Income Statement

Revenue

+39%

+111%

10Y

Currency: VND

	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Revenue
Interest Expense	0	0	0	0	2 814	0	0	47	290	88	110	182	1 822	1 798	2 752	0	1 063	2 047	1 145	1 146	113	87	196	1 815	1 910	3 264	4 255	3 289	4 834	4 573	0	7 016	14 904	9 588	16 669	18 802	23 692	21 800	23 675	22 573	25 987	36 530	45 086	71 657	105 575	129 958	155 961	165 414	171 193	191 397	224 383	259 926	268 052	263 253	246 841	223 115	219 053	226 839	244 688	236 311	242 407	278 513	299 918	388 019	456 474	431 386	414 712	383 967	354 895	386 962	0	0
Revenue	95 573 N/A	101 596 +6%	111 632 +10%	121 552 +9%	125 898 +4%	136 483 +8%	144 029 +6%	151 525 +5%	158 166 +4%	167 237 +6%	175 326 +5%	187 953 +7%	201 674 +7%	209 707 +4%	220 543 +5%	229 617 +4%	240 853 +5%	252 210 +5%	264 461 +5%	272 562 +3%	283 709 +4%	292 868 +3%	352 498 +20%	498 522 +41%	617 589 +24%	717 470 +16%	796 851 +11%	886 005 +11%	1 121 777 +27%	1 328 581 +18%	1 799 706 +35%	2 196 598 +22%	2 649 592 +21%	2 898 435 +9%	2 853 994 -2%	2 853 485 0%	2 753 366 -4%	2 659 010 -3%	2 990 866 +12%	3 429 531 +15%	4 074 940 +19%	5 244 402 +29%	6 118 400 +17%	6 850 832 +12%	7 828 588 +14%	13 121 461 +68%	14 598 036 +11%	14 707 252 +1%	7 812 755 -47%	9 095 241 +16%	7 616 514 -16%	8 304 845 +9%	8 329 251 +0%	8 726 839 +5%	9 054 681 +4%	8 939 278 -1%	9 248 572 +3%	10 517 052 +14%	11 572 923 +10%	12 603 052 +9%	13 655 103 +8%	13 237 997 -3%	12 789 218 -3%	12 907 301 +1%	13 204 597 +2%	14 134 807 +7%	14 732 528 +4%	16 113 500 +9%	16 181 632 +0%	16 839 473 +4%	17 494 859 +4%	17 549 069 +0%
Gross Profit
Cost of Revenue	(72 631)	(81 083)	(90 768)	(95 697)	(100 144)	(105 908)	(110 071)	(117 579)	(124 900)	(133 225)	(142 704)	(154 992)	(163 813)	(168 896)	(175 976)	(184 651)	(195 389)	(208 351)	(215 795)	(220 746)	(226 142)	(230 803)	(276 703)	(388 204)	(485 105)	(562 644)	(625 633)	(685 688)	(821 839)	(957 294)	(1 265 736)	(1 593 723)	(1 973 057)	(2 190 679)	(2 203 669)	(2 210 440)	(2 110 896)	(2 024 478)	(2 350 800)	(2 687 155)	(3 137 369)	(4 144 174)	(4 897 031)	(5 562 612)	(6 441 452)	(10 821 249)	(11 883 342)	(11 935 030)	(6 155 146)	(7 188 865)	(6 102 487)	(6 731 988)	(6 792 152)	(7 063 083)	(7 393 727)	(7 234 493)	(7 498 229)	(8 636 337)	(9 313 147)	(10 146 037)	(10 918 623)	(10 573 233)	(10 259 385)	(10 354 192)	(10 544 753)	(11 287 067)	(11 735 966)	(12 828 639)	(12 799 998)	(13 385 836)	(13 956 747)	(13 972 021)
Gross Profit	22 942 N/A	20 512 -11%	20 863 +2%	25 855 +24%	25 754 0%	30 575 +19%	33 958 +11%	33 947 0%	33 265 -2%	34 014 +2%	32 624 -4%	32 963 +1%	37 861 +15%	40 812 +8%	44 568 +9%	44 966 +1%	45 463 +1%	43 860 -4%	48 667 +11%	51 817 +6%	57 567 +11%	62 065 +8%	75 795 +22%	110 318 +46%	132 484 +20%	154 826 +17%	171 218 +11%	200 317 +17%	299 938 +50%	371 287 +24%	533 970 +44%	602 876 +13%	676 535 +12%	707 757 +5%	650 326 -8%	643 045 -1%	642 469 0%	634 531 -1%	640 065 +1%	742 375 +16%	937 571 +26%	1 100 228 +17%	1 221 369 +11%	1 288 220 +5%	1 387 136 +8%	2 300 212 +66%	2 714 694 +18%	2 772 222 +2%	1 657 609 -40%	1 906 376 +15%	1 514 028 -21%	1 572 857 +4%	1 537 099 -2%	1 663 756 +8%	1 660 953 0%	1 704 786 +3%	1 750 343 +3%	1 880 715 +7%	2 259 776 +20%	2 457 015 +9%	2 736 480 +11%	2 664 763 -3%	2 529 832 -5%	2 553 109 +1%	2 659 843 +4%	2 847 740 +7%	2 996 562 +5%	3 284 860 +10%	3 381 635 +3%	3 453 637 +2%	3 538 112 +2%	3 577 048 +1%
Operating Income
Operating Expenses	(9 257)	(10 907)	(11 826)	(12 730)	(16 179)	(17 850)	(19 002)	(20 409)	(19 906)	(21 957)	(24 115)	(26 407)	(27 216)	(28 136)	(28 897)	(29 592)	(31 392)	(32 527)	(32 185)	(32 641)	(33 832)	(34 019)	(46 349)	(65 960)	(95 313)	(113 301)	(110 142)	(135 272)	(182 373)	(216 695)	(336 547)	(351 075)	(420 517)	(459 221)	(303 986)	(332 026)	(446 743)	(306 017)	(441 795)	(534 070)	(833 221)	(836 984)	(948 681)	(991 257)	(802 867)	(1 501 907)	(1 760 721)	(1 808 363)	(1 185 987)	(1 414 119)	(1 168 539)	(1 226 994)	(1 201 922)	(1 301 950)	(1 252 614)	(1 308 456)	(1 322 985)	(1 397 174)	(1 612 347)	(1 698 166)	(1 914 163)	(1 810 963)	(1 745 729)	(1 776 942)	(1 783 620)	(1 918 963)	(2 044 666)	(2 409 531)	(2 373 395)	(2 412 789)	(2 484 089)	(2 334 269)
Selling, General & Administrative	(9 258)	(10 905)	(11 825)	(12 730)	(14 987)	(17 850)	(19 003)	(20 410)	(17 872)	(21 498)	(23 130)	(24 911)	(25 195)	(26 086)	(27 341)	(28 548)	(29 460)	(31 961)	(32 187)	(32 641)	(32 005)	(34 213)	(47 106)	(60 209)	(73 920)	(85 555)	(84 705)	(116 513)	(180 058)	(213 596)	(305 004)	(333 224)	(399 636)	(428 459)	(421 785)	(432 182)	(423 419)	(424 469)	(433 727)	(527 567)	(810 750)	(832 265)	(941 371)	(986 164)	(888 337)	(1 634 637)	(1 823 043)	(1 867 604)	(1 065 653)	(1 340 160)	(1 161 803)	(1 225 267)	(1 068 301)	(1 295 664)	(1 244 047)	(1 301 540)	(1 131 091)	(1 369 030)	(1 597 652)	(1 680 800)	(1 659 145)	(1 778 291)	(1 718 941)	(1 713 860)	(1 512 872)	(1 852 365)	(1 947 077)	(2 143 656)	(2 037 952)	(2 280 260)	(2 337 227)	(2 388 037)
Depreciation & Amortization	0	0	0	0	(1 192)	0	0	0	(2 033)	(461)	(985)	(1 496)	(2 021)	(2 048)	(2 009)	0	(1 932)	(1 021)	0	0	(1 827)	(451)	0	(1 954)	0	(2 058)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(17 937)	0	0	0	(113 838)	0	(77 229)	0	(115 859)	0	0	0	(132 587)	0	0	0	(169 413)	0	0	0	(207 177)	0	0	0	(207 476)	0	0	0	(181 701)	0	0	0
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	454	(1 044)	0	455	0	0	0	645	757	(3 797)	(21 394)	(25 688)	(25 437)	(18 759)	(2 315)	(3 099)	(31 543)	(17 851)	(20 880)	(30 762)	117 799	100 158	(23 324)	118 452	(8 068)	(6 503)	(4 534)	(4 719)	(7 310)	(5 093)	199 308	132 730	139 552	59 241	(4 475)	(73 959)	(6 735)	(1 727)	(1 033)	(6 286)	(8 567)	(6 916)	(22 482)	(28 144)	(14 696)	(17 365)	(47 840)	(32 672)	(26 789)	(63 082)	(63 272)	(66 599)	(97 589)	(265 875)	(153 742)	(132 528)	(146 862)	53 768
Operating Income	13 685 N/A	9 607 -30%	9 038 -6%	13 125 +45%	9 576 -27%	12 723 +33%	14 954 +18%	13 535 -9%	13 360 -1%	12 055 -10%	8 507 -29%	6 555 -23%	10 644 +62%	12 676 +19%	15 671 +24%	15 373 -2%	14 071 -8%	11 331 -19%	16 480 +45%	19 175 +16%	23 734 +24%	28 046 +18%	29 446 +5%	44 359 +51%	37 170 -16%	41 527 +12%	61 078 +47%	65 046 +6%	117 565 +81%	154 592 +31%	197 423 +28%	251 800 +28%	256 018 +2%	248 536 -3%	346 340 +39%	311 019 -10%	195 726 -37%	328 514 +68%	198 270 -40%	208 306 +5%	104 350 -50%	263 244 +152%	272 688 +4%	296 963 +9%	584 269 +97%	798 305 +37%	953 974 +19%	963 859 +1%	471 621 -51%	492 257 +4%	345 489 -30%	345 863 +0%	335 178 -3%	361 806 +8%	408 340 +13%	396 329 -3%	427 358 +8%	483 541 +13%	647 429 +34%	758 850 +17%	822 317 +8%	853 800 +4%	784 103 -8%	776 166 -1%	876 224 +13%	928 776 +6%	951 896 +2%	875 330 -8%	1 008 240 +15%	1 040 849 +3%	1 054 023 +1%	1 242 779 +18%
Pre-Tax Income
Interest Income Expense	47 457	48 821	43 265	30 882	12 460	(5 726)	(5 920)	9 560	31 166	39 892	37 832	20 855	15 958	5 799	4 363	8 668	3 214	11 292	20 509	68 762	64 511	65 458	63 985	18 042	2 458	12 260	20 414	31 692	54 055	59 145	54 322	73 507	53 987	206 228	85 440	69 993	181 863	(49 697)	70 549	302 643	197 697	376 276	382 553	144 620	42 559	82 744	67 812	78 620	44 922	54 427	75 014	55 079	69 884	68 379	55 393	45 555	128 917	130 646	104 785	89 466	11 798	(2 427)	(4 358)	50 244	75 845	92 913	146 796	366 401	315 987	349 234	385 718	137 443
Non-Reccuring Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(20)	0	0	0	2 076	0	0	0	7 283	0	0	0	43 512	0	0	0	2 244	0	0	0	241 844	0	0	0	0	0	(300)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	30 052	0	0	0
Gain/Loss on Disposition of Assets	(99)	0	0	0	0	0	0	0	0	0	155	155	177	738	0	0	(244)	0	0	0	0	0	0	0	0	(169)	0	0	0	0	0	0	0	12 204	5 303	0	0	0	0	0	0	0	0	0	0	0	(729)	0	481	0	0	0	(7 412)	0	0	0	(5 149)	0	0	0	93 575	0	0	0	9 369	0	0	0	0	0	0	0
Total Other Income	140	2 089	2 033	1 999	1 825	(51)	(61)	(85)	34	(31)	(15)	(146)	(772)	(1 572)	(222)	561	1 650	1 651	809	188	324	302	(278)	1 026	402	1 680	2 681	2 609	3 845	4 186	7 719	17 187	8 847	(2 090)	4 398	5 046	5 319	10 699	8 643	8 857	392	(10 391)	(5 639)	(7 100)	9 769	12 697	10 198	20 894	(1 402)	2 685	(7 950)	(15 196)	(2 176)	(11 863)	(2 028)	(5 093)	9 715	100 508	101 630	104 691	4 669	1 482	3 387	(2 460)	(5 426)	3 919	2 365	2 908	(1 101)	(1 316)	(3 879)	(973)
Pre-Tax Income	61 183 N/A	60 517 -1%	54 337 -10%	46 006 -15%	23 861 -48%	6 947 -71%	8 974 +29%	23 011 +156%	44 560 +94%	51 917 +17%	46 480 -10%	27 420 -41%	26 008 -5%	17 641 -32%	19 812 +12%	24 602 +24%	18 692 -24%	24 273 +30%	37 798 +56%	88 125 +133%	88 549 +0%	93 806 +6%	93 153 -1%	63 427 -32%	42 107 -34%	55 298 +31%	84 173 +52%	99 347 +18%	182 748 +84%	217 922 +19%	259 463 +19%	342 494 +32%	362 364 +6%	464 878 +28%	441 481 -5%	386 058 -13%	385 151 0%	289 516 -25%	277 463 -4%	519 806 +87%	544 283 +5%	629 130 +16%	649 602 +3%	434 484 -33%	636 597 +47%	893 746 +40%	1 030 956 +15%	1 063 374 +3%	515 622 -52%	549 369 +7%	412 553 -25%	385 746 -6%	395 473 +3%	418 322 +6%	461 705 +10%	436 792 -5%	560 842 +28%	714 695 +27%	853 845 +19%	953 007 +12%	932 358 -2%	852 855 -9%	783 132 -8%	823 951 +5%	956 011 +16%	1 025 608 +7%	1 101 057 +7%	1 244 638 +13%	1 353 178 +9%	1 388 767 +3%	1 435 863 +3%	1 379 249 -4%
Net Income
Tax Provision	(9 178)	(9 172)	(8 433)	(7 309)	(3 170)	(841)	(1 335)	(5 091)	(10 130)	(12 152)	(11 039)	(6 756)	(5 937)	(4 888)	(5 843)	(6 597)	(5 022)	(5 124)	(8 432)	(8 302)	(7 171)	(8 006)	(7 009)	(9 988)	(20 746)	(22 535)	(26 955)	(28 129)	(23 245)	(24 370)	(31 073)	(43 249)	(47 320)	(71 394)	(60 923)	(50 946)	(48 751)	(29 546)	(29 654)	(33 804)	(41 361)	(40 194)	(45 435)	(50 041)	(69 440)	(110 502)	(130 971)	(129 277)	(63 643)	(68 687)	(44 589)	(49 470)	(62 250)	(63 564)	(64 541)	(49 903)	(50 087)	(85 957)	(104 624)	(134 778)	(138 056)	(119 910)	(122 786)	(112 717)	(138 894)	(146 803)	(170 483)	(163 276)	(186 110)	(196 044)	(187 585)	(208 320)
Income from Continuing Operations	52 005	51 345	45 905	38 698	20 691	6 107	7 639	17 920	34 429	39 765	35 441	20 665	20 070	12 755	13 972	18 007	13 669	19 151	29 367	79 824	81 379	85 800	86 145	53 439	21 361	32 763	57 217	71 219	159 504	193 553	228 391	299 245	315 043	393 484	380 558	335 112	336 401	259 970	247 809	486 003	502 922	588 936	604 167	384 442	567 157	783 245	899 985	934 097	451 979	480 682	367 964	336 276	333 223	354 758	397 164	386 889	510 755	628 737	749 222	818 229	794 302	732 944	660 347	711 234	817 117	878 805	930 573	1 081 362	1 167 068	1 192 723	1 248 277	1 170 929
Income to Minority Interest	(626)	(557)	(686)	(730)	(336)	(310)	(112)	91	(43)	(68)	50	(245)	(47)	61	(151)	(140)	(694)	(818)	(812)	(564)	(454)	(312)	(3 893)	(12 786)	(23 375)	(33 690)	(38 507)	(46 578)	(59 230)	(69 399)	(95 266)	(102 024)	(99 763)	(96 133)	(81 098)	(74 937)	(79 414)	(81 107)	(78 560)	(95 704)	(130 640)	(165 886)	(186 647)	(181 864)	(232 747)	(337 726)	(378 937)	(392 540)	(194 615)	(209 177)	(160 271)	(153 040)	(144 922)	(158 193)	(176 544)	(174 608)	(214 613)	(277 719)	(359 404)	(411 637)	(420 334)	(396 227)	(360 493)	(368 016)	(411 196)	(429 328)	(450 416)	(513 279)	(558 179)	(559 749)	(569 210)	(522 433)
Net Income (Common)	51 379 N/A	50 789 -1%	45 219 -11%	37 968 -16%	20 355 -46%	5 797 -72%	7 527 +30%	18 011 +139%	34 386 +91%	39 698 +15%	35 492 -11%	20 421 -42%	20 023 -2%	12 816 -36%	13 821 +8%	17 868 +29%	12 975 -27%	18 334 +41%	28 556 +56%	79 259 +178%	80 925 +2%	85 487 +6%	82 250 -4%	40 652 -51%	(2 015) N/A	(928) +54%	18 710 N/A	24 641 +32%	100 274 +307%	120 618 +20%	129 589 +7%	193 685 +49%	210 027 +8%	292 098 +39%	294 207 +1%	254 922 -13%	251 354 -1%	173 230 -31%	152 818 -12%	374 017 +145%	310 425 -17%	350 543 +13%	330 417 -6%	115 326 -65%	282 850 +145%	368 565 +30%	448 500 +22%	469 009 +5%	209 354 -55%	250 518 +20%	207 693 -17%	183 236 -12%	188 301 +3%	196 565 +4%	220 619 +12%	212 281 -4%	296 142 +40%	351 019 +19%	389 817 +11%	406 592 +4%	373 969 -8%	336 717 -10%	299 854 -11%	343 218 +14%	405 921 +18%	449 477 +11%	472 673 +5%	560 599 +19%	564 879 +1%	588 964 +4%	636 636 +8%	611 970 -4%
EPS (Diluted)	3 211.18 N/A	1 813.89 -44%	1 559.27 -14%	1 356 -13%	885 -35%	207.03 -77%	1 505.4 +627%	643.25 -57%	1 495.04 +132%	1 417.78 -5%	1 075.51 -24%	583.45 -46%	800.92 +37%	400.5 -50%	431.9 +8%	558.37 +29%	499.03 -11%	572.93 +15%	771.78 +35%	2 264.54 +193%	2 890.17 +28%	2 442.48 -15%	1 305.55 -47%	677.53 -48%	-45.79 N/A	-12.21 +73%	188.98 N/A	198.71 +5%	1 114.15 +461%	753.86 -32%	753.42 0%	1 159.79 +54%	1 398.67 +21%	1 613.8 +15%	1 607.68 0%	1 408.4 -12%	1 384.93 -2%	941.46 -32%	830.53 -12%	2 266.76 +173%	1 688.04 -26%	1 874.56 +11%	1 611.79 -14%	613.43 -62%	1 432.67 +134%	1 954.79 +36%	2 176.94 +11%	2 206.48 +1%	1 010.42 -54%	1 272.95 +26%	980.94 -23%	877.59 -11%	911.67 +4%	940.97 +3%	1 056.12 +12%	1 016.21 -4%	1 417.66 +40%	1 680.36 +19%	1 866.09 +11%	1 949.57 +4%	1 790.22 -8%	1 611.89 -10%	1 435.43 -11%	1 643.02 +14%	1 943.19 +18%	2 151.69 +11%	2 262.73 +5%	2 683.64 +19%	2 704.13 +1%	2 819.43 +4%	3 047.64 +8%	2 929.56 -4%

Income Statement Balance Sheet Cash Flow Statement

PAN Group JSC
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Income Statement

Earnings Waterfall
PAN Group JSC

Income Statement
PAN Group JSC

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PAN Group JSC VN:PAN

Income Statement

Earnings Waterfall PAN Group JSC

Income Statement PAN Group JSC

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PAN Group JSC
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Earnings Waterfall
PAN Group JSC

Income Statement
PAN Group JSC