BMC

Khoáng sản Bình Định ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 9.18%, −3.87pp YoY

Price

13,050

Latest close

02 Jun 2026

P/E 13.36x

P/B 0.71x

EPS 977

BVPS 18,510

ROE 5.2%

ROA 4.9%

Profit Margin 9.2%

Asset Turnover 0.54x

Equity Mult. 1.05x

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

What Is Changing

On a TTM 2026Q1 basis, BMC is declining on both revenue and margins simultaneously, showing pressure from multiple directions at once — margins have been compressing consistently over multiple periods. What still needs to be determined is whether the business can stabilize before this pressure deepens into the profit structure.

	                            
	                                TTM REVENUE
	                            
	                                    VND 132bn
	                                
−20.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 12bn
	                                
−44.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	119.9	195.3	179.9	183.1	137.4
Growth	-39%	+9%	-2%	+33%	—
Net Income	11.5	25.5	24.2	21.3	17.4
Net Margin	9.61%	13.08%	13.45%	11.66%	12.69%

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	23.6	29.7	39.6	39.0	11.6	60.3	46.7	47.6	40.8	65.8	45.4	44.2
Growth	-21%	-25%	+2%	+235%	-81%	+29%	-2%	+17%	-38%	+45%	+3%	—
Net Income	1.5	2.6	4.3	3.8	0.9	7.9	6.1	6.7	4.8	9.0	6.0	6.4
Net Margin	6.28%	8.69%	10.76%	9.69%	7.72%	13.13%	13.10%	14.18%	11.69%	13.74%	13.28%	14.57%

Drivers of BMC's profit

TTM

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

Administrative expenses ↓ 6.5bn

Tax ↓ 2.6bn

Selling expenses ↓ 1.1bn

Gross profit ↓ 18.2bn

Financial income ↓ 2.1bn

TTM

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

Gross profit ↑ 1.3bn

Selling expenses ↑ 0.5bn

Tax ↑ 0.1bn

Administrative expenses ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.2% = 13.0% × 0.67 × 1.06

2026Q1 5.2% = 9.2% × 0.54 × 1.05

ROE fell from 9.2% to 5.2% — all three components weakened, with asset turnover being the main drag.

Net margin: 9.2% -3.9pp Asset turnover: 0.54x -0.13x Leverage: 1.05x -0.01x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 9.18%, losing 3.9pp. The main pressure is Gross margin fell 6.6pp, outweighing the improvement in SG&A / Revenue fell 2.1pp (with lingering pressure from Net financial result / Revenue fell 0.5pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 9.18% −3.9pp

Gross Margin 21.27% −6.6pp

SG&A / Revenue 11.75% −2.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 9.18% −3.9pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.06x equity, with a net cash position equivalent to 0.20x equity.

Inventory ended the period at 114.3bn, roughly 47.2% of total assets.

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

Working Capital Drivers

Receivables decreased → higher CFO: +5.4bn

Inventories increased → lower CFO: −4.1bn

Payables increased → higher CFO: +3.6bn

Working Capital Efficiency

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

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

Watchpoints

Inventory turnover is slowing

DIO increased by +99.0 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables — —

Inventory 385.0 days +99.0 days

Payables 1.8 days −1.9 days

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

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

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

Leverage and liquidity trend

Net Debt / Equity -0.20x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 2.00x +2.69x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -2.2bn in 2025, against investing cash flow of 7.9bn.

Post-investment cash flow was positive +5.7bn. Financing cash flow was negative +16.1bn.

CFO / net income was 2.00x.

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 24.2bn +39.1bn

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 margins remain under pressure remaining the main constraint, with net margin down 3.9 pp. The next watchpoint is the earnings mix, when non-core contribution is 17.1%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.20x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.20x of equity.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.00x. Even so, net financial result still accounts for 17.1% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 9.18% after a 3.9pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	119.9	195.3	179.9	183.1	137.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	119.9	195.3	179.9	183.1	137.4
Cost of Goods Sold	93.1	141.5	130.5	139.6	0.0
Gross Profit	26.8	53.8	49.4	43.4	40.2
Financial Income	2.6	5.1	4.5	6.8	0.2
Financial Expenses	0.0	0.6	0.1	0.1	-1.5
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	4.2	6.7	6.4	9.7	-4.7
General and Administrative Expenses	10.7	19.5	16.9	13.9	-13.5
Operating Profit	14.4	32.1	30.5	26.4	20.7
Other Income	0.0	0.0	0.3	0.1	0.0
Other Expenses	—	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	0.3	0.1	0.0
Profit Before Tax	14.4	32.1	30.8	26.5	20.8
Current Income Tax Expense	2.9	6.6	6.6	5.2	-3.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	11.5	25.5	24.2	21.3	17.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	11.5	25.5	24.2	21.3	17.4
Earnings per Share	636.00	1,855.00	1,953.00	1,722.00	1,407.00
Diluted EPS	929.33	2,061.02	1,952.54	1,721.92	1,407.42

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	200.0	211.1	201.4	190.0	188.8
I. Cash and cash equivalents	35.0	45.4	45.7	72.3	79.5
1. Cash	25.0	45.4	33.7	72.3	0.0
2. Cash equivalents	10.0	0.0	12.0	0.0	0.0
II. Short-term financial investments	25.0	35.0	43.0	43.0	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	25.0	35.0	43.0	43.0	0.0
III. Short-term receivables	3.9	12.7	17.6	1.8	4.6
1. Short-term trade accounts receivable	2.6	9.8	15.1	0.0	0.0
2. Short-term prepayments to suppliers	0.8	2.6	2.0	1.2	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	0.6	0.3	0.5	0.6	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	114.3	97.3	77.1	59.6	90.6
1. Inventories	114.3	97.3	77.1	59.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	21.8	20.6	18.0	13.3	14.0
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	19.6	20.1	15.9	12.8	0.0
3. Taxes and other receivables from state authorities	2.1	0.6	2.1	0.5	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)	42.1	46.0	49.4	49.1	54.8
I. Long-term receivables	7.9	7.9	7.9	7.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	7.7
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	7.9	7.9	7.9	7.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	22.6	24.9	28.0	27.5	33.9
1. Tangible fixed assets	22.6	24.9	28.0	27.5	33.9
- Cost	228.5	224.9	221.4	215.1	0.0
- Accumulated depreciation	-205.9	-200.0	-193.4	-187.6	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	—	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.0	-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	11.5	13.2	13.4	13.8	0.0
1. Long-term prepayments	11.5	13.2	13.4	13.8	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	13.1
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)	242.1	257.0	250.8	239.1	243.5
A. LIABILITIES (300=210+330)	14.2	20.2	22.5	21.5	35.4
I. Short -term liabilities	14.2	20.2	22.5	21.5	35.4
1. Short-term trade accounts payable	—	0.8	1.5	0.5	0.1
2. Short-term advances from customers	0.3	0.7	0.6	0.8	4.7
3. Taxes and other payables to state authorities	—	0.1	0.4	2.7	0.0
4. Payable to employees	5.2	9.4	10.8	6.0	0.0
5. Short-term acrrued expenses	5.2	5.3	4.9	6.7	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	2.6	2.6	2.7	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.2	1.2	1.6	2.0	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	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	227.9	236.8	228.3	217.6	208.1
I. Owner's equity	227.9	236.8	228.3	217.6	0.0
1. Owner's capital	123.9	123.9	123.9	123.9	208.1
- Common stock with voting right	123,926,300,000.00	123,926,300,000.00	123,926,300,000.00	123,926,300,000.00	123,926,300,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	19.4	19.4	19.4	19.4	19.4
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	73.1	67.9	58.8	50.8	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	11.5	25.5	26.2	23.5	19.0
- Accumulated retained earning at the end of the previous period	—	0.0	2.0	2.2	1.6
- Undistributed earnings in this period	11.5	25.5	24.2	21.3	17.4
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	—	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)	242.1	257.0	250.8	239.1	243.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	14.4	32.1	30.8	26.5	20.8
Depreciation of Fixed Assets and Investment Property	5.9	6.6	7.3	11.2	12.4
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-1.0	-0.4	-1.5	0.0
Gain/Loss from Investment Activities	-1.5	-2.0	-2.6	-0.6	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	18.8	35.7	35.1	35.6	34.0
Increase/(Decrease) in Receivables	7.7	2.1	-20.9	2.1	0.0
Increase/(Decrease) in Inventory	-17.0	-20.2	-17.5	30.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-9.9	-4.9	-2.0	-5.6	0.0
Increase/(Decrease) in Prepaid Expenses	1.6	0.2	0.4	-0.7	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	-3.3	-6.7	-5.9	-4.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.2	0.0	0.0
Net Cash Flow from Operating Activities	-2.2	6.2	-11.1	58.3	80.2
Payments for Fixed Assets and Other Long-term Assets	-3.6	-3.4	-7.8	-4.8	-3.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.3	0.1	0.3
Loans and Purchases of Debt Instruments	—	-35.0	-43.0	-43.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	10.0	43.0	43.0	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	1.5	2.1	2.8	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	7.9	6.7	-4.7	-47.2	-3.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-16.1	-14.3	-11.2	-19.8	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	-16.1	-14.3	-11.2	-19.8	0.0
Net Cash Flow During the Period	-10.4	-1.3	-27.0	-8.7	4.6
Cash and Cash Equivalents at Beginning of Period	45.4	45.7	72.3	79.5	4.0
FX Difference from Revaluation	0.0	1.0	0.4	1.5	-1.1
Cash and Cash Equivalents at End of Period	35.0	45.4	45.7	72.3	79.5

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	23.6	29.7	39.6	39.0	11.6	60.3	46.7	47.6	40.8	65.8	45.4	44.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	23.6	29.7	39.6	39.0	11.6	60.3	46.7	47.6	40.8	65.8	45.4	44.2
Cost of Goods Sold	18.8	23.3	30.4	31.3	8.1	43.6	32.0	36.2	29.7	49.0	31.7	32.8
Gross Profit	4.8	6.4	9.2	7.6	3.5	16.7	14.7	11.4	11.1	16.8	13.7	11.4
Financial Income	0.1	0.8	0.1	1.6	0.1	1.4	0.0	3.2	0.5	2.3	0.6	1.5
Financial Expenses	0.0	0.0	—	—	0.0	0.1	0.4	0.0	0.0	0.0	0.0	0.1
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.1	1.1	1.0	1.6	0.6	1.9	1.7	1.7	1.5	2.2	1.5	1.5
General and Administrative Expenses	2.0	2.9	3.0	2.9	1.9	6.0	4.9	4.5	4.1	5.6	4.8	3.5
Operating Profit	1.9	3.1	5.4	4.7	1.2	10.0	7.7	8.3	6.0	11.3	8.0	7.8
Other Income	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3
Other Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3
Profit Before Tax	1.9	3.1	5.4	4.7	1.2	10.0	7.7	8.3	6.0	11.3	8.0	8.1
Current Income Tax Expense	0.4	0.5	1.2	0.9	0.3	2.1	1.6	1.6	1.2	2.3	2.0	1.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.5	2.6	4.3	3.8	0.9	7.9	6.1	6.7	4.8	9.0	6.0	6.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.5	2.6	4.3	3.8	0.9	7.9	6.1	6.7	4.8	9.0	6.0	6.4
Earnings per Share	120.00	208.00	344.00	305.00	72.00	631.00	494.00	545.00	384.00	730.00	486.00	520.00
Diluted EPS	119.59	208.40	343.92	304.60	72.41	638.42	493.80	544.54	384.27	729.73	486.23	520.19

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)	206.5	200.0	205.3	209.1	202.2	211.1	208.6	199.9	205.8	201.4	205.0	191.3
I. Cash and cash equivalents	46.5	35.0	25.0	26.8	30.5	45.4	41.4	41.6	52.7	45.7	54.0	53.3
1. Cash	36.5	25.0	25.0	26.8	30.5	45.4	41.4	41.6	52.7	33.7	54.0	53.3
2. Cash equivalents	10.0	10.0	—	—	—	0.0	0.0	0.0	0.0	12.0	0.0	0.0
II. Short-term financial investments	25.0	25.0	35.0	35.0	35.0	35.0	43.0	43.0	43.0	43.0	43.0	43.0
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	25.0	25.0	35.0	35.0	35.0	35.0	43.0	43.0	43.0	43.0	43.0	43.0
III. Short-term receivables	1.0	4.1	6.7	10.9	4.6	12.7	3.9	5.7	10.4	17.6	11.9	5.4
1. Short-term trade accounts receivable	—	2.6	2.4	8.8	1.8	9.8	1.8	2.0	6.3	15.1	8.3	1.7
2. Short-term prepayments to suppliers	0.7	0.8	3.3	1.1	2.5	2.6	0.7	2.1	3.6	2.0	1.8	1.9
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	0.3	0.7	1.0	1.0	0.2	0.3	1.4	1.6	0.5	0.5	1.8	1.8
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	111.6	114.2	116.0	111.9	107.5	97.3	99.8	89.4	80.5	77.1	79.1	73.3
1. Inventories	111.6	114.2	116.0	111.9	107.5	97.3	99.8	89.4	80.5	77.1	79.1	73.3
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	22.4	21.8	22.6	24.5	24.6	20.6	20.5	20.2	19.1	18.0	17.1	16.3
1. Short-term prepayments	0.0	—	0.1	—	—	0.0	0.2	0.5	0.0	0.0	1.8	0.8
2. Value added tax to be reclaimed	19.1	19.6	20.5	21.6	20.4	20.1	19.2	18.1	17.1	15.9	14.8	14.2
3. Taxes and other receivables from state authorities	3.3	2.1	2.0	3.0	4.2	0.6	1.1	1.6	2.0	2.1	0.5	1.2
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)	38.6	42.1	44.0	45.2	43.7	46.0	47.7	48.2	46.8	49.4	46.8	48.7
I. Long-term receivables	6.6	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.7	7.7
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	6.6	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.7	7.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	21.3	22.6	24.1	25.6	23.4	24.9	26.4	27.8	26.3	28.0	26.5	28.0
1. Tangible fixed assets	21.3	22.6	24.1	25.6	23.4	24.9	26.4	27.8	26.3	28.0	26.5	28.0
- Cost	228.5	—	—	—	—	224.9	224.9	224.6	221.4	221.4	218.3	218.3
- Accumulated depreciation	-207.3	—	—	—	—	-200.0	-198.5	-196.8	-195.1	-193.4	-191.9	-190.3
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	0.0
- Accumulated depreciation	-0.0	—	—	—	—	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	—	—	—	—	—	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	10.7	11.5	12.0	11.7	12.4	13.2	13.3	12.4	12.5	13.4	12.7	13.0
1. Long-term prepayments	10.7	11.5	12.0	11.7	12.4	13.2	13.3	12.4	12.5	13.4	12.7	13.0
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)	245.1	242.1	249.3	254.3	245.9	257.0	256.3	248.1	252.7	250.8	251.8	240.0
A. LIABILITIES (300=210+330)	15.7	14.2	24.0	33.2	8.2	20.2	27.5	25.4	19.6	22.5	32.6	26.7
I. Short -term liabilities	15.7	14.2	24.0	33.2	8.2	20.2	27.5	25.4	19.6	22.5	32.6	26.7
1. Short-term trade accounts payable	0.9	—	5.7	0.3	0.1	0.8	0.6	1.9	2.3	1.5	0.3	0.3
2. Short-term advances from customers	1.5	0.3	0.3	1.9	—	0.7	2.1	0.6	0.0	0.6	4.0	0.0
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	—	—	—	—	0.0	0.1	1.0	0.1	0.1	0.4	0.4	0.3
4. Payable to employees	5.0	5.2	7.5	3.3	0.0	9.4	10.1	11.0	8.1	10.8	12.0	12.1
5. Short-term acrrued expenses	5.1	5.2	5.5	5.7	5.1	5.3	7.9	5.8	5.1	4.9	10.2	8.0
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	2.4	2.8	3.2	19.3	2.8	2.6	2.6	2.4	2.4	2.6	2.6	2.5
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.8	0.6	1.8	2.8	0.2	1.2	3.0	3.4	1.6	1.6	3.2	3.6
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	229.4	227.9	225.3	221.1	237.7	236.8	228.9	222.8	233.1	228.3	219.3	213.2
I. Owner's equity	229.4	227.9	225.3	221.1	237.7	236.8	228.9	222.8	233.1	228.3	219.3	213.2
1. Owner's capital	123.9	123.9	123.9	123.9	123.9	123.9	123.9	123.9	123.9	123.9	123.9	123.9
- Common stock with voting right	123,926,300,000.00	123,926,300,000.00	123,926,300,000.00	123,926,300,000.00	123,926,300,000.00	123,926,300,000.00	123,926,300,000.00	123,926,300,000.00	123,926,300,000.00	123,926,300,000.00	123,926,300,000.00	123,926,300,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	19.4	19.4	19.4	19.4	19.4	19.4	19.4	19.4	19.4	19.4	19.4	19.4
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	73.1	73.1	73.1	73.1	67.9	67.9	67.9	67.9	58.8	58.8	58.8	58.8
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	13.0	11.5	8.9	4.7	26.4	25.5	17.6	11.5	31.0	26.2	17.2	11.1
- Accumulated retained earning at the end of the previous period	11.5	—	—	—	25.5	0.0	0.0	0.0	26.2	2.0	2.0	2.0
- Undistributed earnings in this period	1.5	11.5	8.9	4.7	0.9	25.5	17.6	11.5	4.8	24.2	15.2	9.1
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)	245.1	242.1	249.3	254.3	245.9	257.0	256.3	248.1	252.7	250.8	251.8	240.0

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	1.9	3.1	5.4	4.7	1.2	10.0	7.7	8.3	6.0	11.3	8.0	8.1
Depreciation of Fixed Assets and Investment Property	1.4	1.5	1.5	1.5	1.5	1.5	1.7	1.7	1.7	1.6	1.6	1.8
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	—	0.4	0.0	-0.4	—	-0.3	0.0	-0.6	0.0	-0.3	0.0	-0.1
Gain/Loss from Investment Activities	-0.0	-0.7	-0.0	-0.7	-0.0	-1.6	-0.0	-1.0	-0.1	-1.0	-0.0	-1.7
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	3.2	4.3	6.9	5.0	2.6	9.7	9.5	8.4	7.6	11.7	9.6	8.1
Increase/(Decrease) in Receivables	3.6	2.5	6.4	-7.2	5.9	-9.3	1.2	4.4	6.8	-8.6	-6.3	0.2
Increase/(Decrease) in Inventory	2.8	1.7	-4.1	-4.5	-10.2	2.5	-10.4	-8.9	-3.4	2.0	-5.8	-7.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.6	-10.1	6.3	5.8	-11.9	-7.3	2.1	3.4	-2.6	-12.3	5.8	5.3
Increase/(Decrease) in Prepaid Expenses	0.8	0.5	-0.4	0.7	0.8	0.4	-0.7	-0.3	0.9	1.0	-0.6	-0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.7	0.0	-0.9	-0.3	-2.1	-1.6	-1.6	-1.2	-2.3	-1.7	-1.9	-0.7
Other Operating Receipts	1.3	—	—	—	—	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	-0.2	0.0	0.0
Net Cash Flow from Operating Activities	11.5	-1.1	14.3	-0.5	-14.9	-5.7	0.0	5.6	6.9	-8.2	0.8	5.8
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-3.6	—	0.0	-0.3	-3.1	0.0	-3.1	-0.1	-4.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3
Loans and Purchases of Debt Instruments	-10.0	—	—	—	—	-35.0	0.0	0.0	0.0	-43.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	10.0	10.0	—	—	—	43.0	0.0	0.0	0.0	43.0	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	1.5	0.0	0.0	0.0	1.3	0.0	0.0	0.1	2.8	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	0.0	11.5	0.0	-3.6	0.0	9.3	-0.3	-3.1	0.1	-0.3	-0.1	-4.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-16.1	—	—	0.0	0.0	-14.3	0.0	0.0	0.0	-11.2
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	0.0	-16.1	—	—	0.0	0.0	-14.3	0.0	0.0	0.0	-11.2
Net Cash Flow During the Period	11.5	10.4	-1.8	-4.1	-14.9	3.7	-0.3	-11.7	7.0	-8.5	0.7	-9.7
Cash and Cash Equivalents at Beginning of Period	35.0	25.0	26.8	30.5	45.4	45.7	45.7	45.7	45.7	72.3	72.3	72.3
FX Difference from Revaluation	—	0.0	0.4	0.4	—	0.3	0.0	0.6	0.0	0.3	0.0	0.1
Cash and Cash Equivalents at End of Period	46.5	35.0	25.0	26.8	30.5	45.4	41.4	41.6	52.7	45.7	54.0	53.3

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BMC

What Is Changing

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Is capital being deployed efficiently? ●

Balance Sheet ▲

Working Capital Efficiency ●

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Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow