MKV

Dược thú Y Cai Lậy ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 10.56%, +4.21pp YoY

Price

17,700

Latest close

29 Apr 2026

P/E 5.53x

P/B 0.84x

EPS 3,199

BVPS 21,017

ROE 16.5%

ROA 13.9%

Profit Margin 10.6%

Asset Turnover 1.31x

Equity Mult. 1.19x

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

What Is Changing

On a TTM 2026Q1 basis, MKV is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 151bn
	                                
+27.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 16bn
	                                
+111.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	149.8	107.0	110.9	119.6	121.8
Growth	+40%	-3%	-7%	-2%	—
Net Income	16.9	7.3	6.2	5.9	7.5
Net Margin	11.28%	6.84%	5.59%	4.94%	6.18%

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	36.0	39.5	42.2	33.8	33.4	27.7	30.8	27.4	24.1	29.3	31.4	24.8
Growth	-9%	-6%	+25%	+1%	+21%	-10%	+12%	+13%	-17%	-7%	+27%	—
Net Income	1.0	7.0	5.7	2.3	2.0	0.3	1.8	3.5	1.8	1.8	2.0	1.3
Net Margin	2.91%	17.70%	13.50%	6.71%	5.86%	0.92%	6.00%	12.80%	7.36%	6.14%	6.47%	5.20%

Drivers of MKV's profit

TTM

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

Gross profit ↑ 11.7bn

Administrative expenses ↓ 1.5bn

Selling expenses ↑ 2.7bn

Tax ↑ 2.1bn

Finance costs ↑ 0.9bn

TTM

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

Gross profit ↑ 1.2bn

Financial income ↑ 0.4bn

Tax ↓ 0.2bn

Selling expenses ↑ 2.4bn

Administrative expenses ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.9% = 6.3% × 1.12 × 1.25

2026Q1 16.5% = 10.6% × 1.31 × 1.19

ROE rose from 8.9% to 16.5% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 10.6% +4.2pp Asset turnover: 1.31x +0.20x Leverage: 1.19x -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 expanded to 10.56%, rising 4.2pp. The main driver is SG&A / Revenue fell 4.3pp and Gross margin rose 0.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.3pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 10.56% +4.2pp

Gross Margin 34.90% +0.4pp

SG&A / Revenue 19.78% −4.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

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

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 10.56% +4.1pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.12x equity, with a net cash position equivalent to 0.01x equity.

Inventory ended the period at 18.2bn, roughly 15.7% of total assets.

Over the last 12 months, working capital released 7.2bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +19.1bn

Inventories increased → lower CFO: −3.1bn

Payables decreased → lower CFO: −8.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 32.9 days versus the same period last year. The main moves came from DIO rose 1.7 days, DSO fell 46.7 days, and DPO fell 12.1 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 127.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +1.7 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 70.5 days −46.7 days

Inventory 69.0 days +1.7 days

Payables 12.3 days −12.1 days

Cash Conversion Cycle 127.2 days −32.9 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 21.3bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.01x and interest coverage at 4.82x.

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

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

Leverage and liquidity trend

Net Debt / Equity -0.01x —

Interest Coverage 4.82x +1.87x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.63x +0.04x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 21.3bn in 2025, against investing cash flow of -22.0bn.

Post-investment cash flow was negative +0.8bn. Financing cash flow was positive 0.0bn.

CFO / net income was 1.63x.

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

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

Cash Conversion

CFO TTM 26.1bn +14.1bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, capital efficiency remains the area to verify in upcoming periods. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 127 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 10.56% after expanding 4.2pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: working capital remains tied up for too long, with cash cycle at 127.2 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	165.1	119.1	121.1	125.0	139.4
Revenue Deductions	15.3	12.1	10.2	5.4	0.0
Net Revenue	149.8	107.0	110.9	119.6	121.8
Cost of Goods Sold	97.1	71.1	78.7	86.6	0.0
Gross Profit	52.7	35.9	32.2	33.0	29.6
Financial Income	0.9	0.5	0.3	0.2	0.1
Financial Expenses	4.1	3.2	3.4	4.6	-3.4
Interest Expense	—	0.0	0.5	1.2	-0.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	21.6	16.3	14.3	13.9	-11.6
General and Administrative Expenses	6.5	7.5	7.3	7.2	-6.0
Operating Profit	21.3	9.4	7.6	7.6	8.8
Other Income	0.0	0.0	0.2	0.0	0.0
Other Expenses	0.2	0.2	0.0	0.1	0.0
Other Profit	-0.2	-0.2	0.2	-0.1	-0.0
Profit Before Tax	21.1	9.2	7.8	7.5	8.8
Current Income Tax Expense	3.5	2.4	2.8	1.6	-1.2
Deferred Income Tax Expense	0.7	-0.6	-1.2	0.0	0.0
Net Income	16.9	7.3	6.2	5.9	7.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	16.9	7.3	6.2	5.9	7.5
Earnings per Share	3,378.00	1,465.00	1,240.00	1,181.00	707.00
Diluted EPS	3,378.00	1,465.00	1,240.00	1,181.00	1,505.69

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	87.5	77.0	61.9	64.9	59.9
I. Cash and cash equivalents	14.4	15.2	9.2	4.2	3.1
1. Cash	3.4	7.2	9.2	4.2	0.0
2. Cash equivalents	11.0	8.0	0.0	0.0	0.0
II. Short-term financial investments	18.0	6.0	6.0	6.0	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	18.0	6.0	6.0	6.0	0.0
III. Short-term receivables	36.3	38.5	33.1	25.1	20.9
1. Short-term trade accounts receivable	24.9	38.0	33.0	23.4	0.0
2. Short-term prepayments to suppliers	1.3	0.1	0.0	1.5	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	9.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.1	0.5	0.2	0.2	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	18.2	16.6	13.0	28.7	28.8
1. Inventories	18.2	16.6	13.0	28.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	-0.0	0.0
V. Other short-term assets	0.6	0.6	0.7	1.0	1.2
1. Short-term prepayments	0.5	0.4	0.6	0.8	0.0
2. Value added tax to be reclaimed	—	0.2	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	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)	28.5	32.5	36.4	41.1	48.7
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	27.0	30.1	34.4	40.3	47.8
1. Tangible fixed assets	27.0	30.1	34.4	40.3	47.8
- Cost	101.3	102.1	102.1	101.5	0.0
- Accumulated depreciation	-74.3	-72.0	-67.7	-61.2	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	0.3	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.3	-0.3	-0.3	-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	0.1	0.0	0.0	0.2	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	0.0	0.0	0.2	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	1.4	2.4	2.0	0.6	0.0
1. Long-term prepayments	0.4	0.6	0.8	0.6	0.0
2. Deferred income tax assets	1.0	1.8	1.2	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	0.9
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)	116.0	109.5	98.3	106.0	108.6
A. LIABILITIES (300=210+330)	12.0	22.3	18.5	32.4	40.8
I. Short -term liabilities	12.0	22.3	18.5	30.9	39.3
1. Short-term trade accounts payable	1.3	1.5	4.8	5.7	4.6
2. Short-term advances from customers	0.1	0.3	0.2	0.0	0.0
3. Taxes and other payables to state authorities	0.3	0.5	1.8	0.2	0.0
4. Payable to employees	1.6	0.7	1.1	1.2	0.0
5. Short-term acrrued expenses	8.7	19.4	10.6	5.3	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	0.0	0.0	0.0	0.1	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	18.4	24.5
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	—	0.0	0.0	1.5	1.5
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	1.5	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	104.0	87.1	79.8	73.6	67.7
I. Owner's equity	104.0	87.1	79.8	73.6	0.0
1. Owner's capital	50.0	50.0	50.0	50.0	67.7
- Common stock with voting right	50,000,380,000.00	50,000,380,000.00	50,000,380,000.00	50,000,380,000.00	50,000,380,000.00
- 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	-380,000.00	-380,000.00	-380,000.00	-380,000.00	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	0.1	0.1	0.1	0.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	54.0	37.1	29.8	23.6	17.6
- Accumulated retained earning at the end of the previous period	37.1	29.8	23.6	17.6	10.1
- Undistributed earnings in this period	16.9	7.3	6.2	5.9	7.5
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)	116.0	109.5	98.3	106.0	108.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	21.1	9.2	7.8	7.5	4.3
Depreciation of Fixed Assets and Investment Property	4.2	4.2	7.2	7.8	4.2
Provision (Increase)/Reversal	—	0.0	-0.0	-0.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.7	-0.4	-0.5	-0.2	0.0
Interest Expense	—	0.0	0.5	1.2	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	24.6	13.0	14.9	15.9	9.3
Increase/(Decrease) in Receivables	11.9	-5.6	-8.0	-3.8	0.0
Increase/(Decrease) in Inventory	-1.6	-3.7	15.7	0.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-10.0	4.8	4.7	-2.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.4	0.0	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.0	-0.6	-1.2	0.0
Corporate Income Tax Paid	-3.9	-3.4	-1.3	-1.5	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	21.3	5.6	25.4	7.6	-2.4
Payments for Fixed Assets and Other Long-term Assets	-1.7	0.0	-1.0	-0.6	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	-96.0	0.0	0.0	0.0	-6.0
Receipts from Loan Repayments and Sale of Debt Instruments	75.0	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	0.7	0.4	0.3	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	-22.0	0.4	-0.5	-0.4	-5.9
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	—	5.0	9.1	50.1	47.5
Repayment of Borrowings	—	-5.0	-27.5	-56.2	-39.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-1.5	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	-19.9	-6.1	7.7
Net Cash Flow During the Period	-0.8	6.0	5.0	1.1	-6.9
Cash and Cash Equivalents at Beginning of Period	15.2	9.2	4.2	3.1	3.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	14.4	15.2	9.2	4.2	3.1

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	38.7	43.7	46.5	39.9	35.0	32.4	32.0	28.6	26.1	31.1	35.6	26.4
Revenue Deductions	2.7	4.2	4.4	6.0	1.6	4.7	1.2	1.2	2.0	1.9	4.3	1.7
Net Revenue	36.0	39.5	42.2	33.8	33.4	27.7	30.8	27.4	24.1	29.3	31.4	24.8
Cost of Goods Sold	25.2	23.4	27.5	22.5	23.8	18.0	18.8	17.5	16.7	20.5	22.6	17.3
Gross Profit	10.8	16.1	14.6	11.3	9.6	9.7	11.9	9.9	7.4	8.8	8.8	7.5
Financial Income	0.5	0.4	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Financial Expenses	0.8	1.0	1.2	1.1	0.8	0.9	0.8	0.7	0.7	0.7	0.9	1.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	6.7	5.0	6.5	5.4	4.3	6.4	7.1	3.0	2.7	4.2	3.6	3.3
General and Administrative Expenses	2.6	1.7	0.0	2.1	2.3	1.9	1.8	1.9	1.9	1.7	1.8	1.9
Operating Profit	1.3	8.7	7.1	2.8	2.4	0.5	2.3	4.4	2.2	2.2	2.5	1.4
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	-0.0	0.0	0.0	-0.0	-0.2	-0.0	-0.0	0.0	0.0	0.0	0.2
Profit Before Tax	1.3	8.7	7.1	2.8	2.4	0.4	2.3	4.4	2.2	2.2	2.5	1.6
Current Income Tax Expense	0.3	1.7	1.4	0.6	0.5	0.1	0.5	0.9	0.4	0.4	0.5	0.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.0	7.0	5.7	2.3	2.0	0.3	1.8	3.5	1.8	1.8	2.0	1.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.0	7.0	5.7	2.3	2.0	0.3	1.8	3.5	1.8	1.8	2.0	1.3
Earnings per Share	210.00	1,397.00	1,138.00	454.00	392.00	51.00	369.00	701.00	355.00	359.00	406.00	257.00
Diluted EPS	209.74	1,396.87	1,137.89	453.83	391.57	50.75	369.46	700.80	355.33	359.29	406.05	257.47

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)	90.3	87.6	88.8	87.7	80.8	77.1	79.0	77.9	66.2	61.9	61.2	55.7
I. Cash and cash equivalents	1.4	3.4	35.9	12.6	16.5	15.2	11.7	13.6	9.9	9.2	4.5	3.4
1. Cash	1.4	3.4	20.9	4.6	2.5	7.2	3.7	5.6	1.9	9.2	4.5	3.4
2. Cash equivalents	—	—	15.0	8.0	14.0	8.0	8.0	8.0	8.0	0.0	0.0	0.0
II. Short-term financial investments	37.5	29.0	—	7.0	7.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0
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	37.5	29.0	—	7.0	7.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0
III. Short-term receivables	30.5	36.3	31.6	50.9	39.7	38.5	44.9	45.4	38.0	33.1	32.4	23.3
1. Short-term trade accounts receivable	19.7	24.9	29.4	38.1	38.8	38.0	42.4	44.7	37.7	33.0	31.8	22.1
2. Short-term prepayments to suppliers	1.0	1.3	0.8	2.0	0.1	0.1	2.0	0.0	0.0	0.0	0.2	0.9
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	—	9.0	—	10.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	9.8	1.1	1.4	0.8	0.7	0.5	0.5	0.6	0.3	0.2	0.3	0.3
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	20.2	18.2	20.1	16.2	17.1	16.6	15.6	12.4	11.7	13.0	17.4	22.2
1. Inventories	20.2	18.2	20.1	16.2	17.1	16.6	15.6	12.4	11.7	13.0	17.5	22.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.1	-0.1
V. Other short-term assets	0.7	0.6	1.2	1.0	0.6	0.7	0.8	0.5	0.5	0.7	0.9	0.8
1. Short-term prepayments	0.6	0.5	1.1	0.8	0.5	0.4	0.4	0.4	0.4	0.6	0.6	0.6
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	0.1	0.1	0.0	0.4	0.3	0.2	0.1	0.1	0.4	0.2
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)	28.2	28.6	29.0	30.3	31.4	31.9	33.0	34.1	35.2	35.2	37.1	37.8
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	25.9	27.0	26.8	28.0	29.1	30.1	31.2	32.2	33.3	34.4	36.1	37.3
1. Tangible fixed assets	25.9	27.0	26.8	28.0	29.1	30.1	31.2	32.2	33.3	34.4	36.1	37.3
- Cost	101.3	—	—	—	—	102.1	102.1	102.1	102.1	102.1	102.1	101.5
- Accumulated depreciation	-75.3	—	—	—	—	-72.0	-70.9	-69.9	-68.8	-67.7	-66.0	-64.2
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	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	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	0.9	0.1	0.7	—	—	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	0.9	0.1	0.7	—	—	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	1.3	1.5	1.5	2.2	2.3	1.8	1.8	1.9	1.9	0.8	1.0	0.5
1. Long-term prepayments	0.3	0.4	0.4	0.5	0.5	0.6	0.6	0.7	0.7	0.8	1.0	0.5
2. Deferred income tax assets	1.0	1.1	1.1	1.8	1.8	1.2	1.2	1.2	1.2	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)	118.4	116.1	117.9	117.9	112.2	109.0	111.9	112.0	101.3	97.1	98.3	93.5
A. LIABILITIES (300=210+330)	13.3	12.1	20.8	26.6	23.1	21.8	25.0	26.9	19.7	17.3	20.3	17.5
I. Short -term liabilities	13.3	12.1	20.8	26.6	23.1	21.8	25.0	26.9	19.7	17.3	20.3	17.5
1. Short-term trade accounts payable	3.8	1.3	7.3	6.3	2.8	1.5	6.4	7.7	7.6	4.8	8.3	6.2
2. Short-term advances from customers	0.0	0.1	0.1	0.0	0.2	0.3	0.4	0.2	0.2	0.2	0.3	0.0
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.6	0.4	2.1	1.3	0.8	0.0	0.2	1.5	0.6	0.6	0.3	0.5
4. Payable to employees	1.9	1.6	2.1	1.5	1.4	0.7	1.3	1.1	1.1	1.1	1.2	1.3
5. Short-term acrrued expenses	7.0	8.7	9.2	17.5	17.9	19.3	16.6	11.4	10.2	10.6	10.2	5.2
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	0.1	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.1
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	5.0	0.0	0.0	0.0	4.3
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	-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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	105.1	104.0	97.1	91.4	89.1	87.2	86.9	85.1	81.6	79.8	78.0	76.0
I. Owner's equity	105.1	104.0	97.1	91.4	89.1	87.2	86.9	85.1	81.6	79.8	78.0	76.0
1. Owner's capital	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0
- Common stock with voting right	50,000,380,000.00	50,000,380,000.00	50,000,380,000.00	50,000,380,000.00	50,000,380,000.00	50,000,380,000.00	50,000,380,000.00	50,000,380,000.00	50,000,380,000.00	50,000,380,000.00	50,000,380,000.00	50,000,380,000.00
- 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	-380,000.00	-380,000.00	-380,000.00	-380,000.00	-380,000.00	-380,000.00	-380,000.00	-380,000.00	-380,000.00	-380,000.00	-380,000.00	-380,000.00
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	55.0	54.0	47.0	41.3	39.0	37.1	36.9	35.0	31.5	29.8	28.0	25.9
- Accumulated retained earning at the end of the previous period	54.0	37.1	37.1	37.1	37.1	29.8	29.8	29.8	29.8	23.6	23.6	23.6
- Undistributed earnings in this period	1.0	16.9	9.9	4.2	2.0	7.4	7.1	5.3	1.8	6.2	4.4	2.4
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)	118.4	116.1	117.9	117.9	112.2	109.0	111.9	112.0	101.3	97.1	98.3	93.5

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	1.3	8.7	7.1	2.8	2.4	0.4	2.3	4.4	2.2	2.2	2.5	1.6
Depreciation of Fixed Assets and Investment Property	1.1	1.1	1.0	1.0	1.0	1.0	1.0	1.1	1.1	1.8	1.8	1.8
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	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	-0.5	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1	-0.1	-0.1	-0.2	0.1	-0.3
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2
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	1.8	9.6	8.0	3.7	3.3	1.3	3.2	5.3	3.2	3.7	4.4	3.4
Increase/(Decrease) in Receivables	6.2	4.2	9.9	-1.2	-0.9	6.3	0.3	-7.4	-4.8	-0.3	-9.5	3.4
Increase/(Decrease) in Inventory	-2.0	1.9	-4.0	0.9	-0.4	-1.0	-3.2	-0.7	1.3	4.5	4.7	4.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.1	-6.4	-7.2	3.7	-0.2	-3.2	9.6	4.1	-0.6	-1.9	6.1	-2.7
Increase/(Decrease) in Prepaid Expenses	-0.0	0.7	-0.2	-0.3	-0.0	0.0	0.0	0.1	0.3	0.2	-0.4	-0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	-0.0	-0.0	0.0	0.0	-0.1	-0.2
Corporate Income Tax Paid	-0.1	-3.4	0.0	-0.9	0.4	0.0	-2.0	-2.9	1.4	0.0	-1.1	-0.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	0.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	7.1	6.4	6.7	6.0	2.2	3.4	7.9	-1.5	0.7	6.2	4.2	8.0
Payments for Fixed Assets and Other Long-term Assets	-0.8	-1.0	-0.7	—	—	0.0	0.0	0.0	0.0	0.0	-0.6	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.2	0.0
Loans and Purchases of Debt Instruments	-8.5	-102.0	17.0	-10.0	-1.0	0.0	0.0	0.0	0.0	0.0	-0.2	0.2
Receipts from Loan Repayments and Sale of Debt Instruments	—	75.0	—	—	—	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	0.2	0.1	0.3	0.1	0.2	0.1	0.2	0.2	0.0	0.0	0.2	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	-9.1	-27.9	16.6	-9.9	-0.8	0.1	0.2	0.2	0.0	0.0	-0.4	-0.2
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	-5.0	5.0	0.0	0.0	0.0	5.7
Repayment of Borrowings	—	—	—	—	—	0.0	-5.0	0.0	0.0	0.0	-4.3	-10.7
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	-1.5	1.5	-1.5
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	-10.0	5.0	0.0	-1.5	-2.8	-6.5
Net Cash Flow During the Period	-2.0	-21.5	23.3	-3.9	1.4	3.5	-1.9	3.7	0.7	4.7	1.0	1.3
Cash and Cash Equivalents at Beginning of Period	3.4	35.9	12.6	16.5	15.2	9.2	9.2	9.2	9.2	4.2	4.2	4.2
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	1.4	14.4	35.9	12.6	16.5	15.2	11.7	13.6	9.9	9.2	4.5	3.4

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MKV

What Is Changing

Drivers of MKV'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