LEC

Bất động sản Điện lực Miền Trung ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −22.50%, −4.97pp YoY

Price

4,700

Latest close

29 May 2026

P/E -7.22x

P/B 0.43x

EPS -651

BVPS 10,925

ROE -5.8%

ROA -3.1%

Profit Margin -16.2%

Asset Turnover 0.19x

Equity Mult. 1.90x

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

What Is Changing

On a TTM 2026Q1 basis, LEC is retaining some revenue, but margins are collapsing sharply — profit momentum has been slowing across consecutive periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 105bn
	                                
−7.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 24bn
	                                
−18.3%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    72.0%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	2.9	126.9	104.3	181.0	534.9
Growth	-98%	+22%	-42%	-66%	—
Net Income	-0.8	-44.8	-30.8	-8.9	2.8
Net Margin	-27.29%	-35.29%	-29.53%	-4.91%	0.52%

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	25.4	1.6	25.2	52.5	0.3	72.1	23.2	18.0	13.5	29.0	5.4	30.8
Growth	+1466%	-94%	-52%	+15311%	-100%	+211%	+29%	+33%	-54%	+442%	-83%	—
Net Income	-2.2	-10.4	-2.7	-8.2	-0.1	-7.1	-6.6	-6.0	-3.7	-9.2	-4.3	-7.6
Net Margin	-8.69%	-644.93%	-10.86%	-15.56%	-41.69%	-9.86%	-28.55%	-33.66%	-27.43%	-31.65%	-79.48%	-24.73%

Drivers of LEC's profit

TTM

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

Financial income ↑ 0.6bn

Gross profit ↓ 4.9bn

Other profit ↓ 0.8bn

Administrative expenses ↑ 0.5bn

TTM

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

Gross profit ↑ 1.6bn

Financial income ↑ 0.3bn

Administrative expenses ↑ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -5.8% = -17.5% × 0.18 × 1.84

2026Q1 -8.1% = -22.5% × 0.19 × 1.90

ROE fell from -5.8% to -8.1% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: -22.5% -5.0pp Asset turnover: 0.19x +0.01x Leverage: 1.90x +0.05x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -22.50%, losing 5.0pp. The main pressure comes from Gross margin fell 3.7pp and SG&A / Revenue rose 1.5pp (in addition, Net financial result / Revenue rose 1.0pp added support while Other profit / Revenue fell 0.8pp remained a drag).

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

Profitability trend

Net Margin -22.50% −5.0pp

Gross Margin 7.58% −3.7pp

SG&A / Revenue 12.90% +1.5pp

Non-core / Revenue -17.14% +0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (76.2% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 0.36x +0.15x

Average Invested Capital 292.6bn −250.8bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.05x equity, net debt at 0.85x equity.

Over the last 12 months, working capital released 5.2bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −6.6bn

Inventories increased → lower CFO: −6.9bn

Payables increased → higher CFO: +18.8bn

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.85x and interest coverage only at -1.08x.

At present, cash equals 150.7% of debt and total debt stands at 0.3bn.

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

Watchpoints

Interest coverage is thin

Interest coverage is -1.08x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 0.85x +0.85x

Interest Coverage -1.08x —

Cash / Debt 150.7% +108.4pp

Short-term Debt / Total Debt — —

CFO / NI -0.13x +1.01x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 5.3bn in 2025, against investing cash flow of -1.2bn.

Post-investment cash flow was positive +4.1bn. Financing cash flow was negative +4.3bn.

CFO / net income was -0.13x.

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

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

Cash Conversion

CFO TTM 2.2bn −15.7bn

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 5.0 pp. The next watchpoint is the earnings mix, when non-core contribution is 72.0%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 72.0% of PBT and CFO / net income currently at -0.13x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -22.50% after a 5.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2.9	126.9	104.3	181.0	534.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2.9	126.9	104.3	181.0	534.9
Cost of Goods Sold	2.2	113.3	93.6	151.7	0.0
Gross Profit	0.7	13.7	10.7	29.4	34.2
Financial Income	0.0	5.7	6.6	10.0	18.1
Financial Expenses	0.1	46.3	42.9	29.1	-25.9
Interest Expense	0.1	27.7	42.9	29.1	-25.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	1.4	14.7	15.2	16.9	-20.0
Operating Profit	-0.8	-41.6	-40.8	-6.7	6.4
Other Income	0.0	0.1	12.6	0.9	0.0
Other Expenses	0.0	2.4	1.4	0.4	0.0
Other Profit	-0.0	-2.3	11.3	0.5	-0.7
Profit Before Tax	-0.8	-44.0	-29.5	-6.2	5.7
Current Income Tax Expense	—	0.9	1.6	2.7	-2.9
Deferred Income Tax Expense	—	-0.1	-0.2	0.0	0.0
Net Income	-0.8	-44.8	-30.8	-8.9	2.8
Non-controlling Interest	—	-8.8	-9.2	0.7	0.4
Profit Attributable to Parent	-0.8	-36.0	-21.6	-9.6	2.4
Earnings per Share	-29.98	-1,381.00	-829.00	-369.00	5.00
Diluted EPS	-29.98	-1,380.62	-829.48	-369.00	92.03

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	6.8	661.7	800.7	931.4	736.5
I. Cash and cash equivalents	0.2	0.7	1.1	4.6	12.1
1. Cash	0.2	0.7	1.1	4.6	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	3.9	579.3	738.7	853.8	603.3
1. Short-term trade accounts receivable	0.2	240.6	192.5	324.0	0.0
2. Short-term prepayments to suppliers	1.9	246.0	397.2	316.8	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	1.2	64.1	95.8	31.4	0.0
6. Other short-term receivables	6.8	34.9	59.5	188.0	0.0
7. Provision for short-term doubtful debts (*)	-6.2	-6.3	-6.3	-6.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1.3	62.3	48.4	59.4	113.6
1. Inventories	1.3	62.3	48.4	59.4	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	19.4	12.5	13.7	7.4
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	18.0	11.0	12.3	0.0
3. Taxes and other receivables from state authorities	1.4	1.3	1.5	1.3	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)	306.3	171.6	178.1	334.0	253.8
I. Long-term receivables	—	0.0	8.1	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	8.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.1	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.0	11.1	44.4	47.6	60.1
1. Tangible fixed assets	0.0	9.7	13.1	15.6	27.5
- Cost	4.0	48.6	51.7	55.9	0.0
- Accumulated depreciation	-3.9	-38.9	-38.6	-40.3	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	—	1.4	31.2	31.9	32.6
- Cost	—	1.5	35.8	35.8	0.0
- Accumulated depreciation	—	-0.1	-4.6	-3.9	0.0
III. Investment properties	—	0.0	58.8	58.8	58.8
- Cost	—	0.0	58.8	58.8	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	58.8	75.2	34.6	194.9	23.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	58.8	75.2	34.6	194.9	0.0
V. Long-term financial investments	247.4	70.6	0.0	0.0	0.0
1. Investments in subsidiaries	247.4	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	70.6	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	—	14.6	32.1	32.8	0.0
1. Long-term prepayments	—	0.0	10.1	3.8	0.0
2. Deferred income tax assets	—	0.2	0.4	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	110.9
5. Goodwill	—	14.4	21.7	29.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	313.0	833.3	978.7	1,265.5	990.3
A. LIABILITIES (300=210+330)	14.1	513.7	575.2	839.4	590.5
I. Short -term liabilities	14.1	512.3	572.5	837.5	590.5
1. Short-term trade accounts payable	1.6	140.0	143.1	208.0	182.2
2. Short-term advances from customers	8.5	13.4	15.8	38.2	25.9
3. Taxes and other payables to state authorities	0.2	7.3	5.9	13.0	0.0
4. Payable to employees	0.4	0.8	0.3	0.2	0.0
5. Short-term acrrued expenses	0.8	15.3	9.0	4.0	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	2.2	11.1	3.0	3.3	0.0
10. Short-term borrowings and financial leases	0.5	324.3	395.6	570.7	369.9
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	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	—	1.4	2.6	1.9	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	—	1.3	2.6	1.9	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	—	0.1	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)	298.9	319.6	403.6	426.1	399.8
I. Owner's equity	298.9	319.6	403.6	426.1	0.0
1. Owner's capital	261.0	261.0	261.0	261.0	399.8
- Common stock with voting right	261,000,000,000.00	261,000,000,000.00	261,000,000,000.00	261,000,000,000.00	261,000,000,000.00
- 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	1.2	1.2	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	1.2	1.2	0.0
11. Undistributed earnings after tax	36.7	-3.4	3.7	43.3	52.8
- Accumulated retained earning at the end of the previous period	37.5	32.7	25.4	52.9	50.4
- Undistributed earnings in this period	-0.8	-36.0	-21.6	-9.6	2.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	60.8	137.7	120.6	84.8
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)	313.0	833.3	978.7	1,265.5	990.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	-0.8	-44.0	-29.5	-6.2	5.7
Depreciation of Fixed Assets and Investment Property	0.1	11.0	11.9	12.6	12.9
Provision (Increase)/Reversal	-0.1	0.0	-0.1	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	13.0	-19.0	-10.0	0.0
Interest Expense	0.1	27.7	42.9	29.1	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	-0.7	7.8	6.2	25.6	25.1
Increase/(Decrease) in Receivables	0.5	-27.5	281.8	-326.9	0.0
Increase/(Decrease) in Inventory	-0.8	-13.9	20.0	54.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.3	29.9	-34.0	-0.7	0.0
Increase/(Decrease) in Prepaid Expenses	—	-4.6	-6.3	-1.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-25.7	-29.2	-29.9	0.0
Corporate Income Tax Paid	—	-0.6	-2.5	-0.8	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	5.3	-34.6	236.1	-279.6	-84.7
Payments for Fixed Assets and Other Long-term Assets	—	-8.7	-2.2	-43.9	-91.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.3	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-1.2	-39.2	-119.1	-24.5	-69.3
Receipts from Loan Repayments and Sale of Debt Instruments	—	88.6	54.6	98.3	103.3
Investments in Other Entities	—	-0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	14.3	0.0	0.2	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	-1.2	56.2	-66.7	30.1	-39.4
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	35,000,000,000.00	52,800,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1.0	218.5	210.5	787.7	425.2
Repayment of Borrowings	-5.3	-240.6	-383.3	-580.0	-353.3
Repayment of Finance Leases	—	0.0	-0.0	0.0	0.0
Dividends Paid	-0.0	-0.0	0.0	-0.7	-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	-4.3	-22.0	-172.8	242.0	124.8
Net Cash Flow During the Period	-0.2	-0.4	-3.5	-7.4	9.2
Cash and Cash Equivalents at Beginning of Period	0.4	1.1	4.6	12.0	11.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.2	0.7	1.1	4.6	12.1

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
Revenue	25.4	1.6	25.2	52.5	0.3	72.1	23.2	18.0	13.5	29.0	5.4	30.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	25.4	1.6	25.2	52.5	0.3	72.1	23.2	18.0	13.5	29.0	5.4	30.8
Cost of Goods Sold	23.7	1.4	22.7	48.9	0.2	63.8	20.6	16.2	12.0	25.3	4.5	27.5
Gross Profit	1.7	0.2	2.4	3.6	0.1	8.3	2.6	1.8	1.5	3.7	0.9	3.4
Financial Income	0.3	1.9	0.0	1.7	0.0	1.5	0.0	1.7	1.7	14.4	0.0	3.2
Financial Expenses	2.8	6.6	3.7	7.8	—	11.3	7.9	3.7	5.4	21.1	3.3	8.1
Interest Expense	2.8	6.5	3.7	7.8	—	11.3	7.9	3.7	5.4	21.1	3.3	8.1
Share of Associates and Joint Ventures	-0.0	-0.0	-0.0	-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
General and Administrative Expenses	1.2	5.3	1.4	5.5	0.2	5.5	1.6	5.7	1.4	6.2	1.4	5.8
Operating Profit	-2.1	-9.9	-2.6	-8.0	-0.1	-7.0	-6.8	-5.9	-3.7	-9.2	-3.9	-7.3
Other Income	—	0.0	—	0.0	—	0.0	1.2	0.1	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.6	0.1	0.2	0.0	0.1	1.0	0.3	0.0	0.0	0.4	0.3
Other Profit	-0.1	-0.6	-0.1	-0.1	-0.0	-0.1	0.2	-0.2	-0.0	-0.0	-0.4	-0.3
Profit Before Tax	-2.2	-10.4	-2.7	-8.2	-0.1	-7.1	-6.6	-6.0	-3.7	-9.2	-4.3	-7.6
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-2.2	-10.4	-2.7	-8.2	-0.1	-7.1	-6.6	-6.0	-3.7	-9.2	-4.3	-7.6
Non-controlling Interest	-0.7	-3.1	-1.0	-1.8	—	-1.6	-2.6	-0.0	-1.3	-2.1	-1.4	-1.5
Profit Attributable to Parent	-1.5	-7.4	-1.8	-6.3	-0.1	-5.5	-4.1	-6.0	-2.4	-7.1	-2.9	-6.2
Earnings per Share	-58.00	-282.78	-67.08	-243.00	-5.45	-209.61	-155.67	-232.00	-93.00	-273.39	-109.40	-236.00
Diluted EPS	-58.26	-282.78	-67.08	-243.11	-5.45	-209.61	-155.67	-231.56	-93.06	-273.39	-109.40	-236.03

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)	635.3	602.4	648.4	692.4	4.7	675.9	681.8	684.1	791.9	681.8	754.9	938.0
I. Cash and cash equivalents	0.4	2.3	1.1	2.9	0.5	5.0	1.3	1.0	1.4	1.0	2.4	2.1
1. Cash	0.4	2.3	1.1	2.9	0.5	5.0	1.3	1.0	1.4	1.0	2.4	2.1
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	519.1	495.0	556.0	579.9	2.3	586.3	610.3	622.0	740.4	634.8	714.8	896.3
1. Short-term trade accounts receivable	76.3	85.3	178.1	188.4	0.2	245.3	204.8	205.7	190.3	202.1	324.9	367.9
2. Short-term prepayments to suppliers	335.6	301.6	271.9	294.3	2.0	249.7	303.3	283.0	390.7	295.1	276.6	291.0
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	69.8	70.8	70.8	61.0	—	58.6	56.2	85.6	92.6	49.6	72.4	54.6
6. Other short-term receivables	43.6	43.4	41.4	42.5	6.3	39.0	52.3	54.0	73.7	94.3	47.1	189.2
7. Provision for short-term doubtful debts (*)	-6.2	-6.2	-6.2	-6.2	-6.2	-6.3	-6.3	-6.3	-6.9	-6.3	-6.3	-6.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	112.8	101.8	67.0	84.6	0.6	65.1	56.0	48.4	36.6	38.5	32.2	34.2
1. Inventories	112.8	101.8	67.0	84.6	0.6	65.1	56.0	48.4	36.6	38.5	32.2	34.2
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	3.4	24.4	24.9	1.4	19.5	14.2	12.7	13.5	7.4	5.5	5.4
1. Short-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.7	2.0	22.9	23.5	—	18.1	12.7	11.1	12.0	5.7	4.1	4.0
3. Taxes and other receivables from state authorities	1.4	1.4	1.5	1.4	1.3	1.3	1.5	1.5	1.5	1.7	1.4	1.4
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	0.1	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	162.2	161.2	165.4	165.2	306.3	168.1	170.6	171.5	171.2	347.2	471.8	330.7
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	17.2	142.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	17.2	142.0	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	9.0	8.1	8.6	8.4	0.1	11.5	9.4	13.1	43.5	44.8	44.4	45.2
1. Tangible fixed assets	7.6	6.7	7.2	7.0	0.1	10.1	8.0	11.7	12.3	13.5	12.8	13.6
- Cost	48.2	—	—	—	—	50.5	47.7	50.4	51.7	57.6	55.9	55.9
- Accumulated depreciation	-40.6	—	—	—	—	-40.4	-39.7	-38.7	-39.4	-44.0	-43.1	-42.3
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.4	1.4	1.4	1.4	—	1.4	1.4	1.4	31.2	31.2	31.6	31.6
- Cost	1.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	58.8	0.0	58.8	58.8	58.8
- 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	75.2	75.2	75.2	75.2	58.8	70.5	70.5	10.0	94.5	195.8	195.4	195.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	58.8	0.0	0.0	0.0
2. Construction in progress	75.2	75.2	75.2	75.2	58.8	70.5	70.5	10.0	35.6	195.8	195.4	195.0
V. Long-term financial investments	70.6	70.6	70.6	70.6	247.4	70.6	70.6	70.1	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	247.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	70.6	70.6	70.6	70.6	—	70.6	70.6	70.1	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	7.3	7.3	11.0	11.0	—	15.4	20.1	19.5	11.5	8.9	5.9	6.4
1. Long-term prepayments	0.0	0.0	0.0	0.0	—	0.0	1.0	1.0	11.5	8.9	5.9	6.4
2. Deferred income tax assets	0.2	0.2	0.2	0.2	—	0.2	0.2	0.4	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.8	0.8	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	7.1	7.1	10.8	10.8	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	14.4	18.1	18.0	21.7	21.7	25.3	25.3
TOTAL ASSETS (280=100+200)	797.5	763.7	813.8	857.6	311.0	844.0	852.4	855.6	963.1	1,029.0	1,226.7	1,268.8
A. LIABILITIES (300=210+330)	512.4	472.7	512.9	553.6	11.5	529.0	530.2	516.5	571.2	631.2	819.8	857.3
I. Short -term liabilities	512.0	472.3	512.2	552.7	11.5	526.2	528.5	514.6	567.9	629.9	818.4	855.7
1. Short-term trade accounts payable	153.9	148.9	142.4	145.5	1.2	151.1	150.2	148.4	141.3	196.6	190.4	210.9
2. Short-term advances from customers	61.3	57.9	46.1	44.3	5.7	17.2	18.3	11.0	16.4	16.5	33.8	41.9
3. Taxes and other payables to state authorities	1.9	1.4	5.2	5.6	0.3	5.0	5.1	5.7	5.7	8.0	7.9	8.1
4. Payable to employees	0.7	0.4	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.3	0.4	0.3
5. Short-term acrrued expenses	14.0	12.6	16.8	17.3	0.7	25.7	21.5	10.4	8.5	7.6	5.6	5.7
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	32.8	—	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	247.4	7.2	27.4	24.2	2.2	5.3	13.4	3.4	2.8	2.8	35.0	39.1
10. Short-term borrowings and financial leases	—	243.8	273.9	315.4	1.2	321.7	319.6	335.3	392.8	398.0	545.3	549.8
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	—	0.0	0.0	0.0	0.0	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	0.4	0.4	0.6	0.9	—	2.8	1.7	2.0	3.3	1.3	1.4	1.6
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.3	0.3	0.5	0.8	—	2.6	1.6	2.0	3.3	1.3	1.4	1.6
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	0.1	0.1	0.1	0.1	—	0.1	0.1	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)	285.2	291.0	301.0	304.0	299.5	315.0	322.2	339.1	391.9	397.8	407.0	411.5
I. Owner's equity	285.2	291.0	301.0	304.0	299.5	315.0	322.2	339.1	391.9	397.8	407.0	411.5
1. Owner's capital	261.0	261.0	261.0	261.0	261.0	261.0	261.0	261.0	261.0	261.0	261.0	261.0
- Common stock with voting right	261,000,000,000.00	261,000,000,000.00	261,000,000,000.00	261,000,000,000.00	261,000,000,000.00	261,000,000,000.00	261,000,000,000.00	261,000,000,000.00	261,000,000,000.00	261,000,000,000.00	261,000,000,000.00	261,000,000,000.00
- 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	—	—	—	—	—	0.0	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	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
11. Undistributed earnings after tax	-27.2	-23.0	-15.9	-14.0	37.4	-7.2	-1.7	-1.6	19.4	22.6	29.7	32.7
- Accumulated retained earning at the end of the previous period	-25.7	-3.4	-3.4	-3.4	37.5	32.7	32.7	6.5	21.8	43.3	43.3	43.3
- Undistributed earnings in this period	-1.5	-19.7	-12.6	-10.7	-0.1	-39.9	-34.4	-8.1	-2.4	-20.7	-13.6	-10.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	50.2	51.8	54.7	55.8	—	60.1	61.7	78.6	110.3	113.0	115.0	116.6
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)	797.5	763.7	813.8	857.6	311.0	844.0	852.4	855.6	963.1	1,029.0	1,226.7	1,268.8

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	-2.2	17.6	-2.9	-15.3	-0.1	-7.2	-6.6	-30.7	-3.7	-10.4	-2.4	-9.8
Depreciation of Fixed Assets and Investment Property	0.2	-4.9	0.4	4.5	0.0	4.3	0.8	5.1	0.8	5.1	0.8	5.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	-0.1	0.0	0.0	-0.6	0.6	0.0	0.0	-0.1
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	-0.3	1.7	0.1	-1.8	—	17.0	-18.5	16.0	-1.7	-15.8	0.0	-3.2
Interest Expense	2.8	-19.3	3.7	15.6	—	11.3	7.9	9.7	5.4	23.3	0.9	10.6
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	0.6	-4.8	1.3	3.0	-0.2	25.5	-16.4	-0.5	1.4	2.2	-0.8	2.4
Increase/(Decrease) in Receivables	-6.1	-26.2	27.3	-1.5	0.9	51.3	22.0	-47.1	11.2	243.7	42.9	-32.5
Increase/(Decrease) in Inventory	-6.3	4.0	13.8	-18.5	-0.1	-9.1	-6.6	-4.6	3.6	-7.2	2.0	22.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	15.5	-46.6	8.0	41.8	3.1	-0.9	-0.5	6.5	4.3	-46.5	-19.6	5.3
Increase/(Decrease) in Prepaid Expenses	—	—	-0.0	0.0	—	11.0	4.7	-4.2	-1.5	-4.1	0.5	-1.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.8	—	-5.8	-13.5	—	1.1	-15.4	-2.2	-5.4	-9.5	-5.8	-5.7
Corporate Income Tax Paid	-0.3	—	-0.7	-0.2	—	-0.3	-0.2	0.0	-0.1	-1.5	-1.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	0.6	-53.3	43.8	11.0	3.7	78.6	-12.4	-52.0	13.6	177.0	18.3	-9.0
Payments for Fixed Assets and Other Long-term Assets	—	—	-0.1	-0.5	—	-3.1	1.1	-1.1	0.0	-2.2	0.1	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	0.1	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	17.0	-11.8	-6.4	—	-18.6	0.0	-4.7	-13.3	-59.0	-21.3	-9.0
Receipts from Loan Repayments and Sale of Debt Instruments	1.0	—	5.6	3.0	—	-7.3	28.9	62.0	0.3	33.5	5.5	15.4
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	-1.7	0.9	0.8	0.0	1.5	-1.4	3.9	1.7	-3.2	2.6	0.6
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	1.3	7.3	-5.5	-3.0	0.0	-27.4	28.6	60.2	-11.3	-30.9	-13.1	6.9
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	57.2	-149.9	18.1	132.4	0.4	87.7	59.0	41.1	29.3	18.2	53.1	55.5
Repayment of Borrowings	-61.4	195.3	-58.2	-138.4	-4.0	-135.3	-74.9	-49.6	-31.2	-165.5	-57.7	-54.2
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	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	-4.2	45.4	-40.1	-6.0	-3.6	-47.5	-15.8	-8.5	-2.0	-147.3	-4.6	1.3
Net Cash Flow During the Period	-2.4	-0.5	-1.8	2.0	0.1	3.7	0.4	-0.4	0.3	-1.2	0.5	-0.8
Cash and Cash Equivalents at Beginning of Period	2.8	1.1	2.9	0.5	0.4	1.1	1.1	1.1	1.1	4.6	4.6	4.6
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	0.4	0.2	1.1	2.9	0.5	5.0	1.3	1.0	1.4	1.1	2.4	1.8

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