DS3

DS3 ·HNX ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 12.93%, −5.55pp YoY

Price

4,800

Latest close

03 Jun 2026

P/E 6.37x

P/B 0.52x

EPS 754

BVPS 9,298

ROE 8.4%

ROA 5.2%

Profit Margin 12.9%

Asset Turnover 0.40x

Equity Mult. 1.62x

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

What Is Changing

On a TTM 2026Q1 basis, DS3 is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 62bn
	                                
+13.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 8bn
	                                
−20.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	67.8	51.2	29.6	3.7	44.9
Growth	+32%	+73%	+695%	-92%	—
Net Income	8.7	8.8	2.8	-36.3	8.2
Net Margin	12.80%	17.23%	9.54%	-974.98%	18.20%

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	2.9	15.6	11.7	32.1	8.5	30.1	10.0	6.1	5.1	30.5	-1.0	0.3
Growth	-82%	+34%	-64%	+278%	-72%	+201%	+64%	+20%	-83%	-3030%	-447%	—
Net Income	-1.0	0.7	3.2	5.1	0.6	8.7	0.5	0.3	0.3	14.4	-3.5	0.1
Net Margin	-34.85%	4.72%	27.71%	15.84%	7.49%	29.01%	4.74%	4.21%	6.46%	47.36%	335.84%	21.79%

Drivers of DS3's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher finance costs. Supporting and offsetting drivers:

Finance costs ↑ 1.2bn

Other profit ↓ 0.8bn

Gross profit ↓ 0.2bn

TTM

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

Administrative expenses ↓ 0.4bn

Gross profit ↓ 2.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 11.5% = 18.5% × 0.37 × 1.68

2026Q1 8.4% = 12.9% × 0.40 × 1.62

ROE fell from 11.5% to 8.4% — leverage weakened the most, though asset turnover still provided support.

Net margin: 12.9% -5.5pp Asset turnover: 0.40x +0.03x Leverage: 1.62x -0.06x

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 12.93%, losing 5.5pp. The main pressure is Gross margin fell 4.1pp, outweighing the improvement in SG&A / Revenue fell 1.2pp (with lingering pressure from Net financial result / Revenue fell 1.5pp and Other profit / Revenue fell 1.3pp).

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

Profitability trend

Net Margin 12.93% −5.5pp

Gross Margin 25.92% −4.1pp

SG&A / Revenue 6.83% −1.2pp

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 — —

Capital Turnover 0.47x +0.02x

Average Invested Capital 131.0bn +10.5bn

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 0.58x equity, net debt at 0.30x 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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 27.4 days versus the same period last year. The main moves came from DIO fell 21.7 days, DSO fell 69.7 days, and DPO fell 64.0 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 289.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 260.5 days −69.7 days

Inventory 97.0 days −21.7 days

Payables 67.9 days −64.0 days

Cash Conversion Cycle 289.5 days −27.4 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.30x and interest coverage at 2.72x.

At present, short-term debt accounts for 14.4% of total debt, cash equals 10.8% of debt, and total debt stands at 33.3bn.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 10.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.30x −0.15x

Interest Coverage 2.72x −2.24x

Cash / Debt 10.8% +4.3pp

Short-term Debt / Total Debt 14.4% +3.9pp

CFO / NI 1.51x −1.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 12.7bn in 2025, against investing cash flow of -0.1bn.

Post-investment cash flow was positive +12.6bn. Financing cash flow was negative +11.2bn.

CFO / net income was 1.51x.

After spending +0.8bn on fixed-asset investment, the business generated trailing free cash flow of +11.3bn.

Cash Conversion

CFO TTM 12.1bn −13.1bn

Cash Capex 0.8bn —

FCF TTM +11.3bn —

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 next item to monitor is capital efficiency. The main risk still sits in core profitability, with net margin down 5.5 pp.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 12.93% after a 5.5pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	67.8	51.2	32.0	3.7	44.9
Revenue Deductions	—	0.0	2.3	0.0	0.0
Net Revenue	67.8	51.2	29.6	3.7	44.9
Cost of Goods Sold	49.7	36.6	29.7	4.9	0.0
Gross Profit	18.1	14.6	-0.1	-1.2	16.4
Financial Income	0.0	0.0	6.2	0.0	2.3
Financial Expenses	4.2	1.7	0.0	1.4	-0.7
Interest Expense	3.2	1.7	1.1	0.2	-0.7
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	4.6	4.2	4.1	32.8	-9.0
Operating Profit	9.3	8.7	2.0	-35.4	9.1
Other Income	0.6	0.2	1.2	0.0	0.0
Other Expenses	1.2	0.1	0.4	1.0	0.0
Other Profit	-0.6	0.1	0.8	-1.0	1.1
Profit Before Tax	8.7	8.8	2.8	-36.3	10.2
Current Income Tax Expense	—	0.0	0.0	0.0	-2.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	8.7	8.8	2.8	-36.3	8.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	8.7	8.8	2.8	-36.3	8.2
Earnings per Share	814.00	827.00	265.00	-3,405.00	766.00
Diluted EPS	814.00	827.00	265.00	-3,405.00	766.39

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	65.5	40.8	48.2	26.7	68.5
I. Cash and cash equivalents	7.1	5.7	6.3	1.6	4.9
1. Cash	7.1	5.7	6.3	1.6	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	53.2	26.3	37.9	17.5	57.2
1. Short-term trade accounts receivable	61.7	37.4	64.6	38.3	0.0
2. Short-term prepayments to suppliers	0.8	7.1	0.5	5.5	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	17.9	10.1	0.7	1.2	0.0
7. Provision for short-term doubtful debts (*)	-27.2	-28.2	-27.9	-27.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	4.0	5.2	2.8	7.0	6.4
1. Inventories	4.3	8.9	9.2	7.0	0.0
2. Provision for decline in value of inventories	-0.3	-3.7	-6.4	0.0	0.0
V. Other short-term assets	1.2	3.6	1.3	0.5	0.0
1. Short-term prepayments	0.0	0.1	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.1	3.5	1.2	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.1	0.5	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)	92.7	115.5	88.1	79.0	85.4
I. Long-term receivables	31.5	47.0	61.3	55.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	55.1
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	31.5	47.0	61.3	55.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.8	1.3	2.1	3.0	8.1
1. Tangible fixed assets	0.8	1.3	2.1	3.0	8.1
- Cost	15.3	15.2	15.2	15.2	0.0
- Accumulated depreciation	-14.5	-13.9	-13.1	-12.2	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	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	53.1	56.1	0.0	0.0	0.0
- Cost	56.8	56.8	0.0	0.0	0.0
- Accumulated depreciation	-3.8	-0.8	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	23.1	9.7	9.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	23.1	9.7	0.0
V. Long-term financial investments	—	1.0	1.0	11.0	12.2
1. Investments in subsidiaries	—	0.0	0.0	9.7	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	2.5	0.0
3. Investments in other entities	1.0	1.0	1.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-1.0	0.0	0.0	-1.1	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	7.3	10.2	0.7	0.1	0.0
1. Long-term prepayments	7.3	10.2	0.7	0.1	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	0.6
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)	158.2	156.4	136.4	105.7	154.0
A. LIABILITIES (300=210+330)	58.0	64.8	53.7	25.8	37.6
I. Short -term liabilities	28.3	22.6	41.7	14.0	23.3
1. Short-term trade accounts payable	11.4	10.6	17.3	4.7	9.2
2. Short-term advances from customers	7.4	3.0	4.8	4.2	3.9
3. Taxes and other payables to state authorities	—	0.0	0.0	0.0	0.0
4. Payable to employees	1.5	2.2	1.9	2.9	0.0
5. Short-term acrrued expenses	0.6	0.7	1.2	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	0.4	0.4	5.7	0.7	0.0
10. Short-term borrowings and financial leases	6.8	5.4	10.5	1.1	0.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.3	0.3	0.4	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	29.7	42.2	12.0	11.8	14.3
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	11.8	0.0
8. Long-term borrowings and financial leases	29.7	42.2	12.0	0.0	2.5
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)	100.2	91.5	82.7	79.9	116.3
I. Owner's equity	100.2	91.5	82.7	79.9	0.0
1. Owner's capital	106.7	106.7	106.7	106.7	116.3
- Common stock with voting right	106,697,300,000.00	106,697,300,000.00	106,697,300,000.00	106,697,300,000.00	106,697,300,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	2.2	2.2	2.2	2.2	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	-8.6	-17.3	-26.1	-29.0	7.5
- Accumulated retained earning at the end of the previous period	-17.3	-26.1	-29.0	7.4	0.0
- Undistributed earnings in this period	8.7	8.8	2.8	-36.3	7.5
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)	158.2	156.4	136.4	105.7	154.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	-1.5	0.0
Other Operating Receipts	15.1	12.9	1.8	1.4	0.0
Other Operating Payments	-11.3	-13.6	-7.7	-6.6	0.0
Net Cash Flow from Operating Activities	12.7	20.5	-18.7	-5.6	26.5
Payments for Fixed Assets and Other Long-term Assets	-0.1	-46.3	-9.3	-0.2	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	4.2	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	-7.3	0.0	-9.7
Proceeds from Investments in Other Entities	—	0.0	18.5	0.0	0.0
Dividends and Interest Income Received	0.0	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	-0.1	-46.3	1.9	4.1	-9.8
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	4.4	49.1	28.3	2.4	3.7
Repayment of Borrowings	-15.6	-23.9	-6.9	-4.1	-19.4
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	-11.2	25.1	21.4	-1.7	-15.7
Net Cash Flow During the Period	1.4	-0.6	4.6	-3.2	-0.2
Cash and Cash Equivalents at Beginning of Period	5.7	6.3	1.6	4.9	3.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	7.1	5.7	6.3	1.6	4.9

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
Revenue	2.9	15.6	11.7	32.1	8.5	30.1	10.0	6.1	5.1	30.5	1.3	0.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	2.3	0.0
Net Revenue	2.9	15.6	11.7	32.1	8.5	30.1	10.0	6.1	5.1	30.5	-1.0	0.3
Cost of Goods Sold	2.4	14.4	6.0	23.3	6.0	19.2	8.4	4.7	3.8	22.2	0.9	0.2
Gross Profit	0.5	1.2	5.7	8.8	2.5	10.9	1.6	1.4	1.3	8.3	-1.9	0.1
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	6.2	0.0	0.0
Financial Expenses	0.6	0.8	0.8	1.0	0.6	0.8	0.3	0.3	0.3	-1.5	0.4	0.1
Interest Expense	0.6	0.8	0.8	1.0	—	0.8	0.3	0.3	0.3	0.0	0.4	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	0.2	1.5	1.6	1.2	1.2	1.0	0.9	0.7	1.5	1.1	1.2
Operating Profit	-1.0	0.2	3.4	6.2	0.6	8.8	0.3	0.3	0.3	14.4	-3.3	-1.2
Other Income	—	0.6	—	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	1.6
Other Expenses	0.0	0.0	0.1	1.1	—	0.1	0.0	0.0	0.0	0.0	0.1	0.3
Other Profit	-0.0	0.6	-0.1	-1.1	0.0	-0.1	0.2	-0.0	-0.0	-0.0	-0.1	1.3
Profit Before Tax	-1.0	0.7	3.2	5.1	0.6	8.7	0.5	0.3	0.3	14.4	-3.5	0.1
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	-1.0	0.7	3.2	5.1	0.6	8.7	0.5	0.3	0.3	14.4	-3.5	0.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-1.0	0.7	3.2	5.1	0.6	8.7	0.5	0.3	0.3	14.4	-3.5	0.1
Earnings per Share	-94.33	69.00	303.32	475.96	59.52	818.29	44.36	23.99	30.78	1,352.79	-327.36	6.13
Diluted EPS	-94.33	69.00	303.32	475.96	59.52	818.29	44.36	23.99	30.78	1,352.79	-327.36	6.13

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)	66.1	66.0	49.5	48.7	38.4	53.4	43.1	40.7	51.7	54.7	47.5	55.4
I. Cash and cash equivalents	3.6	7.1	0.4	5.7	2.8	5.7	4.0	2.7	3.5	6.3	8.3	8.5
1. Cash	3.6	7.1	0.4	5.7	2.8	5.7	4.0	2.7	3.5	6.3	8.3	8.5
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	51.2	53.7	40.8	35.6	21.6	39.0	29.4	29.4	42.9	43.9	24.6	27.1
1. Short-term trade accounts receivable	54.5	61.7	58.8	53.4	34.3	37.4	35.5	50.8	64.6	64.7	35.7	38.1
2. Short-term prepayments to suppliers	3.7	0.8	1.6	1.8	5.3	7.1	8.3	3.4	0.3	0.5	0.1	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	15.7	0.0
6. Other short-term receivables	19.9	18.4	9.0	8.9	10.3	22.3	13.4	3.0	5.9	6.6	0.5	16.4
7. Provision for short-term doubtful debts (*)	-27.0	-27.2	-28.6	-28.6	-28.2	-27.9	-27.9	-27.9	-27.9	-27.9	-27.4	-27.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	10.2	4.0	6.6	5.1	10.4	5.2	5.2	4.8	4.4	2.8	12.7	18.1
1. Inventories	10.4	4.3	6.8	8.8	14.1	8.9	11.6	11.2	10.8	9.2	19.1	18.1
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3	-3.7	-3.7	-3.7	-6.4	-6.4	-6.4	-6.4	-6.4	0.0
V. Other short-term assets	1.1	1.2	1.7	2.3	3.6	3.5	4.5	3.9	0.9	1.7	1.9	1.7
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.1	1.1	1.6	2.2	3.4	3.5	4.5	3.8	0.9	1.6	1.2	1.2
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.8	0.5
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)	91.7	93.2	110.8	112.4	113.8	104.2	116.6	110.1	89.8	82.0	70.8	67.9
I. Long-term receivables	31.5	31.0	47.0	47.0	47.0	35.0	47.0	55.1	55.1	55.1	55.1	55.1
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	31.5	31.0	47.0	47.0	47.0	35.0	47.0	55.1	55.1	55.1	55.1	55.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1.4	0.8	0.9	1.0	1.2	67.5	1.5	1.7	1.8	2.1	2.3	2.6
1. Tangible fixed assets	1.4	0.8	0.9	1.0	1.2	67.5	1.5	1.7	1.8	2.1	2.3	2.6
- Cost	16.0	—	—	—	—	82.5	15.2	15.2	15.2	15.2	15.2	15.2
- Accumulated depreciation	-14.6	—	—	—	—	-15.0	-13.8	-13.5	-13.4	-13.1	-12.9	-12.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	52.3	53.1	53.8	54.6	55.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	56.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	0.1	0.1	0.0	0.0	66.4	51.6	31.1	23.1	10.4	10.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	0.1	0.1	0.0	0.0	66.4	51.6	31.1	23.1	10.4	10.4
V. Long-term financial investments	—	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	0.0	-1.1
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	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-1.1
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	6.4	7.3	8.0	8.7	9.3	0.7	0.7	0.7	0.8	0.7	0.9	0.9
1. Long-term prepayments	6.4	7.3	8.0	8.7	9.3	0.7	0.7	0.7	0.8	0.7	0.9	0.9
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	2.1	0.0
TOTAL ASSETS (280=100+200)	157.8	159.2	160.3	161.0	152.2	157.6	159.6	150.8	141.5	136.6	118.3	123.3
A. LIABILITIES (300=210+330)	58.6	58.0	59.8	63.8	60.0	65.1	75.9	67.5	58.4	53.8	42.8	41.0
I. Short -term liabilities	30.1	28.0	24.1	24.6	20.8	22.8	27.5	67.5	36.7	41.8	35.8	34.0
1. Short-term trade accounts payable	7.8	11.4	10.8	13.9	9.3	10.6	9.8	8.5	18.3	17.3	8.8	9.1
2. Short-term advances from customers	13.1	7.4	2.1	2.5	3.0	3.0	6.5	4.4	4.4	4.8	5.2	5.5
3. Taxes and other payables to state authorities	—	—	—	—	—	0.0	0.0	0.5	0.0	0.4	0.0	0.0
4. Payable to employees	3.2	1.5	2.2	2.2	2.3	2.2	2.3	1.9	1.8	1.9	4.6	4.6
5. Short-term acrrued expenses	0.3	0.6	1.4	0.8	0.7	0.7	0.4	0.4	1.4	1.2	0.6	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	0.6	0.4	0.5	0.4	0.5	0.7	0.7	0.7	3.7	5.4	10.4	10.6
10. Short-term borrowings and financial leases	4.8	6.4	6.8	4.4	4.6	5.4	7.5	50.9	6.6	10.5	5.9	3.9
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	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	28.5	30.0	35.7	39.2	39.2	42.2	48.4	0.0	21.7	12.0	7.0	7.0
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	28.5	30.0	35.7	39.2	39.2	42.2	48.4	0.0	21.7	12.0	7.0	7.0
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)	99.2	101.2	100.5	97.2	92.2	92.5	83.8	83.3	83.0	82.8	75.5	82.3
I. Owner's equity	99.2	101.2	100.5	97.2	92.2	92.5	83.8	83.3	83.0	82.8	75.5	82.3
1. Owner's capital	106.7	106.7	106.7	106.7	106.7	106.7	106.7	106.7	106.7	106.7	106.7	106.7
- Common stock with voting right	106,697,300,000.00	106,697,300,000.00	106,697,300,000.00	106,697,300,000.00	106,697,300,000.00	106,697,300,000.00	106,697,300,000.00	106,697,300,000.00	106,697,300,000.00	106,697,300,000.00	106,697,300,000.00	106,697,300,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2
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	-9.6	-7.7	-8.4	-11.6	-16.7	-16.4	-25.1	-25.6	-25.8	-26.1	-38.4	-31.6
- Accumulated retained earning at the end of the previous period	-8.6	-17.3	-17.3	-17.3	-17.3	-26.1	-26.1	-26.1	-26.1	-29.0	-27.8	-30.8
- Undistributed earnings in this period	-1.0	9.7	8.9	5.7	0.6	9.8	1.1	0.6	0.3	2.9	-10.6	-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	5.0	5.0
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)	157.8	159.2	160.3	161.0	152.2	157.6	159.6	150.8	141.5	136.6	118.3	123.3

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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	7.1	-7.1
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.5	0.5
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-6.3	6.3
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	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	-0.2	0.2
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	-6.5	6.5
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-6.3	6.3
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-4.0	4.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	11.1	-11.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.6	-0.6
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.8	-0.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.8	—	—	—	—	-4.6	7.7	1.6	2.0	-0.9	2.7	-0.5
Other Operating Payments	-3.5	-7.8	-0.5	-0.8	-2.2	-5.3	2.6	-2.3	-3.3	-3.2	-4.4	0.5
Net Cash Flow from Operating Activities	0.4	12.5	-3.9	3.1	1.0	39.7	-22.3	6.9	-8.6	-14.8	-1.7	-1.7
Payments for Fixed Assets and Other Long-term Assets	-0.7	0.3	-0.3	-0.1	—	-47.0	33.7	-34.3	0.0	-9.2	0.7	-0.8
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	-7.3	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	6.2	-4.0	4.0	0.0	18.5	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	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	-0.7	0.3	-0.3	-0.1	0.0	-40.9	29.7	-30.3	0.0	9.3	-6.7	-0.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.1	0.0	2.6	1.7	19.7	-0.1	24.0	10.2	16.1	2.0	9.9
Repayment of Borrowings	-3.1	-6.1	-1.2	-2.8	-5.5	-16.8	-6.0	-1.4	-4.3	-6.5	0.0	-0.4
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	-3.1	-6.1	-1.2	-0.2	-3.8	2.9	-6.1	22.5	5.8	9.6	2.0	9.5
Net Cash Flow During the Period	-3.5	6.7	-5.4	2.9	-2.8	1.7	1.3	-0.8	-2.8	4.1	-6.3	7.0
Cash and Cash Equivalents at Beginning of Period	7.1	0.4	5.7	2.8	5.7	6.3	6.3	6.3	6.3	1.6	7.7	1.6
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	3.6	7.1	0.4	5.7	2.8	5.7	4.0	2.7	3.5	6.3	8.3	8.5

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DS3

What Is Changing

Drivers of DS3'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