VGR

Cảng Xanh Vip ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 42.54%, +10.25pp YoY

Price

76,900

Latest close

04 Jun 2026

P/E 11.88x

P/B 6.27x

EPS 6,472

BVPS 12,274

ROE 47.7%

ROA 37.1%

Profit Margin 42.5%

Asset Turnover 0.87x

Equity Mult. 1.28x

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

What Is Changing

On a TTM 2026Q1 basis, VGR has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,186bn
	                                
+7.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 505bn
	                                
+41.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,153.2	1,093.0	895.5	817.6	816.1
Growth	+6%	+22%	+10%	+0%	—
Net Income	496.7	340.7	271.4	273.2	203.8
Net Margin	43.07%	31.17%	30.31%	33.41%	24.97%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	289.1	295.4	303.7	297.8	256.3	303.1	263.1	284.7	242.2	253.7	236.0	216.4
Growth	-2%	-3%	+2%	+16%	-15%	+15%	-8%	+18%	-5%	+8%	+9%	—
Net Income	119.1	135.0	125.2	125.2	111.3	70.5	83.1	92.7	94.4	87.1	74.9	61.7
Net Margin	41.20%	45.70%	41.22%	42.05%	43.40%	23.25%	31.59%	32.57%	38.99%	34.32%	31.73%	28.50%

Drivers of VGR's profit

TTM

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

Gross profit ↑ 166.6bn

Financial income ↑ 15.0bn

Selling expenses ↑ 28.6bn

TTM

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

Gross profit ↑ 20.0bn

Financial income ↑ 3.7bn

Administrative expenses ↓ 2.1bn

Other profit ↓ 11.3bn

Selling expenses ↑ 6.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 30.2% = 32.3% × 0.85 × 1.10

2026Q1 47.7% = 42.5% × 0.87 × 1.28

ROE rose from 30.2% to 47.7% — all three components improved, with leverage contributing the most.

Net margin: 42.5% +10.2pp Asset turnover: 0.87x +0.02x Leverage: 1.28x +0.18x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 42.54%, rising 10.2pp. Core operating signals are improving as Gross margin rose 11.3pp are enough to offset pressure from SG&A / Revenue rose 1.6pp (in addition, Net financial result / Revenue rose 1.2pp added support while Other profit / Revenue fell 0.3pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 42.54% +10.2pp

Gross Margin 52.49% +11.3pp

SG&A / Revenue 8.48% +1.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 41.89% +10.5pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.17x equity, with a net cash position equivalent to 0.55x equity.

Over the last 12 months, working capital absorbed 18.9bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +14.3bn

Inventories increased → lower CFO: −5.2bn

Payables decreased → lower CFO: −28.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.8 days versus the same period last year. The main moves came from DIO rose 5.9 days, DSO fell 1.7 days, and DPO rose 10.0 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Inventory turnover is slowing

DIO increased by +5.9 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 23.3 days −1.7 days

Inventory 19.2 days +5.9 days

Payables 32.5 days +10.0 days

Cash Conversion Cycle 10.0 days −5.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 534.4bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.55x and interest coverage at 1033.65x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.55x —

Interest Coverage 1033.65x +726.00x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.99x −0.33x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 534.4bn in 2025, against investing cash flow of -117.1bn.

Post-investment cash flow was positive +417.3bn. Financing cash flow was negative +290.9bn.

CFO / net income was 0.99x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 498.6bn +28.5bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 10.2 pp. The next item to monitor is capital efficiency.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 42.54% after expanding 10.2pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,153.2	1,093.0	895.5	817.6	816.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,153.2	1,093.0	895.5	817.6	816.1
Cost of Goods Sold	550.8	646.1	528.6	450.0	0.0
Gross Profit	602.5	447.0	367.0	367.6	287.5
Financial Income	32.7	21.6	26.5	13.8	2.8
Financial Expenses	0.4	0.8	3.6	1.3	-1.7
Interest Expense	—	0.0	1.9	0.1	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	69.7	45.3	41.8	37.7	-26.6
General and Administrative Expenses	26.1	30.4	35.6	27.4	-21.0
Operating Profit	538.9	392.1	312.4	315.1	241.0
Other Income	20.0	0.6	1.0	1.7	0.0
Other Expenses	0.0	1.8	5.9	4.3	0.0
Other Profit	20.0	-1.3	-4.9	-2.6	-12.2
Profit Before Tax	558.8	390.8	307.5	312.5	228.8
Current Income Tax Expense	62.2	50.1	36.1	39.3	-25.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	496.7	340.7	271.4	273.2	203.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	496.7	340.7	271.4	273.2	203.8
Earnings per Share	5,955.00	5,387.00	4,291.00	4,319.00	3,221.37
Diluted EPS	5,955.00	5,387.00	4,291.00	4,319.00	3,221.37

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	969.9	716.9	721.6	587.8	367.1
I. Cash and cash equivalents	414.6	285.3	177.2	218.0	125.4
1. Cash	196.7	145.7	53.5	9.2	0.0
2. Cash equivalents	217.9	139.6	123.7	208.8	0.0
II. Short-term financial investments	425.5	283.0	424.0	212.0	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	425.5	283.0	424.0	212.0	0.0
III. Short-term receivables	82.7	111.9	91.8	71.9	85.0
1. Short-term trade accounts receivable	74.5	92.9	74.7	60.9	0.0
2. Short-term prepayments to suppliers	3.5	14.2	10.8	4.0	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	4.8	4.9	6.2	7.1	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	32.2	27.1	19.6	19.0	14.2
1. Inventories	32.2	27.1	19.6	19.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	15.0	9.6	9.0	66.8	50.8
1. Short-term prepayments	12.7	8.2	9.0	32.8	0.0
2. Value added tax to be reclaimed	2.2	1.3	0.0	34.0	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)	427.3	475.9	543.3	659.6	741.1
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	179.0	217.3	273.1	367.8	452.7
1. Tangible fixed assets	179.0	217.3	273.0	367.8	452.7
- Cost	1,172.5	1,172.5	1,170.5	1,153.3	0.0
- Accumulated depreciation	-993.5	-955.2	-897.5	-785.5	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	0.0	0.0	0.0
- Cost	2.0	2.0	2.0	2.0	0.0
- Accumulated depreciation	-2.0	-2.0	-2.0	-2.0	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	—	0.0	0.0	11.9	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	11.9	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	248.4	258.7	270.2	279.8	0.0
1. Long-term prepayments	248.4	258.7	270.2	279.8	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	288.4
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)	1,397.2	1,192.8	1,264.9	1,247.3	1,108.2
A. LIABILITIES (300=210+330)	203.5	193.8	89.9	80.1	49.5
I. Short -term liabilities	203.5	193.8	89.9	80.1	49.5
1. Short-term trade accounts payable	77.6	71.5	43.9	18.0	25.6
2. Short-term advances from customers	1.5	1.4	0.9	0.1	0.2
3. Taxes and other payables to state authorities	32.6	18.6	11.3	9.7	0.0
4. Payable to employees	21.2	18.8	20.6	9.8	0.0
5. Short-term acrrued expenses	15.3	2.6	7.4	3.8	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	0.1	0.9	0.5	0.3	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	36.6	0.0
11. Provision for short-term liabilities	50.1	76.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.0	4.0	5.3	1.8	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	—	0.0	0.0	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	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
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)	1,193.7	999.1	1,174.9	1,167.2	1,058.7
I. Owner's equity	1,193.7	999.1	1,174.9	1,167.2	0.0
1. Owner's capital	822.2	632.5	632.5	632.5	1,058.7
- Common stock with voting right	822,249,590,000.00	632,500,000,000.00	632,500,000,000.00	632,500,000,000.00	632,500,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	-0.1	-0.1	-0.1
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	—	0.00	0.00	0.00	0.00
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	39.1	39.1	39.1	39.1	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	332.3	327.4	503.4	495.7	426.3
- Accumulated retained earning at the end of the previous period	0.1	113.2	295.2	285.8	285.8
- Undistributed earnings in this period	332.2	214.2	208.2	209.9	140.5
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)	1,397.2	1,192.8	1,264.9	1,247.3	1,108.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	558.8	390.8	307.5	312.5	100.0
Depreciation of Fixed Assets and Investment Property	38.3	57.7	112.0	114.8	57.5
Provision (Increase)/Reversal	—	76.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.9	-2.1	-0.6	-0.2	0.0
Gain/Loss from Investment Activities	-25.3	-15.9	-23.6	-11.4	0.0
Interest Expense	—	0.0	1.9	0.1	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	569.0	506.5	397.2	415.8	157.0
Increase/(Decrease) in Receivables	28.2	-22.6	15.6	20.3	0.0
Increase/(Decrease) in Inventory	-5.0	-7.5	-0.6	-4.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-9.4	20.0	38.0	-8.1	0.0
Increase/(Decrease) in Prepaid Expenses	5.8	12.3	33.4	-11.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	-1.9	0.0	0.0
Corporate Income Tax Paid	-48.1	-43.6	-33.7	-38.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-6.0	-9.3	-4.5	-4.8	0.0
Net Cash Flow from Operating Activities	534.4	455.8	443.3	368.3	117.3
Payments for Fixed Assets and Other Long-term Assets	—	-1.9	-5.3	-41.9	-30.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-741.5	-326.8	-601.2	-404.3	-72.0
Receipts from Loan Repayments and Sale of Debt Instruments	599.0	467.8	389.2	284.0	38.0
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	25.4	17.1	22.1	7.9	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	-117.1	156.2	-195.2	-154.3	-63.7
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	36.6	0.0
Repayment of Borrowings	—	0.0	-36.6	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-290.9	-506.0	-253.0	-158.1	-126.5
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	-290.9	-506.0	-289.6	-121.5	-126.5
Net Cash Flow During the Period	126.4	106.0	-41.4	92.5	0.0
Cash and Cash Equivalents at Beginning of Period	285.3	177.2	218.0	125.4	108.7
FX Difference from Revaluation	2.9	2.1	0.6	0.2	-0.4
Cash and Cash Equivalents at End of Period	414.6	285.3	177.2	218.0	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	289.1	295.4	303.7	297.8	256.3	303.1	263.1	284.7	242.2	253.7	236.0	216.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	289.1	295.4	303.7	297.8	256.3	303.1	263.1	284.7	242.2	253.7	236.0	216.4
Cost of Goods Sold	140.7	136.3	138.4	148.1	127.9	202.7	151.3	169.4	122.7	145.9	137.0	130.9
Gross Profit	148.4	159.1	165.4	149.6	128.4	100.4	111.7	115.4	119.5	107.8	99.0	85.5
Financial Income	9.0	11.0	7.0	9.3	5.3	4.5	4.0	7.6	5.6	8.6	6.6	4.8
Financial Expenses	0.2	0.1	0.0	0.1	0.1	0.0	0.5	0.6	-0.4	1.0	0.1	1.4
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.3	0.4	0.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	19.0	14.3	24.6	18.7	12.1	15.9	11.6	8.4	9.4	9.0	12.9	9.7
General and Administrative Expenses	4.7	4.8	7.7	6.8	6.8	0.5	11.1	10.0	8.9	8.0	8.7	9.5
Operating Profit	133.5	150.8	140.1	133.3	114.7	88.4	92.6	103.9	107.1	98.4	83.9	69.8
Other Income	0.0	0.0	0.9	7.8	11.3	0.0	0.5	0.0	0.0	0.0	1.0	0.0
Other Expenses	—	—	—	0.0	0.0	0.2	0.6	0.0	1.1	0.3	0.2	-0.1
Other Profit	0.0	0.0	0.9	7.8	11.3	-0.1	-0.0	0.0	-1.1	-0.3	0.7	0.1
Profit Before Tax	133.5	150.8	140.9	141.1	126.0	88.3	92.5	103.9	106.1	98.1	84.6	69.8
Current Income Tax Expense	14.4	15.8	15.7	15.9	14.7	17.8	9.4	11.2	11.6	11.0	9.7	8.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	119.1	135.0	125.2	125.2	111.3	70.5	83.1	92.7	94.4	87.1	74.9	61.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	119.1	135.0	125.2	125.2	111.3	70.5	83.1	92.7	94.4	87.1	74.9	61.7
Earnings per Share	1,327.00	1,642.00	1,523.00	1,980.00	1,758.97	1,114.12	1,313.71	1,466.34	1,492.79	1,376.85	1,183.81	975.34
Diluted EPS	1,327.00	1,642.00	1,523.00	1,980.00	1,758.97	1,114.12	1,313.71	1,466.34	1,492.79	1,376.85	1,183.81	975.34

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,033.3	969.9	984.5	812.1	802.3	716.9	617.4	607.6	820.0	721.6	639.5	511.6
I. Cash and cash equivalents	552.7	414.6	497.2	375.2	506.5	285.3	243.4	387.4	435.6	177.2	99.5	112.2
1. Cash	416.4	196.7	184.8	172.2	155.7	145.7	149.9	109.0	313.0	53.5	32.5	14.5
2. Cash equivalents	136.3	217.9	312.4	203.0	350.8	139.6	93.6	278.3	122.6	123.7	67.0	97.6
II. Short-term financial investments	351.5	425.5	351.4	317.4	162.4	283.0	246.6	21.2	253.4	424.0	410.8	261.1
1. Available for sale securities	—	—	—	—	—	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
3. Held to maturity investments	351.5	425.5	351.4	317.4	162.4	283.0	246.6	21.2	253.4	424.0	410.8	261.1
III. Short-term receivables	88.4	82.7	95.6	84.9	97.3	111.9	93.9	157.1	103.1	91.8	98.7	72.6
1. Short-term trade accounts receivable	76.5	74.5	65.3	71.0	74.9	92.9	72.2	138.4	76.4	74.7	87.3	66.0
2. Short-term prepayments to suppliers	4.3	3.5	24.6	3.8	19.9	14.2	19.7	16.7	21.0	10.8	3.3	3.9
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	7.7	4.8	5.7	10.1	2.5	4.9	2.0	2.0	5.6	6.2	8.1	2.8
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	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
IV. Inventories	32.3	32.2	33.0	26.5	27.0	27.1	19.3	20.1	20.6	19.6	20.1	18.7
1. Inventories	32.3	32.2	33.0	26.5	27.0	27.1	19.3	20.1	20.6	19.6	20.1	18.7
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	8.5	15.0	7.2	8.2	9.0	9.6	14.2	21.8	7.4	9.0	10.3	47.0
1. Short-term prepayments	8.5	12.7	7.2	8.2	9.0	8.2	14.2	20.4	7.4	9.0	10.3	20.4
2. Value added tax to be reclaimed	0.0	2.2	—	—	—	1.3	0.0	1.4	0.0	0.0	0.0	26.5
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	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
5. Other short-term assets	—	—	—	—	—	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)	417.2	427.3	439.2	451.4	463.7	475.9	489.2	504.7	523.7	543.3	568.8	600.5
I. Long-term receivables	—	—	—	—	—	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
2. Long-term prepayments to suppliers	—	—	—	—	—	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
4. Long-term inter-company receivables	—	—	—	—	—	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
6. Other long-term receivables	—	—	—	—	—	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
II. Fixed assets	171.1	179.0	188.5	198.1	207.7	217.3	227.8	240.5	256.7	273.1	297.7	326.5
1. Tangible fixed assets	171.1	179.0	188.5	198.1	207.6	217.3	227.8	240.5	256.7	273.0	297.7	326.4
- Cost	1,172.5	—	—	—	—	1,172.5	1,172.5	1,172.5	1,171.8	1,170.5	1,170.2	1,170.2
- Accumulated depreciation	-1,001.3	—	—	—	—	-955.2	-944.6	-932.0	-915.2	-897.5	-872.5	-843.7
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	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	0.0	0.0	0.0	0.0
- Cost	2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.0	—	—	—	—	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
- Cost	—	—	—	—	—	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
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
V. Long-term financial investments	—	—	—	—	—	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
2. Investments in associates, joint-ventures	—	—	—	—	—	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
4. Provision for diminution in value of long-term investments	—	—	—	—	—	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
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	246.0	248.4	250.7	253.3	256.0	258.7	261.4	264.2	267.0	270.2	271.0	273.9
1. Long-term prepayments	246.0	248.4	250.7	253.3	256.0	258.7	261.4	264.2	267.0	270.2	271.0	273.9
2. Deferred income tax assets	—	—	—	—	—	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
4. Other long-term assets	—	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,450.5	1,397.2	1,423.7	1,263.5	1,265.9	1,192.8	1,106.7	1,112.3	1,343.7	1,264.9	1,208.3	1,112.1
A. LIABILITIES (300=210+330)	441.3	203.5	200.5	158.6	159.7	193.8	178.1	140.4	85.1	89.9	120.5	99.1
I. Short -term liabilities	441.3	203.5	200.5	158.6	159.7	193.8	178.1	140.4	85.1	89.9	120.5	99.1
1. Short-term trade accounts payable	55.1	77.6	48.2	40.0	45.4	71.5	50.4	63.6	34.9	43.9	39.4	27.6
2. Short-term advances from customers	1.2	1.5	0.9	0.9	1.4	1.4	1.0	0.8	1.1	0.9	0.3	0.2
3. Dividends and profits payable	287.8	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	15.1	32.6	17.5	18.3	16.1	18.6	10.7	11.5	13.5	11.3	10.6	8.2
4. Payable to employees	6.2	21.2	4.5	13.2	8.7	18.8	24.0	16.8	9.3	20.6	17.2	10.1
5. Short-term acrrued expenses	6.1	15.3	46.0	7.3	6.9	2.6	2.7	8.5	17.1	7.4	9.9	9.0
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	5.9	0.1	0.1	0.8	2.8	0.9	28.5	0.8	0.9	0.5	0.5	0.4
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	36.6	36.6
11. Provision for short-term liabilities	50.1	50.1	76.0	76.0	76.0	76.0	56.0	32.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	13.8	5.0	7.2	2.2	2.4	4.0	4.8	6.4	8.2	5.3	5.9	6.9
13. Price stabilization fund	—	—	—	—	—	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
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	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
2. Long-term advances from customers	—	—	—	—	—	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
4. Inter-company payables on business capital	—	—	—	—	—	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
6. Long-term unearned revenue	—	—	—	—	—	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
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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
13. Fund for technology development	—	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	1,009.2	1,193.7	1,223.2	1,105.0	1,106.2	999.1	928.6	971.9	1,258.7	1,174.9	1,087.9	1,013.0
I. Owner's equity	1,009.2	1,193.7	1,223.2	1,105.0	1,106.2	999.1	928.6	971.9	1,258.7	1,174.9	1,087.9	1,013.0
1. Owner's capital	822.2	822.2	822.2	632.5	632.5	632.5	632.5	632.5	632.5	632.5	632.5	632.5
- Common stock with voting right	822,249,590,000.00	822,249,590,000.00	822,250,000,000.00	632,500,000,000.00	632,500,000,000.00	632,500,000,000.00	632,500,000,000.00	632,500,000,000.00	632,500,000,000.00	632,500,000,000.00	632,500,000,000.00	632,500,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	-0.1	-0.1	-0.1	-0.1	-0.1
3. Convertible bond option	—	—	—	—	—	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
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	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
8. Investment and development fund	39.1	39.1	39.1	39.1	39.1	39.1	39.1	39.1	39.1	39.1	39.1	39.1
9. Fund to support corporate restructuring	—	—	—	—	—	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
11. Undistributed earnings after tax	147.8	332.3	361.8	433.3	434.6	327.4	257.0	300.4	587.1	503.4	416.3	341.5
- Accumulated retained earning at the end of the previous period	28.7	0.1	0.1	196.9	323.4	113.2	113.2	113.2	492.7	295.2	295.2	295.2
- Undistributed earnings in this period	119.1	332.2	361.7	236.5	111.3	214.2	143.8	187.2	94.4	208.2	121.1	46.2
12. Reserves for investment in construction	—	—	—	—	—	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
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,450.5	1,397.2	1,423.7	1,263.5	1,265.9	1,192.8	1,106.7	1,112.3	1,343.7	1,264.9	1,208.3	1,112.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	133.5	150.8	140.9	141.1	126.0	88.3	92.5	103.9	106.1	98.1	84.6	69.8
Depreciation of Fixed Assets and Investment Property	10.2	9.6	9.6	9.6	9.6	10.6	12.7	16.8	17.7	25.0	28.7	29.0
Provision (Increase)/Reversal	—	—	—	—	—	76.0	-32.0	32.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	1.0	—	-3.9	—	-2.1	2.1	-2.1	0.0	-0.6	-0.7	0.7
Gain/Loss from Investment Activities	-9.0	-8.1	-6.8	-5.3	-5.0	-4.2	-3.7	-2.0	-5.9	-17.3	4.1	-4.8
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	1.9	-1.2	0.6
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	—	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
Operating Profit Before Changes in Working Capital	134.7	149.4	147.5	141.5	130.6	168.5	71.5	148.7	117.8	107.0	115.5	95.3
Increase/(Decrease) in Receivables	-0.6	9.8	-9.1	14.2	13.3	-16.2	64.5	-59.3	-11.7	3.2	7.6	2.6
Increase/(Decrease) in Inventory	-0.1	0.9	-6.6	0.5	0.1	-7.8	0.8	0.5	-1.0	-0.6	-0.3	0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-47.5	-14.7	37.2	-2.9	-28.9	-78.5	73.2	21.6	-7.2	5.4	20.9	0.8
Increase/(Decrease) in Prepaid Expenses	7.5	-3.2	3.6	3.4	1.9	8.7	9.0	-10.2	4.8	2.1	13.0	5.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	-1.9	1.2	-1.2
Corporate Income Tax Paid	-31.5	0.0	-15.9	-13.9	-18.3	1.1	-11.2	-11.6	-11.0	-9.6	-8.3	-7.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Other Operating Payments	-1.2	2.8	-3.0	-4.3	-1.6	-0.8	-1.6	2.2	-9.1	-0.7	-1.0	2.8
Net Cash Flow from Operating Activities	61.2	145.0	153.8	138.6	97.0	75.0	206.2	91.8	82.8	104.9	148.7	99.1
Payments for Fixed Assets and Other Long-term Assets	-3.1	—	—	—	—	0.0	0.0	-0.6	-1.3	-0.2	0.0	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-86.0	-265.5	-160.0	-190.0	-126.0	-36.4	-245.4	-45.0	0.0	-231.4	-149.7	-220.1
Receipts from Loan Repayments and Sale of Debt Instruments	160.0	191.4	126.0	35.0	246.6	0.0	20.0	277.2	170.6	218.2	0.0	68.0
Investments in Other Entities	—	—	—	—	—	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
Dividends and Interest Income Received	6.1	8.9	5.2	3.6	7.7	1.1	3.8	5.8	6.3	22.1	-12.3	6.9
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	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
Net Cash Flow from Investing Activities	76.9	-65.2	-28.8	-151.4	128.3	-35.3	-221.6	237.4	175.6	8.7	-162.0	-145.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	-36.6	0.0	36.6
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-36.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	24.3	-188.8	-122.4	-4.1	0.0	-126.5	-379.5	0.0	0.0	0.0	-253.0
Other Financing Receipts	—	—	—	—	—	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
Net Cash Flow from Financing Activities	—	-165.4	1.0	-122.4	-4.1	0.0	-126.5	-379.5	0.0	-36.6	0.0	-253.0
Net Cash Flow During the Period	138.2	-85.6	126.0	-135.3	221.2	39.7	-141.9	-50.3	258.4	77.0	-13.3	-299.2
Cash and Cash Equivalents at Beginning of Period	414.6	497.2	375.2	506.5	285.3	177.2	177.2	177.2	177.2	218.0	218.0	218.0
FX Difference from Revaluation	—	2.9	—	3.9	—	2.1	-2.1	2.1	0.0	0.6	0.7	-0.7
Cash and Cash Equivalents at End of Period	552.7	414.6	497.2	375.2	506.5	285.3	243.4	387.4	435.6	177.2	99.5	112.2

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VGR

What Is Changing

Drivers of VGR's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▼

Working Capital Efficiency ▲

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Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow