SCL

Listed Company · UPCOM

Price

20,400

Latest close

02 Apr 2026

P/E 8.0x

EPS (TTM) 2,548

ROE (TTM) 18.2%

P/B 1.5x

BVPS (Latest) 13,355

ROA (TTM) 8.4%

What Is Changing

SCL no longer looks like a business simply rebounding from a weak base. Revenue posted +40.1% YoY, while net margin reached 11.23% with an additional +4.7pp 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 196bps to 11.23% in 2025.
Revenue growth accelerated to 40.1% in 2025, up 53.9pp versus the prior year.
Net Income reached a multi-period high at VND 64.3bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	572.2	408.4	473.5	338.7	310.9
Growth	+40%	-14%	+40%	+9%	—
Net Income	64.3	26.6	43.9	16.0	20.4
Net Margin	11.23%	6.51%	9.27%	4.71%	6.56%

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	204.8	133.1	143.9	94.0	109.8	78.8	131.7	88.2	143.7	115.4	121.9	92.4
Growth	+54%	-8%	+53%	-14%	+39%	-40%	+49%	-39%	+25%	-5%	+32%	—
Net Income	23.3	16.1	15.9	8.9	7.5	1.3	8.2	11.9	14.2	12.3	14.7	3.9
Net Margin	11.38%	12.13%	11.08%	9.44%	6.81%	1.59%	6.20%	13.48%	9.86%	10.65%	12.09%	4.18%

Financial Statements

Profitability

Net margin reached 11.23% while Revenue posted +40.1% YoY.

Balance Sheet

Inventory stood at 39.8bn, liabilities at 444.1bn, and equity at 432.8bn.

Cash Flow

Operating cash flow was 103.1bn in 2025, while investing cash flow was -110.6bn.

Financing cash flow: 148.5bn.

Item	2025	2024	2023	2022	2021
Revenue	618.6	427.7	473.5	338.7	310.9
Revenue Deductions	46.4	19.3	0.0	0.0	0.0
Net Revenue	572.2	408.4	473.5	338.7	310.9
Cost of Goods Sold	370.1	277.0	305.8	172.9	0.0
Gross Profit	202.2	131.4	167.7	165.8	155.2
Financial Income	1.5	0.7	0.7	1.5	0.5
Financial Expenses	16.0	8.4	5.2	5.8	-2.6
Interest Expense	15.6	9.3	5.3	3.3	-2.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	81.6	69.9	85.0	131.9	-138.4
General and Administrative Expenses	24.9	22.6	23.1	12.4	-10.3
Operating Profit	81.1	31.2	55.1	17.1	4.3
Other Income	0.7	2.7	2.0	2.1	0.0
Other Expenses	0.7	0.3	1.4	0.6	0.0
Other Profit	-0.0	2.4	0.6	1.5	18.8
Profit Before Tax	81.1	33.6	55.7	18.6	23.1
Current Income Tax Expense	16.8	7.0	11.8	2.7	-2.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	64.3	26.6	43.9	16.0	20.4
Non-controlling Interest	-0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	64.3	26.6	43.9	16.0	20.4
Earnings per Share	2,914.00	1,424.00	2,531.00	1,072.00	1,468.21
Diluted EPS	2,796.00	1,184.00	2,531.00	1,072.00	1,468.69

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	376.1	183.7	181.3	164.7	120.8
I. Cash and cash equivalents	188.1	47.4	6.2	52.9	14.7
1. Cash	188.1	42.4	6.2	17.9	0.0
2. Cash equivalents	—	5.0	0.0	35.0	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	134.2	92.4	141.5	57.8	68.8
1. Short-term trade accounts receivable	88.5	78.1	107.6	30.7	0.0
2. Short-term prepayments to suppliers	46.4	15.3	17.5	13.7	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	3.5	3.4	19.0	19.4	0.0
7. Provision for short-term doubtful debts (*)	-4.2	-4.3	-2.7	-6.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	39.8	24.2	17.5	27.0	20.2
1. Inventories	39.8	24.2	17.5	27.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	14.0	19.6	16.1	27.0	17.1
1. Short-term prepayments	2.9	3.7	1.0	3.7	0.0
2. Value added tax to be reclaimed	10.6	15.5	14.6	23.3	0.0
3. Taxes and other receivables from state authorities	0.5	0.4	0.5	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)	500.8	440.0	293.1	176.6	164.0
I. Long-term receivables	1.0	0.0	0.0	7.7	0.0
1. Long-term trade receivables	—	0.0	0.0	7.7	7.7
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	1.0	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	479.4	259.4	137.2	125.9	128.5
1. Tangible fixed assets	479.4	259.4	137.2	116.0	118.3
- Cost	665.8	410.5	268.3	234.5	0.0
- Accumulated depreciation	-186.4	-151.2	-131.1	-118.5	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	9.9	10.2
- Cost	—	0.0	0.0	15.7	0.0
- Accumulated depreciation	—	0.0	0.0	-5.8	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	11.4	173.4	124.0	19.7	2.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	11.4	173.4	124.0	19.7	0.0
V. Long-term financial investments	0.8	0.8	21.7	21.1	23.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	1.2	1.2	0.0
3. Investments in other entities	0.8	0.8	22.0	22.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	-1.5	-2.1	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	8.2	6.5	10.1	2.1	0.0
1. Long-term prepayments	8.2	6.5	10.1	2.1	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	1.9
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)	876.9	623.7	474.3	341.3	284.8
A. LIABILITIES (300=210+330)	444.1	352.3	219.6	132.4	107.3
I. Short -term liabilities	332.0	203.0	177.3	132.4	107.3
1. Short-term trade accounts payable	79.0	44.1	43.6	45.7	38.2
2. Short-term advances from customers	1.9	0.3	0.2	0.1	0.3
3. Taxes and other payables to state authorities	17.1	7.1	11.8	2.7	0.0
4. Payable to employees	6.3	7.3	8.0	2.2	0.0
5. Short-term acrrued expenses	0.3	0.3	0.2	0.1	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	1.4	0.9	19.1	19.1	0.0
10. Short-term borrowings and financial leases	218.2	134.2	89.7	57.1	41.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.7	8.9	4.8	5.4	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	112.1	149.2	42.3	0.0	0.0
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	112.1	149.2	42.3	0.0	0.0
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)	432.8	271.5	254.7	208.9	177.5
I. Owner's equity	432.9	271.6	254.7	208.9	0.0
1. Owner's capital	324.1	186.6	186.6	172.8	177.5
- Common stock with voting right	324.1	186.6	186.6	172.8	138.9
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	24.8	4.8	4.8	4.8	4.8
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	17.2	15.9	13.7	12.9	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	65.3	64.3	49.6	18.4	22.0
- Accumulated retained earning at the end of the previous period	1.0	37.7	5.7	2.4	1.6
- Undistributed earnings in this period	64.3	26.6	43.9	16.0	20.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1.5	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	-0.2	-0.2	0.0	0.0	0.0
1. Subsidized not-for-profit funds	-0.2	-0.2	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)	876.9	623.7	474.3	341.3	284.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	81.1	33.6	55.7	18.6	0.0
Depreciation of Fixed Assets and Investment Property	33.6	20.1	14.3	-14.1	5.3
Provision (Increase)/Reversal	-0.2	0.2	1.1	2.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.4	-0.2	-0.1	0.4	0.0
Gain/Loss from Investment Activities	-0.2	-0.1	-0.5	-0.4	0.0
Interest Expense	15.6	9.3	5.3	3.3	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	130.3	62.9	75.8	10.0	0.0
Increase/(Decrease) in Receivables	-37.8	28.9	-69.0	3.8	0.0
Increase/(Decrease) in Inventory	-15.6	-6.8	9.5	-6.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	55.2	0.1	13.4	12.2	0.0
Increase/(Decrease) in Prepaid Expenses	-1.0	1.0	0.1	-0.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-15.3	-9.2	-5.3	-3.3	0.0
Corporate Income Tax Paid	-7.0	-11.8	-3.2	-0.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.7	-5.6	-3.8	-2.4	0.0
Net Cash Flow from Operating Activities	103.1	59.5	17.5	12.1	13.5
Payments for Fixed Assets and Other Long-term Assets	-110.8	-191.6	-139.7	-8.8	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	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	-0.6
Proceeds from Investments in Other Entities	0.1	21.6	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.1	0.5	0.4	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-110.6	-169.9	-139.1	-8.5	-0.9
Proceeds from Equity Issuance and Capital Contributions	101.5	0.0	0.0	20.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	409.0	440.6	407.4	245.5	259.9
Repayment of Borrowings	-362.0	-289.1	-332.5	-229.5	-264.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	-0.0	-0.9	0.0
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	148.5	151.4	74.9	35.1	-4.6
Net Cash Flow During the Period	141.0	41.0	-46.8	38.7	3.0
Cash and Cash Equivalents at Beginning of Period	47.4	6.2	52.9	14.7	6.7
FX Difference from Revaluation	-0.4	0.2	0.1	-0.4	0.0
Cash and Cash Equivalents at End of Period	188.1	47.4	6.2	52.9	14.7

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	219.7	147.3	156.3	98.7	109.8	78.8	131.7	88.2	143.7	115.4	121.9	92.4
Revenue Deductions	15.0	14.2	12.5	4.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	204.8	133.1	143.9	94.0	109.8	78.8	131.7	88.2	143.7	115.4	121.9	92.4
Cost of Goods Sold	135.4	85.7	91.5	59.9	74.0	60.0	85.7	60.4	92.7	79.6	74.1	59.4
Gross Profit	69.4	47.4	52.3	34.1	35.8	18.7	46.0	27.8	51.1	35.8	47.9	33.0
Financial Income	0.4	0.3	0.5	0.1	0.2	0.0	-1.3	1.7	0.1	0.2	0.1	0.4
Financial Expenses	6.3	3.3	3.5	2.9	3.3	2.8	2.1	-0.3	1.5	1.4	1.4	1.5
Interest Expense	5.9	3.3	3.5	2.9	3.3	2.8	2.0	1.1	1.4	1.4	1.4	1.1
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	26.8	17.7	23.3	13.8	14.9	13.0	27.7	10.9	22.1	13.9	25.0	24.0
General and Administrative Expenses	7.4	6.3	6.0	6.2	8.5	3.6	4.6	4.0	9.5	5.0	3.2	3.9
Operating Profit	29.3	20.4	20.1	11.3	9.4	-0.6	10.3	14.9	18.0	15.6	18.4	4.0
Other Income	0.6	—	0.0	—	0.2	2.5	0.0	0.0	0.4	0.6	0.7	1.1
Other Expenses	0.4	0.0	0.1	0.1	0.1	0.2	0.0	0.0	0.4	0.0	0.2	0.5
Other Profit	0.2	-0.0	-0.1	-0.1	0.2	2.3	-0.0	-0.0	-0.0	0.6	0.6	0.5
Profit Before Tax	29.5	20.4	20.0	11.2	9.5	1.6	10.3	14.9	18.0	16.2	18.9	4.6
Current Income Tax Expense	6.2	4.2	4.1	2.4	2.1	0.4	2.1	3.0	3.8	3.5	4.2	0.7
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.5	0.0	0.0
Net Income	23.3	16.1	15.9	8.9	7.5	1.3	8.2	11.9	14.2	12.3	14.7	3.9
Non-controlling Interest	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	23.3	16.1	15.9	8.9	7.5	1.3	8.2	11.9	14.2	12.3	14.7	3.9
Earnings per Share	719.00	721.00	712.00	396.00	401.00	67.00	438.00	637.00	760.00	711.00	853.00	224.00
Diluted EPS	719.80	720.84	711.70	396.12	400.88	67.31	437.57	636.64	759.57	710.71	853.09	223.72

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)	376.1	226.2	208.1	178.3	201.5	259.0	256.7	204.7	186.8	203.9	194.5	145.4
I. Cash and cash equivalents	188.1	90.6	28.3	34.3	47.4	33.1	7.7	22.8	6.2	5.0	21.4	9.7
1. Cash	188.1	90.6	28.3	34.3	47.4	33.1	7.7	22.8	6.2	5.0	21.4	9.7
2. Cash equivalents	—	—	—	—	0.0	0.0	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	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	134.2	78.5	135.9	92.4	112.7	188.5	206.4	141.1	143.6	160.7	137.7	100.9
1. Short-term trade accounts receivable	88.5	63.0	124.4	86.1	78.1	109.4	139.4	95.1	105.0	76.0	54.5	45.0
2. Short-term prepayments to suppliers	46.4	14.3	10.7	6.5	15.3	60.7	49.8	29.9	22.8	71.1	69.6	43.2
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.5	5.3	5.1	4.1	22.1	21.0	19.9	18.8	18.5	18.8	18.9	18.8
7. Provision for short-term doubtful debts (*)	-4.2	-4.2	-4.2	-4.3	-2.7	-2.7	-2.7	-2.7	-2.7	-5.2	-5.2	-6.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	39.8	34.9	23.4	28.4	24.4	19.5	22.9	23.0	21.4	26.7	23.0	23.4
1. Inventories	39.8	34.9	23.4	28.4	24.4	19.5	22.9	23.0	21.4	26.7	23.0	23.4
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	14.0	22.2	20.5	23.3	17.0	18.0	19.6	17.9	15.6	11.6	12.4	11.4
1. Short-term prepayments	2.9	7.7	6.7	7.5	1.0	5.9	3.9	2.3	1.0	1.3	2.8	2.5
2. Value added tax to be reclaimed	10.6	14.0	13.3	15.4	15.5	11.5	15.3	15.1	14.6	10.3	9.5	8.9
3. Taxes and other receivables from state authorities	0.5	0.5	0.5	0.4	0.4	0.6	0.4	0.4	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	500.8	506.6	471.8	456.3	442.9	367.5	327.7	300.2	286.0	212.2	190.9	183.1
I. Long-term receivables	1.0	1.0	—	—	0.0	0.0	0.0	0.0	2.7	6.9	6.9	6.9
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	2.7	6.9	6.9	6.9
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	1.0	1.0	—	—	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	479.4	255.1	255.8	252.8	259.4	265.1	240.1	149.6	142.0	125.8	124.9	123.3
1. Tangible fixed assets	479.4	255.1	255.8	252.8	259.4	265.1	240.1	149.6	132.5	116.2	115.2	113.6
- Cost	—	—	—	—	410.5	408.9	380.7	282.4	261.4	242.5	239.6	234.5
- Accumulated depreciation	—	—	—	—	-151.2	-143.9	-140.6	-132.8	-129.0	-126.3	-124.3	-120.9
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	9.5	9.6	9.7	9.8
- 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
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	11.4	241.6	206.8	196.3	173.4	90.2	77.4	133.0	114.5	52.4	34.8	28.1
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	11.4	241.6	206.8	196.3	173.4	90.2	77.4	133.0	114.5	52.4	34.8	28.1
V. Long-term financial investments	0.8	0.8	0.8	0.8	0.8	2.0	2.0	8.3	21.4	21.4	21.1	21.1
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	1.2	1.2	1.2	1.2	1.2	1.2	1.2
3. Investments in other entities	0.8	0.8	0.8	0.8	0.8	0.8	0.8	7.1	22.0	22.0	22.0	22.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	-1.8	-1.8	-2.1	-2.1
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	8.2	8.1	8.4	6.4	9.4	10.3	8.3	9.3	5.5	5.8	3.2	3.6
1. Long-term prepayments	8.2	8.1	8.4	6.4	9.4	10.3	8.3	9.3	5.5	5.8	3.2	3.6
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	876.9	732.7	680.0	634.7	644.5	626.5	584.4	505.0	472.8	416.1	385.4	328.5
A. LIABILITIES (300=210+330)	444.1	424.9	388.2	354.3	371.0	360.4	319.3	238.4	216.7	174.6	174.9	115.7
I. Short -term liabilities	331.9	293.3	236.4	202.5	221.7	207.9	224.4	179.4	167.6	174.6	174.9	115.7
1. Short-term trade accounts payable	79.0	76.9	74.1	46.3	44.1	44.8	74.8	55.5	42.5	42.2	39.3	38.5
2. Short-term advances from customers	1.9	4.0	1.4	1.4	0.3	0.5	0.1	0.6	0.2	0.4	0.3	0.1
3. Taxes and other payables to state authorities	17.1	10.7	6.6	3.6	7.5	5.5	9.1	9.9	12.2	8.4	4.9	0.7
4. Payable to employees	6.3	5.8	5.3	4.1	7.3	3.3	3.7	3.6	5.8	3.0	2.9	2.8
5. Short-term acrrued expenses	0.3	—	0.2	—	0.3	0.0	0.2	0.0	0.2	0.1	0.1	0.0
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	1.4	1.2	1.1	0.9	19.1	19.9	19.9	19.6	19.1	19.1	33.0	19.1
10. Short-term borrowings and financial leases	218.2	186.0	138.2	140.3	134.2	124.2	105.1	88.2	82.9	96.2	88.8	51.8
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	7.7	8.7	9.5	6.0	8.9	9.7	11.4	2.1	4.8	5.3	5.7	2.7
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	112.1	131.5	151.8	151.8	149.2	152.5	94.9	59.0	49.1	0.0	0.0	0.0
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	112.1	131.5	151.8	151.8	149.2	152.5	94.9	59.0	49.1	0.0	0.0	0.0
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)	432.8	307.9	291.7	280.3	273.5	266.2	265.1	266.6	256.1	241.5	210.5	212.8
I. Owner's equity	433.0	308.0	291.9	280.5	273.5	266.2	265.1	266.6	256.1	241.5	210.5	212.8
1. Owner's capital	324.1	223.9	223.9	223.9	186.6	186.6	186.6	186.6	186.6	172.8	172.8	172.8
- Common stock with voting right	324.1	223.9	223.9	223.9	186.6	186.6	186.6	186.6	186.6	172.8	172.8	172.8
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	24.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8
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	17.2	17.2	17.2	15.9	15.9	15.9	15.9	13.7	13.7	13.7	13.7	12.9
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	65.3	62.1	45.9	35.8	66.2	58.8	57.8	61.5	51.0	50.2	19.2	22.3
- Accumulated retained earning at the end of the previous period	42.0	45.9	21.1	27.0	37.7	37.7	37.7	5.7	5.8	19.1	0.6	2.4
- Undistributed earnings in this period	23.3	16.1	24.8	8.9	28.5	21.1	20.0	55.8	45.2	31.1	18.6	19.8
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	1.5	—	—	—	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	-0.2	-0.2	-0.2	-0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	-0.2	-0.2	-0.2	-0.2	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)	876.9	732.7	680.0	634.7	644.5	626.5	584.4	505.0	472.8	416.1	385.4	328.5

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
Profit Before Tax	49.9	—	31.2	—	0.0	-24.9	24.9	0.0	55.7	-23.7	23.7	0.0
Depreciation of Fixed Assets and Investment Property	18.3	—	15.3	—	0.0	-9.6	9.6	0.0	14.3	-6.1	6.1	0.0
Provision (Increase)/Reversal	-0.0	—	-0.1	—	0.0	1.5	-1.5	0.0	1.1	1.1	-1.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.4	—	-0.1	—	0.0	0.1	-0.1	0.0	-0.1	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.1	—	-0.1	—	0.0	-0.2	0.2	0.0	-0.5	0.2	-0.2	0.0
Interest Expense	9.2	—	6.4	—	0.0	-3.2	3.2	0.0	5.3	-2.5	2.5	0.0
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	77.7	—	52.6	—	0.0	-36.3	36.3	0.0	75.8	-31.0	31.0	0.0
Increase/(Decrease) in Receivables	3.4	—	-41.2	—	0.0	64.6	-64.6	0.0	-69.0	64.5	-64.5	0.0
Increase/(Decrease) in Inventory	-16.4	—	0.8	—	0.0	5.4	-5.4	0.0	9.5	-3.9	3.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	38.0	—	17.2	—	0.0	-27.6	27.6	0.0	13.4	-57.2	57.2	0.0
Increase/(Decrease) in Prepaid Expenses	4.1	—	-5.1	—	0.0	1.0	-1.0	0.0	0.1	0.2	-0.2	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-7.3	—	-8.0	—	0.0	3.2	-3.2	0.0	-5.3	2.3	-2.3	0.0
Corporate Income Tax Paid	0.0	0.0	-1.0	-6.0	0.0	-3.8	-3.0	-5.0	0.0	-0.5	0.0	-2.7
Other Operating Receipts	—	—	—	—	1.0	1.3	-0.2	0.2	-0.7	0.7	-0.5	0.5
Other Operating Payments	9.9	-11.7	3.3	-7.2	-12.9	-8.7	1.7	-4.8	4.6	-8.4	3.0	-3.0
Net Cash Flow from Operating Activities	78.8	18.8	25.7	-20.3	10.3	-109.4	-11.5	-9.9	100.4	-105.3	57.9	-35.4
Payments for Fixed Assets and Other Long-term Assets	-94.6	15.2	-29.8	-1.7	-0.4	57.4	-60.4	-5.3	-135.3	81.6	-83.5	-2.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	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	0.1	—	—	—	-2.5	1.0	5.3	14.9	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	-0.1	0.1	0.0	0.0	-0.0	-1.5	1.5	0.1	0.3	0.1	0.1
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	-99.4	20.2	-34.7	3.4	-2.9	58.4	-56.5	11.2	-135.2	81.8	-83.4	-2.4
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	129.4	118.6	84.7	76.3	126.9	157.6	103.6	76.0	125.1	94.7	106.5	81.0
Repayment of Borrowings	-119.2	-88.5	-86.8	-67.5	-120.2	-81.1	-50.7	-60.8	-89.3	-87.4	-69.5	-86.3
Repayment of Finance Leases	—	-2.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	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	114.3	27.5	-2.1	8.7	6.7	76.6	52.9	15.2	35.8	7.3	37.0	-5.3
Net Cash Flow During the Period	93.7	66.5	-11.1	-8.2	14.1	25.5	-15.1	16.5	0.9	-16.2	11.6	-43.1
Cash and Cash Equivalents at Beginning of Period	90.6	28.3	34.3	42.4	6.2	6.2	6.2	6.2	52.9	52.9	52.9	52.9
FX Difference from Revaluation	-0.4	0.8	0.1	—	0.2	-0.2	0.0	0.1	0.3	-0.3	0.2	-0.2
Cash and Cash Equivalents at End of Period	188.1	90.6	28.3	34.3	47.4	33.1	7.7	22.8	6.2	5.0	21.4	9.7

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SCL

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Balance Sheet

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