MAS

Dịch vụ Hàng không Sân bay Đà Nẵng ·HNX ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 1.93x

Price

34,800

Latest close

01 Jun 2026

P/E 17.76x

P/B 3.39x

EPS 1,959

BVPS 10,254

ROE 24.0%

ROA 11.1%

Profit Margin 4.0%

Asset Turnover 2.78x

Equity Mult. 2.16x

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

What Is Changing

On a TTM 2026Q1 basis, MAS is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 238bn
	                                
+34.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 9bn
	                                
+40.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	224.8	177.2	145.3	104.9	45.3
Growth	+27%	+22%	+39%	+132%	—
Net Income	8.6	7.3	3.7	1.3	-13.8
Net Margin	3.85%	4.12%	2.51%	1.21%	-30.54%

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	55.3	55.9	67.1	59.6	42.2	36.8	48.0	49.5	42.9	38.1	43.1	34.7
Growth	-1%	-17%	+12%	+41%	+15%	-23%	-3%	+15%	+13%	-12%	+24%	—
Net Income	2.2	1.6	2.0	3.7	1.3	0.2	1.5	3.8	1.9	0.2	2.2	1.2
Net Margin	3.95%	2.91%	2.95%	6.19%	3.18%	0.41%	3.03%	7.72%	4.49%	0.58%	5.11%	3.54%

Drivers of MAS's profit

TTM

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

Gross profit ↑ 9.2bn

Financial income ↑ 0.6bn

Administrative expenses ↑ 4.0bn

Selling expenses ↑ 1.7bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 3.2bn

Administrative expenses ↑ 0.7bn

Selling expenses ↑ 0.6bn

Finance costs ↑ 0.3bn

Other profit ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 20.1% = 3.8% × 2.49 × 2.11

2026Q1 24.0% = 4.0% × 2.78 × 2.16

ROE rose from 20.1% to 24.0% — all three components improved, with asset turnover contributing the most.

Net margin: 4.0% +0.1pp Asset turnover: 2.78x +0.29x Leverage: 2.16x +0.06x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 3.99%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 3.99% +0.1pp

Gross Margin 17.11% −0.7pp

SG&A / Revenue 12.56% −1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 24.89%. Track NOPAT margin and capital turnover to assess capital efficiency.

CAPITAL EFFICIENCY TREND

ROIC 24.89% —

NOPAT Margin 3.99% —

Capital Turnover 6.23x +0.76x

Average Invested Capital 38.2bn +5.9bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 1.67x equity, net debt at 0.01x equity.

Over the last 12 months, working capital released 6.0bn 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: −9.6bn

Inventories increased → lower CFO: −0.8bn

Payables increased → higher CFO: +16.4bn

Working Capital Efficiency

Cash conversion cycle improved by 0.9 days versus the same period last year. The main moves came from DIO fell 3.1 days, DSO fell 2.4 days, and DPO fell 4.5 days.

Working capital cycle is flat — components are offsetting each other.

Working Capital Efficiency

Receivables 29.4 days −2.4 days

Inventory 8.8 days −3.1 days

Payables 19.5 days −4.5 days

Cash Conversion Cycle 18.8 days −0.9 days

Is financial risk significant?

Leverage is safe but FCF is negative at 4.5bn due to capex of 22.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.01x and interest coverage at 12.30x.

At present, short-term debt accounts for 8.0% of total debt, cash equals 95.1% of debt, and total debt stands at 11.9bn.

Leverage and liquidity trend

Net Debt / Equity 0.01x +0.11x

Interest Coverage 12.30x +5.35x

Cash / Debt 95.1% −99.7pp

Short-term Debt / Total Debt 8.0% −21.7pp

CFO / NI 1.93x +1.20x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 18.4bn in 2025, against investing cash flow of -11.8bn.

Post-investment cash flow was positive +6.6bn. Financing cash flow was negative +0.6bn.

CFO / net income was 1.93x.

After spending +22.8bn on fixed-asset investment, the business generated trailing free cash flow of −4.5bn.

Cash Conversion

CFO TTM 18.3bn +13.4bn

Cash Capex 22.8bn +18.9bn

FCF TTM −4.5bn −5.6bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.93x. The main risk still sits in self-funded cash generation remains weak.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.93x.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 4.5bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	227.8	181.4	146.9	106.8	47.2
Revenue Deductions	3.0	4.2	1.6	1.9	0.0
Net Revenue	224.8	177.2	145.3	104.9	45.3
Cost of Goods Sold	187.6	145.3	120.2	89.6	0.0
Gross Profit	37.3	32.0	25.1	15.3	-7.6
Financial Income	0.7	0.3	0.1	0.0	0.0
Financial Expenses	0.6	1.3	1.9	1.9	-1.7
Interest Expense	0.2	0.5	1.1	1.1	-1.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	8.5	7.6	7.1	4.6	-2.4
General and Administrative Expenses	19.9	16.2	13.0	7.8	-7.0
Operating Profit	9.0	7.2	3.3	1.0	-18.7
Other Income	1.1	1.2	1.2	1.1	0.0
Other Expenses	0.8	1.1	0.8	0.8	0.0
Other Profit	0.3	0.1	0.4	0.2	4.9
Profit Before Tax	9.2	7.3	3.7	1.3	-13.8
Current Income Tax Expense	0.6	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	8.6	7.3	3.7	1.3	-13.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.6	7.3	3.7	1.3	-13.8
Earnings per Share	1,737.00	904.00	666.00	13.00	-3,325.00
Diluted EPS	1,737.00	904.00	666.00	13.00	-3,240.44

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	54.1	33.8	30.1	20.1	20.3
I. Cash and cash equivalents	22.8	16.8	7.4	4.8	8.2
1. Cash	12.8	16.8	7.4	4.8	0.0
2. Cash equivalents	10.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	5.0	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	5.0	0.0	0.0	0.0	0.0
III. Short-term receivables	19.2	9.0	13.9	9.4	7.1
1. Short-term trade accounts receivable	21.2	10.7	13.2	7.4	0.0
2. Short-term prepayments to suppliers	0.1	0.0	0.1	0.4	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	0.4	0.9	3.1	4.1	0.0
7. Provision for short-term doubtful debts (*)	-2.6	-2.6	-2.6	-2.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	5.3	5.0	5.5	4.9	4.1
1. Inventories	5.3	5.0	5.5	4.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.9	3.1	3.3	1.1	0.9
1. Short-term prepayments	0.8	2.8	3.1	1.1	0.0
2. Value added tax to be reclaimed	1.0	0.2	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.2	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)	57.7	38.1	41.3	47.7	55.4
I. Long-term receivables	0.2	0.1	0.1	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	0.2	0.1	0.1	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	48.1	34.7	37.8	44.4	54.6
1. Tangible fixed assets	47.4	34.2	37.2	43.8	54.1
- Cost	172.8	157.4	161.6	163.2	0.0
- Accumulated depreciation	-125.5	-123.3	-124.4	-119.4	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	0.8	0.5	0.6	0.6	0.5
- Cost	1.2	1.0	1.0	0.9	0.0
- Accumulated depreciation	-0.4	-0.4	-0.4	-0.3	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	2.3	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.3	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	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	—	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	7.1	3.2	3.4	3.3	0.0
1. Long-term prepayments	7.1	3.2	3.4	3.3	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	0.8
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)	111.8	71.9	71.4	67.8	75.7
A. LIABILITIES (300=210+330)	70.0	37.5	40.8	40.1	47.3
I. Short -term liabilities	65.0	31.6	35.3	36.4	38.5
1. Short-term trade accounts payable	26.7	9.6	9.7	9.8	6.3
2. Short-term advances from customers	2.9	7.9	5.5	6.4	14.7
3. Taxes and other payables to state authorities	1.4	0.5	0.6	0.5	0.0
4. Payable to employees	15.5	3.6	5.8	0.5	0.0
5. Short-term acrrued expenses	0.2	0.1	0.3	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	2.7	4.9	2.8	3.0	3.1
9. Other short-term payables	14.3	3.7	1.9	2.4	0.0
10. Short-term borrowings and financial leases	1.3	1.0	8.5	13.2	7.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.2	0.2	0.6	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	5.0	5.9	5.5	3.6	8.9
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	3.6	3.6	3.6	3.6	0.0
8. Long-term borrowings and financial leases	1.4	2.2	1.9	0.0	5.2
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)	41.8	34.4	30.5	27.7	28.3
I. Owner's equity	41.8	34.4	30.5	27.7	0.0
1. Owner's capital	42.7	42.7	42.7	42.7	28.3
- Common stock with voting right	42,676,830,000.00	42,676,830,000.00	42,676,830,000.00	42,676,830,000.00	42,676,830,000.00
- 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	0.8	0.8	0.8	0.8	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	-1.7	-9.1	-12.9	-15.8	-15.1
- Accumulated retained earning at the end of the previous period	-9.1	-12.9	-15.8	-15.8	-1.0
- Undistributed earnings in this period	7.4	3.9	2.8	0.1	-14.2
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)	111.8	71.9	71.4	67.8	75.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	9.2	7.3	3.7	1.3	-13.8
Depreciation of Fixed Assets and Investment Property	6.3	6.9	8.9	10.3	14.5
Provision (Increase)/Reversal	—	0.0	0.0	0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.1	-0.0	0.1	0.0
Gain/Loss from Investment Activities	-1.4	-0.6	-0.6	-0.1	0.0
Interest Expense	0.2	0.5	1.1	1.1	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	14.3	14.1	13.1	12.7	-4.5
Increase/(Decrease) in Receivables	-10.9	4.6	-5.0	-2.8	0.0
Increase/(Decrease) in Inventory	-0.3	0.5	-0.6	-0.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	17.8	0.5	3.5	-6.2	0.0
Increase/(Decrease) in Prepaid Expenses	-2.1	0.6	-2.2	-2.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.2	-0.5	-1.1	-1.1	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.2	-0.4	-2.9	0.0
Net Cash Flow from Operating Activities	18.4	19.7	7.3	-3.9	-4.8
Payments for Fixed Assets and Other Long-term Assets	-8.1	-3.9	-2.3	-0.1	-0.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.0	0.5	0.6	0.1	9.1
Loans and Purchases of Debt Instruments	-12.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	7.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.1	0.0	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	-11.8	-3.2	-1.7	0.1	8.3
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	0.6	24.6	35.4	27.4	11.2
Repayment of Borrowings	-1.2	-31.7	-38.2	-27.0	-13.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.0	-0.1	-0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.6	-7.1	-2.9	0.3	-2.3
Net Cash Flow During the Period	6.0	9.3	2.7	-3.5	5.7
Cash and Cash Equivalents at Beginning of Period	16.8	7.4	4.8	8.3	6.9
FX Difference from Revaluation	-0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	22.8	16.8	7.4	4.8	8.2

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	55.7	56.6	67.9	60.6	42.8	37.8	49.1	50.7	43.6	38.6	43.4	35.0
Revenue Deductions	0.5	0.7	0.8	1.0	0.6	1.0	1.1	1.2	0.6	0.5	0.3	0.3
Net Revenue	55.3	55.9	67.1	59.6	42.2	36.8	48.0	49.5	42.9	38.1	43.1	34.7
Cost of Goods Sold	44.7	47.4	56.9	48.2	34.8	31.7	39.4	39.0	35.0	32.0	34.8	28.4
Gross Profit	10.6	8.5	10.2	11.4	7.4	5.1	8.5	10.5	8.0	6.1	8.3	6.3
Financial Income	0.0	0.5	0.1	0.2	0.0	0.1	0.0	0.1	0.1	0.0	0.0	0.0
Financial Expenses	0.4	0.1	0.1	0.2	0.1	0.3	0.3	0.3	0.4	0.4	0.5	0.5
Interest Expense	0.2	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.3	0.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.4	2.2	2.6	2.0	1.8	1.5	2.1	2.1	2.0	1.9	2.0	1.7
General and Administrative Expenses	4.7	5.6	5.3	5.2	4.1	3.4	4.8	4.6	3.5	3.7	3.9	2.9
Operating Profit	3.1	1.1	2.3	4.2	1.4	0.1	1.5	3.6	2.1	0.2	2.0	1.3
Other Income	0.0	1.0	0.0	0.0	0.0	0.2	0.3	0.5	0.2	0.3	0.4	0.1
Other Expenses	0.3	0.2	0.3	0.3	0.1	0.1	0.3	0.3	0.4	0.3	0.2	0.2
Other Profit	-0.3	0.7	-0.2	-0.2	-0.1	0.1	0.0	0.2	-0.2	0.0	0.2	-0.1
Profit Before Tax	2.8	1.9	2.1	3.9	1.3	0.2	1.5	3.8	1.9	0.2	2.2	1.2
Current Income Tax Expense	0.6	0.2	0.1	0.2	—	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	1.6	2.0	3.7	1.3	0.2	1.5	3.8	1.9	0.2	2.2	1.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.2	1.6	2.0	3.7	1.3	0.2	1.5	3.8	1.9	0.2	2.2	1.2
Earnings per Share	455.00	301.00	416.00	787.00	204.00	1.00	93.00	468.00	346.00	-33.00	447.00	226.00
Diluted EPS	512.03	381.65	463.48	865.26	314.81	35.64	341.10	895.47	451.73	51.32	516.36	287.61

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)	49.2	54.0	68.7	56.1	29.9	34.4	42.6	44.3	36.6	30.1	30.2	27.3
I. Cash and cash equivalents	11.3	12.8	14.2	13.0	6.7	16.8	12.9	14.2	8.3	7.4	6.4	5.5
1. Cash	10.3	12.8	14.2	13.0	6.7	16.8	12.9	14.2	8.3	7.4	6.4	5.5
2. Cash equivalents	1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	9.0	15.0	15.0	10.0	2.0	0.0	7.0	6.5	3.5	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	9.0	15.0	15.0	10.0	2.0	0.0	7.0	6.5	3.5	0.0	0.0	0.0
III. Short-term receivables	22.8	19.2	32.0	24.6	14.0	9.3	14.7	14.1	16.0	13.9	15.9	14.1
1. Short-term trade accounts receivable	23.6	21.2	28.2	25.5	14.8	10.8	16.0	15.0	15.9	13.6	15.0	13.1
2. Short-term prepayments to suppliers	0.1	0.0	5.1	0.3	0.2	0.0	0.0	0.3	0.2	0.1	0.2	0.1
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	0.0	0.0
6. Other short-term receivables	1.7	0.5	1.2	1.3	1.5	1.0	1.2	1.3	2.4	2.7	3.3	3.5
7. Provision for short-term doubtful debts (*)	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	5.2	5.3	5.5	5.2	4.3	5.0	5.0	5.4	5.1	5.5	5.4	5.1
1. Inventories	5.2	5.3	5.5	5.2	4.3	5.0	5.0	5.4	5.1	5.5	5.4	5.1
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	1.0	1.8	2.0	3.3	2.9	3.3	2.9	4.2	3.7	3.3	2.5	2.5
1. Short-term prepayments	1.0	0.7	2.0	3.3	2.9	3.0	2.9	4.0	3.5	3.2	2.5	2.5
2. Value added tax to be reclaimed	—	1.1	—	—	—	0.2	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.1	—	—	0.0	0.1	0.0	0.2	0.1	0.1	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	55.9	57.0	34.2	34.2	36.1	37.5	36.8	37.8	39.4	41.3	42.9	43.5
I. Long-term receivables	0.2	0.1	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	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	0.2	0.1	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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	48.0	49.3	30.7	31.7	33.2	34.5	33.8	34.7	35.9	37.8	39.1	39.7
1. Tangible fixed assets	47.3	48.5	30.2	31.1	32.7	33.9	33.3	34.1	35.4	37.2	38.5	39.2
- Cost	174.7	—	—	—	—	157.4	159.6	158.8	161.7	161.6	160.9	160.5
- Accumulated depreciation	-127.5	—	—	—	—	-123.5	-126.4	-124.6	-126.3	-124.4	-122.3	-121.3
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	0.8	0.8	0.5	0.5	0.5	0.5	0.6	0.6	0.6	0.6	0.5	0.5
- Cost	1.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.5	—	—	—	—	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	0.3	0.4	0.3	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.3	0.4	0.3	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	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	—	—	—	—	—	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	7.2	3.2	2.3	2.7	2.9	2.8	3.0	3.3	3.4	3.8	3.8
1. Long-term prepayments	7.3	7.2	3.2	2.3	2.7	2.9	2.8	3.0	3.3	3.4	3.8	3.8
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)	105.1	111.0	102.9	90.3	66.0	71.9	79.4	82.1	76.0	71.3	73.0	70.8
A. LIABILITIES (300=210+330)	61.3	69.3	62.4	51.7	30.7	37.5	45.0	48.1	43.9	40.7	42.3	41.9
I. Short -term liabilities	46.8	63.5	56.7	45.7	24.7	30.9	40.4	42.9	38.5	35.2	38.6	38.2
1. Short-term trade accounts payable	11.9	25.9	11.2	12.3	9.1	9.6	9.1	9.6	9.9	9.7	10.2	9.8
2. Short-term advances from customers	7.3	2.8	2.4	2.5	2.8	7.9	7.7	6.2	5.1	5.5	5.9	4.9
3. Taxes and other payables to state authorities	1.4	1.4	2.8	2.4	0.7	0.5	0.6	0.7	0.7	0.6	0.4	0.6
4. Payable to employees	7.2	11.7	12.7	7.9	2.1	3.6	9.0	5.8	4.7	5.8	4.3	1.8
5. Short-term acrrued expenses	1.0	0.2	8.7	2.8	0.7	0.1	2.4	1.5	2.2	0.2	1.2	1.0
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	4.0	2.8	3.9	3.3	4.6	4.9	6.7	6.7	6.3	2.8	4.9	3.4
9. Other short-term payables	13.0	14.4	14.1	13.7	3.5	3.7	4.4	3.3	2.3	1.9	2.2	1.9
10. Short-term borrowings and financial leases	1.0	0.5	0.8	0.8	1.0	0.3	0.5	9.0	7.0	8.5	9.3	14.6
11. Provision for short-term liabilities	—	3.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.1	—	—	0.2	0.3	0.0	0.0	0.2	0.2	0.2	0.2
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	14.6	5.8	5.7	5.9	6.0	6.6	4.6	5.2	5.4	5.5	3.6	3.6
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	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6
8. Long-term borrowings and financial leases	10.9	2.2	2.1	2.3	2.4	3.0	1.0	1.6	1.7	1.9	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)	43.8	41.8	40.5	38.6	35.3	34.4	34.4	34.0	32.0	30.6	30.8	28.9
I. Owner's equity	43.8	41.8	40.5	38.6	35.3	34.4	34.4	34.0	32.0	30.6	30.8	28.9
1. Owner's capital	42.7	42.7	42.7	42.7	42.7	42.7	42.7	42.7	42.7	42.7	42.7	42.7
- Common stock with voting right	42,676,830,000.00	42,676,830,000.00	42,676,830,000.00	42,676,830,000.00	42,676,830,000.00	42,676,830,000.00	42,676,830,000.00	42,676,830,000.00	42,676,830,000.00	42,676,830,000.00	42,676,830,000.00	42,676,830,000.00
- 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	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	-1.7	-3.0	-4.8	-8.2	-9.1	-9.1	-9.5	-11.5	-12.9	-12.7	-14.5
- Accumulated retained earning at the end of the previous period	-1.7	-9.1	-9.1	-9.1	-9.1	-12.9	-12.9	-12.9	-12.9	-15.8	-15.8	-15.8
- Undistributed earnings in this period	1.9	7.3	6.1	4.2	0.9	3.9	3.8	3.5	1.5	2.9	3.1	1.2
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)	105.1	111.0	102.9	90.3	66.0	71.9	79.4	82.1	76.0	71.3	73.0	70.8

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	2.8	1.8	2.1	4.0	1.3	0.2	1.5	3.8	1.9	0.1	2.2	1.1
Depreciation of Fixed Assets and Investment Property	2.0	1.6	1.5	1.5	1.6	1.7	1.7	1.8	1.9	2.1	2.2	2.3
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	—	0.1	0.0	-0.1	—	0.2	0.0	-0.0	-0.1	-0.0	0.0	-0.0
Gain/Loss from Investment Activities	-0.0	-1.3	-0.0	-0.1	-0.0	-0.4	-0.0	-0.2	-0.0	-0.0	-0.3	-0.0
Interest Expense	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.3	0.3
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	5.0	2.3	3.6	5.4	3.0	1.7	3.3	5.4	4.0	2.4	4.4	3.7
Increase/(Decrease) in Receivables	-3.6	7.1	-2.9	-10.3	-4.9	5.5	-0.7	2.0	-2.1	1.6	-1.9	-0.1
Increase/(Decrease) in Inventory	0.1	0.2	-0.3	-0.8	0.6	-0.0	0.4	-0.3	0.4	-0.1	-0.2	-0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-9.1	-2.0	6.6	20.9	-7.7	-10.0	5.1	0.8	4.3	-2.5	5.8	-3.9
Increase/(Decrease) in Prepaid Expenses	-0.4	-2.8	-0.0	0.4	0.4	-0.3	1.3	-0.1	-0.3	-0.3	-0.5	0.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.2	-0.1	-0.1	-0.1	-0.1	-0.0	-0.1	-0.1	-0.2	-0.2	-0.3	-0.3
Corporate Income Tax Paid	-0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	0.0	0.0	-0.2	-0.0	0.0	0.0	-0.2	0.0	-0.0	-0.0	0.3
Net Cash Flow from Operating Activities	-8.9	4.8	7.0	15.3	-8.7	-3.1	9.2	7.5	6.0	0.9	7.3	-0.0
Payments for Fixed Assets and Other Long-term Assets	-14.8	-7.2	-0.7	-0.1	-0.1	-2.4	-0.9	-0.5	-0.1	-1.1	-1.2	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.0	—	—	—	0.3	0.0	0.2	0.0	0.3	0.0	0.0
Loans and Purchases of Debt Instruments	-9.0	3.0	-9.0	-4.0	-2.0	7.0	-0.5	-3.0	-3.5	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	12.0	7.0	—	—	—	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	0.3	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-11.8	4.1	-9.7	-4.1	-2.1	5.1	-1.4	-3.4	-3.6	-0.8	-1.2	-0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	10.0	0.1	0.1	0.0	0.4	2.1	0.0	9.4	13.1	11.3	6.8	6.3
Repayment of Borrowings	-0.8	-0.3	-0.3	-0.9	0.3	-0.3	-9.1	-7.6	-14.7	-10.3	-12.0	-6.8
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	9.2	-0.2	-0.2	-0.9	0.7	1.9	-9.1	1.8	-1.6	1.0	-5.2	-0.5
Net Cash Flow During the Period	-11.5	8.7	-2.8	10.3	-10.1	3.8	-1.3	5.9	0.9	1.1	0.9	-0.5
Cash and Cash Equivalents at Beginning of Period	22.8	14.2	17.0	6.7	16.8	7.4	7.4	7.4	7.4	4.8	4.8	4.8
FX Difference from Revaluation	—	-0.0	0.1	0.1	—	-0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	11.3	22.8	14.2	17.0	6.7	16.8	12.9	14.2	8.3	7.4	6.4	5.5

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MAS

What Is Changing

Drivers of MAS's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ▼▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow