KSD

Đầu tư DNA ·HNX ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −25.13%, −27.62pp YoY

Price

4,900

Latest close

04 Jun 2026

P/E -7.91x

P/B 0.49x

EPS -619

BVPS 9,990

ROE -6.2%

ROA -5.4%

Profit Margin -25.1%

Asset Turnover 0.22x

Equity Mult. 1.14x

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

What Is Changing

On a TTM 2026Q1 basis, KSD posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — this marks a reversal from the difficult phase before. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 30bn
	                                
−39.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 7bn
	                                
−715.8%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.16x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	33.2	47.1	52.4	103.0	68.9
Growth	-30%	-10%	-49%	+49%	—
Net Income	0.5	-0.7	0.2	0.2	19.1
Net Margin	1.59%	-1.51%	0.29%	0.15%	27.78%

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	7.4	5.7	8.4	8.1	11.6	12.4	13.6	11.1	9.4	6.5	17.7	17.6
Growth	+31%	-33%	+5%	-30%	-7%	-9%	+23%	+18%	+43%	-63%	+0%	—
Net Income	-0.9	2.0	-0.4	-8.2	0.3	1.1	1.1	-1.3	-0.8	1.0	0.3	-0.4
Net Margin	-12.26%	35.76%	-4.23%	-101.70%	2.51%	9.18%	7.92%	-11.71%	-8.27%	15.50%	1.88%	-2.17%

Drivers of KSD's profit

TTM

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

Gross profit ↓ 4.9bn

Administrative expenses ↑ 4.6bn

TTM

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

Selling expenses ↓ 0.2bn

Gross profit ↓ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.0% = 2.5% × 0.38 × 1.06

2026Q1 -6.2% = -25.1% × 0.22 × 1.14

ROE fell from 1.0% to -6.2% — net margin weakened the most, though leverage still provided support.

Net margin: -25.1% -27.6pp Asset turnover: 0.22x -0.17x Leverage: 1.14x +0.08x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -25.13%, losing 27.6pp. The main pressure comes from SG&A / Revenue rose 22.3pp and Gross margin fell 7.1pp (with additional support from Net financial result / Revenue rose 0.5pp).

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

Profitability trend

Net Margin -25.13% −27.6pp

Gross Margin 7.88% −7.1pp

SG&A / Revenue 34.88% +22.3pp

TTM YoY · 2025Q1 -> 2026Q1

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 0.28x −0.26x

Average Invested Capital 106.9bn +16.0bn

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 0.18x equity, net debt at 0.04x equity.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 108.3 days versus the same period last year. The main moves came from DIO rose 54.0 days, DSO rose 51.9 days, and DPO fell 2.4 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 425.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +51.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 313.8 days +51.9 days

Inventory 114.8 days +54.0 days

Payables 2.9 days −2.4 days

Cash Conversion Cycle 425.7 days +108.3 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

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 81.6% of debt, and total debt stands at 26.9bn.

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 0.04x +0.30x

Interest Coverage — —

Cash / Debt 81.6% −1009.1pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -1.16x +0.15x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 14.5bn in 2025, against investing cash flow of -34.6bn.

Post-investment cash flow was negative +20.1bn. Financing cash flow was positive +17.4bn.

CFO / net income was -1.16x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 8.6bn +10.2bn

Cash Capex — —

FCF TTM — —

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 margins remain under pressure remaining the main constraint, with net margin down 27.6 pp. The next watchpoint is capital efficiency.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at -25.13% after a 27.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	33.2	47.1	52.4	103.0	68.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	33.2	47.1	52.4	103.0	68.9
Cost of Goods Sold	30.7	41.3	50.4	95.6	0.0
Gross Profit	2.5	5.8	1.9	7.4	7.7
Financial Income	2.4	1.5	0.9	0.2	21.7
Financial Expenses	0.1	0.4	0.7	0.3	-0.4
Interest Expense	0.1	0.1	0.4	0.3	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.7	0.7	0.9	3.0	-3.3
General and Administrative Expenses	3.4	5.1	3.7	4.0	-3.9
Operating Profit	0.6	1.1	-2.4	0.2	21.8
Other Income	0.1	0.0	2.7	0.1	0.0
Other Expenses	0.1	1.7	0.1	0.1	0.0
Other Profit	-0.1	-1.7	2.6	0.0	0.0
Profit Before Tax	0.6	-0.5	0.2	0.3	21.8
Current Income Tax Expense	0.0	0.2	0.0	0.1	-2.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.5	-0.7	0.2	0.2	19.1
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.5	-0.7	0.2	0.2	19.1
Earnings per Share	44.00	-59.00	13.00	13.00	-297.00
Diluted EPS	44.00	-59.00	13.00	13.00	1,594.32

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	78.0	85.0	81.2	60.1	71.7
I. Cash and cash equivalents	12.3	15.0	17.5	10.1	2.3
1. Cash	11.1	15.0	17.5	5.6	0.0
2. Cash equivalents	1.2	0.0	0.0	4.5	0.0
II. Short-term financial investments	13.9	21.2	13.0	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	13.9	21.2	13.0	0.0	0.0
III. Short-term receivables	35.6	41.4	43.5	42.6	60.7
1. Short-term trade accounts receivable	13.8	37.5	35.9	33.3	0.0
2. Short-term prepayments to suppliers	8.2	5.0	6.8	9.2	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	13.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.6	0.1	0.8	0.1	0.0
7. Provision for short-term doubtful debts (*)	—	-1.2	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	13.0	6.8	7.2	7.2	5.8
1. Inventories	13.0	6.8	7.2	7.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.2	0.5	0.0	0.2	2.9
1. Short-term prepayments	0.0	0.0	0.0	0.1	0.0
2. Value added tax to be reclaimed	3.2	0.5	0.0	0.1	0.0
3. Taxes and other receivables from state authorities	—	0.0	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)	64.1	37.6	50.7	72.4	60.6
I. Long-term receivables	—	0.0	0.0	9.0	0.0
1. Long-term trade receivables	—	0.0	0.0	9.0	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	31.1	33.8	41.4	53.6	53.5
1. Tangible fixed assets	31.1	33.8	41.4	53.6	53.5
- Cost	82.9	83.4	89.8	106.5	0.0
- Accumulated depreciation	-51.8	-49.6	-48.4	-52.9	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	20.5	0.3	5.8	5.8	3.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	20.5	0.3	5.8	5.8	0.0
V. Long-term financial investments	9.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	3.5	3.5	3.5	4.0	0.0
1. Long-term prepayments	3.5	3.5	3.5	4.0	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	4.1
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)	142.0	122.5	132.0	132.5	132.3
A. LIABILITIES (300=210+330)	21.3	2.3	11.0	11.7	11.6
I. Short -term liabilities	3.4	2.3	11.0	11.7	11.6
1. Short-term trade accounts payable	0.1	0.2	0.4	1.4	6.2
2. Short-term advances from customers	0.0	0.1	0.1	0.0	0.0
3. Taxes and other payables to state authorities	0.2	0.0	0.0	0.1	0.0
4. Payable to employees	0.3	0.0	0.2	0.7	0.0
5. Short-term acrrued expenses	0.0	0.0	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	2.5	1.5	2.5	2.9	2.0
9. Other short-term payables	0.3	0.0	0.0	0.1	0.0
10. Short-term borrowings and financial leases	—	0.5	7.9	6.6	0.0
11. Provision for short-term liabilities	—	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	17.9	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	17.9	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)	120.7	120.2	120.9	120.8	120.6
I. Owner's equity	120.7	120.2	120.9	120.8	0.0
1. Owner's capital	120.0	120.0	120.0	120.0	120.6
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- 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	0.2	0.2	0.1	0.1	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	0.5	0.0	0.8	0.7	0.5
- Accumulated retained earning at the end of the previous period	0.0	0.7	0.7	0.5	-18.7
- Undistributed earnings in this period	0.5	-0.7	0.2	0.2	19.2
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)	142.0	122.5	132.0	132.5	132.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	-0.2	-0.1	-2.6	0.0
Other Operating Receipts	0.1	29.8	3.8	13.0	0.0
Other Operating Payments	-2.8	-14.2	-3.1	-5.2	0.0
Net Cash Flow from Operating Activities	14.5	5.4	9.1	11.1	-10.7
Payments for Fixed Assets and Other Long-term Assets	-21.2	0.0	0.0	-9.4	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	7.0	10.0	0.4	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	-9.0	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	1.3	0.5	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	-34.6	-0.5	-2.7	-9.0	-0.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	22.2	3.5	29.0	35.1	0.0
Repayment of Borrowings	-4.8	-10.9	-28.4	-29.5	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
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	17.4	-7.4	0.6	5.5	0.0
Net Cash Flow During the Period	-2.7	-2.5	7.0	7.7	0.0
Cash and Cash Equivalents at Beginning of Period	15.0	17.5	10.1	2.3	14.4
FX Difference from Revaluation	0.0	0.0	0.3	0.2	-0.0
Cash and Cash Equivalents at End of Period	12.3	15.0	17.5	10.1	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	7.4	5.7	8.4	8.1	11.6	12.4	13.6	11.1	9.4	6.5	17.7	17.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	7.4	5.7	8.4	8.1	11.6	12.4	13.6	11.1	9.4	6.5	17.7	17.6
Cost of Goods Sold	6.3	5.5	7.8	7.8	9.9	10.0	11.4	10.0	8.7	6.4	15.0	16.4
Gross Profit	1.1	0.2	0.7	0.3	1.7	2.4	2.2	1.0	0.7	0.1	2.6	1.2
Financial Income	0.0	0.7	0.0	0.6	0.1	1.0	0.1	1.0	0.2	0.7	0.0	0.2
Financial Expenses	—	0.0	0.1	0.1	0.0	0.0	0.0	0.3	0.3	0.1	0.1	0.1
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.1	0.1	0.2	0.2	0.2	0.3	0.2	0.1	0.1	0.3	0.3
General and Administrative Expenses	1.3	-1.2	1.0	8.9	1.3	2.0	0.9	1.1	1.3	1.0	1.9	1.3
Operating Profit	-0.2	2.0	-0.4	-8.2	0.3	1.1	1.1	0.4	-0.8	-0.4	0.3	-0.4
Other Income	—	—	0.1	—	—	0.0	0.0	7.0	0.0	1.6	0.0	0.0
Other Expenses	0.8	0.0	0.0	—	—	0.0	0.0	8.7	0.0	0.1	0.0	0.0
Other Profit	-0.8	-0.0	0.1	—	—	-0.0	-0.0	-1.7	0.0	1.4	0.0	-0.0
Profit Before Tax	-0.9	2.0	-0.4	-8.2	0.3	1.1	1.1	-1.3	-0.8	1.1	0.3	-0.4
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.9	2.0	-0.4	-8.2	0.3	1.1	1.1	-1.3	-0.8	1.0	0.3	-0.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.9	2.0	-0.4	-8.2	0.3	1.1	1.1	-1.3	-0.8	1.0	0.3	-0.4
Earnings per Share	-75.75	169.10	-29.72	-683.00	24.20	95.00	89.75	-107.88	-64.62	84.00	28.00	-32.00
Diluted EPS	-75.75	169.10	-29.72	-683.00	24.20	-84.00	89.75	-107.88	-64.62	84.00	28.00	-32.00

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)	75.5	77.6	84.0	84.5	88.7	84.6	86.1	82.2	81.8	86.7	70.1	64.6
I. Cash and cash equivalents	21.9	38.9	22.5	41.5	34.6	15.0	29.8	33.6	32.9	17.5	3.4	12.5
1. Cash	0.9	10.8	2.0	10.0	4.6	15.0	8.5	16.4	17.9	17.5	1.4	9.5
2. Cash equivalents	21.0	28.1	20.5	31.5	30.0	0.0	21.3	17.3	15.0	0.0	2.0	3.0
II. Short-term financial investments	—	—	—	—	—	21.2	0.0	0.0	0.0	13.0	11.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	21.2	0.0	0.0	0.0	13.0	11.0	0.0
III. Short-term receivables	38.4	22.7	56.2	37.4	48.5	40.6	48.9	41.0	40.0	43.2	46.1	43.8
1. Short-term trade accounts receivable	12.4	13.8	34.0	37.2	38.5	36.8	39.8	39.7	31.2	35.9	32.6	33.6
2. Short-term prepayments to suppliers	15.4	8.2	9.8	8.8	6.3	5.0	1.4	1.1	7.6	6.8	6.3	9.8
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	6.8	0.0
6. Other short-term receivables	10.6	0.7	14.8	0.4	5.0	0.1	7.7	0.2	1.2	0.5	0.4	0.4
7. Provision for short-term doubtful debts (*)	—	—	-2.3	-9.0	-1.2	-1.2	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
IV. Inventories	12.1	12.8	3.0	3.6	5.1	7.2	7.1	7.5	8.7	13.0	7.7	7.4
1. Inventories	12.1	12.8	3.0	3.6	5.1	7.2	7.1	7.5	8.7	13.0	7.7	7.4
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	3.1	3.2	2.2	2.0	0.5	0.5	0.2	0.0	0.2	0.0	1.8	0.8
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
2. Value added tax to be reclaimed	3.1	3.2	2.2	2.0	0.5	0.5	0.2	0.0	0.2	0.0	1.6	0.8
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.2	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)	74.2	64.2	56.4	53.3	36.7	37.6	38.6	39.8	47.5	44.9	73.5	71.5
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	9.0	9.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	9.0	9.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	30.4	31.2	32.1	32.4	32.9	33.8	34.7	35.8	44.2	41.4	51.1	52.7
1. Tangible fixed assets	30.4	31.2	32.1	32.4	32.9	33.8	34.7	35.8	44.2	41.4	51.1	52.7
- Cost	83.1	—	—	—	—	83.4	83.4	83.4	93.9	89.8	107.5	108.4
- Accumulated depreciation	-52.6	—	—	—	—	-49.6	-48.7	-47.6	-49.7	-48.4	-56.4	-55.7
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	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
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	21.1	20.6	20.1	17.5	0.3	0.3	0.3	0.3	0.0	0.0	9.8	5.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	21.1	20.6	20.1	17.5	0.3	0.3	0.3	0.3	0.0	0.0	9.8	5.8
V. Long-term financial investments	19.2	9.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	19.2	9.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	3.5	3.5	4.1	3.4	3.5	3.5	3.6	3.7	3.3	3.5	3.6	4.0
1. Long-term prepayments	3.5	3.5	4.1	3.4	3.5	3.5	3.6	3.7	3.3	3.5	3.6	4.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	149.6	141.9	140.3	137.8	125.4	122.2	124.6	122.0	129.3	131.6	143.7	136.1
A. LIABILITIES (300=210+330)	29.8	20.9	22.0	25.6	4.9	2.3	4.7	3.1	9.4	10.7	23.7	16.4
I. Short -term liabilities	29.5	20.6	21.8	25.4	4.9	2.3	4.7	3.1	9.4	10.7	23.7	16.4
1. Short-term trade accounts payable	0.1	0.1	0.1	0.2	0.3	0.2	1.0	0.7	0.9	0.4	1.0	1.3
2. Short-term advances from customers	0.2	0.0	0.3	—	0.4	0.1	1.3	0.1	0.1	0.1	9.6	3.5
3. Taxes and other payables to state authorities	0.0	0.2	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.0	0.0
4. Payable to employees	0.3	—	—	—	—	0.0	0.0	0.0	0.4	0.1	0.3	0.3
5. Short-term acrrued expenses	0.0	—	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	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	1.9	2.5	2.3	2.9	0.9	1.5	1.1	1.5	2.0	2.5	0.9	1.8
9. Other short-term payables	0.1	0.0	0.1	0.1	0.1	0.0	0.1	0.0	0.0	0.0	0.1	0.0
10. Short-term borrowings and financial leases	26.9	17.9	19.0	22.2	3.2	0.5	1.1	0.6	5.9	7.5	11.8	9.5
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	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	0.3	0.3	0.2	0.2	—	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
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.3	0.3	0.2	0.2	—	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
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	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)	119.9	120.9	118.3	112.2	120.5	119.9	119.9	118.8	119.9	120.9	119.9	119.7
I. Owner's equity	119.9	120.9	118.3	112.2	120.5	119.9	119.9	118.8	119.9	120.9	119.9	119.7
1. Owner's capital	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- 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	0.2	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	-0.3	0.8	-1.9	-7.9	0.4	-0.2	-0.2	-1.3	-0.2	0.8	-0.2	-0.4
- Accumulated retained earning at the end of the previous period	0.0	0.1	0.0	0.1	0.8	0.8	0.8	0.8	0.6	0.7	0.7	0.7
- Undistributed earnings in this period	-0.3	0.7	-1.9	-8.0	-0.4	-1.0	-1.0	-2.1	-0.8	0.2	-0.9	-1.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	149.6	141.9	140.3	137.8	125.4	122.2	124.6	122.0	129.3	131.6	143.7	136.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	—	—	—	—	-0.2	0.2	-0.2	0.0	-0.0	0.0	-0.1
Other Operating Receipts	0.0	—	—	—	—	29.7	-0.9	0.9	0.0	-0.1	0.3	0.6
Other Operating Payments	-10.3	13.0	-14.9	4.1	-5.0	-6.4	-7.1	-0.0	-0.6	-0.6	-0.5	-1.9
Net Cash Flow from Operating Activities	-7.1	30.3	-16.9	2.2	-1.2	9.4	-11.9	2.1	5.9	1.6	6.6	0.6
Payments for Fixed Assets and Other Long-term Assets	—	-21.2	17.5	-17.5	—	0.0	0.0	0.0	0.0	2.1	0.0	-2.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	7.0	-2.2	2.2	0.0	9.5	0.0	0.5
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	1.3	-0.1	0.0	0.1	0.1	-0.3	0.3	0.1	0.2	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	-3.1	-45.6	38.7	-19.0	-8.7	3.4	-2.2	0.2	-1.9	16.6	-14.8	-4.6
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	—	0.0	—	22.2	—	3.3	-2.8	2.8	0.0	4.5	9.5	7.8
Repayment of Borrowings	—	-1.6	-2.7	0.0	-0.5	-10.9	10.2	-6.6	-3.6	-8.9	-7.4	-7.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	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	—	20.5	-24.8	22.2	-0.5	-7.6	7.5	-3.9	-3.6	-4.4	2.1	0.6
Net Cash Flow During the Period	-10.2	5.3	-3.0	5.4	-10.4	5.2	-6.6	-1.6	0.4	13.7	-6.0	-3.4
Cash and Cash Equivalents at Beginning of Period	11.1	7.0	10.0	4.6	15.0	17.5	17.5	17.5	17.5	10.1	10.1	10.1
FX Difference from Revaluation	—	0.0	0.0	0.0	—	0.1	-0.1	0.1	0.0	0.3	0.0	0.0
Cash and Cash Equivalents at End of Period	0.9	12.3	7.0	10.0	4.6	15.0	9.7	16.4	17.9	17.5	3.4	9.5

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KSD

What Is Changing

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Balance Sheet ●

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Cash Flow ●

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Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow