ARM

Xuất nhập khẩu Hàng không ·HNX ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT −4.26x

Price

46,800

Latest close

16 Mar 2026

P/E 22.26x

P/B 3.42x

EPS 2,102

BVPS 13,667

ROE 15.9%

ROA 2.8%

Profit Margin 2.0%

Asset Turnover 1.37x

Equity Mult. 5.71x

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

What Is Changing

On a TTM 2026Q1 basis, ARM is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 322bn
	                                
+13.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 7bn
	                                
+38.6%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -4.26x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	294.1	329.9	204.3	180.4	191.5
Growth	-11%	+61%	+13%	-6%	—
Net Income	5.9	4.8	3.9	2.4	1.9
Net Margin	2.02%	1.45%	1.91%	1.32%	1.00%

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	78.2	82.5	87.7	73.5	50.5	124.9	60.2	48.9	95.8	74.5	47.4	38.7
Growth	-5%	-6%	+19%	+45%	-60%	+108%	+23%	-49%	+29%	+57%	+23%	—
Net Income	1.9	1.4	1.5	1.7	1.3	1.1	1.2	1.1	1.4	-0.6	2.2	1.7
Net Margin	2.46%	1.70%	1.68%	2.36%	2.61%	0.89%	1.97%	2.27%	1.43%	-0.85%	4.60%	4.37%

Drivers of ARM's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 8.5bn

Financial income ↑ 0.7bn

Administrative expenses ↑ 2.9bn

Selling expenses ↑ 2.5bn

Finance costs ↑ 1.2bn

Tax ↑ 0.6bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 4.0bn

Administrative expenses ↑ 1.6bn

Finance costs ↑ 1.1bn

Selling expenses ↑ 0.3bn

Financial income ↓ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.0% = 1.7% × 1.82 × 3.98

2026Q1 15.9% = 2.0% × 1.37 × 5.71

ROE rose from 12.0% to 15.9% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 2.0% +0.4pp Asset turnover: 1.37x -0.45x Leverage: 5.71x +1.73x

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 edged up to 2.03%, rising 0.4pp. Core operating signals are improving as Gross margin rose 1.2pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (with lingering pressure from Net financial result / Revenue fell 0.1pp and Other profit / Revenue fell 0.0pp).

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

Profitability trend

Net Margin 2.03% +0.4pp

Gross Margin 13.61% +1.2pp

SG&A / Revenue 10.29% +0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 21.9 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC edged up to 10.96%, rising 1.4pp. That translates to 10.96 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.4pp, with capital turnover fell 0.53x; with invested capital holding roughly steady.

A small uptick from the NOPAT margin side — not yet enough to call a quality shift; watch whether this momentum continues.

CAPITAL EFFICIENCY TREND

ROIC 10.96% +1.4pp

NOPAT Margin 2.04% +0.4pp

Capital Turnover 5.37x −0.53x

Average Invested Capital 59.9bn +11.7bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 4.70x equity, net debt at 0.80x equity.

Over the last 12 months, working capital absorbed 23.9bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −104.8bn

Inventories increased → lower CFO: −33.7bn

Payables increased → higher CFO: +114.6bn

Working Capital Efficiency

Cash conversion cycle lengthened by 21.9 days versus the same period last year. The main moves came from DIO rose 28.0 days, DSO rose 0.3 days, and DPO rose 6.4 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +21.9 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 44.0 days +0.3 days

Inventory 51.1 days +28.0 days

Payables 23.4 days +6.4 days

Cash Conversion Cycle 71.7 days +21.9 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.80x and interest coverage at 2.05x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 40.4% of debt, and total debt stands at 56.8bn.

Watchpoints

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 0.80x +0.71x

Interest Coverage 2.05x +0.03x

Cash / Debt 40.4% −37.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -4.26x −7.76x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -4.4bn in 2025, against investing cash flow of 1.3bn.

Post-investment cash flow was negative +3.0bn. Financing cash flow was negative +14.1bn.

CFO / net income was -4.26x.

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 27.8bn −44.4bn

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 cash generation still needs confirmation. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at -4.26x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -4.26x.

Watchpoint: Cash generation still needs confirmation.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	294.1	329.9	204.3	180.4	191.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	294.1	329.9	204.3	180.4	191.5
Cost of Goods Sold	254.3	293.4	171.4	152.6	0.0
Gross Profit	39.8	36.4	32.9	27.8	23.5
Financial Income	2.2	0.5	0.4	0.6	0.2
Financial Expenses	3.1	2.9	1.1	0.6	-2.0
Interest Expense	1.6	2.1	0.9	0.5	-2.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	8.9	6.6	5.7	4.4	-3.4
General and Administrative Expenses	22.3	21.6	21.1	20.5	-15.9
Operating Profit	7.7	5.8	5.3	2.9	2.3
Other Income	0.1	0.3	0.0	0.3	0.0
Other Expenses	0.2	0.0	0.1	0.1	0.0
Other Profit	-0.0	0.2	-0.1	0.2	-0.0
Profit Before Tax	7.7	6.0	5.3	3.0	2.3
Current Income Tax Expense	1.7	1.3	1.3	0.7	-0.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	5.9	4.8	3.9	2.4	1.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	5.9	4.8	3.9	2.4	1.9
Earnings per Share	1,906.00	1,534.00	1,256.00	763.00	614.00
Diluted EPS	1,906.42	1,534.00	1,256.00	763.00	613.96

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	224.8	164.4	167.6	107.5	108.5
I. Cash and cash equivalents	9.0	26.1	7.6	7.9	8.1
1. Cash	9.0	26.1	7.6	7.9	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	1.8	0.0	0.0	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	—	1.8	0.0	0.0	0.0
III. Short-term receivables	200.8	113.2	146.8	89.3	86.0
1. Short-term trade accounts receivable	45.5	43.6	37.7	26.4	0.0
2. Short-term prepayments to suppliers	74.8	11.8	53.1	7.8	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	81.6	58.5	56.0	55.1	0.0
7. Provision for short-term doubtful debts (*)	-1.1	-0.8	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	14.5	22.7	12.4	9.9	13.8
1. Inventories	14.5	22.7	13.0	10.5	0.0
2. Provision for decline in value of inventories	—	0.0	-0.6	-0.6	0.0
V. Other short-term assets	0.5	0.7	0.8	0.4	0.6
1. Short-term prepayments	0.0	0.0	0.3	0.2	0.0
2. Value added tax to be reclaimed	0.5	0.7	0.5	0.2	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.1	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)	6.6	7.8	10.1	11.9	11.5
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	5.7	6.5	7.9	9.0	6.1
1. Tangible fixed assets	5.4	6.0	7.1	7.9	4.7
- Cost	20.9	20.4	22.8	21.5	0.0
- Accumulated depreciation	-15.5	-14.5	-15.7	-13.6	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	0.3	0.6	0.8	1.1	1.4
- Cost	2.5	2.5	2.5	2.5	0.0
- Accumulated depreciation	-2.2	-2.0	-1.7	-1.4	0.0
III. Investment properties	0.3	0.9	1.4	1.4	2.6
- Cost	14.6	14.6	14.6	14.2	0.0
- Accumulated depreciation	-14.3	-13.7	-13.2	-12.8	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	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	0.6	0.4	0.8	1.5	0.0
1. Long-term prepayments	0.6	0.4	0.8	1.5	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	2.8
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)	231.4	172.3	177.6	119.5	119.9
A. LIABILITIES (300=210+330)	190.8	133.7	140.2	83.8	83.5
I. Short -term liabilities	189.4	115.9	138.9	82.0	81.8
1. Short-term trade accounts payable	11.8	15.0	8.3	4.6	16.2
2. Short-term advances from customers	72.6	0.0	10.3	3.4	1.0
3. Taxes and other payables to state authorities	0.7	0.6	0.3	0.4	0.0
4. Payable to employees	5.0	4.0	3.9	0.0	0.0
5. Short-term acrrued expenses	0.1	0.1	0.3	0.1	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	0.2	0.2	0.0	0.0	0.0
9. Other short-term payables	77.5	63.6	53.9	63.4	0.0
10. Short-term borrowings and financial leases	21.1	32.2	61.7	10.1	21.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.3	0.1	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	1.4	17.7	1.4	1.7	1.7
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	1.4	17.7	1.4	1.7	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)	40.6	38.6	37.4	35.7	36.4
I. Owner's equity	40.6	38.6	37.4	35.7	0.0
1. Owner's capital	31.1	31.1	31.1	31.1	36.4
- Common stock with voting right	31,112,830,000.00	31,112,830,000.00	31,112,830,000.00	31,112,830,000.00	31,112,830,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.0	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	1.5	1.5	1.5	1.5	0.0
11. Undistributed earnings after tax	8.0	6.0	4.8	3.1	3.8
- Accumulated retained earning at the end of the previous period	5.2	1.2	0.9	0.7	1.9
- Undistributed earnings in this period	2.8	4.8	3.9	2.4	1.9
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)	231.4	172.3	177.6	119.5	119.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	7.7	6.0	5.3	3.0	2.3
Depreciation of Fixed Assets and Investment Property	1.9	2.8	2.8	3.2	3.0
Provision (Increase)/Reversal	0.3	0.8	0.0	0.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.2	0.0	-0.3	0.0
Gain/Loss from Investment Activities	-0.0	-0.2	-0.0	-0.0	0.0
Interest Expense	1.6	2.1	0.9	0.5	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	11.6	11.6	9.0	7.0	7.1
Increase/(Decrease) in Receivables	-87.7	35.3	-54.2	15.7	0.0
Increase/(Decrease) in Inventory	8.1	-10.3	-2.4	3.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	67.8	11.9	14.9	-12.5	0.0
Increase/(Decrease) in Prepaid Expenses	-0.2	0.7	0.5	1.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.6	-2.1	-0.9	-0.5	0.0
Corporate Income Tax Paid	-1.6	-0.9	-1.7	-0.5	0.0
Other Operating Receipts	—	7.2	0.0	5.2	0.0
Other Operating Payments	-0.6	0.0	-13.6	-0.5	0.0
Net Cash Flow from Operating Activities	-4.4	53.4	-48.3	18.4	29.3
Payments for Fixed Assets and Other Long-term Assets	-0.4	-0.7	-1.8	-4.8	-1.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-1.8	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	1.8	0.0	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	0.0	0.0	0.0	0.0	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	1.3	-2.2	-1.7	-4.8	-1.4
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	30.4	50.5	72.8	31.4	51.0
Repayment of Borrowings	-41.4	-80.0	-21.2	-42.3	-82.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-3.0	-3.2	-1.9	-2.9	-1.6
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	-14.1	-32.7	49.7	-13.8	-33.3
Net Cash Flow During the Period	-17.1	18.6	-0.4	-0.2	1.8
Cash and Cash Equivalents at Beginning of Period	26.1	7.6	7.9	8.1	13.5
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	9.0	26.1	7.6	7.9	8.1

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	78.2	82.5	87.7	73.5	50.5	124.9	60.2	48.9	95.8	74.5	47.4	38.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	78.2	82.5	87.7	73.5	50.5	124.9	60.2	48.9	95.8	74.5	47.4	38.7
Cost of Goods Sold	65.9	69.9	78.0	64.2	42.3	114.5	51.5	41.1	86.4	67.2	38.2	29.5
Gross Profit	12.2	12.5	9.7	9.3	8.3	10.5	8.7	7.9	9.4	7.4	9.3	9.2
Financial Income	0.5	0.1	0.1	1.2	0.8	0.2	0.1	0.1	0.1	0.1	0.1	0.1
Financial Expenses	1.8	0.9	0.8	0.6	0.8	0.8	0.8	0.6	0.8	0.6	0.2	0.2
Interest Expense	0.9	0.4	0.4	0.4	0.4	0.5	0.4	0.4	0.8	0.5	0.1	0.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.9	3.9	1.5	2.0	1.6	1.7	1.7	1.8	1.4	1.4	1.2	1.6
General and Administrative Expenses	6.6	6.0	5.7	5.6	5.0	6.8	4.8	4.2	5.7	5.9	5.2	5.4
Operating Profit	2.4	1.9	1.8	2.2	1.7	1.4	1.4	1.4	1.6	-0.4	2.8	2.1
Other Income	0.0	0.1	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.0
Other Expenses	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.0	0.0
Other Profit	0.0	-0.0	0.0	-0.0	-0.0	0.0	0.1	0.0	0.1	-0.3	-0.0	-0.0
Profit Before Tax	2.4	1.9	1.9	2.2	1.7	1.4	1.5	1.4	1.7	-0.7	2.7	2.1
Current Income Tax Expense	0.5	0.5	0.4	0.5	0.4	0.3	0.3	0.3	0.4	-0.1	0.6	0.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.9	1.4	1.5	1.7	1.3	1.1	1.2	1.1	1.4	-0.6	2.2	1.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.9	1.4	1.5	1.7	1.3	1.1	1.2	1.1	1.4	-0.6	2.2	1.7
Earnings per Share	618.00	452.00	474.00	558.00	423.00	356.00	380.00	356.00	441.00	-203.00	702.00	544.00
Diluted EPS	617.84	451.66	474.09	558.04	423.27	356.25	380.43	356.27	440.98	-203.25	702.04	543.60

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)	320.2	225.1	173.3	147.5	137.1	163.3	163.8	140.6	159.3	176.6	158.0	155.6
I. Cash and cash equivalents	22.9	9.0	29.9	14.4	12.6	26.1	27.2	11.4	27.0	7.6	21.6	4.5
1. Cash	22.9	9.0	29.9	14.4	12.6	26.1	27.2	11.4	27.0	7.6	21.6	4.5
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	2.4	—	—	—	1.8	1.8	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	2.4	—	—	—	1.8	1.8	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	232.9	200.8	132.0	111.8	100.0	113.8	124.4	118.6	122.8	155.7	126.2	144.1
1. Short-term trade accounts receivable	49.2	45.5	42.7	42.4	28.4	43.6	35.5	32.1	39.7	48.2	32.1	19.8
2. Short-term prepayments to suppliers	72.8	74.8	36.6	21.6	11.7	12.4	28.3	20.5	16.2	51.5	40.6	31.8
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	112.0	81.6	53.5	48.6	60.7	58.5	60.6	66.0	66.9	56.0	53.6	92.5
7. Provision for short-term doubtful debts (*)	-1.1	-1.1	-0.8	-0.8	-0.8	-0.8	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	55.8	14.5	11.2	21.1	22.1	21.0	12.0	10.2	8.9	12.4	9.7	6.6
1. Inventories	55.8	14.5	12.3	22.2	22.1	21.0	12.5	10.8	9.5	13.0	10.3	7.2
2. Provision for decline in value of inventories	—	—	-1.1	-1.1	—	0.0	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6
V. Other short-term assets	6.2	0.7	0.2	0.2	0.8	0.7	0.2	0.4	0.5	1.0	0.4	0.4
1. Short-term prepayments	0.0	0.3	0.1	0.2	0.4	0.0	0.2	0.4	0.5	0.5	0.2	0.4
2. Value added tax to be reclaimed	3.0	0.5	0.0	0.0	0.4	0.7	0.0	0.0	0.0	0.5	0.3	0.0
3. Taxes and other receivables from state authorities	3.1	—	—	—	—	0.0	0.0	0.0	0.0	0.1	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)	6.1	6.4	6.3	6.7	7.3	7.8	7.5	8.2	9.2	10.1	10.8	10.0
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	5.2	5.7	5.6	5.7	6.1	6.5	6.1	6.7	7.3	7.9	8.7	7.8
1. Tangible fixed assets	5.0	5.4	5.3	5.3	5.6	6.0	5.4	6.0	6.5	7.1	7.8	6.9
- Cost	20.9	—	—	—	—	20.4	20.5	20.9	21.2	22.8	22.9	21.5
- Accumulated depreciation	-15.8	—	—	—	—	-14.5	-15.0	-15.0	-14.6	-15.7	-15.1	-14.6
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	0.2	0.3	0.3	0.4	0.5	0.6	0.6	0.7	0.8	0.8	0.9	1.0
- Cost	2.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	0.2	0.3	0.4	0.7	0.8	0.9	1.0	1.1	1.2	1.4	1.1	1.2
- Cost	14.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-14.3	—	—	—	—	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	—	—	—	—	—	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	0.6	0.4	0.3	0.3	0.3	0.4	0.4	0.4	0.6	0.8	1.0	0.9
1. Long-term prepayments	0.6	0.4	0.3	0.3	0.3	0.4	0.4	0.4	0.6	0.8	1.0	0.9
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)	326.2	231.4	179.6	154.3	144.4	171.2	171.3	148.8	168.5	186.7	168.8	165.6
A. LIABILITIES (300=210+330)	283.7	190.8	137.3	113.4	104.5	132.6	133.8	112.6	129.7	149.2	130.6	129.6
I. Short -term liabilities	282.3	189.4	135.9	112.0	103.1	114.8	132.5	111.1	128.3	147.3	128.8	127.8
1. Short-term trade accounts payable	24.4	11.8	22.8	26.3	11.3	13.9	15.8	11.9	12.0	9.4	18.9	9.3
2. Short-term advances from customers	88.3	72.6	23.2	7.8	1.9	0.0	14.8	14.9	0.6	20.8	33.6	21.9
3. Dividends and profits payable	0.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.1	0.7	1.4	0.7	0.9	0.6	1.2	1.2	1.2	0.3	1.3	1.1
4. Payable to employees	5.0	5.0	4.4	3.4	3.7	4.0	2.4	3.3	2.1	3.9	3.0	2.4
5. Short-term acrrued expenses	0.2	0.1	0.2	1.2	0.1	0.1	0.1	2.4	1.2	0.3	0.3	0.4
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	0.1	0.2	0.1	0.2	0.1	0.2	0.2	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	106.3	77.5	52.4	41.2	69.0	63.6	62.8	58.5	69.9	53.4	67.8	89.0
10. Short-term borrowings and financial leases	56.8	21.1	30.9	30.5	16.1	32.2	34.9	18.6	41.3	59.1	3.8	3.4
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	0.4	0.5	0.8	0.0	0.3	0.3	0.4	0.0	0.1	0.2	0.3
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	1.4	1.4	1.4	1.4	1.4	17.7	1.3	1.4	1.4	1.8	1.8	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	1.4	1.4	1.4	1.4	1.4	17.7	1.3	1.4	1.4	1.8	1.8	1.8
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)	42.5	40.6	42.3	40.8	39.9	38.6	37.5	36.3	38.8	37.5	38.2	36.0
I. Owner's equity	42.5	40.6	42.3	40.8	39.9	38.6	37.5	36.3	38.8	37.5	38.2	36.0
1. Owner's capital	31.1	31.1	31.1	31.1	31.1	31.1	31.1	31.1	31.1	31.1	31.1	31.1
- Common stock with voting right	31,112,830,000.00	31,112,830,000.00	31,112,830,000.00	31,112,830,000.00	31,112,830,000.00	31,112,830,000.00	31,112,830,000.00	31,112,830,000.00	31,112,830,000.00	31,112,830,000.00	31,112,830,000.00	31,112,830,000.00
- 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	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	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
11. Undistributed earnings after tax	9.9	8.0	9.7	8.2	7.3	6.0	4.9	3.7	6.2	4.9	5.6	3.4
- Accumulated retained earning at the end of the previous period	8.0	5.2	5.2	5.2	6.0	1.2	1.2	1.2	4.8	0.9	0.9	0.9
- Undistributed earnings in this period	1.9	2.8	4.5	3.1	1.3	4.8	3.7	2.5	1.4	4.0	4.7	2.5
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)	326.2	231.4	179.6	154.3	144.4	171.2	171.3	148.8	168.5	186.7	168.8	165.6

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
Profit Before Tax	2.4	1.9	1.9	2.2	1.7	1.4	1.5	1.4	1.7	-0.6	2.7	2.1
Depreciation of Fixed Assets and Investment Property	0.5	0.5	0.5	0.5	0.5	0.6	0.7	0.7	0.7	0.7	0.7	0.7
Provision (Increase)/Reversal	1.1	-1.5	0.8	0.3	0.8	0.2	0.6	-0.6	0.6	-0.6	0.6	-0.6
FX Gain/Loss from Revaluation of Monetary Items	0.5	-0.5	0.3	0.1	0.2	0.7	0.1	0.0	0.0	-0.1	0.2	-0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.2	-0.2	-0.0	-0.0	-0.0	-0.0
Interest Expense	0.9	0.4	0.4	0.4	0.4	0.5	0.4	0.4	0.8	0.5	0.1	0.2
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	5.4	0.8	3.7	3.5	3.5	3.3	3.5	1.8	3.8	-0.0	4.4	2.4
Increase/(Decrease) in Receivables	-1.7	-63.9	-25.9	-13.4	15.4	8.6	-10.9	3.0	34.9	-15.7	-20.7	5.4
Increase/(Decrease) in Inventory	-41.3	-2.2	9.9	-0.1	0.6	-8.5	-1.8	-1.2	3.4	-2.6	-3.1	0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	28.4	51.6	35.6	-1.0	-18.5	0.6	1.4	16.2	-6.1	-33.9	18.0	23.8
Increase/(Decrease) in Prepaid Expenses	0.1	-0.3	0.1	-0.1	0.1	0.0	0.1	0.1	0.2	0.0	0.2	-0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.9	-0.4	-0.4	-0.4	-0.4	-0.5	-0.4	-0.4	-0.8	-0.5	-0.1	-0.2
Corporate Income Tax Paid	-0.4	-0.5	-0.5	-0.4	-0.3	-0.3	-0.3	-0.3	0.0	-0.8	-0.4	-0.2
Other Operating Receipts	—	—	—	—	—	-0.8	3.2	-4.4	4.4	-4.4	4.4	-15.8
Other Operating Payments	-8.7	7.1	-7.4	-0.3	—	0.0	4.6	-4.6	0.0	-13.6	15.6	-15.6
Net Cash Flow from Operating Activities	-19.1	-7.7	15.1	-16.1	4.4	2.5	-0.5	10.2	39.9	-71.5	18.1	-0.1
Payments for Fixed Assets and Other Long-term Assets	—	-0.4	—	—	—	-0.9	0.0	0.0	0.0	-0.4	-1.4	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.2	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-2.4	—	—	—	-1.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	1.8	—	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
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-2.4	-0.4	0.0	3.5	-1.7	-0.9	0.0	0.2	0.0	-0.3	-1.4	0.0
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	39.6	0.5	-332.2	359.5	2.6	17.7	55.4	12.3	14.1	73.4	-8.0	11.5
Repayment of Borrowings	-3.9	-10.4	332.6	-345.1	-18.6	-20.5	-39.1	-35.0	-34.5	-15.5	8.4	-12.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.2	-3.0	0.0	0.0	-0.0	-0.0	0.2	-3.2	0.0	-0.1	-0.0	-1.8
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	35.5	-12.8	0.4	14.4	-16.1	-2.7	16.5	-25.9	-20.4	57.8	0.4	-2.4
Net Cash Flow During the Period	13.9	-21.0	15.5	1.8	-13.4	-1.1	15.9	-15.6	19.5	-14.0	17.1	-2.5
Cash and Cash Equivalents at Beginning of Period	9.0	29.9	14.4	12.6	26.1	7.6	7.6	7.6	7.6	7.9	7.9	7.9
FX Difference from Revaluation	0.0	0.0	-0.1	-0.1	-0.1	0.0	-0.2	-0.1	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	22.9	9.0	29.9	14.4	12.6	26.1	27.2	11.4	27.0	7.6	21.6	4.5

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ARM

What Is Changing

Drivers of ARM'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