BDW

Cấp thoát nước Bình Định ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 13.01%, +1.34pp YoY

Price

27,000

Latest close

01 Jun 2026

P/E 7.84x

P/B 1.12x

EPS 3,444

BVPS 24,210

ROE 15.1%

ROA 9.4%

Profit Margin 13.0%

Asset Turnover 0.73x

Equity Mult. 1.60x

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

What Is Changing

On a TTM 2026Q1 basis, BDW is improving on both growth and profitability, painting a notably more positive picture versus the same period — the growth momentum has held across consecutive periods. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 329bn
	                                
+15.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 43bn
	                                
+29.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	310.6	285.2	273.0	260.8	222.8
Growth	+9%	+4%	+5%	+17%	—
Net Income	38.0	35.9	45.0	45.4	26.9
Net Margin	12.25%	12.59%	16.49%	17.41%	12.08%

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	82.1	76.9	87.6	82.0	64.1	68.1	77.0	74.5	65.6	66.9	74.8	71.1
Growth	+7%	-12%	+7%	+28%	-6%	-12%	+3%	+14%	-2%	-11%	+5%	—
Net Income	10.1	8.3	13.8	10.5	5.4	5.3	10.7	11.7	8.2	10.2	14.8	11.6
Net Margin	12.34%	10.84%	15.76%	12.79%	8.46%	7.71%	13.91%	15.74%	12.53%	15.28%	19.83%	16.33%

Drivers of BDW's profit

TTM

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

Gross profit ↑ 15.0bn

Tax ↑ 2.5bn

Selling expenses ↑ 1.8bn

TTM

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

Gross profit ↑ 6.6bn

Tax ↑ 1.2bn

Administrative expenses ↑ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.9% = 11.7% × 0.63 × 1.75

2026Q1 15.1% = 13.0% × 0.73 × 1.60

ROE rose from 12.9% to 15.1% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 13.0% +1.3pp Asset turnover: 0.73x +0.09x Leverage: 1.60x -0.16x

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 edged up to 13.01%, rising 1.3pp. Core operating signals are improving as SG&A / Revenue fell 2.0pp are enough to offset pressure from Gross margin fell 0.1pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.4pp remained a drag).

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

Profitability trend

Net Margin 13.01% +1.3pp

Gross Margin 33.90% −0.1pp

SG&A / Revenue 18.42% −2.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 14.5% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 14.52%, rising 3.4pp. That translates to 14.52 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.7pp and capital turnover rose 0.14x, with invested capital holding roughly steady — capital-return quality improved from both sides.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 14.52% +3.4pp

NOPAT Margin 12.12% +1.7pp

Capital Turnover 1.20x +0.14x

Average Invested Capital 274.3bn +6.1bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.58x equity, with a net cash position equivalent to 0.12x equity.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.3 days versus the same period last year. The main moves came from DIO fell 5.5 days, DSO fell 1.9 days, and DPO fell 1.1 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Working Capital Efficiency

Receivables 17.5 days −1.9 days

Inventory 22.4 days −5.5 days

Payables 35.5 days −1.1 days

Cash Conversion Cycle 4.4 days −6.3 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 84.9bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.12x and interest coverage at 24.35x.

At present, short-term debt accounts for 11.6% of total debt, cash equals 253.4% of debt, and total debt stands at 23.6bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity -0.12x −0.19x

Interest Coverage 24.35x +3.94x

Cash / Debt 253.4% +196.2pp

Short-term Debt / Total Debt 11.6% −20.9pp

CFO / NI 2.29x +0.42x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 84.9bn in 2025, against investing cash flow of -36.1bn.

Post-investment cash flow was positive +48.9bn. Financing cash flow was negative +32.1bn.

CFO / net income was 2.29x.

After spending +23.3bn on fixed-asset investment, the business generated trailing free cash flow of +74.8bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 98.0bn +36.0bn

Cash Capex 23.3bn −19.4bn

FCF TTM +74.8bn +55.4bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 1.3 pp. The next item to monitor is capital efficiency, with ROIC at 14.5%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 13.01% after expanding 1.3pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	310.6	285.2	273.1	260.8	222.8
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	310.6	285.2	273.0	260.8	222.8
Cost of Goods Sold	205.7	184.1	163.9	149.8	0.0
Gross Profit	104.8	101.1	109.1	111.0	83.9
Financial Income	0.7	0.9	1.6	1.2	0.5
Financial Expenses	2.0	2.3	2.9	3.8	-4.1
Interest Expense	2.0	2.3	2.9	3.8	-4.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	37.1	35.6	30.8	28.3	-29.4
General and Administrative Expenses	22.2	22.5	22.9	24.2	-19.5
Operating Profit	44.2	41.5	54.1	55.8	31.4
Other Income	5.7	4.8	3.6	2.0	0.0
Other Expenses	2.2	1.3	1.3	1.0	0.0
Other Profit	3.5	3.4	2.3	1.0	2.3
Profit Before Tax	47.7	45.0	56.4	56.8	33.7
Current Income Tax Expense	9.7	9.1	11.4	11.4	-6.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	38.0	35.9	45.0	45.4	26.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	38.0	35.9	45.0	45.4	26.9
Earnings per Share	3,064.00	2,893.00	2,401.00	2,567.00	2,168.00
Diluted EPS	3,064.44	2,893.01	3,627.57	3,658.83	2,168.67

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	84.6	67.8	92.5	79.2	67.8
I. Cash and cash equivalents	52.6	35.8	57.3	49.5	37.4
1. Cash	4.6	5.3	10.2	9.5	0.0
2. Cash equivalents	48.0	30.5	47.1	40.0	0.0
II. Short-term financial investments	2.0	0.0	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	2.0	0.0	0.0	0.0	0.0
III. Short-term receivables	15.6	14.8	18.9	14.1	15.3
1. Short-term trade accounts receivable	14.1	12.5	15.1	12.6	0.0
2. Short-term prepayments to suppliers	0.1	0.9	2.6	0.3	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	1.8	1.9	1.8	0.0
7. Provision for short-term doubtful debts (*)	-0.4	-0.4	-0.7	-0.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	13.1	14.9	14.6	13.8	14.0
1. Inventories	13.1	14.9	14.6	13.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.3	2.3	1.7	1.8	1.1
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	1.8	0.7	0.4	0.0
3. Taxes and other receivables from state authorities	1.3	0.5	1.0	1.4	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)	373.6	390.8	378.7	352.8	349.1
I. Long-term receivables	0.4	0.4	0.4	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	0.4	0.4	0.4	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	345.3	363.4	342.7	329.4	299.3
1. Tangible fixed assets	345.2	363.3	342.5	329.4	299.1
- Cost	990.9	975.1	904.4	849.1	0.0
- Accumulated depreciation	-645.6	-611.8	-561.9	-519.7	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	0.1	0.2	0.0	0.2
- Cost	1.0	1.0	1.0	0.8	0.0
- Accumulated depreciation	-1.0	-0.9	-0.8	-0.8	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	5.0	1.0	15.6	7.5	35.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.0	1.0	15.6	7.5	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	22.9	26.0	19.9	15.8	0.0
1. Long-term prepayments	22.9	26.0	19.9	15.8	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	14.1
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)	458.2	458.6	471.2	432.0	417.0
A. LIABILITIES (300=210+330)	167.9	200.9	233.6	227.2	236.1
I. Short -term liabilities	80.4	104.3	117.5	92.4	85.8
1. Short-term trade accounts payable	11.1	32.7	23.2	9.7	10.4
2. Short-term advances from customers	1.5	0.2	0.1	0.1	0.4
3. Taxes and other payables to state authorities	6.1	2.4	3.6	3.4	0.0
4. Payable to employees	12.4	12.7	13.8	12.9	0.0
5. Short-term acrrued expenses	—	0.0	0.0	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	10.3	8.2	18.6	15.3	0.0
10. Short-term borrowings and financial leases	7.5	18.4	17.9	16.6	16.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	31.6	29.6	40.4	34.3	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	87.5	96.6	116.1	134.8	150.3
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	66.6	68.2	69.3	70.3	0.0
8. Long-term borrowings and financial leases	20.9	28.4	46.8	64.5	78.9
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)	290.3	257.7	237.5	204.8	180.8
I. Owner's equity	218.9	206.0	190.6	173.8	0.0
1. Owner's capital	124.1	124.1	124.1	124.1	152.5
- Common stock with voting right	124,108,000,000.00	124,108,000,000.00	124,108,000,000.00	124,108,000,000.00	124,108,000,000.00
- 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	56.8	46.0	19.9	15.4	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	38.0	35.9	46.6	34.3	17.6
- Accumulated retained earning at the end of the previous period	—	0.0	32.5	16.3	12.2
- Undistributed earnings in this period	38.0	35.9	14.1	18.0	5.4
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	71.4	51.7	47.0	31.0	28.3
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	71.4	51.7	47.0	31.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	458.2	458.6	471.2	432.0	417.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	21.2
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	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	-5.4	-10.3	-11.3	-10.3	0.0
Other Operating Receipts	76.9	72.6	57.9	48.2	0.0
Other Operating Payments	-101.1	-95.5	-72.9	-65.7	0.0
Net Cash Flow from Operating Activities	84.9	64.9	82.8	78.0	59.4
Payments for Fixed Assets and Other Long-term Assets	-34.8	-37.7	-49.1	-43.1	-38.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	1.3
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	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	0.7	0.9	1.6	1.2	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	-36.1	-36.9	-47.5	-41.9	-36.6
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	7.5	15.3
Repayment of Borrowings	-18.4	-17.9	-16.4	-22.2	-16.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-13.6	-31.6	-11.2	-9.3	-7.5
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	-32.1	-49.5	-27.5	-24.0	-9.0
Net Cash Flow During the Period	16.8	-21.5	7.7	12.1	3.5
Cash and Cash Equivalents at Beginning of Period	35.8	57.3	49.5	37.4	23.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	52.6	35.8	57.3	49.5	37.4

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	82.1	76.9	87.6	82.0	64.1	68.2	77.0	74.5	65.6	66.9	74.8	71.2
Revenue Deductions	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	82.1	76.9	87.6	82.0	64.1	68.1	77.0	74.5	65.6	66.9	74.8	71.1
Cost of Goods Sold	56.3	52.1	55.1	53.7	44.9	46.5	49.7	46.2	41.6	41.4	42.4	42.5
Gross Profit	25.8	24.8	32.5	28.3	19.3	21.6	27.3	28.2	24.0	25.6	32.4	28.6
Financial Income	0.4	0.3	0.3	0.1	0.0	0.2	0.3	0.2	0.2	0.4	0.4	0.5
Financial Expenses	0.5	0.8	0.4	0.4	0.4	0.5	0.5	0.4	0.9	-0.1	1.0	1.1
Interest Expense	0.5	0.8	0.4	0.4	0.4	0.5	0.5	0.4	0.9	-0.1	1.0	1.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	8.6	9.7	9.6	9.6	8.2	9.4	8.7	9.5	8.1	7.8	7.8	8.6
General and Administrative Expenses	6.1	5.0	5.9	5.9	5.3	5.8	5.6	5.6	5.6	6.0	5.9	6.0
Operating Profit	11.1	9.5	16.9	12.4	5.4	6.0	12.8	13.0	9.7	12.2	18.1	13.4
Other Income	1.9	1.4	1.6	1.2	1.4	1.2	0.7	2.2	0.6	1.2	0.5	1.8
Other Expenses	0.3	0.5	1.2	0.5	0.0	0.6	0.1	0.6	0.1	0.6	0.0	0.6
Other Profit	1.6	0.9	0.4	0.7	1.4	0.6	0.6	1.7	0.6	0.6	0.5	1.1
Profit Before Tax	12.7	10.4	17.3	13.1	6.8	6.6	13.4	14.7	10.3	12.8	18.6	14.5
Current Income Tax Expense	2.5	2.1	3.5	2.7	1.4	1.3	2.7	2.9	2.1	2.6	3.7	2.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	10.1	8.3	13.8	10.5	5.4	5.3	10.7	11.7	8.2	10.2	14.8	11.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	10.1	8.3	13.8	10.5	5.4	5.3	10.7	11.7	8.2	10.2	14.8	11.6
Earnings per Share	816.00	671.00	1,112.00	845.00	437.00	424.00	863.00	944.00	662.00	824.00	1,195.00	936.00
Diluted EPS	816.45	671.41	1,111.54	844.57	436.92	423.63	863.09	944.16	662.14	824.19	1,195.01	936.09

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)	101.4	84.6	79.5	74.9	59.0	67.8	101.3	104.7	88.8	92.5	95.9	101.1
I. Cash and cash equivalents	59.8	52.6	41.0	40.7	24.0	35.8	62.4	66.1	53.5	57.3	57.3	65.6
1. Cash	7.8	4.6	6.5	16.2	16.5	5.3	11.9	11.6	11.5	10.2	10.7	16.6
2. Cash equivalents	52.0	48.0	34.5	24.5	7.5	30.5	50.5	54.5	42.0	47.1	46.6	49.0
II. Short-term financial investments	8.0	2.0	2.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	8.0	2.0	2.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	20.5	15.6	22.8	20.7	17.9	14.8	22.6	23.1	20.9	18.9	24.5	19.2
1. Short-term trade accounts receivable	17.5	14.1	20.4	17.9	14.0	12.5	16.7	18.3	16.1	15.1	18.1	18.0
2. Short-term prepayments to suppliers	0.1	0.1	0.3	0.3	0.3	0.9	2.3	2.1	3.0	2.6	5.1	0.1
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	3.3	1.8	2.6	2.9	4.0	1.8	3.9	3.1	2.4	1.9	2.1	1.8
7. Provision for short-term doubtful debts (*)	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.7	-0.7	-0.7	-0.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	11.8	13.1	12.8	13.1	14.8	14.9	15.8	15.4	13.8	14.6	13.3	15.0
1. Inventories	11.8	13.1	12.8	13.1	14.8	14.9	15.8	15.4	13.8	14.6	13.3	15.0
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	1.3	1.3	0.8	0.5	2.3	2.3	0.5	0.0	0.6	1.7	0.8	1.2
1. Short-term prepayments	0.2	—	0.3	—	1.2	0.0	0.4	0.0	0.5	0.0	0.5	0.6
2. Value added tax to be reclaimed	—	—	—	—	0.6	1.8	0.0	0.0	0.0	0.7	0.0	0.3
3. Taxes and other receivables from state authorities	1.1	1.3	0.4	0.5	0.5	0.5	0.0	0.0	0.2	1.0	0.3	0.4
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)	366.9	373.6	380.9	372.3	377.7	390.8	365.1	366.2	372.9	378.7	359.2	350.9
I. Long-term receivables	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	339.3	345.3	350.9	340.3	350.4	363.4	327.1	330.6	339.3	342.7	320.2	313.9
1. Tangible fixed assets	339.2	345.2	350.9	340.2	350.3	363.3	327.0	330.5	339.1	342.5	320.0	313.9
- Cost	998.8	—	—	—	—	975.1	926.1	917.1	913.6	904.4	869.8	852.3
- Accumulated depreciation	-659.6	—	—	—	—	-611.8	-599.2	-586.7	-574.5	-561.9	-549.9	-538.3
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	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.0
- Cost	1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.0	—	—	—	—	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	5.8	5.0	4.4	5.7	1.8	1.0	13.8	12.4	11.0	15.6	21.8	20.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5.8	5.0	4.4	5.7	1.8	1.0	13.8	12.4	11.0	15.6	21.8	20.8
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	21.3	22.9	25.2	25.9	25.0	26.0	23.8	22.8	22.2	19.9	16.8	15.7
1. Long-term prepayments	21.3	22.9	25.2	25.9	25.0	26.0	23.8	22.8	22.2	19.9	16.8	15.7
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)	468.3	458.2	460.4	447.3	436.7	458.6	466.4	470.9	461.7	471.2	455.1	452.0
A. LIABILITIES (300=210+330)	167.8	167.9	178.4	194.3	170.4	200.9	217.5	219.0	215.9	233.6	205.4	223.1
I. Short -term liabilities	80.3	80.4	82.9	98.2	74.4	104.3	102.5	103.4	100.3	117.5	71.7	88.9
1. Short-term trade accounts payable	23.3	11.1	12.7	14.3	18.9	32.7	17.5	16.5	18.6	23.2	16.6	21.3
2. Short-term advances from customers	1.5	1.5	1.5	0.5	0.3	0.2	1.0	1.0	0.9	0.1	0.3	0.1
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	4.3	6.1	5.3	4.3	2.4	2.4	4.3	4.8	3.4	3.6	5.1	4.1
4. Payable to employees	9.3	12.4	14.1	11.3	6.3	12.7	13.7	10.0	7.8	13.8	11.9	8.0
5. Short-term acrrued expenses	2.5	—	1.0	—	1.0	0.0	7.3	1.3	1.1	0.0	1.2	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	11.0	10.3	9.8	23.4	8.1	8.2	23.8	25.7	19.2	18.6	6.1	17.4
10. Short-term borrowings and financial leases	2.7	7.5	4.7	9.5	13.6	18.4	4.1	8.9	13.0	17.9	4.1	8.7
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	25.8	31.6	33.8	34.9	23.8	29.6	30.9	35.2	36.3	40.4	26.5	29.3
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	87.5	87.5	95.5	96.1	96.1	96.6	115.0	115.6	115.6	116.1	133.7	134.3
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	66.6	66.6	67.1	67.7	67.7	68.2	68.2	68.7	68.7	69.3	69.3	69.8
8. Long-term borrowings and financial leases	20.9	20.9	28.4	28.4	28.4	28.4	46.8	46.8	46.8	46.8	64.5	64.5
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)	300.5	290.3	282.0	253.0	266.3	257.7	248.9	251.9	245.8	237.5	249.7	228.8
I. Owner's equity	300.5	218.9	210.6	196.8	211.4	206.0	200.7	204.9	198.8	190.6	206.7	191.9
1. Owner's capital	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1	124.1
- Common stock with voting right	124,108,000,000.00	124,108,000,000.00	124,108,000,000.00	124,108,000,000.00	124,108,000,000.00	124,108,000,000.00	124,108,000,000.00	124,108,000,000.00	124,108,000,000.00	124,108,000,000.00	124,108,000,000.00	124,108,000,000.00
- 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	71.4	—	—	—	—	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	56.8	56.8	56.8	56.8	46.0	46.0	46.0	28.4	19.9	19.9	15.4	15.4
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	48.2	38.0	29.7	15.9	41.3	35.9	30.6	52.4	54.8	46.6	67.3	52.4
- Accumulated retained earning at the end of the previous period	38.0	—	—	—	35.9	0.0	0.0	32.5	46.6	32.5	32.5	32.5
- Undistributed earnings in this period	10.1	38.0	29.7	15.9	5.4	35.9	30.6	19.9	8.2	14.1	34.8	20.0
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	—	71.4	71.4	56.2	54.9	51.7	48.2	47.0	47.0	47.0	43.0	36.9
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	—	71.4	71.4	56.2	54.9	51.7	48.2	47.0	47.0	47.0	43.0	36.9
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)	468.3	458.2	460.4	447.3	436.7	458.6	466.4	470.9	461.7	471.2	455.1	452.0

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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	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
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-5.7	0.0	-2.7	-1.4	-1.3	-2.7	-2.9	-2.1	-2.6	-3.7	-2.9	-2.1
Other Operating Receipts	18.9	—	—	—	—	19.2	19.6	18.5	15.3	16.1	18.8	12.5
Other Operating Payments	-28.2	-26.3	-26.3	-21.9	-26.7	-22.7	-28.0	-22.6	-22.2	-17.1	-19.8	-18.1
Net Cash Flow from Operating Activities	20.3	25.2	27.6	24.9	7.2	7.1	25.8	21.9	10.1	19.9	29.4	22.2
Payments for Fixed Assets and Other Long-term Assets	-2.7	-9.3	-7.0	-4.3	-14.2	-14.9	-8.1	-5.4	-9.3	-16.4	-22.3	-8.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	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	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	0.4	0.3	0.3	0.1	0.0	0.2	0.3	0.2	0.2	0.4	0.4	0.5
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	-8.3	-9.0	-8.7	-4.2	-14.2	-14.7	-7.9	-5.2	-9.1	-16.0	-21.9	-7.5
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	-4.8	-4.7	-4.8	-4.1	-4.8	-4.1	-4.8	-4.1	-4.8	-3.9	-4.6	-3.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-13.6	—	—	-14.9	-16.7	0.0	0.0	-0.0	-11.2	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	-4.8	-4.7	-18.5	-4.1	-4.8	-19.0	-21.6	-4.1	-4.8	-3.9	-15.8	-3.6
Net Cash Flow During the Period	7.2	11.5	0.4	16.6	-11.8	-26.6	-3.7	12.6	-3.8	-0.0	-8.3	11.1
Cash and Cash Equivalents at Beginning of Period	52.6	41.0	40.7	24.0	35.8	57.3	57.3	57.3	57.3	49.5	49.5	49.5
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	59.8	52.6	41.0	40.7	24.0	35.8	62.4	66.1	53.5	57.3	57.3	65.6

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BDW

What Is Changing

Drivers of BDW's profit

Financial Highlights

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What is driving the margin? ▲

Is capital being used efficiently?

Is capital being deployed efficiently? ▲

Balance Sheet ●

Working Capital Efficiency ▲

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Leverage & Liquidity ▲

Cash Flow ▲

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow