CPI

Đầu tư Cảng Cái Lân ·UPCOM ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 2.65%, −3.30pp YoY

Price

6,000

Latest close

22 May 2026

P/E 86.96x

P/B -10.06x

EPS 69

BVPS -596

ROE -11.2%

ROA 4.0%

Profit Margin 2.7%

Asset Turnover 1.52x

Equity Mult. -2.78x

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

What Is Changing

On a TTM 2026Q1 basis, CPI is holding revenue at an acceptable level, but margins are eroding visibly — the growth momentum has held across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 93bn
	                                
+105.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2bn
	                                
−8.4%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.69x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	67.6	37.1	30.9	61.7	49.6
Growth	+82%	+20%	-50%	+24%	—
Net Income	3.1	2.0	-1.7	6.0	3.1
Net Margin	4.53%	5.37%	-5.45%	9.80%	6.18%

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	44.1	18.8	15.5	14.9	18.3	8.7	8.5	9.9	10.0	7.7	8.0	5.9
Growth	+134%	+21%	+4%	-19%	+112%	+2%	-14%	-1%	+30%	-4%	+37%	—
Net Income	0.5	0.5	0.8	0.7	1.1	0.7	0.1	0.8	0.4	0.4	-0.8	-1.1
Net Margin	1.14%	2.86%	4.86%	4.56%	5.93%	8.25%	1.45%	7.86%	3.74%	4.64%	-9.58%	-18.09%

Drivers of CPI's profit

TTM

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

Gross profit ↑ 1.0bn

Financial income ↑ 0.2bn

Other profit ↓ 1.0bn

Tax ↑ 0.4bn

TTM

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

Other profit ↑ 0.1bn

Gross profit ↓ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -11.4% = 6.0% × 0.95 × -2.02

2026Q1 -11.2% = 2.7% × 1.52 × -2.78

ROE is broadly flat at -11.2% — the components are offsetting one another.

Net margin: 2.7% -3.3pp Asset turnover: 1.52x +0.57x Leverage: -2.78x -0.76x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 2.65%, losing 3.3pp. The main pressure is Gross margin fell 4.9pp, outweighing the improvement in SG&A / Revenue fell 3.7pp (in addition, Net financial result / Revenue rose 0.2pp added support while Other profit / Revenue fell 2.3pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 2.65% −3.3pp

Gross Margin 6.64% −4.9pp

SG&A / Revenue 3.55% −3.7pp

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 2.59% −1.2pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at -3.52x equity, net debt at 0.14x equity.

Over the last 12 months, working capital absorbed 4.7bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −25.9bn

Inventories decreased → higher CFO: +0.9bn

Payables increased → higher CFO: +20.4bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 22.7 days versus the same period last year. The main moves came from DIO fell 8.2 days, DSO rose 9.3 days, and DPO fell 21.7 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 +22.7 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +9.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 96.4 days +9.3 days

Inventory 3.4 days −8.2 days

Payables 91.4 days −21.7 days

Cash Conversion Cycle 8.5 days +22.7 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

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

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

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

Leverage and liquidity trend

Net Debt / Equity 0.14x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.69x −1.81x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 11.6bn in 2025, against investing cash flow of 0.2bn.

Post-investment cash flow was positive +11.8bn. Financing cash flow was negative +0.0bn.

CFO / net income was -0.69x.

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 1.7bn −4.8bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 3.3 pp. The next watchpoint is capital efficiency. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at -0.69x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -0.69x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 2.65% after a 3.3pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	67.6	37.1	30.9	61.7	49.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	67.6	37.1	30.9	61.7	49.6
Cost of Goods Sold	60.6	32.7	28.3	49.5	0.0
Gross Profit	7.0	4.4	2.6	12.1	5.2
Financial Income	0.2	0.0	0.1	0.1	0.0
Financial Expenses	—	0.0	0.0	0.0	-0.1
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	0.0	0.0	-0.0
General and Administrative Expenses	3.4	3.4	5.1	5.3	-5.6
Operating Profit	3.8	1.0	-2.4	7.0	-0.4
Other Income	0.3	1.6	1.6	0.3	0.0
Other Expenses	0.3	0.5	0.7	0.0	0.0
Other Profit	-0.0	1.2	0.9	0.3	3.6
Profit Before Tax	3.8	2.2	-1.5	7.3	3.2
Current Income Tax Expense	0.7	0.2	0.2	1.3	-0.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	3.1	2.0	-1.7	6.0	3.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	3.1	2.0	-1.7	6.0	3.1
Earnings per Share	84.00	55.00	-46.00	165.00	84.00
Diluted EPS	84.00	55.00	-46.00	165.43	84.02

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	25.0	11.2	10.3	12.8	18.6
I. Cash and cash equivalents	12.8	1.0	0.7	5.4	2.4
1. Cash	3.1	1.0	0.7	1.4	0.0
2. Cash equivalents	9.6	0.0	0.0	4.0	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	11.6	8.6	8.2	5.6	15.2
1. Short-term trade accounts receivable	11.1	7.8	8.0	5.3	0.0
2. Short-term prepayments to suppliers	0.3	0.1	0.1	0.0	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	2.5	2.9	2.3	2.6	0.0
7. Provision for short-term doubtful debts (*)	-2.3	-2.2	-2.2	-2.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.1	1.4	1.1	1.3	0.5
1. Inventories	0.1	1.4	1.1	1.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.5	0.2	0.3	0.4	0.5
1. Short-term prepayments	0.2	0.1	0.2	0.4	0.0
2. Value added tax to be reclaimed	0.3	0.1	0.1	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.1	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)	31.1	32.0	33.2	33.7	30.8
I. Long-term receivables	3.7	3.7	3.7	3.7	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	3.7	3.7	3.7	3.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1.4	1.8	2.2	1.8	1.8
1. Tangible fixed assets	1.3	1.7	2.0	1.7	1.8
- Cost	12.0	12.0	14.8	18.8	0.0
- Accumulated depreciation	-10.7	-10.3	-12.8	-17.2	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	0.1	0.1	0.2	0.2	0.0
- Cost	0.3	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.2	-0.1	-0.1	-0.1	0.0
III. Investment properties	25.6	26.4	27.1	27.9	28.7
- Cost	36.4	36.4	36.4	36.4	0.0
- Accumulated depreciation	-10.9	-10.1	-9.3	-8.5	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	473.2	473.2	473.2	0.0	0.0
3. Investments in other entities	—	0.0	0.0	473.2	0.0
4. Provision for diminution in value of long-term investments	-473.2	-473.2	-473.2	-473.2	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.4	0.2	0.1	0.3	0.0
1. Long-term prepayments	0.4	0.2	0.1	0.3	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	0.3
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)	56.1	43.2	43.4	46.5	49.4
A. LIABILITIES (300=210+330)	78.4	66.6	68.8	70.2	75.2
I. Short -term liabilities	23.3	14.9	15.4	14.7	17.6
1. Short-term trade accounts payable	18.5	11.0	11.7	8.7	12.5
2. Short-term advances from customers	0.1	0.1	0.1	2.0	1.5
3. Taxes and other payables to state authorities	0.4	0.0	0.0	0.3	0.0
4. Payable to employees	0.2	0.7	0.6	1.3	0.0
5. Short-term acrrued expenses	1.9	0.8	0.8	0.5	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	1.7	1.7	1.7	1.7	1.7
9. Other short-term payables	0.7	0.5	0.5	0.3	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	0.0	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	55.1	51.7	53.4	55.5	57.6
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	13.5	13.9	14.3	14.7	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	38.2	34.8	36.5	38.1	39.8
7. Other long-term liabilities	3.5	3.1	2.6	2.6	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)	-22.3	-23.4	-25.4	-23.7	-25.8
I. Owner's equity	-22.3	-23.4	-25.4	-23.7	0.0
1. Owner's capital	365.1	365.1	365.1	365.1	-25.8
- Common stock with voting right	365,050,000,000.00	365,050,000,000.00	365,050,000,000.00	365,050,000,000.00	365,050,000,000.00
- 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	11.5	11.5	11.5	11.5	11.5
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	2.3	2.3	2.3	2.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.2	0.2	0.2	0.2	0.0
11. Undistributed earnings after tax	-401.3	-402.5	-404.5	-402.8	-404.9
- Accumulated retained earning at the end of the previous period	-404.4	-404.5	-402.8	-408.8	-408.0
- Undistributed earnings in this period	3.1	2.0	-1.7	6.0	3.1
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)	56.1	43.2	43.4	46.5	49.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	3.8	2.2	-1.5	7.3	3.1
Depreciation of Fixed Assets and Investment Property	1.2	1.2	1.3	1.3	1.4
Provision (Increase)/Reversal	0.1	0.0	-0.1	-2.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	-0.9	-1.4	-0.1	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	4.8	2.5	-1.8	6.6	4.5
Increase/(Decrease) in Receivables	-3.2	-0.7	-2.5	4.0	0.0
Increase/(Decrease) in Inventory	1.3	-0.3	0.2	-0.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9.7	-2.0	-1.2	-5.2	0.0
Increase/(Decrease) in Prepaid Expenses	-0.4	0.1	0.4	-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	-0.6	-0.2	-0.3	-1.1	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	11.6	-0.6	-5.3	3.6	1.5
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.8	-0.6	-1.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.9	1.3	0.0	0.3
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	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.0	0.1	0.1	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	0.2	0.9	0.6	-0.5	-0.7
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	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	0.0
Net Cash Flow During the Period	11.8	0.3	-4.8	3.1	-5.0
Cash and Cash Equivalents at Beginning of Period	1.0	0.7	5.4	2.4	1.6
FX Difference from Revaluation	—	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	12.8	1.0	0.7	5.4	2.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	44.1	18.8	15.5	14.9	18.3	8.7	8.5	9.9	10.0	7.7	8.0	5.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	44.1	18.8	15.5	14.9	18.3	8.7	8.5	9.9	10.0	7.7	8.0	5.9
Cost of Goods Sold	42.6	17.5	13.7	13.3	16.1	7.3	7.6	9.2	8.6	6.9	7.8	5.6
Gross Profit	1.4	1.3	1.8	1.6	2.2	1.3	0.9	0.7	1.4	0.8	0.3	0.2
Financial Income	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	—	—	—	—	—	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
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	0.9	1.0	0.8	0.7	0.9	0.9	0.7	0.8	1.0	1.4	1.2	1.3
Operating Profit	0.6	0.4	1.0	1.0	1.3	0.4	0.2	-0.0	0.4	-0.6	-1.0	-1.1
Other Income	0.0	0.3	—	0.0	—	0.3	0.3	0.9	0.0	1.1	0.3	0.2
Other Expenses	—	0.1	0.1	0.1	0.1	0.0	0.4	0.1	0.0	0.1	0.1	0.1
Other Profit	0.0	0.3	-0.1	-0.1	-0.1	0.3	-0.0	0.9	-0.0	1.0	0.2	0.1
Profit Before Tax	0.6	0.7	1.0	0.9	1.3	0.8	0.2	0.8	0.4	0.4	-0.7	-1.0
Current Income Tax Expense	0.1	0.2	0.2	0.2	0.2	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	0.5	0.5	0.8	0.7	1.1	0.7	0.1	0.8	0.4	0.4	-0.8	-1.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.5	0.5	0.8	0.7	1.1	0.7	0.1	0.8	0.4	0.4	-0.8	-1.1
Earnings per Share	14.00	15.00	21.00	19.00	30.00	20.00	3.00	21.00	10.00	10.00	-21.00	-29.00
Diluted EPS	13.79	14.71	20.66	18.67	29.78	19.59	3.38	21.33	10.24	9.81	-21.10	-29.03

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)	42.0	25.0	23.8	21.2	18.3	11.2	11.8	11.0	13.0	10.6	8.9	10.4
I. Cash and cash equivalents	3.1	12.8	12.6	12.6	4.6	1.0	1.1	2.5	0.5	0.7	0.5	2.6
1. Cash	3.1	3.1	5.0	10.0	4.6	1.0	1.1	2.5	0.5	0.7	0.5	1.6
2. Cash equivalents	—	9.6	7.6	2.5	—	0.0	0.0	0.0	0.0	0.0	0.0	1.0
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	38.1	11.6	10.7	8.3	12.2	8.6	8.8	7.0	10.4	8.6	6.6	4.3
1. Short-term trade accounts receivable	37.6	11.1	10.2	8.2	11.8	7.8	8.5	6.7	9.9	8.0	6.1	4.0
2. Short-term prepayments to suppliers	0.3	0.3	0.1	0.0	0.1	0.1	0.1	0.0	0.2	0.1	0.0	0.0
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	2.5	2.5	2.5	2.3	2.6	2.9	2.4	2.4	2.5	2.6	2.7	2.6
7. Provision for short-term doubtful debts (*)	-2.3	-2.3	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.4	0.1	0.2	0.1	1.3	1.4	1.4	1.2	1.3	1.1	1.1	2.8
1. Inventories	0.4	0.1	0.2	0.1	1.3	1.4	1.4	1.2	1.3	1.1	1.1	2.8
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	0.4	0.5	0.3	0.2	0.2	0.2	0.5	0.3	0.8	0.3	0.7	0.6
1. Short-term prepayments	0.4	0.2	0.3	0.2	0.2	0.1	0.4	0.2	0.6	0.2	0.7	0.4
2. Value added tax to be reclaimed	—	0.3	—	—	—	0.1	0.0	0.0	0.0	0.1	0.0	0.2
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.1	0.1	0.1	0.1	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)	30.8	31.1	31.3	31.6	31.7	32.0	32.3	32.5	32.8	33.2	33.5	33.0
I. Long-term receivables	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7
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	—	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7
7. Provision for long-term doubtful debts	3.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1.3	1.4	1.5	1.6	1.7	1.8	1.9	2.0	2.1	2.2	2.3	1.5
1. Tangible fixed assets	1.2	1.3	1.4	1.5	1.6	1.7	1.8	1.9	2.0	2.0	2.1	1.4
- Cost	12.0	—	—	—	—	12.0	12.0	12.0	14.8	14.8	19.2	18.3
- Accumulated depreciation	-10.8	—	—	—	—	-10.3	-10.2	-10.1	-12.9	-12.8	-17.0	-16.9
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2
- Cost	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	25.4	25.6	25.8	26.0	26.2	26.4	26.5	26.7	26.9	27.1	27.3	27.5
- Cost	36.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-11.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	473.2	473.2	473.2	473.2	473.2	473.2	473.2	473.2	473.2	473.2	473.2	473.2
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	—	-473.2	-473.2	-473.2	-473.2	-473.2	-473.2	-473.2	-473.2	-473.2	-473.2	-473.2
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Provision for long-term investments held to maturity (*)	-473.2	—	—	—	—	—	—	—	—	—	—	—
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.4	0.4	0.3	0.4	0.1	0.2	0.1	0.1	0.1	0.1	0.2	0.2
1. Long-term prepayments	0.4	0.4	0.3	0.4	0.1	0.2	0.1	0.1	0.1	0.1	0.2	0.2
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)	72.8	56.1	55.1	52.8	50.0	43.2	44.0	43.6	45.9	43.8	42.4	43.3
A. LIABILITIES (300=210+330)	94.6	78.4	76.8	75.6	72.3	66.6	68.2	67.8	70.9	68.8	67.8	68.0
I. Short -term liabilities	34.5	23.3	20.9	19.3	20.6	14.9	16.0	15.2	17.9	15.0	13.5	13.3
1. Short-term trade accounts payable	30.8	18.5	12.0	11.1	12.8	11.0	10.1	9.0	12.1	11.7	8.0	8.9
2. Short-term advances from customers	0.1	0.1	0.1	0.9	0.1	0.1	0.1	0.3	0.1	0.1	0.1	1.6
3. Taxes and other payables to state authorities	0.2	0.4	0.8	0.3	0.5	0.0	0.1	0.1	0.0	0.0	0.2	0.0
4. Payable to employees	0.2	0.2	0.2	0.2	0.2	0.7	0.2	0.2	0.3	0.6	0.2	0.3
5. Short-term acrrued expenses	1.3	1.9	5.4	3.9	4.5	0.8	3.4	3.4	3.3	0.4	2.8	0.5
6. Short-term inter-company payables	—	—	—	—	—	1.7	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	1.2	1.7	1.7	1.7	1.7	0.5	1.7	1.7	1.7	1.7	1.7	1.7
9. Other short-term payables	0.6	0.7	0.8	1.1	0.8	0.0	0.4	0.5	0.4	0.5	0.5	0.4
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	60.1	55.1	55.9	56.3	51.7	51.7	52.2	52.6	53.0	53.9	54.3	54.7
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	13.5	13.5	13.9	13.9	13.9	13.9	14.3	14.3	14.3	14.7	14.7	14.7
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	43.2	38.2	38.6	39.0	34.4	34.8	35.2	35.6	36.1	36.5	36.9	37.3
7. Other long-term liabilities	3.5	3.5	3.5	3.5	3.5	3.1	2.6	2.6	2.6	2.6	2.6	2.6
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)	-21.8	-22.3	-21.8	-22.8	-22.3	-23.4	-24.1	-24.3	-25.0	-25.0	-25.4	-24.6
I. Owner's equity	-21.8	-22.3	-21.8	-22.8	-22.3	-23.4	-24.1	-24.3	-25.0	-25.0	-25.4	-24.6
1. Owner's capital	365.1	365.1	365.1	365.1	365.1	365.1	365.1	365.1	365.1	365.1	365.1	365.1
- Common stock with voting right	365,050,000,000.00	365,050,000,000.00	365,050,000,000.00	365,050,000,000.00	365,050,000,000.00	365,050,000,000.00	365,050,000,000.00	365,050,000,000.00	365,050,000,000.00	365,050,000,000.00	365,050,000,000.00	365,050,000,000.00
- 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	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5
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	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
11. Undistributed earnings after tax	-400.8	-401.3	-400.8	-401.8	-401.4	-402.5	-403.2	-403.3	-404.1	-404.1	-404.4	-403.7
- Accumulated retained earning at the end of the previous period	-401.3	-404.4	-403.4	-403.6	-402.5	-404.5	-404.5	-404.5	-404.5	-402.8	-402.8	-402.8
- Undistributed earnings in this period	0.5	3.1	2.5	1.8	1.1	2.0	1.3	1.2	0.4	-1.3	-1.7	-0.9
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)	72.8	56.1	55.1	52.8	50.0	43.2	44.0	43.6	45.9	43.8	42.4	43.3

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	0.6	0.7	1.0	0.9	1.3	0.8	0.2	0.8	0.4	0.0	-0.7	-1.0
Depreciation of Fixed Assets and Investment Property	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
Provision (Increase)/Reversal	—	0.1	—	—	—	-1.8	0.0	0.0	0.0	0.0	-0.1	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	-0.1	-0.1	-0.0	-0.0	-0.0	0.0	-0.0	-0.0	-0.0	-1.3	-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	0.9	0.9	1.2	1.2	1.5	-0.7	0.5	1.1	0.7	-1.0	-0.6	-0.7
Increase/(Decrease) in Receivables	-26.2	-1.3	-2.4	4.0	-3.5	2.0	-2.0	2.5	-2.2	-1.7	-1.8	0.6
Increase/(Decrease) in Inventory	-0.3	0.1	-0.1	1.1	0.1	-0.0	-0.1	0.1	-0.3	-0.0	1.7	-0.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	16.3	0.5	1.5	2.1	5.6	-1.5	0.3	-3.1	2.1	1.1	-0.2	-3.9
Increase/(Decrease) in Prepaid Expenses	-0.1	0.0	-0.0	-0.3	-0.1	0.3	-0.2	0.4	-0.4	0.5	-0.2	0.3
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	-0.2	-0.2	-0.2	-0.1	-0.0	-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	-9.7	0.1	-0.0	7.9	3.6	-0.1	-1.6	1.0	-0.2	-1.1	-1.2	-4.3
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.8	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.1	0.9	0.0	1.3	-0.2	0.2
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	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	-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	0.1	0.1	0.0	0.0	0.0	0.0	0.1	0.9	0.0	1.3	-0.9	0.1
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	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-0.0	—	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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-9.6	0.2	0.0	7.9	3.7	-0.1	-1.4	2.0	-0.2	0.2	-2.1	-4.2
Cash and Cash Equivalents at Beginning of Period	12.8	12.6	12.6	4.6	1.0	0.7	0.7	0.7	0.7	5.4	5.4	5.4
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	3.1	12.8	12.6	12.6	4.6	1.0	1.1	2.5	0.5	0.7	0.5	2.6

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CPI

What Is Changing

Drivers of CPI'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 ▼

Is financial risk significant?

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