BSL

Bia Sài Gòn - Sông Lam ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 7.31%, +3.57pp YoY

Price

13,000

Latest close

03 Jun 2026

P/E 9.26x

P/B 1.10x

EPS 1,404

BVPS 11,872

ROE 13.1%

ROA 10.6%

Profit Margin 7.3%

Asset Turnover 1.45x

Equity Mult. 1.24x

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

What Is Changing

On a TTM 2026Q1 basis, BSL has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 929bn
	                                
+0.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 68bn
	                                
+95.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	890.5	935.0	809.2	865.3	715.3
Growth	-5%	+16%	-6%	+21%	—
Net Income	42.3	40.4	33.3	40.5	35.1
Net Margin	4.75%	4.32%	4.12%	4.68%	4.91%

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	210.1	255.7	227.3	235.8	171.7	256.6	260.4	239.0	179.1	218.8	237.8	189.9
Growth	-18%	+12%	-4%	+37%	-33%	-1%	+9%	+33%	-18%	-8%	+25%	—
Net Income	22.0	25.8	10.6	9.5	-3.6	15.2	11.1	12.0	2.1	7.8	9.8	7.5
Net Margin	10.47%	10.10%	4.66%	4.02%	-2.12%	5.91%	4.26%	5.04%	1.15%	3.58%	4.14%	3.96%

Drivers of BSL's profit

TTM

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

Gross profit ↑ 33.1bn

Financial income ↑ 4.5bn

TTM

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

Gross profit ↑ 30.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.9% = 3.7% × 1.43 × 1.29

2026Q1 13.1% = 7.3% × 1.45 × 1.24

ROE rose from 6.9% to 13.1% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 7.3% +3.6pp Asset turnover: 1.45x +0.02x Leverage: 1.24x -0.05x

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 7.31%, rising 3.6pp. The main driver is Gross margin rose 3.6pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.5pp).

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

Profitability trend

Net Margin 7.31% +3.6pp

Gross Margin 8.86% +3.6pp

SG&A / Revenue 1.55% −0.1pp

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 7.29% +2.5pp

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 0.30x equity, with a net cash position equivalent to 0.15x equity.

Inventory ended the period at 78.7bn, roughly 11.8% of total assets.

Over the last 12 months, working capital released 13.2bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −17.2bn

Inventories decreased → higher CFO: +1.2bn

Payables increased → higher CFO: +29.2bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 2.2 days versus the same period last year. The main moves came from DIO rose 2.6 days, DSO rose 4.2 days, and DPO rose 4.6 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +2.2 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +4.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 19.3 days +4.2 days

Inventory 33.3 days +2.6 days

Payables 8.5 days +4.6 days

Cash Conversion Cycle 44.1 days +2.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 70.7bn.

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 -0.15x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.66x −1.23x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 70.7bn in 2025, against investing cash flow of -48.3bn.

Post-investment cash flow was positive +22.4bn. Financing cash flow was negative +30.6bn.

CFO / net income was 1.66x.

After spending +11.8bn on fixed-asset investment, the business generated trailing free cash flow of +101.0bn.

Cash Conversion

CFO TTM 112.8bn +12.4bn

Cash Capex 11.8bn +2.7bn

FCF TTM +101.0bn +9.7bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 19.1%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.31% after expanding 3.6pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.66x. Even so, net financial result still accounts for 19.1% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	890.5	935.0	809.2	865.3	715.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	890.5	935.0	809.2	865.3	715.3
Cost of Goods Sold	838.3	878.8	762.4	795.8	0.0
Gross Profit	52.1	56.2	46.7	69.5	67.1
Financial Income	15.1	11.8	14.3	5.3	2.5
Financial Expenses	0.0	1.0	0.7	0.1	-0.9
Interest Expense	0.0	1.0	0.7	0.1	-0.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.3	1.3	0.0	1.2	-1.0
General and Administrative Expenses	14.1	15.0	17.4	23.2	-23.3
Operating Profit	52.8	50.7	42.9	50.3	44.5
Other Income	1.0	0.0	0.0	0.7	0.0
Other Expenses	0.7	0.0	0.7	0.0	0.0
Other Profit	0.3	0.0	-0.7	0.7	-0.2
Profit Before Tax	53.1	50.7	42.2	50.9	44.3
Current Income Tax Expense	10.9	10.4	9.1	10.5	-9.2
Deferred Income Tax Expense	-0.1	-0.1	-0.2	-0.1	0.0
Net Income	42.3	40.4	33.3	40.5	35.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	42.3	40.4	33.3	40.5	35.1
Earnings per Share	836.00	808.00	658.00	818.00	671.00
Diluted EPS	938.98	896.97	739.99	900.11	780.19

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	526.6	440.1	386.1	276.2	199.9
I. Cash and cash equivalents	42.3	50.4	28.6	12.1	77.8
1. Cash	42.3	50.4	28.6	12.1	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	312.6	259.5	249.7	170.0	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	312.6	259.5	249.7	170.0	0.0
III. Short-term receivables	92.8	45.4	42.8	21.8	18.7
1. Short-term trade accounts receivable	82.4	42.4	38.6	18.6	0.0
2. Short-term prepayments to suppliers	3.0	0.4	0.2	0.5	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	7.4	2.6	4.0	2.7	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	78.7	84.0	64.3	71.3	53.1
1. Inventories	79.0	84.7	64.7	73.9	0.0
2. Provision for decline in value of inventories	-0.3	-0.7	-0.5	-2.6	0.0
V. Other short-term assets	0.2	0.8	0.8	1.0	0.3
1. Short-term prepayments	0.2	0.8	0.4	0.2	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	0.4	0.8	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)	142.6	201.2	270.8	342.3	421.2
I. Long-term receivables	0.0	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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	129.3	187.7	258.0	334.8	411.8
1. Tangible fixed assets	128.7	187.6	258.0	334.7	411.7
- Cost	1,305.0	1,300.5	1,293.5	1,292.5	0.0
- Accumulated depreciation	-1,176.3	-1,112.9	-1,035.6	-957.7	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	0.6	0.1	0.0	0.1	0.1
- Cost	0.9	0.4	0.3	0.3	0.0
- Accumulated depreciation	-0.4	-0.3	-0.3	-0.2	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	0.2	0.2	4.0	0.6	0.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.2	4.0	0.6	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	13.0	13.3	8.8	6.8	0.0
1. Long-term prepayments	4.5	6.1	0.7	0.4	0.0
2. Deferred income tax assets	2.4	2.3	2.3	2.1	0.0
3. Long-term equipment, supplies, spare parts	6.1	4.9	5.8	4.3	0.0
4. Other long-term assets	—	0.0	0.0	0.0	8.7
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)	669.2	641.4	656.9	618.5	621.1
A. LIABILITIES (300=210+330)	155.6	133.1	154.1	130.9	123.7
I. Short -term liabilities	155.4	133.0	153.4	130.4	123.2
1. Short-term trade accounts payable	26.6	21.2	16.2	13.1	7.1
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	112.0	97.2	102.2	82.4	0.0
4. Payable to employees	2.3	2.3	2.3	3.0	0.0
5. Short-term acrrued expenses	5.5	5.6	7.8	7.3	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	4.1	2.7	4.2	21.1	0.0
10. Short-term borrowings and financial leases	—	0.0	17.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.0	4.0	3.8	3.5	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	0.2	0.2	0.7	0.5	0.5
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	0.5	0.3	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	0.2	0.2	0.2	0.2	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)	513.6	508.2	502.9	487.6	497.4
I. Owner's equity	513.6	508.2	502.9	487.6	0.0
1. Owner's capital	450.0	450.0	450.0	450.0	497.4
- Common stock with voting right	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00
- 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	6.5	6.5	6.5	6.5	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	57.1	51.7	46.3	31.1	40.9
- Accumulated retained earning at the end of the previous period	19.7	15.4	16.7	12.3	12.1
- Undistributed earnings in this period	37.4	36.3	29.6	18.7	28.8
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)	669.2	641.4	656.9	618.5	621.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	53.1	50.7	42.2	50.9	44.3
Depreciation of Fixed Assets and Investment Property	64.4	77.3	77.9	78.4	78.1
Provision (Increase)/Reversal	0.3	0.3	1.0	0.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-15.1	-11.8	-13.7	-5.3	0.0
Interest Expense	0.0	1.0	0.7	0.1	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	102.6	117.6	108.1	124.9	118.0
Increase/(Decrease) in Receivables	-47.5	-3.9	-19.8	-1.1	0.0
Increase/(Decrease) in Inventory	3.8	-19.1	4.6	-18.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	22.5	-8.4	19.4	-4.4	0.0
Increase/(Decrease) in Prepaid Expenses	2.1	-1.8	-0.5	1.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-1.0	-0.7	-0.0	0.0
Corporate Income Tax Paid	-8.7	-9.7	-4.6	-15.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.0	-3.2	-4.3	-3.2	0.0
Net Cash Flow from Operating Activities	70.7	70.4	102.1	84.2	136.1
Payments for Fixed Assets and Other Long-term Assets	-12.9	-2.6	-5.2	-2.6	-14.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	-100.0
Loans and Purchases of Debt Instruments	-186.0	-565.3	-228.0	-230.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	139.5	555.5	156.9	110.0	110.0
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	11.1	13.2	4.5	3.3	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	-48.3	0.8	-71.8	-119.3	-1.4
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	30.4	314.0	310.0	35.0	241.0
Repayment of Borrowings	-30.4	-331.0	-293.0	-35.0	-308.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-30.6	-32.3	-30.8	-30.6	-21.9
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-30.6	-49.3	-13.8	-30.6	-89.1
Net Cash Flow During the Period	-8.1	21.9	16.5	-65.7	11.0
Cash and Cash Equivalents at Beginning of Period	50.4	28.6	12.1	77.8	32.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	42.3	50.4	28.6	12.1	77.8

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	210.1	255.7	227.3	235.8	171.7	256.6	260.4	239.0	179.1	218.8	237.8	189.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	210.1	255.7	227.3	235.8	171.7	256.6	260.4	239.0	179.1	218.8	237.8	189.9
Cost of Goods Sold	182.6	224.5	214.5	225.0	174.3	236.5	245.0	222.6	174.7	206.3	225.5	179.2
Gross Profit	27.5	31.2	12.8	10.7	-2.6	20.0	15.4	16.4	4.4	12.6	12.3	10.7
Financial Income	3.8	4.3	4.2	3.6	2.9	3.5	2.5	2.6	3.1	3.4	4.5	3.7
Financial Expenses	—	0.0	—	—	0.0	0.0	0.1	0.4	0.5	0.3	0.1	0.1
Interest Expense	—	0.0	—	—	0.0	0.0	0.1	0.4	0.5	0.3	0.1	0.1
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	0.2	0.4	0.4	0.3	0.2	0.0	0.0	0.0
General and Administrative Expenses	3.9	3.6	3.4	3.4	3.7	3.9	3.6	3.3	4.2	4.0	4.2	4.8
Operating Profit	27.5	31.9	13.7	10.9	-3.6	19.2	13.9	15.1	2.6	11.8	12.5	9.5
Other Income	0.0	1.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.1
Other Expenses	0.0	0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.6	0.1	0.0
Other Profit	0.0	0.3	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	-0.6	-0.1	-0.1
Profit Before Tax	27.5	32.2	13.7	10.9	-3.6	19.2	13.9	15.1	2.6	11.2	12.4	9.4
Current Income Tax Expense	5.4	6.5	3.0	1.4	—	4.4	2.6	3.0	0.4	3.7	2.5	1.8
Deferred Income Tax Expense	0.0	-0.2	0.1	0.0	0.0	-0.3	0.1	0.0	0.1	-0.3	0.0	0.1
Net Income	22.0	25.8	10.6	9.5	-3.6	15.2	11.1	12.0	2.1	7.8	9.8	7.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	22.0	25.8	10.6	9.5	-3.6	15.2	11.1	12.0	2.1	7.8	9.8	7.5
Earnings per Share	461.00	548.00	210.00	185.00	-107.00	315.00	224.00	245.00	23.00	154.00	198.00	147.00
Diluted EPS	488.74	574.06	235.44	210.44	-80.96	337.06	246.69	245.00	23.00	154.00	198.00	147.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	531.6	526.6	504.8	517.6	428.4	440.2	447.7	483.3	436.9	386.1	416.3	340.7
I. Cash and cash equivalents	79.5	42.3	64.0	104.4	35.1	50.4	227.8	16.6	29.2	28.6	33.3	56.7
1. Cash	79.5	42.3	64.0	104.4	35.1	50.4	227.8	16.6	29.2	28.6	33.3	8.7
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	48.0
II. Short-term financial investments	316.6	312.6	342.6	306.0	264.5	259.5	109.5	305.8	305.8	249.7	300.6	192.7
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	316.6	312.6	342.6	306.0	264.5	259.5	109.5	305.8	305.8	249.7	300.6	192.7
III. Short-term receivables	60.4	92.8	40.9	54.9	49.4	45.4	48.5	57.9	33.5	42.8	22.9	25.3
1. Short-term trade accounts receivable	53.5	82.4	35.7	48.1	44.4	42.4	45.0	52.2	31.8	38.6	20.0	20.6
2. Short-term prepayments to suppliers	5.0	3.0	1.3	0.9	0.4	0.4	2.3	1.6	0.2	0.2	0.2	0.3
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.9	7.4	3.9	6.0	4.5	2.6	1.2	4.0	1.4	4.0	2.7	4.4
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	74.6	78.7	57.0	51.8	78.8	84.1	61.4	101.8	67.9	64.3	59.2	65.7
1. Inventories	75.0	79.0	57.4	52.4	79.5	84.8	62.1	102.3	68.3	64.7	61.4	68.1
2. Provision for decline in value of inventories	-0.4	-0.3	-0.4	-0.6	-0.7	-0.7	-0.7	-0.4	-0.4	-0.5	-2.2	-2.3
V. Other short-term assets	0.5	0.2	0.3	0.4	0.6	0.8	0.5	1.1	0.6	0.8	0.3	0.3
1. Short-term prepayments	0.2	0.2	0.3	0.4	0.6	0.8	0.5	1.1	0.5	0.4	0.2	0.3
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	0.3	—	0.0	—	—	0.0	0.0	0.0	0.1	0.4	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)	140.6	142.6	144.9	165.3	182.3	201.2	212.5	233.2	252.9	270.8	290.6	304.7
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	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	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	126.6	129.3	133.4	152.2	169.3	187.7	200.8	220.3	239.3	258.0	277.4	296.2
1. Tangible fixed assets	126.1	128.7	133.2	152.1	169.2	187.6	200.7	220.2	239.3	258.0	277.4	296.2
- Cost	1,306.4	—	—	—	—	1,300.5	1,294.2	1,294.5	1,294.3	1,293.5	1,293.5	1,292.9
- Accumulated depreciation	-1,180.3	—	—	—	—	-1,112.9	-1,093.5	-1,074.3	-1,055.0	-1,035.6	-1,016.1	-996.7
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	0.5	0.6	0.2	0.0	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0
- Cost	0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	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	0.2	0.2	0.2	0.3	0.2	0.2	0.2	4.6	4.8	4.0	0.6	0.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.2	0.2	0.3	0.2	0.2	0.2	4.6	4.8	4.0	0.6	0.6
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	13.7	13.0	11.3	12.8	12.8	13.2	11.5	8.4	8.8	8.8	12.6	7.9
1. Long-term prepayments	3.7	4.5	4.6	5.3	5.3	6.1	4.4	0.4	0.8	0.7	0.2	0.3
2. Deferred income tax assets	2.4	2.4	2.2	2.3	2.3	2.3	2.0	2.2	2.2	2.3	2.0	2.0
3. Long-term equipment, supplies, spare parts	7.6	6.1	4.6	5.3	5.1	4.8	5.0	5.8	5.8	5.8	10.4	5.6
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)	672.2	669.2	649.7	682.9	610.7	641.4	660.2	716.5	689.8	656.9	706.9	645.5
A. LIABILITIES (300=210+330)	137.9	155.6	160.7	203.3	107.3	133.1	166.1	232.5	185.9	157.8	214.6	162.1
I. Short -term liabilities	137.8	155.4	160.5	203.1	107.1	133.0	166.0	232.4	185.7	157.1	214.5	161.5
1. Short-term trade accounts payable	26.6	26.6	14.0	14.7	12.6	21.2	16.1	42.9	5.8	16.2	19.1	19.8
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	3.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	94.3	112.0	131.4	142.3	80.4	97.2	137.0	98.3	60.1	102.2	141.6	111.4
4. Payable to employees	0.6	2.3	1.6	3.1	0.5	2.3	1.6	1.1	1.2	6.0	4.9	5.4
5. Short-term acrrued expenses	5.7	5.5	5.3	5.7	5.5	5.6	5.3	5.7	6.9	7.8	9.7	9.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.8	4.1	4.3	34.7	2.9	2.7	2.9	26.4	3.9	4.2	4.6	4.1
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	56.0	103.0	17.0	32.0	10.0
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	6.3	5.0	3.8	2.7	5.2	4.0	3.0	2.0	4.8	3.8	2.6	1.7
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	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.2	0.2	0.7	0.2	0.7
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	0.5	0.0	0.5
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	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.2	0.2	0.2	0.2	0.2
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)	534.2	513.6	489.0	479.6	503.4	508.2	494.1	484.0	503.9	499.2	492.3	483.3
I. Owner's equity	534.2	513.6	489.0	479.6	503.4	508.2	494.1	484.0	503.9	499.2	492.3	483.3
1. Owner's capital	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0
- Common stock with voting right	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00
- 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	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5
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	77.7	57.1	32.5	23.1	46.9	51.7	37.6	27.5	47.4	42.7	35.7	26.8
- Accumulated retained earning at the end of the previous period	57.1	19.7	19.7	19.7	51.7	15.4	15.4	15.4	46.3	16.7	16.7	16.7
- Undistributed earnings in this period	20.6	37.4	12.8	3.4	-4.8	36.3	22.2	12.1	1.0	25.9	19.0	10.1
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)	672.2	669.2	649.7	682.9	610.7	641.4	660.2	716.5	689.8	656.9	706.9	645.5

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
Profit Before Tax	27.5	32.2	13.7	10.9	-3.6	19.2	13.9	15.1	2.6	14.9	12.4	9.4
Depreciation of Fixed Assets and Investment Property	4.1	6.0	19.5	19.4	19.4	19.4	19.2	19.3	19.4	19.4	19.4	19.5
Provision (Increase)/Reversal	-0.0	-0.6	1.3	-0.2	-0.2	0.0	0.8	-0.2	-0.4	1.7	-0.2	-0.3
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	-3.8	-4.3	-4.2	-3.6	-2.9	-3.5	-2.5	-2.6	-3.1	-2.9	-4.5	-3.7
Interest Expense	—	0.0	0.0	0.0	0.0	0.0	0.1	0.4	0.5	0.3	0.1	0.1
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	27.7	33.3	30.2	26.5	12.7	35.1	31.5	32.0	19.0	33.4	27.3	25.0
Increase/(Decrease) in Receivables	27.8	-53.5	12.2	-3.6	-2.6	-0.2	10.2	-23.3	9.3	-18.8	1.1	8.2
Increase/(Decrease) in Inventory	2.5	-22.6	-5.8	27.1	5.2	-22.5	40.4	-33.8	-3.3	-2.1	1.9	2.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-17.5	-0.7	-23.8	71.2	-24.2	-37.1	9.7	72.1	-53.0	-44.9	25.9	53.0
Increase/(Decrease) in Prepaid Expenses	0.9	0.1	0.8	0.2	0.9	5.2	-4.0	0.4	-0.2	-0.6	0.1	-0.2
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	-0.1	-0.4	-0.5	-0.3	-0.1	-0.1
Corporate Income Tax Paid	-6.5	-3.0	-1.3	-0.0	-4.4	-5.6	0.0	-0.4	-3.7	-4.1	-0.5	0.0
Other Operating Receipts	—	—	—	—	—	-1.2	1.2	-0.0	0.0	-5.4	5.4	0.0
Other Operating Payments	-0.1	-0.1	0.0	-4.0	—	-0.4	0.4	-1.3	-2.0	-4.3	4.5	-3.9
Net Cash Flow from Operating Activities	34.7	-48.1	13.9	112.3	-7.4	-26.7	89.3	45.1	-34.3	-47.1	65.6	84.6
Payments for Fixed Assets and Other Long-term Assets	-3.3	-4.8	-0.5	-3.2	-4.4	-2.0	-0.9	-1.8	-1.0	-4.1	-0.6	-0.4
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	-125.0	0.0	-30.0	-91.0	-65.0	-150.0	-109.5	0.0	-305.8	72.6	-108.0	-192.7
Receipts from Loan Repayments and Sale of Debt Instruments	126.9	30.0	49.5	—	60.0	0.0	0.0	-249.7	249.7	-13.1	170.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	305.8	249.7	0.0	0.0	-170.0	170.0
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	3.8	1.2	6.6	1.9	1.4	1.9	5.3	0.0	6.0	1.9	-2.5	2.8
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	2.5	26.4	-23.9	-42.8	-7.9	-150.1	200.7	-1.8	-51.2	57.4	-111.0	-20.2
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	—	15.0	0.0	0.0	15.4	0.0	16.0	120.0	178.0	143.0	107.0	10.0
Repayment of Borrowings	—	-15.0	0.0	0.0	-15.4	0.0	-72.0	-167.0	-92.0	-158.0	-85.0	-20.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-0.0	-30.4	-0.1	-0.0	-0.6	-22.9	-8.9	0.0	-0.0	-0.1	-13.1
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	-0.1	-0.0	-30.4	-0.1	-0.0	-0.6	-78.9	-55.9	86.0	-15.0	21.9	-23.1
Net Cash Flow During the Period	37.2	-21.7	-40.4	69.3	-15.3	-177.3	211.1	-12.5	0.6	-4.7	-23.5	41.3
Cash and Cash Equivalents at Beginning of Period	42.3	64.0	104.4	35.1	50.4	28.6	28.6	28.6	28.6	12.1	12.1	12.1
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	79.5	42.3	64.0	104.4	35.1	50.4	227.8	16.6	29.2	28.6	33.3	56.7

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BSL

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Cash Flow