BHA

Thủy điện Bắc Hà ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 50.12%, +6.17pp YoY

Price

24,900

Latest close

18 May 2026

P/E 9.52x

P/B 1.53x

EPS 2,616

BVPS 16,233

ROE 16.9%

ROA 12.3%

Profit Margin 50.1%

Asset Turnover 0.25x

Equity Mult. 1.37x

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

What Is Changing

On a TTM 2026Q1 basis, BHA has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 345bn
	                                
−1.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 173bn
	                                
+12.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	337.6	364.1	307.8	368.7	265.8
Growth	-7%	+18%	-17%	+39%	—
Net Income	167.0	163.6	107.7	154.2	27.6
Net Margin	49.47%	44.93%	34.99%	41.82%	10.40%

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	37.5	91.7	166.6	48.8	30.6	72.1	180.1	68.1	43.9	79.3	144.3	51.6
Growth	-59%	-45%	+242%	+59%	-58%	-60%	+165%	+55%	-45%	-45%	+180%	—
Net Income	-4.8	51.3	116.1	10.1	-10.3	18.8	126.2	19.5	-1.5	29.3	93.2	2.2
Net Margin	-12.69%	55.92%	69.69%	20.66%	-33.82%	26.14%	70.08%	28.64%	-3.39%	36.98%	64.60%	4.32%

Drivers of BHA's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 16.0bn

Gross profit ↑ 6.1bn

TTM

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

Gross profit ↑ 5.2bn

Finance costs ↓ 4.6bn

Administrative expenses ↑ 3.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.6% = 44.0% × 0.24 × 1.60

2026Q1 16.9% = 50.1% × 0.25 × 1.37

ROE is broadly flat at 16.9% — the components are offsetting one another.

Net margin: 50.1% +6.2pp Asset turnover: 0.25x +0.01x Leverage: 1.37x -0.23x

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 50.12%, rising 6.2pp. Core operating signals are improving as Gross margin rose 3.0pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (with additional support from Net financial result / Revenue rose 4.3pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 50.12% +6.2pp

Gross Margin 68.90% +3.0pp

SG&A / Revenue 4.41% +0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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 — —

NOPAT Margin — —

Capital Turnover 0.26x +0.01x

Average Invested Capital 1,347.8bn −75.7bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.36x equity, net debt at 0.23x equity.

Over the last 12 months, working capital absorbed 11.4bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +7.4bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −18.8bn

Working Capital Efficiency

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

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

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 25.1 days −4.5 days

Inventory — —

Payables 6.4 days −0.3 days

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.23x and interest coverage at 5.36x.

At present, short-term debt accounts for 32.7% of total debt, cash equals 12.0% of debt, and total debt stands at 277.5bn.

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

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 12.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.23x −0.19x

Interest Coverage 5.36x +2.08x

Cash / Debt 12.0% +0.7pp

Short-term Debt / Total Debt 32.7% +11.2pp

CFO / NI 1.43x +0.95x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 225.2bn in 2025, against investing cash flow of -21.9bn.

Post-investment cash flow was positive +203.3bn. Financing cash flow was negative +246.0bn.

CFO / net income was 1.43x.

After spending +21.5bn on fixed-asset investment, the business generated trailing free cash flow of +224.7bn.

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 246.2bn +173.6bn

Cash Capex 21.5bn +7.1bn

FCF TTM +224.7bn +166.4bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 6.2 pp. The next item to monitor is capital efficiency.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 50.12% after expanding 6.2pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	337.6	364.1	307.8	368.7	265.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	337.6	364.1	307.8	368.7	265.8
Cost of Goods Sold	105.4	120.9	115.0	115.4	0.0
Gross Profit	232.2	243.2	192.8	253.3	153.0
Financial Income	1.4	1.1	1.7	0.5	0.5
Financial Expenses	39.7	55.0	73.4	81.0	-114.9
Interest Expense	39.7	55.0	73.4	80.7	-114.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	11.3	12.9	9.2	8.5	-6.3
Operating Profit	182.5	176.4	111.9	164.4	32.2
Other Income	1.2	0.0	1.1	6.1	0.0
Other Expenses	0.6	6.8	0.3	2.6	0.0
Other Profit	0.6	-6.8	0.9	3.4	-3.0
Profit Before Tax	183.1	169.6	112.7	167.8	29.3
Current Income Tax Expense	16.1	6.0	5.0	13.6	-1.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	167.0	163.6	107.7	154.2	27.6
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	167.0	163.6	107.7	154.2	27.6
Earnings per Share	2,357.00	2,428.00	1,588.00	2,319.00	418.83
Diluted EPS	2,357.00	2,478.84	1,588.00	2,319.00	418.83

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	142.2	156.4	132.7	36.4	24.5
I. Cash and cash equivalents	79.4	122.0	70.0	7.7	1.4
1. Cash	2.7	11.5	10.0	3.4	0.0
2. Cash equivalents	76.7	110.5	60.0	4.3	0.0
II. Short-term financial investments	—	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	62.8	33.9	62.2	28.3	22.5
1. Short-term trade accounts receivable	60.5	28.3	54.7	10.2	0.0
2. Short-term prepayments to suppliers	0.6	3.0	5.9	5.7	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	9.0	0.0
6. Other short-term receivables	1.7	2.5	1.7	3.3	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0	0.0
1. Inventories	—	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	—	0.5	0.4	0.4	0.5
1. Short-term prepayments	—	0.5	0.4	0.4	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)	1,322.8	1,383.8	1,484.9	1,586.1	1,685.6
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	1,322.4	1,383.8	1,484.9	1,586.1	1,685.4
1. Tangible fixed assets	1,322.4	1,383.8	1,484.9	1,586.1	1,685.4
- Cost	2,634.9	2,607.8	2,607.8	2,608.4	0.0
- Accumulated depreciation	-1,312.5	-1,224.0	-1,122.8	-1,022.3	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	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	0.4	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.4	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	0.2
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)	1,465.0	1,540.2	1,617.6	1,622.5	1,710.0
A. LIABILITIES (300=210+330)	388.8	553.9	733.3	795.5	1,004.0
I. Short -term liabilities	201.9	196.2	193.4	108.6	67.1
1. Short-term trade accounts payable	5.7	1.3	2.9	2.7	3.8
2. Short-term advances from customers	0.8	2.5	2.2	0.0	0.0
3. Taxes and other payables to state authorities	20.0	6.8	14.0	11.8	0.0
4. Payable to employees	1.1	1.0	0.9	0.9	0.0
5. Short-term acrrued expenses	0.4	2.5	15.0	11.8	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	2.3	0.3	5.8	5.3	0.0
10. Short-term borrowings and financial leases	170.9	180.0	151.4	75.8	17.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.8	1.7	1.2	0.4	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	186.9	357.7	539.9	686.9	936.9
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	4.1	14.1	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	186.9	357.7	535.7	672.7	936.9
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)	1,076.2	986.4	884.4	827.0	706.1
I. Owner's equity	1,076.2	986.4	884.4	827.0	0.0
1. Owner's capital	660.0	660.0	660.0	660.0	706.1
- Common stock with voting right	660,000,000,000.00	660,000,000,000.00	660,000,000,000.00	660,000,000,000.00	660,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	14.6	12.2	7.3	0.4	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	401.5	314.2	217.0	166.6	45.9
- Accumulated retained earning at the end of the previous period	234.5	150.6	109.3	12.4	0.0
- Undistributed earnings in this period	167.0	163.6	107.7	154.2	45.9
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)	1,465.0	1,540.2	1,617.6	1,622.5	1,710.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	183.1	169.6	112.7	167.8	6.1
Depreciation of Fixed Assets and Investment Property	88.9	101.2	101.2	100.9	25.2
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	-1.5	-1.1	-1.8	-0.5	0.0
Interest Expense	39.7	55.0	73.4	80.7	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	310.2	324.7	285.5	348.9	59.1
Increase/(Decrease) in Receivables	-28.9	28.4	-43.0	3.2	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-12.3	-9.0	1.8	-22.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.2	-0.2	0.1	0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-37.8	-77.9	-80.8	-98.7	0.0
Corporate Income Tax Paid	-6.2	-5.1	-5.6	-9.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	225.2	260.9	158.0	221.5	16.1
Payments for Fixed Assets and Other Long-term Assets	-23.4	0.0	0.0	-1.6	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-9.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	9.0	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	1.4	1.1	1.7	0.5	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	-21.9	1.1	10.8	-10.1	-0.5
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	20.6	42.6	44.8	129.1	17.9
Repayment of Borrowings	-200.6	-192.1	-106.1	-301.3	-42.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-66.0	-60.5	-45.1	-33.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-246.0	-210.0	-106.4	-205.2	-24.1
Net Cash Flow During the Period	-42.6	52.0	62.4	6.2	-16.9
Cash and Cash Equivalents at Beginning of Period	122.0	70.0	7.7	1.4	9.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	79.4	122.0	70.0	7.7	1.4

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	37.5	91.7	166.6	48.8	30.6	72.1	180.1	68.1	43.9	79.3	144.3	51.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	37.5	91.7	166.6	48.8	30.6	72.1	180.1	68.1	43.9	79.3	144.3	51.6
Cost of Goods Sold	29.1	25.3	26.2	26.5	27.4	31.7	30.9	29.4	28.8	28.9	28.4	28.9
Gross Profit	8.4	66.4	140.3	22.3	3.2	40.3	149.1	38.6	15.1	50.4	115.9	22.7
Financial Income	0.3	0.2	0.3	0.3	0.6	0.4	0.2	0.0	0.5	0.3	0.2	0.1
Financial Expenses	6.4	8.8	9.7	10.2	11.0	13.4	13.6	13.1	14.9	17.4	18.7	19.4
Interest Expense	6.4	8.8	9.7	10.2	11.0	13.4	13.6	13.1	14.9	17.4	18.7	19.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	7.0	3.2	2.9	2.1	3.1	4.1	2.9	3.8	2.1	3.6	2.4	1.3
Operating Profit	-4.8	54.6	128.0	10.3	-10.3	23.2	132.8	21.8	-1.5	29.7	94.9	2.1
Other Income	—	0.2	1.0	—	—	0.0	0.0	0.0	0.0	1.1	2.2	0.1
Other Expenses	—	0.3	0.0	0.2	0.0	5.5	0.0	1.3	0.0	0.2	0.1	0.0
Other Profit	—	-0.2	1.0	-0.2	-0.0	-5.5	0.0	-1.3	0.0	0.9	2.1	0.1
Profit Before Tax	-4.8	54.4	129.0	10.1	-10.3	17.7	132.8	20.5	-1.5	30.6	97.0	2.2
Current Income Tax Expense	—	3.2	12.9	—	—	-1.1	6.6	1.0	0.0	1.3	3.8	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-4.8	51.3	116.1	10.1	-10.3	18.8	126.2	19.5	-1.5	29.3	93.2	2.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-4.8	51.3	116.1	10.1	-10.3	18.8	126.2	19.5	-1.5	29.3	93.2	2.2
Earnings per Share	-72.09	776.86	1,758.76	152.65	-156.78	285.51	1,912.08	295.31	-22.58	444.44	1,412.50	33.76
Diluted EPS	-72.09	776.86	1,758.76	152.65	-156.78	285.51	1,912.08	295.31	-22.58	444.44	1,412.50	33.76

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)	61.2	142.2	192.6	106.0	87.0	156.4	229.9	98.5	71.0	132.7	199.8	83.5
I. Cash and cash equivalents	33.3	79.4	55.3	47.0	51.5	122.0	79.4	19.5	28.4	70.0	48.6	10.3
1. Cash	7.2	2.7	26.5	1.6	2.1	11.5	5.8	0.6	8.4	10.0	44.3	6.0
2. Cash equivalents	26.1	76.7	28.8	45.4	49.4	110.5	73.6	18.9	20.0	60.0	4.3	4.3
II. Short-term financial investments	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	27.9	62.8	137.1	58.6	35.3	33.9	150.3	78.6	42.4	62.2	151.0	72.8
1. Short-term trade accounts receivable	24.7	60.5	132.0	52.8	22.8	28.3	140.1	67.4	34.2	54.7	134.2	53.7
2. Short-term prepayments to suppliers	1.1	0.6	1.5	1.9	8.9	3.0	6.0	6.0	6.0	5.9	5.7	5.8
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	9.0	9.0
6. Other short-term receivables	2.1	1.7	3.6	3.9	3.6	2.5	4.2	5.2	2.2	1.7	2.1	4.3
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	—	—	0.2	0.4	0.2	0.5	0.2	0.4	0.2	0.4	0.2	0.4
1. Short-term prepayments	—	—	0.2	0.4	0.2	0.5	0.2	0.4	0.2	0.4	0.2	0.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,299.9	1,322.8	1,337.8	1,360.0	1,361.6	1,383.8	1,409.1	1,434.4	1,459.7	1,484.9	1,510.2	1,535.5
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	1,299.7	1,322.4	1,317.1	1,339.3	1,361.6	1,383.8	1,409.1	1,434.4	1,459.7	1,484.9	1,510.2	1,535.5
1. Tangible fixed assets	1,299.7	1,322.4	1,317.1	1,339.3	1,361.6	1,383.8	1,409.1	1,434.4	1,459.7	1,484.9	1,510.2	1,535.5
- Cost	2,634.9	—	—	—	—	2,607.8	2,607.8	2,607.8	2,607.8	2,607.8	2,607.8	2,607.8
- Accumulated depreciation	-1,335.2	—	—	—	—	-1,224.0	-1,198.7	-1,173.4	-1,148.1	-1,122.8	-1,097.5	-1,072.3
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	20.6	20.6	—	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	—	—	20.6	20.6	—	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	0.2	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.2	0.4	0.0	0.0	0.0	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)	1,361.1	1,465.0	1,530.4	1,466.0	1,448.6	1,540.2	1,639.0	1,532.9	1,530.6	1,617.6	1,710.0	1,619.0
A. LIABILITIES (300=210+330)	289.7	388.8	505.4	557.1	472.6	554.5	672.0	692.2	647.7	731.2	852.9	855.1
I. Short -term liabilities	102.8	201.9	147.7	199.4	114.8	196.7	132.2	152.3	107.9	191.3	166.0	168.3
1. Short-term trade accounts payable	2.0	5.7	6.7	7.3	1.8	1.3	2.4	2.4	2.6	2.9	2.8	2.9
2. Short-term advances from customers	0.8	0.8	2.5	2.5	2.5	2.5	1.1	0.0	2.7	0.0	0.0	0.0
3. Taxes and other payables to state authorities	2.3	19.9	24.7	6.8	1.9	7.4	30.6	8.1	6.9	14.1	34.0	6.2
4. Payable to employees	1.5	1.1	1.0	1.0	1.1	1.0	1.0	0.9	1.0	0.9	0.8	0.9
5. Short-term acrrued expenses	0.4	0.4	0.9	2.1	1.6	2.5	0.9	2.3	5.8	15.0	9.8	10.6
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	4.3	2.3	76.1	79.3	7.3	0.3	70.7	64.2	15.1	5.8	89.2	78.6
10. Short-term borrowings and financial leases	90.6	170.9	26.8	91.6	97.8	180.0	23.9	72.6	72.6	151.4	28.2	68.1
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	0.8	0.8	8.8	8.9	0.7	1.7	1.7	1.7	1.2	1.2	1.2	1.2
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	186.9	186.9	357.7	357.7	357.7	357.7	539.9	539.9	539.9	539.9	686.9	686.9
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	186.9	186.9	357.7	357.7	357.7	357.7	539.9	539.9	539.9	539.9	686.9	686.9
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)	1,071.4	1,076.2	1,025.0	908.9	976.0	985.8	966.9	840.7	882.9	886.4	857.1	763.9
I. Owner's equity	1,071.4	1,076.2	1,025.0	908.9	976.0	985.8	966.9	840.7	882.9	886.4	857.1	763.9
1. Owner's capital	660.0	660.0	660.0	660.0	660.0	660.0	660.0	660.0	660.0	660.0	660.0	660.0
- Common stock with voting right	660,000,000,000.00	660,000,000,000.00	660,000,000,000.00	660,000,000,000.00	660,000,000,000.00	660,000,000,000.00	660,000,000,000.00	660,000,000,000.00	660,000,000,000.00	660,000,000,000.00	660,000,000,000.00	660,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	14.6	14.6	14.6	14.6	12.2	12.2	12.2	12.2	7.3	7.3	7.3	7.3
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	396.8	401.6	350.3	234.2	303.8	313.6	294.8	168.6	215.5	219.1	189.8	96.5
- Accumulated retained earning at the end of the previous period	396.8	—	—	—	—	0.0	0.0	0.0	0.0	219.1	189.8	96.5
- Undistributed earnings in this period	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,361.1	1,465.0	1,530.4	1,466.0	1,448.6	1,540.2	1,639.0	1,532.9	1,530.6	1,617.6	1,710.0	1,619.0

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	-4.8	54.2	129.2	10.1	-10.3	-115.1	113.8	20.5	-1.5	112.7	12.8	2.2
Depreciation of Fixed Assets and Investment Property	22.7	66.7	-22.2	22.2	22.2	0.0	-25.3	25.3	25.3	101.2	-50.6	25.3
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	-0.3	-1.3	0.6	-0.3	-0.6	-0.2	0.3	-0.0	-0.5	-1.8	0.3	-0.2
Interest Expense	6.4	30.0	-11.5	10.2	11.0	-0.2	-14.4	13.1	14.9	73.4	-37.3	19.4
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	24.1	149.6	96.2	42.2	22.3	-115.6	74.5	58.8	38.3	285.5	-74.8	46.7
Increase/(Decrease) in Receivables	34.9	74.4	-78.5	-23.3	-1.5	116.4	-71.6	-36.3	19.8	-43.0	44.5	-39.2
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)	0.8	-90.0	75.2	-4.8	7.3	-18.9	72.9	2.7	-7.6	1.8	1.7	-2.6
Increase/(Decrease) in Prepaid Expenses	0.2	-0.2	0.2	-0.2	0.4	-0.4	0.2	-0.2	0.2	0.1	-0.1	-0.2
Changes in Trading Securities	—	—	—	—	—	15.9	-15.9	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.5	-16.2	-13.3	-4.3	-4.0	-39.4	18.7	-10.2	-12.6	-80.8	12.9	-7.0
Corporate Income Tax Paid	-16.1	-0.0	0.0	0.0	-6.2	2.6	5.0	-5.0	0.0	-5.6	5.6	-2.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	39.3	117.5	79.8	9.6	18.3	-39.3	83.8	9.8	38.2	158.0	-10.1	-4.9
Payments for Fixed Assets and Other Long-term Assets	-5.5	-1.9	-6.1	-8.1	-7.4	-5.3	-3.2	1.5	-1.5	0.0	0.0	0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	—	—	—	0.0	0.0	0.0	0.0	0.1	-0.1	0.1
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	9.0	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	0.3	1.1	-0.6	0.3	0.6	0.2	-0.3	0.0	0.5	1.7	-0.1	0.1
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	-5.2	-0.6	-6.7	-7.8	-6.7	-5.1	-3.5	1.5	-1.0	10.8	-0.3	0.8
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	11.1	9.6	—	12.8	11.6	14.6	3.6	44.8	-23.0	10.6
Repayment of Borrowings	-80.3	-26.8	-75.8	-15.8	-82.2	94.3	-32.0	-14.6	-82.4	-106.1	30.8	-15.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-66.0	—	—	—	-20.1	-0.0	-20.2	0.0	-45.1	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-80.3	-92.8	-64.7	-6.3	-82.2	87.0	-20.4	-20.2	-78.8	-106.4	7.7	-5.3
Net Cash Flow During the Period	-46.1	24.1	8.3	-4.5	-70.6	42.6	59.9	-8.9	-41.6	62.4	-2.7	-9.3
Cash and Cash Equivalents at Beginning of Period	79.4	55.3	47.0	51.5	122.0	70.0	70.0	70.0	70.0	7.7	0.0	7.7
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	33.3	79.4	55.3	47.0	51.5	122.0	79.4	19.5	28.4	70.0	0.0	10.3

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BHA

What Is Changing

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Financial Highlights

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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