CDO

Tư vấn Thiết kế và Phát triển Đô thị ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 15.58%, +20.73pp YoY

Price

1,500

Latest close

29 May 2026

P/E 18.43x

P/B 0.22x

EPS 81

BVPS 6,759

ROE 1.2%

ROA 1.1%

Profit Margin 10.2%

Asset Turnover 0.11x

Equity Mult. 1.10x

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

What Is Changing

On a TTM 2026Q1 basis, CDO has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 25bn
	                                
+14.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 4bn
	                                
+445.3%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    104.0%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	24.0	22.2	21.7	13.4	6.0
Growth	+8%	+2%	+63%	+123%	—
Net Income	1.0	-1.9	-9.8	-25.3	-20.8
Net Margin	4.29%	-8.67%	-45.24%	-189.34%	-347.83%

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	6.6	6.5	6.4	5.6	5.5	5.5	5.4	5.6	5.7	5.8	5.6	5.1
Growth	+2%	+2%	+15%	+1%	+0%	+2%	-3%	-3%	-1%	+4%	+10%	—
Net Income	1.4	1.2	0.9	0.4	-0.2	2.1	-1.8	-1.2	-1.0	-1.1	-2.2	-8.4
Net Margin	21.40%	17.71%	14.01%	7.95%	-3.96%	38.29%	-33.65%	-21.63%	-16.63%	-19.74%	-39.80%	-165.66%

Drivers of CDO's profit

TTM

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

Gross profit ↑ 1.6bn

Financial income ↓ 0.9bn

Administrative expenses ↑ 0.5bn

TTM

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

Financial income ↑ 1.1bn

Gross profit ↑ 0.4bn

Administrative expenses ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -0.5% = -5.2% × 0.09 × 1.13

2026Q1 1.8% = 15.6% × 0.11 × 1.10

ROE rose from -0.5% to 1.8% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 15.6% +20.7pp Asset turnover: 0.11x +0.01x Leverage: 1.10x -0.02x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 15.58%, rising 20.7pp. Core operating signals are improving as Gross margin rose 5.4pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (with additional support from Net financial result / Revenue rose 15.4pp).

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

Profitability trend

Net Margin 15.58% +20.7pp

Gross Margin 14.32% +5.4pp

SG&A / Revenue 16.21% +0.1pp

Non-core / Revenue 17.48% +15.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 104.0% of PBT and lifted net margin by 15.4pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.10x equity, with a net cash position equivalent to 0.01x equity.

Over the last 12 months, working capital absorbed 5.0bn of cash, mainly because of higher receivables. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −5.0bn

Inventories were broadly stable → neutral CFO: —

Payables increased → higher CFO: +0.0bn

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.

Working Capital Efficiency

Receivables 586.6 days −108.8 days

Inventory — —

Payables 90.3 days −34.4 days

Cash Conversion Cycle — —

Is financial risk significant?

Leverage is safe but FCF is negative at 6.4bn due to capex of 1.1bn — an investment choice, not an urgent risk.

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 -0.01x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -2.09x −4.32x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -0.4bn in 2025, against investing cash flow of 2.0bn.

Post-investment cash flow was positive +1.6bn. Financing cash flow was positive 0.0bn.

CFO / net income was -2.09x.

After spending +1.1bn on fixed-asset investment, the business generated trailing free cash flow of −6.4bn.

Cash Conversion

CFO TTM 5.3bn −2.8bn

Cash Capex 1.1bn −0.3bn

FCF TTM −6.4bn −2.6bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 20.7 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in self-funded cash generation remains weak.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 15.58% after expanding 20.7pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 104.0% of PBT and CFO / net income currently at -2.09x.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 6.4bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	24.0	22.2	21.7	13.4	6.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	24.0	22.2	21.7	13.4	6.0
Cost of Goods Sold	20.8	20.2	19.7	14.5	0.0
Gross Profit	3.2	2.1	2.0	-1.1	-6.6
Financial Income	2.1	6.1	3.3	1.9	0.0
Financial Expenses	0.4	5.8	11.3	22.9	-11.2
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	—	0.0	3.7	0.0	0.0
General and Administrative Expenses	3.9	4.2	0.0	3.2	-2.9
Operating Profit	1.0	-1.8	-9.8	-25.3	-20.7
Other Income	—	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.1	0.1	0.0	0.0
Other Profit	-0.0	-0.1	-0.1	-0.0	-0.2
Profit Before Tax	1.0	-1.9	-9.8	-25.3	-20.8
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	1.0	-1.9	-9.8	-25.3	-20.8
Non-controlling Interest	—	0.0	0.1	0.0	-0.3
Profit Attributable to Parent	1.0	-1.9	-9.9	-25.3	-20.5
Earnings per Share	33.00	-62.00	-314.00	-803.97	-650.00
Diluted EPS	32.64	-61.51	-314.10	-804.00	-649.92

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	89.3	74.4	63.7	59.9	97.5
I. Cash and cash equivalents	3.5	1.9	1.2	0.3	1.0
1. Cash	3.5	1.9	1.2	0.3	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	75.0	61.6	51.3	47.8	85.5
1. Short-term trade accounts receivable	31.6	42.9	31.8	24.5	0.0
2. Short-term prepayments to suppliers	29.9	28.2	28.3	32.9	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	38.5	15.6	16.2	15.5	0.0
7. Provision for short-term doubtful debts (*)	-25.0	-25.0	-25.0	-25.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.2	0.0	0.0
1. Inventories	—	0.0	0.2	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	10.8	10.9	11.1	11.8	11.1
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	10.8	10.9	11.0	11.8	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)	144.9	157.5	173.1	197.3	196.8
I. Long-term receivables	48.8	58.6	68.4	78.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	83.7
2. Long-term prepayments to suppliers	48.1	57.9	67.7	77.7	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	0.8	0.8	0.7	0.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	13.7	14.5	15.1	15.9	16.6
1. Tangible fixed assets	13.7	14.5	15.1	15.9	16.6
- Cost	22.2	22.2	22.0	22.0	0.0
- Accumulated depreciation	-8.5	-7.7	-6.9	-6.1	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	0.1	0.1	0.1	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	53.3	50.3	50.4	58.8	52.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	53.3	50.3	50.4	58.8	0.0
V. Long-term financial investments	29.1	34.1	39.1	44.1	44.0
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	30.0	35.0	40.0	45.0	0.0
4. Provision for diminution in value of long-term investments	-0.9	-0.9	-0.9	-0.9	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.1	0.1	0.1	0.0
1. Long-term prepayments	—	0.0	0.0	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.1	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	0.1
5. Goodwill	—	0.1	0.1	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	234.2	231.9	236.8	257.1	294.3
A. LIABILITIES (300=210+330)	21.5	24.1	26.5	29.3	31.6
I. Short -term liabilities	21.5	24.1	26.5	29.3	31.6
1. Short-term trade accounts payable	5.3	5.4	5.4	6.3	7.4
2. Short-term advances from customers	—	0.0	0.0	0.2	0.0
3. Taxes and other payables to state authorities	12.5	14.9	17.3	19.0	0.0
4. Payable to employees	—	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.0	0.0	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	3.7	3.7	3.7	3.7	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)	212.6	207.9	210.4	227.9	262.7
I. Owner's equity	212.6	207.9	210.4	227.9	0.0
1. Owner's capital	315.0	315.0	315.0	315.0	262.7
- Common stock with voting right	315,049,750,000.00	315,049,750,000.00	315,049,750,000.00	315,049,750,000.00	315,049,750,000.00
- 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	-34.6	-38.3	-37.7	-30.1	0.0
8. Investment and development fund	6.9	6.9	6.9	6.9	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	-82.7	-83.6	-81.7	-71.8	-46.3
- Accumulated retained earning at the end of the previous period	-83.6	-81.7	-71.8	-46.6	-26.1
- Undistributed earnings in this period	0.9	-1.9	-9.9	-25.2	-20.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	8.0	7.9	7.8	7.8	8.0
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)	234.2	231.9	236.8	257.1	294.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	1.0	-1.9	-9.8	-25.3	-15.6
Depreciation of Fixed Assets and Investment Property	0.8	0.8	0.8	0.8	0.8
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-3.6	-1.2	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	3.7	-0.4	0.7	-8.9	0.0
Operating Profit Before Changes in Working Capital	5.6	-5.1	-9.5	-33.5	-10.0
Increase/(Decrease) in Receivables	-3.4	3.1	8.4	41.6	0.0
Increase/(Decrease) in Inventory	—	0.2	-0.2	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.7	-2.4	-2.8	-2.4	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	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	-1.8	-0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-0.4	-4.2	-4.1	5.8	4.3
Payments for Fixed Assets and Other Long-term Assets	-3.0	-0.2	0.0	-6.5	0.8
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	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	5.0	5.0	5.0	0.0	0.0
Dividends and Interest Income Received	—	0.0	0.0	0.0	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	2.0	4.8	5.0	-6.5	0.8
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	—	0.0	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	—	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	1.6	0.7	0.9	-0.7	-18.7
Cash and Cash Equivalents at Beginning of Period	1.9	1.2	0.3	1.0	1.6
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.5	1.9	1.2	0.3	1.0

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
Revenue	6.6	6.5	6.4	5.6	5.5	5.5	5.4	5.6	5.7	5.8	5.6	5.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	6.6	6.5	6.4	5.6	5.5	5.5	5.4	5.6	5.7	5.8	5.6	5.1
Cost of Goods Sold	5.8	5.4	5.3	5.0	5.0	5.0	4.9	5.1	5.2	4.7	4.9	5.1
Gross Profit	0.9	1.1	1.1	0.5	0.5	0.5	0.5	0.5	0.6	1.0	0.7	-0.0
Financial Income	1.7	0.2	0.9	1.3	0.6	2.3	0.4	1.6	1.7	0.0	1.7	0.1
Financial Expenses	—	-0.7	0.3	0.1	0.4	-0.2	1.8	2.5	1.6	0.6	3.9	7.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.1	0.8	0.8	1.3	1.0	0.8	0.9	0.9	1.6	1.6	0.7	0.7
Operating Profit	1.4	1.2	0.9	0.4	-0.2	2.1	-1.8	-1.2	-0.9	-1.1	-2.2	-8.3
Other Income	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.1
Other Profit	-0.0	—	—	-0.0	-0.0	0.0	-0.0	-0.0	-0.1	0.0	0.0	-0.1
Profit Before Tax	1.4	1.2	0.9	0.4	-0.2	2.1	-1.8	-1.2	-1.0	-1.1	-2.2	-8.4
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.4	1.2	0.9	0.4	-0.2	2.1	-1.8	-1.2	-1.0	-1.1	-2.2	-8.4
Non-controlling Interest	1.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.1	1.2	0.9	0.4	-0.2	2.1	-1.8	-1.2	-1.0	-1.1	-2.2	-8.4
Earnings per Share	1.92	37.00	28.45	14.04	-6.93	67.00	-57.64	-38.31	-30.34	-36.24	-70.31	-265.87
Diluted EPS	45.00	36.60	28.00	14.00	-7.00	66.92	-58.00	-38.00	-30.00	-36.00	-70.00	-266.00

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)	91.3	89.3	81.9	79.7	77.8	74.4	74.5	67.6	69.5	64.7	63.6	61.5
I. Cash and cash equivalents	1.9	3.5	2.5	2.5	3.3	1.9	2.4	0.9	2.2	1.2	1.2	2.5
1. Cash	1.9	3.5	2.5	2.5	3.3	1.9	2.4	0.9	2.2	1.2	1.2	2.5
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	78.5	75.0	68.4	66.2	63.5	61.6	58.9	54.0	54.9	51.3	50.8	47.8
1. Short-term trade accounts receivable	34.9	31.6	51.2	49.1	45.9	42.9	41.1	38.1	38.0	31.8	35.1	29.9
2. Short-term prepayments to suppliers	30.0	29.9	29.7	29.6	29.7	28.2	27.9	27.8	28.7	28.3	27.9	29.4
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	38.6	38.5	12.5	12.4	13.0	15.6	15.0	12.9	13.2	16.2	12.8	13.5
7. Provision for short-term doubtful debts (*)	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.1	0.0
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.1	0.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	10.8	10.8	10.9	11.0	11.0	10.9	13.2	12.7	12.4	12.0	11.4	11.2
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	10.8	10.8	10.9	11.0	11.0	10.9	13.2	12.7	12.4	12.0	11.4	11.2
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)	142.5	144.9	152.3	154.8	157.1	157.5	159.6	167.0	171.2	173.1	174.9	180.4
I. Long-term receivables	46.4	48.8	51.3	53.7	56.2	58.6	61.1	63.5	66.0	68.4	70.9	73.4
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	45.6	48.1	50.5	53.0	55.4	57.9	60.3	62.8	65.2	67.7	70.2	72.7
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	0.8	0.8	0.8	0.8	0.8	0.8	0.7	0.8	0.7	0.7	0.7	0.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	13.5	13.7	13.9	14.1	14.3	14.5	14.7	14.7	14.9	15.1	15.3	15.5
1. Tangible fixed assets	13.5	13.7	13.9	14.1	14.3	14.5	14.7	14.7	14.9	15.1	15.3	15.5
- Cost	22.2	—	—	—	—	22.2	22.2	22.0	22.0	22.0	22.0	22.0
- Accumulated depreciation	-8.7	—	—	—	—	-7.7	-7.5	-7.3	-7.1	-6.9	-6.7	-6.5
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	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	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	53.6	53.3	53.0	52.9	52.5	50.3	49.7	49.6	51.2	50.4	49.5	52.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	53.6	53.3	53.0	52.9	52.5	50.3	49.7	49.6	51.2	50.4	49.5	52.3
V. Long-term financial investments	29.1	29.1	34.1	34.1	34.1	34.1	34.1	39.1	39.1	39.1	39.1	39.1
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	30.0	30.0	35.0	35.0	35.0	35.0	35.0	40.0	40.0	40.0	40.0	40.0
4. Provision for diminution in value of long-term investments	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.0	0.1
1. Long-term prepayments	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	—	0.0	0.1	0.1	0.1	0.1	0.0	0.1
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	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.1	0.0	0.0	0.0	0.1	0.1	0.0
TOTAL ASSETS (280=100+200)	233.8	234.2	234.2	234.6	234.9	231.9	234.1	234.6	240.7	237.8	238.4	241.9
A. LIABILITIES (300=210+330)	20.9	21.5	22.3	23.1	23.5	24.1	27.0	27.2	30.2	27.4	29.3	27.4
I. Short -term liabilities	20.9	21.5	22.3	23.1	23.5	24.1	27.0	27.2	30.2	27.4	29.3	27.4
1. Short-term trade accounts payable	5.3	5.3	5.4	5.4	5.4	5.4	5.4	5.5	8.3	5.4	7.6	5.3
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	11.7	12.5	13.1	13.9	14.3	14.9	17.8	18.0	18.1	18.3	18.0	18.3
4. Payable to employees	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
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	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7
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	—	—	—	—	—	0.0	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)	212.9	212.6	211.9	211.5	211.5	207.9	207.1	207.5	210.6	210.4	209.1	214.5
I. Owner's equity	212.9	212.6	211.9	211.5	211.5	207.9	207.1	207.5	210.6	210.4	209.1	214.5
1. Owner's capital	315.0	315.0	315.0	315.0	315.0	315.0	315.0	315.0	315.0	315.0	315.0	315.0
- Common stock with voting right	315,049,750,000.00	315,049,750,000.00	315,049,750,000.00	315,049,750,000.00	315,049,750,000.00	315,049,750,000.00	315,049,750,000.00	315,049,750,000.00	315,049,750,000.00	315,049,750,000.00	315,049,750,000.00	315,049,750,000.00
- 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	-35.7	-34.6	-35.4	-34.9	-34.5	-38.3	-37.2	-38.6	-36.6	-37.7	-39.8	-36.0
8. Investment and development fund	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9
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	-81.3	-82.7	-82.6	-83.4	-83.8	-83.6	-85.5	-83.7	-82.6	-81.7	-80.9	-79.2
- Accumulated retained earning at the end of the previous period	-82.7	-83.6	-83.6	-83.6	-83.6	-81.7	-81.7	-81.7	-81.7	-71.8	-71.8	-71.8
- Undistributed earnings in this period	1.4	0.9	1.1	0.2	-0.2	-1.9	-3.9	-2.0	-1.0	-9.9	-9.1	-7.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	8.0	8.0	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.8	7.8	7.8
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)	233.8	234.2	234.2	234.6	234.9	231.9	234.1	234.6	240.7	237.8	238.4	241.9

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	1.4	-0.1	0.9	0.4	-0.2	1.9	-1.8	-1.1	-1.0	-0.8	-1.6	-8.4
Depreciation of Fixed Assets and Investment Property	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.2	0.2	0.2	0.2	0.2
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	-1.1	—	—	—	—	-1.1	1.4	-2.0	1.2	2.0	-3.8	-2.6
Operating Profit Before Changes in Working Capital	0.5	0.9	0.7	0.2	3.8	1.0	-0.3	-2.9	0.4	1.5	-5.2	-10.7
Increase/(Decrease) in Receivables	-1.1	-3.9	0.2	-0.2	0.5	2.0	-2.9	3.1	-1.6	1.4	-0.8	3.6
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.2	-0.0	-0.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.1	-0.2	0.0	0.0	-0.6	-2.9	-0.2	-3.0	2.8	-1.9	2.0	-0.5
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	-0.0	0.0	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	-0.8	-0.6	-0.8	-0.4	—	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-1.3	-3.8	0.1	-0.4	3.7	0.1	-3.5	-2.8	1.7	0.9	-4.2	-7.7
Payments for Fixed Assets and Other Long-term Assets	-0.3	-0.2	-0.1	-0.4	-2.2	-0.6	-0.1	1.5	-0.7	-1.0	2.9	5.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	5.0	—	—	—	0.0	5.0	0.0	0.0	0.0	5.0	0.0
Dividends and Interest Income Received	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	-0.3	4.8	-0.1	-0.4	-2.2	-0.6	4.9	1.5	-0.7	-1.0	7.9	5.1
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	-5,000,000,000.00	5,000,000,000.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.8	-0.4	-0.4	3.8	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	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-5.0	5.0
Net Cash Flow During the Period	-1.6	1.0	0.0	-0.8	1.4	-0.5	1.5	-1.3	1.0	-0.0	-1.3	2.4
Cash and Cash Equivalents at Beginning of Period	3.5	2.5	2.5	3.3	1.9	1.2	1.2	1.2	1.2	0.3	0.3	0.3
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	1.9	3.5	2.5	2.5	3.3	1.9	2.4	0.9	2.2	1.2	1.2	2.5

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CDO

What Is Changing

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Balance Sheet ●

Working Capital Efficiency ●

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Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow