The PAN Group JSC Income Statement

Financials in millions VND. Fiscal year is January - December.

Millions VND. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	17,233,954	17,586,221	16,181,632	13,204,597	13,655,103	9,248,572
Revenue Growth (YoY)	2.31%	8.68%	22.55%	-3.30%	47.65%	11.04%
Cost of Revenue	13,668,030	14,046,304	12,799,998	10,544,753	10,918,623	7,498,229
Gross Profit	3,565,924	3,539,917	3,381,635	2,659,843	2,736,480	1,750,343
Selling, General & Admin	2,224,020	2,260,561	2,219,653	1,720,347	1,866,323	1,299,441
Operating Expenses	2,224,020	2,260,561	2,219,653	1,720,347	1,866,323	1,299,441
Operating Income	1,341,904	1,279,355	1,161,982	939,496	870,157	450,903
Interest Expense	-326,207	-404,125	-354,895	-456,474	-242,407	-219,053
Interest & Investment Income	422,845	489,810	446,966	499,209	205,860	163,885
Earnings From Equity Investments	-	-	152,325	10,749	8,812	60,866
Currency Exchange Gain (Loss)	72,411	79,038	71,591	15,616	9,186	19,905
Other Non Operating Income (Expenses)	-200,120	-80,094	-124,791	-52,584	-15,877	-9,067
EBT Excluding Unusual Items	1,310,833	1,363,985	1,353,178	956,011	835,731	467,439
Gain (Loss) on Sale of Investments	-82.66	-	-	-	-	93,861
Gain (Loss) on Sale of Assets	561,214	-	-	-	93,781	604.32
Other Unusual Items	-	-	-	-	2,847	-
Pretax Income	1,871,964	1,363,985	1,353,178	956,011	932,358	561,905
Income Tax Expense	231,098	198,953	186,110	138,894	138,056	49,885
Earnings From Continuing Operations	1,640,867	1,165,032	1,167,068	817,117	794,302	512,019
Minority Interest in Earnings	-490,663	-492,367	-558,179	-411,196	-420,334	-214,597
Net Income	1,150,203	672,665	608,889	405,921	373,969	297,422
Preferred Dividends & Other Adjustments	31,927	31,927	84,684	57,583	84,857	65,446
Net Income to Common	1,118,276	640,738	524,205	348,338	289,111	231,977
Net Income Growth	83.94%	10.47%	50.00%	8.54%	25.74%	57.95%
Shares Outstanding (Basic)	209	209	209	209	209	209
Shares Outstanding (Diluted)	209	209	209	209	209	209
Shares Change (YoY)	-0.01%	-	-	-	-	-1.19%
EPS (Basic)	5353.30	3067.28	2509.42	1667.53	1384.00	1110.50
EPS (Diluted)	5353.28	3067.28	2509.42	1667.53	1384.00	1110.00
EPS Growth	87.10%	22.23%	50.49%	20.49%	24.69%	68.95%
Free Cash Flow	12,828,533	8,876,192	-2,062,603	-4,609,928	373,203	-2,018,750
Free Cash Flow Per Share	61411.47	42491.21	-9873.89	-22068.18	1786.56	-9663.96
Dividend Per Share	-	-	-	500.000	-	-
Gross Margin	20.69%	20.13%	20.90%	20.14%	20.04%	18.93%
Operating Margin	7.79%	7.27%	7.18%	7.12%	6.37%	4.88%
Profit Margin	6.49%	3.64%	3.24%	2.64%	2.12%	2.51%
Free Cash Flow Margin	74.44%	50.47%	-12.75%	-34.91%	2.73%	-21.83%
EBITDA	1,817,387	1,779,903	1,683,989	1,439,487	1,299,483	843,653
EBITDA Margin	10.54%	10.12%	10.41%	10.90%	9.52%	9.12%
D&A For EBITDA	475,483	500,548	522,007	499,991	429,326	392,750
EBIT	1,341,904	1,279,355	1,161,982	939,496	870,157	450,903
EBIT Margin	7.79%	7.27%	7.18%	7.12%	6.37%	4.88%
Effective Tax Rate	12.35%	14.59%	13.75%	14.53%	14.81%	8.88%
Revenue as Reported	17,233,954	17,586,221	16,181,632	13,204,597	13,655,103	9,248,572
Advertising Expenses	-	233,063	308,219	222,203	256,002	178,005

Source: S&P Global Market Intelligence. Standard template. Financial Sources.