HIO

Helio Energy ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 76.73%, +61.74pp YoY

Price

7,800

Latest close

02 Jun 2026

P/E 1.84x

P/B 0.44x

EPS 4,235

BVPS 17,852

ROE 17.7%

ROA 10.1%

Profit Margin 74.8%

Asset Turnover 0.14x

Equity Mult. 1.75x

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

What Is Changing

On a TTM 2026Q1 basis, HIO has not accelerated revenue sharply, but profitability is improving visibly — profit momentum has been slowing across consecutive periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 119bn
	                                
+2.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 91bn
	                                
+427.0%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    76.3%

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	38.2	23.1	26.9	30.7	28.9	24.6	29.2	32.7	32.8	28.5	31.1	33.0
Growth	+65%	-14%	-13%	+6%	+18%	-16%	-11%	-0%	+15%	-8%	-6%	—
Net Income	81.2	0.1	3.4	6.5	3.8	2.5	2.5	8.6	7.5	0.9	3.0	4.4
Net Margin	212.53%	0.48%	12.66%	21.26%	12.99%	10.10%	8.47%	26.25%	22.97%	3.09%	9.64%	13.30%

Drivers of HIO's profit

TTM

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

Other profit ↑ 67.6bn

TTM

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

Other profit ↑ 71.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.9% = 15.0% × 0.22 × 2.07

2026Q1 18.1% = 76.7% × 0.14 × 1.75

ROE rose from 6.9% to 18.1% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 76.7% +61.7pp Asset turnover: 0.14x -0.09x Leverage: 1.75x -0.32x

Is the profit sustainable?

Margins improved (+61.7pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 76.73%, rising 61.7pp. Core operating signals are improving as SG&A / Revenue fell 0.2pp are enough to offset pressure from Gross margin fell 1.4pp (with additional support from Other profit / Revenue rose 56.8pp and Net financial result / Revenue rose 3.3pp).

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

Profitability trend

Net Margin 76.73% +61.7pp

Gross Margin 39.62% −1.4pp

SG&A / Revenue 7.59% −0.2pp

Non-core / Revenue 47.03% +60.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 76.3% of PBT and lifted net margin by 60.1pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 2.6% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC narrowed to 2.56%, falling 0.4pp. That translates to 2.56 in after-tax operating profit for every 100 units of operating capital. Although NOPAT margin rose 5.8pp, capital turnover fell 0.10x still pulled ROIC lower, while invested capital expanded strongly by 361bn.

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 2.56% −0.4pp

NOPAT Margin 18.15% +5.8pp

Capital Turnover 0.14x −0.10x

Average Invested Capital 843.2bn +360.7bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 0.68x equity, net debt at 0.64x equity.

Over the last 12 months, working capital released 19.0bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +18.9bn

Inventories increased → lower CFO: −0.2bn

Payables increased → higher CFO: +0.4bn

Working Capital Efficiency

Cash conversion cycle lengthened by 191.7 days versus the same period last year. The main moves came from DIO fell 0.3 days, DSO rose 192.1 days, and DPO rose 0.2 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

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.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 251.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +192.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 261.3 days +192.1 days

Inventory 1.7 days −0.3 days

Payables 11.9 days +0.2 days

Cash Conversion Cycle 251.0 days +191.7 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.64x and interest coverage only at 1.39x.

At present, short-term debt accounts for 29.7% of total debt, cash equals 4.5% of debt, and total debt stands at 498.5bn.

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

Watchpoints

Interest coverage is thin

Interest coverage is 1.39x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 4.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.64x −0.15x

Interest Coverage 1.39x +0.42x

Cash / Debt 4.5% −5.4pp

Short-term Debt / Total Debt 29.7% +0.2pp

CFO / NI 0.90x −1.11x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 62.3bn in 2025, against investing cash flow of -15.6bn.

Post-investment cash flow was positive +46.7bn. Financing cash flow was negative +65.0bn.

CFO / net income was 0.90x.

Track how much investment can be funded internally from operating cash flow.

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 79.7bn +45.0bn

Cash Capex — —

FCF TTM — —

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 operating efficiency, with net margin improving 61.7 pp. The next item to monitor is the earnings mix, when non-core contribution is -17.0%. The main risk still sits in leverage and liquidity, with interest coverage at 1.39x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 76.73% after expanding 61.7pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -17.0% of PBT and CFO / net income currently at 0.90x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.39x.

Statement Data

Item	2025	2024	2023	2022
Revenue	109.6	119.3	124.0	102.2
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	109.6	119.3	124.0	102.2
Cost of Goods Sold	68.9	67.2	70.2	58.5
Gross Profit	40.7	52.1	53.9	43.7
Financial Income	0.0	1.0	2.4	5.4
Financial Expenses	15.8	22.9	36.0	34.4
Interest Expense	15.4	22.3	36.0	34.4
Share of Associates and Joint Ventures	0.5	0.6	-0.2	-0.1
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	9.1	7.9	8.2	7.3
Operating Profit	16.3	22.9	11.8	7.3
Other Income	0.3	5.8	1.2	0.5
Other Expenses	0.2	1.2	1.1	0.3
Other Profit	0.1	4.5	0.1	0.1
Profit Before Tax	16.4	27.4	11.9	7.5
Current Income Tax Expense	1.8	9.1	1.4	0.9
Deferred Income Tax Expense	1.1	-2.8	0.4	0.3
Net Income	13.6	21.1	10.1	6.3
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	13.6	21.1	10.1	6.3
Earnings per Share	645.00	1,004.00	480.00	302.00
Diluted EPS	645.00	1,004.00	479.69	301.91

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	39.6	106.0	90.9	94.9
I. Cash and cash equivalents	14.0	32.3	17.3	38.7
1. Cash	14.0	32.3	17.3	37.9
2. Cash equivalents	—	0.0	0.0	0.8
II. Short-term financial investments	—	0.0	22.8	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	22.8	0.0
III. Short-term receivables	13.7	58.1	23.1	17.7
1. Short-term trade accounts receivable	13.1	42.1	21.9	13.9
2. Short-term prepayments to suppliers	0.6	1.7	1.1	3.7
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	0.2	14.2	0.1	0.1
7. Provision for short-term doubtful debts (*)	-0.1	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	0.0	0.2	0.5	1.0
1. Inventories	0.0	0.2	0.5	1.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	11.9	15.5	27.2	37.5
1. Short-term prepayments	2.6	1.5	2.7	2.3
2. Value added tax to be reclaimed	9.2	14.0	24.6	35.1
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	408.0	399.5	455.4	507.1
I. Long-term receivables	11.0	8.1	2.9	3.3
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	11.0	8.1	2.9	3.3
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	293.4	338.4	378.2	431.3
1. Tangible fixed assets	293.4	338.4	378.2	431.3
- Cost	484.5	493.1	493.1	508.8
- Accumulated depreciation	-191.0	-154.7	-115.0	-77.5
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
III. Investment properties	23.8	26.1	54.6	60.2
- Cost	35.1	35.1	67.8	68.8
- Accumulated depreciation	-11.3	-8.9	-13.1	-8.7
IV. Long-term assets in progress	—	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0
V. Long-term financial investments	66.4	19.9	15.0	6.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	20.4	19.9	15.0	5.0
3. Investments in other entities	46.0	0.0	0.0	1.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	13.5	6.9	4.7	6.3
1. Long-term prepayments	10.3	2.4	1.9	2.1
2. Deferred income tax assets	1.2	2.4	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.1	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	1.9	2.2	2.8	4.2
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	447.6	505.5	546.3	602.0
A. LIABILITIES (300=210+330)	181.7	251.6	312.7	378.4
I. Short -term liabilities	75.8	76.1	74.3	71.5
1. Short-term trade accounts payable	2.4	1.5	3.7	5.5
2. Short-term advances from customers	—	0.0	0.0	0.0
3. Taxes and other payables to state authorities	2.1	4.9	1.5	1.6
4. Payable to employees	1.0	0.4	1.0	0.0
5. Short-term acrrued expenses	2.4	3.4	4.5	3.9
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	0.1	0.9	0.0
9. Other short-term payables	—	0.0	0.0	0.0
10. Short-term borrowings and financial leases	66.5	65.6	62.6	60.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	1.3	0.2	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	106.0	175.5	238.4	306.9
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	105.8	175.1	237.6	306.5
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	0.2	0.3	0.8	0.4
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	265.8	253.9	233.6	223.5
I. Owner's equity	265.8	253.9	233.6	223.5
1. Owner's capital	210.0	210.0	210.0	210.0
- Common stock with voting right	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	8.4	8.3	8.3	8.3
11. Undistributed earnings after tax	47.4	35.6	15.3	5.2
- Accumulated retained earning at the end of the previous period	33.9	14.5	5.2	-1.1
- Undistributed earnings in this period	13.6	21.1	10.1	6.3
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	447.6	505.5	546.3	602.0

Item	2025	2024	2023	2022
Profit Before Tax	16.4	27.4	11.9	7.5
Depreciation of Fixed Assets and Investment Property	42.3	44.8	45.9	40.4
Provision (Increase)/Reversal	0.1	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.5	-6.5	-2.2	-5.3
Interest Expense	15.4	22.3	36.0	34.4
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	73.7	88.0	91.6	76.9
Increase/(Decrease) in Receivables	17.6	-7.3	2.8	25.3
Increase/(Decrease) in Inventory	0.0	0.4	0.4	0.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.2	-3.8	0.8	-11.9
Increase/(Decrease) in Prepaid Expenses	-9.3	0.8	-0.2	-1.7
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-15.5	-23.0	-36.0	-34.3
Corporate Income Tax Paid	-4.4	-6.2	-1.5	-0.1
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	-0.6	0.0	0.0
Net Cash Flow from Operating Activities	62.3	48.4	58.0	54.6
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.1	-17.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	25.2	6.5	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	-48.5	-19.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	48.5	121.8
Investments in Other Entities	-46.0	-4.3	-32.0	-78.7
Proceeds from Investments in Other Entities	5.2	22.8	9.3	0.0
Dividends and Interest Income Received	0.0	1.0	2.0	10.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-15.6	26.1	-20.8	16.4
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	64.7	204.7	43.8	124.3
Repayment of Borrowings	-129.7	-264.2	-102.4	-160.9
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-65.0	-59.4	-58.6	-36.6
Net Cash Flow During the Period	-18.3	15.0	-21.4	34.4
Cash and Cash Equivalents at Beginning of Period	32.3	17.3	38.7	4.4
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	14.0	32.3	17.3	38.7

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	38.2	23.1	26.9	30.7	28.9	24.6	29.2	32.7	32.8	28.5	31.1	33.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	38.2	23.1	26.9	30.7	28.9	24.6	29.2	32.7	32.8	28.5	31.1	33.0
Cost of Goods Sold	20.7	16.9	16.9	17.2	17.9	16.5	17.0	16.6	17.1	17.7	17.4	17.3
Gross Profit	17.4	6.2	10.0	13.5	11.0	8.1	12.1	16.2	15.7	10.8	13.7	15.6
Financial Income	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.8	0.0	0.4	0.7	0.7
Financial Expenses	4.5	3.6	3.8	4.2	4.2	5.0	4.8	6.3	6.8	7.5	8.7	9.7
Interest Expense	4.4	3.5	3.7	4.0	4.2	5.0	4.8	6.1	6.7	7.4	8.7	9.7
Share of Associates and Joint Ventures	0.0	-0.0	0.0	0.2	0.3	0.0	0.1	0.2	0.3	-0.0	-0.1	-0.1
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.7	2.1	2.1	2.1	2.8	2.4	2.0	1.8	1.7	3.0	1.7	1.5
Operating Profit	10.3	0.4	4.1	7.4	4.3	0.8	5.5	9.0	7.5	0.7	4.0	5.0
Other Income	71.8	0.0	0.0	0.3	0.0	5.4	0.0	0.1	0.3	0.8	0.4	0.0
Other Expenses	0.1	0.2	0.0	0.1	0.0	0.0	1.0	0.1	0.1	0.2	0.8	0.1
Other Profit	71.8	-0.2	0.0	0.3	-0.0	5.3	-1.0	-0.0	0.2	0.6	-0.4	-0.1
Profit Before Tax	82.1	0.3	4.1	7.7	4.3	6.2	4.5	9.0	7.7	1.2	3.6	4.9
Current Income Tax Expense	1.0	0.2	0.5	0.6	0.5	4.3	3.8	0.6	0.4	0.4	0.4	0.5
Deferred Income Tax Expense	-0.1	-0.0	0.2	0.6	0.1	-0.6	-1.9	-0.2	-0.2	-0.0	0.3	0.0
Net Income	81.2	0.1	3.4	6.5	3.8	2.5	2.5	8.6	7.5	0.9	3.0	4.4
Non-controlling Interest	2.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	78.9	0.1	3.4	6.5	3.8	2.5	2.5	8.6	7.5	0.9	3.0	4.4
Earnings per Share	3,757.00	5.00	162.00	311.00	179.00	118.00	118.00	408.93	358.73	41.92	142.80	209.00
Diluted EPS	3,757.00	5.28	161.92	311.14	179.07	118.42	117.68	409.00	359.00	42.00	435.00	208.86

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)	293.4	39.6	92.0	90.9	90.7	106.0	94.6	97.0	95.6	90.9	95.3	95.2
I. Cash and cash equivalents	22.3	14.0	27.1	26.6	22.3	32.3	47.0	28.2	26.8	17.3	15.4	40.5
1. Cash	22.3	14.0	27.1	26.6	22.3	32.3	47.0	24.2	12.1	17.3	15.4	40.5
2. Cash equivalents	—	—	—	—	—	0.0	0.0	4.0	14.7	0.0	0.0	0.0
II. Short-term financial investments	20.9	—	—	—	—	0.0	0.0	25.0	22.8	22.8	22.8	0.0
1. Available for sale securities	20.9	—	—	—	—	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	25.0	22.8	22.8	22.8	0.0
III. Short-term receivables	218.2	13.7	51.2	50.1	52.0	58.1	26.8	20.7	20.5	23.1	26.7	22.4
1. Short-term trade accounts receivable	143.5	13.1	27.1	25.8	26.6	42.1	21.0	18.4	17.1	21.9	24.6	20.1
2. Short-term prepayments to suppliers	1.4	0.6	9.8	10.0	11.2	1.7	1.4	2.2	3.3	1.1	2.0	2.2
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	73.4	0.2	14.3	14.2	14.2	14.2	4.4	0.1	0.1	0.1	0.1	0.1
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	—	—	—	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	0.5	0.0	0.0	0.0	0.2	0.2	0.2	0.5	0.6	0.5	1.3	1.3
1. Inventories	0.5	0.0	0.0	0.0	0.2	0.2	0.2	0.5	0.6	0.5	1.3	1.3
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	31.5	11.9	13.6	14.2	16.2	15.5	20.6	22.6	25.0	27.2	29.0	31.0
1. Short-term prepayments	3.3	2.6	3.0	2.4	2.4	1.5	2.3	2.5	2.5	2.7	1.8	1.8
2. Value added tax to be reclaimed	28.2	9.2	10.6	11.9	13.8	14.0	18.3	20.1	22.4	24.6	27.2	29.2
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	973.3	408.2	378.2	390.1	402.5	399.5	425.0	433.4	444.3	455.3	471.3	483.0
I. Long-term receivables	11.0	11.0	11.1	11.1	11.5	8.1	2.8	2.8	2.9	2.9	2.9	2.9
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	11.0	11.0	11.1	11.1	11.5	8.1	2.8	2.8	2.9	2.9	2.9	2.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	835.4	293.4	308.6	318.6	328.5	338.4	348.4	358.3	368.2	378.2	400.8	410.9
1. Tangible fixed assets	835.4	293.4	308.6	318.6	328.5	338.4	348.4	358.3	368.2	378.2	400.8	410.9
- Cost	1,370.1	—	—	—	—	493.1	493.1	493.1	493.1	493.1	508.9	508.8
- Accumulated depreciation	-534.8	—	—	—	—	-154.7	-144.8	-134.9	-124.9	-115.0	-108.1	-97.9
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	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	23.2	23.8	24.4	25.0	25.6	26.1	51.2	52.4	53.5	54.6	56.7	57.8
- Cost	35.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-11.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	66.4	66.4	20.4	20.4	20.2	19.9	15.6	15.5	15.3	14.9	5.8	5.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	20.4	20.4	20.4	20.4	20.2	19.9	15.6	15.5	15.3	14.9	4.8	4.8
3. Investments in other entities	46.0	46.0	—	—	—	0.0	0.0	0.0	0.0	0.0	1.0	1.0
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	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	37.3	13.6	13.7	15.1	16.8	6.9	7.0	4.4	1.7	1.9	1.4	1.6
1. Long-term prepayments	34.1	10.3	10.3	11.4	12.5	2.4	2.6	1.8	1.7	1.9	1.4	1.6
2. Deferred income tax assets	1.3	1.3	1.4	1.5	2.2	2.4	1.9	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.1	0.1	0.1	0.1	—	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	1.8	1.9	2.0	2.1	2.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	2.2	2.5	2.6	2.7	2.8	3.9	4.0
TOTAL ASSETS (280=100+200)	1,266.7	447.8	470.1	481.0	493.2	505.5	519.6	530.5	539.9	546.3	566.6	578.2
A. LIABILITIES (300=210+330)	516.9	181.7	204.2	218.5	235.5	251.6	268.2	281.5	298.7	312.7	333.9	348.5
I. Short -term liabilities	166.2	75.7	78.9	76.5	76.8	76.1	76.1	73.1	76.1	74.3	74.1	72.2
1. Short-term trade accounts payable	2.6	2.4	3.9	3.6	2.1	1.5	5.0	3.4	2.3	3.7	2.6	3.6
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.9	2.0	2.0	1.4	4.4	4.9	0.2	1.1	0.6	1.5	1.1	0.8
4. Payable to employees	0.1	1.0	0.3	0.2	0.1	0.4	0.3	0.2	0.1	1.0	0.3	0.2
5. Short-term acrrued expenses	3.6	2.4	2.4	1.7	3.4	3.4	3.2	3.4	4.6	4.5	4.1	4.2
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	0.1	0.1	0.2	0.0	0.1	0.1	0.2	0.4	0.9	1.5	2.1
9. Other short-term payables	2.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	148.1	66.5	68.3	67.4	66.4	65.6	66.5	64.1	68.2	62.6	64.3	61.3
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	7.8	1.3	1.9	1.9	0.2	0.2	0.8	0.8	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	350.7	106.0	125.3	142.0	158.8	175.5	192.1	208.4	222.6	238.4	259.9	276.3
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	350.5	105.8	125.1	141.8	158.6	175.1	191.7	208.0	222.0	237.6	259.0	275.8
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	0.2	0.2	0.2	0.2	0.2	0.3	0.4	0.4	0.6	0.8	0.8	0.5
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)	749.8	266.1	265.9	262.5	257.7	253.9	251.4	248.9	241.2	233.5	232.7	229.7
I. Owner's equity	749.8	266.1	265.9	262.5	257.7	253.9	251.4	248.9	241.2	233.5	232.7	229.7
1. Owner's capital	420.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0
- Common stock with voting right	420,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00	210,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.5	—	—	—	—	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	8.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	8.4	8.3	8.3	8.3	8.3	8.3	8.3	8.3	8.3	8.3	8.3
11. Undistributed earnings after tax	126.3	47.7	47.6	44.2	39.3	35.6	33.1	30.6	22.8	15.2	14.3	11.3
- Accumulated retained earning at the end of the previous period	47.4	33.9	33.9	33.9	35.6	14.5	14.5	14.5	15.3	5.2	11.3	6.9
- Undistributed earnings in this period	78.9	13.8	13.7	10.3	3.8	21.1	18.6	16.1	7.5	10.0	3.0	4.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	195.6	—	—	—	—	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)	1,266.7	447.8	470.1	481.0	493.2	505.5	519.6	530.5	539.9	546.3	566.6	578.2

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	82.1	0.3	4.1	7.7	4.3	6.2	4.5	9.0	7.7	1.3	3.6	7.0
Depreciation of Fixed Assets and Investment Property	-59.5	10.4	10.6	10.6	10.6	11.4	11.2	11.2	11.1	11.4	11.5	23.0
Provision (Increase)/Reversal	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	0.1	-0.0	-0.2	-0.3	-5.0	-0.2	-1.0	-0.3	-0.4	-0.6	-1.2
Interest Expense	4.4	3.5	3.7	4.0	4.2	4.6	4.8	6.1	6.7	7.4	8.7	19.9
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	27.0	14.3	18.4	22.1	18.8	17.1	20.2	25.4	25.3	19.7	23.2	48.7
Increase/(Decrease) in Receivables	4.1	35.6	0.1	-20.9	2.8	-9.8	-4.3	2.1	4.7	3.5	-2.3	1.6
Increase/(Decrease) in Inventory	-0.2	0.0	0.0	0.0	-0.0	0.0	0.4	0.1	-0.0	0.8	-0.0	-0.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.7	-1.2	1.1	-0.2	0.4	-2.8	1.5	0.2	-2.7	1.7	-0.4	-0.5
Increase/(Decrease) in Prepaid Expenses	1.3	0.1	0.5	1.1	-11.0	1.1	-0.6	-0.1	0.4	-1.4	0.2	1.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.0	-3.5	-3.7	-4.0	-4.2	-4.7	-4.8	-6.7	-6.8	-7.5	-9.8	-18.8
Corporate Income Tax Paid	-5.1	0.0	0.0	-3.3	-1.1	0.0	-4.7	0.0	-1.4	-0.0	0.0	-1.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.7	—	—	—	—	-0.6	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	23.2	45.3	16.5	-5.2	5.8	0.3	7.7	20.9	19.5	16.7	10.9	30.3
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	25.2	—	6.5	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	86.0	-61.0	-25.0	0.0	22.8	-45.6	-25.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	-86.0	86.0	0.0	0.0	0.0	22.8	25.7
Investments in Other Entities	-201.8	—	—	—	—	-4.3	0.0	0.0	0.0	-32.0	0.0	0.0
Proceeds from Investments in Other Entities	—	5.2	—	—	—	0.0	0.0	22.8	0.0	9.3	0.0	0.0
Dividends and Interest Income Received	—	0.0	0.0	0.0	0.0	0.1	0.1	0.8	0.0	0.0	0.7	1.3
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	-201.8	-40.8	0.0	25.3	0.0	2.4	25.1	-1.4	0.0	0.1	-22.2	1.3
Proceeds from Equity Issuance and Capital Contributions	209,491,500,000.00	—	—	—	—	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	26.9	0.3	0.5	30.9	33.0	0.3	1.8	170.2	32.5	-0.4	39.8	4.3
Repayment of Borrowings	-49.4	-17.9	-16.4	-46.7	-48.7	-17.7	-15.7	-188.3	-42.5	-14.6	-53.6	-34.2
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	187.0	-17.6	-15.9	-15.7	-15.8	-17.4	-13.9	-18.1	-10.0	-15.0	-13.7	-29.9
Net Cash Flow During the Period	8.4	-13.2	0.5	4.3	-10.0	-14.7	18.8	1.4	9.5	1.9	-25.1	1.8
Cash and Cash Equivalents at Beginning of Period	14.0	27.1	26.6	22.3	32.3	17.3	17.3	17.3	17.3	38.7	38.7	38.7
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	22.3	14.0	27.1	26.6	22.3	32.3	47.0	28.2	26.8	17.3	15.4	40.5

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HIO

What Is Changing

Drivers of HIO's profit

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Balance Sheet ▲

Working Capital Efficiency ▼

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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