DNC

Điện Nước Lắp máy Hải Phòng ·HNX ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT −0.08x

Price

51,000

Latest close

04 Jun 2026

P/E 9.07x

P/B 3.25x

EPS 5,626

BVPS 15,702

ROE 37.2%

ROA 23.5%

Profit Margin 4.6%

Asset Turnover 5.17x

Equity Mult. 1.58x

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

What Is Changing

On a TTM 2026Q1 basis, DNC is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,171bn
	                                
+22.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 53bn
	                                
+26.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,132.9	937.4	802.5	658.7	567.6
Growth	+21%	+17%	+22%	+16%	—
Net Income	55.6	42.1	37.4	29.2	26.4
Net Margin	4.91%	4.50%	4.66%	4.43%	4.65%

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	245.5	275.4	358.4	291.7	207.5	213.3	284.8	250.5	183.0	214.2	251.3	192.2
Growth	-11%	-23%	+23%	+41%	-3%	-25%	+14%	+37%	-15%	-15%	+31%	—
Net Income	8.0	14.3	18.7	12.3	9.8	7.6	14.4	10.4	8.6	9.2	13.9	7.6
Net Margin	3.26%	5.19%	5.22%	4.23%	4.71%	3.54%	5.05%	4.16%	4.68%	4.31%	5.52%	3.98%

Drivers of DNC's profit

TTM

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

Gross profit ↑ 14.8bn

Administrative expenses ↑ 2.0bn

Tax ↑ 1.7bn

TTM

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

Administrative expenses ↓ 1.2bn

Tax ↓ 0.6bn

Other profit ↑ 0.2bn

Gross profit ↓ 2.1bn

Finance costs ↑ 1.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 35.2% = 4.4% × 4.86 × 1.64

2026Q1 37.2% = 4.6% × 5.17 × 1.58

ROE rose from 35.2% to 37.2% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 4.6% +0.1pp Asset turnover: 5.17x +0.31x Leverage: 1.58x -0.06x

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 stands at 4.56%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 4.56% +0.1pp

Gross Margin 7.78% −0.2pp

SG&A / Revenue 2.10% −0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 41.5% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 41.54%, rising 3.2pp. That translates to 41.54 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.49x — the business is generating more revenue per unit of capital, with NOPAT margin steady; with invested capital holding roughly steady.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 41.54% +3.2pp

NOPAT Margin 4.52% +0.1pp

Capital Turnover 9.19x +0.49x

Average Invested Capital 127.4bn +17.5bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.58x equity, with a net cash position equivalent to 0.08x equity.

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 improved by 0.9 days versus the same period last year. The main moves came from DIO fell 2.0 days, DSO fell 0.2 days, and DPO fell 1.4 days.

Working capital cycle is flat — components are offsetting each other.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Working Capital Efficiency

Receivables 14.0 days −0.2 days

Inventory 4.5 days −2.0 days

Payables 16.0 days −1.4 days

Cash Conversion Cycle 2.5 days −0.9 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 63.3bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.08x and interest coverage at 74.09x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 729.9% of debt, and total debt stands at 2.0bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity -0.08x +0.07x

Interest Coverage 74.09x −90.57x

Cash / Debt 729.9% +505.0pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.08x −1.35x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 63.3bn in 2025, against investing cash flow of -21.4bn.

Post-investment cash flow was positive +41.9bn. Financing cash flow was negative +35.0bn.

CFO / net income was -0.08x.

After spending +12.2bn on fixed-asset investment, the business generated trailing free cash flow of −16.4bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 4.1bn −57.9bn

Cash Capex 12.2bn +11.5bn

FCF TTM −16.4bn −69.3bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is earnings conversion is confirmed, with CFO/NI at -0.08x. The next item to monitor is capital efficiency, with ROIC at 41.5%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -0.08x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,132.9	937.4	802.5	658.7	567.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,132.9	937.4	802.5	658.7	567.6
Cost of Goods Sold	1,038.8	860.6	734.6	601.4	0.0
Gross Profit	94.0	76.8	67.9	57.3	46.3
Financial Income	1.0	1.7	0.2	1.3	1.4
Financial Expenses	-0.7	2.1	-2.3	3.9	-1.0
Interest Expense	0.4	0.5	0.8	0.8	-0.8
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	25.8	23.2	20.3	18.0	-14.5
Operating Profit	70.0	53.1	50.0	36.8	32.2
Other Income	1.2	0.5	0.4	0.0	0.0
Other Expenses	1.1	0.4	2.3	0.0	0.0
Other Profit	0.1	0.1	-1.9	-0.0	1.2
Profit Before Tax	70.1	53.2	48.1	36.8	33.4
Current Income Tax Expense	13.6	10.5	10.5	7.6	-7.0
Deferred Income Tax Expense	1.0	0.5	0.2	0.0	0.0
Net Income	55.6	42.1	37.4	29.2	26.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	55.6	42.1	37.4	29.2	26.4
Earnings per Share	5,548.00	6,084.00	5,808.00	4,546.00	5,135.00
Diluted EPS	5,538.67	5,249.34	5,822.53	4,545.82	5,135.29

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	156.1	113.5	98.8	62.0	67.2
I. Cash and cash equivalents	27.5	20.6	16.3	9.6	26.1
1. Cash	27.5	20.6	16.3	9.6	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	34.9	8.8	16.0	21.2	0.0
1. Available for sale securities	23.3	9.9	15.5	24.2	0.0
2. Provision for diminution in value of available for sale securities (*)	—	-1.6	0.0	-3.0	0.0
3. Held to maturity investments	11.6	0.5	0.5	0.0	0.0
III. Short-term receivables	79.5	65.5	53.9	18.7	30.9
1. Short-term trade accounts receivable	55.5	39.0	36.6	10.0	0.0
2. Short-term prepayments to suppliers	0.8	1.3	1.4	3.6	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	0.1	0.1	0.0
6. Other short-term receivables	23.2	25.2	15.8	5.5	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	-0.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	12.7	16.4	10.6	9.8	9.3
1. Inventories	12.8	16.6	10.8	10.0	0.0
2. Provision for decline in value of inventories	-0.2	-0.2	-0.2	-0.2	0.0
V. Other short-term assets	1.5	2.1	2.0	2.7	0.8
1. Short-term prepayments	1.1	2.0	1.9	2.6	0.0
2. Value added tax to be reclaimed	0.3	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	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)	98.0	89.3	74.9	60.4	46.7
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	62.5	59.7	54.7	46.4	36.3
1. Tangible fixed assets	57.6	54.5	50.4	45.6	35.9
- Cost	147.2	134.7	122.4	111.1	0.0
- Accumulated depreciation	-89.6	-80.2	-72.1	-65.5	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	4.9	5.3	4.4	0.8	0.4
- Cost	6.1	6.1	5.3	1.1	0.0
- Accumulated depreciation	-1.2	-0.9	-0.9	-0.3	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.4	0.9	4.8	4.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.4	0.9	4.8	0.0
V. Long-term financial investments	—	3.6	3.7	3.7	3.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	4.0	4.0	4.0	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	—	-0.4	-0.3	-0.3	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	35.4	25.6	15.6	5.4	0.0
1. Long-term prepayments	35.4	25.6	15.6	5.4	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	2.3
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)	254.0	202.7	173.7	122.4	113.9
A. LIABILITIES (300=210+330)	93.3	69.5	60.2	27.3	30.3
I. Short -term liabilities	91.6	68.8	60.1	27.3	30.3
1. Short-term trade accounts payable	54.7	32.5	30.8	6.2	3.8
2. Short-term advances from customers	1.1	0.5	0.9	0.2	0.1
3. Taxes and other payables to state authorities	10.0	3.1	4.2	1.4	0.0
4. Payable to employees	1.1	0.9	0.8	0.7	0.0
5. Short-term acrrued expenses	14.4	11.3	10.5	2.7	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.1	0.0
9. Other short-term payables	8.1	4.4	3.1	3.2	0.0
10. Short-term borrowings and financial leases	0.3	14.5	8.6	11.8	12.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.0	1.6	1.2	1.1	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	1.6	0.7	0.2	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	1.6	0.7	0.2	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)	160.8	133.3	113.4	95.0	83.5
I. Owner's equity	160.8	133.3	113.4	95.0	0.0
1. Owner's capital	100.3	80.3	64.2	64.2	83.5
- Common stock with voting right	100,346,810,000.00	80,277,800,000.00	64,222,580,000.00	64,222,580,000.00	51,378,500,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1
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	0.6	0.6	0.6	0.6	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.7	0.7	0.7	0.7	0.0
11. Undistributed earnings after tax	59.2	51.8	48.0	29.6	30.9
- Accumulated retained earning at the end of the previous period	3.6	17.7	17.1	0.4	4.6
- Undistributed earnings in this period	55.6	34.0	30.9	29.2	26.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	254.0	202.7	173.7	122.4	113.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	70.1	53.2	48.1	36.8	0.0
Depreciation of Fixed Assets and Investment Property	9.8	8.4	7.2	6.0	0.0
Provision (Increase)/Reversal	-1.1	1.6	-3.0	3.2	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	-0.1	-0.2	-1.3	0.0
Interest Expense	0.4	0.5	0.8	0.8	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	78.9	63.7	52.8	45.5	0.0
Increase/(Decrease) in Receivables	-14.2	-11.5	-34.3	-3.5	0.0
Increase/(Decrease) in Inventory	-6.4	-5.5	-0.8	-0.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	40.2	4.7	32.7	0.1	0.0
Increase/(Decrease) in Prepaid Expenses	-8.1	-10.0	-9.5	-4.9	0.0
Changes in Trading Securities	-13.4	5.6	8.8	-24.2	0.0
Interest Paid	-0.4	-0.6	-0.8	-0.8	0.0
Corporate Income Tax Paid	-7.7	-11.5	-7.8	-8.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.6	-4.2	-2.7	-5.2	0.0
Net Cash Flow from Operating Activities	63.3	30.5	38.4	-2.5	34.9
Payments for Fixed Assets and Other Long-term Assets	-12.3	-14.5	-11.9	-16.2	-1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.2
Loans and Purchases of Debt Instruments	-16.1	0.0	-0.5	-47.5	-63.0
Receipts from Loan Repayments and Sale of Debt Instruments	5.0	0.0	0.0	62.5	48.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	1.9	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.1	0.1	2.0	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	-21.4	-14.4	-12.4	0.8	-15.8
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	91.3	87.6	66.9	60.1	62.2
Repayment of Borrowings	-104.2	-81.7	-70.2	-60.7	-62.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-22.1	-17.7	-16.1	-14.1	-15.7
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	-35.0	-11.8	-19.3	-14.7	-15.9
Net Cash Flow During the Period	6.9	4.4	6.6	-16.5	15.8
Cash and Cash Equivalents at Beginning of Period	20.6	16.3	9.6	26.1	22.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	27.5	20.6	16.3	9.6	26.1

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	245.5	275.4	358.4	291.7	207.5	213.3	284.8	250.5	183.0	214.2	251.3	192.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	245.5	275.4	358.4	291.7	207.5	213.3	284.8	250.5	183.0	214.2	251.3	192.2
Cost of Goods Sold	232.1	249.8	328.4	269.6	192.0	198.6	259.5	229.8	168.0	196.1	227.1	178.5
Gross Profit	13.4	25.6	30.0	22.1	15.5	14.7	25.3	20.8	14.9	18.1	24.2	13.7
Financial Income	0.5	0.4	0.1	0.0	0.4	0.0	0.0	0.0	1.6	0.0	0.0	0.0
Financial Expenses	0.0	0.0	0.1	0.8	-1.6	-1.1	1.4	1.6	0.1	0.0	-0.6	-0.1
Interest Expense	0.0	0.0	0.1	0.1	-0.2	0.1	0.1	0.1	0.1	0.1	0.2	0.2
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	4.0	8.5	7.0	5.1	5.2	6.1	5.6	5.7	5.6	5.2	5.8	4.2
Operating Profit	9.9	17.5	23.1	16.3	12.4	9.7	18.3	13.5	10.9	12.9	19.0	9.6
Other Income	0.3	0.5	0.6	1.0	0.1	0.1	0.1	0.1	0.2	0.6	0.4	0.1
Other Expenses	0.1	0.0	0.2	1.5	0.1	0.1	0.1	0.1	0.0	1.3	1.5	0.0
Other Profit	0.2	0.5	0.4	-0.5	-0.0	0.0	0.0	-0.1	0.1	-0.7	-1.1	0.1
Profit Before Tax	10.1	17.9	23.5	15.7	12.4	9.8	18.3	13.4	11.0	12.2	17.9	9.7
Current Income Tax Expense	1.8	3.4	4.5	3.2	2.4	2.0	3.8	2.9	2.3	2.9	4.0	2.0
Deferred Income Tax Expense	0.3	0.3	0.3	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.0
Net Income	8.0	14.3	18.7	12.3	9.8	7.6	14.4	10.4	8.6	9.2	13.9	7.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.0	14.3	18.7	12.3	9.8	7.6	14.4	10.4	8.6	9.2	13.9	7.6
Earnings per Share	798.00	1,424.00	1,866.00	1,538.00	1,218.00	941.00	1,791.00	1,624.00	1,334.00	1,439.00	2,159.00	1,190.00
Diluted EPS	798.43	1,423.53	1,865.96	1,537.89	1,218.26	941.46	1,791.38	1,624.09	1,334.24	1,438.89	2,158.88	1,189.82

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)	138.0	156.1	167.2	167.7	122.1	113.4	139.4	142.4	98.1	99.3	70.6	62.7
I. Cash and cash equivalents	14.6	50.8	49.9	46.7	34.4	20.6	24.6	21.1	13.8	16.3	16.2	10.0
1. Cash	14.6	27.5	32.6	46.7	34.4	20.6	24.6	21.1	13.8	16.3	16.2	10.0
2. Cash equivalents	—	23.3	17.4	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	22.2	11.6	6.6	0.5	0.5	8.9	7.6	8.9	10.4	16.0	15.4	14.5
1. Available for sale securities	10.5	—	—	—	—	9.9	9.9	9.9	9.9	15.5	15.5	15.5
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	-1.5	-2.8	-1.5	0.0	0.0	-0.1	-1.0
3. Held to maturity investments	11.7	11.6	6.6	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.0	0.0
III. Short-term receivables	90.8	79.5	92.2	98.3	62.0	65.6	90.1	97.5	58.0	53.9	22.7	23.6
1. Short-term trade accounts receivable	54.5	55.5	59.5	64.3	35.1	39.0	61.3	74.9	39.2	46.6	14.0	13.5
2. Short-term prepayments to suppliers	2.5	0.8	2.5	0.4	1.6	1.4	2.2	3.1	1.9	1.4	2.0	3.7
3. Short-term inter-company receivables	8.0	—	—	—	—	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	0.1	0.1	0.1
6. Other short-term receivables	25.8	23.2	30.2	33.6	25.3	25.2	26.6	19.5	16.9	5.9	7.0	6.7
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.5	-0.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	6.7	12.7	15.5	18.3	19.4	16.7	13.2	10.9	11.5	10.6	13.0	11.2
1. Inventories	6.8	12.8	15.7	18.5	19.6	16.8	13.4	11.0	11.7	10.8	13.2	11.4
2. Provision for decline in value of inventories	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
V. Other short-term assets	3.7	1.5	2.9	3.9	5.7	1.6	3.9	3.9	4.3	2.5	3.2	3.5
1. Short-term prepayments	3.5	1.1	2.8	3.8	4.5	1.5	3.9	3.9	4.3	1.9	3.3	3.5
2. Value added tax to be reclaimed	0.2	0.3	—	—	—	0.0	0.0	0.0	0.0	0.5	-0.1	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	1.2	0.1	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)	99.5	98.0	92.0	90.8	93.7	89.3	86.1	80.8	80.0	74.5	73.5	66.8
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	59.8	62.5	54.6	55.6	58.1	59.7	53.8	53.5	55.0	51.4	47.2	44.1
1. Tangible fixed assets	55.0	57.6	49.6	50.6	52.9	54.5	48.4	49.1	50.4	50.7	46.5	43.4
- Cost	147.3	—	—	—	—	135.0	126.7	125.2	124.5	123.1	117.0	112.1
- Accumulated depreciation	-92.4	—	—	—	—	-80.5	-78.3	-76.2	-74.1	-72.4	-70.5	-68.6
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	4.8	4.9	5.0	5.1	5.2	5.3	5.4	4.5	4.6	0.6	0.7	0.7
- Cost	6.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.3	—	—	—	—	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	2.3	0.0	3.6	1.6	0.8	0.4	5.1	3.0	1.9	4.3	7.6	7.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2.3	0.0	3.6	1.6	0.8	0.4	5.1	3.0	1.9	4.3	7.6	7.8
V. Long-term financial investments	—	—	0.0	1.1	4.9	3.6	3.6	3.7	3.7	3.7	3.7	3.8
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	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
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	—	—	—	—	-0.2	-0.4	-0.4	-0.3	-0.3	-0.3	-0.3	-0.2
5. Held to maturity investments	—	—	—	1.1	1.1	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	37.5	35.4	33.8	32.5	29.9	25.6	23.7	20.6	19.4	15.2	15.0	11.1
1. Long-term prepayments	37.5	35.4	33.8	32.5	29.9	25.6	23.7	20.6	19.4	15.2	15.0	11.1
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)	237.5	254.0	259.2	258.5	215.8	202.7	225.5	223.2	178.1	173.8	144.1	129.5
A. LIABILITIES (300=210+330)	80.0	93.3	102.7	121.1	86.8	69.5	91.9	105.1	67.6	60.8	33.9	33.0
I. Short -term liabilities	78.0	91.6	101.3	120.0	85.9	68.8	91.3	104.8	67.4	60.7	33.8	32.9
1. Short-term trade accounts payable	45.6	54.7	66.9	76.7	48.9	33.7	47.8	72.3	34.6	31.2	6.2	5.9
2. Short-term advances from customers	0.3	1.1	0.7	0.7	0.6	0.5	0.7	0.4	0.4	0.9	0.7	0.6
3. Taxes and other payables to state authorities	2.8	9.9	6.5	4.9	3.2	3.5	5.2	4.7	3.6	4.6	5.6	3.3
4. Payable to employees	1.1	1.1	1.2	1.1	1.1	0.9	0.8	0.8	0.7	0.8	0.8	0.8
5. Short-term acrrued expenses	11.7	14.4	14.4	13.5	8.3	9.7	12.1	9.0	7.8	10.1	2.3	1.5
6. Short-term inter-company payables	—	—	0.1	—	—	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	12.4	8.1	6.8	6.4	4.9	4.4	4.3	4.1	3.9	3.1	3.1	3.3
10. Short-term borrowings and financial leases	2.0	0.3	2.8	13.3	15.3	14.5	17.5	10.5	13.3	8.6	12.6	15.0
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	2.0	2.0	2.0	3.5	3.5	1.6	2.9	2.9	2.9	1.3	2.5	2.5
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	2.0	1.6	1.4	1.1	0.9	0.7	0.5	0.4	0.3	0.2	0.1	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	2.0	1.6	1.4	1.1	0.9	0.7	0.5	0.4	0.3	0.2	0.1	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)	157.6	160.8	156.5	137.4	129.0	133.2	133.7	118.0	110.4	113.0	110.2	96.5
I. Owner's equity	157.6	160.8	156.5	137.4	129.0	133.2	133.7	118.0	110.4	113.0	110.2	96.5
1. Owner's capital	100.3	100.3	100.3	80.3	80.3	80.3	80.3	64.2	64.2	64.2	64.2	64.2
- Common stock with voting right	100,346,810,000.00	100,346,810,000.00	100,346,810,000.00	80,277,800,000.00	80,277,800,000.00	80,277,800,000.00	80,277,800,000.00	64,222,580,000.00	64,222,580,000.00	64,222,580,000.00	64,222,580,000.00	64,222,580,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
11. Undistributed earnings after tax	56.0	59.2	55.0	55.9	47.5	51.7	52.2	52.6	45.0	47.6	44.8	31.1
- Accumulated retained earning at the end of the previous period	48.0	3.6	13.7	33.7	37.7	-1.8	8.4	28.2	34.0	-0.2	9.2	13.3
- Undistributed earnings in this period	8.0	55.6	41.3	22.1	9.8	53.5	43.7	24.4	11.0	47.7	35.6	17.8
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)	237.5	254.0	259.2	258.5	215.8	202.7	225.5	223.2	178.1	173.8	144.1	129.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	41.5	—	28.6	—	0.0	-25.4	25.4	0.0	48.1	-17.7	17.7
Depreciation of Fixed Assets and Investment Property	—	4.9	—	4.9	—	0.0	-3.9	3.9	0.0	7.2	-3.3	3.3
Provision (Increase)/Reversal	—	0.0	—	-1.1	—	0.0	-1.6	1.6	0.0	-3.0	2.1	-2.1
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	—	-0.2	—	-0.0	—	0.0	0.0	-0.0	0.0	-0.2	0.2	-0.2
Interest Expense	—	0.1	—	0.3	—	0.0	-0.3	0.3	0.0	0.8	-0.4	0.4
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	—	46.3	—	32.6	—	0.0	-31.1	31.1	0.0	52.8	-19.1	19.1
Increase/(Decrease) in Receivables	—	18.1	—	-32.3	—	0.0	49.2	-49.2	0.0	-34.3	2.5	-2.5
Increase/(Decrease) in Inventory	—	-3.6	—	-2.9	—	0.0	-0.5	0.5	0.0	-0.8	1.4	-1.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-9.7	—	49.9	—	0.0	-44.8	44.8	0.0	32.7	0.2	-0.2
Increase/(Decrease) in Prepaid Expenses	—	0.6	—	-8.7	—	0.0	4.9	-4.9	0.0	-9.5	8.1	-8.1
Changes in Trading Securities	—	—	—	—	—	0.0	-5.6	5.6	0.0	8.8	-8.8	8.8
Interest Paid	—	-0.1	—	-0.3	—	0.0	0.4	-0.4	0.0	-0.8	0.4	-0.4
Corporate Income Tax Paid	-8.9	-5.0	2.3	-2.0	-3.0	0.0	5.9	-2.0	-3.9	-3.4	-1.8	-1.4
Other Operating Receipts	23.1	—	—	—	—	0.0	0.0	-9.1	9.1	0.0	0.0	-9.6
Other Operating Payments	-30.3	27.9	-29.5	19.3	-23.4	0.0	2.9	37.3	-40.3	1.4	-2.6	2.3
Net Cash Flow from Operating Activities	-8.9	26.9	-2.7	-19.3	58.5	0.0	-18.7	13.9	4.8	19.0	8.2	7.8
Payments for Fixed Assets and Other Long-term Assets	-0.3	-11.6	1.3	-1.7	-0.3	0.0	6.1	-5.0	-1.1	-7.0	-0.9	-3.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	0.1	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0
Loans and Purchases of Debt Instruments	—	-15.0	—	-1.1	—	0.0	0.0	0.0	0.0	-0.5	0.0	-0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	5.0	—	—	—	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	—	1.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	0.0	—	0.0	—	0.0	-0.0	0.0	0.0	0.1	-0.1	0.1
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	12.8	1.5	-21.8	0.2	-1.4	0.0	6.1	-5.0	-1.1	-16.2	7.8	-12.6
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	—	21.0	—	70.3	—	0.0	-34.5	14.2	20.4	14.2	17.4	19.3
Repayment of Borrowings	-2.3	-78.7	44.7	-40.0	-30.2	0.0	32.6	-17.1	-15.6	-18.2	-19.8	-16.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-14.5	-20.0	10.0	1.1	-13.1	0.0	9.6	1.3	-11.0	1.3	-7.7	3.2
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-16.8	-7.4	-15.7	31.4	-43.3	0.0	7.7	-1.5	-6.2	-2.8	-10.1	6.4
Net Cash Flow During the Period	-12.9	21.0	-40.2	12.3	13.8	0.0	-4.9	7.4	-2.5	0.0	5.9	1.7
Cash and Cash Equivalents at Beginning of Period	27.5	32.6	46.7	34.4	20.6	0.0	0.0	16.3	16.3	9.6	9.6	9.6
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	14.6	27.5	32.6	46.7	34.4	0.0	0.0	21.1	13.8	16.3	16.2	10.4

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DNC

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What is driving the margin?

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Balance Sheet

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Leverage & Liquidity

Cash Flow