ADP

Sơn Á Đông ·HOSE ·2026Q1

● Maintaining

Price

22,500

Latest close

02 Jun 2026

P/E 7.38x

P/B 1.85x

EPS 3,050

BVPS 12,184

ROE 24.4%

ROA 19.1%

Profit Margin 11.6%

Asset Turnover 1.65x

Equity Mult. 1.28x

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

What Is Changing

On a TTM 2026Q1 basis, ADP is in an offsetting state — revenue softened slightly but margins improved — profit momentum has been slowing across consecutive periods. What is still missing is a signal strong enough to tilt this picture clearly in either direction.

	                            
	                                TTM REVENUE
	                            
	                                    VND 605bn
	                                
−29.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 70bn
	                                
−16.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	651.8	817.9	516.2	587.4	414.6
Growth	-20%	+58%	-12%	+42%	—
Net Income	76.5	85.3	58.9	40.0	49.6
Net Margin	11.73%	10.43%	11.42%	6.82%	11.97%

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	154.4	135.2	140.1	175.7	200.8	191.6	214.5	245.4	166.3	168.3	152.0	87.6
Growth	+14%	-3%	-20%	-13%	+5%	-11%	-13%	+48%	-1%	+11%	+74%	—
Net Income	15.8	19.0	12.8	22.6	22.0	16.3	18.4	27.7	22.5	21.9	19.4	8.3
Net Margin	10.26%	14.09%	9.12%	12.86%	10.97%	8.49%	8.59%	11.30%	13.54%	13.04%	12.77%	9.44%

Drivers of ADP's profit

TTM

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

Administrative expenses ↓ 16.0bn

Selling expenses ↓ 5.6bn

Tax ↓ 3.4bn

Gross profit ↓ 38.8bn

TTM

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

Tax ↓ 1.5bn

Selling expenses ↓ 1.2bn

Gross profit ↓ 9.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 28.0% = 9.9% × 2.14 × 1.32

2026Q1 24.4% = 11.6% × 1.65 × 1.28

ROE fell from 28.0% to 24.4% — asset turnover weakened the most, though net margin still provided support.

Net margin: 11.6% +1.7pp Asset turnover: 1.65x -0.50x Leverage: 1.28x -0.04x

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 11.61%, rising 1.7pp. The main driver is Gross margin rose 1.2pp and SG&A / Revenue fell 0.8pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 0.1pp remained a drag).

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

Profitability trend

Net Margin 11.61% +1.7pp

Gross Margin 19.72% +1.2pp

SG&A / Revenue 5.87% −0.8pp

TTM YoY · 2025Q1 -> 2026Q1

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 11.70% +1.8pp

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 0.31x equity, with a net cash position equivalent to 0.04x equity.

Inventory ended the period at 120.5bn, roughly 34.7% of total assets.

Over the last 12 months, working capital released 4.9bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −3.3bn

Inventories decreased → higher CFO: +27.7bn

Payables decreased → lower CFO: −19.4bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 27.1 days versus the same period last year. The main moves came from DIO rose 20.3 days, DSO rose 13.0 days, and DPO rose 6.2 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 94.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +13.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 45.1 days +13.0 days

Inventory 96.7 days +20.3 days

Payables 47.4 days +6.2 days

Cash Conversion Cycle 94.3 days +27.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 91.5bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.04x and interest coverage at 41.62x.

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 -0.04x —

Interest Coverage 41.62x −47.70x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.31x +1.31x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 91.5bn in 2025, against investing cash flow of -26.7bn.

Post-investment cash flow was positive +64.9bn. Financing cash flow was negative +59.1bn.

CFO / net income was 1.31x.

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 92.0bn +92.0bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is operating efficiency, with net margin improving 1.7 pp. The next item to monitor is capital efficiency.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 11.61% after expanding 1.7pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	653.3	821.2	519.1	589.1	416.4
Revenue Deductions	1.5	3.3	2.9	1.7	0.0
Net Revenue	651.8	817.9	516.2	587.4	414.6
Cost of Goods Sold	523.0	658.3	416.7	498.2	0.0
Gross Profit	128.7	159.5	99.5	89.2	91.6
Financial Income	7.2	6.2	11.3	8.6	6.2
Financial Expenses	2.2	1.1	1.2	0.6	-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	15.1	18.7	15.4	22.9	-18.0
General and Administrative Expenses	22.1	39.0	20.4	23.8	-17.4
Operating Profit	96.6	106.9	73.8	50.4	62.3
Other Income	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.7	0.1	0.0	0.1	0.0
Other Profit	-0.7	-0.1	-0.0	-0.1	-0.2
Profit Before Tax	95.9	106.8	73.8	50.3	62.1
Current Income Tax Expense	19.5	21.5	14.9	10.3	-12.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	76.5	85.3	58.9	40.0	49.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	76.5	85.3	58.9	40.0	49.6
Earnings per Share	3,319.00	3,703.00	2,558.00	1,738.00	2,801.00
Diluted EPS	3,319.00	3,703.00	2,558.00	1,738.00	2,153.50

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	317.1	318.2	338.7	308.0	270.7
I. Cash and cash equivalents	15.5	9.8	18.5	10.7	10.6
1. Cash	15.5	9.8	18.5	10.7	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	134.0	102.0	130.0	140.0	0.0
1. Available for sale securities	—	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	134.0	102.0	130.0	140.0	0.0
III. Short-term receivables	46.8	68.6	65.3	82.4	58.5
1. Short-term trade accounts receivable	45.8	68.3	63.5	80.3	0.0
2. Short-term prepayments to suppliers	0.0	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.8	1.1	1.9	2.1	0.0
7. Provision for short-term doubtful debts (*)	-0.7	-0.8	-0.1	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	120.5	137.2	124.2	74.3	71.6
1. Inventories	120.5	137.2	124.2	74.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.6	0.6	0.5	0.0
1. Short-term prepayments	0.2	0.6	0.6	0.5	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	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)	30.6	37.2	42.7	50.5	60.2
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	30.6	37.2	42.6	50.4	60.2
1. Tangible fixed assets	15.0	21.2	26.1	33.4	42.8
- Cost	141.1	140.9	139.1	139.5	0.0
- Accumulated depreciation	-126.1	-119.7	-113.0	-106.1	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	15.5	16.0	16.5	17.0	17.5
- Cost	24.2	24.2	24.2	24.2	0.0
- Accumulated depreciation	-8.7	-8.2	-7.8	-7.3	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	0.1	0.1	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.1	0.1	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	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	—	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
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	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	0.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	347.6	355.4	381.3	358.5	330.9
A. LIABILITIES (300=210+330)	82.8	83.0	94.1	84.2	52.9
I. Short -term liabilities	82.8	83.0	94.1	84.2	52.9
1. Short-term trade accounts payable	43.2	55.8	74.3	60.6	36.6
2. Short-term advances from customers	0.1	0.4	0.3	0.1	0.1
3. Taxes and other payables to state authorities	9.0	9.7	8.6	7.4	0.0
4. Payable to employees	11.1	16.5	9.8	15.0	0.0
5. Short-term acrrued expenses	—	0.0	0.1	0.0	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	19.4	0.6	1.1	1.0	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	0.1	0.1	0.1	0.1	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	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	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)	264.9	272.4	287.2	274.3	278.1
I. Owner's equity	264.9	272.4	287.2	274.3	0.0
1. Owner's capital	230.4	230.4	230.4	230.4	278.1
- Common stock with voting right	230,398,500,000.00	230,398,500,000.00	230,398,500,000.00	230,398,500,000.00	230,398,500,000.00
- 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	7.2	7.2	7.2	7.2	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	27.3	34.7	49.6	36.7	47.7
- Accumulated retained earning at the end of the previous period	1.5	0.1	22.0	22.0	22.7
- Undistributed earnings in this period	25.8	34.6	27.6	14.7	25.0
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)	347.6	355.4	381.3	358.5	330.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	95.9	106.8	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	7.3	7.2	0.0	0.0	0.0
Provision (Increase)/Reversal	-0.1	0.7	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-6.6	-5.3	0.0	0.0	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	96.5	109.5	0.0	0.0	0.0
Increase/(Decrease) in Receivables	22.5	-4.7	0.0	0.0	0.0
Increase/(Decrease) in Inventory	16.7	-13.1	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-21.7	-16.7	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.4	-0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-19.6	-20.8	-11.9	-13.5	0.0
Other Operating Receipts	—	0.0	6.7	4.7	0.0
Other Operating Payments	-3.3	-2.2	-54.6	-85.8	0.0
Net Cash Flow from Operating Activities	91.5	52.0	43.7	38.1	73.1
Payments for Fixed Assets and Other Long-term Assets	-0.7	-1.7	-0.3	-1.7	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-277.5	-214.0	0.0	0.0	-37.0
Receipts from Loan Repayments and Sale of Debt Instruments	245.5	242.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	6.0	6.1	8.4	5.4	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	-26.7	32.3	8.1	3.7	-32.6
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	—	6.7	0.0	3.0	0.6
Repayment of Borrowings	—	-6.7	0.0	-3.0	-8.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-59.1	-93.1	-44.0	-41.6	-37.9
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	-59.1	-93.1	-44.0	-41.6	-45.9
Net Cash Flow During the Period	5.7	-8.8	7.8	0.2	5.5
Cash and Cash Equivalents at Beginning of Period	9.8	18.5	10.7	10.6	15.9
FX Difference from Revaluation	—	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	15.5	9.8	18.5	10.7	10.6

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	154.6	135.6	140.3	176.1	201.3	192.8	215.8	246.0	166.6	169.3	152.8	88.0
Revenue Deductions	0.3	0.4	0.3	0.4	0.4	1.2	1.3	0.5	0.3	1.0	0.8	0.5
Net Revenue	154.4	135.2	140.1	175.7	200.8	191.6	214.5	245.4	166.3	168.3	152.0	87.6
Cost of Goods Sold	124.9	105.0	114.6	141.5	162.0	158.9	178.3	194.9	128.4	134.5	120.0	72.6
Gross Profit	29.5	30.2	25.5	34.2	38.8	32.6	36.2	50.5	38.0	33.8	32.0	14.9
Financial Income	0.5	3.8	0.4	2.5	0.5	2.7	1.2	1.5	0.8	4.9	2.0	3.0
Financial Expenses	0.2	0.0	0.0	1.9	0.2	0.2	0.2	0.6	0.1	0.6	0.0	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	3.9	3.8	3.5	2.6	5.2	5.2	4.4	4.6	3.7	4.6	3.6	2.8
General and Administrative Expenses	6.0	5.9	6.0	3.9	6.4	9.5	9.7	12.1	6.9	6.0	6.1	4.7
Operating Profit	19.9	24.3	16.4	28.3	27.5	20.5	23.1	34.7	28.2	27.4	24.3	10.3
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.1	-0.3	-0.3	0.0	-0.0	-0.0	-0.0	-0.0	0.0	0.0	-0.0	0.0
Profit Before Tax	19.8	24.0	16.1	28.3	27.5	20.5	23.0	34.7	28.2	27.4	24.3	10.3
Current Income Tax Expense	4.0	4.9	3.3	5.7	5.5	4.3	4.6	6.9	5.6	5.5	4.9	2.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	15.8	19.0	12.8	22.6	22.0	16.3	18.4	27.7	22.5	21.9	19.4	8.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	15.8	19.0	12.8	22.6	22.0	16.3	18.4	27.7	22.5	21.9	19.4	8.3
Earnings per Share	687.00	827.00	555.00	981.00	957.00	706.00	800.00	1,204.00	978.00	953.00	842.00	359.00
Diluted EPS	687.00	827.00	555.00	981.00	957.00	705.69	800.00	1,204.00	978.00	953.00	842.00	359.00

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)	314.5	317.1	307.4	307.9	357.0	318.2	320.0	369.9	361.7	338.0	315.9	264.0
I. Cash and cash equivalents	12.0	15.5	21.9	11.4	24.1	9.8	10.4	24.5	27.9	18.5	29.2	12.5
1. Cash	—	—	—	11.4	24.1	9.8	10.4	24.5	27.9	18.5	29.2	12.5
2. Cash equivalents	12.0	15.5	21.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	121.0	134.0	135.0	122.0	107.0	102.0	97.0	97.0	117.0	130.0	126.0	111.0
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	121.0	134.0	135.0	122.0	107.0	102.0	97.0	97.0	117.0	130.0	126.0	111.0
III. Short-term receivables	71.4	46.8	50.8	51.9	77.5	68.6	70.8	109.7	73.3	64.7	64.1	44.1
1. Short-term trade accounts receivable	71.5	45.9	50.8	51.2	77.9	68.3	71.5	110.1	71.8	63.5	64.5	43.9
2. Short-term prepayments to suppliers	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.9	0.0	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	—	1.8	0.6	1.5	0.4	1.1	0.1	0.1	0.8	1.9	0.3	0.2
7. Provision for short-term doubtful debts (*)	0.7	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.5	-0.1	-0.8	-0.8	-0.0
8. Assets awaiting resolution	-0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	109.6	120.5	98.6	121.9	147.8	137.2	140.9	138.0	142.7	124.2	95.2	94.7
1. Inventories	109.6	120.5	98.6	121.9	147.8	137.2	140.9	138.0	142.7	124.2	95.2	94.7
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	0.5	0.2	1.2	0.8	0.5	0.6	0.8	0.7	0.7	0.6	1.3	1.6
1. Short-term prepayments	0.5	0.2	0.6	0.7	0.5	0.6	0.8	0.7	0.7	0.6	1.3	1.6
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	0.6	0.0	—	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)	28.3	30.6	32.3	34.1	35.7	37.2	38.0	39.5	41.0	42.7	44.5	46.4
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	28.3	30.6	32.3	34.1	35.4	37.2	37.6	39.1	40.9	42.6	44.5	46.4
1. Tangible fixed assets	12.9	15.0	16.7	18.3	19.5	21.2	21.5	22.9	24.5	26.1	27.8	29.6
- Cost	141.1	—	—	—	—	140.9	139.5	139.3	139.3	139.1	139.1	139.8
- Accumulated depreciation	-128.3	—	—	—	—	-119.7	-118.1	-116.4	-114.8	-113.0	-111.2	-110.1
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	15.4	15.5	15.6	15.8	15.9	16.0	16.1	16.2	16.4	16.5	16.6	16.7
- Cost	24.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-8.9	—	—	—	—	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	0.3	0.0	0.4	0.4	0.1	0.1	0.1	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	0.3	0.0	0.4	0.4	0.1	0.1	0.1	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	—	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	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	342.8	347.6	339.8	342.0	392.6	355.4	357.9	409.3	402.6	380.7	360.4	310.3
A. LIABILITIES (300=210+330)	62.1	82.8	59.4	58.2	98.2	83.0	86.1	139.8	92.9	93.9	81.4	50.7
I. Short -term liabilities	62.1	82.8	59.4	58.2	98.2	83.0	86.1	139.8	92.9	93.9	81.4	50.7
1. Short-term trade accounts payable	47.9	43.2	33.5	34.3	78.3	55.8	48.2	94.0	78.4	74.3	58.8	34.2
2. Short-term advances from customers	0.3	0.1	0.1	1.2	0.8	0.4	0.9	0.3	0.1	0.3	0.0	0.2
3. Taxes and other payables to state authorities	6.7	9.0	13.5	12.9	7.4	9.7	20.0	13.7	7.0	8.2	10.2	5.1
4. Payable to employees	6.2	11.1	10.8	8.7	11.0	16.5	14.6	12.1	6.2	9.9	11.4	10.1
5. Short-term acrrued expenses	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
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	0.8	19.4	1.3	1.1	0.7	0.6	2.2	19.7	1.2	1.1	0.8	1.1
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	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
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)	280.7	264.9	280.4	283.7	294.4	272.4	271.9	269.6	309.7	286.8	279.0	259.6
I. Owner's equity	280.7	264.9	280.4	283.7	294.4	272.4	271.9	269.6	309.7	286.8	279.0	259.6
1. Owner's capital	230.4	230.4	230.4	230.4	230.4	230.4	230.4	230.4	230.4	230.4	230.4	230.4
- Common stock with voting right	230,398,500,000.00	230,398,500,000.00	230,398,500,000.00	230,398,500,000.00	230,398,500,000.00	230,398,500,000.00	230,398,500,000.00	230,398,500,000.00	230,398,500,000.00	230,398,500,000.00	230,398,500,000.00	230,398,500,000.00
- 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	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2
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	43.1	27.3	42.8	46.1	56.8	34.7	34.2	31.9	72.1	49.1	41.4	22.0
- Accumulated retained earning at the end of the previous period	27.3	1.5	1.5	1.5	34.7	0.1	0.1	0.1	49.6	22.9	22.9	4.4
- Undistributed earnings in this period	15.8	25.8	41.3	44.6	22.0	34.6	34.1	31.8	22.5	26.3	18.5	17.5
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)	342.8	347.6	339.8	342.0	392.6	355.4	357.9	409.3	402.6	380.7	360.4	310.3

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	19.8	40.0	28.3	27.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	2.3	3.7	2.2	1.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	-0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.1	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.4	-3.7	-2.5	-0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	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	0.0
Interest Income and Dividends	—	—	—	—	0.0	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	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	21.7	39.8	28.2	28.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	-25.8	5.5	26.7	-9.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	11.0	1.3	26.0	-10.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.2	6.3	-46.3	18.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-0.2	0.5	-0.2	0.1	0.0	0.0	0.0	0.0	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	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-8.5	-10.0	-1.0	-8.6	1.0	7.9	-1.0	-7.9	-10.9	4.9	-1.0	-4.9
Other Operating Receipts	—	—	—	—	-0.7	-3.6	2.5	1.8	5.9	-3.9	2.6	2.1
Other Operating Payments	—	0.0	-3.3	—	116.4	-108.4	-7.7	-0.3	87.0	-140.4	3.4	-4.6
Net Cash Flow from Operating Activities	0.4	43.5	30.1	18.0	80.1	-129.3	40.4	8.8	139.8	-125.6	14.6	14.8
Payments for Fixed Assets and Other Long-term Assets	—	-0.1	-0.7	0.1	0.3	0.3	-0.3	-0.2	-0.1	-0.1	-0.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-79.0	-134.0	-83.5	-60.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	92.0	122.0	68.5	55.0	0.0	0.0	0.0	0.0	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	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.5	3.4	1.3	1.2	-1.2	-1.0	1.4	0.8	6.4	-1.4	2.8	0.6
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	14.5	-8.7	-14.3	-3.7	-0.9	-0.8	1.1	0.6	6.3	-1.5	2.7	0.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	—	—	—	—	-6.7	6.7	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	6.7	-6.7	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	0.0
Dividends Paid	-18.4	-30.7	-28.5	—	31.9	13.0	-44.9	0.0	-44.0	30.9	-17.5	-13.4
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-18.4	-30.7	-28.5	—	31.9	13.0	-44.9	0.0	-44.0	30.9	-17.5	-13.4
Net Cash Flow During the Period	-3.5	4.1	-12.7	14.3	111.1	-117.1	-3.4	9.4	102.1	-96.1	-0.2	2.0
Cash and Cash Equivalents at Beginning of Period	15.5	9.8	24.1	9.8	0.0	121.5	18.5	18.5	10.7	123.5	10.7	10.7
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	12.0	15.5	11.4	24.1	0.0	10.4	24.5	27.9	18.5	29.2	12.5	12.7

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ADP

What Is Changing

Drivers of ADP's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▼

Is financial risk significant?

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