—	—	—	—	0.0	0.0	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	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)	588.3	585.5	583.4	600.6	625.0	632.4	575.7	587.4	611.0	627.9	597.1	626.5
I. Owner's equity	588.3	585.5	583.4	600.6	625.0	632.4	575.7	587.4	611.0	627.9	597.1	626.5
1. Owner's capital	450.4	450.4	450.4	450.4	450.4	450.4	450.4	450.4	450.4	450.4	450.4	450.4
- Common stock with voting right	450.4	450.4	450.4	450.4	450.4	450.4	450.4	450.4	450.4	450.4	450.4	450.4
- 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	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1
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	129.7	127.0	124.9	142.1	166.4	173.9	117.2	128.8	152.5	169.4	138.6	168.0
- Accumulated retained earning at the end of the previous period	81.9	79.8	94.1	121.4	128.8	117.2	82.1	107.4	62.2	138.6	123.0	152.3
- Undistributed earnings in this period	47.8	47.1	30.8	20.7	37.6	56.7	35.1	21.4	90.2	30.8	15.6	15.7
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)	662.9	657.5	639.0	641.9	665.6	680.8	621.5	622.9	663.9	678.9	655.0	685.1

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	53.2	52.5	35.1	22.3	40.4	61.2	38.0	23.3	30.0	32.9	16.6	16.8
Depreciation of Fixed Assets and Investment Property	9.5	9.5	9.3	9.3	9.3	9.4	9.4	9.7	10.5	10.6	10.6	10.6
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0	0.0	-0.0	0.0	-0.0
Gain/Loss from Investment Activities	-2.0	1.2	-0.7	-0.2	-0.2	1.4	-0.8	0.6	-3.8	3.3	-1.9	1.1
Interest Expense	0.8	0.6	0.5	0.4	0.3	0.4	0.4	0.7	0.8	0.9	1.1	1.5
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	61.4	63.7	44.2	31.9	49.8	72.3	47.1	34.3	37.5	47.7	26.4	29.9
Increase/(Decrease) in Receivables	8.8	-3.7	-20.4	12.0	12.8	-1.5	-23.0	8.7	2.9	0.2	-13.0	14.4
Increase/(Decrease) in Inventory	0.1	-0.2	0.0	-0.0	-0.0	-0.1	-0.3	0.1	0.1	-0.1	0.4	-0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-14.3	10.7	3.4	1.1	-6.3	16.2	1.2	0.6	-12.4	13.0	-2.0	-1.1
Increase/(Decrease) in Prepaid Expenses	1.0	0.8	-4.8	-0.5	-1.0	0.1	-0.7	0.2	1.3	1.4	-0.1	1.2
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.7	-0.5	-0.5	-0.3	-0.3	-0.4	-0.5	-0.7	-0.8	-0.9	-1.2	-1.5
Corporate Income Tax Paid	0.0	0.0	0.0	-12.1	0.0	0.0	0.0	-6.1	0.0	0.0	0.0	-9.7
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.7	1.7	-1.8	-0.3	0.0	0.6	-0.7	-0.1	-1.5	1.5	-1.5	-0.1
Net Cash Flow from Operating Activities	54.6	72.5	20.0	31.7	55.0	87.2	22.9	37.0	26.9	62.8	8.9	33.0
Payments for Fixed Assets and Other Long-term Assets	-7.4	0.6	-0.9	-0.0	-0.5	0.0	-0.0	0.0	-0.1	0.0	-0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	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	0.0	0.0
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	0.8	-0.0	0.6	0.3	0.4	-0.0	0.1	0.1	0.6	-0.1	0.5	0.3
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	-6.6	0.5	-0.3	0.3	-0.1	0.0	0.1	0.1	0.5	-0.0	0.4	0.3
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	46.2	8.2	24.9	9.2	9.2	-7.0	23.5	7.6	38.8	-0.3	22.7	10.7
Repayment of Borrowings	-23.4	-12.3	-24.2	-1.6	-19.9	-9.6	-22.1	-24.2	-19.4	-19.1	-28.3	-30.1
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-48.6	-42.0	-45.2	-44.0	-43.7	-4.1	-39.7	-43.8	-46.6	-7.8	-35.6	-1.1
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	-25.8	-46.0	-44.5	-36.4	-54.4	-20.8	-38.3	-60.3	-27.3	-27.2	-41.3	-20.5
Net Cash Flow During the Period	22.3	27.0	-24.7	-4.4	0.5	66.5	-15.3	-23.2	0.1	35.6	-31.9	12.8
Cash and Cash Equivalents at Beginning of Period	74.7	47.7	72.4	76.9	48.4	48.4	48.4	48.4	31.8	31.8	31.8	31.8
FX Difference from Revaluation	0.0	—	0.0	—	0.0	-0.0	0.0	0.0	-0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	97.0	74.7	47.7	72.4	76.9	76.4	10.0	25.2	48.4	48.2	12.7	44.6

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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