GMX

Gạch ngói Gốm Xây dựng Mỹ Xuân ·HNX ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 1.13x

Price

17,000

Latest close

01 Jun 2026

P/E 10.72x

P/B 1.32x

EPS 1,586

BVPS 12,843

ROE 16.0%

ROA 12.5%

Profit Margin 10.0%

Asset Turnover 1.25x

Equity Mult. 1.28x

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

What Is Changing

On a TTM 2026Q1 basis, GMX is improving on both revenue and margins, though the magnitude is still moderate — the growth momentum has held across consecutive periods. This signal only becomes convincing if the improvement continues through the next few periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 188bn
	                                
+11.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 19bn
	                                
+12.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	174.2	164.8	193.4	286.8	214.0
Growth	+6%	-15%	-33%	+34%	—
Net Income	17.5	16.6	23.6	43.6	23.4
Net Margin	10.07%	10.04%	12.22%	15.20%	10.96%

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	43.5	48.4	44.2	51.9	29.6	41.8	44.0	53.8	25.2	43.2	44.2	61.4
Growth	-10%	+10%	-15%	+75%	-29%	-5%	-18%	+114%	-42%	-2%	-28%	—
Net Income	2.8	5.7	5.5	4.8	1.6	4.3	4.9	6.0	1.5	5.6	5.9	7.8
Net Margin	6.47%	11.86%	12.37%	9.18%	5.28%	10.33%	11.02%	11.16%	5.97%	13.01%	13.28%	12.67%

Drivers of GMX's profit

TTM

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

Gross profit ↑ 7.4bn

Finance costs ↓ 0.6bn

Selling expenses ↑ 4.8bn

Tax ↑ 0.6bn

Administrative expenses ↑ 0.6bn

TTM

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

Gross profit ↑ 4.6bn

Finance costs ↓ 0.2bn

Selling expenses ↑ 2.6bn

Administrative expenses ↑ 0.4bn

Tax ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.0% = 9.9% × 1.06 × 1.34

2026Q1 16.0% = 10.0% × 1.25 × 1.28

ROE rose from 14.0% to 16.0% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 10.0% +0.1pp Asset turnover: 1.25x +0.20x Leverage: 1.28x -0.06x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 9.99%, 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 9.99% +0.1pp

Gross Margin 32.26% +0.8pp

SG&A / Revenue 19.29% +1.0pp

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 10.12% +0.0pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.18x equity, with a net cash position equivalent to 0.04x equity.

Inventory ended the period at 26.6bn, roughly 19.8% of total assets.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 35.1 days versus the same period last year. The main moves came from DIO fell 25.2 days, DSO fell 1.1 days, and DPO rose 8.8 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 4.2 days −1.1 days

Inventory 112.1 days −25.2 days

Payables 30.1 days +8.8 days

Cash Conversion Cycle 86.2 days −35.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 24.1bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.04x and interest coverage at 72.58x.

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 -0.04x −0.17x

Interest Coverage 72.58x +48.72x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.13x −3.98x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 24.1bn in 2025, against investing cash flow of -1.7bn.

Post-investment cash flow was positive +22.4bn. Financing cash flow was negative +21.7bn.

CFO / net income was 1.13x.

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 21.1bn −64.3bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.13x. The next item to monitor is capital efficiency.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.13x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	174.2	164.8	193.4	286.8	214.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	174.2	164.8	193.4	286.8	214.0
Cost of Goods Sold	118.1	112.0	129.1	179.7	0.0
Gross Profit	56.1	52.8	64.3	107.1	67.2
Financial Income	0.1	0.1	0.2	0.6	0.4
Financial Expenses	0.5	0.9	0.8	0.5	-0.9
Interest Expense	0.5	0.9	0.8	0.5	-0.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	19.0	16.9	19.6	32.7	-25.4
General and Administrative Expenses	14.2	13.6	14.0	18.1	-12.0
Operating Profit	22.4	21.5	30.2	56.4	29.3
Other Income	0.2	0.1	0.0	0.0	0.0
Other Expenses	0.4	0.5	0.4	1.4	0.0
Other Profit	-0.2	-0.5	-0.4	-1.4	0.1
Profit Before Tax	22.2	21.0	29.8	55.0	29.4
Current Income Tax Expense	4.7	4.5	6.2	11.4	-6.0
Deferred Income Tax Expense	0.0	-0.0	0.0	0.0	0.0
Net Income	17.5	16.6	23.6	43.6	23.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	17.5	16.6	23.6	43.6	23.4
Earnings per Share	1,429.00	1,377.00	2,041.00	2,832.00	2,705.00
Diluted EPS	1,429.00	1,377.00	2,614.36	4,820.61	2,593.34

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	38.4	57.3	58.0	71.7	45.2
I. Cash and cash equivalents	6.7	6.0	7.5	24.8	15.7
1. Cash	6.7	6.0	7.5	4.8	0.0
2. Cash equivalents	—	0.0	0.0	20.0	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	5.1	5.7	8.3	8.3	11.3
1. Short-term trade accounts receivable	1.1	1.5	1.6	2.6	0.0
2. Short-term prepayments to suppliers	0.5	0.8	3.4	3.5	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	3.5	3.4	3.4	2.2	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	26.6	44.9	41.8	38.1	17.9
1. Inventories	26.6	44.9	41.8	38.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	0.7	0.5	0.5	0.3
1. Short-term prepayments	0.1	0.0	0.0	0.5	0.0
2. Value added tax to be reclaimed	—	0.6	0.4	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)	96.1	103.1	109.7	116.7	111.9
I. Long-term receivables	2.8	2.8	2.7	0.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.4
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	2.8	2.8	2.7	0.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	43.1	29.9	39.3	58.2	57.2
1. Tangible fixed assets	28.2	24.2	32.1	49.8	47.3
- Cost	150.1	138.7	138.7	148.3	0.0
- Accumulated depreciation	-122.0	-114.4	-106.6	-98.5	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	15.0	5.6	7.2	8.4	9.9
- Cost	37.1	26.2	26.2	25.8	0.0
- Accumulated depreciation	-22.2	-20.6	-19.0	-17.5	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	48.2	68.8	65.1	44.1	51.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	48.2	68.8	65.1	44.1	0.0
V. Long-term financial investments	—	0.0	2.0	2.0	2.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	2.0	2.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.0	1.6	0.7	11.5	0.0
1. Long-term prepayments	1.9	1.6	0.7	11.5	0.0
2. Deferred income tax assets	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
4. Other long-term assets	—	0.0	0.0	0.0	1.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	134.6	160.4	167.8	188.4	157.1
A. LIABILITIES (300=210+330)	20.7	43.1	48.5	73.4	50.8
I. Short -term liabilities	20.7	43.1	47.2	70.7	45.4
1. Short-term trade accounts payable	6.0	18.1	11.4	22.0	7.7
2. Short-term advances from customers	0.9	0.4	0.5	0.6	1.4
3. Taxes and other payables to state authorities	3.5	5.1	2.2	10.5	0.0
4. Payable to employees	3.2	2.9	5.0	13.1	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.3	1.0	1.5	1.3	0.0
10. Short-term borrowings and financial leases	—	6.2	11.6	1.3	8.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.8	9.3	15.0	21.9	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	1.3	2.7	5.3
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	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	1.3	2.7	5.3
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)	113.9	117.3	119.3	114.9	106.3
I. Owner's equity	113.9	117.3	119.3	114.9	0.0
1. Owner's capital	90.4	90.4	90.4	90.4	106.3
- Common stock with voting right	90,406,970,000.00	90,406,970,000.00	90,406,970,000.00	90,406,970,000.00	90,406,970,000.00
- 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	-62,460,000.00	-62,460,000.00	-62,460,000.00	-62,460,000.00	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	5.5	4.8	4.5	1.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	2.8	2.8	2.4	2.0	0.0
11. Undistributed earnings after tax	15.3	19.3	22.0	21.2	14.1
- Accumulated retained earning at the end of the previous period	8.1	12.5	11.7	5.8	2.2
- Undistributed earnings in this period	7.1	6.8	10.3	15.4	11.9
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)	134.6	160.4	167.8	188.4	157.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	22.2	21.0	29.8	55.0	0.0
Depreciation of Fixed Assets and Investment Property	9.2	9.4	9.9	11.0	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	-0.1	-0.1	-0.2	-0.5	0.0
Interest Expense	0.5	0.9	0.8	0.5	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	31.8	31.2	40.3	65.9	0.0
Increase/(Decrease) in Receivables	1.3	2.2	-2.9	3.2	0.0
Increase/(Decrease) in Inventory	18.3	-3.1	-3.7	-20.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-11.6	3.5	-19.4	18.3	0.0
Increase/(Decrease) in Prepaid Expenses	-0.4	-0.9	0.9	-11.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.5	-0.9	-0.7	-0.5	0.0
Corporate Income Tax Paid	-7.5	-1.5	-14.3	-4.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-7.2	-9.8	-9.5	-6.6	0.0
Net Cash Flow from Operating Activities	24.1	20.8	-9.3	44.7	48.7
Payments for Fixed Assets and Other Long-term Assets	-1.8	-3.7	-1.1	-4.6	-27.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	-100.0
Proceeds from Investments in Other Entities	—	2.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.1	0.3	0.5	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	-1.7	-1.6	-0.8	-4.1	-32.0
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	54.7	56.2	42.5	13.3	0.0
Repayment of Borrowings	-61.0	-62.9	-33.6	-22.8	-37.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-15.5	-14.1	-16.2	-22.0	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	-21.7	-20.8	-7.2	-31.5	-37.6
Net Cash Flow During the Period	0.7	-1.5	-17.3	9.1	-4.5
Cash and Cash Equivalents at Beginning of Period	6.0	7.5	24.8	15.7	31.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.7	6.0	7.5	24.8	10.7

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	43.5	48.4	44.2	51.9	29.6	41.8	44.0	53.8	25.2	43.2	44.2	61.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	43.5	48.4	44.2	51.9	29.6	41.8	44.0	53.8	25.2	43.2	44.2	61.4
Cost of Goods Sold	30.3	31.7	29.0	36.4	21.0	27.8	29.9	37.3	17.0	28.0	28.4	41.8
Gross Profit	13.2	16.7	15.2	15.5	8.6	14.1	14.1	16.5	8.1	15.1	15.8	19.6
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.1
Financial Expenses	0.1	0.0	0.0	0.2	0.2	0.1	0.2	0.4	0.2	0.1	0.1	0.2
Interest Expense	0.1	0.0	0.0	0.2	0.2	0.1	0.2	0.4	0.2	0.1	0.1	0.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.4	5.4	4.9	5.8	2.8	4.2	4.6	5.3	2.8	4.5	4.6	6.2
General and Administrative Expenses	4.0	3.7	3.3	3.6	3.6	4.0	3.2	3.3	3.2	3.4	3.5	3.4
Operating Profit	3.8	7.5	6.9	5.9	2.0	5.8	6.1	7.6	2.0	7.1	7.6	9.8
Other Income	0.0	0.0	0.0	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.2	0.3	0.0	0.0	0.1	0.4	0.0	0.1	0.1	0.0	0.2	0.1
Other Profit	-0.2	-0.2	-0.0	0.1	-0.1	-0.4	-0.0	-0.0	-0.1	-0.0	-0.2	-0.1
Profit Before Tax	3.6	7.3	6.9	6.0	2.0	5.5	6.1	7.6	1.9	7.1	7.4	9.8
Current Income Tax Expense	0.8	1.6	1.4	1.2	0.4	1.2	1.3	1.5	0.4	1.5	1.6	2.0
Deferred Income Tax Expense	—	0.0	—	—	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.8	5.7	5.5	4.8	1.6	4.3	4.9	6.0	1.5	5.6	5.9	7.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.8	5.7	5.5	4.8	1.6	4.3	4.9	6.0	1.5	5.6	5.9	7.8
Earnings per Share	243.00	496.00	472.00	375.00	135.00	373.00	419.00	466.00	130.00	485.00	506.00	672.00
Diluted EPS	243.00	496.00	472.00	375.00	173.22	477.58	536.83	664.41	165.99	621.16	648.61	860.83

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)	51.8	38.4	44.6	46.8	53.8	57.2	55.8	62.3	58.3	58.0	54.2	54.2
I. Cash and cash equivalents	9.9	6.7	6.0	8.5	3.2	6.0	6.1	5.9	4.5	7.5	10.1	5.2
1. Cash	9.9	6.7	6.0	8.5	3.2	6.0	6.1	5.9	4.5	7.5	10.1	5.2
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	6.2	5.1	5.5	6.5	6.7	5.6	9.4	9.0	9.6	8.3	8.4	7.7
1. Short-term trade accounts receivable	2.0	1.1	1.3	1.4	2.3	1.5	2.7	2.2	2.6	1.6	2.7	2.0
2. Short-term prepayments to suppliers	0.5	0.5	0.6	1.5	0.8	0.8	3.4	3.3	3.4	3.4	3.2	3.2
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	3.6	3.5	3.6	3.6	3.6	3.3	3.4	3.4	3.6	3.4	2.5	2.5
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	34.8	26.6	32.8	31.2	43.4	44.9	39.7	47.2	43.8	41.8	35.3	41.3
1. Inventories	34.8	26.6	32.8	31.2	43.4	44.9	39.7	47.2	43.8	41.8	35.3	41.3
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	0.9	0.1	0.3	0.5	0.6	0.7	0.5	0.3	0.4	0.5	0.4	0.0
1. Short-term prepayments	0.8	0.1	0.3	0.5	0.5	0.0	0.3	0.3	0.0	0.0	0.4	0.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.6	0.0	0.0	0.0	0.4	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	—	0.0	0.0	0.1	0.1	0.1	0.0	0.4	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)	93.5	96.1	97.7	98.3	100.7	103.1	103.4	105.8	107.4	109.7	110.1	113.3
I. Long-term receivables	2.6	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.7	0.9	0.9
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	2.6	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.7	0.9	0.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	40.8	43.1	24.0	25.3	27.6	29.9	32.2	34.5	36.9	39.3	41.3	43.8
1. Tangible fixed assets	26.3	28.2	19.5	20.4	22.3	24.2	26.2	28.1	30.1	32.1	34.1	36.2
- Cost	150.1	—	—	—	—	138.7	138.7	138.7	138.7	138.7	138.7	138.7
- Accumulated depreciation	-123.8	—	—	—	—	-114.4	-112.5	-110.6	-108.6	-106.6	-104.6	-102.5
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	14.4	15.0	4.5	4.9	5.3	5.6	6.0	6.4	6.8	7.2	7.2	7.6
- Cost	37.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-22.7	—	—	—	—	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	48.2	48.2	69.7	68.9	68.9	68.8	66.0	66.0	65.2	65.1	65.1	65.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	48.2	48.2	69.7	68.9	68.9	68.8	66.0	66.0	65.2	65.1	65.1	65.7
V. Long-term financial investments	—	—	—	—	—	0.0	2.0	2.0	2.0	2.0	2.0	2.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	2.0	2.0	2.0	2.0	2.0	2.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.8	2.0	1.1	1.2	1.4	1.6	0.4	0.5	0.6	0.7	0.7	0.8
1. Long-term prepayments	1.8	1.9	1.1	1.2	1.4	1.6	0.4	0.5	0.6	0.7	0.7	0.8
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	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)	145.3	134.6	142.4	145.1	154.6	160.3	159.2	168.1	165.7	167.8	164.3	167.5
A. LIABILITIES (300=210+330)	29.2	20.7	27.1	23.2	36.1	43.1	39.8	52.5	45.3	48.5	41.7	49.5
I. Short -term liabilities	29.2	20.7	27.1	23.2	36.1	43.1	39.8	52.5	44.0	47.2	39.0	46.8
1. Short-term trade accounts payable	12.3	6.0	5.5	5.5	8.7	18.1	4.1	12.7	4.8	11.4	3.6	7.0
2. Short-term advances from customers	1.6	0.9	0.4	0.5	0.4	0.4	0.5	0.4	0.4	0.5	0.5	0.5
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	3.5	3.5	7.1	4.6	2.2	5.1	6.7	3.4	2.3	2.2	11.6	8.1
4. Payable to employees	5.5	3.2	3.3	3.4	2.9	2.9	2.9	3.0	2.9	5.0	5.1	5.5
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.3	0.8	0.7	1.3	1.0	1.0	1.6	1.8	1.5	1.2	1.6
10. Short-term borrowings and financial leases	—	—	4.8	4.3	17.7	6.2	13.1	20.7	22.2	11.6	0.3	7.5
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	6.1	6.8	5.1	4.2	2.9	9.4	11.4	10.8	9.4	15.0	16.6	16.6
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	1.3	1.3	2.7	2.7
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	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	1.3	1.3	2.7	2.7
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	116.1	113.9	115.3	121.9	118.5	117.1	119.4	115.6	120.4	119.3	122.6	118.0
I. Owner's equity	116.1	113.9	115.3	121.9	118.5	117.1	119.4	115.6	120.4	119.3	122.6	118.0
1. Owner's capital	90.4	90.4	90.4	90.4	90.4	90.4	90.4	90.4	90.4	90.4	90.4	90.4
- Common stock with voting right	90,406,970,000.00	90,406,970,000.00	90,406,970,000.00	90,406,970,000.00	90,406,970,000.00	90,406,970,000.00	90,406,970,000.00	90,406,970,000.00	90,406,970,000.00	90,406,970,000.00	90,406,970,000.00	90,406,970,000.00
- 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	-62,460,000.00	-62,460,000.00	-62,460,000.00	-62,460,000.00	-62,460,000.00	-62,460,000.00	-62,460,000.00	-62,460,000.00	-62,460,000.00	-62,460,000.00	-62,460,000.00	-62,460,000.00
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	5.6	5.5	5.3	5.1	4.9	4.8	4.7	4.6	4.5	4.5	4.4	4.3
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	2.8	2.8	2.8	2.8	2.8	2.6	2.7	2.6	2.5	2.4	2.3	2.2
11. Undistributed earnings after tax	17.3	15.3	16.9	23.7	20.5	19.4	21.6	18.0	23.1	22.0	25.5	21.2
- Accumulated retained earning at the end of the previous period	15.3	8.1	8.1	19.0	19.3	12.5	12.5	12.5	22.0	11.7	12.2	12.2
- Undistributed earnings in this period	2.1	7.1	8.7	4.7	1.2	6.9	9.1	5.6	1.1	10.3	13.3	9.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	145.3	134.6	142.4	145.1	154.6	160.3	159.2	168.1	165.7	167.8	164.3	167.5

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	—	14.2	—	8.0	—	0.0	-9.5	9.5	0.0	29.8	-15.3	15.3
Depreciation of Fixed Assets and Investment Property	—	4.6	—	4.6	—	0.0	-4.8	4.8	0.0	9.9	-5.0	5.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-0.1	—	-0.0	—	0.0	0.1	-0.1	0.0	-0.2	0.1	-0.1
Interest Expense	—	0.1	—	0.4	—	0.0	-0.6	0.6	0.0	0.8	-0.5	0.5
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	—	18.9	—	12.9	—	0.0	-14.8	14.8	0.0	40.3	-20.7	20.7
Increase/(Decrease) in Receivables	—	1.5	—	-0.2	—	0.0	0.3	-0.3	0.0	-2.9	-0.3	0.3
Increase/(Decrease) in Inventory	—	4.6	—	13.7	—	0.0	5.4	-5.4	0.0	-3.7	3.2	-3.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-1.4	—	-10.2	—	0.0	0.5	-0.5	0.0	-19.4	18.5	-18.5
Increase/(Decrease) in Prepaid Expenses	—	-0.3	—	-0.1	—	0.0	0.1	-0.1	0.0	0.9	-0.2	0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.1	—	-0.4	—	0.0	0.6	-0.6	0.0	-0.7	0.5	-0.5
Corporate Income Tax Paid	-1.5	-3.2	0.0	0.0	-4.4	-0.1	-0.1	0.1	-1.5	-4.7	-0.0	0.0
Other Operating Receipts	0.4	—	—	—	—	0.1	0.5	-0.1	0.1	-1.6	1.6	-0.3
Other Operating Payments	-8.3	9.8	-10.1	0.5	-7.3	-11.2	-14.4	3.4	-9.7	15.2	-19.3	3.8
Net Cash Flow from Operating Activities	9.9	-38.5	58.1	-8.4	12.9	14.9	59.4	-1.8	2.0	-31.8	38.3	-11.2
Payments for Fixed Assets and Other Long-term Assets	—	-0.1	-1.6	0.0	-0.1	-0.2	0.1	-0.9	0.0	-0.2	0.1	-0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	2.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.1	—	0.0	—	0.0	-0.1	0.1	0.0	0.3	-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	0.0	-0.1	-1.6	0.0	-0.1	1.8	0.0	-0.8	0.0	0.2	0.0	-0.5
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	—	14.8	—	40.0	—	0.0	-32.1	32.1	0.0	42.5	-26.7	26.7
Repayment of Borrowings	-6.7	-10.3	-8.8	-26.2	-15.7	-11.6	-27.0	-19.5	-4.8	-5.9	-7.2	-10.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-5.2	-10.3	—	—	-5.2	-0.1	-8.6	-0.1	-7.6	0.4	-9.0
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	-6.7	39.3	-59.1	13.8	-15.7	-16.8	-59.2	4.0	-5.0	29.0	-33.4	7.2
Net Cash Flow During the Period	3.2	0.7	-2.6	5.4	-2.8	-0.1	0.2	1.3	-3.0	-2.6	4.9	-4.5
Cash and Cash Equivalents at Beginning of Period	6.7	6.0	8.5	4.7	7.5	7.5	7.5	7.5	7.5	24.8	24.8	24.8
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	9.9	6.7	6.0	8.5	4.7	6.0	6.1	5.9	4.5	7.5	10.1	5.2

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GMX

What Is Changing

Drivers of GMX'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