VVS

Đầu tư phát triển máy Việt Nam ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 4.83%, +2.76pp YoY

Price

123,600

Latest close

02 Jun 2026

P/E 5.70x

P/B 3.25x

EPS 21,673

BVPS 38,033

ROE 77.9%

ROA 9.7%

Profit Margin 4.8%

Asset Turnover 2.00x

Equity Mult. 8.07x

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

What Is Changing

On a TTM 2026Q1 basis, VVS 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. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 9,665bn
	                                
+128.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 467bn
	                                
+435.2%YoY

Metric	2025	2024	2023	2022
Revenue	8,050.6	3,891.1	2,265.0	4,094.0
Growth	+107%	+72%	-45%	—
Net Income	321.1	68.4	17.3	28.1
Net Margin	3.99%	1.76%	0.76%	0.69%

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	2,750.6	2,606.3	2,229.9	2,078.2	1,136.2	1,210.5	831.4	1,047.5	801.6	636.2	453.2	695.8
Growth	+6%	+17%	+7%	+83%	-6%	+46%	-21%	+31%	+26%	+40%	-35%	—
Net Income	166.5	156.0	88.9	55.1	26.1	6.6	42.2	12.3	8.4	14.0	-5.0	6.5
Net Margin	6.05%	5.99%	3.99%	2.65%	2.29%	0.55%	5.08%	1.17%	1.05%	2.20%	-1.11%	0.93%

Drivers of VVS's profit

TTM

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

Gross profit ↑ 455.8bn

Financial income ↑ 133.9bn

Tax ↑ 94.0bn

Selling expenses ↑ 43.4bn

Administrative expenses ↑ 40.9bn

TTM

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

Gross profit ↑ 163.1bn

Financial income ↑ 76.8bn

Finance costs ↑ 35.6bn

Tax ↑ 35.1bn

Selling expenses ↑ 16.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 26.0% = 2.1% × 1.72 × 7.32

2026Q1 77.9% = 4.8% × 2.00 × 8.07

ROE rose from 26.0% to 77.9% — all three components improved, with leverage contributing the most.

Net margin: 4.8% +2.8pp Asset turnover: 2.00x +0.28x Leverage: 8.07x +0.76x

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 4.83%, rising 2.8pp. The main driver is SG&A / Revenue fell 1.4pp and Gross margin rose 1.0pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 1.0pp).

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 4.83% +2.8pp

Gross Margin 7.63% +1.0pp

SG&A / Revenue 2.64% −1.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to -67.0 days.

Is capital being deployed efficiently?

ROIC expanded to 46.15%, rising 29.4pp. That translates to 46.15 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.7pp and capital turnover rose 1.70x, while invested capital expanded strongly by 474bn — capital-return quality improved from both sides.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 46.15% +29.4pp

NOPAT Margin 4.83% +2.7pp

Capital Turnover 9.55x +1.70x

Average Invested Capital 1,011.8bn +473.7bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 6.84x equity, net debt at 0.72x equity.

Inventory ended the period at 775.5bn, roughly 15.2% of total assets.

Over the last 12 months, working capital released 2,549.0bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +294.2bn

Inventories increased → lower CFO: −936.9bn

Payables increased → higher CFO: +3,191.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 37.1 days versus the same period last year. The main moves came from DIO fell 10.1 days, DSO fell 5.3 days, and DPO rose 21.7 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 12.9 days −5.3 days

Inventory 54.0 days −10.1 days

Payables 133.8 days +21.7 days

Cash Conversion Cycle -67.0 days −37.1 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.72x and interest coverage at 3.83x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 8.3% of debt, and total debt stands at 642.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 8.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.72x +0.09x

Interest Coverage 3.83x +2.86x

Cash / Debt 8.3% −25.1pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 6.22x +10.76x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,133.5bn in 2025, against investing cash flow of -2,418.1bn.

Post-investment cash flow was negative +284.7bn. Financing cash flow was positive +260.0bn.

CFO / net income was 6.22x.

After spending +4.9bn on fixed-asset investment, the business generated trailing free cash flow of +2,898.7bn.

Cash Conversion

CFO TTM 2,903.5bn +3,299.1bn

Cash Capex 4.9bn +4.7bn

FCF TTM +2,898.7bn +3,294.4bn

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 2.8 pp. The next item to monitor is the earnings mix, when non-core contribution is 17.4%. The main risk still sits in leverage and liquidity, with interest coverage at 3.83x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.83% after expanding 2.8pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 6.22x. Even so, net financial result still accounts for 17.4% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.72x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022
Revenue	8,085.6	3,891.1	2,274.1	4,113.2
Revenue Deductions	34.9	0.0	9.1	19.1
Net Revenue	8,050.6	3,891.1	2,265.0	4,094.0
Cost of Goods Sold	7,478.6	3,609.8	2,047.9	3,826.5
Gross Profit	572.0	281.3	217.1	267.5
Financial Income	179.9	104.3	158.2	171.1
Financial Expenses	116.6	126.0	225.1	244.6
Interest Expense	38.8	26.6	33.7	32.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	124.7	96.1	64.4	95.8
General and Administrative Expenses	108.5	72.1	63.6	63.3
Operating Profit	402.1	91.3	22.3	34.9
Other Income	0.8	0.1	0.2	0.6
Other Expenses	1.4	3.0	0.7	0.3
Other Profit	-0.6	-2.9	-0.5	0.3
Profit Before Tax	401.5	88.4	21.8	35.2
Current Income Tax Expense	80.3	19.9	1.3	10.3
Deferred Income Tax Expense	0.0	0.0	3.2	-3.2
Net Income	321.1	68.4	17.3	28.1
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	321.1	68.4	17.3	28.1
Earnings per Share	14,919.00	3,179.00	835.00	1,371.00
Diluted EPS	14,919.40	3,179.38	835.00	1,371.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,078.6	2,278.1	1,817.6	3,251.2
I. Cash and cash equivalents	87.4	111.7	37.0	122.4
1. Cash	87.4	37.4	37.0	87.5
2. Cash equivalents	—	74.3	0.0	34.9
II. Short-term financial investments	16.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	16.0	0.0	0.0	0.0
III. Short-term receivables	4,191.7	1,405.9	1,267.3	2,636.4
1. Short-term trade accounts receivable	317.4	183.0	153.2	380.2
2. Short-term prepayments to suppliers	0.9	30.5	28.7	14.9
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	—	0.0	0.0	0.0
6. Other short-term receivables	3,873.4	1,192.4	1,085.5	2,241.3
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	775.5	751.4	506.5	480.1
1. Inventories	775.5	751.4	506.5	480.1
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	8.0	9.0	6.8	12.3
1. Short-term prepayments	7.1	3.1	1.4	3.2
2. Value added tax to be reclaimed	0.9	5.9	5.3	9.0
3. Taxes and other receivables from state authorities	—	0.0	0.1	0.1
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)	37.5	37.6	53.2	77.4
I. Long-term receivables	6.5	1.0	1.0	0.9
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	—	0.0	0.0	0.0
6. Other long-term receivables	6.5	1.0	1.0	0.9
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	29.6	30.7	33.6	37.4
1. Tangible fixed assets	14.8	14.8	17.9	22.0
- Cost	53.1	50.4	50.4	50.6
- Accumulated depreciation	-38.2	-35.6	-32.5	-28.6
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	14.7	15.9	15.7	15.4
- Cost	21.8	21.8	20.6	19.6
- Accumulated depreciation	-7.0	-5.8	-4.9	-4.2
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	0.2	0.5	1.6	2.1
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.2	0.5	1.6	2.1
V. Long-term financial investments	—	3.6	12.7	25.2
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	3.6	12.7	25.2
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	1.1	1.7	4.2	11.9
1. Long-term prepayments	1.1	1.7	4.2	8.7
2. Deferred income tax assets	—	0.0	0.0	3.2
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	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	5,116.0	2,315.6	1,870.8	3,328.6
A. LIABILITIES (300=210+330)	4,463.9	1,963.1	1,586.7	3,076.1
I. Short -term liabilities	4,463.9	1,945.8	1,566.3	3,039.8
1. Short-term trade accounts payable	3,268.6	1,354.5	248.7	311.0
2. Short-term advances from customers	53.4	10.0	7.3	6.9
3. Taxes and other payables to state authorities	101.3	30.6	1.3	10.3
4. Payable to employees	35.5	16.1	7.7	10.7
5. Short-term acrrued expenses	5.8	5.8	18.6	39.6
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	—	1.2	0.0	0.0
9. Other short-term payables	441.4	251.4	942.4	2,301.6
10. Short-term borrowings and financial leases	557.8	276.3	340.3	359.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	0.0	17.3	20.4	36.3
1. Long-term trade payables	—	17.3	20.4	36.3
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	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
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)	652.1	352.5	284.1	252.5
I. Owner's equity	652.1	352.5	284.1	252.5
1. Owner's capital	215.2	215.2	215.2	205.0
- Common stock with voting right	215,250,000,000.00	215,250,000,000.00	215,250,000,000.00	205,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	4.3	4.3	4.3	0.2
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	—	0.0	0.0	0.0
11. Undistributed earnings after tax	432.6	133.0	64.5	47.2
- Accumulated retained earning at the end of the previous period	111.4	64.5	47.2	19.1
- Undistributed earnings in this period	321.1	68.4	17.3	28.1
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
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)	5,116.0	2,315.6	1,870.8	3,328.6

Item	2025	2024	2023	2022
Profit Before Tax	401.5	88.4	0.0	0.0
Depreciation of Fixed Assets and Investment Property	4.4	4.1	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.6	-19.6	0.0	0.0
Gain/Loss from Investment Activities	-124.7	-61.9	0.0	0.0
Interest Expense	38.8	26.6	0.0	0.0
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	322.5	37.5	0.0	0.0
Increase/(Decrease) in Receivables	-254.8	3.5	0.0	0.0
Increase/(Decrease) in Inventory	-24.1	-245.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2,149.1	442.7	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-3.3	0.8	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-34.1	-25.9	0.0	0.0
Corporate Income Tax Paid	-18.1	-3.1	-10.3	-4.4
Other Operating Receipts	—	0.0	1,209.3	2,702.7
Other Operating Payments	-3.8	0.0	-2,969.7	-2,658.1
Net Cash Flow from Operating Activities	2,133.5	210.6	-1,299.9	171.1
Payments for Fixed Assets and Other Long-term Assets	-3.5	-0.0	-0.2	-6.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-5,509.9	-2,272.7	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	3,011.9	2,123.1	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	82.7	77.5	137.3	106.3
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	-2,418.1	-72.2	1,219.6	-193.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	14,350,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	3,551.6	1,993.9	2,100.7	2,204.4
Repayment of Borrowings	-3,270.1	-2,057.8	-2,120.1	-2,137.8
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-21.5	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	260.0	-63.9	-5.1	66.6
Net Cash Flow During the Period	-24.7	74.5	-85.4	44.2
Cash and Cash Equivalents at Beginning of Period	111.7	37.0	122.4	78.2
FX Difference from Revaluation	0.4	0.2	-0.0	0.0
Cash and Cash Equivalents at End of Period	87.4	111.7	37.0	122.4

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	2,760.4	2,636.0	2,235.2	2,078.2	1,136.2	1,210.5	831.5	1,047.6	801.6	636.3	457.3	696.2
Revenue Deductions	9.8	29.6	5.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.1	0.4
Net Revenue	2,750.6	2,606.3	2,229.9	2,078.2	1,136.2	1,210.5	831.4	1,047.5	801.6	636.2	453.2	695.8
Cost of Goods Sold	2,520.9	2,372.1	2,080.7	1,953.6	1,069.6	1,127.2	774.2	972.7	735.7	585.9	396.5	626.5
Gross Profit	229.7	234.2	149.2	124.6	66.5	83.3	57.3	74.8	65.9	50.4	56.7	69.3
Financial Income	109.0	66.2	46.9	31.7	32.2	15.7	48.4	23.6	16.5	32.6	21.2	34.6
Financial Expenses	65.3	22.7	27.4	36.9	29.7	33.0	13.3	41.0	38.7	38.3	54.7	62.2
Interest Expense	14.7	12.1	12.1	7.9	6.6	2.8	12.8	4.7	6.3	6.6	10.0	8.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	33.5	45.2	29.6	27.0	17.5	28.9	22.3	23.3	19.7	13.9	13.9	18.4
General and Administrative Expenses	31.5	37.3	27.9	23.4	18.7	24.5	17.3	18.7	13.6	18.9	14.3	15.2
Operating Profit	208.3	195.2	111.2	69.0	32.8	12.7	52.8	15.4	10.5	11.9	-5.0	8.1
Other Income	0.5	0.8	0.3	0.1	0.2	0.0	0.0	0.0	0.0	6.2	0.1	0.0
Other Expenses	0.7	1.0	0.3	0.3	0.4	3.5	0.0	0.1	0.0	1.6	0.2	0.0
Other Profit	-0.2	-0.2	-0.1	-0.2	-0.2	-3.5	0.0	-0.1	0.0	4.6	-0.1	0.0
Profit Before Tax	208.1	195.1	111.2	68.8	32.6	9.2	52.8	15.4	10.5	16.5	-5.0	8.1
Current Income Tax Expense	41.6	39.0	22.2	13.8	6.5	2.5	10.6	3.1	2.1	1.3	0.0	1.6
Deferred Income Tax Expense	0.0	—	—	—	—	0.0	0.0	0.0	0.0	1.2	0.0	0.0
Net Income	166.5	156.0	88.9	55.1	26.1	6.6	42.2	12.3	8.4	14.0	-5.0	6.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	166.5	156.0	88.9	55.1	26.1	6.6	42.2	12.3	8.4	14.0	-5.0	6.5
Earnings per Share	7,734.00	7,249.00	4,132.00	2,558.00	1,211.00	308.00	1,961.00	570.00	390.00	663.00	-245.00	316.00
Diluted EPS	7,734.45	7,249.21	4,132.10	2,558.35	1,210.56	308.02	1,961.29	570.00	390.00	663.00	-245.00	316.00

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)	6,783.3	5,078.6	5,162.3	3,889.5	2,808.7	2,280.9	2,395.4	2,549.2	2,022.0	1,817.3	2,029.2	2,313.4
I. Cash and cash equivalents	53.3	87.4	131.6	171.1	118.6	111.7	98.5	66.0	85.3	37.0	33.2	33.7
1. Cash	53.3	87.4	131.6	52.1	47.8	37.4	81.5	37.4	44.3	37.0	24.2	29.7
2. Cash equivalents	—	—	—	119.0	70.8	74.3	17.0	28.6	41.0	0.0	9.0	4.0
II. Short-term financial investments	—	16.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	16.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	4,833.8	4,191.7	3,760.2	2,510.4	1,822.6	1,409.0	1,494.0	1,559.5	1,396.7	1,267.3	1,244.5	1,474.8
1. Short-term trade accounts receivable	380.9	317.4	323.9	273.0	302.2	185.6	134.0	133.7	118.3	153.1	166.4	284.4
2. Short-term prepayments to suppliers	15.3	34.4	1.4	11.8	29.8	30.9	34.3	24.0	44.5	28.7	8.4	1.5
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	4,437.6	3,839.9	3,435.0	2,225.5	1,490.6	1,192.4	1,325.6	1,401.7	1,233.9	1,085.5	1,069.7	1,188.9
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	1,788.2	775.5	1,213.9	1,174.2	851.3	751.4	776.2	892.9	533.4	506.2	723.4	770.5
1. Inventories	1,788.2	775.5	1,213.9	1,174.2	851.3	751.4	776.2	892.9	533.4	506.2	723.4	770.5
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	108.0	8.0	56.6	33.9	16.1	8.8	26.6	30.7	6.6	6.8	28.1	34.3
1. Short-term prepayments	6.7	7.1	6.6	2.8	2.9	3.1	1.7	1.7	1.6	1.4	1.4	1.3
2. Value added tax to be reclaimed	73.8	0.9	23.5	29.9	13.3	5.7	17.0	29.1	4.9	5.3	26.6	33.0
3. Taxes and other receivables from state authorities	27.4	—	26.4	1.2	—	0.0	7.9	0.0	0.1	0.1	0.1	0.1
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)	38.1	37.5	38.7	32.9	36.1	37.6	39.1	40.7	42.3	53.1	57.6	63.7
I. Long-term receivables	6.5	6.5	6.7	0.4	0.9	1.0	1.0	1.0	1.0	1.0	0.8	0.9
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	6.5	6.5	6.7	0.4	0.9	1.0	1.0	1.0	1.0	1.0	0.8	0.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	29.9	29.6	30.4	30.5	29.8	30.7	30.6	31.6	32.6	33.6	34.7	35.0
1. Tangible fixed assets	15.5	14.8	15.3	15.1	14.1	14.8	15.5	16.3	17.1	17.9	18.9	19.8
- Cost	52.9	—	—	—	—	50.4	50.4	50.4	50.4	50.4	50.6	50.6
- Accumulated depreciation	-37.4	—	—	—	—	-35.6	-34.8	-34.1	-33.3	-32.5	-31.8	-30.8
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	14.4	14.7	15.0	15.3	15.6	15.9	15.1	15.3	15.5	15.6	15.9	15.1
- Cost	21.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-7.3	—	—	—	—	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	0.7	0.2	0.5	0.5	0.6	0.5	1.6	1.6	1.6	1.6	2.1	2.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.7	0.2	0.5	0.5	0.6	0.5	1.6	1.6	1.6	1.6	2.1	2.7
V. Long-term financial investments	—	—	—	—	3.6	3.6	3.6	3.6	3.6	12.7	12.7	15.2
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	—	—	—	—	3.6	3.6	3.6	3.6	3.6	12.7	12.7	15.2
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.0	1.1	1.2	1.5	1.3	1.7	2.2	2.8	3.5	4.2	7.4	9.9
1. Long-term prepayments	1.0	1.1	1.2	1.5	1.3	1.7	2.2	2.8	3.5	4.2	6.1	6.7
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.2	3.2
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)	6,821.4	5,116.0	5,201.0	3,922.5	2,844.8	2,318.5	2,434.5	2,589.9	2,064.3	1,870.4	2,086.9	2,377.1
A. LIABILITIES (300=210+330)	6,002.7	4,458.7	4,699.7	3,488.8	2,466.2	1,965.5	2,088.2	2,285.1	1,771.8	1,586.7	1,831.5	2,117.2
I. Short -term liabilities	6,002.7	4,458.7	4,699.7	3,488.8	2,457.9	1,948.3	2,066.0	2,257.7	1,746.4	1,566.3	1,807.2	2,091.4
1. Short-term trade accounts payable	4,750.8	3,268.6	3,684.4	2,703.1	1,787.6	1,354.5	1,350.7	1,384.9	601.8	248.3	286.9	458.1
2. Short-term advances from customers	127.4	53.4	75.9	44.2	44.0	10.0	26.7	16.2	24.4	7.3	8.9	14.2
3. Taxes and other payables to state authorities	41.8	102.6	42.7	20.5	6.6	30.6	15.6	5.2	2.1	1.3	0.1	1.9
4. Payable to employees	8.4	29.0	6.5	6.0	5.1	18.5	4.5	4.7	3.3	7.9	5.5	5.5
5. Short-term acrrued expenses	12.8	5.8	4.5	5.7	5.5	5.8	6.7	11.3	21.2	18.7	15.6	20.1
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	—	—	1.0	1.1	1.2	1.2	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	418.9	441.4	337.5	303.0	252.3	251.4	274.1	417.1	840.1	942.5	1,071.8	1,122.7
10. Short-term borrowings and financial leases	642.7	557.8	547.1	405.2	355.6	276.3	387.7	418.3	253.5	340.3	418.4	468.9
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	—	—	—	8.3	17.3	22.2	27.4	25.4	20.4	24.3	25.8
1. Long-term trade payables	—	—	—	—	8.3	17.3	22.2	27.4	25.4	20.4	24.3	25.8
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	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)	818.7	657.3	501.3	433.7	378.6	352.9	346.3	304.8	292.5	283.7	255.4	259.8
I. Owner's equity	818.7	657.3	501.3	433.7	378.6	352.9	346.3	304.8	292.5	283.7	255.4	259.8
1. Owner's capital	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2	215.2	205.0	205.0
- Common stock with voting right	215,250,000,000.00	215,250,000,000.00	215,250,000,000.00	215,250,000,000.00	215,250,000,000.00	215,250,000,000.00	215,250,000,000.00	215,250,000,000.00	215,250,000,000.00	215,250,000,000.00	205,000,000,000.00	205,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	0.2	0.2
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	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	599.1	437.8	281.7	214.1	159.0	133.4	126.7	85.2	72.9	64.1	50.1	54.6
- Accumulated retained earning at the end of the previous period	432.6	111.4	111.4	133.0	133.0	64.5	64.5	64.5	64.5	47.2	47.2	47.2
- Undistributed earnings in this period	166.5	326.3	170.3	81.1	26.1	68.8	62.2	20.7	8.4	16.9	2.9	7.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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)	6,821.4	5,116.0	5,201.0	3,922.5	2,844.8	2,318.5	2,434.5	2,589.9	2,064.3	1,870.4	2,086.9	2,377.1

