HRC

Cao su Hòa Bình ·HOSE ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 13.80%, −16.09pp YoY

Price

43,000

Latest close

02 Jun 2026

P/E 31.16x

P/B 2.04x

EPS 1,380

BVPS 21,033

ROE 6.7%

ROA 5.2%

Profit Margin 13.8%

Asset Turnover 0.38x

Equity Mult. 1.29x

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

What Is Changing

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

	                            
	                                TTM REVENUE
	                            
	                                    VND 302bn
	                                
+35.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 42bn
	                                
−37.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	244.1	214.3	183.2	179.2	184.9
Growth	+14%	+17%	+2%	-3%	—
Net Income	35.1	61.4	17.0	10.2	22.1
Net Margin	14.39%	28.66%	9.27%	5.67%	11.94%

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	95.3	80.1	67.2	59.5	37.3	89.9	77.3	18.3	28.9	94.2	47.4	11.4
Growth	+19%	+19%	+13%	+59%	-58%	+16%	+322%	-37%	-69%	+99%	+316%	—
Net Income	7.0	9.3	22.0	3.3	1.4	58.7	6.0	0.5	0.4	12.5	1.5	2.5
Net Margin	7.37%	11.62%	32.79%	5.59%	3.82%	65.33%	7.72%	2.73%	1.43%	13.23%	3.20%	21.80%

Drivers of HRC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to weaker other profit. Supporting and offsetting drivers:

Financial income ↑ 5.1bn

Finance costs ↓ 2.8bn

Other profit ↓ 27.3bn

Administrative expenses ↑ 3.5bn

Gross profit ↓ 2.6bn

TTM

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

Gross profit ↑ 6.8bn

Other profit ↑ 1.3bn

Tax ↑ 1.4bn

Administrative expenses ↑ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 11.5% = 29.9% × 0.28 × 1.38

2026Q1 6.7% = 13.8% × 0.38 × 1.29

ROE fell from 11.5% to 6.7% — net margin weakened the most, though asset turnover still provided support.

Net margin: 13.8% -16.1pp Asset turnover: 0.38x +0.10x Leverage: 1.29x -0.09x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 13.80%, losing 16.1pp. The main pressure is Gross margin fell 6.8pp, outweighing the improvement in SG&A / Revenue fell 1.0pp (in addition, Net financial result / Revenue rose 2.0pp added support while Other profit / Revenue fell 13.2pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 13.80% −16.1pp

Gross Margin 15.86% −6.8pp

SG&A / Revenue 6.97% −1.0pp

Non-core / Revenue 6.83% −11.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 11.2pp, financial result still accounts for 43.4% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 4.71%, broadly flat versus the same period. That translates to 4.71 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 3.9pp, but capital turnover rose 0.11x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 4.71% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 4.71% +0.1pp

NOPAT Margin 11.47% −3.9pp

Capital Turnover 0.41x +0.11x

Average Invested Capital 735.6bn −1.7bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.37x equity, net debt at 0.13x equity.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory 53.1 days −11.3 days

Payables 1.4 days −0.1 days

Cash Conversion Cycle — —

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.13x and interest coverage at 4.36x.

At present, short-term debt accounts for 60.3% of total debt, cash equals 29.3% of debt, and total debt stands at 113.9bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 60.3% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.13x −0.12x

Interest Coverage 4.36x +1.18x

Cash / Debt 29.3% +14.0pp

Short-term Debt / Total Debt 60.3% −3.3pp

CFO / NI 1.27x +1.73x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2.0bn in 2025, against investing cash flow of 17.3bn.

Post-investment cash flow was positive +19.3bn. Financing cash flow was negative +40.3bn.

CFO / net income was 1.27x.

After spending +4.5bn on fixed-asset investment, the business generated trailing free cash flow of +48.7bn.

Cash Conversion

CFO TTM 53.2bn +83.5bn

Cash Capex 4.5bn −1.5bn

FCF TTM +48.7bn +85.0bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 26.5%. The residual risk still sits in core profitability, with net margin down 16.1 pp.

Improvement: leverage pressure is easing, with net debt / equity down 0.12x to 0.13x while interest coverage holds at 4.36x.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.27x. Even so, net financial result still accounts for 26.5% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 13.80% after a 16.1pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	244.1	214.4	183.2	179.2	184.9
Revenue Deductions	—	0.1	0.0	0.0	0.0
Net Revenue	244.1	214.3	183.2	179.2	184.9
Cost of Goods Sold	203.9	169.1	173.8	162.2	0.0
Gross Profit	40.3	45.2	9.4	17.0	28.9
Financial Income	21.6	16.6	37.4	16.0	25.1
Financial Expenses	9.0	13.8	16.0	14.1	-15.8
Interest Expense	10.6	12.0	15.5	14.0	-15.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	2.7	3.3	4.1	3.3	-3.2
General and Administrative Expenses	19.6	15.4	16.4	14.3	-16.7
Operating Profit	30.5	29.3	10.3	1.3	18.3
Other Income	8.3	39.0	7.7	10.0	0.0
Other Expenses	0.1	1.2	0.9	1.2	0.0
Other Profit	8.2	37.8	6.7	8.9	3.9
Profit Before Tax	38.8	67.1	17.0	10.2	22.2
Current Income Tax Expense	3.6	5.7	0.0	0.0	-0.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	35.1	61.4	17.0	10.2	22.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	35.1	61.4	17.0	10.2	22.1
Earnings per Share	1,163.00	2,033.00	562.00	336.00	731.00
Diluted EPS	1,163.00	2,033.00	562.00	336.00	730.69

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	130.8	110.4	66.5	51.7	82.7
I. Cash and cash equivalents	54.1	75.0	18.0	13.2	25.0
1. Cash	54.1	75.0	18.0	13.2	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	9.3	7.2	32.5	10.8	17.6
1. Short-term trade accounts receivable	5.0	6.9	31.9	6.8	0.0
2. Short-term prepayments to suppliers	0.4	0.3	0.6	0.4	0.0
3. Short-term inter-company receivables	—	0.0	5.4	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	9.2	5.4	0.0	7.4	0.0
7. Provision for short-term doubtful debts (*)	-5.4	-5.4	-5.4	-3.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	66.1	27.4	14.3	24.6	38.9
1. Inventories	66.1	27.4	14.3	25.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	-0.8	0.0
V. Other short-term assets	1.4	0.8	1.7	3.1	1.1
1. Short-term prepayments	0.1	0.0	0.0	0.0	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	1.3	0.8	1.7	3.1	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)	727.5	735.5	752.4	758.9	765.1
I. Long-term receivables	—	0.0	0.0	0.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	323.3	287.9	260.3	264.0	269.4
1. Tangible fixed assets	322.4	287.1	259.4	263.2	268.5
- Cost	493.3	437.6	401.1	387.5	0.0
- Accumulated depreciation	-170.9	-150.4	-141.7	-124.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.9	0.8	0.8	0.9	0.9
- Cost	1.8	1.7	1.7	1.7	0.0
- Accumulated depreciation	-0.9	-0.9	-0.8	-0.8	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	162.2	207.5	251.9	254.3	254.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	162.2	207.5	251.9	254.3	0.0
V. Long-term financial investments	238.5	236.5	237.9	238.2	238.0
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	238.5	238.5	238.5	238.5	0.0
4. Provision for diminution in value of long-term investments	—	-2.0	-0.6	-0.3	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	3.5	3.6	2.5	2.2	0.0
1. Long-term prepayments	3.5	3.6	2.5	2.2	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	2.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	858.4	845.9	818.9	810.6	847.8
A. LIABILITIES (300=210+330)	230.1	242.7	266.8	262.5	296.8
I. Short -term liabilities	177.2	175.0	176.5	145.0	154.2
1. Short-term trade accounts payable	20.9	5.0	4.8	0.8	3.4
2. Short-term advances from customers	2.2	0.5	0.8	0.5	1.8
3. Taxes and other payables to state authorities	1.7	6.8	0.8	1.7	0.0
4. Payable to employees	26.6	11.5	11.9	6.6	0.0
5. Short-term acrrued expenses	0.8	1.4	2.7	1.0	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	1.4	5.6	1.5	1.2	0.0
10. Short-term borrowings and financial leases	114.2	135.0	146.8	120.6	130.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.5	9.1	7.2	12.6	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	52.9	67.8	90.3	117.5	142.5
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	45.3	64.7	90.3	117.5	142.5
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	7.6	3.1	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)	628.3	603.2	552.1	548.2	551.0
I. Owner's equity	628.3	603.2	552.1	548.2	0.0
1. Owner's capital	302.1	302.1	302.1	302.1	551.0
- Common stock with voting right	302,066,220,000.00	302,066,220,000.00	302,066,220,000.00	302,066,220,000.00	302,066,220,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-5.5	-5.5	-5.5	-5.5	-5.5
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	262.1	243.7	238.6	236.5	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	69.6	62.9	17.0	15.2	22.1
- Accumulated retained earning at the end of the previous period	34.5	1.5	0.0	5.0	0.0
- Undistributed earnings in this period	35.1	61.4	17.0	10.2	22.1
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)	858.4	845.9	818.9	810.6	847.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-7.4	0.0	0.0	0.0	0.0
Other Operating Receipts	6.1	9.8	4.7	3.3	0.0
Other Operating Payments	-34.3	-27.5	-12.1	-26.0	0.0
Net Cash Flow from Operating Activities	2.0	49.3	-14.6	6.4	-231.7
Payments for Fixed Assets and Other Long-term Assets	-3.9	-7.4	-9.2	-12.5	-13.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	36.3	1.3	6.3	0.2
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	220.0
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	21.2	16.2	37.0	22.8	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	17.3	45.1	29.1	16.6	238.2
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	200.7	170.1	135.1	150.2	178.7
Repayment of Borrowings	-241.0	-207.5	-136.0	-184.9	-189.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-8.9	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	-40.3	-37.4	-9.8	-34.7	-11.1
Net Cash Flow During the Period	-21.0	57.0	4.7	-11.7	14.4
Cash and Cash Equivalents at Beginning of Period	75.0	18.0	13.2	25.0	29.7
FX Difference from Revaluation	0.1	0.1	0.0	-0.1	-0.0
Cash and Cash Equivalents at End of Period	54.1	75.0	18.0	13.2	25.0

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	95.5	80.1	67.2	59.5	37.3	90.0	77.3	18.3	28.9	94.2	47.4	11.4
Revenue Deductions	0.2	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	95.3	80.1	67.2	59.5	37.3	89.9	77.3	18.3	28.9	94.2	47.4	11.4
Cost of Goods Sold	80.5	63.3	56.2	54.2	29.4	64.6	63.6	14.7	26.2	83.0	46.9	14.7
Gross Profit	14.8	16.8	11.1	5.3	8.0	25.3	13.7	3.5	2.7	11.2	0.6	-3.3
Financial Income	0.1	0.2	21.1	0.2	0.1	0.4	16.0	0.1	0.1	10.7	10.9	15.6
Financial Expenses	3.1	1.3	3.8	0.9	3.0	-12.1	19.1	1.8	3.0	3.0	4.8	5.4
Interest Expense	2.9	1.2	3.6	2.8	3.0	3.2	4.1	1.7	3.0	2.8	4.8	5.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.5	1.3	0.7	0.5	0.2	1.9	0.7	0.3	0.4	2.5	0.7	0.6
General and Administrative Expenses	4.0	6.5	5.1	2.5	3.2	4.8	3.9	2.6	1.7	6.0	4.7	4.2
Operating Profit	7.2	8.0	22.7	1.6	1.6	31.1	6.0	-1.1	-2.2	10.5	1.3	2.0
Other Income	1.8	4.3	0.3	2.0	0.2	34.2	0.5	1.7	2.7	2.4	0.5	0.5
Other Expenses	0.3	0.0	0.0	0.0	0.0	0.6	0.5	0.1	0.1	0.4	0.3	0.0
Other Profit	1.5	4.3	0.3	1.9	0.2	33.6	-0.1	1.6	2.6	2.0	0.2	0.5
Profit Before Tax	8.7	12.3	23.0	3.5	1.8	64.7	6.0	0.5	0.4	12.5	1.5	2.5
Current Income Tax Expense	1.7	3.0	0.9	0.2	0.4	6.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.0	9.3	22.0	3.3	1.4	58.7	6.0	0.5	0.4	12.5	1.5	2.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.0	9.3	22.0	3.3	1.4	58.7	6.0	0.5	0.4	12.5	1.5	2.5
Earnings per Share	232.00	308.00	730.00	110.00	47.00	1,943.00	197.00	17.00	14.00	413.00	50.00	82.00
Diluted EPS	232.36	308.27	729.77	109.98	47.26	1,943.48	197.35	16.53	13.64	412.80	50.31	82.32

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)	65.7	130.1	108.9	73.5	74.8	110.4	72.7	44.4	38.5	66.5	41.2	49.4
I. Cash and cash equivalents	33.3	54.1	55.4	38.3	27.1	75.0	31.9	13.6	13.6	18.0	23.8	7.5
1. Cash	33.3	54.1	55.4	38.3	27.1	75.0	31.9	13.6	13.6	18.0	23.8	7.5
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	2.4	9.3	5.0	2.7	2.2	7.2	20.8	2.8	1.3	32.5	3.5	19.8
1. Short-term trade accounts receivable	0.3	5.0	2.9	0.7	—	6.9	1.9	0.5	0.3	31.9	2.3	1.5
2. Short-term prepayments to suppliers	0.4	0.4	0.4	0.4	0.4	0.3	1.3	0.7	0.6	0.6	0.7	0.7
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	7.2	9.2	7.1	7.0	7.2	5.4	23.0	7.0	5.8	5.4	5.8	21.4
7. Provision for short-term doubtful debts (*)	-5.4	-5.4	-5.4	-5.4	-5.4	-5.4	-5.4	-5.4	-5.4	-5.4	-5.4	-3.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	29.9	65.5	48.5	32.5	44.0	27.4	19.7	17.3	16.8	14.3	13.6	11.9
1. Inventories	29.9	65.5	48.5	32.5	44.0	27.4	19.7	17.3	16.8	14.3	13.6	12.8
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-1.0
V. Other short-term assets	0.0	1.3	—	—	1.5	0.8	0.3	10.7	6.8	1.7	0.3	10.3
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	9.4	5.0	0.0	0.0	9.9
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	1.3	—	—	1.5	0.8	0.3	1.3	1.7	1.7	0.3	0.4
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)	722.0	727.7	728.3	731.4	731.6	737.5	732.2	749.1	749.0	752.4	755.6	755.9
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.2	0.2
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.2	0.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	318.2	323.3	328.1	331.8	283.1	287.9	300.9	305.4	255.4	260.3	266.1	270.4
1. Tangible fixed assets	317.4	322.4	327.2	331.0	282.3	287.1	300.1	304.6	254.5	259.4	265.3	269.6
- Cost	494.7	—	—	—	—	437.6	456.1	454.8	401.1	401.1	401.6	400.8
- Accumulated depreciation	-177.4	—	—	—	—	-150.4	-156.0	-150.2	-146.6	-141.7	-136.3	-131.2
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	0.9	0.9	0.9	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.9
- Cost	1.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	4.6	—	—	—	—	—	—	—	—	—	—	—
3. Long-term seasonal or single-harvest crops	4.6	—	—	—	—	—	—	—	—	—	—	—
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	157.6	162.2	157.5	156.6	208.4	207.5	204.5	202.8	253.3	251.9	247.9	244.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	157.6	162.2	157.5	156.6	208.4	207.5	204.5	202.8	253.3	251.9	247.9	244.2
V. Long-term financial investments	238.5	238.5	238.5	238.5	236.5	238.5	223.2	237.7	237.9	237.8	237.9	237.9
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	238.5	238.5	238.5	238.5	238.5	238.5	238.5	238.5	238.5	238.5	238.5	238.5
4. Provision for diminution in value of long-term investments	—	—	—	—	-2.0	0.0	-15.3	-0.8	-0.6	-0.7	-0.6	-0.6
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	3.0	3.6	4.2	4.5	3.6	3.6	3.5	3.1	2.5	2.5	3.4	3.1
1. Long-term prepayments	3.0	3.6	4.2	4.5	3.6	3.6	3.5	3.1	2.5	2.5	3.4	3.1
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	787.7	857.8	837.2	804.9	806.4	847.9	804.9	793.5	787.6	818.9	796.7	805.4
A. LIABILITIES (300=210+330)	152.3	228.5	217.2	207.0	201.8	240.5	256.2	250.8	235.0	266.8	257.1	258.2
I. Short -term liabilities	99.5	178.0	149.4	139.2	134.0	175.8	165.9	160.4	144.7	176.5	139.7	140.8
1. Short-term trade accounts payable	0.8	20.9	10.4	6.5	1.0	5.0	2.8	0.6	0.3	4.8	0.9	1.0
2. Short-term advances from customers	4.1	2.2	45.0	4.2	4.7	0.5	51.0	48.7	47.5	0.8	28.5	38.9
3. Taxes and other payables to state authorities	6.4	2.5	2.9	2.6	—	7.1	2.9	0.1	0.0	0.8	5.0	0.6
4. Payable to employees	11.6	26.6	16.7	5.6	5.3	12.2	2.5	0.3	3.3	11.9	1.3	0.2
5. Short-term acrrued expenses	0.5	0.8	1.5	0.3	0.7	1.4	0.3	0.3	0.4	2.7	0.6	0.5
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	0.8	1.4	2.2	2.0	5.4	5.6	1.9	1.5	1.6	1.5	10.2	0.3
10. Short-term borrowings and financial leases	68.7	114.2	60.3	106.1	113.0	135.0	94.4	98.2	90.0	146.8	84.4	89.3
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	6.6	9.5	10.5	11.9	3.9	9.1	10.1	10.8	1.5	7.2	8.9	10.0
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	52.9	50.6	67.8	67.8	67.8	64.7	90.3	90.3	90.3	90.3	117.5	117.5
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	45.3	45.3	64.7	64.7	64.7	64.7	90.3	90.3	90.3	90.3	117.5	117.5
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	7.6	5.3	3.1	3.1	3.1	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)	635.3	629.3	620.0	598.0	604.6	607.4	548.7	542.7	552.6	552.1	539.6	547.1
I. Owner's equity	635.3	629.3	620.0	598.0	604.6	607.4	548.7	542.7	552.6	552.1	539.6	547.1
1. Owner's capital	302.1	302.1	302.1	302.1	302.1	302.1	302.1	302.1	302.1	302.1	302.1	302.1
- Common stock with voting right	302,066,220,000.00	302,066,220,000.00	302,066,220,000.00	302,066,220,000.00	302,066,220,000.00	302,066,220,000.00	302,066,220,000.00	302,066,220,000.00	302,066,220,000.00	302,066,220,000.00	302,066,220,000.00	302,066,220,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-5.5	-5.5	-5.5	-5.5	-5.5	-5.5	-5.5	-5.5	-5.5	-5.5	-5.5	-5.5
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	262.1	262.1	262.1	262.1	243.7	243.7	243.7	243.7	238.6	238.6	238.6	238.6
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	76.7	70.6	61.3	39.3	64.4	67.1	8.4	2.4	17.4	16.9	4.4	12.0
- Accumulated retained earning at the end of the previous period	69.6	34.5	34.5	34.5	62.9	1.5	1.5	1.5	17.0	0.0	0.0	9.1
- Undistributed earnings in this period	7.0	36.1	26.8	4.7	1.4	65.6	6.9	0.9	0.4	16.9	4.4	2.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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)	787.7	857.8	837.2	804.9	806.4	847.9	804.9	793.5	787.6	818.9	796.7	805.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-2.6	-1.5	0.0	-6.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.5	—	—	—	—	4.7	1.7	2.4	0.9	-1.7	0.3	0.8
Other Operating Payments	-3.4	-12.2	-2.1	-8.7	-11.3	-12.2	0.5	-8.7	-7.0	4.9	-1.9	-5.3
Net Cash Flow from Operating Activities	26.2	-34.3	43.1	18.2	-25.0	-25.7	24.8	-4.5	54.7	-44.4	-0.7	-8.0
Payments for Fixed Assets and Other Long-term Assets	-1.5	-1.8	-1.1	-0.2	-0.9	1.3	-2.7	-3.7	-2.3	1.5	-4.4	-1.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	36.3	0.0	0.0	0.0	-0.0	0.0	0.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.2	21.0	0.0	0.0	16.2	0.0	0.0	0.0	10.7	26.4	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.5	-1.6	19.9	-0.2	-0.9	53.8	-2.7	-3.7	-2.3	12.2	21.9	-1.0
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	53.3	59.0	56.2	30.1	55.4	55.4	47.6	18.7	48.5	70.2	31.9	13.0
Repayment of Borrowings	-98.7	-24.6	-102.1	-36.9	-77.5	-40.4	-51.4	-10.5	-105.3	-34.9	-36.8	-15.3
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	-8.9	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	-45.5	34.4	-45.9	-6.8	-22.0	15.0	-3.8	8.2	-56.8	26.4	-4.9	-2.3
Net Cash Flow During the Period	-20.8	-1.4	17.1	11.2	-47.9	43.0	18.3	-0.0	-4.4	-5.8	16.3	-11.4
Cash and Cash Equivalents at Beginning of Period	54.1	55.4	38.3	27.1	75.0	18.0	18.0	18.0	18.0	13.2	13.2	13.2
FX Difference from Revaluation	—	0.1	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	33.3	54.1	55.4	38.3	27.1	75.0	31.9	13.6	13.6	18.0	23.8	7.5

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HRC

What Is Changing

Drivers of HRC'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 ●

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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