TAL

Đầu tư Bất động sản Taseco ·HOSE ·2026Q1

▼ Slightly negative

Margins remain under pressure Net margin 19.98%, −20.12pp YoY

Price

29,000

Latest close

03 Jun 2026

P/E 11.87x

P/B 1.57x

EPS 2,444

BVPS 18,530

ROE 14.3%

ROA 6.0%

Profit Margin 19.5%

Asset Turnover 0.31x

Equity Mult. 2.39x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, TAL posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,047bn
	                                
+135.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 808bn
	                                
+17.2%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.97x
	                                
negative cash flow vs profit

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	692.8	1,559.2	1,238.2	556.9	375.9	435.3	310.6	599.3	309.0	2,550.1
Growth	-56%	+26%	+122%	+48%	-14%	+40%	-48%	+94%	-88%	—
Net Income	156.6	391.5	222.7	37.6	22.3	476.2	185.1	6.4	10.2	476.4
Net Margin	22.61%	25.11%	17.99%	6.75%	5.94%	109.41%	59.58%	1.07%	3.30%	18.68%

Drivers of TAL's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 1,073.9bn

Finance costs ↓ 46.1bn

Other profit ↑ 41.0bn

Financial income ↓ 759.8bn

Selling expenses ↑ 89.7bn

Tax ↑ 83.3bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 146.2bn

Tax ↑ 33.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.5% = 40.1% × 0.18 × 2.28

2026Q1 14.6% = 20.0% × 0.31 × 2.39

ROE fell from 16.5% to 14.6% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 20.0% -20.1pp Asset turnover: 0.31x +0.13x Leverage: 2.39x +0.12x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 19.98%, losing 20.1pp. Gross margin rose 11.1pp and SG&A / Revenue fell 6.7pp improved but not enough to offset the weakness in Net financial result / Revenue fell 37.8pp (Other profit / Revenue rose 1.3pp still added support).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 19.98% −20.1pp

Gross Margin 37.97% +11.1pp

SG&A / Revenue 10.33% −6.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 9.0% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC narrowed to 9.04%, falling 0.5pp. That translates to 9.04 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.23x, NOPAT margin narrowed 21.2pp still pulled ROIC lower, while invested capital rose by 1,368bn.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC 9.04% −0.5pp

NOPAT Margin 19.36% −21.2pp

Capital Turnover 0.47x +0.23x

Average Invested Capital 8,672.5bn +1,368.0bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is relatively light for the real estate sector — liabilities at 1.35x equity, net debt at 0.48x equity.

Development inventory ended the period at 7,305.5bn, about 47.7% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 2,145.3bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −2,575.0bn

Inventories increased → lower CFO: −3,646.7bn

Payables increased → higher CFO: +4,076.4bn

Is financial risk significant?

Leverage is safe but FCF is negative at 1,675.4bn due to capex of 120.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.48x and interest coverage at 6.02x.

At present, short-term debt accounts for 22.7% of total debt, cash equals 30.3% of debt, and total debt stands at 4,600.1bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Leverage and liquidity trend

Net Debt / Equity 0.48x −0.22x

Interest Coverage 6.02x +2.40x

Cash / Debt 30.3% +15.7pp

Short-term Debt / Total Debt 22.7% −0.2pp

CFO / NI -1.97x +1.05x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -1,654.2bn in 2025, against investing cash flow of 47.0bn.

Post-investment cash flow was negative +1,607.2bn. Financing cash flow was positive +2,409.0bn.

CFO / net income was -1.97x.

After spending +120.0bn on fixed-asset investment, the business generated trailing free cash flow of −1,675.4bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 1,555.4bn +469.8bn

Cash Capex 120.0bn −133.1bn

FCF TTM −1,675.4bn +603.0bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at -1.97x. The next item to monitor is capital efficiency, with ROIC at 9.0%. The main risk still sits in core profitability, with net margin down 20.1 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -1.97x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 19.98% after a 20.1pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022
Revenue	3,730.1	1,684.5	3,237.6	2,829.0
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	3,730.1	1,684.5	3,237.6	2,829.0
Cost of Goods Sold	2,337.3	1,264.5	2,347.5	2,055.1
Gross Profit	1,392.9	419.9	890.2	773.9
Financial Income	39.8	921.8	85.1	66.1
Financial Expenses	178.5	201.2	99.2	19.4
Interest Expense	159.0	171.9	75.9	15.0
Share of Associates and Joint Ventures	0.4	0.3	0.2	0.7
Selling Expenses	159.4	56.7	85.1	209.0
General and Administrative Expenses	252.3	195.8	178.2	140.4
Operating Profit	842.8	888.3	612.9	471.9
Other Income	45.4	4.5	22.1	11.0
Other Expenses	17.9	17.2	7.6	9.2
Other Profit	27.5	-12.7	14.4	1.9
Profit Before Tax	870.3	875.6	627.3	473.7
Current Income Tax Expense	238.3	194.7	151.6	108.7
Deferred Income Tax Expense	-41.3	-4.2	3.1	-4.7
Net Income	673.2	685.1	472.7	369.7
Non-controlling Interest	30.5	20.3	15.9	12.7
Profit Attributable to Parent	642.8	664.8	456.8	357.0
Earnings per Share	1,939.00	2,147.00	1,522.00	1,322.29
Diluted EPS	1,939.00	2,147.00	1,522.00	1,322.29

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	12,572.4	6,174.1	5,706.2	4,165.1
I. Cash and cash equivalents	1,261.5	459.7	289.0	466.2
1. Cash	227.1	142.3	75.8	268.2
2. Cash equivalents	1,034.4	317.4	213.3	198.0
II. Short-term financial investments	276.4	113.3	77.9	76.6
1. Available for sale securities	—	0.0	0.0	13.9
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	-2.1
3. Held to maturity investments	276.4	113.3	77.9	64.8
III. Short-term receivables	3,526.2	1,402.2	1,357.9	1,018.1
1. Short-term trade accounts receivable	1,645.8	597.0	872.5	449.8
2. Short-term prepayments to suppliers	1,211.7	362.8	308.6	182.1
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	300.6	141.0	117.6	336.5
6. Other short-term receivables	376.3	313.5	69.0	58.8
7. Provision for short-term doubtful debts (*)	-8.0	-12.1	-9.8	-9.1
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	7,305.5	4,078.8	3,841.0	2,440.4
1. Inventories	7,305.5	4,078.8	3,841.0	2,440.4
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	202.7	120.1	140.4	163.9
1. Short-term prepayments	118.7	17.6	21.5	30.5
2. Value added tax to be reclaimed	77.7	102.4	116.0	133.4
3. Taxes and other receivables from state authorities	6.3	0.1	2.9	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)	2,740.7	3,150.0	4,231.6	3,676.6
I. Long-term receivables	419.9	620.0	1,033.6	813.8
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	—	128.1	831.2	664.1
6. Other long-term receivables	434.2	506.2	216.7	156.9
7. Provision for long-term doubtful debts	-14.3	-14.3	-14.3	-7.1
II. Fixed assets	835.8	853.9	571.0	125.8
1. Tangible fixed assets	557.7	566.4	554.6	124.8
- Cost	687.0	663.2	623.6	175.6
- Accumulated depreciation	-129.4	-96.8	-69.0	-50.8
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	278.1	287.4	16.5	1.1
- Cost	300.5	300.0	18.8	3.0
- Accumulated depreciation	-22.4	-12.6	-2.3	-1.9
III. Investment properties	306.3	318.9	330.7	296.7
- Cost	392.6	392.6	392.6	369.2
- Accumulated depreciation	-86.3	-73.8	-62.0	-72.5
IV. Long-term assets in progress	1,016.8	1,191.8	1,955.5	2,329.7
1. Long-term production in progress	—	0.0	316.0	305.5
2. Construction in progress	1,016.8	1,191.8	1,639.5	2,024.2
V. Long-term financial investments	14.2	36.5	45.0	32.4
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3.4	2.6	7.7	16.5
3. Investments in other entities	17.1	40.2	45.3	23.9
4. Provision for diminution in value of long-term investments	-6.3	-6.3	-8.0	-8.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	147.7	129.0	295.8	78.3
1. Long-term prepayments	55.5	68.4	96.3	15.8
2. Deferred income tax assets	59.6	21.0	21.9	25.5
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	32.6	39.7	177.7	36.9
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	15,313.0	9,324.1	9,937.8	7,841.8
A. LIABILITIES (300=210+330)	8,799.0	5,099.9	5,949.7	4,058.6
I. Short -term liabilities	5,249.4	2,084.2	3,468.3	3,576.6
1. Short-term trade accounts payable	444.7	426.4	474.4	1,242.3
2. Short-term advances from customers	2,446.2	132.8	25.7	215.0
3. Taxes and other payables to state authorities	397.8	220.8	457.2	170.1
4. Payable to employees	38.1	32.2	32.6	25.0
5. Short-term acrrued expenses	525.6	119.8	230.0	364.0
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	9.5	9.4	9.0	4.5
9. Other short-term payables	247.3	309.3	1,105.9	611.5
10. Short-term borrowings and financial leases	1,103.5	805.0	1,126.2	939.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	36.5	28.6	7.3	5.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	3,549.6	3,015.7	2,481.4	482.0
1. Long-term trade payables	—	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	26.1
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	22.3	25.9	29.4	0.0
7. Other long-term liabilities	142.4	127.9	214.6	136.8
8. Long-term borrowings and financial leases	3,223.8	2,694.7	2,136.7	226.5
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	140.7	143.3	90.4	91.3
12. Provision for long-term liabilities	20.4	23.9	10.3	1.3
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)	6,514.1	4,224.2	3,988.1	3,783.2
I. Owner's equity	6,514.1	4,224.2	3,988.1	3,783.2
1. Owner's capital	3,600.0	2,970.0	2,970.0	2,700.0
- Common stock with voting right	3,600,000,000,000.00	2,970,000,000,000.00	2,970,000,000,000.00	2,700,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	1,120.2	109.5	109.5	109.5
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
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	—	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	6.3	6.3	6.3	6.3
11. Undistributed earnings after tax	801.9	639.9	447.8	403.3
- Accumulated retained earning at the end of the previous period	172.4	2.4	79.3	50.5
- Undistributed earnings in this period	629.4	637.6	368.5	352.8
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	985.7	498.5	454.6	564.1
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)	15,313.0	9,324.1	9,937.8	7,841.8

Item	2025	2024	2023	2022
Profit Before Tax	870.3	875.6	627.3	473.7
Depreciation of Fixed Assets and Investment Property	64.1	59.6	36.7	29.3
Provision (Increase)/Reversal	-7.1	15.3	5.8	16.3
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-40.2	-922.1	-78.4	-66.5
Interest Expense	163.2	171.9	75.9	15.0
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	1,050.3	200.3	667.2	467.8
Increase/(Decrease) in Receivables	-2,072.8	89.5	-436.5	105.0
Increase/(Decrease) in Inventory	-2,847.2	-497.2	-1,287.8	-202.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2,827.8	-1,210.9	67.9	-451.9
Increase/(Decrease) in Prepaid Expenses	-89.3	23.0	-36.2	36.1
Changes in Trading Securities	—	0.0	13.9	-13.9
Interest Paid	-319.2	-313.8	-123.3	-111.9
Corporate Income Tax Paid	-194.7	-80.0	-173.4	-44.4
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-9.1	-5.9	-3.2	-2.6
Net Cash Flow from Operating Activities	-1,654.2	-1,795.0	-1,311.6	-218.5
Payments for Fixed Assets and Other Long-term Assets	-58.9	-791.0	-610.7	-153.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.1	0.0	0.8
Loans and Purchases of Debt Instruments	-510.5	-155.5	-280.7	-591.8
Receipts from Loan Repayments and Sale of Debt Instruments	316.0	799.8	225.4	344.2
Investments in Other Entities	-2.1	-16.8	-268.3	-115.3
Proceeds from Investments in Other Entities	148.5	2,217.1	4.0	147.3
Dividends and Interest Income Received	153.6	99.7	26.2	21.0
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	47.0	2,153.4	-904.1	-347.6
Proceeds from Equity Issuance and Capital Contributions	2,088,773,680,000.00	642,590,000.00	11,502,000,000.00	759,427,504,950.00
Share Repurchases	—	-14,148,006,023.00	0.00	0.00
Proceeds from Borrowings	4,569.0	2,018.7	4,167.9	1,661.9
Repayment of Borrowings	-3,742.6	-1,736.4	-2,067.8	-1,657.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-506.1	-456.5	-73.1	-3.3
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	2,409.0	-187.7	2,038.5	761.0
Net Cash Flow During the Period	801.8	170.7	-177.2	194.8
Cash and Cash Equivalents at Beginning of Period	459.7	289.0	466.2	271.3
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1,261.5	459.7	289.0	466.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	692.8	1,559.2	1,238.2	556.9	375.9	435.1	310.7	599.3	309.0	2,550.1
Revenue Deductions	—	—	—	—	—	-0.1	0.1	-0.0	0.0	0.0
Net Revenue	692.8	1,559.2	1,238.2	556.9	375.9	435.3	310.6	599.3	309.0	2,550.1
Cost of Goods Sold	416.7	920.5	801.5	371.8	245.9	318.3	242.4	451.7	251.1	1,822.1
Gross Profit	276.1	638.6	436.7	185.2	129.9	116.9	68.2	147.6	57.9	728.0
Financial Income	17.0	10.7	16.9	12.5	6.0	543.2	258.1	9.6	14.1	28.7
Financial Expenses	32.2	41.0	43.0	51.2	42.7	69.8	36.4	64.8	16.7	60.1
Interest Expense	26.6	34.2	39.7	46.3	39.0	55.0	51.1	40.4	15.4	56.6
Share of Associates and Joint Ventures	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.6
Selling Expenses	4.5	58.9	54.8	34.3	11.5	22.7	17.6	11.0	2.6	69.2
General and Administrative Expenses	56.2	84.0	73.7	51.8	45.5	78.5	50.5	55.5	35.1	66.4
Operating Profit	200.3	465.5	282.2	60.3	36.3	489.2	221.8	26.0	17.7	561.4
Other Income	7.6	57.0	5.2	4.1	0.2	2.2	0.2	3.3	0.3	58.8
Other Expenses	3.8	31.6	2.9	3.8	1.1	3.1	7.7	3.0	1.1	2.9
Other Profit	3.8	25.4	2.3	0.3	-0.9	-0.9	-7.6	0.3	-0.8	55.9
Profit Before Tax	204.2	490.9	284.5	60.7	35.3	488.3	214.3	26.4	16.9	617.4
Current Income Tax Expense	46.6	128.8	67.8	29.1	13.0	18.9	137.2	20.0	7.2	138.5
Deferred Income Tax Expense	0.9	-29.4	-6.0	-6.1	0.1	-6.8	-108.0	-0.0	-0.4	2.5
Net Income	156.6	391.5	222.7	37.6	22.3	476.2	185.1	6.4	10.2	476.4
Non-controlling Interest	4.5	2.0	10.2	2.5	2.1	3.8	3.7	11.2	3.5	-6.7
Profit Attributable to Parent	152.1	389.5	212.5	35.1	20.2	472.5	181.4	-4.7	6.7	483.1
Earnings per Share	423.00	1,207.00	692.00	122.00	67.00	1,512.00	611.00	-15.95	23.00	1,626.47
Diluted EPS	423.00	1,207.00	692.00	122.00	67.00	2,122.00	611.00	-15.95	23.00	1,626.47

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	14,151.9	12,568.8	10,260.5	9,595.4	6,301.9	6,213.1	6,531.1	5,521.5	5,492.9	5,672.3
I. Cash and cash equivalents	1,394.1	1,261.5	406.5	367.7	526.3	456.1	63.8	146.4	110.8	288.3
1. Cash	214.0	227.1	292.6	287.4	300.4	142.3	35.0	74.5	34.5	75.0
2. Cash equivalents	1,180.1	1,034.4	113.9	80.4	225.9	313.8	28.8	71.8	76.3	213.3
II. Short-term financial investments	651.8	276.4	124.9	334.1	153.4	116.9	116.9	61.8	71.8	77.9
1. Available for sale securities	—	—	—	—	—	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
3. Held to maturity investments	651.8	276.4	124.9	334.1	153.4	116.9	116.9	61.8	71.8	77.9
III. Short-term receivables	3,773.6	3,522.8	2,307.2	1,441.8	1,508.8	1,414.2	1,263.9	1,429.7	1,258.9	1,352.6
1. Short-term trade accounts receivable	1,403.0	1,645.8	1,136.0	408.6	488.8	592.6	581.0	761.1	549.9	877.0
2. Short-term prepayments to suppliers	1,869.6	961.7	620.7	530.3	498.4	380.9	287.5	280.5	272.7	308.6
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	300.5	300.1	245.0	144.0	141.1	184.0	159.5	82.8	117.6
6. Other short-term receivables	509.0	622.9	260.9	268.9	389.8	311.7	221.2	238.4	363.3	68.6
7. Provision for short-term doubtful debts (*)	-8.0	-8.0	-10.5	-10.9	-12.1	-12.1	-9.8	-9.8	-9.8	-19.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
IV. Inventories	8,043.6	7,305.4	7,263.6	7,306.5	3,968.3	4,096.8	4,964.5	3,754.4	3,903.5	3,813.7
1. Inventories	8,043.6	7,305.4	7,263.6	7,306.5	3,968.3	4,096.8	4,964.5	3,754.4	3,903.5	3,813.7
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	288.9	202.7	158.3	145.3	145.2	129.0	122.0	129.2	148.0	139.8
1. Short-term prepayments	165.1	118.7	83.6	33.9	33.7	18.7	13.7	17.3	19.0	20.3
2. Value added tax to be reclaimed	85.2	77.7	70.1	108.3	110.5	110.2	108.2	111.9	128.9	115.7
3. Taxes and other receivables from state authorities	9.9	6.3	4.6	3.1	1.0	0.1	0.1	0.1	0.1	3.9
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	28.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,785.3	2,743.3	2,835.8	2,818.3	3,262.7	3,131.2	2,895.0	4,147.3	4,040.6	4,503.7
I. Long-term receivables	419.9	423.3	512.0	511.9	658.4	619.9	565.7	519.0	795.1	1,040.2
1. Long-term trade receivables	—	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	—	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
5. Long-term loan receivables	—	0.1	0.1	0.1	128.1	128.0	128.0	318.2	597.9	831.2
6. Other long-term receivables	434.2	437.5	526.1	526.1	544.6	506.2	452.0	215.0	211.5	216.2
7. Provision for long-term doubtful debts	-14.3	-14.3	-14.3	-14.3	-14.3	-14.3	-14.3	-14.3	-14.3	-7.1
II. Fixed assets	835.9	835.0	842.3	842.3	847.1	853.6	582.0	589.3	583.9	830.3
1. Tangible fixed assets	560.3	557.7	561.8	559.3	562.0	566.4	563.7	571.5	567.7	812.2
- Cost	698.8	—	—	—	—	663.2	654.7	654.7	643.8	944.4
- Accumulated depreciation	-138.6	—	—	—	—	-96.8	-91.0	-83.1	-76.1	-132.2
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	275.7	277.4	280.5	283.0	285.1	287.2	18.4	17.8	16.2	18.1
- Cost	300.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-24.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0
III. Investment properties	303.2	306.3	309.5	312.6	315.7	318.9	322.0	325.2	328.3	280.2
- Cost	392.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-89.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,070.2	1,016.8	1,031.2	1,013.4	1,307.1	1,173.9	1,026.0	2,397.2	2,001.4	2,172.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	317.4	316.9	316.0
2. Construction in progress	1,070.2	1,016.8	1,031.2	1,013.4	1,307.1	1,173.9	1,026.0	2,079.7	1,684.5	1,856.5
V. Long-term financial investments	14.1	14.2	14.2	14.1	13.3	36.5	36.4	47.8	45.0	45.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3.3	3.4	3.5	3.4	2.6	2.6	2.5	7.8	7.8	7.7
3. Investments in other entities	17.1	17.1	17.1	17.1	17.1	40.2	41.3	47.9	45.3	45.3
4. Provision for diminution in value of long-term investments	-6.3	-6.3	-6.3	-6.3	-6.3	-6.3	-7.4	-8.0	-8.0	-8.0
5. Held to maturity investments	—	—	—	—	—	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
VI. Other long-term assets	142.0	147.7	126.7	124.0	121.1	128.5	362.8	269.0	112.2	103.4
1. Long-term prepayments	52.9	55.5	61.6	61.7	62.6	68.4	74.0	80.3	90.1	81.6
2. Deferred income tax assets	58.0	59.6	31.0	25.7	20.3	20.4	126.9	21.9	22.1	21.8
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	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
5. Goodwill	31.1	32.6	34.1	36.6	38.2	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	39.7	161.9	166.8	174.6	32.1
TOTAL ASSETS (280=100+200)	16,937.2	15,312.1	13,096.4	12,413.7	9,564.6	9,344.2	9,426.1	9,668.8	9,533.5	10,176.0
A. LIABILITIES (300=210+330)	10,266.5	8,783.6	6,951.6	8,119.6	5,169.6	5,126.8	5,715.2	5,688.8	5,544.9	6,039.0
I. Short -term liabilities	6,390.9	5,232.8	3,702.0	3,870.4	2,070.0	1,986.0	2,447.2	2,877.0	2,794.8	3,288.8
1. Short-term trade accounts payable	388.3	444.7	324.5	373.0	371.6	408.1	376.3	439.8	430.1	476.7
2. Short-term advances from customers	3,304.1	2,446.2	1,215.8	295.6	199.3	132.7	74.8	135.9	63.3	25.9
3. Dividends and profits payable	2.2	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	410.8	398.1	402.5	1,316.7	196.7	219.2	204.3	225.3	197.0	481.1
4. Payable to employees	16.7	34.2	20.1	19.0	15.3	30.6	18.8	18.7	14.5	31.8
5. Short-term acrrued expenses	888.9	530.7	414.0	147.6	103.7	146.9	177.1	197.6	127.5	227.9
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	8.7	9.5	9.7	9.5	9.4	9.4	9.7	9.3	8.4	9.6
9. Other short-term payables	287.4	246.3	440.1	809.3	332.9	214.6	727.7	1,103.5	1,089.3	888.6
10. Short-term borrowings and financial leases	1,042.2	1,103.5	855.6	880.0	821.4	766.8	846.6	744.9	863.0	1,126.2
11. Provision for short-term liabilities	15.1	—	—	—	—	28.8	10.1	0.0	0.0	0.0
12.. Bonus and welfare fund	26.5	19.5	19.7	19.7	19.7	28.9	1.8	1.8	1.8	20.9
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	3,875.7	3,550.8	3,249.6	4,249.3	3,099.6	3,140.8	3,268.0	2,811.8	2,750.2	2,750.2
1. Long-term trade payables	—	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	21.4	22.3	23.2	24.1	25.0	25.9	26.8	27.7	29.4	28.9
7. Other long-term liabilities	152.7	143.8	130.1	131.6	127.9	224.5	223.6	224.8	220.3	411.6
8. Long-term borrowings and financial leases	3,557.9	3,223.8	2,930.8	3,925.8	2,778.3	2,732.9	2,917.5	2,449.0	2,400.0	2,136.7
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	140.0	140.5	141.3	142.0	142.7	143.3	89.7	90.0	90.2	172.8
12. Provision for long-term liabilities	3.7	20.4	24.1	25.8	25.8	14.2	10.4	20.4	10.2	0.3
13. Fund for technology development	—	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	6,670.7	5,555.6	6,144.8	4,294.1	4,395.0	4,217.5	3,710.9	3,980.0	3,988.6	4,137.1
I. Owner's equity	6,670.7	5,555.6	6,144.8	4,294.1	4,395.0	4,217.5	3,710.9	3,980.0	3,988.6	4,137.1
1. Owner's capital	3,600.0	3,600.0	3,600.0	3,118.5	3,118.5	2,970.0	2,970.0	2,970.0	2,970.0	2,970.0
- Common stock with voting right	3,600,000,000,000.00	3,600,000,000,000.00	3,600,000,000,000.00	3,118,500,000,000.00	3,118,500,000,000.00	2,970,000,000,000.00	2,970,000,000,000.00	2,970,000,000,000.00	2,970,000,000,000.00	2,970,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00
2. Share premium	1,120.2	1,120.2	1,120.2	109.5	109.5	109.5	109.5	109.5	109.5	109.5
3. Convertible bond option	—	—	—	—	—	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
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3
11. Undistributed earnings after tax	954.0	829.1	440.1	227.5	660.2	621.2	187.2	450.1	484.4	467.9
- Accumulated retained earning at the end of the previous period	801.9	187.4	172.4	172.2	639.9	-8.5	2.4	448.5	478.1	99.3
- Undistributed earnings in this period	152.1	641.7	267.7	55.4	20.2	629.7	184.8	1.6	6.3	368.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	990.2	—	978.3	832.2	500.5	510.5	437.9	444.1	418.4	583.4
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	972.9	—	—	—	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	16,937.2	15,312.1	13,096.4	12,413.7	9,564.6	9,344.2	9,426.1	9,668.8	9,533.5	10,176.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Profit Before Tax	204.2	488.7	284.5	61.8	35.3	488.3	214.3	28.3	16.9	627.3
Depreciation of Fixed Assets and Investment Property	16.3	13.0	19.2	16.4	15.5	11.5	16.4	17.3	14.5	36.7
Provision (Increase)/Reversal	15.1	-5.7	0.1	-3.4	1.9	23.7	0.1	9.5	0.0	5.8
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-17.0	-5.8	-17.1	-11.2	-6.1	-543.3	-258.2	-9.6	-14.2	-78.4
Interest Expense	26.6	37.6	39.7	46.8	39.0	51.5	48.8	56.5	15.4	75.9
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	245.1	527.8	326.5	110.4	85.6	31.7	21.4	102.0	32.6	667.2
Increase/(Decrease) in Receivables	-615.7	-1,363.2	-626.9	30.8	-113.6	155.0	227.4	-319.7	26.3	-436.5
Increase/(Decrease) in Inventory	-689.0	5.1	116.1	-3,078.9	110.5	-1,097.0	-821.9	92.5	53.4	-1,287.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,249.8	1,323.7	102.6	1,400.3	1.2	164.7	-39.7	-233.2	-120.6	67.9
Increase/(Decrease) in Prepaid Expenses	-43.7	-26.1	-55.8	3.1	-10.4	0.6	9.6	3.2	8.5	-36.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	13.9
Interest Paid	-71.4	-77.0	-98.9	-74.7	-68.6	-64.9	-90.1	-54.5	-104.1	-123.3
Corporate Income Tax Paid	-14.4	-1.0	-0.1	-149.5	-44.1	-0.7	-51.3	-11.4	-16.7	-173.4
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-10.0	-0.2	0.0	0.0	-8.9	0.0	0.0	-0.7	-4.8	-3.2
Net Cash Flow from Operating Activities	50.6	389.0	-236.4	-1,758.5	-48.2	-810.5	-744.7	-421.8	-125.5	-1,311.6
Payments for Fixed Assets and Other Long-term Assets	-161.7	-24.7	-16.0	82.3	-100.5	-23.2	-439.5	310.0	-354.6	-610.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.2	0.0	0.0	2.3	0.0	0.6	-0.6	0.0
Loans and Purchases of Debt Instruments	-80.1	-278.1	142.9	-330.7	-44.6	8.9	-52.9	-78.1	0.0	-280.7
Receipts from Loan Repayments and Sale of Debt Instruments	39.5	254.2	-116.8	177.0	1.6	16.2	181.4	290.4	274.8	225.4
Investments in Other Entities	—	—	—	—	—	3.7	-24.7	-2.6	0.0	-268.3
Proceeds from Investments in Other Entities	—	125.5	-0.2	23.1	—	1,452.1	772.4	0.0	-5.3	4.0
Dividends and Interest Income Received	11.6	5.9	7.7	136.4	3.6	17.6	58.9	6.8	25.4	26.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-190.7	82.8	16.5	64.5	-116.9	1,477.7	495.7	527.1	-60.3	-904.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	221,910,000.00	330,680,000.00	0.00	0.00	11,502,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	474.7	860.1	1,551.8	1,817.8	339.2	303.9	1,079.8	491.9	493.7	4,167.9
Repayment of Borrowings	-202.0	-319.3	-2,571.7	-611.7	-240.0	-569.5	-470.4	-560.8	-486.0	-2,067.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-157.6	-330.5	-2.5	-15.6	-9.6	-443.3	-0.8	-0.2	-73.1
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	272.7	383.2	258.6	1,535.5	231.7	-274.9	166.5	-69.7	7.5	2,038.5
Net Cash Flow During the Period	132.6	855.0	38.7	-158.6	66.6	392.3	-82.5	35.6	-178.3	-177.2
Cash and Cash Equivalents at Beginning of Period	1,261.5	406.5	367.7	526.3	459.7	289.0	289.0	289.0	289.0	466.2
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1,394.1	1,261.5	406.5	367.7	526.3	456.1	63.8	146.4	110.8	289.0

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