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	208.1	188.6	111.2	69.1	32.6	9.2	52.8	25.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	1.1	1.6	0.6	1.1	1.1	1.1	1.0	2.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	—	—	—	—	0.0	-0.8	0.8	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	17.5	-13.2	6.7	8.2	0.9	-24.0	31.6	-27.2	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-52.9	-45.9	-39.1	-24.9	-14.8	-14.5	-13.1	-34.2	0.0	0.0	0.0	0.0
Interest Expense	14.7	12.1	12.1	7.9	6.6	2.8	12.8	11.0	0.0	0.0	0.0	0.0
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	188.4	143.1	91.6	61.4	26.3	-25.4	84.1	-22.6	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	-149.8	-63.6	-90.8	598.4	-698.8	-9.1	-15.8	28.8	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-1,012.7	438.3	-39.3	-323.3	-99.9	24.8	116.7	-386.4	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,475.8	-271.2	1,038.1	949.0	433.2	17.2	-214.6	644.3	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.4	-0.4	-3.3	-0.3	0.7	-0.9	0.5	1.2	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-13.7	-10.7	-11.8	-6.1	-5.5	-8.4	-6.4	-11.1	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-80.3	-0.0	0.0	0.0	-18.1	-1.8	0.0	0.0	-1.3	-0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	-167.7	167.7	160.7	369.7	516.9
Other Operating Payments	—	-3.8	—	—	—	0.0	0.0	404.4	-404.4	-319.2	-528.9	-1,305.4
Net Cash Flow from Operating Activities	408.2	231.8	984.5	1,279.1	-361.9	-3.6	-35.5	5.5	247.4	99.6	-155.5	-761.0
Payments for Fixed Assets and Other Long-term Assets	-1.6	-1.0	-0.6	-1.7	-0.2	0.0	0.0	0.0	0.0	-0.2	0.1	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-1,918.0	-1,929.5	-1,638.3	-1,511.7	-430.4	-799.8	-447.1	-1,027.5	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,359.8	1,596.6	478.7	224.1	712.5	901.9	529.4	691.8	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	33.0	46.5	15.8	13.0	7.5	25.8	16.3	23.6	10.1	17.9	31.0	53.0
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	-526.8	-286.9	-1,144.4	-1,276.3	289.5	127.9	98.6	-189.6	-112.3	-32.0	205.9	576.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	14,350,000,000.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,295.8	1,306.4	832.4	905.8	507.0	581.5	414.8	632.9	364.6	322.5	362.4	833.0
Repayment of Borrowings	-1,211.0	-1,295.7	-690.5	-856.2	-427.7	-692.9	-445.5	-468.1	-451.4	-400.6	-412.9	-689.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-21.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	84.9	10.7	120.4	49.6	79.3	-111.3	-30.6	164.8	-86.8	-63.8	-50.5	143.6
Net Cash Flow During the Period	-33.8	-44.4	-39.5	52.4	6.8	13.0	32.5	-19.2	48.3	3.8	-0.2	-41.5
Cash and Cash Equivalents at Beginning of Period	87.4	131.6	171.1	118.6	111.7	37.0	37.0	37.0	37.0	122.4	122.4	122.4
FX Difference from Revaluation	-0.3	0.4	0.2	0.2	0.1	0.2	0.0	-0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	53.3	87.4	131.6	171.1	118.6	111.7	98.5	66.0	85.3	37.0	33.2	33.4

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VVS

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