VIC

Tập đoàn VINGROUP - CTCP ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 4.10%, +1.71pp YoY

Price

197,600

Latest close

03 Jun 2026

P/E 108.72x

P/B 9.91x

EPS 1,818

BVPS 19,946

ROE 9.1%

ROA 1.4%

Profit Margin 4.0%

Asset Turnover 0.35x

Equity Mult. 6.43x

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

What Is Changing

On a TTM 2026Q1 basis, VIC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 352,959bn
	                                
+38.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 14,483bn
	                                
+136.5%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    68.3%

Metric	2025	2024	2023	2022	2021
Revenue	331,837.6	189,068.0	161,427.6	101,793.6	125,306.3
Growth	+76%	+17%	+59%	-19%	—
Net Income	11,064.8	5,276.1	2,056.1	2,044.3	-7,522.5
Net Margin	3.33%	2.79%	1.27%	2.01%	-6.00%

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	104,352.0	163,159.4	39,135.1	46,312.3	84,053.3	65,243.8	62,850.0	43,304.4	21,738.5	27,427.8	47,947.9	47,143.3
Growth	-36%	+317%	-15%	-45%	+29%	+4%	+45%	+99%	-21%	-43%	+2%	—
Net Income	5,610.8	3,581.3	3,025.3	2,265.4	2,243.3	1,182.5	2,014.9	684.0	1,335.1	494.7	567.3	398.0
Net Margin	5.38%	2.19%	7.73%	4.89%	2.67%	1.81%	3.21%	1.58%	6.14%	1.80%	1.18%	0.84%

Drivers of VIC's profit

TTM

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

Financial income ↑ 14,984.8bn

Other profit ↑ 11,867.9bn

Gross profit ↑ 7,738.7bn

Administrative expenses ↓ 2,465.4bn

Finance costs ↑ 19,823.7bn

Selling expenses ↑ 8,749.4bn

TTM

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

Gross profit ↑ 6,732.4bn

Other profit ↑ 4,228.3bn

Administrative expenses ↓ 1,388.0bn

Deferred tax ↓ 559.3bn

Finance costs ↑ 4,164.6bn

Minority interests ↑ 3,070.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.9% = 2.4% × 0.34 × 4.81

2026Q1 9.3% = 4.1% × 0.35 × 6.43

ROE rose from 3.9% to 9.3% — all three components improved, with leverage contributing the most.

Net margin: 4.1% +1.7pp Asset turnover: 0.35x +0.02x Leverage: 6.43x +1.62x

Is the profit sustainable?

Margins improved (+1.7pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 4.10%, rising 1.7pp. Core operating signals are improving as SG&A / Revenue fell 2.7pp are enough to offset pressure from Gross margin fell 3.3pp (in addition, Other profit / Revenue rose 2.4pp added support while Net financial result / Revenue fell 1.6pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 4.10% +1.7pp

Gross Margin 16.59% −3.3pp

SG&A / Revenue 13.46% −2.7pp

Non-core / Revenue 5.10% +0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 68.3% of PBT and lifted net margin by 0.8pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 1.1% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC stands at 1.11%, broadly flat versus the same period. That translates to 1.11 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover rose 0.15x, while invested capital rose by 49,580bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

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 1.11% +0.1pp

NOPAT Margin 1.30% −0.1pp

Capital Turnover 0.85x +0.15x

Average Invested Capital 414,770.7bn +49,579.6bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Leverage is well above the real estate sector norm — liquidity risk becomes material if handover slips — liabilities at 6.55x equity, net debt at 1.97x equity.

Development inventory ended the period at 201,580.3bn, about 18.0% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 87,955.8bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −37,626.4bn

Inventories increased → lower CFO: −81,498.3bn

Payables increased → higher CFO: +207,080.5bn

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.97x and interest coverage only at 0.19x.

At present, short-term debt accounts for 38.4% of total debt, cash equals 15.3% of debt, and total debt stands at 357,821.9bn.

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

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.97x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.19x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.97x +0.60x

Interest Coverage 0.19x −0.21x

Cash / Debt 15.3% +2.2pp

Short-term Debt / Total Debt 38.4% −1.2pp

CFO / NI 8.03x +5.56x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 69,244.9bn in 2025, against investing cash flow of -139,928.4bn.

Post-investment cash flow was negative +70,683.5bn. Financing cash flow was positive +101,619.1bn.

CFO / net income was 8.03x.

After spending +83,437.0bn on fixed-asset investment, the business generated trailing free cash flow of +29,791.6bn.

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 113,228.6bn +86,368.5bn

Cash Capex 83,437.0bn +36,581.9bn

FCF TTM +29,791.6bn +49,786.6bn

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 1.7 pp. The next item to monitor is the earnings mix, when non-core contribution is -9.0%. The main risk still sits in leverage and liquidity, with interest coverage at 0.19x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.10% after expanding 1.7pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 8.03x. Even so, net financial result still accounts for -9.0% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.19x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	331,874.7	189,090.6	161,452.8	101,809.5	125,380.7
Revenue Deductions	37.1	22.6	25.2	15.9	0.0
Net Revenue	331,837.6	189,068.0	161,427.6	101,793.6	125,306.3
Cost of Goods Sold	279,154.8	161,767.2	137,919.1	87,099.8	0.0
Gross Profit	52,682.8	27,300.8	23,508.5	14,693.8	33,679.7
Financial Income	50,463.2	47,925.5	20,502.5	33,048.1	15,794.3
Financial Expenses	47,293.0	31,208.1	22,841.4	14,326.3	-11,298.2
Interest Expense	29,159.7	22,980.0	17,245.9	10,944.2	-10,577.2
Share of Associates and Joint Ventures	1,138.2	848.8	-97.8	-86.5	-41.7
Selling Expenses	31,065.1	18,053.9	12,513.9	9,371.1	-7,051.6
General and Administrative Expenses	17,988.8	15,148.3	13,463.3	15,953.6	-24,177.2
Operating Profit	7,937.4	11,664.8	-4,905.4	8,004.4	6,905.5
Other Income	25,161.2	10,068.6	22,132.5	5,809.8	0.0
Other Expenses	6,661.2	4,994.7	3,457.8	1,058.7	0.0
Other Profit	18,500.0	5,073.9	18,674.7	4,751.2	-3,559.7
Profit Before Tax	26,437.4	16,738.7	13,769.4	12,755.5	3,345.7
Current Income Tax Expense	14,620.5	12,913.6	11,287.2	11,230.9	-10,868.3
Deferred Income Tax Expense	752.0	-1,450.9	426.1	-519.8	0.0
Net Income	11,064.8	5,276.1	2,056.1	2,044.3	-7,522.5
Non-controlling Interest	-285.1	-6,627.0	-100.9	-6,737.5	-4,751.1
Profit Attributable to Parent	11,349.9	11,903.0	2,156.9	8,781.9	-2,771.4
Earnings per Share	1,432.00	3,045.00	565.00	2,367.00	-716.59
Diluted EPS	1,421.00	2,976.00	525.00	2,214.00	-716.59

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	658,772.5	396,479.9	343,536.5	283,116.7	163,350.8
I. Cash and cash equivalents	73,542.2	42,582.4	27,982.6	26,213.3	19,653.3
1. Cash	35,989.4	32,332.4	26,529.4	7,896.3	0.0
2. Cash equivalents	37,552.8	10,250.0	1,453.3	18,317.0	0.0
II. Short-term financial investments	9,838.4	8,718.9	6,998.7	6,735.9	0.0
1. Available for sale securities	1,583.6	3,628.2	0.0	2,352.9	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	8,254.8	5,090.6	6,998.7	4,382.9	0.0
III. Short-term receivables	267,210.0	190,046.6	168,114.7	126,232.0	74,342.9
1. Short-term trade accounts receivable	35,747.3	29,080.9	27,473.5	25,276.3	0.0
2. Short-term prepayments to suppliers	84,195.0	40,937.2	37,390.3	37,954.9	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	8,438.4	1,478.5	7,637.6	8,256.9	0.0
6. Other short-term receivables	139,625.3	119,255.3	96,748.8	55,864.4	0.0
7. Provision for short-term doubtful debts (*)	-796.1	-705.3	-1,135.5	-1,120.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	201,580.3	114,090.2	92,623.7	98,587.5	50,910.4
1. Inventories	213,465.6	127,068.5	102,040.9	104,024.1	0.0
2. Provision for decline in value of inventories	-11,885.4	-12,978.3	-9,417.1	-5,436.5	0.0
V. Other short-term assets	106,601.5	41,041.9	47,816.7	25,347.9	11,686.0
1. Short-term prepayments	4,610.6	4,592.4	2,319.3	3,252.6	0.0
2. Value added tax to be reclaimed	13,568.6	10,199.6	9,110.8	8,456.8	0.0
3. Taxes and other receivables from state authorities	266.8	312.6	292.3	338.4	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	88,155.6	25,937.4	36,094.3	13,300.1	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	459,850.2	440,124.0	324,119.3	294,290.6	263,973.1
I. Long-term receivables	21,088.9	82,564.2	8,237.5	9,932.9	0.0
1. Long-term trade receivables	808.2	1,631.6	981.9	1,724.5	599.0
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	1,546.2	23,359.1	1,147.9	2,486.2	0.0
6. Other long-term receivables	18,734.5	57,573.5	6,107.7	5,722.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	195,394.1	182,943.3	160,409.3	119,742.4	130,455.1
1. Tangible fixed assets	158,914.2	145,306.0	128,273.5	101,344.7	106,782.3
- Cost	229,032.5	196,866.9	167,373.7	130,660.4	0.0
- Accumulated depreciation	-70,118.3	-51,560.9	-39,100.2	-29,315.7	0.0
2. Financial leased fixed assets	147.1	226.3	205.1	0.0	0.0
- Cost	308.3	386.3	219.4	0.0	0.0
- Accumulated depreciation	-161.2	-160.1	-14.2	0.0	0.0
3. Intangible fixed assets	36,332.9	37,411.1	31,930.7	18,397.8	23,672.8
- Cost	69,353.8	61,376.3	49,248.3	31,200.0	0.0
- Accumulated depreciation	-33,021.0	-23,965.2	-17,317.6	-12,802.2	0.0
III. Investment properties	19,353.6	13,033.4	37,538.3	38,307.1	35,128.4
- Cost	22,681.4	16,005.3	49,104.2	48,445.9	0.0
- Accumulated depreciation	-3,327.8	-2,971.9	-11,565.9	-10,138.8	0.0
IV. Long-term assets in progress	131,775.0	113,358.0	93,511.6	105,708.0	80,303.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	131,775.0	113,358.0	93,511.6	105,708.0	0.0
V. Long-term financial investments	37,987.8	27,060.9	14,605.2	11,145.4	9,151.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	10,438.0	9,221.7	1,539.1	484.0	0.0
3. Investments in other entities	30,521.0	19,388.4	13,892.5	10,691.5	0.0
4. Provision for diminution in value of long-term investments	-3,339.3	-1,588.8	-826.3	-166.3	0.0
5. Held to maturity investments	368.1	39.5	0.0	136.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	54,250.7	21,164.1	9,817.4	9,454.8	0.0
1. Long-term prepayments	9,153.8	8,641.4	6,195.1	6,028.5	0.0
2. Deferred income tax assets	1,790.9	2,430.6	1,262.5	1,629.4	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	39,350.0	5,574.7	1,867.1	1,032.3	8,334.9
5. Goodwill	3,956.0	4,517.4	492.6	764.6	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,118,622.6	836,603.9	667,655.8	577,407.2	427,323.9
A. LIABILITIES (300=210+330)	967,133.7	682,769.4	519,434.1	441,751.8	268,177.3
I. Short -term liabilities	587,454.6	505,292.0	401,298.4	298,411.5	144,444.9
1. Short-term trade accounts payable	57,785.9	45,035.1	34,874.3	36,539.3	18,890.0
2. Short-term advances from customers	139,519.4	138,374.9	45,755.7	74,724.6	22,352.1
3. Taxes and other payables to state authorities	35,125.2	32,757.7	19,397.7	22,343.9	0.0
4. Payable to employees	2,499.1	2,075.8	1,778.7	1,602.9	0.0
5. Short-term acrrued expenses	98,844.8	61,580.1	52,175.9	40,372.7	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	4,949.1	4,330.5	4,214.6	3,568.4	3,283.1
9. Other short-term payables	124,433.4	119,603.6	122,783.1	67,921.5	0.0
10. Short-term borrowings and financial leases	114,000.5	95,189.1	116,235.2	48,231.8	20,035.0
11. Provision for short-term liabilities	10,297.1	6,345.2	4,083.1	3,106.4	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	379,679.1	177,477.4	118,135.7	143,340.3	123,732.4
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	949.9	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	2,873.4	648.3	579.2	488.0	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	5,522.3	4,368.3	4,089.0	3,651.4	4,293.7
7. Other long-term liabilities	123,085.7	28,410.1	7,324.4	1,960.5	0.0
8. Long-term borrowings and financial leases	221,419.3	129,041.9	97,018.2	119,804.3	102,180.2
9. Convertible bonds	3,081.2	3,689.0	0.0	9,867.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	2,370.0	2,257.7	1,202.3	1,139.0	0.0
12. Provision for long-term liabilities	20,377.3	9,062.1	7,922.7	6,430.1	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)	147,566.3	153,834.5	148,221.7	135,655.4	159,146.6
I. Owner's equity	147,566.3	153,834.5	148,221.7	135,655.4	0.0
1. Owner's capital	77,334.9	38,785.8	38,785.8	38,688.6	159,146.6
- Common stock with voting right	77,060,310,000,000.00	38,236,616,000,000.00	38,236,616,000,000.00	38,139,356,000,000.00	38,675,533,000,000.00
- Preferred stock	274,609,000,000.00	549,217,000,000.00	549,217,000,000.00	549,217,000,000.00	0.00
2. Share premium	2,037.2	40,308.0	40,183.9	40,050.1	40,063.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	15,306.5	15,306.5	22,021.1	18,481.9	18,481.9
5. Treasury shares	-1,344,123,000,000.00	-1,344,123,000,000.00	-1,344,123,000,000.00	-1,344,123,000,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-163.4	-235.6	-109.2	-218.1	0.0
8. Investment and development fund	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	117.8	107.8	97.8	87.8	0.0
11. Undistributed earnings after tax	54,277.4	44,468.3	14,105.7	14,346.6	3,897.3
- Accumulated retained earning at the end of the previous period	44,459.7	14,099.2	14,338.2	4,709.7	4,351.0
- Undistributed earnings in this period	9,817.7	30,369.2	-232.5	9,637.0	-453.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	16,437.6	34,480.7	25,562.6	59,500.1
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	3,922.6	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,118,622.6	836,603.9	667,655.8	577,407.2	427,323.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	26,437.4	16,738.7	13,769.4	12,755.5	3,345.7
Depreciation of Fixed Assets and Investment Property	31,665.2	22,627.1	17,605.8	21,284.1	15,406.8
Provision (Increase)/Reversal	16,016.3	10,427.4	6,442.4	3,325.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	778.4	2,567.8	2,523.8	1,847.8	0.0
Gain/Loss from Investment Activities	-44,920.6	-43,058.4	-17,296.0	-35,207.0	0.0
Interest Expense	29,159.7	22,980.0	17,245.9	10,944.2	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	59,136.5	32,282.6	40,291.3	14,950.1	22,921.6
Increase/(Decrease) in Receivables	-20,235.9	-95,017.7	-50,508.8	-56,073.0	0.0
Increase/(Decrease) in Inventory	-67,530.9	-23,011.0	-9,345.6	-47,051.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	140,318.1	145,453.9	17,867.0	99,915.3	0.0
Increase/(Decrease) in Prepaid Expenses	357.6	-2,667.0	650.3	-2,538.6	0.0
Changes in Trading Securities	3,628.2	-450.0	2,352.9	2,556.5	0.0
Interest Paid	-29,368.7	-23,899.3	-14,438.5	-10,086.5	0.0
Corporate Income Tax Paid	-17,060.1	-11,845.1	-6,880.3	-4,504.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	69,244.9	20,846.5	-20,011.7	-2,832.4	-8,596.5
Payments for Fixed Assets and Other Long-term Assets	-76,157.1	-48,567.4	-54,548.2	-75,161.5	-40,937.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	1,652.0	3,258.8	5,774.1	3,323.3	226.1
Loans and Purchases of Debt Instruments	-31,862.3	-30,459.5	-13,925.2	-5,398.2	-11,775.7
Receipts from Loan Repayments and Sale of Debt Instruments	46,084.0	15,675.8	12,921.9	11,158.8	12,512.6
Investments in Other Entities	-143,765.2	-37,678.3	-26,339.2	-11,636.7	-4,784.1
Proceeds from Investments in Other Entities	57,699.8	79,148.7	47,294.4	50,942.1	0.0
Dividends and Interest Income Received	6,420.4	1,778.9	1,836.7	5,812.6	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	-139,928.4	-16,843.1	-26,985.4	-20,959.6	-20,701.6
Proceeds from Equity Issuance and Capital Contributions	2,267,028,000,000.00	15,659,006,000,000.00	10,752,548,000,000.00	4,723,482,000,000.00	13,893,343,000,000.00
Share Repurchases	—	-10,485,188,000,000.00	0.00	0.00	-4,250,000,000.00
Proceeds from Borrowings	287,549.8	157,705.8	115,658.1	77,697.7	75,447.0
Repayment of Borrowings	-185,355.2	-151,150.2	-77,620.1	-47,287.3	-68,070.2
Repayment of Finance Leases	-265.4	-128.8	-11.3	0.0	0.0
Dividends Paid	-2,577.1	-666.2	-61.0	-3,382.0	-1,718.2
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	101,619.1	10,934.4	48,718.3	31,751.9	19,547.7
Net Cash Flow During the Period	30,935.6	14,937.8	1,721.2	7,959.8	-1,609.2
Cash and Cash Equivalents at Beginning of Period	42,582.4	27,982.6	26,213.3	18,352.2	29,403.7
FX Difference from Revaluation	24.3	-338.0	48.1	-98.8	0.0
Cash and Cash Equivalents at End of Period	73,542.2	42,582.4	27,982.6	26,213.3	19,653.3

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	104,371.2	163,172.7	39,143.0	46,325.3	84,057.6	65,247.9	62,862.4	43,309.5	21,739.5	27,451.8	47,955.9	47,144.2
Revenue Deductions	19.2	13.3	7.9	13.0	4.2	4.1	12.4	5.2	0.9	24.0	8.0	0.9
Net Revenue	104,352.0	163,159.4	39,135.1	46,312.3	84,053.3	65,243.8	62,850.0	43,304.4	21,738.5	27,427.8	47,947.9	47,143.3
Cost of Goods Sold	78,414.4	126,151.7	46,425.1	43,394.6	64,848.1	55,244.6	49,776.5	34,748.1	23,693.6	30,246.8	36,208.4	36,647.5
Gross Profit	25,937.6	37,007.7	-7,290.0	2,917.6	19,205.2	9,999.3	13,073.5	8,556.3	-1,955.1	-2,819.0	11,739.5	10,495.8
Financial Income	2,237.6	10,604.9	33,505.2	2,537.1	3,881.7	10,268.3	8,572.4	11,177.5	18,940.7	5,630.6	1,311.6	4,169.9
Financial Expenses	12,068.0	16,517.8	11,787.4	11,231.0	7,903.4	7,215.4	7,603.3	9,058.4	7,277.0	6,040.5	8,209.9	4,134.0
Interest Expense	7,522.9	8,221.7	9,027.2	7,733.6	6,102.4	6,831.9	5,608.3	5,490.2	4,829.7	5,379.6	5,504.4	3,572.4
Share of Associates and Joint Ventures	371.1	609.6	217.9	92.9	225.1	163.2	216.7	412.1	-14.6	3.5	17.8	-8.6
Selling Expenses	7,215.5	12,699.2	5,780.2	5,238.2	4,684.3	6,564.5	5,158.1	5,776.8	3,320.6	3,116.1	3,225.4	3,139.2
General and Administrative Expenses	4,178.4	5,382.2	4,036.0	2,986.1	5,566.3	6,113.8	3,511.1	3,857.0	3,436.1	5,046.5	3,778.1	3,166.4
Operating Profit	5,084.5	13,622.9	4,829.5	-13,907.8	5,157.9	537.1	5,590.1	1,453.7	2,937.3	-11,388.0	-2,144.4	4,217.5
Other Income	6,956.1	361.6	676.2	18,516.0	5,350.5	5,422.4	377.6	3,154.8	1,075.6	14,175.5	7,312.5	400.5
Other Expenses	503.8	2,867.7	1,481.3	946.4	3,126.5	526.9	1,262.3	546.7	1,519.0	1,481.6	692.8	946.0
Other Profit	6,452.3	-2,506.1	-805.1	17,569.7	2,224.0	4,895.5	-884.7	2,608.1	-443.5	12,693.9	6,619.7	-545.5
Profit Before Tax	11,536.7	11,116.8	4,024.4	3,661.9	7,381.9	5,432.5	4,705.4	4,061.8	2,493.9	1,305.8	4,475.3	3,672.0
Current Income Tax Expense	6,093.8	7,162.6	1,180.1	1,302.9	4,747.2	3,603.7	4,742.3	3,567.8	1,229.2	14.6	3,913.9	3,684.5
Deferred Income Tax Expense	-167.9	373.0	-181.0	93.6	391.4	646.4	-2,051.8	-190.0	-70.4	796.6	-5.8	-410.5
Net Income	5,610.8	3,581.3	3,025.3	2,265.4	2,243.3	1,182.5	2,014.9	684.0	1,335.1	494.7	567.3	398.0
Non-controlling Interest	-1,665.2	-3,187.1	2,385.2	2,846.4	-4,735.5	-842.2	-3,280.0	4,087.9	-6,599.4	653.4	1,236.3	-1,467.5
Profit Attributable to Parent	7,276.0	6,768.4	640.2	-581.0	6,978.8	2,024.7	5,294.9	-3,403.9	7,934.5	-158.8	-669.0	1,865.5
Earnings per Share	925.00	878.33	166.15	-151.94	1,876.00	529.52	1,384.78	-890.21	2,075.10	-41.52	-175.42	489.13
Diluted EPS	944.20	878.33	166.15	-151.94	1,825.15	529.52	1,384.78	-890.21	2,075.10	-41.52	-175.42	489.13

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)	669,086.1	660,924.8	590,641.9	528,475.5	372,183.9	400,374.8	423,990.5	341,123.6	350,050.0	342,609.2	298,026.7	279,246.5
I. Cash and cash equivalents	54,750.4	73,526.5	72,150.7	74,760.0	32,491.9	42,669.1	27,040.2	28,543.9	26,653.1	29,289.5	16,882.0	18,444.4
1. Cash	47,992.0	35,973.7	52,452.0	47,085.5	30,776.6	32,413.1	26,731.5	27,583.7	25,450.7	26,522.8	10,077.2	13,589.6
2. Cash equivalents	6,758.3	37,552.8	19,698.7	27,674.5	1,715.3	10,256.1	308.7	960.2	1,202.3	2,766.7	6,804.8	4,854.9
II. Short-term financial investments	19,157.2	8,253.3	7,918.4	9,589.8	7,480.3	6,593.3	6,424.6	4,219.3	4,416.9	5,671.5	7,369.7	4,919.2
1. Available for sale securities	—	—	—	1,999.4	1,500.0	1,500.0	0.0	0.0	0.0	0.0	597.6	351.9
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	19,253.4	8,253.3	7,918.4	7,590.4	5,980.3	5,093.3	6,424.6	4,219.3	4,416.9	5,671.5	6,772.1	4,567.3
4. Provision for short-term investments held to maturity (*)	-96.2	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	251,349.3	257,058.7	267,274.5	253,684.8	179,643.1	190,335.8	217,470.7	161,330.8	177,746.2	165,398.9	152,023.1	150,591.1
1. Short-term trade accounts receivable	36,575.9	36,402.6	29,339.8	29,449.2	32,791.3	28,902.9	27,139.5	23,517.2	25,461.7	27,605.5	29,138.2	28,962.8
2. Short-term prepayments to suppliers	84,629.6	84,801.7	72,962.9	60,174.0	52,193.6	42,637.2	38,449.2	36,589.5	37,812.8	34,411.3	36,512.2	36,179.9
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	—	8,438.4	24,092.1	20,008.2	512.2	1,462.0	10,684.5	1,459.3	11,170.0	7,637.6	9,426.9	5,895.3
6. Other short-term receivables	130,822.4	128,162.3	141,791.5	145,066.4	95,554.8	117,967.4	141,911.9	100,451.1	104,138.2	96,881.2	78,241.9	80,654.7
7. Provision for short-term doubtful debts (*)	-678.7	-746.3	-911.8	-1,013.0	-1,408.8	-633.7	-714.5	-686.3	-836.6	-1,136.7	-1,296.1	-1,101.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	217,154.0	206,993.9	185,625.0	137,089.8	110,814.9	112,798.5	128,229.9	104,060.7	99,346.6	92,730.3	83,672.4	85,648.1
1. Inventories	231,229.4	218,339.4	199,871.3	151,189.5	124,925.4	124,864.8	139,923.1	114,381.8	109,769.6	102,504.6	91,859.1	92,524.1
2. Provision for decline in value of inventories	-14,075.4	-11,345.4	-14,246.3	-14,099.7	-14,110.6	-12,066.3	-11,693.2	-10,321.1	-10,423.0	-9,774.4	-8,186.6	-6,876.0
V. Other short-term assets	126,675.2	115,092.4	57,673.2	53,351.1	41,753.7	47,978.0	44,825.1	42,968.9	41,887.2	49,519.0	38,079.4	19,643.6
1. Short-term prepayments	4,402.8	4,611.3	4,878.9	4,115.1	2,872.5	4,783.9	3,787.6	3,597.1	2,991.5	2,861.0	2,747.2	2,144.9
2. Value added tax to be reclaimed	13,952.3	13,593.9	13,202.1	12,672.5	10,777.1	10,319.3	10,767.4	10,302.6	9,784.4	10,555.1	9,764.6	9,565.6
3. Taxes and other receivables from state authorities	226.5	250.7	207.7	204.9	301.0	268.4	324.1	257.2	299.2	259.3	267.9	335.8
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	108,093.6	96,636.4	39,384.5	36,358.6	27,803.2	32,606.4	29,946.0	28,812.0	28,812.0	35,843.6	25,299.7	7,597.4
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	509,608.7	460,532.2	497,228.4	435,963.4	451,086.4	438,841.4	367,483.4	381,135.6	343,898.8	327,007.9	327,360.6	328,734.7
I. Long-term receivables	24,003.5	21,114.3	25,550.8	34,341.1	89,374.8	81,126.4	15,381.1	23,651.5	10,997.9	7,829.7	7,416.3	12,322.6
1. Long-term trade receivables	721.0	703.4	924.4	1,061.4	1,500.6	1,536.3	1,151.1	792.6	749.6	728.7	584.6	1,947.3
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	—	1,546.2	11,892.8	23,053.0	29,615.2	23,359.1	2,854.9	16,142.4	2,414.7	1,147.9	518.8	4,588.3
6. Other long-term receivables	23,282.5	18,864.7	12,733.6	10,226.7	58,258.9	56,231.0	11,375.1	6,716.5	7,833.6	5,953.1	6,312.9	5,787.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	195,303.9	194,150.8	185,370.7	185,020.0	180,969.8	182,817.5	186,833.3	190,565.7	175,829.6	159,594.2	147,864.4	140,537.6
1. Tangible fixed assets	160,683.5	157,491.9	147,679.5	147,886.9	144,075.5	144,924.7	149,295.2	151,611.0	140,424.0	127,285.0	120,288.5	112,747.3
- Cost	234,619.9	—	—	—	—	196,573.8	198,423.7	197,393.2	183,002.0	166,090.8	156,852.4	146,251.7
- Accumulated depreciation	-73,936.4	—	—	—	—	-51,649.1	-49,128.5	-45,782.2	-42,578.0	-38,805.8	-36,563.9	-33,504.4
2. Financial leased fixed assets	141.9	240.5	827.5	276.9	269.8	226.3	351.1	283.9	295.0	205.1	0.0	0.0
- Cost	323.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-181.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	34,478.5	36,418.5	36,863.7	36,856.1	36,624.5	37,666.6	37,187.0	38,670.8	35,110.6	32,104.1	27,575.9	27,790.3
- Cost	70,424.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-35,946.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	19,194.2	19,714.9	18,934.0	11,547.0	12,770.9	13,298.6	15,067.7	13,477.5	15,899.3	38,210.7	39,451.1	40,570.7
- Cost	22,750.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3,556.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	139,091.5	131,527.3	124,736.5	125,710.3	115,225.5	114,636.2	109,297.4	110,361.7	98,121.2	95,874.2	111,509.5	114,621.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	139,091.5	131,527.3	124,736.5	125,710.3	115,225.5	114,636.2	109,297.4	110,361.7	98,121.2	95,874.2	111,509.5	114,621.3
V. Long-term financial investments	68,610.4	39,623.4	32,709.4	31,409.5	26,832.8	27,459.0	23,657.7	30,408.4	33,296.7	15,252.4	11,014.4	10,677.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	10,809.1	10,438.0	9,783.1	9,572.5	9,479.6	9,221.7	9,141.9	14,554.7	10,261.5	1,539.1	1,504.3	1,486.5
3. Investments in other entities	44,670.6	32,104.6	24,743.9	23,152.2	19,407.0	19,388.4	16,092.4	17,142.3	23,947.6	13,892.5	9,627.7	9,251.0
4. Provision for diminution in value of long-term investments	-3,436.3	-3,288.9	-2,210.6	-2,081.2	-2,076.1	-1,520.8	-1,609.8	-1,316.1	-914.6	-185.7	-185.7	-166.3
5. Held to maturity investments	16,567.0	369.6	393.1	766.0	22.2	369.7	33.2	27.5	2.2	6.5	68.1	106.2
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	63,405.2	54,401.6	109,926.9	47,935.5	25,912.7	19,503.7	17,246.3	12,670.9	9,350.2	9,754.1	9,534.0	9,369.2
1. Long-term prepayments	9,175.5	9,249.2	9,212.2	8,913.4	8,468.2	7,924.2	7,821.9	7,744.1	6,243.0	5,566.4	6,366.2	6,294.9
2. Deferred income tax assets	1,824.0	1,846.3	2,085.2	2,031.6	1,871.6	2,303.9	3,005.7	1,411.7	1,240.0	1,338.1	2,135.4	2,042.0
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	48,590.7	39,350.0	94,532.2	32,751.5	11,194.0	4,758.2	4,758.2	1,800.5	1,867.1	2,849.6	1,032.3	1,032.3
5. Goodwill	3,815.1	3,956.0	4,097.4	4,238.9	4,378.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	4,517.4	1,660.5	1,714.6	403.9	492.6	571.0	636.0
TOTAL ASSETS (280=100+200)	1,178,694.7	1,121,457.0	1,087,870.3	964,438.9	823,270.2	839,216.2	791,473.9	722,259.3	693,948.8	669,617.1	625,387.3	607,981.1
A. LIABILITIES (300=210+330)	1,024,990.9	970,001.8	925,966.4	805,820.9	665,817.7	685,698.7	627,217.1	559,897.9	536,196.1	521,595.5	478,444.8	470,275.5
I. Short -term liabilities	626,455.6	592,409.8	557,896.4	506,624.3	440,710.6	514,844.8	470,411.8	418,112.8	394,383.1	386,669.5	344,773.3	336,258.5
1. Short-term trade accounts payable	61,547.5	59,654.9	50,212.8	45,739.1	41,203.1	48,824.8	39,042.9	35,215.1	33,582.6	36,016.2	32,390.1	38,613.6
2. Short-term advances from customers	149,449.5	139,356.6	154,865.3	106,527.2	90,162.8	139,678.3	97,033.9	69,187.5	52,093.3	44,000.3	46,585.0	63,332.6
3. Dividends and profits payable	8.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	31,082.9	35,027.9	21,849.5	18,687.0	25,673.0	32,134.1	29,291.2	22,491.9	17,197.1	20,380.2	24,312.2	25,381.8
4. Payable to employees	1,326.9	2,127.0	1,412.4	1,079.0	907.6	1,896.4	1,337.4	1,232.2	524.3	1,696.1	1,294.9	965.5
5. Short-term acrrued expenses	102,446.4	102,764.8	74,468.9	66,936.0	65,097.7	61,507.3	64,950.8	60,511.4	50,205.7	53,556.7	52,086.7	53,153.9
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	5,696.6	4,887.2	5,987.0	5,938.7	3,041.6	4,360.3	4,728.5	4,759.0	2,355.7	4,180.2	5,232.4	5,089.6
9. Other short-term payables	126,408.7	122,526.3	123,210.1	129,500.7	108,795.0	123,517.5	133,343.4	110,309.6	114,439.1	108,000.7	85,041.7	71,311.9
10. Short-term borrowings and financial leases	137,577.4	113,955.5	117,122.1	125,296.0	98,216.3	97,216.6	96,769.0	110,321.9	119,716.7	114,522.8	95,183.9	75,351.7
11. Provision for short-term liabilities	10,911.3	12,109.8	8,768.2	6,920.6	7,613.5	5,709.5	3,914.8	4,084.3	4,268.5	4,316.2	2,646.5	3,058.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	398,535.4	377,592.0	368,070.0	299,196.6	225,107.0	170,853.8	156,805.3	141,785.1	141,813.0	134,926.0	133,671.5	134,017.0
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	13,955.7	1,137.1	2,489.9	3,273.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	3,530.1	2,602.3	2,804.7	3,068.9	1,024.6	847.1	1,274.4	997.2	694.8	584.3	200.1	363.2
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	6,023.4	5,504.7	4,813.0	4,565.0	4,617.0	4,355.0	3,850.9	3,964.6	4,040.0	3,554.5	3,589.9	3,547.6
7. Other long-term liabilities	129,902.0	124,731.4	136,097.0	116,414.4	53,685.5	23,715.0	22,217.5	14,985.6	20,959.0	22,289.5	22,228.6	11,180.1
8. Long-term borrowings and financial leases	220,244.5	221,434.2	204,805.7	153,635.2	149,589.1	126,913.2	115,120.9	112,106.4	106,799.7	98,789.8	98,292.9	100,697.5
9. Convertible bonds	579.7	3,081.2	3,411.9	3,806.6	3,720.2	3,689.0	3,600.2	0.0	0.0	0.0	0.0	9,892.4
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	2,325.2	2,364.2	2,250.1	2,343.7	2,090.1	2,001.6	3,265.2	3,298.8	2,217.1	1,192.2	1,172.9	1,213.4
12. Provision for long-term liabilities	21,974.7	16,736.8	11,397.7	12,089.8	10,380.6	9,333.1	7,476.3	6,432.5	7,102.5	8,515.6	8,187.1	7,122.8
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)	153,703.8	151,455.2	161,903.9	158,618.0	157,452.6	153,517.5	164,256.9	162,361.4	157,752.7	148,021.6	146,942.5	137,705.6
I. Owner's equity	153,703.8	151,455.2	161,903.9	158,618.0	157,452.6	153,517.5	164,256.9	162,361.4	157,752.7	148,021.6	146,942.5	137,705.6
1. Owner's capital	77,334.9	77,334.9	38,804.8	38,785.8	38,785.8	38,785.8	38,785.8	38,785.8	38,785.8	38,785.8	38,688.6	38,688.6
- Common stock with voting right	77,060,310,000,000.00	77,060,310,000,000.00	38,530,155,000,000.00	38,236,616,000,000.00	38,236,616,000,000.00	38,236,616,000,000.00	38,236,616,000,000.00	38,236,616,000,000.00	38,236,616,000,000.00	38,236,616,000,000.00	38,139,356,000,000.00	38,139,356,000,000.00
- Preferred stock	274,609,000,000.00	274,609,000,000.00	274,609,000,000.00	549,217,000,000.00	549,217,000,000.00	549,217,000,000.00	549,217,000,000.00	549,217,000,000.00	549,217,000,000.00	549,217,000,000.00	549,217,000,000.00	549,217,000,000.00
2. Share premium	3,588.4	1,804.9	40,335.1	40,354.0	40,308.0	40,232.9	40,232.9	41,019.4	41,019.4	40,183.9	40,050.1	40,050.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	15,306.5	15,306.5	15,306.5	15,306.5	15,306.5	15,306.5	15,306.5	15,306.5	15,306.5	22,021.1	22,020.4	18,481.9
5. Treasury shares	-835,340,000,000.00	-1,344,123,000,000.00	-1,344,123,000,000.00	-1,344,123,000,000.00	-1,344,123,000,000.00	-1,344,123,000,000.00	-1,344,123,000,000.00	-1,344,123,000,000.00	-1,344,123,000,000.00	-1,344,123,000,000.00	-1,344,123,000,000.00	-1,344,123,000,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	61.0	-252.5	-15.5	121.5	-185.2	-384.3	-51.2	-57.2	14.8	-0.3	-76.1	-257.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	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	0.0	0.0
10. Other funds from owner's equity	117.8	117.8	117.8	117.8	107.8	107.8	107.8	107.8	97.8	97.8	97.8	97.8
11. Undistributed earnings after tax	52,926.1	55,668.4	52,505.4	51,412.4	51,447.1	45,234.0	41,791.9	36,093.7	36,490.4	21,809.0	23,428.6	17,320.5
- Accumulated retained earning at the end of the previous period	54,277.4	44,459.7	44,459.7	44,459.7	44,468.3	14,099.2	14,099.2	14,099.2	14,105.7	14,338.2	14,338.2	14,338.2
- Undistributed earnings in this period	-1,351.3	11,208.7	8,045.7	6,952.8	6,978.8	31,134.9	27,692.7	21,994.5	22,384.7	7,470.8	9,090.4	2,982.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	5,204.4	2,819.2	16,193.9	13,863.9	13,026.6	15,578.9	29,427.2	32,449.4	27,382.1	26,468.3	24,077.2	24,667.9
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)	1,178,694.7	1,121,457.0	1,087,870.3	964,438.9	823,270.2	839,216.2	791,473.9	722,259.3	693,948.8	669,617.1	625,387.3	607,981.1

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	11,536.7	11,254.1	4,024.4	3,777.1	7,381.9	5,432.5	4,705.4	4,092.5	2,493.9	1,394.2	4,475.3	3,635.5
Depreciation of Fixed Assets and Investment Property	7,913.1	9,663.3	9,008.6	5,944.2	7,049.1	5,705.6	6,362.2	5,548.6	5,129.4	5,313.6	4,656.4	4,175.9
Provision (Increase)/Reversal	4,477.5	9,161.6	787.2	1,157.8	4,909.8	3,911.5	-77.3	1,934.1	2,044.8	2,204.9	1,601.0	170.1
FX Gain/Loss from Revaluation of Monetary Items	165.1	-1,140.7	877.4	633.1	408.6	1,468.3	-1,655.8	1,701.1	1,461.0	-143.7	2,508.1	490.9
Gain/Loss from Investment Activities	-3,694.1	-7,964.7	-34,836.7	1,699.4	-3,818.6	-11,060.5	-7,078.9	-9,482.6	-18,746.1	-4,002.0	-389.5	-3,744.2
Interest Expense	7,522.9	6,416.0	9,027.2	7,614.2	6,102.4	6,831.9	5,608.3	5,622.4	4,829.7	5,215.4	12,030.5	-3,331.5
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	-6,526.1	6,526.1
Operating Profit Before Changes in Working Capital	27,921.2	27,389.5	-11,112.0	20,825.8	22,033.2	12,289.2	7,863.8	9,416.1	-2,787.3	9,982.4	18,355.7	7,922.7
Increase/(Decrease) in Receivables	-11,836.0	-41,316.3	18,933.8	-3,407.9	5,554.4	-18,249.8	-30,693.2	-27,897.4	-7,643.9	-21,316.1	-13,894.9	-8,152.1
Increase/(Decrease) in Inventory	-11,314.6	-1,779.3	-52,100.3	-16,304.2	2,652.8	16,303.3	-26,215.6	-1,465.6	-8,117.4	-10,862.5	144.1	8,203.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	22,063.6	15,295.4	59,767.4	109,954.1	-44,698.8	48,400.2	59,153.2	28,599.6	-1,252.1	16,705.4	8,322.0	-9,414.4
Increase/(Decrease) in Prepaid Expenses	167.5	1,263.0	-1,844.0	-937.2	1,875.8	-2,963.5	-684.1	-1,841.4	-1,172.1	537.3	-519.9	-281.3
Changes in Trading Securities	1,583.6	—	—	—	—	-1,500.0	0.0	0.0	0.0	597.6	-245.7	2,201.1
Interest Paid	-1,182.9	-10,182.2	-7,101.4	-6,231.7	-5,853.5	-4,374.8	-5,857.5	-6,353.7	-4,459.3	-4,556.1	-3,775.8	-3,134.2
Corporate Income Tax Paid	-892.4	-114.7	-602.4	-15,177.0	-1,165.9	-1,912.5	-6,366.2	-1,316.3	-1,024.6	-1,619.0	-4,014.9	-1,204.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	26,509.9	-9,444.4	7,940.6	88,222.5	-17,473.8	47,992.1	-2,799.5	-858.6	-26,456.7	-10,530.9	4,370.5	-3,859.0
Payments for Fixed Assets and Other Long-term Assets	-20,163.8	-7,330.4	-26,016.4	-29,926.4	-12,883.9	-23,776.8	-5,993.8	-4,200.7	-16,755.2	-12,465.8	-15,067.0	-12,295.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	2,310.0	663.1	383.6	354.7	250.6	804.1	-704.1	1,979.2	1.4	5,494.4	47.0	210.1
Loans and Purchases of Debt Instruments	-16,644.1	-1,748.8	-4,061.7	-17,423.1	-8,628.7	-13,688.1	-1,879.1	-10,494.4	-3,886.8	-4,335.7	-3,508.5	-4,871.2
Receipts from Loan Repayments and Sale of Debt Instruments	1,266.1	29,387.2	11,284.5	2,138.0	3,274.3	832.7	3,956.9	6,480.0	4,897.7	5,334.9	1,720.1	4,803.1
Investments in Other Entities	-46,692.3	—	—	—	—	-21,820.6	-5,611.5	-8,229.0	-14,204.6	-10,696.6	-13,077.0	-1,682.1
Proceeds from Investments in Other Entities	9,263.6	18,517.2	31,734.2	3,655.9	3,792.5	14,992.8	15,808.7	15,096.8	34,987.5	18,213.5	10,539.2	12,428.4
Dividends and Interest Income Received	2,201.2	4,447.1	347.2	1,222.2	403.9	206.8	121.5	3,134.8	39.8	547.7	255.8	1,022.5
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	-68,459.4	4,607.3	-51,501.8	-76,405.1	-16,628.7	-42,448.9	5,698.6	3,766.8	5,079.8	2,092.6	-19,090.5	-384.6
Proceeds from Equity Issuance and Capital Contributions	340,000,000,000.00	—	—	—	—	0.00	20,000,000,000.00	6,017,058,000,000.00	9,621,948,000,000.00	1,157,400,000,000.00	8,350,800,000,000.00	1,142,700,100,000.00
Share Repurchases	-3,000,000,000.00	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	57,727.4	67,062.9	90,020.1	66,881.0	63,585.8	53,060.9	41,070.9	36,439.1	35,329.5	44,291.1	22,653.0	32,222.7
Repayment of Borrowings	-33,555.2	-59,227.4	-47,970.0	-37,373.5	-40,784.4	-42,914.3	-45,625.0	-43,336.8	-24,304.1	-25,885.6	-17,905.1	-28,068.0
Repayment of Finance Leases	—	-180.0	—	-85.3	—	0.0	52.6	-52.6	0.0	-11.3	0.0	0.0
Dividends Paid	-36.0	-1,683.8	-870.5	-22.8	—	-61.0	-5.2	0.0	-600.0	-60.9	-0.1	0.0
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	24,473.2	6,204.4	41,511.0	29,891.6	24,012.1	10,085.7	-4,486.7	-933.3	20,047.4	19,490.8	13,098.6	5,297.4
Net Cash Flow During the Period	-17,476.2	1,367.3	-2,050.2	41,709.0	-10,090.4	15,628.9	-1,587.7	1,974.8	-1,329.5	11,052.5	-1,621.3	1,053.8
Cash and Cash Equivalents at Beginning of Period	72,226.6	72,150.7	74,759.8	32,491.9	42,582.4	27,982.6	27,982.6	27,982.6	27,982.6	26,213.3	26,213.3	26,213.3
FX Difference from Revaluation	—	24.3	—	558.9	—	0.0	62.5	-62.5	0.0	48.1	57.5	-57.5
Cash and Cash Equivalents at End of Period	54,750.4	73,542.2	72,150.7	74,759.8	32,491.9	42,669.1	27,040.2	28,565.4	26,653.1	27,982.6	16,882.0	18,445.8

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