ABR

Đầu tư Nhãn hiệu Việt ·HOSE ·2026Q1

▼ Slightly negative

Pre-tax profit relies materially on non-core sources Net financial result/PBT 51.23%

Price

12,700

Latest close

02 Jun 2026

P/E 17.89x

P/B 1.09x

EPS 710

BVPS 11,657

ROE 5.3%

ROA 4.3%

Profit Margin 55.4%

Asset Turnover 0.08x

Equity Mult. 1.25x

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

What Is Changing

On a TTM 2026Q1 basis, ABR is showing a few mildly positive signals versus the same period, though the magnitude is narrow — the growth momentum has held across consecutive periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 26bn
	                                
−32.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 14bn
	                                
−6.6%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    51.2%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	25.7	24.9	53.7	104.2	90.8
Growth	+3%	-54%	-48%	+15%	—
Net Income	14.9	19.7	31.0	29.4	19.0
Net Margin	58.09%	79.28%	57.72%	28.21%	20.97%

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	6.3	6.9	6.1	6.3	6.4	7.9	6.4	17.1	16.5	16.5	6.4	19.9
Growth	-8%	+13%	-2%	-2%	-20%	+25%	-63%	+4%	-0%	+160%	-68%	—
Net Income	2.4	6.0	2.5	3.3	3.7	4.6	3.1	3.8	4.8	0.0	5.8	15.4
Net Margin	37.42%	86.85%	40.90%	53.06%	57.77%	58.46%	48.68%	22.17%	28.94%	0.07%	90.60%	77.19%

Drivers of ABR's profit

TTM

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

Tax ↓ 2.9bn

Gross profit ↑ 0.6bn

Administrative expenses ↓ 0.2bn

Financial income ↓ 4.8bn

Other profit ↓ 0.5bn

TTM

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

Tax ↓ 0.5bn

Gross profit ↑ 0.3bn

Financial income ↓ 1.5bn

Other profit ↓ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.9% = 40.2% × 0.10 × 1.23

2026Q1 5.3% = 55.4% × 0.08 × 1.25

ROE is broadly flat at 5.3% — the components are offsetting one another.

Net margin: 55.4% +15.2pp Asset turnover: 0.08x -0.02x Leverage: 1.25x +0.02x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 55.42%, rising 15.2pp. Core operating signals are improving as Gross margin rose 32.0pp are enough to offset pressure from SG&A / Revenue rose 17.9pp (with lingering pressure from Other profit / Revenue fell 2.1pp and Net financial result / Revenue fell 0.8pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 55.42% +15.2pp

Gross Margin 94.38% +32.0pp

SG&A / Revenue 57.11% +17.9pp

Non-core / Revenue 34.25% −2.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 2.9pp, financial result still accounts for 54.6% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 57.27% +15.3pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.23x equity, with a net cash position equivalent to 0.18x equity.

Over the last 12 months, working capital absorbed 1.7bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +2.7bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −4.4bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Watchpoints

Receivables collection is slowing

DSO increased by +281.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 573.6 days +281.6 days

Inventory — —

Payables 7800.0 days +6974.8 days

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.18x and interest coverage at 69.02x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.18x —

Interest Coverage 69.02x +3.85x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -1.83x +2.38x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -26.7bn in 2025, against investing cash flow of 93.2bn.

Post-investment cash flow was positive +66.5bn. Financing cash flow was negative +80.0bn.

CFO / net income was -1.83x.

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 26.0bn +37.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 51.2%. The main offsetting support comes from operating efficiency, with net margin improving 15.2 pp.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 55.42% after expanding 15.2pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 51.2% of PBT and CFO / net income currently at -1.83x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	25.7	24.9	53.7	104.2	90.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	25.7	24.9	53.7	104.2	90.8
Cost of Goods Sold	1.7	3.4	20.4	51.1	0.0
Gross Profit	23.9	21.5	33.3	53.1	44.1
Financial Income	11.2	16.3	21.6	10.1	6.3
Financial Expenses	0.3	0.3	0.3	0.1	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.0	0.1	2.4	5.2	-5.6
General and Administrative Expenses	14.5	10.6	22.7	19.7	-19.4
Operating Profit	20.3	26.8	29.5	38.3	25.5
Other Income	—	0.0	11.9	0.4	0.0
Other Expenses	0.1	0.1	0.5	0.1	0.0
Other Profit	-0.1	-0.1	11.4	0.3	0.3
Profit Before Tax	20.1	26.7	40.9	38.6	25.8
Current Income Tax Expense	4.7	6.2	9.1	10.2	-6.8
Deferred Income Tax Expense	0.6	0.7	0.9	-1.0	0.0
Net Income	14.9	19.7	31.0	29.4	19.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	14.9	19.7	31.0	29.4	19.0
Earnings per Share	745.00	987.00	1,549.00	1,470.00	962.00
Diluted EPS	745.00	987.00	1,549.00	1,470.00	951.97

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	152.7	196.9	174.3	196.0	239.0
I. Cash and cash equivalents	32.8	46.3	3.4	21.4	49.3
1. Cash	6.5	4.3	2.4	20.9	0.0
2. Cash equivalents	26.3	42.0	1.0	0.5	0.0
II. Short-term financial investments	47.1	111.2	129.7	117.3	0.0
1. Available for sale securities	33.0	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
3. Held to maturity investments	14.1	111.2	129.7	117.3	0.0
III. Short-term receivables	72.8	39.3	39.6	55.9	44.2
1. Short-term trade accounts receivable	28.6	30.5	35.6	56.6	0.0
2. Short-term prepayments to suppliers	0.0	0.1	0.1	0.1	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	41.2	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.8	13.7	15.5	5.6	0.0
7. Provision for short-term doubtful debts (*)	-2.9	-5.0	-11.6	-6.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.4	0.4
1. Inventories	—	0.0	0.0	0.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	0.2	1.6	0.9	0.4
1. Short-term prepayments	0.1	0.0	0.0	0.2	0.0
2. Value added tax to be reclaimed	0.0	0.1	1.5	0.7	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	0.1	0.1	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	131.7	157.9	209.8	176.2	76.3
I. Long-term receivables	0.3	0.4	2.3	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.3	0.4	2.3	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.0	0.0	0.1	10.9	14.7
1. Tangible fixed assets	0.0	0.0	0.1	10.9	14.7
- Cost	0.4	0.4	0.4	19.0	0.0
- Accumulated depreciation	-0.4	-0.4	-0.4	-8.1	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	4.0	3.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	4.0	0.0
V. Long-term financial investments	102.6	121.9	164.2	109.9	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	87.6	115.8	107.8	109.9	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	15.0	6.1	56.4	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	28.7	35.5	43.3	51.3	0.0
1. Long-term prepayments	2.1	1.4	1.7	2.0	0.0
2. Deferred income tax assets	—	0.6	1.3	2.1	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	57.7
5. Goodwill	26.6	33.5	40.3	47.2	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	284.3	354.8	384.1	372.2	315.3
A. LIABILITIES (300=210+330)	53.6	58.9	67.9	87.0	59.8
I. Short -term liabilities	46.6	46.9	50.6	82.4	55.8
1. Short-term trade accounts payable	29.6	30.5	33.1	54.1	38.3
2. Short-term advances from customers	1.0	1.0	1.1	1.1	1.5
3. Taxes and other payables to state authorities	1.1	2.1	2.1	3.4	0.0
4. Payable to employees	0.5	0.8	0.8	2.4	0.0
5. Short-term acrrued expenses	4.1	4.4	4.6	12.4	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	6.7	6.6	6.4	6.4	0.1
9. Other short-term payables	3.5	1.5	2.5	2.6	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	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	7.0	12.0	17.3	4.6	4.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	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	3.6	8.3	13.1	0.0	0.0
7. Other long-term liabilities	3.4	3.7	4.2	4.6	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	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	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)	230.8	295.9	316.1	285.2	255.5
I. Owner's equity	230.8	295.9	316.1	285.2	0.0
1. Owner's capital	200.0	200.0	200.0	200.0	255.5
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	30.8	95.9	116.1	85.2	55.5
- Accumulated retained earning at the end of the previous period	15.9	76.1	85.2	55.8	49.7
- Undistributed earnings in this period	14.9	19.7	31.0	29.4	5.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	284.3	354.8	384.1	372.2	315.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	20.1	26.7	40.9	38.6	25.8
Depreciation of Fixed Assets and Investment Property	6.9	6.9	7.9	10.7	9.9
Provision (Increase)/Reversal	-2.1	-6.6	5.2	0.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-11.2	-16.3	-32.8	-10.1	0.0
Interest Expense	—	0.0	0.0	0.0	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	13.7	10.7	21.2	40.0	31.1
Increase/(Decrease) in Receivables	3.2	6.7	19.9	-11.8	0.0
Increase/(Decrease) in Inventory	—	0.0	0.3	-0.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.4	-9.1	-17.9	27.3	0.0
Increase/(Decrease) in Prepaid Expenses	-0.7	0.2	0.5	0.2	0.0
Changes in Trading Securities	-33.0	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-5.6	-6.2	-10.3	-7.2	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	-26.7	2.4	13.8	48.4	14.2
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-0.2	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	25.0	0.0	0.0
Loans and Purchases of Debt Instruments	-189.8	-129.0	-214.1	-160.2	-39.1
Receipts from Loan Repayments and Sale of Debt Instruments	235.8	197.8	145.3	188.9	38.3
Investments in Other Entities	-45.7	-12.7	0.0	-109.9	-63.0
Proceeds from Investments in Other Entities	73.9	4.7	1.6	0.0	0.0
Dividends and Interest Income Received	19.0	19.7	10.3	5.1	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	93.2	80.5	-31.9	-76.2	-61.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-80.0	-40.0	0.0	0.0	0.0
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	-80.0	-40.0	0.0	0.0	0.0
Net Cash Flow During the Period	-13.5	42.9	-18.0	-27.9	-68.4
Cash and Cash Equivalents at Beginning of Period	46.3	3.4	21.4	49.3	96.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	32.8	46.3	3.4	21.4	49.3

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	6.3	6.9	6.1	6.3	6.4	7.9	6.4	17.1	16.5	16.5	6.4	19.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	6.3	6.9	6.1	6.3	6.4	7.9	6.4	17.1	16.5	16.5	6.4	19.9
Cost of Goods Sold	0.1	0.4	0.5	0.5	0.4	2.1	0.5	11.2	10.8	11.2	0.5	11.7
Gross Profit	6.2	6.5	5.6	5.8	6.0	5.8	5.8	6.0	5.7	5.3	5.9	8.2
Financial Income	2.0	2.1	2.5	3.1	3.5	3.5	3.7	3.8	5.3	5.8	6.0	5.8
Financial Expenses	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	-0.0	0.0	1.1
General and Administrative Expenses	4.4	1.6	4.5	4.2	4.3	1.1	4.9	4.5	4.4	9.0	4.1	4.5
Operating Profit	3.7	7.0	3.6	4.6	5.0	8.2	4.5	5.2	6.4	2.0	7.7	8.2
Other Income	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	-0.0	25.6
Other Expenses	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	14.2
Other Profit	-0.5	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	11.4
Profit Before Tax	3.2	7.0	3.6	4.6	5.0	8.2	4.4	5.2	6.4	1.9	7.6	19.6
Current Income Tax Expense	0.8	0.9	1.1	1.3	1.3	3.0	1.3	1.4	1.6	1.9	1.9	4.3
Deferred Income Tax Expense	—	—	—	—	—	0.6	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.4	6.0	2.5	3.3	3.7	4.6	3.1	3.8	4.8	0.0	5.8	15.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.4	6.0	2.5	3.3	3.7	4.6	3.1	3.8	4.8	0.0	5.8	15.4
Earnings per Share	119.00	300.00	125.00	166.00	184.00	231.00	155.00	190.00	238.00	1.00	288.00	768.00
Diluted EPS	119.00	300.00	125.00	166.00	184.00	898.00	155.00	190.00	238.00	1.00	288.00	768.00

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)	133.1	152.7	181.2	191.5	246.3	114.0	97.3	102.6	165.3	174.3	178.2	203.1
I. Cash and cash equivalents	41.2	32.8	72.7	9.8	45.3	4.3	2.8	5.9	54.5	3.4	3.3	9.8
1. Cash	5.7	6.5	6.8	4.0	5.3	4.3	2.8	3.9	4.2	2.4	3.3	5.8
2. Cash equivalents	35.5	26.3	65.9	5.8	40.0	0.0	0.0	2.0	50.4	1.0	0.0	4.0
II. Short-term financial investments	47.3	48.1	52.3	70.6	72.2	78.5	78.8	73.0	96.2	129.7	136.7	152.8
1. Available for sale securities	—	33.0	33.0	—	—	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	47.3	15.1	19.3	70.6	72.2	78.5	78.8	73.0	96.2	129.7	136.7	152.8
III. Short-term receivables	44.3	71.7	55.9	110.9	128.6	31.0	15.2	22.9	13.2	39.7	36.7	40.3
1. Short-term trade accounts receivable	40.1	28.6	14.6	25.8	40.5	30.7	17.7	29.9	20.0	35.6	32.3	37.1
2. Short-term prepayments to suppliers	0.1	0.0	0.1	0.4	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.0
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	—	41.2	41.2	81.2	81.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	6.9	4.8	5.1	8.4	11.8	5.6	5.0	4.6	4.7	15.5	10.8	9.8
7. Provision for short-term doubtful debts (*)	-2.9	-2.9	-5.0	-5.0	-5.0	-5.3	-7.6	-11.6	-11.6	-11.5	-6.5	-6.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.3	0.1	0.3	0.2	0.3	0.2	0.4	0.8	1.4	1.6	1.6	0.2
1. Short-term prepayments	0.3	0.1	0.2	0.2	0.3	0.0	0.1	0.2	0.3	0.0	0.1	0.2
2. Value added tax to be reclaimed	0.0	0.0	0.1	0.0	0.0	0.1	0.2	0.5	1.0	1.5	1.4	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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)	164.0	132.2	125.6	125.2	121.9	240.0	238.9	239.8	230.3	210.7	201.7	193.6
I. Long-term receivables	0.6	0.3	0.8	0.6	1.0	8.5	7.0	5.5	4.1	2.3	1.7	0.7
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	0.6	0.3	0.8	0.6	1.0	8.5	7.0	5.5	4.1	2.3	1.7	0.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1
1. Tangible fixed assets	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1
- Cost	0.4	—	—	—	—	0.4	0.4	0.4	0.4	0.4	0.4	0.4
- Accumulated depreciation	-0.4	—	—	—	—	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.3
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	—	—	—	—	—	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	136.5	102.6	93.7	92.6	87.1	196.6	194.6	194.6	184.7	164.2	154.1	145.1
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	—	87.6	87.6	86.5	81.0	115.8	115.8	115.8	110.5	107.8	108.3	108.3
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	136.5	15.0	6.1	6.1	6.1	80.8	78.8	78.8	74.2	56.4	45.8	36.8
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	26.9	29.3	31.1	32.0	33.7	34.9	37.2	39.7	2.9	3.8	3.9	3.9
1. Long-term prepayments	2.1	2.1	2.2	1.4	1.4	1.4	1.5	1.5	1.6	1.7	1.7	1.8
2. Deferred income tax assets	—	0.6	0.6	0.6	0.6	0.0	0.6	1.3	1.3	2.1	2.1	2.1
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	24.9	26.6	28.3	30.0	31.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	33.5	35.2	36.9	38.6	40.3	42.1	43.8
TOTAL ASSETS (280=100+200)	297.1	284.9	306.8	316.7	368.2	354.0	336.2	342.5	395.6	385.0	379.9	396.8
A. LIABILITIES (300=210+330)	63.9	53.5	41.4	53.8	68.7	59.9	46.7	57.8	74.7	69.7	64.6	87.2
I. Short -term liabilities	58.2	46.6	33.2	44.4	57.9	47.9	33.4	43.1	58.6	52.3	45.9	62.2
1. Short-term trade accounts payable	30.5	29.6	5.3	5.6	31.0	30.5	5.0	5.0	33.1	33.1	14.0	16.9
2. Short-term advances from customers	1.0	1.0	1.0	1.0	1.0	1.1	1.1	1.1	1.1	1.1	1.2	1.2
3. Taxes and other payables to state authorities	0.9	1.1	1.2	1.4	1.2	2.9	1.2	1.4	0.4	3.8	2.0	4.6
4. Payable to employees	0.4	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.5	0.3	1.1
5. Short-term acrrued expenses	15.1	4.1	15.6	27.1	15.7	4.9	17.4	27.2	15.5	4.9	19.2	33.5
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	6.7	6.7	6.7	6.7	6.6	6.6	6.5	6.5	6.4	6.4	6.4	1.8
9. Other short-term payables	3.6	3.5	3.0	2.3	2.0	1.5	1.8	1.5	1.5	2.4	2.7	3.2
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	5.7	7.0	8.2	9.5	10.7	12.0	13.3	14.7	16.0	17.3	18.7	25.0
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	—	—	—	—	—	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	2.4	3.6	4.8	5.9	7.1	8.3	9.5	10.7	11.9	13.1	14.3	20.2
7. Other long-term liabilities	3.3	3.4	3.5	3.5	3.6	3.7	3.8	4.0	4.2	4.3	4.5	4.8
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
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)	233.1	231.4	265.4	262.9	299.6	294.1	289.5	284.7	320.9	315.3	315.3	309.5
I. Owner's equity	233.1	231.4	265.4	262.9	299.6	294.1	289.5	284.7	320.9	315.3	315.3	309.5
1. Owner's capital	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- 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	33.1	31.4	65.4	62.9	99.6	94.1	89.5	84.7	120.9	115.3	115.3	109.5
- Accumulated retained earning at the end of the previous period	30.8	25.4	62.9	59.6	95.9	89.5	86.4	80.9	116.1	115.3	109.5	94.2
- Undistributed earnings in this period	2.4	6.0	2.5	3.3	3.7	4.6	3.1	3.8	4.8	0.0	5.8	15.4
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)	297.1	284.9	306.8	316.7	368.2	354.0	336.2	342.5	395.6	385.0	379.9	396.8

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	3.2	4.6	5.9	4.6	5.0	31.4	-13.7	7.3	6.4	-1.6	11.1	19.6
Depreciation of Fixed Assets and Investment Property	1.7	5.2	-1.7	1.7	1.7	1.8	-3.5	1.7	1.7	5.2	-1.7	1.8
Provision (Increase)/Reversal	—	-2.1	—	—	—	0.0	4.0	-4.0	0.0	5.1	-0.0	0.1
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.6	-2.1	-2.5	-3.1	-3.5	-16.3	9.1	-3.9	-5.2	-5.3	-6.0	-17.4
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	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	3.3	5.6	1.7	3.2	3.2	16.9	-4.1	1.2	2.9	3.3	3.3	4.1
Increase/(Decrease) in Receivables	-12.4	-13.8	12.6	16.3	-11.9	5.5	-6.5	-16.9	23.4	-2.9	2.2	6.9
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	10.5	11.2	-11.2	-15.0	10.6	-48.9	7.7	-16.1	8.3	0.7	-17.6	21.3
Increase/(Decrease) in Prepaid Expenses	-0.1	0.2	-0.8	0.1	-0.2	0.2	-0.0	0.2	-0.2	0.2	0.1	0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.0	-1.1	-1.2	-1.1	-2.2	-6.2	3.6	-0.3	-3.2	-0.2	-4.2	-2.4
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	0.4	-30.9	1.1	3.5	-0.4	-32.4	0.8	-32.0	31.2	1.1	-16.1	30.4
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-25.5	25.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	3.0	173.6	-151.5
Loans and Purchases of Debt Instruments	-0.9	-22.8	-13.8	-10.0	-143.2	-338.1	84.0	59.4	-143.4	-10.6	-285.1	203.3
Receipts from Loan Repayments and Sale of Debt Instruments	8.0	-10.1	104.0	6.1	135.8	356.9	-118.3	-38.1	156.4	7.0	138.4	-109.2
Investments in Other Entities	—	—	—	—	—	0.0	12.7	-12.7	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	73.9	—	—	—	0.0	-4.7	4.7	0.0	1.6	0.0	-0.2
Dividends and Interest Income Received	1.0	-37.3	44.7	4.9	6.8	54.5	-17.0	10.1	6.9	-2.0	8.2	-0.9
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	8.1	-9.0	101.9	1.0	-0.6	73.3	-43.3	23.4	20.0	-1.0	9.6	-33.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-40.0	-40.0	—	-40.0	40.0	-40.0	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	—	0.0	-40.0	-40.0	—	-40.0	40.0	-40.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	8.4	-40.0	63.0	-35.5	-1.0	0.9	-2.6	-48.6	51.2	0.1	-6.5	-2.8
Cash and Cash Equivalents at Beginning of Period	32.8	72.7	9.8	45.3	46.3	3.4	0.0	3.4	3.4	21.4	21.4	21.4
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	41.2	32.8	72.7	9.8	45.3	4.3	0.0	5.9	54.5	3.4	3.3	9.8

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ABR

What Is Changing

Drivers of ABR's profit

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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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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