HNR

Rượu và Nước giải khát Hà Nội ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin −3.14%, +4.07pp YoY

Price

—

Latest close

P/E —

P/B —

EPS -259

BVPS 17,199

ROE -1.1%

ROA -1.0%

Profit Margin -3.1%

Asset Turnover 0.33x

Equity Mult. 1.08x

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

What Is Changing

On a TTM 2026Q1 basis, HNR has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 125bn
	                                
+10.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 4bn
	                                
+51.9%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -2.85x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	121.2	112.2	100.9	110.9	102.1
Growth	+8%	+11%	-9%	+9%	—
Net Income	-5.3	-8.4	-9.9	-16.6	-23.7
Net Margin	-4.41%	-7.51%	-9.77%	-14.99%	-23.20%

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	39.6	33.3	23.6	28.5	35.8	32.4	22.3	22.5	35.1	32.2	20.9	19.4
Growth	+19%	+41%	-17%	-20%	+10%	+46%	-1%	-36%	+9%	+54%	+8%	—
Net Income	2.0	-1.4	-4.4	-0.1	0.8	-0.9	-5.0	-3.0	0.5	-4.2	-2.3	-2.1
Net Margin	4.93%	-4.28%	-18.50%	-0.26%	2.15%	-2.93%	-22.24%	-13.38%	1.33%	-13.09%	-10.92%	-10.87%

Drivers of HNR's profit

TTM

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

Gross profit ↑ 6.9bn

Administrative expenses ↓ 2.0bn

Financial income ↑ 1.2bn

Selling expenses ↑ 4.1bn

TTM

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

Gross profit ↑ 3.4bn

Financial income ↑ 0.5bn

Administrative expenses ↓ 0.3bn

Selling expenses ↑ 1.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -2.3% = -7.2% × 0.30 × 1.07

2026Q1 -1.1% = -3.1% × 0.33 × 1.08

ROE rose from -2.3% to -1.1% — all three components improved, with net margin contributing the most.

Net margin: -3.1% +4.1pp Asset turnover: 0.33x +0.04x Leverage: 1.08x +0.01x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to -3.14%, rising 4.1pp. The main driver is SG&A / Revenue fell 2.9pp and Gross margin rose 2.2pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.5pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin -3.14% +4.1pp

Gross Margin 36.30% +2.2pp

SG&A / Revenue 44.71% −2.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.07x equity, with a net cash position equivalent to 0.06x equity.

Inventory ended the period at 120.0bn, roughly 32.9% of total assets.

Over the last 12 months, working capital released 5.1bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −3.5bn

Inventories decreased → higher CFO: +15.2bn

Payables decreased → lower CFO: −6.6bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 25.8 days versus the same period last year. The main moves came from DIO rose 21.2 days, DSO rose 2.6 days, and DPO fell 2.0 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 664.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +2.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 50.2 days +2.6 days

Inventory 639.9 days +21.2 days

Payables 26.1 days −2.0 days

Cash Conversion Cycle 664.0 days +25.8 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

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

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

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

Leverage and liquidity trend

Net Debt / Equity -0.06x −0.01x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -2.85x −6.07x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -3.7bn in 2025, against investing cash flow of -5.5bn.

Post-investment cash flow was negative +9.2bn. Financing cash flow was positive 0.0bn.

CFO / net income was -2.85x.

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 11.2bn +37.4bn

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 operating efficiency, with net margin improving 4.1 pp. The next item to monitor is capital structure should be read with cycle risk in mind. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 664 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -3.14% after expanding 4.1pp versus the same period last year.

Watchpoint: Capital structure should be read with cycle risk in mind.

Key risk: working capital remains tied up for too long, with cash cycle at 664.0 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	131.3	121.6	108.5	119.6	112.4
Revenue Deductions	10.1	9.4	7.6	8.7	0.0
Net Revenue	121.2	112.2	100.9	110.9	102.1
Cost of Goods Sold	79.5	74.9	72.6	83.3	0.0
Gross Profit	41.7	37.3	28.3	27.6	17.4
Financial Income	6.1	5.6	7.5	5.9	5.0
Financial Expenses	0.0	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	31.8	28.7	26.0	28.7	-27.6
General and Administrative Expenses	22.8	23.0	19.9	20.7	-18.5
Operating Profit	-6.8	-8.8	-10.1	-15.9	-23.8
Other Income	1.5	1.8	0.3	0.8	0.0
Other Expenses	0.0	1.5	0.1	1.5	0.0
Other Profit	1.5	0.3	0.2	-0.7	0.1
Profit Before Tax	-5.3	-8.4	-9.9	-16.6	-23.7
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-5.3	-8.4	-9.9	-16.6	-23.7
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-5.3	-8.4	-9.9	-16.6	-23.7
Earnings per Share	-267.00	-422.00	-493.00	-831.00	-682.00
Diluted EPS	-267.44	-421.68	-492.77	-831.00	-1,183.87

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	287.6	273.5	258.6	228.3	203.5
I. Cash and cash equivalents	2.6	11.9	10.7	9.7	8.2
1. Cash	2.6	8.9	8.2	5.7	0.0
2. Cash equivalents	—	3.0	2.5	4.0	0.0
II. Short-term financial investments	132.5	117.3	96.8	108.5	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	132.5	117.3	96.8	108.5	0.0
III. Short-term receivables	13.9	11.9	15.8	19.0	19.5
1. Short-term trade accounts receivable	14.4	12.1	14.9	19.2	0.0
2. Short-term prepayments to suppliers	0.8	1.3	1.2	1.0	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	9.4	9.1	10.2	9.3	0.0
7. Provision for short-term doubtful debts (*)	-10.7	-10.5	-10.5	-10.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	120.0	114.1	98.5	72.6	65.2
1. Inventories	138.5	132.1	117.8	91.9	0.0
2. Provision for decline in value of inventories	-18.5	-18.0	-19.3	-19.4	0.0
V. Other short-term assets	18.5	18.3	36.8	18.5	1.3
1. Short-term prepayments	0.4	0.2	0.5	0.7	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	18.2	18.2	36.3	17.9	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)	77.6	96.9	117.3	137.6	158.4
I. Long-term receivables	0.1	0.1	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.1	0.1	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	50.7	69.1	88.1	107.1	125.9
1. Tangible fixed assets	37.7	56.1	75.1	94.1	112.8
- Cost	724.1	738.6	740.0	740.0	0.0
- Accumulated depreciation	-686.4	-682.4	-664.9	-645.9	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	13.0	13.0	13.0	13.0	13.1
- Cost	13.6	13.6	13.6	13.6	0.0
- Accumulated depreciation	-0.6	-0.6	-0.6	-0.6	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	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	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	26.8	27.7	29.2	30.5	0.0
1. Long-term prepayments	26.8	27.7	29.2	30.5	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	32.5
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)	365.2	370.4	375.9	365.8	361.9
A. LIABILITIES (300=210+330)	23.2	23.0	20.1	22.4	16.6
I. Short -term liabilities	23.0	23.0	20.1	22.4	16.6
1. Short-term trade accounts payable	3.6	1.6	3.8	2.4	2.8
2. Short-term advances from customers	1.7	2.6	0.4	0.3	1.2
3. Taxes and other payables to state authorities	10.8	12.8	5.6	10.6	0.0
4. Payable to employees	2.7	2.9	5.3	2.4	0.0
5. Short-term acrrued expenses	0.8	0.1	2.0	2.5	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.7	0.8	1.1	1.4	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	2.7	2.3	2.0	2.8	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.2	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.2	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	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)	342.0	347.4	355.8	343.4	345.2
I. Owner's equity	342.0	347.4	355.8	343.4	0.0
1. Owner's capital	200.0	200.0	200.0	200.0	345.2
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.0	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	613.5	613.5	613.5	613.5	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	-471.5	-466.1	-457.7	-470.1	-468.3
- Accumulated retained earning at the end of the previous period	-466.1	-457.7	-447.8	-453.5	-444.6
- Undistributed earnings in this period	-5.3	-8.4	-9.9	-16.6	-23.7
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)	365.2	370.4	375.9	365.8	361.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	-5.3	-8.4	-9.9	-16.6	-23.7
Depreciation of Fixed Assets and Investment Property	18.5	19.0	19.0	19.0	19.0
Provision (Increase)/Reversal	1.1	-1.0	0.1	4.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.1	-0.0	-0.1	0.0
Gain/Loss from Investment Activities	-7.3	-5.3	-7.5	-5.6	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	7.0	4.1	1.7	1.5	-5.6
Increase/(Decrease) in Receivables	-4.7	20.3	2.1	1.3	0.0
Increase/(Decrease) in Inventory	-6.4	-14.3	-25.8	-11.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.3	2.6	3.3	3.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.7	1.9	1.4	1.8	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	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	0.0	-0.0	-0.1	0.0
Net Cash Flow from Operating Activities	-3.7	14.6	-17.4	-4.3	-12.5
Payments for Fixed Assets and Other Long-term Assets	-0.3	0.0	0.0	-0.2	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.7	0.5	0.0	0.4	0.0
Loans and Purchases of Debt Instruments	-74.2	-142.8	-100.3	-107.5	-169.8
Receipts from Loan Repayments and Sale of Debt Instruments	62.1	122.3	112.0	108.3	150.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	5.4	6.5	6.6	4.8	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	-5.5	-13.5	18.3	5.7	-15.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	3.0	11.0
Repayment of Borrowings	—	0.0	0.0	-3.0	-11.0
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	—	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-9.2	1.1	0.9	1.5	-22.6
Cash and Cash Equivalents at Beginning of Period	11.9	10.7	9.7	8.2	36.0
FX Difference from Revaluation	-0.1	0.1	0.0	0.1	-0.0
Cash and Cash Equivalents at End of Period	2.6	11.9	10.7	9.7	8.2

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
Revenue	43.4	36.0	25.8	30.7	38.9	35.1	24.1	24.4	38.0	34.6	22.8	20.8
Revenue Deductions	3.8	2.7	2.1	2.2	3.1	2.7	1.8	1.9	2.9	2.4	1.9	1.4
Net Revenue	39.6	33.3	23.6	28.5	35.8	32.4	22.3	22.5	35.1	32.2	20.9	19.4
Cost of Goods Sold	23.7	22.4	17.7	15.8	23.3	18.2	16.9	16.1	23.8	22.2	15.4	13.7
Gross Profit	15.9	10.8	5.9	12.7	12.5	14.2	5.3	6.4	11.3	10.0	5.5	5.6
Financial Income	1.9	1.7	1.6	1.5	1.4	1.3	1.3	1.4	1.6	1.6	1.7	2.1
Financial Expenses	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	9.2	8.9	7.4	7.8	7.6	8.5	6.4	6.6	7.1	8.5	5.5	6.2
General and Administrative Expenses	6.6	5.0	4.4	6.5	7.0	7.1	5.3	5.2	5.3	7.3	4.1	3.9
Operating Profit	2.0	-1.4	-4.4	-0.1	-0.7	-0.1	-5.1	-4.1	0.5	-4.2	-2.3	-2.3
Other Income	—	0.0	—	—	1.5	0.5	0.1	1.1	0.0	0.0	0.0	0.3
Other Expenses	—	0.0	—	—	0.0	1.4	0.0	0.1	0.0	0.0	0.0	0.1
Other Profit	—	0.0	—	—	1.5	-0.9	0.1	1.1	0.0	-0.0	0.0	0.2
Profit Before Tax	2.0	-1.4	-4.4	-0.1	0.8	-0.9	-5.0	-3.0	0.5	-4.2	-2.3	-2.1
Current Income Tax Expense	—	—	—	—	0.0	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	0.0
Net Income	2.0	-1.4	-4.4	-0.1	0.8	-0.9	-5.0	-3.0	0.5	-4.2	-2.3	-2.1
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.0	-1.4	-4.4	-0.1	0.8	-0.9	-5.0	-3.0	0.5	-4.2	-2.3	-2.1
Earnings per Share	98.00	-74.00	-279.00	-4.00	39.00	-47.00	-247.64	-150.58	23.27	-210.66	-114.19	-105.36
Diluted EPS	97.58	-71.10	-218.72	-3.77	38.56	-47.50	-247.64	-150.58	23.27	-210.66	-114.19	-105.36

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)	295.4	287.6	294.4	288.7	287.2	273.5	267.6	264.7	263.6	258.6	238.5	236.2
I. Cash and cash equivalents	19.1	2.6	17.9	10.4	14.3	11.9	24.8	14.3	11.0	10.7	13.9	12.3
1. Cash	4.1	2.6	6.9	3.4	4.3	8.9	5.8	7.3	5.5	8.2	10.9	3.3
2. Cash equivalents	15.0	—	11.0	7.0	10.0	3.0	19.0	7.0	5.5	2.5	3.0	9.0
II. Short-term financial investments	124.3	132.5	118.7	118.6	109.5	117.3	125.4	130.1	131.4	96.8	84.5	91.0
1. Available for sale securities	—	—	—	—	0.0	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	0.0
3. Held to maturity investments	124.3	132.5	118.7	118.6	109.5	117.3	125.4	130.1	131.4	96.8	84.5	91.0
III. Short-term receivables	18.1	13.9	13.7	13.2	15.8	11.9	8.6	10.9	16.7	15.8	13.8	13.3
1. Short-term trade accounts receivable	19.7	14.4	12.6	13.8	14.7	12.1	8.2	10.9	14.8	14.9	12.3	13.1
2. Short-term prepayments to suppliers	1.2	0.8	1.6	0.9	2.3	1.3	1.4	1.3	2.1	1.2	1.2	1.0
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	7.9	9.4	10.3	9.1	9.3	9.1	9.5	9.2	10.3	10.2	10.8	9.7
7. Provision for short-term doubtful debts (*)	-10.7	-10.7	-10.7	-10.7	-10.5	-10.5	-10.5	-10.5	-10.5	-10.5	-10.5	-10.5
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	113.6	120.0	125.5	128.1	129.2	114.0	90.3	89.2	86.1	98.5	107.5	100.6
1. Inventories	132.0	138.5	143.5	146.0	147.2	132.1	109.6	108.4	105.3	117.8	126.6	119.8
2. Provision for decline in value of inventories	-18.5	-18.5	-18.0	-17.9	-18.0	-18.1	-19.3	-19.3	-19.3	-19.3	-19.2	-19.2
V. Other short-term assets	20.3	18.5	18.6	18.5	18.3	18.3	18.5	20.3	18.5	36.8	18.9	18.9
1. Short-term prepayments	2.1	0.4	0.4	0.4	0.1	0.2	0.3	0.4	0.3	0.5	0.7	0.7
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	18.2	18.2	18.2	18.2	18.2	18.2	18.2	19.9	18.2	36.3	18.2	18.2
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	73.1	77.6	81.7	86.6	91.6	96.9	102.0	107.0	112.1	117.3	122.1	127.4
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	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	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	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	0.0
6. Other long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	46.5	50.7	54.9	59.4	64.1	69.1	73.9	78.6	83.4	88.1	92.9	97.6
1. Tangible fixed assets	33.5	37.7	41.9	46.4	51.1	56.1	60.9	65.6	70.4	75.1	79.9	84.6
- Cost	724.1	—	—	—	723.7	738.6	740.0	740.0	740.0	740.0	740.0	740.0
- Accumulated depreciation	-690.7	—	—	—	-672.7	-682.4	-679.2	-674.4	-669.7	-664.9	-660.2	-655.4
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0
- Cost	13.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	0.0	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	0.0
- Cost	—	—	—	—	0.0	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	0.0
IV. Long-term assets in progress	—	—	—	—	0.0	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	0.0
2. Construction in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	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	0.0
3. Investments in other entities	—	—	—	—	0.0	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	0.0
5. Held to maturity investments	—	—	—	—	0.0	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	0.0
VI. Other long-term assets	26.5	26.8	26.8	27.1	27.4	27.7	28.0	28.4	28.8	29.2	29.3	29.8
1. Long-term prepayments	26.5	26.8	26.8	27.1	27.4	27.7	28.0	28.4	28.8	29.2	29.3	29.8
2. Deferred income tax assets	—	—	—	—	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	0.0
4. Other long-term assets	—	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	368.5	365.2	376.1	375.3	378.7	370.4	369.6	371.7	375.8	375.9	360.7	363.6
A. LIABILITIES (300=210+330)	24.5	23.2	32.7	27.2	30.6	23.0	21.2	18.5	19.5	20.1	22.9	23.5
I. Short -term liabilities	24.3	23.2	32.7	27.2	30.6	23.0	21.2	18.5	19.5	20.1	22.9	23.5
1. Short-term trade accounts payable	2.5	3.6	7.5	1.8	8.9	1.5	6.1	4.2	2.6	3.8	6.3	3.0
2. Short-term advances from customers	1.3	1.7	0.7	1.1	0.6	2.6	0.9	0.9	0.8	0.4	1.3	1.3
3. Taxes and other payables to state authorities	12.7	10.8	16.5	15.8	12.7	12.8	6.4	6.6	9.2	4.9	8.2	11.6
4. Payable to employees	2.1	2.7	1.8	1.9	2.3	2.9	1.5	1.6	2.1	2.0	1.0	0.9
5. Short-term acrrued expenses	2.1	0.7	2.3	2.8	2.7	0.1	3.0	2.6	2.1	2.1	3.4	2.9
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	0.0	—	0.0	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.7	0.9	1.2	1.3	1.1	0.8	1.1	0.5	0.6	4.4	0.8	0.8
10. Short-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	2.8	2.7	2.6	2.5	2.4	2.3	2.2	2.1	2.0	2.6	1.9	3.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	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	0.0
7. Other long-term liabilities	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	344.0	342.1	343.5	348.1	348.1	347.4	348.3	353.3	356.3	355.8	337.7	340.0
I. Owner's equity	344.0	342.1	343.5	348.1	348.1	347.4	348.3	353.3	356.3	355.8	337.7	340.0
1. Owner's capital	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	—	—	—	0.00	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	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	0.0
4. Other capital of owners	—	—	—	—	0.0	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	0.00
6. Assets revaluation differences	—	—	—	—	0.0	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	0.0
8. Investment and development fund	613.5	613.5	613.5	613.5	613.5	613.5	613.5	613.5	613.5	613.5	613.5	613.5
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	-469.5	-471.4	-470.0	-465.4	-465.4	-466.1	-465.2	-460.2	-457.2	-457.7	-475.8	-473.5
- Accumulated retained earning at the end of the previous period	-471.5	-466.1	-466.1	-466.1	-466.1	-457.7	-457.7	-457.7	-457.7	-447.8	-470.1	-470.1
- Undistributed earnings in this period	2.0	-5.3	-3.9	0.7	0.8	-8.4	-7.5	-2.5	0.5	-9.9	-5.7	-3.4
12. Reserves for investment in construction	—	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	368.5	365.2	376.1	375.3	378.7	370.4	369.6	371.7	375.8	375.9	360.7	363.6

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	2.0	-1.5	-4.4	-0.3	0.8	-0.9	-5.0	-3.0	0.5	-4.2	-2.3	-2.1
Depreciation of Fixed Assets and Investment Property	4.3	4.5	4.5	4.7	4.7	4.7	4.7	4.7	4.7	4.7	4.7	4.7
Provision (Increase)/Reversal	0.1	0.6	-0.0	0.4	0.1	-1.1	0.1	0.1	0.1	1.2	0.1	-1.2
FX Gain/Loss from Revaluation of Monetary Items	—	0.1	0.0	-0.0	0.0	-0.2	0.1	-0.1	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.9	-1.5	-1.6	-2.9	-1.4	-1.2	-1.3	-1.4	-1.5	-1.6	-1.7	-2.1
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	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	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	4.5	2.3	-1.4	1.9	4.2	1.3	-1.3	0.3	3.7	0.2	0.8	-0.7
Increase/(Decrease) in Receivables	-4.2	-2.8	-0.4	3.9	-5.4	-3.8	5.4	2.7	17.3	-2.9	-0.8	6.6
Increase/(Decrease) in Inventory	6.5	5.1	2.4	1.2	-15.1	-22.5	-1.1	-3.1	12.4	8.9	-6.8	-30.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.2	-9.6	5.4	-3.6	7.5	1.7	2.6	-1.0	-0.7	1.9	-0.5	1.1
Increase/(Decrease) in Prepaid Expenses	-1.5	-0.0	0.3	0.1	0.4	0.5	0.5	0.3	0.6	0.3	0.5	0.3
Changes in Trading Securities	—	—	—	—	0.0	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	-0.0
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	6.4	-5.0	6.3	3.5	-8.5	-22.9	6.0	-0.9	33.4	8.3	-6.8	-22.8
Payments for Fixed Assets and Other Long-term Assets	—	-0.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	-0.1	1.8	0.5	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-22.7	-32.0	-6.4	-18.9	-16.8	-23.4	-16.8	-59.4	-43.1	-35.8	-64.5	23.0
Receipts from Loan Repayments and Sale of Debt Instruments	30.9	21.3	6.3	9.9	24.6	31.5	21.5	60.8	8.5	23.5	147.9	-85.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-77.0	77.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.9	1.0	3.0	—	1.4	1.2	-0.2	2.8	1.5	0.7	1.9	2.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	10.0	-10.0	1.2	-7.5	10.9	9.8	4.5	4.2	-33.1	-11.6	8.4	17.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-8.5	8.5	0.0
Repayment of Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	8.5	-8.5	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	16.4	-15.1	7.5	-4.0	2.4	-13.1	10.5	3.3	0.3	-3.3	1.5	-5.8
Cash and Cash Equivalents at Beginning of Period	2.6	17.9	10.4	14.3	11.9	10.7	10.7	10.7	10.7	9.7	9.7	9.7
FX Difference from Revaluation	—	-0.1	0.1	0.1	0.0	0.2	-0.1	0.1	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	19.1	2.6	17.9	10.4	14.3	11.9	24.8	14.4	11.0	10.7	13.9	12.4

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HNR

What Is Changing

Drivers of HNR's profit

Financial Highlights

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What is driving the margin? ▲▲

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Balance Sheet ●

Working Capital Efficiency ▼

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Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow