HU4

Đầu tư và Xây dựng HUD4 ·UPCOM ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT 12.37x

Price

9,900

Latest close

04 Jun 2026

P/E 5.52x

P/B 0.67x

EPS 1,792

BVPS 14,754

ROE 12.6%

ROA 4.3%

Profit Margin 5.4%

Asset Turnover 0.79x

Equity Mult. 2.91x

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

What Is Changing

On a TTM 2026Q1 basis, HU4 is showing a few mildly positive signals versus the same period, though the magnitude is narrow — profit is at an all-time high. The direction is leaning toward improvement, but the next test will be whether the magnitude widens enough to become a trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 494bn
	                                
+173.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 27bn
	                                
+71.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	491.4	156.0	28.8	262.3	448.6
Growth	+215%	+441%	-89%	-42%	—
Net Income	27.1	13.9	0.1	19.6	20.4
Net Margin	5.52%	8.90%	0.48%	7.48%	4.54%

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	42.8	9.9	255.8	185.1	40.5	-17.0	101.8	55.4	15.8	16.5	6.4	3.9
Growth	+330%	-96%	+38%	+357%	-338%	-117%	+84%	+251%	-4%	+157%	+64%	—
Net Income	1.6	1.9	10.1	13.4	1.8	5.1	7.3	1.4	0.1	0.1	0.0	0.0
Net Margin	3.71%	18.98%	3.93%	7.21%	4.56%	-29.84%	7.15%	2.57%	0.62%	0.33%	0.59%	1.21%

Drivers of HU4's profit

TTM

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

Gross profit ↑ 83.6bn

Other profit ↑ 1.4bn

Selling expenses ↑ 29.6bn

Administrative expenses ↑ 28.8bn

Finance costs ↑ 11.5bn

Tax ↑ 4.9bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher selling expenses. Supporting and offsetting drivers:

Finance costs ↓ 4.3bn

Financial income ↑ 0.8bn

Selling expenses ↑ 2.4bn

Administrative expenses ↑ 1.3bn

Other profit ↓ 0.8bn

Tax ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.9% = 8.7% × 0.25 × 3.62

2026Q1 12.6% = 5.4% × 0.79 × 2.91

ROE rose from 7.9% to 12.6% — mainly driven by asset turnover, despite net margin and leverage moving in the opposite direction.

Net margin: 5.4% -3.2pp Asset turnover: 0.79x +0.54x Leverage: 2.91x -0.70x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 5.45%, losing 3.2pp. The main pressure is Gross margin fell 15.2pp, outweighing the improvement in SG&A / Revenue fell 3.6pp (with additional support from Net financial result / Revenue rose 7.2pp and Other profit / Revenue rose 0.7pp).

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

Profitability trend

Net Margin 5.45% −3.2pp

Gross Margin 35.47% −15.2pp

SG&A / Revenue 20.74% −3.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 6.9% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 6.90%, rising 3.8pp. That translates to 6.90 in after-tax operating profit for every 100 units of operating capital. capital turnover rose 0.94x was enough to offset the contraction in NOPAT margin narrowed 3.8pp, while invested capital contracted by 148bn.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC 6.90% +3.8pp

NOPAT Margin 5.42% −3.8pp

Capital Turnover 1.27x +0.94x

Average Invested Capital 388.0bn −148.5bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is relatively light for the real estate sector — liabilities at 1.61x equity, net debt at 0.09x equity.

Development inventory ended the period at 385.5bn, about 67.1% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 183.0bn 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: −4.0bn

Inventories decreased → higher CFO: +218.5bn

Payables decreased → lower CFO: −31.5bn

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.09x and interest coverage only at 0.94x.

At present, short-term debt accounts for 52.2% of total debt, cash equals 77.0% of debt, and total debt stands at 90.1bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Interest coverage is thin

Interest coverage is 0.94x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 0.09x −1.50x

Interest Coverage 0.94x +0.15x

Cash / Debt 77.0% +74.3pp

Short-term Debt / Total Debt 52.2% −40.6pp

CFO / NI 12.37x +11.11x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 379.3bn in 2025, against investing cash flow of -0.7bn.

Post-investment cash flow was positive +378.6bn. Financing cash flow was negative +294.7bn.

CFO / net income was 12.37x.

After spending +2.1bn on fixed-asset investment, the business generated trailing free cash flow of +330.4bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 332.5bn +312.8bn

Cash Capex 2.1bn —

FCF TTM +330.4bn —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 12.37x. The next item to monitor is capital efficiency, with ROIC at 6.9%. The main risk still sits in core profitability, with net margin down 3.2 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 12.37x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 5.45% after a 3.2pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	491.4	156.0	28.8	262.3	448.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	491.4	156.0	28.8	262.3	448.6
Cost of Goods Sold	316.0	70.1	20.5	172.6	0.0
Gross Profit	175.4	85.9	8.3	89.7	76.4
Financial Income	0.3	0.0	0.1	0.6	0.7
Financial Expenses	42.3	24.7	9.1	10.5	-4.5
Interest Expense	26.2	24.7	9.1	10.5	-4.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	40.1	12.4	-17.9	16.1	-18.6
General and Administrative Expenses	58.6	29.5	16.2	25.6	-23.9
Operating Profit	34.9	19.2	0.9	38.1	30.1
Other Income	1.6	0.3	0.1	0.3	0.0
Other Expenses	0.6	1.7	0.9	13.3	0.0
Other Profit	1.0	-1.4	-0.7	-13.0	1.9
Profit Before Tax	35.8	17.8	0.2	25.1	32.0
Current Income Tax Expense	8.7	3.9	0.0	5.5	-11.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	27.1	13.9	0.1	19.6	20.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	27.1	13.9	0.1	19.6	20.4
Earnings per Share	1,809.00	925.00	9.00	1,307.00	1,357.36
Diluted EPS	1,809.16	925.15	9.32	1,307.00	1,357.77

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	567.6	695.7	721.9	676.9	722.1
I. Cash and cash equivalents	93.3	9.3	13.5	3.9	110.2
1. Cash	13.3	9.3	13.5	3.9	0.0
2. Cash equivalents	80.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	1.9	1.1	0.6	0.3	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	1.9	1.1	0.6	0.3	0.0
III. Short-term receivables	80.5	73.1	59.0	167.3	101.2
1. Short-term trade accounts receivable	50.3	30.0	28.9	41.7	0.0
2. Short-term prepayments to suppliers	8.8	7.9	3.7	4.7	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	33.5	39.6	29.6	124.2	0.0
7. Provision for short-term doubtful debts (*)	-12.1	-4.5	-3.3	-3.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	385.5	606.1	644.3	502.8	510.7
1. Inventories	385.5	606.1	644.3	502.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	6.4	6.0	4.6	2.6	0.0
1. Short-term prepayments	—	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	6.4	6.0	4.6	2.6	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)	7.2	7.0	3.6	4.1	7.6
I. Long-term receivables	3.4	3.4	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	3.4	3.4	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2.9	2.9	3.2	3.4	6.7
1. Tangible fixed assets	2.9	2.9	3.2	3.4	6.7
- Cost	13.8	13.6	13.6	13.6	0.0
- Accumulated depreciation	-10.8	-10.7	-10.4	-10.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	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	0.8	0.6	0.4	0.6	0.0
1. Long-term prepayments	0.8	0.6	0.4	0.6	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.9
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)	574.8	702.7	725.6	680.9	729.7
A. LIABILITIES (300=210+330)	354.3	499.0	534.2	467.1	518.5
I. Short -term liabilities	260.7	485.8	362.4	321.7	374.9
1. Short-term trade accounts payable	36.3	37.4	42.9	57.6	77.9
2. Short-term advances from customers	17.8	80.2	50.5	16.1	9.2
3. Taxes and other payables to state authorities	3.9	2.4	0.8	1.6	0.0
4. Payable to employees	9.2	1.2	1.1	7.0	0.0
5. Short-term acrrued expenses	1.7	2.3	8.9	33.1	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	88.4	1.4	24.9	33.2	221.9
9. Other short-term payables	15.8	24.1	38.9	29.4	0.0
10. Short-term borrowings and financial leases	43.9	334.5	190.1	141.0	2.7
11. Provision for short-term liabilities	40.5	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.1	2.2	4.3	2.7	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	93.6	13.3	171.7	145.4	143.6
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	23.9	13.3	171.7	145.4	143.6
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	69.6	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)	220.5	203.6	191.4	213.8	211.1
I. Owner's equity	220.5	203.6	191.4	213.8	0.0
1. Owner's capital	150.0	150.0	150.0	150.0	211.1
- Common stock with voting right	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	31.9	31.9	31.9	31.9	31.9
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	11.4	11.4	11.4	11.4	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	27.1	10.3	-2.0	20.4	17.7
- Accumulated retained earning at the end of the previous period	—	-3.6	-2.1	0.8	8.7
- Undistributed earnings in this period	27.1	13.9	0.1	19.6	9.1
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)	574.8	702.7	725.6	680.9	729.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	35.8	17.8	0.2	25.1	32.0
Depreciation of Fixed Assets and Investment Property	0.2	0.3	0.2	0.2	-4.2
Provision (Increase)/Reversal	117.8	1.2	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	-0.3	-0.0	-0.1	-0.6	0.0
Interest Expense	26.2	24.7	9.1	10.5	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	179.7	44.0	9.4	35.2	31.6
Increase/(Decrease) in Receivables	-15.1	-12.9	106.3	-68.9	0.0
Increase/(Decrease) in Inventory	220.7	21.9	-141.5	11.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	26.1	-10.9	-18.5	-190.1	0.0
Increase/(Decrease) in Prepaid Expenses	-0.2	-0.2	0.2	0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-20.0	-28.1	-6.9	-8.2	0.0
Corporate Income Tax Paid	-10.0	-3.4	-3.5	-13.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.9	0.0	-3.8	-5.5	0.0
Net Cash Flow from Operating Activities	379.3	10.4	-58.2	-239.4	261.3
Payments for Fixed Assets and Other Long-term Assets	-0.2	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	5.1
Loans and Purchases of Debt Instruments	-0.8	-0.5	-0.3	-0.3	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.0	0.1	0.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.7	-0.5	-0.2	0.4	5.1
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	35.8	120.0	120.6	173.8	170.6
Repayment of Borrowings	-315.7	-134.1	-45.2	-33.7	-355.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-14.8	0.0	-7.3	-7.6	-12.0
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	-294.7	-14.1	68.0	132.6	-197.1
Net Cash Flow During the Period	84.0	-4.2	9.6	-106.5	58.3
Cash and Cash Equivalents at Beginning of Period	9.3	13.5	3.9	110.3	40.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	93.3	9.3	13.5	3.9	110.2

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	42.8	9.9	255.8	185.1	40.5	-17.0	101.8	55.4	15.8	16.5	6.4	3.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	42.8	9.9	255.8	185.1	40.5	-17.0	101.8	55.4	15.8	16.5	6.4	3.9
Cost of Goods Sold	29.8	5.4	168.9	114.4	27.2	-35.1	63.0	34.1	8.1	11.3	4.4	3.2
Gross Profit	13.0	4.5	86.9	70.7	13.3	18.0	38.8	21.4	7.7	5.2	2.0	0.7
Financial Income	0.8	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	1.2	1.9	18.1	16.8	5.4	5.8	7.3	8.0	3.6	-1.5	0.5	4.6
Interest Expense	1.2	1.9	4.8	16.8	5.4	5.8	7.3	8.0	3.6	-1.5	0.5	4.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	4.5	-3.2	31.8	9.4	2.1	-1.9	6.6	6.1	1.7	-2.1	-2.1	-5.8
General and Administrative Expenses	5.1	3.9	24.6	26.3	3.8	8.0	13.7	5.6	2.3	8.6	2.9	2.0
Operating Profit	3.0	2.2	12.4	18.3	2.0	6.1	11.2	1.7	0.1	0.1	0.7	-0.0
Other Income	0.2	0.7	0.1	0.6	0.3	0.3	0.0	0.0	0.1	0.0	0.0	0.1
Other Expenses	0.9	0.0	0.0	0.4	0.2	-0.0	1.7	0.0	0.1	0.0	0.6	0.1
Other Profit	-0.7	0.7	0.1	0.1	0.1	0.3	-1.7	-0.0	-0.0	-0.0	-0.6	0.1
Profit Before Tax	2.3	2.9	12.4	18.4	2.1	6.4	9.5	1.7	0.1	0.1	0.0	0.1
Current Income Tax Expense	0.7	1.0	2.4	5.0	0.3	1.3	2.2	0.3	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.6	1.9	10.1	13.4	1.8	5.1	7.3	1.4	0.1	0.1	0.0	0.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.6	1.9	10.1	13.4	1.8	5.1	7.3	1.4	0.1	0.1	0.0	0.0
Earnings per Share	106.00	126.00	670.00	890.00	123.00	339.00	485.00	95.00	7.00	4.00	3.00	3.00
Diluted EPS	105.89	125.74	670.05	890.30	123.08	339.03	485.07	95.04	6.58	3.65	2.52	3.15

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)	532.4	567.6	594.9	587.5	692.8	695.7	724.1	766.6	728.5	721.9	696.1	688.3
I. Cash and cash equivalents	69.4	93.3	108.2	18.5	9.2	9.3	10.3	70.2	12.9	13.5	5.5	2.7
1. Cash	4.4	13.3	108.2	18.5	9.2	9.3	10.3	70.2	12.9	13.5	5.5	2.7
2. Cash equivalents	65.0	80.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	2.0	1.9	17.3	1.5	1.3	1.1	0.9	0.8	0.8	0.6	0.4	0.4
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	2.0	1.9	17.3	1.5	1.3	1.1	0.9	0.8	0.8	0.6	0.4	0.4
III. Short-term receivables	79.1	80.5	84.5	85.8	82.7	73.1	131.1	62.4	60.6	59.0	165.3	164.1
1. Short-term trade accounts receivable	46.5	50.3	52.9	42.2	30.0	30.0	33.5	26.6	25.0	28.9	34.6	36.2
2. Short-term prepayments to suppliers	13.2	8.8	7.3	8.2	12.1	7.9	6.6	5.3	5.2	3.7	4.2	4.2
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	31.5	33.5	36.5	40.0	45.1	39.6	96.1	34.0	33.7	29.6	129.8	126.9
7. Provision for short-term doubtful debts (*)	-12.1	-12.1	-12.2	-4.5	-4.5	-4.5	-5.1	-3.5	-3.3	-3.3	-3.3	-3.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	374.8	385.5	378.9	475.6	593.3	606.1	581.7	631.6	649.8	644.3	520.9	517.3
1. Inventories	374.8	385.5	378.9	475.6	593.3	606.1	581.7	631.6	649.8	644.3	520.9	517.3
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	7.1	6.4	6.0	6.0	6.3	6.0	0.0	1.7	4.5	4.6	3.9	3.8
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	7.1	6.4	6.0	6.0	6.3	6.0	0.0	1.7	4.5	4.6	3.9	3.8
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)	10.5	7.2	7.2	7.3	6.9	7.0	7.1	7.1	7.0	3.6	3.5	3.7
I. Long-term receivables	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	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
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	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	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
II. Fixed assets	4.6	2.9	3.0	3.0	2.9	2.9	3.1	3.1	3.2	3.2	3.3	3.3
1. Tangible fixed assets	4.5	2.9	3.0	3.0	2.9	2.9	3.1	3.1	3.2	3.2	3.3	3.3
- Cost	15.5	—	—	—	—	13.6	13.6	13.6	13.6	13.6	13.6	13.6
- Accumulated depreciation	-10.9	—	—	—	—	-10.7	-10.6	-10.5	-10.5	-10.4	-10.3	-10.3
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	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.1	—	—	—	—	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
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	—	—	—	—	—	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	—	—	—	—	—	0.0	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
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	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	2.4	0.8	0.8	0.8	0.6	0.6	0.6	0.6	0.4	0.4	0.3	0.4
1. Long-term prepayments	2.4	0.8	0.8	0.8	0.6	0.6	0.6	0.6	0.4	0.4	0.3	0.4
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)	542.8	574.8	602.2	594.7	699.7	702.7	731.2	773.8	735.4	725.6	699.6	692.0
A. LIABILITIES (300=210+330)	321.5	354.3	373.3	375.9	494.2	499.0	531.0	580.8	543.9	534.2	508.2	498.5
I. Short -term liabilities	208.8	260.7	281.2	347.3	470.1	358.9	393.2	412.8	372.0	327.5	340.0	330.3
1. Short-term trade accounts payable	21.8	36.3	29.4	32.2	31.2	37.4	37.8	38.9	32.7	42.9	39.6	36.0
2. Short-term advances from customers	17.5	17.8	43.6	33.9	96.8	80.2	70.4	95.6	83.5	50.5	31.6	30.5
3. Taxes and other payables to state authorities	0.5	3.9	17.0	19.9	2.0	2.4	7.8	0.2	0.2	0.8	2.2	-0.2
4. Payable to employees	2.5	9.2	10.9	6.1	2.4	1.2	0.8	0.5	0.2	1.1	1.1	0.7
5. Short-term acrrued expenses	1.6	42.2	53.7	10.3	2.2	2.3	12.9	8.6	8.9	8.9	11.1	13.4
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	64.0	88.4	34.4	—	—	1.4	4.4	5.1	19.0	24.9	29.6	33.2
9. Other short-term payables	7.8	15.8	8.6	9.9	19.8	24.1	24.2	24.1	34.8	38.9	44.7	45.5
10. Short-term borrowings and financial leases	47.1	43.9	83.2	232.6	313.4	207.6	230.6	235.5	188.4	155.2	175.8	166.9
11. Provision for short-term liabilities	43.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.0	3.1	0.3	2.2	2.2	2.2	4.3	4.3	4.3	4.3	4.3	4.3
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	112.7	93.6	92.1	28.6	24.2	140.1	137.8	168.1	172.0	206.6	168.2	168.2
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	43.1	23.9	22.4	28.6	24.2	140.1	137.8	168.1	172.0	206.6	168.2	168.2
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	69.6	69.6	69.6	—	—	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)	221.3	220.5	228.9	218.8	205.5	203.7	200.2	192.9	191.5	191.4	191.3	193.5
I. Owner's equity	221.3	220.5	228.9	218.8	205.5	203.7	200.2	192.9	191.5	191.4	191.3	193.5
1. Owner's capital	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0
- Common stock with voting right	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	31.9	31.9	31.9	31.9	31.9	31.9	31.9	31.9	31.9	31.9	31.9	31.9
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	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4
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	27.9	27.1	35.5	25.5	12.1	10.3	6.8	-0.5	-1.9	-2.0	-2.0	0.1
- Accumulated retained earning at the end of the previous period	26.3	25.3	25.5	12.1	10.3	5.2	-0.5	-1.9	-2.0	-2.1	-2.1	0.1
- Undistributed earnings in this period	1.6	1.9	10.1	13.4	1.8	5.1	7.3	1.4	0.1	0.1	0.1	0.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	542.8	574.8	602.2	594.7	699.7	702.7	731.2	773.8	735.4	725.6	699.6	692.0

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
Profit Before Tax	2.3	2.9	12.4	18.4	2.1	6.4	9.5	1.7	0.1	0.1	0.0	0.1
Depreciation of Fixed Assets and Investment Property	0.1	0.1	0.0	0.0	0.0	0.1	0.0	0.1	0.1	0.1	0.1	0.1
Provision (Increase)/Reversal	—	117.8	—	—	—	0.0	-0.3	0.3	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	-0.8	-0.3	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.1
Interest Expense	1.2	50.5	-43.8	14.0	5.4	5.8	7.3	8.0	3.6	-1.5	0.5	10.0
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	2.7	171.0	-31.3	32.5	7.6	12.3	16.6	10.0	3.8	-1.3	0.6	10.1
Increase/(Decrease) in Receivables	1.4	-3.6	-1.8	-0.0	-9.6	65.4	-68.0	-2.5	-1.6	104.3	-0.0	2.0
Increase/(Decrease) in Inventory	10.7	-6.6	96.7	117.7	12.8	-39.5	49.8	18.3	-5.5	-123.4	-3.7	-14.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-56.5	-99.1	154.0	-29.9	1.2	-10.2	-1.1	5.6	-1.0	9.4	4.5	-32.4
Increase/(Decrease) in Prepaid Expenses	-1.6	-0.0	0.0	-0.2	0.1	-0.0	-0.0	-0.2	0.1	-0.2	0.1	0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.2	-44.3	43.8	-14.0	-5.4	-5.8	-7.3	-8.0	-3.6	3.7	-0.5	-10.0
Corporate Income Tax Paid	-1.4	3.7	-12.1	-0.1	-1.5	3.8	0.0	-0.0	-0.0	-1.8	-0.3	-1.4
Other Operating Receipts	9.0	—	—	—	—	0.0	0.0	-8.7	8.7	0.0	0.0	0.0
Other Operating Payments	—	-1.9	—	—	—	-5.7	-15.2	0.0	0.0	7.1	-7.0	-3.8
Net Cash Flow from Operating Activities	-36.8	7.2	261.1	101.0	10.1	20.2	-25.2	14.6	0.8	-2.2	-6.3	-49.7
Payments for Fixed Assets and Other Long-term Assets	-1.9	0.0	0.0	-0.2	—	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	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	15.4	-15.8	-0.4	—	-0.5	0.2	-0.2	0.0	-0.3	0.1	-0.1
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	—	0.3	0.0	0.0	—	0.0	0.0	0.0	0.0	0.1	-0.1	0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.9	15.7	-15.8	-0.6	—	-0.5	0.2	-0.2	0.0	-0.2	0.1	-0.1
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	26.8	2.5	3.8	8.8	20.7	21.3	36.5	61.8	19.4	29.2	19.4	72.0
Repayment of Borrowings	-4.5	-40.3	-159.5	-85.1	-30.9	-42.0	-71.5	-18.7	-20.9	-11.4	-10.4	-23.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-7.5	0.0	0.0	-14.8	—	0.0	0.0	0.0	0.0	-7.3	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	14.8	-37.8	-155.7	-91.0	-10.2	-20.7	-35.0	43.1	-1.5	10.4	8.9	48.7
Net Cash Flow During the Period	-23.9	-14.9	89.6	9.4	-0.1	-1.0	-59.9	57.4	-0.6	8.0	2.7	-1.1
Cash and Cash Equivalents at Beginning of Period	93.3	108.2	18.5	9.2	9.3	13.5	13.5	13.5	13.5	3.9	3.9	3.9
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	69.4	93.3	108.2	18.5	9.2	9.3	10.3	70.2	12.9	13.5	5.5	2.7

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