MGR

Tập đoàn MGROUP ·UPCOM ·2026Q1

▲ Showing improvement

The balance sheet remains flexible Debt/equity −0.02x

Price

5,600

Latest close

04 Jun 2026

P/E -7.67x

P/B 0.79x

EPS -730

BVPS 7,123

ROE -9.3%

ROA -8.5%

Profit Margin -117.6%

Asset Turnover 0.07x

Equity Mult. 1.10x

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

What Is Changing

On a TTM 2026Q1 basis, MGR is improving on both revenue and margins, though the magnitude is still moderate — the growth momentum has held across consecutive periods. This signal only becomes convincing if the improvement continues through the next few periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 12bn
	                                
+543.8%YoY

	                            
	                                NET MARGIN
	                            
	                                    −148.73%
	                                
+485.9ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 18bn
	                                
−50.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	9.9	1.9	8.6	32.1	8.0
Growth	+428%	-78%	-73%	+299%	—
Net Income	-16.4	-17.6	-16.9	-22.8	-4.4
Net Margin	-166.07%	-939.95%	-196.40%	-70.93%	-54.39%

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	2.2	1.5	4.4	4.0	—	0.1	0.6	1.1	0.1	2.9	0.6	2.9
Growth	+48%	-66%	+8%	—	—	-90%	-48%	+641%	-95%	+401%	-81%	—
Net Income	-3.2	-3.2	-1.2	-10.4	-1.7	-2.6	-3.6	-4.0	-3.7	-3.7	-3.6	-1.8
Net Margin	-146.82%	-217.97%	-26.94%	-256.42%	—	-4768.57%	-627.31%	-366.64%	-2469.94%	-129.52%	-623.60%	-61.14%

Drivers of MGR's profit

TTM

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

Minority interests ↓ 3.4bn

Administrative expenses ↓ 0.9bn

Other profit ↓ 0.4bn

TTM

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

Administrative expenses ↓ 0.2bn

Other profit ↓ 1.9bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin -148.73% +485.9pp

Gross Margin 24.70% —

SG&A / Revenue 119.29% —

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is notably light for the real estate sector — liabilities at 0.10x equity, with a net cash position equivalent to 0.02x equity.

Over the last 12 months, working capital absorbed 6.0bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −1.6bn

Inventories increased → lower CFO: −4.1bn

Payables decreased → lower CFO: −0.3bn

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.

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

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

Leverage and liquidity trend

Net Debt / Equity -0.02x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.20x +0.04x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -5.1bn in 2025, against investing cash flow of 3.9bn.

Post-investment cash flow was negative +1.2bn. Financing cash flow was positive 0.0bn.

CFO / net income was 0.20x.

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 2.9bn −1.0bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.02x. The next item to monitor is capital structure should be read with cycle risk in mind.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.02x of equity.

Watchpoint: Capital structure should be read with cycle risk in mind.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	9.9	1.9	8.6	32.2	8.0
Revenue Deductions	—	0.0	0.0	0.1	0.0
Net Revenue	9.9	1.9	8.6	32.1	8.0
Cost of Goods Sold	7.1	1.8	7.7	24.5	0.0
Gross Profit	2.8	0.1	0.9	7.7	5.9
Financial Income	0.0	0.0	0.0	0.0	0.1
Financial Expenses	9.2	0.0	0.0	0.0	-0.1
Interest Expense	—	0.0	0.0	0.0	-0.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.4	0.0	0.4	2.3	-5.0
General and Administrative Expenses	14.2	16.8	18.3	22.3	-5.3
Operating Profit	-21.0	-16.7	-17.8	-17.0	-4.4
Other Income	5.3	1.3	1.7	0.2	0.0
Other Expenses	0.7	2.2	0.8	6.0	0.0
Other Profit	4.6	-0.9	0.9	-5.8	-0.0
Profit Before Tax	-16.4	-17.6	-16.9	-22.8	-4.4
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-16.4	-17.6	-16.9	-22.8	-4.4
Non-controlling Interest	-1.0	-0.6	-0.3	-0.3	-0.1
Profit Attributable to Parent	-15.4	-17.0	-16.6	-22.5	-4.3
Earnings per Share	-771.00	-852.00	-832.00	-1,126.00	-213.00
Diluted EPS	-771.00	-852.00	-832.00	-1,126.00	-213.26

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	42.6	63.8	70.0	75.8	96.4
I. Cash and cash equivalents	1.7	2.9	8.0	3.7	11.9
1. Cash	1.7	2.9	8.0	3.7	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	38.3	46.6	51.2	61.4	70.0
1. Short-term trade accounts receivable	4.7	5.9	6.5	8.7	0.0
2. Short-term prepayments to suppliers	35.4	35.0	38.1	39.2	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.1	13.6	13.7	18.8	0.0
7. Provision for short-term doubtful debts (*)	-5.0	-8.0	-7.1	-5.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.6	11.8	8.6	8.6	12.7
1. Inventories	0.6	11.8	8.6	8.6	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	2.5	2.2	2.0	1.8
1. Short-term prepayments	0.0	0.0	0.1	0.0	0.0
2. Value added tax to be reclaimed	1.8	2.4	2.0	1.9	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.1	0.0	0.0
4. Government bonds	—	0.1	0.0	0.1	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)	115.8	120.0	133.4	145.5	153.8
I. Long-term receivables	3.7	3.6	5.3	6.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	8.3
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	4.7	4.7	5.8	6.2	0.0
7. Provision for long-term doubtful debts	-1.0	-1.1	-0.5	0.0	0.0
II. Fixed assets	0.7	0.7	0.3	1.3	1.7
1. Tangible fixed assets	0.7	0.7	0.3	1.3	1.7
- Cost	0.7	1.2	1.3	2.4	0.0
- Accumulated depreciation	-0.1	-0.5	-1.0	-1.2	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	56.8	49.6	50.6	49.5	43.9
1. Long-term production in progress	56.8	49.6	50.6	49.5	0.0
2. Construction in progress	—	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	54.7	66.0	77.3	88.6	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	99.9
5. Goodwill	54.7	66.0	77.3	88.6	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	158.4	183.8	203.5	221.3	250.2
A. LIABILITIES (300=210+330)	12.7	18.0	20.1	21.0	24.6
I. Short -term liabilities	5.3	10.5	12.6	13.2	16.5
1. Short-term trade accounts payable	2.2	3.7	5.3	3.4	6.9
2. Short-term advances from customers	0.4	2.4	2.4	2.4	2.5
3. Taxes and other payables to state authorities	0.1	0.0	0.0	1.6	0.0
4. Payable to employees	—	0.8	0.9	2.0	0.0
5. Short-term acrrued expenses	0.1	0.0	0.1	0.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	2.4	3.6	3.8	3.6	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.2	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	7.4	7.4	7.4	7.7	8.1
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	7.4	7.4	7.4	7.4	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.3	0.6
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)	128.8	165.8	183.4	200.4	225.7
I. Owner's equity	128.8	165.8	183.4	200.4	0.0
1. Owner's capital	200.0	200.0	200.0	200.0	225.7
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-71.2	-55.8	-38.8	-22.1	2.8
- Accumulated retained earning at the end of the previous period	-55.8	-38.8	-22.1	0.4	7.1
- Undistributed earnings in this period	-15.4	-17.0	-16.6	-22.5	-4.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	21.6	22.2	22.5	22.8
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	16.9	-0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	158.4	183.8	203.5	221.3	250.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	-16.4	-17.6	-16.9	-22.8	-4.4
Depreciation of Fixed Assets and Investment Property	0.1	0.2	0.4	0.4	0.1
Provision (Increase)/Reversal	0.1	1.4	2.3	1.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	9.5	-0.3	0.2	-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	-6.7	-16.3	-14.0	-20.7	-4.3
Increase/(Decrease) in Receivables	-1.7	4.4	8.7	11.3	0.0
Increase/(Decrease) in Inventory	-4.0	-2.2	-1.1	-5.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.0	-2.1	-0.4	-4.6	0.0
Increase/(Decrease) in Prepaid Expenses	11.2	11.4	11.2	11.3	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	—	0.0	0.0	-0.3	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	-5.1	-4.8	4.4	-8.1	-12.0
Payments for Fixed Assets and Other Long-term Assets	-0.7	-0.8	0.0	0.0	-2.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.5	0.4	0.0	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	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	4.3	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	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	3.9	-0.3	0.4	0.0	-2.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	10,319,340,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	-0.5	-0.2	-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	—	0.0	-0.5	-0.2	10.3
Net Cash Flow During the Period	-1.2	-5.1	4.3	-8.3	-4.1
Cash and Cash Equivalents at Beginning of Period	2.9	8.0	3.7	11.9	0.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.7	2.9	8.0	3.7	11.9

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	2.2	1.5	4.4	4.0	—	0.1	0.6	1.1	0.1	2.9	0.6	2.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	2.2	1.5	4.4	4.0	—	0.1	0.6	1.1	0.1	2.9	0.6	2.9
Cost of Goods Sold	2.0	1.0	2.0	4.0	—	0.0	0.6	1.2	0.0	2.6	0.3	2.3
Gross Profit	0.2	0.4	2.3	0.0	—	0.1	0.0	-0.1	0.1	0.2	0.2	0.7
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	—	—	—	9.2	—	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
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.1	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	3.4	3.6	3.5	3.6	3.5	3.7	3.6	4.1	3.8	3.7	3.7	4.0
Operating Profit	-3.2	-3.2	-1.2	-13.1	-3.5	-3.6	-3.6	-4.2	-3.7	-3.5	-3.5	-3.4
Other Income	—	—	—	3.8	1.9	1.0	0.0	0.3	0.0	0.0	0.0	1.6
Other Expenses	0.0	0.0	0.0	1.1	0.0	0.0	0.0	0.1	0.0	0.2	0.1	0.0
Other Profit	-0.0	-0.0	-0.0	2.7	1.9	1.0	0.0	0.2	-0.0	-0.2	-0.1	1.6
Profit Before Tax	-3.2	-3.2	-1.2	-10.4	-1.7	-2.6	-3.6	-4.0	-3.7	-3.7	-3.6	-1.8
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	-3.2	-3.2	-1.2	-10.4	-1.7	-2.6	-3.6	-4.0	-3.7	-3.7	-3.6	-1.8
Non-controlling Interest	-0.0	-1.0	-2.3	-0.4	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	0.0	0.0
Profit Attributable to Parent	-3.2	-2.2	1.2	-10.0	-1.6	-2.5	-3.5	-3.9	-3.6	-3.6	-3.6	-1.8
Earnings per Share	-158.00	-111.10	58.00	-519.00	-80.00	-130.00	-180.00	-202.00	-179.00	-182.00	-179.00	-90.00
Diluted EPS	-158.00	-111.10	58.00	-519.00	-80.00	-489.00	-180.00	-202.00	-179.00	-182.00	-179.00	-90.00

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)	43.7	42.6	42.1	44.6	62.9	64.1	65.9	66.4	65.5	72.7	72.1	73.8
I. Cash and cash equivalents	3.1	1.7	1.9	4.0	2.1	2.9	4.0	4.3	4.4	6.6	3.1	2.7
1. Cash	3.1	1.7	1.9	4.0	2.1	2.9	4.0	4.3	4.4	6.6	3.1	2.7
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	37.9	38.3	37.6	37.8	46.4	46.9	51.4	51.5	50.3	55.3	58.1	60.3
1. Short-term trade accounts receivable	5.4	4.7	4.7	4.6	5.9	5.9	7.2	7.5	6.4	6.5	8.0	8.2
2. Short-term prepayments to suppliers	33.6	35.4	34.5	34.5	34.5	34.5	37.5	36.8	38.1	38.2	39.5	40.2
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	3.9	3.1	3.2	3.6	14.0	13.6	13.8	14.3	13.5	15.5	15.7	16.9
7. Provision for short-term doubtful debts (*)	-5.0	-5.0	-4.9	-4.9	-8.0	-7.1	-7.1	-7.1	-7.6	-5.0	-5.0	-5.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.6	0.6	0.6	0.6	11.8	11.7	8.6	8.6	8.6	8.6	8.6	8.6
1. Inventories	0.6	0.6	0.6	0.6	11.8	11.7	8.6	8.6	8.6	8.6	8.6	8.6
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	2.0	1.9	2.0	2.2	2.6	2.5	1.9	2.0	2.2	2.2	2.2	2.1
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.1	0.1	0.0
2. Value added tax to be reclaimed	1.9	1.8	1.8	2.0	2.4	2.4	1.8	1.9	2.0	2.0	2.0	2.0
3. Taxes and other receivables from state authorities	0.1	—	—	0.1	—	0.1	0.0	0.1	0.0	0.0	0.0	0.0
4. Government bonds	—	0.1	0.1	—	0.1	0.0	0.1	0.0	0.1	0.1	0.1	0.1
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)	112.4	115.8	117.8	120.6	117.1	120.6	123.3	127.5	131.2	134.2	137.0	139.3
I. Long-term receivables	3.0	3.7	3.7	3.7	3.6	4.2	5.2	5.2	5.9	5.8	5.8	5.8
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	4.0	4.7	4.7	4.7	4.7	4.7	5.7	5.7	5.9	5.8	5.8	5.8
7. Provision for long-term doubtful debts	-1.0	-1.0	-1.0	-1.0	-1.1	-0.5	-0.5	-0.5	0.0	0.0	0.0	0.0
II. Fixed assets	0.6	0.7	0.7	0.7	0.7	0.7	0.8	0.0	0.3	0.3	0.9	1.0
1. Tangible fixed assets	0.6	0.7	0.7	0.7	0.7	0.7	0.8	0.0	0.3	0.3	0.9	1.0
- Cost	0.7	—	—	—	—	1.2	1.2	0.4	1.3	1.3	2.4	2.4
- Accumulated depreciation	-0.1	—	—	—	—	-0.5	-0.4	-0.4	-1.0	-1.0	-1.5	-1.4
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	56.9	56.8	55.8	55.8	49.6	49.6	48.5	50.6	50.6	50.8	50.2	49.5
1. Long-term production in progress	56.9	56.8	55.8	55.8	49.6	49.6	48.5	50.6	50.6	50.8	50.2	49.5
2. Construction in progress	—	—	—	—	—	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	51.9	54.7	57.6	60.4	63.1	66.0	68.8	71.6	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.1	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	51.8	54.7	57.5	60.3	63.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	66.0	68.8	71.6	74.5	77.3	80.1	82.9
TOTAL ASSETS (280=100+200)	156.1	158.4	159.9	165.2	180.0	184.6	189.2	193.8	196.7	206.9	209.1	213.0
A. LIABILITIES (300=210+330)	13.6	12.7	11.0	15.1	15.9	17.4	19.4	18.1	16.9	20.2	18.7	18.9
I. Short -term liabilities	6.2	5.3	3.5	7.7	8.5	9.9	11.9	10.7	9.5	12.8	11.0	11.2
1. Short-term trade accounts payable	4.3	2.2	1.4	1.8	1.6	3.1	3.4	2.7	2.6	5.3	3.8	4.0
2. Short-term advances from customers	0.4	0.4	0.3	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4
3. Taxes and other payables to state authorities	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
4. Payable to employees	—	—	—	—	0.8	0.8	0.8	0.9	0.9	0.9	1.0	1.1
5. Short-term acrrued expenses	—	0.1	—	—	—	0.0	1.8	1.2	0.0	0.2	0.1	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.5	2.4	1.7	3.6	3.7	3.6	3.4	3.4	3.5	3.8	3.4	3.5
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.2	0.2
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	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.6	7.7
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	7.4	—	—	—	—	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	—	7.4	7.4	7.4	7.4	7.4	7.4	7.4	0.0	7.4	7.4	7.4
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	7.4	0.0	0.2	0.2
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)	142.5	145.7	148.9	150.1	164.1	167.2	169.8	175.7	179.8	186.7	190.4	194.1
I. Owner's equity	142.5	145.7	148.9	150.1	164.1	167.2	169.8	175.7	179.8	186.7	190.4	194.1
1. Owner's capital	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- 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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-75.2	-71.2	-68.9	-67.4	-57.4	-54.5	-52.0	-46.3	-42.3	-35.6	-32.0	-28.3
- Accumulated retained earning at the end of the previous period	-72.1	-55.8	-55.7	-55.8	-55.8	-38.8	-38.8	-38.8	-38.8	-22.1	-22.1	-22.1
- Undistributed earnings in this period	-3.2	-15.4	-13.2	-11.6	-1.6	-15.8	-13.3	-7.5	-3.6	-13.5	-9.8	-6.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	17.7	16.9	17.8	17.4	21.5	21.8	21.9	22.0	22.1	22.3	22.4	22.4
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)	156.1	158.4	159.9	165.2	180.0	184.6	189.2	193.8	196.7	206.9	209.1	213.0

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
Profit Before Tax	-3.2	-3.2	-1.2	-10.4	-1.7	-2.6	-3.6	-6.3	-3.7	-7.0	-3.6	-1.9
Depreciation of Fixed Assets and Investment Property	2.9	-8.4	8.5	0.0	0.0	0.1	0.0	0.0	0.1	-8.4	8.6	0.1
Provision (Increase)/Reversal	—	0.1	—	—	—	0.0	0.0	0.0	0.0	2.6	0.0	-0.2
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	9.5	-0.0	-0.0	-0.0	-0.3	-0.0	0.2	-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	-0.3	-11.6	7.3	-0.8	-1.6	-2.6	-3.6	-6.6	-3.6	-12.6	5.0	-2.1
Increase/(Decrease) in Receivables	0.2	0.3	-0.7	-1.5	0.2	4.9	-0.0	-0.2	0.3	4.9	2.1	-0.2
Increase/(Decrease) in Inventory	-0.1	-0.9	-0.0	-3.0	—	-4.2	0.0	2.1	0.0	-0.4	-0.7	-0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.7	0.6	-3.0	0.5	-2.1	-2.0	1.2	1.2	-3.1	1.8	-0.3	-0.9
Increase/(Decrease) in Prepaid Expenses	0.0	11.3	-5.6	2.8	2.8	2.8	2.8	2.9	2.8	11.3	-5.7	2.8
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	—	—	—	—	—	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1.4	-0.2	-2.0	-2.1	-0.8	-1.1	0.5	-0.6	-3.6	4.9	0.4	-0.4
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.0	-0.7	—	0.0	-0.8	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.4	—	0.0	0.0	0.5	0.0	0.4	0.0	0.0
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	4.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	-0.0	3.9	0.0	0.0	-0.8	0.5	0.0	0.4	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.3	-0.0	-0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.3	-0.0	-0.0
Net Cash Flow During the Period	1.4	-0.2	-2.0	1.8	-0.8	-1.1	-0.3	-0.1	-3.6	4.9	0.4	-0.4
Cash and Cash Equivalents at Beginning of Period	1.7	1.9	4.0	2.1	2.9	8.0	8.0	8.0	8.0	3.7	3.7	3.7
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	3.1	1.7	1.9	4.0	2.1	2.9	4.0	4.3	4.4	8.0	3.1	2.7

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