AAH

Hợp Nhất ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −1.32%, −3.71pp YoY

Price

2,900

Latest close

02 Jun 2026

P/E -31.24x

P/B 0.29x

EPS -93

BVPS 10,127

ROE -0.9%

ROA -0.7%

Profit Margin -1.3%

Asset Turnover 0.56x

Equity Mult. 1.24x

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

What Is Changing

On a TTM 2026Q1 basis, AAH posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 839bn
	                                
−33.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 11bn
	                                
−136.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -10.58x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022
Revenue	844.3	1,172.1	232.4	591.9
Growth	-28%	+404%	-61%	—
Net Income	-2.3	11.9	11.6	101.9
Net Margin	-0.27%	1.02%	5.01%	17.21%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q4'22
Revenue	197.3	108.0	244.9	288.5	203.1	447.3	332.2	281.2	104.5	97.7	45.5	386.2
Growth	+83%	-56%	-15%	+42%	-55%	+35%	+18%	+169%	+7%	+115%	-88%	—
Net Income	2.5	-13.6	0.1	0.0	13.2	6.3	5.1	5.6	0.8	0.3	12.5	92.2
Net Margin	1.26%	-12.60%	0.03%	0.01%	6.50%	1.41%	1.54%	1.99%	0.74%	0.28%	27.51%	23.88%

Drivers of AAH's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Tax ↓ 9.8bn

Gross profit ↓ 42.4bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Tax ↓ 2.7bn

Financial income ↑ 1.2bn

Gross profit ↓ 14.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.5% = 2.4% × 0.91 × 1.16

2026Q1 -0.9% = -1.3% × 0.56 × 1.24

ROE fell from 2.5% to -0.9% — asset turnover weakened the most, though leverage still provided support.

Net margin: -1.3% -3.7pp Asset turnover: 0.56x -0.35x Leverage: 1.24x +0.08x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -1.32%, losing 3.7pp. The main pressure comes from Gross margin fell 2.7pp and SG&A / Revenue rose 0.2pp (with lingering pressure from Net financial result / Revenue fell 0.5pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin -1.32% −3.7pp

Gross Margin 2.01% −2.7pp

SG&A / Revenue 1.72% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 0.04%, losing 2.6pp. That translates to 0.04 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 2.6pp and capital turnover fell 0.36x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

Watchpoints

ROIC remains low

ROIC is currently 0.04% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.04% −2.6pp

NOPAT Margin 0.06% −2.6pp

Capital Turnover 0.65x −0.36x

Average Invested Capital 1,281.3bn +30.2bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.22x equity, net debt at 0.07x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 12.9 days versus the same period last year. The main moves came from DIO fell 5.2 days, DSO rose 62.9 days, and DPO rose 44.9 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +12.9 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +62.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 106.0 days +62.9 days

Inventory 19.1 days −5.2 days

Payables 62.2 days +44.9 days

Cash Conversion Cycle 62.9 days +12.9 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.07x and interest coverage only at 0.07x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 10.2% of debt, and total debt stands at 90.1bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.07x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.07x +0.00x

Interest Coverage 0.07x −14.69x

Cash / Debt 10.2% +9.9pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -10.58x −6.32x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -16.0bn in 2025, against investing cash flow of 3.4bn.

Post-investment cash flow was negative +12.6bn. Financing cash flow was positive +11.2bn.

CFO / net income was -10.58x.

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

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

Cash Conversion

CFO TTM 116.8bn +245.6bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 17.3%. The main risk still sits in core profitability, with net margin down 3.7 pp.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 17.3% of PBT and CFO / net income currently at -10.58x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -1.32% after a 3.7pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022
Revenue	844.3	1,172.5	232.4	591.9
Revenue Deductions	0.1	0.4	0.0	0.0
Net Revenue	844.3	1,172.1	232.4	591.9
Cost of Goods Sold	815.8	1,117.3	194.5	440.3
Gross Profit	28.5	54.8	37.8	151.6
Financial Income	3.6	7.7	7.3	0.6
Financial Expenses	6.4	2.7	2.5	3.5
Interest Expense	6.4	2.7	2.5	3.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	3.0	5.1	5.8	9.5
General and Administrative Expenses	11.1	14.2	20.0	23.5
Operating Profit	11.7	40.5	16.8	115.7
Other Income	1.9	6.7	1.0	3.2
Other Expenses	13.7	26.1	2.6	8.7
Other Profit	-11.8	-19.4	-1.6	-5.5
Profit Before Tax	-0.1	21.1	15.2	110.2
Current Income Tax Expense	2.2	9.1	3.6	8.4
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	-2.3	11.9	11.6	101.9
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	-2.3	11.9	11.6	101.9
Earnings per Share	-19.00	101.00	99.00	864.00
Diluted EPS	-19.35	101.31	98.74	863.99

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	427.5	418.4	419.0	498.3
I. Cash and cash equivalents	7.3	8.7	30.7	3.3
1. Cash	7.3	4.6	1.6	0.8
2. Cash equivalents	—	4.1	29.1	2.5
II. Short-term financial investments	—	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	—	0.0	0.0	0.0
III. Short-term receivables	404.8	386.2	259.2	401.2
1. Short-term trade accounts receivable	235.0	250.9	69.2	215.3
2. Short-term prepayments to suppliers	155.1	114.9	131.7	239.9
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	—	10.9	29.5	0.0
6. Other short-term receivables	14.7	9.5	28.8	1.9
7. Provision for short-term doubtful debts (*)	—	0.0	-0.0	-55.9
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	14.9	22.2	129.1	93.8
1. Inventories	14.9	22.2	129.1	93.8
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.5	1.3	0.0	0.0
1. Short-term prepayments	0.5	0.3	0.0	0.0
2. Value added tax to be reclaimed	—	1.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
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)	1,022.9	1,036.8	905.0	799.2
I. Long-term receivables	—	0.1	72.6	78.9
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	72.6	78.9
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	—	0.1	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	709.1	769.9	574.1	653.8
1. Tangible fixed assets	707.8	768.2	572.1	651.5
- Cost	1,330.1	1,323.5	1,088.0	1,100.1
- Accumulated depreciation	-622.3	-555.3	-515.8	-448.6
2. Financial leased fixed assets	1.2	1.5	1.9	2.2
- Cost	2.7	2.7	2.7	2.7
- Accumulated depreciation	-1.5	-1.2	-0.9	-0.5
3. Intangible fixed assets	0.1	0.1	0.1	0.1
- Cost	0.5	0.5	0.5	0.5
- Accumulated depreciation	-0.4	-0.4	-0.3	-0.3
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	57.8	5.5	85.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	57.8	5.5	85.0	0.0
V. Long-term financial investments	161.3	161.3	85.8	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	161.3	161.3	0.0	0.0
3. Investments in other entities	—	0.0	85.8	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	94.8	100.1	87.5	66.5
1. Long-term prepayments	94.8	100.1	87.5	66.5
2. Deferred income tax assets	—	0.0	0.0	0.0
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)	1,450.4	1,455.2	1,324.1	1,297.5
A. LIABILITIES (300=210+330)	261.5	264.0	144.8	129.9
I. Short -term liabilities	260.8	263.0	143.5	128.1
1. Short-term trade accounts payable	114.9	130.0	2.3	4.6
2. Short-term advances from customers	0.9	0.1	9.1	0.2
3. Taxes and other payables to state authorities	46.1	46.2	69.1	59.2
4. Payable to employees	—	0.0	0.0	4.4
5. Short-term acrrued expenses	1.2	0.4	6.5	6.5
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	—	0.0	0.0	0.0
9. Other short-term payables	5.8	5.7	1.0	0.8
10. Short-term borrowings and financial leases	92.0	80.5	55.5	52.3
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	0.7	1.0	1.4	1.8
1. Long-term trade payables	—	0.0	0.0	0.0
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	—	0.2	0.7	1.2
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
12. Provision for long-term liabilities	0.7	0.7	0.7	0.6
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)	1,188.9	1,191.2	1,179.2	1,167.6
I. Owner's equity	1,188.9	1,191.2	1,179.2	1,167.6
1. Owner's capital	1,179.0	1,179.0	1,179.0	1,179.0
- Common stock with voting right	1,179,000,000,000.00	1,179,000,000,000.00	1,179,000,000,000.00	1,179,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0
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	9.9	12.2	0.2	-11.4
- Accumulated retained earning at the end of the previous period	12.2	0.2	-11.4	-113.3
- Undistributed earnings in this period	-2.3	11.9	11.6	101.9
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)	1,450.4	1,455.2	1,324.1	1,297.5

Item	2025	2024	2023	2022
Profit Before Tax	—	21.1	15.2	110.2
Depreciation of Fixed Assets and Investment Property	—	61.8	75.4	65.1
Provision (Increase)/Reversal	—	0.0	0.0	2.9
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	-0.0	-0.0
Gain/Loss from Investment Activities	—	-9.1	-7.6	-0.6
Interest Expense	—	2.7	2.5	3.5
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	—	76.5	85.4	181.1
Increase/(Decrease) in Receivables	—	-77.6	183.9	-206.3
Increase/(Decrease) in Inventory	—	106.9	-35.3	200.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	13.5	-61.4	-62.1
Increase/(Decrease) in Prepaid Expenses	—	-12.8	-21.0	-51.8
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	-2.7	-2.5	-3.6
Corporate Income Tax Paid	-9.1	-11.9	0.0	0.0
Other Operating Receipts	85.5	0.0	0.0	0.0
Other Operating Payments	-91.7	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-16.0	91.9	149.1	57.2
Payments for Fixed Assets and Other Long-term Assets	—	-94.2	-10.9	-49.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.6	0.0
Loans and Purchases of Debt Instruments	—	-55.6	-197.5	-2.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	74.2	168.0	46.5
Investments in Other Entities	—	-75.5	-85.8	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	—	12.6	1.2	0.2
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	3.4	-138.4	-124.4	-5.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	192.1	152.8	107.0	159.9
Repayment of Borrowings	-180.5	-127.7	-103.9	-209.3
Repayment of Finance Leases	-0.4	-0.5	-0.4	-0.5
Dividends Paid	—	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	11.2	24.6	2.7	-49.9
Net Cash Flow During the Period	-1.4	-22.0	27.4	2.3
Cash and Cash Equivalents at Beginning of Period	8.7	30.7	3.3	1.0
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	7.3	8.7	30.7	3.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q4'22
Revenue	197.3	108.0	244.9	288.6	203.1	447.7	332.2	281.2	104.5	97.7	45.5	386.2
Revenue Deductions	—	—	—	0.1	—	0.4	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	197.3	108.0	244.9	288.5	203.1	447.3	332.2	281.2	104.5	97.7	45.5	386.2
Cost of Goods Sold	190.3	112.7	236.8	281.9	181.3	429.0	320.9	273.3	87.9	82.7	24.1	265.6
Gross Profit	7.0	-4.7	8.0	6.5	21.8	18.3	11.3	7.9	16.6	15.0	21.4	120.6
Financial Income	1.3	1.5	1.9	0.2	0.1	2.9	1.6	2.0	1.2	0.2	3.8	0.2
Financial Expenses	1.0	0.9	2.2	2.7	0.7	0.8	0.6	0.8	0.5	0.7	0.7	0.7
Interest Expense	1.0	0.9	2.2	2.7	0.7	0.8	0.6	0.8	0.0	0.7	0.7	0.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.3	0.6	0.6	0.9	0.9	1.3	1.0	0.8	0.4	0.7	1.7	7.7
General and Administrative Expenses	2.9	2.4	2.9	2.8	3.7	4.8	2.7	3.8	8.0	9.2	8.0	8.1
Operating Profit	3.1	-7.1	4.2	0.3	16.6	14.3	8.6	4.5	8.9	4.5	14.9	104.3
Other Income	—	1.0	—	0.8	—	13.3	0.0	5.6	4.2	0.4	11.0	2.4
Other Expenses	—	8.8	3.8	0.8	0.1	18.1	1.8	3.0	10.4	4.0	10.2	6.1
Other Profit	—	-7.8	-3.8	-0.0	-0.1	-4.7	-1.7	2.6	-6.3	-3.6	0.8	-3.7
Profit Before Tax	3.1	-14.9	0.4	0.2	16.5	9.5	6.8	7.0	2.6	0.9	15.7	100.6
Current Income Tax Expense	0.6	-1.3	0.3	0.2	3.3	3.2	1.7	1.4	1.9	0.7	3.1	8.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.5	-13.6	0.1	0.0	13.2	6.3	5.1	5.6	0.8	0.3	12.5	92.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.5	-13.6	0.1	0.0	13.2	6.3	5.1	5.6	0.8	0.3	12.5	92.2
Earnings per Share	21.00	-115.00	1.00	0.18	112.00	53.00	43.00	48.00	7.00	2.00	106.00	782.00
Diluted EPS	21.03	-115.39	0.54	0.18	112.04	53.40	43.41	47.54	6.60	2.31	106.18	782.22

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q4'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	504.8	427.5	513.1	412.4	441.6	423.9	478.2	418.4	328.8	449.3	562.5	498.3
I. Cash and cash equivalents	9.2	7.3	0.9	8.2	0.3	8.7	9.7	18.8	21.5	30.5	9.9	3.3
1. Cash	9.2	7.3	0.9	8.2	0.3	4.6	5.6	14.7	17.4	1.4	5.9	0.8
2. Cash equivalents	—	—	—	—	—	4.1	4.1	4.1	4.1	29.1	4.1	2.5
II. Short-term financial investments	—	—	—	11.6	4.1	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	—	—	—	11.6	4.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	443.2	404.8	471.7	365.3	397.1	389.9	403.2	269.8	186.8	280.9	439.9	401.2
1. Short-term trade accounts receivable	228.7	235.0	350.5	255.9	258.3	255.7	185.2	101.2	39.9	59.2	27.1	215.3
2. Short-term prepayments to suppliers	132.0	155.1	53.3	61.1	133.4	114.9	92.4	115.2	105.5	167.5	197.3	239.9
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	—	—	52.6	44.2	2.3	10.9	117.6	48.0	38.0	25.9	191.6	0.0
6. Other short-term receivables	82.4	14.7	15.3	4.0	3.0	8.4	8.1	5.4	3.4	32.7	23.9	1.9
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	-0.0	-0.0	-4.3	0.0	-55.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	46.3	14.9	38.6	27.0	39.7	24.2	65.3	129.8	120.4	137.9	111.6	93.8
1. Inventories	46.3	14.9	38.6	27.0	39.7	24.2	65.3	129.8	120.4	137.9	111.6	93.8
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	6.2	0.5	1.9	0.4	0.5	1.0	0.0	0.0	0.0	0.0	1.1	0.0
1. Short-term prepayments	6.2	0.5	1.9	0.4	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	—	1.0	0.0	0.0	0.0	0.0	1.1	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,009.0	1,022.9	1,023.3	1,031.1	1,025.9	1,038.9	949.1	912.2	968.7	913.7	845.2	799.2
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	72.6	78.9	91.5	78.9
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	72.6	78.9	76.5	78.9
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	15.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	699.5	709.1	723.0	728.9	749.2	531.2	537.9	554.6	556.5	686.1	602.2	653.8
1. Tangible fixed assets	698.3	707.8	721.7	727.4	747.7	529.6	536.2	552.8	554.6	684.1	600.1	651.5
- Cost	1,343.2	—	—	—	—	1,093.7	1,104.9	1,103.9	1,087.9	1,206.3	1,103.6	1,100.1
- Accumulated depreciation	-644.9	—	—	—	—	-564.1	-568.7	-551.0	-533.3	-522.1	-503.5	-448.6
2. Financial leased fixed assets	1.1	1.2	1.3	1.3	1.4	1.5	1.6	1.7	1.8	1.9	1.9	2.2
- Cost	2.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
- Cost	0.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	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	56.7	57.8	43.1	41.0	16.3	238.0	146.6	103.4	92.9	0.2	87.7	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	56.7	57.8	43.1	41.0	16.3	238.0	146.6	103.4	92.9	0.2	87.7	0.0
V. Long-term financial investments	161.3	161.3	161.3	161.3	161.3	161.3	161.3	161.3	161.3	85.8	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	161.3	161.3	161.3	161.3	161.3	161.3	161.3	161.3	161.3	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	85.8	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	91.6	94.8	95.9	99.9	99.1	108.4	103.3	92.8	85.4	62.8	63.9	66.5
1. Long-term prepayments	91.6	94.8	95.9	99.9	99.1	108.4	103.3	92.8	85.4	62.8	63.9	66.5
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,513.9	1,450.4	1,536.4	1,443.6	1,467.5	1,462.7	1,427.2	1,330.6	1,297.5	1,363.0	1,407.7	1,297.5
A. LIABILITIES (300=210+330)	319.9	261.5	333.9	239.0	259.8	265.7	236.5	144.8	117.4	182.7	226.8	129.9
I. Short -term liabilities	319.2	260.8	333.2	238.3	259.1	264.2	235.1	143.5	116.1	181.2	225.3	128.1
1. Short-term trade accounts payable	171.1	114.9	169.4	68.7	108.9	135.0	98.8	31.5	5.1	2.4	12.2	4.6
2. Short-term advances from customers	0.0	0.9	0.9	1.1	0.9	0.1	19.6	0.1	3.6	45.4	76.7	0.2
3. Taxes and other payables to state authorities	49.9	46.1	59.4	57.0	53.7	42.9	31.0	36.2	44.4	70.5	78.8	59.2
4. Payable to employees	0.6	—	—	—	7.6	0.0	4.6	0.0	0.0	0.0	0.0	4.4
5. Short-term acrrued expenses	1.0	1.2	2.8	8.7	5.6	5.6	5.6	6.4	6.4	6.5	6.4	6.5
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	6.5	5.8	12.6	7.2	2.1	0.6	1.2	1.2	1.2	1.0	1.1	0.8
10. Short-term borrowings and financial leases	90.1	92.0	88.0	95.5	80.4	80.1	74.3	68.0	55.3	55.4	50.1	52.3
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	0.7	0.7	0.7	0.7	0.7	1.4	1.4	1.4	1.4	1.5	1.5	1.8
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.7	0.7	0.7	0.7	0.8	0.8	1.2
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.7	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.0	0.6	0.6
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,193.9	1,188.9	1,202.5	1,204.6	1,207.7	1,197.1	1,190.8	1,185.8	1,180.0	1,180.4	1,181.0	1,167.6
I. Owner's equity	1,193.9	1,188.9	1,202.5	1,204.6	1,207.7	1,197.1	1,190.8	1,185.8	1,180.0	1,180.4	1,181.0	1,167.6
1. Owner's capital	1,179.0	1,179.0	1,179.0	1,179.0	1,179.0	1,179.0	1,179.0	1,179.0	1,179.0	1,179.0	1,179.0	1,179.0
- Common stock with voting right	1,179,000,000,000.00	1,179,000,000,000.00	1,179,000,000,000.00	1,179,000,000,000.00	1,179,000,000,000.00	1,179,000,000,000.00	1,179,000,000,000.00	1,179,000,000,000.00	1,179,000,000,000.00	1,179,000,000,000.00	1,179,000,000,000.00	1,179,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	14.9	9.9	23.5	25.6	28.7	18.1	11.8	6.8	1.0	1.4	2.0	-11.4
- Accumulated retained earning at the end of the previous period	12.2	12.2	12.2	12.2	0.2	0.0	0.0	0.0	0.0	-11.4	-11.4	-113.3
- Undistributed earnings in this period	2.8	-2.3	11.3	13.4	28.5	18.1	11.8	6.8	1.0	12.8	13.4	101.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,513.9	1,450.4	1,536.4	1,443.6	1,467.5	1,462.7	1,427.2	1,330.6	1,297.5	1,363.0	1,407.7	1,297.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q4'22
Profit Before Tax	—	—	—	14.4	—	0.0	-9.7	7.1	2.6	15.2	0.0	110.2
Depreciation of Fixed Assets and Investment Property	—	—	—	33.7	—	0.0	-35.4	17.8	17.6	75.4	0.0	65.1
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	2.9
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	-0.0	—	0.0	-0.0	0.0	0.0	-0.0	0.0	-0.0
Gain/Loss from Investment Activities	—	—	—	-0.3	—	0.0	3.2	-2.0	-1.2	-7.6	0.0	-0.6
Interest Expense	—	—	—	3.3	—	0.0	-1.3	0.8	0.5	2.5	0.0	3.5
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	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	51.1	—	0.0	-43.1	23.6	19.5	85.4	0.0	181.1
Increase/(Decrease) in Receivables	—	—	—	37.9	—	0.0	-77.6	1.9	75.7	183.9	0.0	-206.3
Increase/(Decrease) in Inventory	—	—	—	-4.9	—	0.0	0.7	-9.4	8.7	-35.3	0.0	200.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	-44.0	—	0.0	30.5	-10.6	-20.0	-61.4	0.0	-62.1
Increase/(Decrease) in Prepaid Expenses	—	—	—	-0.9	—	0.0	5.3	-7.4	2.1	-21.0	0.0	-51.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	-3.3	—	0.0	1.4	-0.8	-0.6	-2.5	0.0	-3.6
Corporate Income Tax Paid	—	-9.1	—	-0.0	—	0.0	-2.9	0.0	-9.1	0.0	0.0	0.0
Other Operating Receipts	59.8	—	—	—	—	199.4	162.2	0.0	0.0	-0.0	0.0	-12.2
Other Operating Payments	-3.4	99.0	-133.9	—	-56.8	-195.2	-155.9	0.0	0.0	60.4	-60.4	70.2
Net Cash Flow from Operating Activities	70.5	82.2	-134.0	98.1	-62.3	-109.5	45.6	-2.6	76.4	-45.6	194.7	-113.8
Payments for Fixed Assets and Other Long-term Assets	—	—	—	-24.0	—	0.0	10.9	-3.0	-7.9	-10.9	0.0	-49.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.6	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	-51.4	—	0.0	103.5	-85.0	-18.5	-197.5	0.0	-2.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	18.0	—	0.0	-85.0	75.0	10.0	168.0	0.0	46.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	-75.5	-85.8	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	—	—	—	1.3	—	0.0	-6.5	0.0	6.5	1.2	0.0	0.2
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	-66.9	52.6	6.9	-64.6	8.6	102.7	-61.2	-13.0	-85.4	61.5	-185.9	-5.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	41.8	48.2	45.2	49.4	49.4	35.4	2.6	82.5	32.3	29.7	77.4	40.1
Repayment of Borrowings	-43.5	-96.7	—	-83.8	—	-29.4	3.8	-69.7	-32.3	-24.3	-79.6	-81.6
Repayment of Finance Leases	-0.1	-0.2	-0.1	-0.1	-0.1	0.0	0.2	-0.1	-0.2	-0.4	0.0	-0.5
Dividends Paid	—	—	—	—	—	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	-1.8	-132.5	129.0	-34.6	49.3	5.9	6.6	12.7	-0.2	4.9	-2.2	-42.0
Net Cash Flow During the Period	1.9	2.3	1.8	-1.1	-4.4	-0.9	-9.0	-2.9	-9.2	20.8	6.6	-160.9
Cash and Cash Equivalents at Beginning of Period	7.3	0.9	3.3	0.3	4.6	30.7	30.7	30.7	30.7	3.3	3.3	1.0
FX Difference from Revaluation	—	—	—	0.0	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	9.2	7.3	0.9	3.3	0.3	8.7	9.7	18.6	21.5	30.7	9.9	3.3

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AAH

What Is Changing

Drivers of AAH's profit

Financial Highlights

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What is driving the margin? ▼▼

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Is capital being deployed efficiently? ▼▼

Balance Sheet ●

Working Capital Efficiency ▼

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Leverage & Liquidity ▼▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow