ILA

ILA ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −25.14%, −23.24pp YoY

Price

6,400

Latest close

02 Jun 2026

P/E -6.23x

P/B 0.73x

EPS -1,028

BVPS 8,811

ROE -10.6%

ROA -6.1%

Profit Margin -24.7%

Asset Turnover 0.25x

Equity Mult. 1.74x

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

What Is Changing

On a TTM 2026Q1 basis, ILA posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 82bn
	                                
−20.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 21bn
	                                
−954.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	93.4	139.4	59.8	111.3	127.9
Growth	-33%	+133%	-46%	-13%	—
Net Income	-27.1	-2.1	5.6	-1.9	6.0
Net Margin	-28.97%	-1.48%	9.39%	-1.70%	4.70%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	14.7	22.7	13.9	30.4	32.8	20.1	24.8	24.9	24.1	15.6	9.3	15.4
Growth	-35%	+64%	-54%	-7%	+63%	-19%	-1%	+3%	+54%	+69%	-40%	—
Net Income	-3.1	-11.2	-2.2	-4.1	3.6	-1.6	-2.3	-1.6	6.6	-1.4	0.4	-0.4
Net Margin	-20.85%	-49.32%	-15.61%	-13.51%	10.94%	-7.88%	-9.37%	-6.55%	27.38%	-9.01%	3.80%	-2.49%

Drivers of ILA's profit

TTM

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

Gross profit ↓ 18.4bn

TTM

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

Gross profit ↓ 6.7bn

Other profit ↓ 1.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -0.9% = -1.9% × 0.25 × 1.96

2026Q1 -10.8% = -25.1% × 0.25 × 1.74

ROE fell from -0.9% to -10.8% — all three components weakened, with net margin being the main drag.

Net margin: -25.1% -23.2pp Asset turnover: 0.25x -0.01x Leverage: 1.74x -0.21x

Is the profit sustainable?

Start with profitability and earnings quality.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -25.14%, losing 23.2pp. The main pressure comes from Gross margin fell 19.4pp and SG&A / Revenue rose 1.5pp (with lingering pressure from Net financial result / Revenue fell 2.4pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin -25.14% −23.2pp

Gross Margin -7.42% −19.4pp

SG&A / Revenue 8.88% +1.5pp

Non-core / Revenue -9.32% −3.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Contribution from financial result

Profit includes a contribution from financial result (36.4% of PBT), not dominant but worth monitoring across periods.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

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

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 0.32x −0.03x

Average Invested Capital 257.0bn −35.7bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.71x equity, net debt at 0.32x equity.

Inventory ended the period at 180.6bn, roughly 60.0% of total assets.

Over the last 12 months, working capital absorbed 22.9bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −13.9bn

Inventories decreased → higher CFO: +25.4bn

Payables decreased → lower CFO: −34.5bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 213.6 days versus the same period last year. The main moves came from DIO rose 204.0 days, DSO rose 4.1 days, and DPO fell 5.6 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 871.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +4.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 144.1 days +4.1 days

Inventory 810.5 days +204.0 days

Payables 83.0 days −5.6 days

Cash Conversion Cycle 871.5 days +213.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 54.1bn due to capex of 8.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.32x and interest coverage only at -3.03x.

At present, short-term debt accounts for 75.4% of total debt, cash equals 3.6% of debt, and total debt stands at 57.9bn.

Watchpoints

Interest coverage is thin

Interest coverage is -3.03x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 75.4% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.32x −0.05x

Interest Coverage -3.03x −2.97x

Cash / Debt 3.6% +1.2pp

Short-term Debt / Total Debt 75.4% −0.1pp

CFO / NI 2.28x −12.45x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -54.8bn in 2025, against investing cash flow of 47.0bn.

Post-investment cash flow was negative +7.8bn. Financing cash flow was negative +0.3bn.

CFO / net income was 2.28x.

After spending +8.0bn on fixed-asset investment, the business generated trailing free cash flow of −54.1bn.

Cash Conversion

CFO TTM 46.1bn −16.5bn

Cash Capex 8.0bn +7.2bn

FCF TTM −54.1bn −23.7bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 29.4%. The main risk still sits in core profitability, with net margin down 23.2 pp.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.28x. Even so, net financial result still accounts for 29.4% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at -25.14% after a 23.2pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	94.0	140.2	60.2	111.3	127.9
Revenue Deductions	0.6	0.8	0.4	0.0	0.0
Net Revenue	93.4	139.4	59.8	111.3	127.9
Cost of Goods Sold	99.6	126.4	56.2	106.2	0.0
Gross Profit	-6.2	13.0	3.6	5.0	6.2
Financial Income	0.3	1.8	0.9	0.0	15.1
Financial Expenses	7.0	7.0	1.1	4.8	-4.5
Interest Expense	6.2	7.0	3.2	2.7	-3.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.5	0.7	0.8	0.0	0.0
General and Administrative Expenses	11.1	8.6	4.6	1.8	-7.5
Operating Profit	-24.5	-1.5	-2.0	-1.6	9.3
Other Income	0.0	0.1	7.7	0.0	0.0
Other Expenses	0.5	0.4	0.1	0.3	0.0
Other Profit	-0.4	-0.3	7.7	-0.3	-0.2
Profit Before Tax	-24.9	-1.8	5.6	-1.9	9.1
Current Income Tax Expense	0.2	0.2	0.0	0.0	-3.1
Deferred Income Tax Expense	1.9	0.1	0.0	0.0	0.0
Net Income	-27.1	-2.1	5.6	-1.9	6.0
Non-controlling Interest	-0.3	0.0	-0.0	0.0	-0.1
Profit Attributable to Parent	-26.7	-2.1	5.7	-1.9	6.1
Earnings per Share	-1,362.00	-106.00	305.00	-102.00	-13.00
Diluted EPS	-1,362.00	-106.00	305.00	-102.00	327.75

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	210.6	276.2	335.4	38.6	13.8
I. Cash and cash equivalents	1.8	9.9	10.5	0.1	3.3
1. Cash	1.8	9.9	4.8	0.1	0.0
2. Cash equivalents	—	0.0	5.7	0.0	0.0
II. Short-term financial investments	—	9.7	4.0	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	—	9.7	4.0	0.0	0.0
III. Short-term receivables	26.8	53.0	97.3	30.3	10.3
1. Short-term trade accounts receivable	30.8	41.7	41.3	19.9	0.0
2. Short-term prepayments to suppliers	2.7	5.3	23.8	0.7	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	—	1.5	15.0	0.0	0.0
6. Other short-term receivables	1.8	8.8	19.1	10.2	0.0
7. Provision for short-term doubtful debts (*)	-8.5	-4.3	-1.9	-0.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	180.6	202.5	220.8	7.8	0.1
1. Inventories	180.6	202.5	220.8	7.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.4	1.1	2.8	0.4	0.0
1. Short-term prepayments	0.0	0.1	0.4	0.0	0.0
2. Value added tax to be reclaimed	1.3	1.0	2.4	0.4	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.0	0.0	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)	90.5	82.8	59.3	186.8	357.4
I. Long-term receivables	10.6	10.6	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	10.6	10.6	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	25.3	20.3	15.8	0.0	0.6
1. Tangible fixed assets	12.2	7.2	1.8	0.0	0.6
- Cost	17.4	10.9	4.4	0.0	0.0
- Accumulated depreciation	-5.2	-3.7	-2.6	0.0	0.0
2. Financial leased fixed assets	—	0.0	0.9	0.0	0.0
- Cost	—	0.0	1.6	0.0	0.0
- Accumulated depreciation	—	0.0	-0.7	0.0	0.0
3. Intangible fixed assets	13.1	13.1	13.1	0.0	0.0
- Cost	13.1	13.1	13.1	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	34.1	28.5	17.5	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	34.1	28.5	17.5	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	186.8	356.9
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	188.9	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	-2.1	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	20.6	23.4	26.0	0.0	0.0
1. Long-term prepayments	0.1	0.2	0.1	0.0	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	0.0
5. Goodwill	20.5	23.2	26.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	301.1	358.9	394.7	225.4	371.2
A. LIABILITIES (300=210+330)	124.9	154.4	188.1	29.1	173.7
I. Short -term liabilities	86.4	113.5	97.8	29.1	173.7
1. Short-term trade accounts payable	17.7	26.6	43.4	4.9	170.0
2. Short-term advances from customers	22.2	27.7	23.3	1.8	0.0
3. Taxes and other payables to state authorities	1.5	0.9	0.9	2.0	0.0
4. Payable to employees	0.8	0.5	0.2	0.1	0.0
5. Short-term acrrued expenses	0.3	0.6	0.0	0.0	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	0.2	0.1	2.8	0.5	0.0
10. Short-term borrowings and financial leases	43.4	57.2	27.2	19.9	0.0
11. Provision for short-term liabilities	0.5	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	38.6	41.0	90.3	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	15.1	19.4	68.8	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	23.5	21.5	21.5	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)	176.1	204.5	206.6	196.3	197.4
I. Owner's equity	176.1	204.5	206.6	196.3	0.0
1. Owner's capital	196.4	196.4	185.3	185.3	197.4
- Common stock with voting right	196,414,310,000.00	196,414,310,000.00	185,299,390,000.00	185,299,390,000.00	185,299,390,000.00
- Preferred stock	—	0.00	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	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	-23.3	3.4	16.6	11.0	12.1
- Accumulated retained earning at the end of the previous period	3.4	5.5	11.0	12.9	1.6
- Undistributed earnings in this period	-26.7	-2.1	5.7	-1.9	10.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	3.0	4.7	4.7	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)	301.1	358.9	394.7	225.4	371.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	-24.9	-1.8	5.6	-1.9	1.1
Depreciation of Fixed Assets and Investment Property	4.2	3.6	1.8	0.0	3.4
Provision (Increase)/Reversal	4.6	2.4	-1.5	2.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.4	-1.4	-8.6	0.0	0.0
Interest Expense	6.2	7.0	3.2	2.7	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	-9.5	9.8	0.5	3.1	3.2
Increase/(Decrease) in Receivables	-23.7	19.0	38.6	-20.8	0.0
Increase/(Decrease) in Inventory	21.9	18.3	15.8	-7.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-37.7	-14.1	-7.6	7.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.2	0.2	-0.4	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-5.7	-7.0	-3.2	-2.6	0.0
Corporate Income Tax Paid	-0.2	-0.7	-1.3	-2.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-54.8	25.5	42.4	-23.1	-17.0
Payments for Fixed Assets and Other Long-term Assets	-6.1	-16.2	-0.2	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	9.7	-7.2	-4.8	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	15.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	-56.8	0.0	0.0
Proceeds from Investments in Other Entities	42.9	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	1.6	0.3	0.0	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	47.0	-6.7	-61.5	0.0	25.6
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	57.0	77.4	110.5	93.1	76.4
Repayment of Borrowings	-57.3	-96.7	-80.4	-73.3	-89.8
Repayment of Finance Leases	—	-0.2	-0.5	0.0	-0.4
Dividends Paid	—	-0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.3	-19.5	29.6	19.8	-13.8
Net Cash Flow During the Period	-8.1	-0.6	10.5	-3.2	0.0
Cash and Cash Equivalents at Beginning of Period	9.9	10.5	0.1	3.3	15.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.8	9.9	10.5	0.1	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	14.7	22.8	13.9	30.5	33.1	20.2	25.1	24.9	24.2	15.7	9.3	15.4
Revenue Deductions	—	0.1	—	0.1	0.3	0.2	0.3	0.0	0.2	0.1	0.0	0.0
Net Revenue	14.7	22.7	13.9	30.4	32.8	20.1	24.8	24.9	24.1	15.6	9.3	15.4
Cost of Goods Sold	13.5	32.0	12.9	29.3	24.8	18.5	23.8	23.0	22.7	14.3	8.6	15.2
Gross Profit	1.2	-9.3	1.0	1.1	7.9	1.5	0.9	1.9	1.4	1.3	0.6	0.2
Financial Income	0.0	0.1	0.0	0.1	0.1	0.5	0.9	0.3	0.6	0.4	2.2	0.0
Financial Expenses	1.3	1.3	1.5	2.3	1.5	1.7	1.8	2.0	1.1	1.3	1.0	0.4
Interest Expense	1.3	1.3	1.3	—	1.5	1.7	1.8	2.0	1.1	1.3	0.0	0.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.0	0.0	0.2	0.1	0.1	0.1	0.2	0.3	0.2	0.0	0.0
General and Administrative Expenses	1.8	0.5	1.4	3.1	1.8	1.5	2.1	1.6	0.9	1.6	1.1	0.2
Operating Profit	-1.9	-11.1	-2.0	-4.5	4.6	-1.3	-2.2	-1.6	-0.4	-1.4	0.7	-0.4
Other Income	0.0	0.4	0.0	0.0	—	0.1	0.0	0.0	28.3	0.0	0.0	0.0
Other Expenses	1.1	0.6	0.0	0.2	0.0	0.4	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-1.1	-0.1	-0.0	-0.1	-0.0	-0.3	-0.0	-0.0	28.3	-0.0	-0.0	0.0
Profit Before Tax	-3.1	-11.2	-2.0	-4.6	4.6	-1.5	-2.2	-1.6	27.9	-1.4	0.7	-0.4
Current Income Tax Expense	—	—	—	-0.6	1.0	0.0	-0.0	0.0	-0.1	0.1	0.3	0.0
Deferred Income Tax Expense	0.0	—	0.1	0.0	—	0.0	0.1	0.0	21.5	-0.0	0.0	0.0
Net Income	-3.1	-11.2	-2.2	-4.1	3.6	-1.6	-2.3	-1.6	6.6	-1.4	0.4	-0.4
Non-controlling Interest	-0.0	-0.2	-0.0	-0.0	0.1	0.0	-0.0	-0.0	-0.0	-0.0	-0.5	0.0
Profit Attributable to Parent	-3.0	-11.0	-2.1	-4.1	3.5	-1.6	-2.3	-1.6	6.6	-1.4	0.8	-0.4
Earnings per Share	-154.00	-558.00	-109.00	-207.00	178.00	-86.00	-124.00	-88.00	356.00	-75.00	43.93	-20.78
Diluted EPS	-154.00	-558.00	-109.00	-207.00	178.00	-86.00	-124.00	-88.00	356.00	-75.00	43.93	-20.78

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	212.5	227.9	256.3	262.9	282.7	346.5	343.3	344.2	260.7	262.5	234.0	28.3
I. Cash and cash equivalents	2.1	2.0	1.7	2.0	1.9	9.8	10.6	10.8	4.8	5.6	0.3	0.1
1. Cash	2.1	2.0	1.7	2.0	1.9	4.0	1.9	5.1	4.8	5.6	0.3	0.1
2. Cash equivalents	—	—	—	—	—	5.7	8.7	5.7	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	9.7	9.7	9.7	4.0	4.0	4.0	9.7	9.7	9.7	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	—	—	9.7	9.7	9.7	4.0	4.0	4.0	9.7	9.7	9.7	0.0
III. Short-term receivables	26.2	40.8	43.4	51.2	62.4	106.4	105.8	103.9	151.2	141.7	120.5	25.0
1. Short-term trade accounts receivable	27.1	31.9	26.2	29.9	37.3	38.0	48.9	49.0	41.3	32.7	30.1	15.3
2. Short-term prepayments to suppliers	5.1	13.2	9.7	8.5	6.4	36.8	27.0	22.6	48.0	21.6	7.0	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	—	—	—	—	1.5	8.8	12.1	15.2	15.0	24.4	1.4	0.0
6. Other short-term receivables	2.4	0.8	12.5	18.3	21.5	25.1	20.3	19.1	48.2	64.6	82.4	9.5
7. Provision for short-term doubtful debts (*)	-8.5	-5.0	-5.0	-5.4	-4.3	-2.4	-2.4	-1.9	-1.3	-1.5	-0.4	-0.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	182.0	181.6	200.7	199.1	207.4	223.7	220.4	222.7	92.3	101.9	100.2	3.3
1. Inventories	182.0	181.6	200.7	199.1	207.4	223.7	220.4	222.7	92.3	101.9	100.2	3.3
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	2.2	3.4	0.8	0.9	1.2	2.6	2.5	2.9	2.7	3.5	3.2	0.0
1. Short-term prepayments	0.5	2.1	0.0	0.1	0.0	0.2	0.3	0.4	0.5	0.1	0.1	0.0
2. Value added tax to be reclaimed	1.6	1.3	0.7	0.7	1.1	2.3	2.2	2.4	2.2	3.4	3.1	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	87.5	85.8	81.8	82.0	82.4	56.4	57.3	58.5	189.7	60.1	127.5	186.8
I. Long-term receivables	10.6	—	10.6	10.6	10.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	10.6	—	10.6	10.6	10.6	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	0.0	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	28.3	25.9	23.1	22.7	22.3	15.1	15.4	15.7	15.8	16.0	16.2	0.0
1. Tangible fixed assets	20.7	12.8	10.1	9.6	9.2	2.1	2.3	2.6	1.8	1.9	2.1	0.0
- Cost	26.4	—	—	—	—	5.5	6.0	6.1	4.4	4.4	4.4	0.0
- Accumulated depreciation	-5.6	—	—	—	—	-3.4	-3.7	-3.5	-2.6	-2.4	-2.3	0.0
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.9	1.0	1.1	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	7.5	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	0.0
- Cost	7.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	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	27.8	31.1	26.9	26.8	26.9	17.3	17.3	17.5	146.0	17.3	81.9	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	27.8	31.1	26.9	26.8	26.9	17.3	17.3	17.5	146.0	17.3	81.9	0.0
V. Long-term financial investments	—	-0.6	—	—	—	0.0	0.0	0.0	0.2	0.2	0.0	186.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.2	0.2	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	188.9
4. Provision for diminution in value of long-term investments	—	-0.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-2.1
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	20.8	29.4	21.2	22.0	22.7	24.0	24.6	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	1.0	—	0.0	0.1	0.2	0.0	0.1	0.0	0.0	0.0	0.0	0.0
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	19.8	29.4	21.2	21.9	22.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	23.9	24.6	25.3	27.8	26.6	29.4	0.0
TOTAL ASSETS (280=100+200)	300.0	313.7	338.1	345.0	365.1	402.9	400.6	402.7	450.4	322.6	361.5	215.1
A. LIABILITIES (300=210+330)	126.9	122.3	137.6	142.0	157.0	201.8	197.9	197.8	241.4	124.0	157.9	19.3
I. Short -term liabilities	89.1	100.8	100.0	94.9	116.1	104.7	107.6	107.5	220.0	124.0	157.9	19.3
1. Short-term trade accounts payable	15.5	18.9	13.2	21.5	24.4	46.0	49.9	48.0	19.4	19.1	16.4	2.2
2. Short-term advances from customers	22.4	21.1	24.1	25.6	27.5	25.6	23.3	24.1	47.5	36.1	52.5	1.8
3. Taxes and other payables to state authorities	1.6	1.1	2.1	1.4	2.3	0.6	0.2	0.1	0.6	2.3	2.2	2.0
4. Payable to employees	0.8	0.7	1.2	0.9	0.7	0.2	0.3	0.2	0.2	0.3	0.1	0.1
5. Short-term acrrued expenses	0.1	—	0.1	0.4	0.1	0.0	0.0	0.0	0.1	0.1	0.0	0.0
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	4.5	1.1	21.1	9.2	1.5	0.5	0.1	4.3	56.1	5.8	33.6	1.3
10. Short-term borrowings and financial leases	43.6	57.4	37.7	35.5	59.6	31.6	33.8	30.8	96.0	60.2	53.1	12.0
11. Provision for short-term liabilities	0.5	0.5	0.5	0.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	37.8	21.5	37.6	47.1	40.9	97.1	90.3	90.2	21.5	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	6.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	14.3	—	15.9	19.4	19.4	75.5	68.7	68.8	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	23.5	21.5	21.7	21.6	21.5	21.6	21.6	21.5	21.5	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	—	—	—	—	—	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)	173.1	191.4	200.5	203.0	208.1	201.1	202.6	205.0	209.0	198.6	203.5	195.9
I. Owner's equity	173.1	191.4	200.5	203.0	208.1	201.1	202.6	205.0	209.0	198.6	203.5	195.9
1. Owner's capital	196.4	196.4	196.4	196.4	196.4	185.3	185.3	185.3	185.3	185.3	185.3	185.3
- Common stock with voting right	196,414,310,000.00	196,414,310,000.00	196,414,310,000.00	196,414,310,000.00	196,414,310,000.00	185,299,390,000.00	185,299,390,000.00	185,299,390,000.00	185,299,390,000.00	185,299,390,000.00	185,299,390,000.00	185,299,390,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-26.3	-15.5	0.7	2.9	6.9	11.1	12.7	15.0	18.6	10.8	15.7	10.6
- Accumulated retained earning at the end of the previous period	-23.3	-4.3	3.4	3.4	3.4	16.6	16.6	16.6	12.1	11.0	15.4	11.0
- Undistributed earnings in this period	-3.0	-11.2	-2.7	-0.6	3.5	-5.5	-3.9	-1.6	6.4	-0.2	0.4	-0.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3.0	10.5	3.4	3.7	4.8	4.6	4.6	4.7	5.1	2.5	2.5	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)	300.0	313.7	338.1	345.0	365.1	402.9	400.6	402.7	450.4	322.6	361.5	215.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	-3.1	-22.8	-1.7	-5.0	4.6	-1.5	-2.2	-1.6	5.6	-1.5	1.5	0.0
Depreciation of Fixed Assets and Investment Property	1.1	1.0	1.1	1.1	1.0	0.8	0.9	0.9	1.8	0.0	0.0	0.0
Provision (Increase)/Reversal	0.1	3.4	-0.2	1.3	—	0.0	0.5	0.0	-1.5	1.9	-1.9	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	0.9	-0.3	0.3	0.5	-0.1	-1.0	-0.5	-0.3	-8.6	0.5	-0.5	0.0
Interest Expense	1.3	1.8	1.1	1.8	1.5	1.7	1.8	2.0	3.2	-0.7	0.7	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	0.3	-16.8	0.6	-0.3	7.1	0.0	0.4	1.0	0.5	0.2	-0.2	0.0
Increase/(Decrease) in Receivables	0.3	35.3	-40.4	-9.1	-9.5	-4.1	-5.3	-6.2	38.6	-32.8	32.8	0.0
Increase/(Decrease) in Inventory	-1.4	22.6	-3.0	7.3	-5.0	-3.3	2.5	-1.9	15.8	-7.8	7.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.6	-55.3	19.4	-1.2	-0.6	-0.8	-2.9	6.7	-7.6	56.8	-56.8	0.0
Increase/(Decrease) in Prepaid Expenses	-1.4	-0.0	0.1	0.0	0.1	0.1	0.1	0.1	-0.4	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	-1.5	-1.2	-1.1	-1.6	-1.7	-1.7	-1.8	-2.0	-3.2	0.8	-0.8	0.0
Corporate Income Tax Paid	—	0.0	-0.1	-0.1	—	-0.1	-0.0	-0.6	-1.3	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-11.8	11.8
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	7.1	-7.1
Net Cash Flow from Operating Activities	-1.1	-15.4	-24.6	-5.0	-9.7	-9.9	-7.0	-3.0	42.4	17.1	-24.9	7.8
Payments for Fixed Assets and Other Long-term Assets	-2.7	-1.1	-3.0	-1.2	-0.8	0.0	0.1	-0.1	-0.2	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.6	—	—	—	—	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	9.7	—	—	—	0.0	0.0	-1.5	-4.8	26.1	-26.1	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	3.2	3.1	1.4	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	-56.8	126.4	-126.4	0.0
Proceeds from Investments in Other Entities	—	0.5	24.5	18.0	—	0.0	0.0	0.0	0.0	-188.9	188.9	0.0
Dividends and Interest Income Received	—	0.1	0.0	0.1	0.1	1.0	0.6	0.1	0.3	0.0	0.0	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	1.9	9.3	21.5	16.9	-0.7	4.4	3.8	-0.2	-61.5	-36.4	36.4	0.0
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	20.0	15.6	4.8	21.4	15.2	29.6	10.0	12.0	110.5	-3.3	-0.0	3.3
Repayment of Borrowings	-20.5	-9.3	-2.1	-33.1	-12.8	-25.0	-6.8	-8.4	-80.4	16.7	-5.5	-11.2
Repayment of Finance Leases	—	—	—	—	—	0.0	-0.2	0.0	-0.5	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.6	6.4	2.7	-11.7	2.4	4.7	2.9	3.5	29.6	13.4	-5.5	-7.9
Net Cash Flow During the Period	0.3	0.2	-0.4	0.1	-8.0	-0.8	-0.2	0.3	10.5	-5.9	5.9	-0.0
Cash and Cash Equivalents at Beginning of Period	1.8	1.7	2.0	1.9	9.9	10.5	10.5	10.5	0.1	0.0	0.1	0.1
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	2.1	1.8	1.7	2.0	1.9	9.8	10.6	10.8	10.5	0.0	6.0	0.1

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ILA

What Is Changing

Drivers of ILA'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 ▼▼

Is financial risk significant?

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