ICN

Đầu tư Xây dựng Dầu khí IDICO ·UPCOM ·2026Q1

▼▼ Declining sharply

Financial result is supporting part of pre-tax profit Net financial result/PBT 28.15%

Price

28,600

Latest close

03 Jun 2026

P/E 5.74x

P/B 1.75x

EPS 4,980

BVPS 16,355

ROE 22.7%

ROA 8.7%

Profit Margin 37.2%

Asset Turnover 0.23x

Equity Mult. 2.62x

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

What Is Changing

On a TTM 2026Q1 basis, ICN posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 296bn
	                                
−60.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 110bn
	                                
−62.3%YoY

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	26.3	48.3	34.1	187.0	181.2	226.6	166.4	181.6	48.1
Growth	-45%	+41%	-82%	+3%	-20%	+36%	-8%	+278%	—
Net Income	7.0	15.3	2.7	84.9	58.6	110.8	47.9	74.1	9.7
Net Margin	26.77%	31.68%	7.79%	45.42%	32.34%	48.88%	28.81%	40.81%	20.24%

Drivers of ICN's profit

TTM

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

Tax ↓ 46.5bn

Gross profit ↓ 268.0bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Tax ↓ 12.1bn

Gross profit ↓ 77.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 81.0% = 38.6% × 0.60 × 3.52

2026Q1 22.7% = 37.2% × 0.23 × 2.62

ROE fell from 81.0% to 22.7% — all three components weakened, with leverage being the main drag.

Net margin: 37.2% -1.4pp Asset turnover: 0.23x -0.37x Leverage: 2.62x -0.89x

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 narrowed to 37.17%, falling 1.4pp. The main pressure comes from Gross margin fell 9.1pp and SG&A / Revenue rose 3.3pp (with additional support from Net financial result / Revenue rose 10.8pp).

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

Profitability trend

Net Margin 37.17% −1.4pp

Gross Margin 43.23% −9.1pp

SG&A / Revenue 9.22% +3.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 37.07% −1.4pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.45x equity, with a net cash position equivalent to 0.06x equity.

Inventory ended the period at 189.9bn, roughly 14.8% of total assets.

Over the last 12 months, working capital absorbed 36.5bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +35.9bn

Inventories decreased → higher CFO: +28.8bn

Payables decreased → lower CFO: −101.3bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 173.2 days versus the same period last year. The main moves came from DIO rose 145.0 days, DSO rose 35.2 days, and DPO rose 7.1 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 503.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +35.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 65.7 days +35.2 days

Inventory 455.6 days +145.0 days

Payables 18.2 days +7.1 days

Cash Conversion Cycle 503.1 days +173.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 131.1bn.

Leverage & Liquidity

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

At present, short-term debt accounts for 100.0% of total debt, cash equals 200.5% of debt, and total debt stands at 28.0bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.06x —

Interest Coverage — —

Cash / Debt 200.5% —

Short-term Debt / Total Debt 100.0% —

CFO / NI 0.53x −1.21x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 131.1bn in 2025, against investing cash flow of -191.7bn.

Post-investment cash flow was negative +60.6bn. Financing cash flow was negative +70.2bn.

CFO / net income was 0.53x.

After spending +11.2bn on fixed-asset investment, the business generated trailing free cash flow of +46.5bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 57.7bn −447.7bn

Cash Capex 11.2bn +7.7bn

FCF TTM +46.5bn −455.4bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 28.2%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.06x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.06x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 28.2% of PBT and CFO / net income currently at 0.53x.

Statement Data

Item	2025	2024	2023	2022
Revenue	450.6	622.8	224.8	611.1
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	450.6	622.8	224.8	611.1
Cost of Goods Sold	245.0	299.8	151.2	204.7
Gross Profit	205.6	323.1	73.6	406.5
Financial Income	36.9	21.1	27.1	39.3
Financial Expenses	4.2	7.5	0.6	0.8
Interest Expense	0.2	2.5	0.6	0.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	13.6	15.2	0.0	0.0
General and Administrative Expenses	22.2	18.4	17.8	19.0
Operating Profit	202.5	303.1	82.2	426.0
Other Income	1.0	2.2	0.8	0.9
Other Expenses	0.6	1.7	0.6	0.0
Other Profit	0.4	0.5	0.2	0.9
Profit Before Tax	202.9	303.6	82.4	426.9
Current Income Tax Expense	40.7	63.4	16.4	84.8
Deferred Income Tax Expense	0.8	-2.4	0.0	0.0
Net Income	161.5	242.6	66.0	342.1
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	161.5	242.6	66.0	342.1
Earnings per Share	5,277.00	11,891.00	3,986.00	31,198.00
Diluted EPS	5,277.00	11,891.00	3,986.00	17,615.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	858.1	906.7	865.3	902.5
I. Cash and cash equivalents	68.7	199.5	124.1	84.3
1. Cash	13.7	12.7	10.1	12.3
2. Cash equivalents	55.0	186.8	114.0	72.0
II. Short-term financial investments	496.7	295.7	254.7	385.3
1. Available for sale securities	10.7	10.7	10.7	10.7
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	486.0	285.0	244.0	374.6
III. Short-term receivables	100.3	115.3	123.5	96.4
1. Short-term trade accounts receivable	43.3	50.9	48.0	46.9
2. Short-term prepayments to suppliers	17.1	25.5	44.6	24.6
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	41.4	40.3	32.0	25.9
7. Provision for short-term doubtful debts (*)	-1.5	-1.5	-1.1	-1.1
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	189.9	282.4	361.0	333.4
1. Inventories	189.9	282.4	361.0	333.4
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	2.4	13.9	1.9	3.0
1. Short-term prepayments	0.1	9.2	0.0	0.1
2. Value added tax to be reclaimed	1.3	4.3	0.9	2.0
3. Taxes and other receivables from state authorities	1.0	0.4	0.9	0.9
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	425.6	438.2	374.9	441.4
I. Long-term receivables	—	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	59.6	57.9	57.2	291.4
1. Tangible fixed assets	8.4	6.8	5.8	87.4
- Cost	45.0	42.0	40.2	200.4
- Accumulated depreciation	-36.6	-35.2	-34.5	-113.0
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	51.1	51.2	51.5	204.0
- Cost	51.3	51.3	51.6	317.8
- Accumulated depreciation	-0.1	-0.1	-0.1	-113.9
III. Investment properties	208.8	234.8	219.7	0.0
- Cost	463.7	461.2	425.1	0.0
- Accumulated depreciation	-255.0	-226.5	-205.4	0.0
IV. Long-term assets in progress	54.8	49.8	48.8	46.8
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	54.8	49.8	48.8	46.8
V. Long-term financial investments	100.0	90.0	20.0	100.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	100.0	90.0	20.0	100.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	2.5	5.7	29.2	3.2
1. Long-term prepayments	0.9	3.3	29.2	3.2
2. Deferred income tax assets	1.7	2.4	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,283.7	1,344.9	1,240.1	1,343.9
A. LIABILITIES (300=210+330)	759.7	934.5	969.1	1,006.4
I. Short -term liabilities	137.2	321.8	241.3	193.5
1. Short-term trade accounts payable	13.1	9.5	13.5	16.1
2. Short-term advances from customers	45.3	198.3	80.8	43.1
3. Taxes and other payables to state authorities	26.1	42.8	15.9	21.4
4. Payable to employees	1.8	0.6	3.3	2.9
5. Short-term acrrued expenses	9.3	8.2	1.5	1.2
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	20.2	18.1	18.1	18.0
9. Other short-term payables	1.8	42.2	3.2	73.6
10. Short-term borrowings and financial leases	15.3	0.0	100.0	13.0
11. Provision for short-term liabilities	0.9	0.0	1.1	0.0
12.. Bonus and welfare fund	3.4	2.2	3.8	4.2
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	622.5	612.7	727.9	812.8
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	622.1	612.3	623.9	623.0
7. Other long-term liabilities	0.4	0.3	0.3	0.6
8. Long-term borrowings and financial leases	—	0.0	103.7	189.3
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	524.0	410.4	271.0	337.5
I. Owner's equity	524.0	410.4	271.0	337.5
1. Owner's capital	306.0	204.0	204.0	120.0
- Common stock with voting right	305,999,230,000.00	203,999,600,000.00	203,999,600,000.00	119,999,850,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	218.0	206.4	67.0	217.5
- Accumulated retained earning at the end of the previous period	81.0	4.7	1.0	1.4
- Undistributed earnings in this period	137.0	201.8	66.0	216.1
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,283.7	1,344.9	1,240.1	1,343.9

Item	2025	2024	2023	2022
Profit Before Tax	202.9	303.6	82.4	426.9
Depreciation of Fixed Assets and Investment Property	30.4	20.3	15.3	98.0
Provision (Increase)/Reversal	0.9	-0.7	1.1	-0.4
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.1	-0.0	0.1
Gain/Loss from Investment Activities	-37.7	-21.6	-27.8	-39.5
Interest Expense	0.2	2.5	0.6	0.8
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	196.5	304.0	71.5	485.7
Increase/(Decrease) in Receivables	24.2	-1.3	-36.9	3.9
Increase/(Decrease) in Inventory	92.5	78.7	-27.7	-298.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-136.6	103.8	60.0	-415.8
Increase/(Decrease) in Prepaid Expenses	11.5	-8.9	-25.9	1.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-0.2	-9.3	-14.9	-0.8
Corporate Income Tax Paid	-55.1	-35.2	-25.3	-65.2
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-1.7	-2.8	-2.1	-3.7
Net Cash Flow from Operating Activities	131.1	428.9	-1.3	-292.8
Payments for Fixed Assets and Other Long-term Assets	-10.7	-3.7	-2.0	-8.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.3	1.9	0.3
Loans and Purchases of Debt Instruments	-371.0	-214.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	160.0	103.0	210.6	191.6
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	30.0	24.9	31.5	40.2
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-191.7	-88.6	241.9	223.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	52.7	46.7	81.2	250.9
Repayment of Borrowings	-37.3	-250.4	-79.8	-60.6
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-85.6	-61.3	-202.2	-58.9
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-70.2	-265.0	-200.8	131.4
Net Cash Flow During the Period	-130.8	75.3	39.8	62.4
Cash and Cash Equivalents at Beginning of Period	199.5	124.1	84.3	21.9
FX Difference from Revaluation	0.1	0.1	0.0	-0.1
Cash and Cash Equivalents at End of Period	68.7	199.5	124.1	84.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	26.3	48.3	34.1	187.0	181.2	226.6	166.4	181.6	48.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0
Net Revenue	26.3	48.3	34.1	187.0	181.2	226.6	166.4	181.6	48.1
Cost of Goods Sold	20.2	31.7	33.9	81.9	97.4	83.2	95.4	84.2	37.0
Gross Profit	6.1	16.5	0.2	105.0	83.9	143.4	71.1	97.4	11.1
Financial Income	9.4	10.3	8.8	10.4	7.4	7.3	4.5	4.5	4.8
Financial Expenses	0.4	0.1	—	1.1	3.0	0.9	3.2	3.1	0.2
Interest Expense	0.4	0.1	—	0.0	0.0	0.0	0.4	1.9	0.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0
Selling Expenses	—	—	0.1	3.8	9.7	3.7	7.8	3.6	0.0
General and Administrative Expenses	6.2	6.7	6.0	4.5	5.0	6.5	4.4	3.9	3.5
Operating Profit	8.8	20.1	2.9	106.0	73.5	139.5	60.1	91.3	12.2
Other Income	—	—	1.0	0.0	—	1.1	0.1	1.0	0.0
Other Expenses	0.0	0.1	0.5	—	—	1.5	0.1	0.0	0.0
Other Profit	-0.0	-0.1	0.4	0.0	—	-0.4	-0.0	1.0	0.0
Profit Before Tax	8.8	20.0	3.4	106.0	73.5	139.1	60.1	92.3	12.2
Current Income Tax Expense	1.8	4.8	0.7	21.2	14.0	30.5	12.4	18.1	2.4
Deferred Income Tax Expense	-0.0	-0.0	-0.0	-0.1	0.9	-2.2	-0.3	0.0	0.0
Net Income	7.0	15.3	2.7	84.9	58.6	110.8	47.9	74.1	9.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.0	15.3	2.7	84.9	58.6	110.8	47.9	74.1	9.7
Earnings per Share	230.00	500.00	87.00	4,163.00	2,873.00	5,429.56	2,350.47	3,634.00	463.00
Diluted EPS	230.00	500.00	87.00	4,163.00	2,873.00	5,429.56	2,350.47	3,634.00	463.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	820.1	858.1	833.4	909.4	870.3	906.7	973.2	827.8	882.5
I. Cash and cash equivalents	56.1	68.7	64.0	84.4	95.2	199.5	236.3	81.0	118.6
1. Cash	11.1	13.7	5.5	9.1	8.4	12.7	27.3	32.0	11.6
2. Cash equivalents	45.0	55.0	58.5	75.3	86.8	186.8	209.0	49.0	107.0
II. Short-term financial investments	480.4	496.7	468.7	507.2	415.2	295.7	264.2	244.7	239.7
1. Available for sale securities	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	469.7	486.0	458.0	496.5	404.5	285.0	253.5	234.0	229.0
III. Short-term receivables	84.9	100.3	104.4	115.4	128.1	115.3	130.6	119.0	132.0
1. Short-term trade accounts receivable	37.3	43.3	41.5	56.5	69.1	50.9	68.8	50.2	57.3
2. Short-term prepayments to suppliers	18.8	17.1	17.6	17.9	20.4	25.5	24.2	30.8	45.7
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	30.2	41.4	46.8	42.5	40.0	40.3	38.7	39.2	30.2
7. Provision for short-term doubtful debts (*)	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.1	-1.1	-1.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0
IV. Inventories	195.1	189.9	193.6	198.8	224.0	282.4	327.8	378.5	388.9
1. Inventories	195.1	189.9	193.6	198.8	224.0	282.4	327.8	378.5	388.9
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.6	2.4	2.7	3.7	7.8	13.9	14.4	4.6	3.3
1. Short-term prepayments	1.5	0.1	0.6	1.2	4.7	9.2	9.3	0.9	0.0
2. Value added tax to be reclaimed	1.4	1.3	1.7	2.1	2.8	4.3	4.5	3.6	3.1
3. Taxes and other receivables from state authorities	0.7	1.0	0.4	0.4	0.4	0.4	0.6	0.0	0.2
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)	424.5	425.6	473.8	378.0	425.7	438.2	388.7	398.8	349.8
I. Long-term receivables	—	—	—	—	—	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0
II. Fixed assets	59.1	59.6	59.8	60.2	57.6	57.9	56.5	56.8	57.0
1. Tangible fixed assets	8.0	8.4	8.6	9.0	6.5	6.8	5.4	5.7	5.5
- Cost	45.0	—	—	—	—	42.0	40.7	40.7	40.2
- Accumulated depreciation	-37.0	—	—	—	—	-35.2	-35.3	-35.0	-34.7
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	51.1	51.1	51.1	51.1	51.2	51.2	51.2	51.2	51.5
- Cost	51.3	—	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	0.0	0.0	0.0	0.0
III. Investment properties	207.0	208.8	210.0	211.7	232.9	234.8	239.1	208.9	209.3
- Cost	463.7	—	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	-256.8	—	—	—	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	56.1	54.8	51.4	50.6	50.5	49.8	49.7	49.7	49.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0
2. Construction in progress	56.1	54.8	51.4	50.6	50.5	49.8	49.7	49.7	49.7
V. Long-term financial investments	100.0	100.0	150.0	53.0	80.0	90.0	40.0	50.0	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	100.0	100.0	150.0	53.0	80.0	90.0	40.0	50.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.4	2.5	2.6	2.6	4.6	5.7	3.3	33.3	33.8
1. Long-term prepayments	0.7	0.9	1.0	1.0	3.1	3.3	3.1	33.3	33.8
2. Deferred income tax assets	1.7	1.7	1.6	1.6	1.5	2.4	0.3	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	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,244.7	1,283.7	1,307.3	1,287.4	1,296.0	1,344.9	1,361.9	1,226.6	1,232.3
A. LIABILITIES (300=210+330)	744.2	759.7	798.5	756.9	826.9	934.5	990.8	903.4	982.1
I. Short -term liabilities	128.9	137.2	171.8	153.2	218.8	321.8	373.6	281.7	362.4
1. Short-term trade accounts payable	9.9	13.1	15.4	13.8	6.8	9.5	21.4	13.8	15.1
2. Short-term advances from customers	44.0	45.3	50.1	45.1	95.0	198.3	139.9	132.0	97.7
3. Dividends and profits payable	1.1	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.3	26.1	43.0	45.9	19.7	42.8	62.1	25.9	2.6
4. Payable to employees	1.6	1.8	1.9	1.6	0.9	0.6	1.3	1.4	1.2
5. Short-term acrrued expenses	10.8	9.3	7.6	8.1	8.7	8.2	7.3	4.5	2.0
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	26.4	20.2	22.7	32.6	84.0	18.1	132.2	9.0	4.5
9. Other short-term payables	0.7	1.8	26.4	1.8	1.7	42.2	1.6	1.7	11.9
10. Short-term borrowings and financial leases	28.0	15.3	—	—	—	0.0	4.3	89.7	222.8
11. Provision for short-term liabilities	0.9	0.9	0.7	0.4	—	0.0	0.0	0.1	1.1
12.. Bonus and welfare fund	3.2	3.4	3.9	4.0	1.9	2.2	3.5	3.5	3.6
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	615.3	622.5	626.7	603.6	608.2	612.7	617.2	621.7	619.7
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	615.0	622.1	626.4	603.3	607.8	612.3	616.8	621.4	619.3
7. Other long-term liabilities	0.3	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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)	500.5	524.0	508.7	530.6	469.1	410.4	371.1	323.1	250.2
I. Owner's equity	500.5	524.0	508.7	530.6	469.1	410.4	371.1	323.1	250.2
1. Owner's capital	306.0	306.0	306.0	204.0	204.0	204.0	204.0	204.0	204.0
- Common stock with voting right	305,999,230,000.00	305,999,230,000.00	305,999,230,000.00	203,999,600,000.00	203,999,600,000.00	203,999,600,000.00	203,999,600,000.00	203,999,600,000.00	203,999,600,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	—	0.0	0.0	0.0	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	194.5	218.0	202.7	326.6	265.1	206.4	167.1	119.1	46.2
- Accumulated retained earning at the end of the previous period	187.4	81.0	81.0	183.0	206.4	4.7	35.3	35.3	36.4
- Undistributed earnings in this period	7.0	137.0	121.7	143.5	58.6	201.8	131.8	83.9	9.7
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)	1,244.7	1,283.7	1,307.3	1,287.4	1,296.0	1,344.9	1,361.9	1,226.6	1,232.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Profit Before Tax	8.8	20.0	3.4	106.0	73.5	139.1	60.1	92.3	12.2
Depreciation of Fixed Assets and Investment Property	2.2	2.2	2.2	23.8	2.1	4.6	1.6	3.4	10.7
Provision (Increase)/Reversal	0.1	0.1	0.4	0.4	—	0.4	-0.1	-1.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.0	-0.0	-0.0	-0.1	0.1	-0.1	0.0
Gain/Loss from Investment Activities	-9.4	-10.3	-9.6	-10.3	-7.4	-7.9	-4.5	-4.4	-4.8
Interest Expense	0.4	0.1	0.0	0.0	0.0	0.0	0.4	1.9	0.2
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	2.2	12.1	-3.8	119.9	68.3	136.1	57.6	92.0	18.3
Increase/(Decrease) in Receivables	2.7	5.1	15.1	13.0	-9.0	17.2	-16.5	13.7	-13.3
Increase/(Decrease) in Inventory	-5.2	3.7	5.1	25.2	58.4	45.4	50.7	10.4	-27.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.1	-22.9	20.4	-94.7	-39.4	-99.5	155.5	37.0	8.3
Increase/(Decrease) in Prepaid Expenses	-1.2	0.6	0.6	5.6	4.6	-0.2	-3.7	-0.4	-4.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-0.1	0.0	-0.0	-0.0	-0.0	-1.2	-4.2	-3.8
Corporate Income Tax Paid	-25.7	-11.3	-3.6	1.0	-41.2	-22.3	0.0	-1.0	-11.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.5	-0.0	-1.0	-0.2	-1.3	-0.0	-1.2	-0.2
Net Cash Flow from Operating Activities	-31.9	-13.2	33.9	68.9	41.5	75.4	242.3	146.3	-35.0
Payments for Fixed Assets and Other Long-term Assets	-1.2	-3.9	-0.9	-5.2	-0.7	-2.4	0.0	-0.5	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	1.3	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-78.0	-25.0	-136.5	-87.0	-122.5	-126.5	-37.5	-50.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	102.0	47.0	78.0	22.0	13.0	45.0	28.0	-5.0	35.0
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	14.6	9.1	5.0	10.7	5.1	5.4	8.0	4.6	6.9
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	37.3	27.2	-54.3	-59.5	-105.1	-77.2	-1.5	-50.9	40.9
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	19.4	26.2	0.0	2.9	23.6	0.8	0.0	10.4	35.5
Repayment of Borrowings	-6.7	-10.8	0.0	-2.9	-23.6	-5.1	-85.4	-143.5	-16.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0
Dividends Paid	-30.7	-24.6	0.0	-20.3	-40.7	-30.8	0.0	0.0	-30.6
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	-18.1	-9.2	0.0	-20.3	-40.7	-35.0	-85.4	-133.1	-11.4
Net Cash Flow During the Period	-12.6	4.8	-20.4	-10.9	-104.3	-36.9	155.4	-37.7	-5.5
Cash and Cash Equivalents at Beginning of Period	68.7	64.0	84.4	95.2	199.5	124.1	124.1	124.1	124.1
FX Difference from Revaluation	0.0	0.1	0.1	0.0	0.0	0.1	-0.1	0.1	0.0
Cash and Cash Equivalents at End of Period	56.1	68.7	64.0	84.4	95.2	199.5	236.3	81.0	118.6

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ICN

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Balance Sheet ●

Working Capital Efficiency ▼

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Leverage & Liquidity ▲

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Investment Takeaway

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow