IRC

Cao su Công nghiệp ·UPCOM ·2026Q1

● Maintaining

Pre-tax profit relies materially on non-core sources Net financial result/PBT 24.48%

Price

—

Latest close

P/E —

P/B —

EPS 1,022

BVPS 11,028

ROE 9.6%

ROA 9.4%

Profit Margin 272.8%

Asset Turnover 0.03x

Equity Mult. 1.02x

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

What Is Changing

On a TTM 2026Q1 basis, IRC has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. Notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 7bn
	                                
−66.9%YoY

	                            
	                                NET MARGIN
	                            
	                                    272.81%
	                                
+193.3ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 18bn
	                                
+13.4%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    177.3%

Metric	2025	2024	2023	2022	2021
Revenue	5.9	25.1	19.8	16.3	33.0
Growth	-77%	+27%	+21%	-50%	—
Net Income	18.1	13.2	6.4	8.9	13.4
Net Margin	308.34%	52.68%	32.59%	54.74%	40.64%

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	1.0	1.6	0.8	3.2	0.3	3.6	1.4	14.5	5.6	9.1	2.0	8.4
Growth	-38%	+90%	-74%	+995%	-92%	+157%	-90%	+158%	-39%	+350%	-76%	—
Net Income	-0.1	23.7	-1.7	-3.9	-1.8	12.8	0.7	4.1	-3.5	13.1	-1.5	-4.5
Net Margin	-11.24%	1504.97%	-211.12%	-123.98%	-629.20%	352.68%	46.03%	28.54%	-61.95%	142.92%	-74.20%	-53.02%

Drivers of IRC's profit

TTM

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

Other profit ↑ 17.3bn

Gross profit ↓ 11.0bn

Administrative expenses ↑ 0.6bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 0.7bn

Gross profit ↑ 0.5bn

Other profit ↑ 0.3bn

Financial income ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.9% = 79.5% × 0.11 × 1.03

2026Q1 9.6% = 272.8% × 0.03 × 1.02

ROE rose from 8.9% to 9.6% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 272.8% +193.3pp Asset turnover: 0.03x -0.07x Leverage: 1.02x -0.01x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 272.81%, rising 193.3pp. Despite pressure from Gross margin fell 149.9pp and SG&A / Revenue rose 113.3pp, the offset came from Other profit / Revenue rose 487.9pp and Net financial result / Revenue rose 15.2pp.

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 272.81% +193.3pp

Gross Margin -140.77% −149.9pp

SG&A / Revenue 165.10% +113.3pp

Non-core / Revenue 643.37% +503.0pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 201.8% of PBT and lifted net margin by 503.0pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.10x equity, with a net cash position equivalent to 0.04x equity.

Inventory ended the period at 24.1bn, roughly 11.4% of total assets.

Over the last 12 months, working capital absorbed 12.1bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +0.5bn

Inventories increased → lower CFO: −13.6bn

Payables increased → higher CFO: +1.0bn

Working Capital Efficiency

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

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

Watchpoints

Inventory turnover is slowing

DIO increased by +230.3 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables — —

Inventory 687.0 days +230.3 days

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Leverage is safe but FCF is negative at 33.0bn due to capex of 4.4bn — an investment choice, not an urgent risk.

Leverage & Liquidity

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

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

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

Leverage and liquidity trend

Net Debt / Equity -0.04x −0.02x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -1.60x −1.02x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -28.3bn in 2025, against investing cash flow of 47.0bn.

Post-investment cash flow was positive +18.7bn. Financing cash flow was negative +11.7bn.

CFO / net income was -1.60x.

After spending +4.4bn on fixed-asset investment, the business generated trailing free cash flow of −33.0bn.

Cash Conversion

CFO TTM 28.6bn −19.5bn

Cash Capex 4.4bn +1.6bn

FCF TTM −33.0bn −21.1bn

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is operating efficiency, with net margin improving 193.3 pp. The next item to monitor is the earnings mix, when non-core contribution is 24.5%. The main risk still sits in self-funded cash generation remains weak.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 272.81% after expanding 193.3pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 24.5% of PBT and CFO / net income currently at -1.60x.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 33.0bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	5.9	25.1	19.8	16.3	33.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	5.9	25.1	19.8	16.3	33.0
Cost of Goods Sold	15.6	25.6	30.0	25.6	0.0
Gross Profit	-9.8	-0.4	-10.2	-9.3	-3.0
Financial Income	5.2	5.8	7.3	6.4	6.0
Financial Expenses	0.6	0.3	1.5	1.8	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.0	0.1	0.0	0.0	-0.1
General and Administrative Expenses	10.9	10.4	9.2	8.4	-8.9
Operating Profit	-16.1	-5.3	-13.5	-13.1	-5.9
Other Income	38.9	22.1	21.8	24.5	0.0
Other Expenses	0.0	0.1	0.1	0.0	0.0
Other Profit	38.9	22.0	21.7	24.5	22.7
Profit Before Tax	22.8	16.7	8.2	11.4	16.8
Current Income Tax Expense	4.7	3.5	1.7	2.5	-3.4
Deferred Income Tax Expense	0.0	-0.0	0.0	0.0	0.0
Net Income	18.1	13.2	6.4	8.9	13.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	18.1	13.2	6.4	8.9	13.4
Earnings per Share	1,034.00	757.00	349.00	511.00	765.00
Diluted EPS	1,033.90	757.00	367.95	510.81	765.31

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	150.4	140.6	135.4	130.9	136.5
I. Cash and cash equivalents	22.4	15.4	10.1	12.5	11.4
1. Cash	2.6	2.4	2.6	5.2	0.0
2. Cash equivalents	19.8	13.0	7.5	7.3	0.0
II. Short-term financial investments	102.1	104.6	103.6	88.5	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	102.1	104.6	103.6	88.5	0.0
III. Short-term receivables	1.5	1.6	2.4	1.4	1.5
1. Short-term trade accounts receivable	—	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.1	0.1	0.3	0.1	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	1.3	1.5	2.1	1.3	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	24.1	19.0	19.2	26.9	24.3
1. Inventories	34.6	21.2	28.1	35.6	0.0
2. Provision for decline in value of inventories	-10.5	-2.2	-8.8	-8.7	0.0
V. Other short-term assets	0.3	0.0	0.1	1.6	0.3
1. Short-term prepayments	0.1	0.0	0.1	0.0	0.0
2. Value added tax to be reclaimed	0.3	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	1.6	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)	61.6	62.4	60.6	63.4	66.8
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	22.4	22.8	27.5	31.6	38.1
1. Tangible fixed assets	22.4	22.8	27.5	31.6	38.1
- Cost	60.7	68.2	78.0	84.6	0.0
- Accumulated depreciation	-38.3	-45.4	-50.6	-53.0	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	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.0	-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	17.7	19.4	12.6	9.9	5.0
1. Long-term production in progress	2.8	2.0	1.2	0.0	0.0
2. Construction in progress	14.9	17.4	11.4	9.9	0.0
V. Long-term financial investments	19.6	20.2	20.5	21.9	23.8
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	23.8	23.8	23.8	23.8	0.0
4. Provision for diminution in value of long-term investments	-4.1	-3.5	-3.3	-1.8	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	1.8	0.0	0.0	0.0	0.0
1. Long-term prepayments	1.8	0.0	0.0	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	—	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)	212.0	203.0	196.0	194.2	203.3
A. LIABILITIES (300=210+330)	18.9	14.8	14.5	10.3	14.9
I. Short -term liabilities	18.9	14.8	14.5	10.3	14.9
1. Short-term trade accounts payable	0.2	1.3	0.0	0.0	0.0
2. Short-term advances from customers	0.2	0.0	0.0	0.0	0.2
3. Taxes and other payables to state authorities	4.6	3.1	0.4	0.3	0.0
4. Payable to employees	7.5	7.4	6.3	3.4	0.0
5. Short-term acrrued expenses	0.3	0.1	0.1	0.1	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	—	0.1	0.3	0.0	0.0
9. Other short-term payables	4.4	0.1	2.6	0.9	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.9	2.7	4.8	5.6	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	193.1	188.3	181.5	183.9	188.4
I. Owner's equity	193.1	188.3	181.5	183.9	0.0
1. Owner's capital	175.0	175.0	175.0	175.0	188.4
- Common stock with voting right	175,000,000,000.00	175,000,000,000.00	175,000,000,000.00	175,000,000,000.00	175,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
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	18.1	13.3	6.5	8.9	13.4
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	18.1	13.2	6.4	8.9	13.4
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)	212.0	203.0	196.0	194.2	203.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	22.8	16.7	8.2	11.4	16.8
Depreciation of Fixed Assets and Investment Property	1.8	1.8	2.2	2.9	3.5
Provision (Increase)/Reversal	8.9	-6.4	1.6	8.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-43.1	-27.4	-29.0	-30.4	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-9.7	-15.3	-17.0	-7.7	-6.3
Increase/(Decrease) in Receivables	-0.3	0.1	-0.1	0.6	0.0
Increase/(Decrease) in Inventory	-14.2	6.1	6.3	-9.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.3	-0.4	4.8	-2.6	0.0
Increase/(Decrease) in Prepaid Expenses	-1.9	0.0	-0.1	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	-0.0	0.0
Corporate Income Tax Paid	-3.2	-0.7	-0.0	-7.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.4	-2.4	-4.5	-2.9	0.0
Net Cash Flow from Operating Activities	-28.3	-12.6	-10.6	-29.2	-8.9
Payments for Fixed Assets and Other Long-term Assets	-4.7	-6.7	-3.3	-4.9	-1.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	43.9	25.2	25.3	27.5	26.2
Loans and Purchases of Debt Instruments	-107.2	-109.9	-103.6	-117.5	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	109.7	108.9	88.5	128.0	-12.7
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	5.4	6.4	6.5	6.1	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	24.0	13.5	39.3	18.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-11.7	-6.1	-5.2	-9.0	-11.5
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	-11.7	-6.1	-5.2	-9.0	-11.5
Net Cash Flow During the Period	7.0	5.3	-2.4	1.0	5.2
Cash and Cash Equivalents at Beginning of Period	15.4	10.1	12.5	11.4	13.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	22.4	15.4	10.1	12.5	11.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1.0	1.6	0.8	3.2	0.3	3.6	1.4	14.5	5.6	9.1	2.0	8.4
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1.0	1.6	0.8	3.2	0.3	3.6	1.4	14.5	5.6	9.1	2.0	8.4
Cost of Goods Sold	0.7	8.2	1.9	5.0	0.6	8.0	0.3	9.1	8.2	15.0	2.7	12.2
Gross Profit	0.2	-6.6	-1.1	-1.8	-0.3	-4.4	1.1	5.4	-2.5	-5.8	-0.6	-3.7
Financial Income	1.5	1.6	1.2	1.2	1.3	1.5	1.3	1.5	1.5	2.5	1.2	1.8
Financial Expenses	—	2.1	—	0.4	0.0	-0.7	0.1	0.3	0.3	0.6	0.3	0.3
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.2	3.6	2.1	3.0	2.8	3.0	1.6	2.8	2.3	3.3	1.8	2.1
Operating Profit	-0.4	-10.7	-2.0	-4.0	-1.8	-5.2	0.7	3.8	-3.6	-7.3	-1.5	-4.4
Other Income	0.3	38.6	0.3	0.1	-0.0	21.2	0.2	0.5	0.2	22.2	0.0	0.0
Other Expenses	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.1
Other Profit	0.3	38.6	0.3	0.1	-0.0	21.2	0.2	0.5	0.1	22.1	-0.0	-0.1
Profit Before Tax	-0.1	27.9	-1.7	-3.9	-1.8	16.0	0.8	4.3	-3.5	14.9	-1.5	-4.5
Current Income Tax Expense	—	4.2	—	—	0.0	3.2	0.2	0.2	0.0	1.8	0.0	0.0
Deferred Income Tax Expense	—	—	0.0	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.1	23.7	-1.7	-3.9	-1.8	12.8	0.7	4.1	-3.5	13.1	-1.5	-4.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.1	23.7	-1.7	-3.9	-1.8	12.8	0.7	4.1	-3.5	13.1	-1.5	-4.5
Earnings per Share	-6.00	1,353.00	-100.00	-225.00	-104.00	732.00	37.00	236.00	-199.00	747.00	-86.00	-256.00
Diluted EPS	-6.25	1,352.56	-99.83	-225.12	-104.34	731.62	37.14	236.17	-199.01	747.18	-86.23	-255.58

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)	135.8	150.2	112.0	115.5	118.8	140.6	120.3	125.6	124.5	135.4	120.2	120.1
I. Cash and cash equivalents	7.1	22.4	2.5	2.8	3.0	15.4	1.7	9.8	7.3	10.1	4.9	5.1
1. Cash	3.1	2.6	2.5	2.8	2.0	2.4	1.7	2.3	3.0	2.6	2.9	5.1
2. Cash equivalents	4.0	19.8	—	—	1.0	13.0	0.0	7.4	4.3	7.5	2.0	0.0
II. Short-term financial investments	99.4	102.1	81.4	88.2	90.6	104.6	100.5	104.4	100.6	103.6	84.8	89.3
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	99.4	102.1	81.4	88.2	90.6	104.6	100.5	104.4	100.6	103.6	84.8	89.3
III. Short-term receivables	2.9	1.5	3.9	3.3	3.6	1.6	4.2	4.9	3.2	2.4	4.7	4.6
1. Short-term trade accounts receivable	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.1	0.1	0.1	0.1	0.9	0.1	0.2	0.4	0.2	0.3	0.1	0.1
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.8	1.3	3.8	3.2	2.6	1.5	4.1	4.3	3.0	2.1	4.6	4.5
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	25.6	24.1	22.7	19.8	20.9	19.0	12.6	5.3	12.8	19.2	23.1	18.2
1. Inventories	36.0	34.3	28.1	23.9	23.4	21.2	12.9	6.6	21.7	28.1	31.7	26.7
2. Provision for decline in value of inventories	-10.4	-10.2	-5.3	-4.1	-2.5	-2.2	-0.3	-1.3	-8.8	-8.8	-8.5	-8.5
V. Other short-term assets	0.7	0.1	1.6	1.3	0.7	0.0	1.3	1.3	0.6	0.1	2.6	2.9
1. Short-term prepayments	0.5	0.1	1.2	1.2	0.5	0.0	1.3	1.1	0.5	0.1	1.2	1.4
2. Value added tax to be reclaimed	0.2	—	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.2	0.1	0.1	0.0	0.0	0.2	0.1	0.0	1.5	1.5
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	62.4	59.1	66.1	64.5	62.9	62.4	63.5	62.0	60.7	60.6	64.7	62.8
I. Long-term receivables	—	—	—	—	0.0	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	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	0.0	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	0.0
II. Fixed assets	22.2	22.4	28.9	24.1	23.8	22.8	27.3	27.8	27.3	27.5	32.1	31.2
1. Tangible fixed assets	22.2	22.4	28.9	24.1	23.7	22.8	27.2	27.7	27.3	27.5	32.1	31.2
- Cost	60.7	—	—	—	69.1	68.2	77.0	77.1	78.0	78.0	86.0	84.5
- Accumulated depreciation	-38.5	—	—	—	-45.4	-45.4	-49.8	-49.4	-50.8	-50.6	-54.0	-53.3
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	18.8	17.7	17.3	20.5	18.9	19.4	16.7	14.3	13.2	12.6	11.6	10.2
1. Long-term production in progress	3.2	2.8	2.9	2.4	2.2	2.0	1.6	1.2	1.2	1.2	1.1	0.0
2. Construction in progress	15.6	14.9	14.4	18.1	16.7	17.4	15.2	13.1	11.9	11.4	10.5	10.2
V. Long-term financial investments	19.6	17.8	19.8	19.8	20.2	20.2	19.5	19.9	20.2	20.5	21.1	21.4
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8
4. Provision for diminution in value of long-term investments	-4.1	-6.0	-3.9	-3.9	-3.5	-3.5	-4.2	-3.8	-3.5	-3.3	-2.7	-2.4
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.7	1.3	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	1.7	1.3	0.2	—	0.0	0.0	0.0	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	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	198.1	209.3	178.2	180.0	181.7	203.0	183.8	187.6	185.2	196.0	184.9	182.8
A. LIABILITIES (300=210+330)	5.1	18.0	7.6	10.7	4.0	14.2	7.8	5.8	7.2	14.2	11.0	7.4
I. Short -term liabilities	5.1	18.0	7.6	10.7	4.0	14.2	7.8	5.8	7.2	14.2	11.0	7.4
1. Short-term trade accounts payable	—	0.2	0.0	2.0	0.0	1.3	0.0	0.0	0.0	0.0	0.4	0.1
2. Short-term advances from customers	—	0.2	0.2	0.0	0.0	0.0	0.0	0.0	1.0	0.0	0.1	0.0
3. Taxes and other payables to state authorities	1.5	4.1	1.7	1.1	0.8	3.2	1.3	0.2	0.7	0.4	2.0	1.0
4. Payable to employees	1.2	7.1	3.4	1.9	1.1	6.7	2.8	1.2	0.9	6.3	3.2	0.7
5. Short-term acrrued expenses	0.1	0.3	0.0	0.0	0.0	0.1	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	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	—	0.1	0.0	0.1	0.1	0.1	0.1	0.2	0.0	0.0	0.0
9. Other short-term payables	0.6	4.4	0.1	3.0	0.1	0.1	0.1	0.1	0.1	2.6	0.1	0.0
10. Short-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.6	1.9	2.2	2.7	1.9	2.7	3.4	4.2	4.3	4.8	5.1	5.6
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	193.0	191.3	170.6	169.2	177.7	188.8	176.0	181.8	178.0	181.7	173.9	175.4
I. Owner's equity	193.0	191.3	170.6	169.2	177.7	188.8	176.0	181.8	178.0	181.7	173.9	175.4
1. Owner's capital	175.0	175.0	175.0	175.0	175.0	175.0	175.0	175.0	175.0	175.0	175.0	175.0
- Common stock with voting right	175,000,000,000.00	175,000,000,000.00	175,000,000,000.00	175,000,000,000.00	175,000,000,000.00	175,000,000,000.00	175,000,000,000.00	175,000,000,000.00	175,000,000,000.00	175,000,000,000.00	175,000,000,000.00	175,000,000,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	0.0	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	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	18.0	16.3	-4.4	-5.8	2.7	13.8	1.0	6.8	3.0	6.7	-1.1	0.4
- Accumulated retained earning at the end of the previous period	18.1	0.0	2.9	0.0	4.5	0.0	0.0	6.1	6.5	0.0	5.3	5.3
- Undistributed earnings in this period	-0.1	16.3	-7.4	-5.8	-1.8	13.8	1.0	0.7	-3.5	6.7	-6.4	-4.9
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	198.1	209.3	178.2	180.0	181.7	203.0	183.8	187.6	185.2	196.0	184.9	182.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	-0.1	30.2	-1.7	-3.8	-1.8	16.0	0.8	4.0	-3.5	14.5	-1.5	-4.5
Depreciation of Fixed Assets and Investment Property	0.2	1.0	0.5	0.1	0.2	0.9	0.6	0.1	0.2	1.1	0.7	0.2
Provision (Increase)/Reversal	-0.1	5.3	1.2	2.0	0.3	1.1	-0.9	-7.0	0.3	0.9	0.3	0.2
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	3.6	-3.6
Gain/Loss from Investment Activities	—	-40.8	0.1	-2.5	0.1	2.1	-1.3	-1.9	-1.5	-24.3	-4.7	1.8
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-0.0	-4.3	0.1	-4.2	-1.2	20.2	-0.8	-4.7	-4.5	-7.7	-1.7	-5.9
Increase/(Decrease) in Receivables	-1.5	4.6	-4.5	1.9	-2.2	0.2	-7.7	-1.5	0.5	0.2	-0.1	-0.2
Increase/(Decrease) in Inventory	-1.8	-5.5	-5.5	-0.7	-2.5	-9.0	-8.4	15.1	6.4	3.5	-6.0	10.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-9.4	7.3	0.4	2.7	-7.1	5.1	2.7	-1.2	-6.9	3.6	4.1	0.7
Increase/(Decrease) in Prepaid Expenses	-0.2	-0.5	-0.1	-0.8	-0.5	1.3	-0.2	-0.6	-0.5	1.1	0.3	-0.8
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-4.6	0.0	0.0	0.0	-3.2	-0.4	0.0	0.0	-0.3	0.0	-0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	-0.9	0.1	-0.8	-0.9	-0.6	-0.8	-0.4	-0.5	-0.4	-0.5	-2.5
Net Cash Flow from Operating Activities	-17.8	0.5	-9.6	-1.8	-17.5	16.8	-15.1	6.7	-5.8	0.3	-3.9	2.1
Payments for Fixed Assets and Other Long-term Assets	-0.0	-3.2	0.5	-1.8	-0.3	-0.5	0.1	-2.2	-0.0	-1.0	-1.9	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	43.7	—	0.1	0.0	0.0	0.1	0.4	0.0	25.3	0.0	-0.0
Loans and Purchases of Debt Instruments	-14.3	-87.7	-8.4	-11.1	0.0	-76.0	-16.1	-8.8	-9.0	-107.3	20.7	-14.5
Receipts from Loan Repayments and Sale of Debt Instruments	16.8	67.0	15.2	13.5	14.0	71.9	20.0	5.0	12.0	88.5	-16.2	16.2
Investments in Other Entities	—	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	—	2.4	2.0	0.8	0.2	1.5	3.0	1.4	0.0	4.6	1.2	0.7
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	2.5	22.4	9.2	1.6	13.9	-3.1	7.1	-4.3	3.0	10.1	3.8	2.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-2.9	0.0	0.0	-8.8	0.0	0.0	0.0	0.0	-5.2	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-2.9	0.0	0.0	-8.8	0.0	0.0	0.0	0.0	-5.2	0.0	0.0
Net Cash Flow During the Period	-15.3	20.0	-0.4	-0.2	-12.4	13.7	-8.1	2.5	-2.8	5.2	-0.2	4.4
Cash and Cash Equivalents at Beginning of Period	22.4	2.5	2.8	3.0	15.4	10.1	10.1	10.1	10.1	12.5	12.5	12.5
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	7.1	22.4	2.5	2.8	3.0	15.4	1.7	9.8	7.3	10.1	4.9	5.1

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IRC

What Is Changing

Drivers of IRC's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Balance Sheet ▲

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ▼▼

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow