BTH

Chế tạo Biến thế và Vật liệu Điện Hà Nội ·UPCOM ·2026Q1

● Maintaining

Financial result is supporting part of pre-tax profit Net financial result/PBT 15.60%

Price

22,100

Latest close

03 Jun 2026

P/E 2.70x

P/B 1.08x

EPS 8,187

BVPS 20,558

ROE 27.9%

ROA 20.8%

Profit Margin 68.3%

Asset Turnover 0.30x

Equity Mult. 1.34x

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

What Is Changing

On a TTM 2026Q1 basis, BTH is in an offsetting state — revenue softened slightly but margins improved — margins have been expanding consistently over multiple periods. What is still missing is a signal strong enough to tilt this picture clearly in either direction.

	                            
	                                TTM REVENUE
	                            
	                                    VND 300bn
	                                
−83.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 205bn
	                                
−71.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	272.1	1,814.6	1.1	1.0	0.1
Growth	-85%	+172248%	+7%	+764%	—
Net Income	186.1	708.0	0.1	1.7	14.0
Net Margin	68.37%	39.02%	9.95%	172.18%	12247.21%

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	39.7	249.6	5.0	5.5	12.0	384.2	216.2	1,214.1	0.0	0.3	0.4	0.3
Growth	-84%	+4923%	-10%	-54%	-97%	+78%	-82%	+3595154%	-88%	-28%	+32%	—
Net Income	29.3	154.3	10.8	10.3	10.7	217.8	94.1	399.3	-1.2	-0.1	0.4	-0.1
Net Margin	73.83%	61.84%	216.55%	186.90%	88.70%	56.69%	43.53%	32.89%	-3424.20%	-54.97%	103.01%	-44.67%

Drivers of BTH's profit

TTM

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

Selling expenses ↓ 136.4bn

Tax ↓ 129.0bn

Gross profit ↓ 791.0bn

TTM

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

Gross profit ↑ 25.8bn

Finance costs ↓ 2.1bn

Tax ↑ 4.7bn

Financial income ↓ 4.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 117.7% = 39.5% × 1.42 × 2.10

2026Q1 27.9% = 68.3% × 0.30 × 1.34

ROE fell from 117.7% to 27.9% — asset turnover weakened the most, though net margin still provided support.

Net margin: 68.3% +28.8pp Asset turnover: 0.30x -1.11x Leverage: 1.34x -0.75x

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 68.28%, rising 28.8pp. The main driver is Gross margin rose 21.5pp and SG&A / Revenue fell 2.9pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 11.6pp added support while Other profit / Revenue fell 0.0pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 68.28% +28.8pp

Gross Margin 77.49% +21.5pp

SG&A / Revenue 5.47% −2.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 24.17%, losing 71.5pp. That translates to 24.17 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 2.07x — capital is being absorbed faster than revenue is being generated; while invested capital rose by 92bn.

Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.

CAPITAL EFFICIENCY TREND

ROIC 24.17% −71.5pp

NOPAT Margin 68.25% +28.8pp

Capital Turnover 0.35x −2.07x

Average Invested Capital 846.3bn +92.3bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.39x equity, net debt at 0.05x equity.

Inventory ended the period at 88.4bn, roughly 13.2% of total assets.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 611.2 days versus the same period last year. The main moves came from DIO rose 569.9 days, DSO rose 68.4 days, and DPO rose 27.0 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 635.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +68.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 78.8 days +68.4 days

Inventory 601.9 days +569.9 days

Payables 45.1 days +27.0 days

Cash Conversion Cycle 635.6 days +611.2 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 141.43x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 6.3% of debt, and total debt stands at 27.0bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 6.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.05x −0.16x

Interest Coverage 141.43x −49.18x

Cash / Debt 6.3% +5.8pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.45x +0.60x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 220.9bn in 2025, against investing cash flow of 549.1bn.

Post-investment cash flow was positive +770.0bn. Financing cash flow was negative +766.4bn.

CFO / net income was 1.45x.

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 297.2bn −315.2bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is operating efficiency, with net margin improving 28.8 pp. The next item to monitor is the earnings mix, when non-core contribution is 15.6%. The main risk still sits in leverage and liquidity, with interest coverage at 141.43x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 68.28% after expanding 28.8pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.45x. Even so, net financial result still accounts for 15.6% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.05x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	272.1	1,814.6	1.1	1.0	0.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	272.1	1,814.6	1.1	1.0	0.1
Cost of Goods Sold	65.6	799.4	0.0	0.0	0.0
Gross Profit	206.5	1,015.2	1.1	1.0	0.1
Financial Income	45.8	26.2	13.7	5.0	20.9
Financial Expenses	3.9	5.2	12.0	2.1	-3.8
Interest Expense	2.7	0.8	0.0	1.2	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	10.7	147.4	0.0	0.0	-0.0
General and Administrative Expenses	5.2	4.9	3.0	2.2	-1.1
Operating Profit	232.6	884.0	-0.2	1.6	16.2
Other Income	0.3	1.1	0.7	0.5	0.0
Other Expenses	0.2	0.1	0.2	0.0	0.0
Other Profit	0.1	1.1	0.4	0.5	0.0
Profit Before Tax	232.6	885.0	0.2	2.1	16.2
Current Income Tax Expense	46.6	177.0	0.1	0.4	-2.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	186.1	708.0	0.1	1.7	14.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	186.1	708.0	0.1	1.7	14.0
Earnings per Share	7,442.00	28,306.00	4.00	68.00	559.00
Diluted EPS	7,442.15	28,320.88	4.19	68.00	558.67

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	589.5	1,241.4	231.2	217.7	114.5
I. Cash and cash equivalents	4.0	0.4	7.7	2.0	0.6
1. Cash	4.0	0.4	7.7	2.0	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	455.1	979.5	193.6	163.5	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	455.1	979.5	193.6	163.5	0.0
III. Short-term receivables	42.1	121.0	29.8	52.2	13.6
1. Short-term trade accounts receivable	37.2	99.0	5.0	5.4	0.0
2. Short-term prepayments to suppliers	0.1	1.2	19.5	46.2	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	4.8	20.8	9.9	5.3	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	-4.7	-4.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	88.4	140.4	0.0	0.0	0.0
1. Inventories	88.4	140.4	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	0.0	0.0	0.0	0.0	2.0
1. Short-term prepayments	0.0	0.0	0.0	0.0	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)	82.2	82.3	963.1	531.3	168.0
I. Long-term receivables	—	0.0	10.7	10.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	10.7
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	—	0.0	10.7	10.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.0	0.0	0.0	0.1	0.1
1. Tangible fixed assets	0.0	0.0	0.0	0.1	0.1
- Cost	0.1	0.1	0.0	0.8	0.0
- Accumulated depreciation	-0.1	-0.0	-0.0	-0.7	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	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	79.7	81.9	0.0	0.0	0.0
- Cost	82.5	82.8	0.0	0.0	0.0
- Accumulated depreciation	-2.8	-0.9	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	900.6	506.3	157.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	900.6	506.3	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	2.4	0.4	51.7	14.3	0.0
1. Long-term prepayments	2.4	0.4	51.7	14.3	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	0.0
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)	671.7	1,323.7	1,194.3	749.1	282.5
A. LIABILITIES (300=210+330)	187.0	382.4	918.1	473.0	8.2
I. Short -term liabilities	186.1	381.6	918.1	306.9	8.2
1. Short-term trade accounts payable	8.0	27.7	88.0	28.0	5.8
2. Short-term advances from customers	53.9	29.8	763.8	264.2	0.1
3. Taxes and other payables to state authorities	43.8	78.4	5.3	3.4	0.0
4. Payable to employees	—	0.0	0.1	0.1	0.0
5. Short-term acrrued expenses	—	0.0	14.8	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.4	0.5	0.0	0.4	0.0
9. Other short-term payables	0.9	47.6	7.1	4.4	0.0
10. Short-term borrowings and financial leases	—	141.5	39.0	6.4	0.0
11. Provision for short-term liabilities	66.1	56.2	0.0	0.0	0.0
12.. Bonus and welfare fund	13.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.9	0.8	0.0	166.1	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	7.0	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	0.9	0.8	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	159.1	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)	484.7	941.3	276.1	276.0	274.3
I. Owner's equity	484.7	941.3	276.1	276.0	0.0
1. Owner's capital	250.0	250.0	250.0	250.0	274.3
- Common stock with voting right	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	4.1	4.1	4.1	4.1	4.1
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	4.0	4.0	4.0	4.0	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	226.5	683.2	18.0	17.9	16.2
- Accumulated retained earning at the end of the previous period	40.5	0.1	17.9	16.2	2.2
- Undistributed earnings in this period	186.1	683.0	0.1	1.7	14.0
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)	671.7	1,323.7	1,194.3	749.1	282.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-85.5	-94.4	-4.5	-4.0	0.0
Other Operating Receipts	8.3	60.9	24.4	17.3	0.0
Other Operating Payments	-30.4	-99.1	-16.5	-0.3	0.0
Net Cash Flow from Operating Activities	220.9	710.9	482.1	286.1	-33.7
Payments for Fixed Assets and Other Long-term Assets	—	-0.0	-333.8	-323.6	-118.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-603.3
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	737.4
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	57.3	7.7	14.0	3.4	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	549.1	-778.2	-349.9	-386.8	38.4
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	71.3	256.4	289.4	159.5	1.9
Repayment of Borrowings	-212.8	-153.9	-415.8	-57.4	-1.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-624.9	-42.5	0.0	0.0	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	-766.4	60.0	-126.4	102.1	0.0
Net Cash Flow During the Period	3.6	-7.4	5.8	1.4	-0.0
Cash and Cash Equivalents at Beginning of Period	0.4	7.7	2.0	0.6	103.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.0	0.4	7.7	2.0	0.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	39.7	249.6	5.0	5.5	12.0	384.2	216.2	1,214.1	0.0	0.3	0.4	0.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	39.7	249.6	5.0	5.5	12.0	384.2	216.2	1,214.1	0.0	0.3	0.4	0.3
Cost of Goods Sold	8.3	55.9	2.2	1.0	6.5	117.8	93.7	585.4	0.0	0.0	0.0	0.0
Gross Profit	31.4	193.7	2.8	4.5	5.6	266.4	122.5	628.7	0.0	0.3	0.4	0.3
Financial Income	7.6	10.6	12.3	11.2	11.7	11.5	7.8	4.5	2.4	3.3	3.7	3.2
Financial Expenses	0.3	0.0	0.3	1.2	2.3	1.2	0.2	0.9	2.8	3.3	3.1	3.1
Interest Expense	0.3	—	—	0.8	1.9	1.2	0.2	0.9	2.8	3.3	3.1	3.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.3	10.0	0.2	0.1	0.5	3.4	11.8	132.2	0.0	0.0	0.0	0.0
General and Administrative Expenses	0.8	1.5	1.2	1.4	1.1	1.3	1.1	1.4	1.1	0.7	0.7	0.6
Operating Profit	36.6	192.8	13.3	13.1	13.3	272.0	117.3	498.7	-1.5	-0.4	0.2	-0.3
Other Income	0.0	0.1	0.1	0.1	0.0	0.3	0.4	0.1	0.3	0.3	0.2	0.1
Other Expenses	—	—	—	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	0.1	0.1	-0.2	0.0	0.3	0.4	0.1	0.3	0.3	0.2	0.1
Profit Before Tax	36.6	192.9	13.5	12.9	13.3	272.3	117.6	498.8	-1.2	-0.2	0.5	-0.2
Current Income Tax Expense	7.3	38.6	2.7	2.6	2.7	54.5	23.5	99.5	0.0	-0.0	0.1	-0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	29.3	154.3	10.8	10.3	10.7	217.8	94.1	399.3	-1.2	-0.1	0.4	-0.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	29.3	154.3	10.8	10.3	10.7	217.8	94.1	399.3	-1.2	-0.1	0.4	-0.1
Earnings per Share	1,172.00	6,174.00	430.00	411.00	427.00	8,712.00	3,765.00	15,972.00	-46.00	-6.00	15.00	-5.00
Diluted EPS	1,171.79	6,174.00	430.42	410.79	427.00	28,403.00	3,765.00	15,972.00	-46.00	-6.00	15.00	-5.00

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)	592.7	589.5	1,213.7	1,121.7	1,215.0	1,241.1	990.9	627.9	246.6	235.7	252.5	253.7
I. Cash and cash equivalents	1.7	4.0	289.9	3.9	1.0	0.4	10.8	4.1	4.1	7.7	6.4	2.7
1. Cash	1.7	4.0	0.7	3.9	1.0	0.4	10.8	4.1	4.1	7.7	6.4	2.7
2. Cash equivalents	—	—	289.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	478.8	455.1	714.7	873.2	948.8	979.5	885.3	536.2	210.1	193.6	181.9	183.5
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	478.8	455.1	714.7	873.2	948.8	979.5	885.3	536.2	210.1	193.6	181.9	183.5
III. Short-term receivables	30.5	42.1	69.0	103.4	124.4	121.1	94.7	87.6	31.4	34.0	60.8	64.5
1. Short-term trade accounts receivable	29.9	37.2	48.8	84.2	99.5	99.0	78.1	67.0	4.7	9.3	8.3	5.2
2. Short-term prepayments to suppliers	0.1	0.1	1.0	1.0	1.1	1.2	1.5	13.6	17.5	19.5	42.1	53.9
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	0.5	4.8	19.1	18.3	23.8	20.8	15.2	7.0	13.8	9.9	15.0	10.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	-4.7	-4.7	-4.7	-4.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	81.7	88.4	140.1	141.2	140.8	140.1	0.0	0.0	0.3	0.2	0.2	0.1
1. Inventories	81.7	88.4	140.1	141.2	140.8	140.1	0.0	0.0	0.3	0.2	0.2	0.1
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	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.7	0.0	3.3	2.8
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.1	0.2
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.7	0.0	3.2	2.6
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)	81.6	82.2	80.7	81.2	81.8	85.2	329.8	992.0	1,031.1	962.8	798.0	663.0
I. Long-term receivables	—	—	—	—	—	0.0	0.0	10.7	10.7	10.7	10.7	10.7
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	—	—	—	—	—	0.0	0.0	10.7	10.7	10.7	10.7	10.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.1
1. Tangible fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.1
- Cost	0.1	—	—	—	—	0.1	0.1	0.1	0.0	0.8	0.8	0.8
- Accumulated depreciation	-0.1	—	—	—	—	-0.0	-0.0	-0.0	-0.0	-0.8	-0.8	-0.7
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	—	—	—	—	—	0.0	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	79.3	79.7	80.5	80.9	81.4	84.8	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	82.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	329.5	981.0	957.1	900.6	753.1	636.9
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	329.5	981.0	957.1	900.6	753.1	636.9
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	2.4	2.4	0.2	0.3	0.3	0.4	0.2	0.2	63.2	51.5	34.2	15.3
1. Long-term prepayments	2.4	2.4	0.2	0.3	0.3	0.4	0.2	0.2	63.2	51.5	34.2	15.3
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)	674.3	671.7	1,294.4	1,202.9	1,296.8	1,326.3	1,320.7	1,619.9	1,277.7	1,198.5	1,050.5	916.6
A. LIABILITIES (300=210+330)	160.3	187.0	964.1	883.3	344.8	382.9	595.1	963.5	1,002.7	922.2	774.1	640.6
I. Short -term liabilities	159.4	186.1	963.2	882.6	344.0	382.9	595.1	963.5	1,002.7	922.2	594.6	475.9
1. Short-term trade accounts payable	7.2	8.0	6.5	8.5	9.5	27.7	38.0	68.5	70.3	88.0	25.8	17.7
2. Short-term advances from customers	35.5	53.4	198.0	124.5	36.6	29.8	241.8	61.6	0.1	0.2	0.1	0.1
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	8.4	43.8	17.7	14.2	2.9	78.9	173.9	116.7	0.8	5.3	2.4	1.5
4. Payable to employees	0.1	—	—	—	—	0.0	0.0	0.0	0.2	0.1	0.0	0.0
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0	585.3	0.0	14.8	13.3	11.2
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	—	0.4	—	—	—	0.0	0.0	0.0	836.4	767.8	518.3	395.4
9. Other short-term payables	1.3	1.4	666.7	661.2	36.0	48.8	88.1	58.8	11.3	7.1	34.7	50.1
10. Short-term borrowings and financial leases	27.0	—	—	—	202.4	141.5	0.0	24.0	83.7	39.0	0.0	0.0
11. Provision for short-term liabilities	67.4	66.1	56.8	56.7	56.6	56.2	52.9	48.3	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	12.4	13.0	17.5	17.6	—	0.0	0.4	0.4	0.0	0.0	0.0	0.0
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	0.9	0.9	0.9	0.8	0.8	0.0	0.0	0.0	0.0	0.0	179.5	164.7
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	0.9	0.9	0.9	0.8	0.8	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	179.5	164.7
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)	513.9	484.7	330.3	319.5	952.0	943.3	725.5	656.4	275.0	276.3	276.4	276.0
I. Owner's equity	513.9	484.7	330.3	319.5	952.0	943.3	725.5	656.4	275.0	276.3	276.4	276.0
1. Owner's capital	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0
- Common stock with voting right	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	4.1	4.1	4.1	4.1	4.1	4.1	4.1	4.1	4.1	4.1	4.1	4.1
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	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	255.8	226.5	72.2	61.4	693.8	685.2	467.4	398.3	16.8	18.1	18.3	17.9
- Accumulated retained earning at the end of the previous period	226.5	—	—	—	—	0.0	467.4	0.0	16.8	18.1	18.3	17.9
- Undistributed earnings in this period	29.3	—	—	—	—	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)	674.3	671.7	1,294.4	1,202.9	1,296.8	1,326.3	1,320.7	1,619.9	1,277.7	1,198.5	1,050.5	916.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-38.5	-5.1	-3.2	0.0	-77.3	-90.9	0.0	-0.8	-2.7	-2.4	-0.5	0.0
Other Operating Receipts	1.5	—	—	—	—	9.4	64.0	21.1	10.0	-40.9	65.3	-0.2
Other Operating Payments	-6.0	-24.7	1.0	-4.4	-2.4	-72.9	3.6	-14.7	-4.2	-14.1	5.4	-5.6
Net Cash Flow from Operating Activities	-17.3	64.9	146.9	102.7	-93.6	-58.6	382.7	382.0	-31.3	255.1	49.3	134.8
Payments for Fixed Assets and Other Long-term Assets	—	—	-0.1	—	-0.2	-0.0	-0.9	0.6	-0.6	-332.4	157.8	-158.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	7.6	49.9	-22.2	27.1	2.5	0.6	-2.5	3.3	0.0	13.3	-2.3	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	-12.0	563.2	-150.1	102.5	33.4	-93.3	-352.0	-322.2	-17.1	-331.2	157.4	-179.8
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	27.0	0.0	0.0	0.0	71.3	164.5	0.0	24.0	67.9	289.4	-124.3	124.3
Repayment of Borrowings	—	0.0	0.0	-202.4	-10.4	-23.0	-24.0	-83.7	-23.2	-212.1	-78.7	-77.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-624.9	—	—	—	0.0	0.0	0.0	0.0	0.0	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	27.0	-624.9	0.0	-202.4	60.9	141.5	-24.0	-59.7	44.7	77.3	-203.0	47.1
Net Cash Flow During the Period	-2.3	3.2	-3.2	2.8	0.7	-10.5	6.7	0.0	-3.7	1.3	3.7	2.1
Cash and Cash Equivalents at Beginning of Period	4.0	0.7	3.9	1.0	0.4	7.7	7.7	7.7	7.7	2.0	2.0	2.0
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	1.7	4.0	0.7	3.9	1.0	0.4	10.8	4.1	4.1	7.7	6.4	2.7

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BTH

What Is Changing

Drivers of BTH's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ▼▼

Balance Sheet ●

Working Capital Efficiency ▼▼

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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