MST

Đầu tư MST ·HNX ·2026Q1

▲ Slightly positive

Price

8,300

Latest close

02 Jun 2026

P/E 1.28x

P/B 0.80x

EPS 6,481

BVPS 10,375

ROE 2.4%

ROA 0.8%

Profit Margin 1.6%

Asset Turnover 0.52x

Equity Mult. 2.91x

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

What Is Changing

On a TTM 2026Q1 basis, MST is improving on both revenue and margins, though the magnitude is still moderate — the growth momentum has held across consecutive periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,549bn
	                                
+14.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 24bn
	                                
+14.9%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    68.2%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	1,509.0	1,273.9	1,207.2	374.8	465.3
Growth	+18%	+6%	+222%	-19%	—
Net Income	22.8	17.1	68.3	72.4	87.2
Net Margin	1.51%	1.35%	5.66%	19.31%	18.74%

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	393.2	404.9	383.5	367.3	364.2	414.4	274.0	303.4	282.1	310.4	366.5	331.6
Growth	-3%	+6%	+4%	+1%	-12%	+51%	-10%	+8%	-9%	-15%	+11%	—
Net Income	7.5	7.2	5.3	4.2	7.3	5.4	5.2	3.3	3.3	18.4	11.4	45.8
Net Margin	1.91%	1.79%	1.37%	1.15%	2.00%	1.30%	1.89%	1.07%	1.17%	5.93%	3.11%	13.80%

Drivers of MST's profit

TTM

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

Financial income ↑ 156.7bn

Other profit ↑ 4.5bn

Finance costs ↑ 138.2bn

Gross profit ↓ 19.8bn

Administrative expenses ↑ 2.1bn

TTM

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

Financial income ↑ 6.6bn

Finance costs ↓ 2.1bn

Selling expenses ↓ 0.1bn

Gross profit ↓ 6.4bn

Other profit ↓ 1.0bn

Administrative expenses ↑ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.5% = 1.6% × 0.66 × 2.42

2026Q1 2.4% = 1.6% × 0.52 × 2.91

ROE is broadly flat at 2.4% — the components are offsetting one another.

Net margin: 1.6% +0.0pp Asset turnover: 0.52x -0.14x Leverage: 2.91x +0.49x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 1.57%, 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 1.57% +0.0pp

Gross Margin 0.86% −1.6pp

SG&A / Revenue 0.47% +0.1pp

Non-core / Revenue 1.47% +1.5pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 79.0% of PBT and lifted net margin by 1.5pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

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

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.01x −0.23x

Average Invested Capital 1,530.7bn +438.5bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.73x equity, net debt at 0.56x equity.

Over the last 12 months, working capital absorbed 91.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −238.8bn

Inventories increased → lower CFO: −153.7bn

Payables increased → higher CFO: +300.6bn

Working Capital Efficiency

Cash conversion cycle lengthened by 31.3 days versus the same period last year. The main moves came from DIO rose 18.7 days, DSO fell 7.4 days, and DPO fell 20.1 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +31.3 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +18.7 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 6.4 days −7.4 days

Inventory 21.4 days +18.7 days

Payables 36.4 days −20.1 days

Cash Conversion Cycle -8.6 days +31.3 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.56x and interest coverage only at 0.15x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 1.2% of debt, and total debt stands at 664.2bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Interest coverage is thin

Interest coverage is 0.15x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.56x +0.12x

Interest Coverage 0.15x −0.84x

Cash / Debt 1.2% −0.0pp

Short-term Debt / Total Debt 100.0% +32.0pp

CFO / NI -10.87x −25.81x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 357.6bn in 2025, against investing cash flow of -777.3bn.

Post-investment cash flow was negative +419.7bn. Financing cash flow was positive +563.5bn.

CFO / net income was -10.87x.

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

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 263.7bn −579.0bn

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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 0.15x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 68.2% of PBT and CFO / net income currently at -10.87x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.15x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,509.0	1,273.9	1,207.2	374.8	465.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,509.0	1,273.9	1,207.2	374.8	465.3
Cost of Goods Sold	1,490.9	1,246.6	1,201.2	342.2	0.0
Gross Profit	18.1	27.3	6.0	32.7	66.0
Financial Income	184.6	29.1	24.3	78.3	89.5
Financial Expenses	168.0	28.5	36.8	29.3	-84.4
Interest Expense	161.2	18.7	17.5	27.8	-84.2
Share of Associates and Joint Ventures	—	0.0	0.0	13.2	47.1
Selling Expenses	0.0	0.0	0.0	0.0	-0.0
General and Administrative Expenses	6.1	4.9	31.9	13.6	-23.0
Operating Profit	28.6	23.0	-38.4	81.2	95.2
Other Income	0.0	3.1	142.6	0.0	0.0
Other Expenses	0.0	3.7	14.1	0.3	0.0
Other Profit	-0.0	-0.6	128.5	-0.3	1.7
Profit Before Tax	28.6	22.4	90.1	80.9	96.9
Current Income Tax Expense	5.8	5.3	21.8	8.5	-9.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	22.8	17.1	68.3	72.4	87.2
Non-controlling Interest	—	0.0	0.0	0.1	0.7
Profit Attributable to Parent	22.8	17.1	68.3	72.3	86.5
Earnings per Share	281.00	226.00	955.00	1,061.00	1,306.00
Diluted EPS	200.59	225.51	898.57	1,061.03	1,269.35

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,934.9	894.3	203.3	291.2	771.9
I. Cash and cash equivalents	147.0	3.2	1.6	3.6	14.0
1. Cash	3.5	3.2	1.6	3.6	0.0
2. Cash equivalents	143.5	0.0	0.0	0.0	0.0
II. Short-term financial investments	493.2	31.0	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	493.2	31.0	0.0	0.0	0.0
III. Short-term receivables	1,186.7	857.9	195.4	267.1	687.9
1. Short-term trade accounts receivable	6.0	10.5	33.7	19.0	0.0
2. Short-term prepayments to suppliers	347.2	410.0	26.7	107.2	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	10.0	14.0	12.0	13.5	0.0
6. Other short-term receivables	848.9	448.9	151.1	127.3	0.0
7. Provision for short-term doubtful debts (*)	-25.4	-25.6	-28.3	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	102.8	1.4	6.2	20.5	54.1
1. Inventories	102.8	1.4	6.2	20.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	5.2	0.7	0.1	0.0	2.0
1. Short-term prepayments	0.2	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	4.8	0.0	0.1	0.0	0.0
3. Taxes and other receivables from state authorities	0.3	0.7	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,266.5	856.2	1,015.6	1,010.4	1,011.6
I. Long-term receivables	410.0	0.0	120.0	325.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	549.8
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	410.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	120.0	325.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.4	0.5	0.7	4.2	13.0
1. Tangible fixed assets	0.4	0.5	0.7	4.2	13.0
- Cost	4.7	4.7	4.7	8.4	0.0
- Accumulated depreciation	-4.3	-4.2	-4.0	-4.2	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	—	0.0	0.0	0.0	3.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	849.8	855.7	894.9	680.2	385.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	505.6	505.6	550.6	521.1	0.0
3. Investments in other entities	350.4	350.4	357.6	159.2	0.0
4. Provision for diminution in value of long-term investments	-6.2	-0.3	-13.4	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	6.3	0.0	0.0	0.1	0.0
1. Long-term prepayments	6.3	0.0	0.0	0.1	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	60.6
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)	3,201.4	1,750.6	1,219.0	1,301.5	1,783.6
A. LIABILITIES (300=210+330)	2,030.3	901.9	387.1	467.5	936.4
I. Short -term liabilities	689.6	781.6	266.8	466.3	932.4
1. Short-term trade accounts payable	110.4	154.9	151.0	84.2	245.5
2. Short-term advances from customers	16.6	20.9	54.6	137.7	228.1
3. Taxes and other payables to state authorities	23.4	28.7	25.9	13.1	0.0
4. Payable to employees	0.2	0.1	0.1	0.1	0.0
5. Short-term acrrued expenses	25.2	30.1	21.6	4.9	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	24.9	365.6	9.3	35.2	0.0
10. Short-term borrowings and financial leases	488.9	181.3	4.2	191.3	311.2
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	1,340.7	120.3	120.3	1.1	4.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1,340.5	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.2	120.3	120.3	1.1	3.3
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)	1,171.1	848.7	831.8	834.1	847.1
I. Owner's equity	1,171.1	848.7	831.8	834.1	0.0
1. Owner's capital	1,136.0	760.0	760.0	681.4	847.1
- Common stock with voting right	1,136,042,200,000.00	760,043,010,000.00	760,043,010,000.00	681,406,910,000.00	681,406,910,000.00
- 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	35.1	88.6	71.8	152.5	89.9
- Accumulated retained earning at the end of the previous period	12.3	71.5	3.5	80.2	3.3
- Undistributed earnings in this period	22.8	17.1	68.3	72.3	86.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.1	75.8
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,201.4	1,750.6	1,219.0	1,301.5	1,783.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	28.6	22.4	90.1	80.9	57.4
Depreciation of Fixed Assets and Investment Property	0.2	0.2	0.5	5.3	1.7
Provision (Increase)/Reversal	5.7	-15.7	41.6	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-184.6	-29.0	-22.8	-93.5	0.0
Interest Expense	161.2	28.5	17.5	29.3	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	11.0	6.4	127.0	22.0	54.0
Increase/(Decrease) in Receivables	-243.3	-478.3	-82.7	287.1	0.0
Increase/(Decrease) in Inventory	-101.3	4.8	14.3	-14.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	868.5	327.2	13.5	-75.9	0.0
Increase/(Decrease) in Prepaid Expenses	-6.4	-0.0	0.1	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-160.8	-19.5	-10.3	-30.5	0.0
Corporate Income Tax Paid	-10.1	-4.1	-7.5	-4.6	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	357.6	-163.5	54.4	184.2	353.7
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-3.7	-8.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	2.1	0.0	0.0
Loans and Purchases of Debt Instruments	-1,215.2	-49.1	-893.9	-51.5	-42.8
Receipts from Loan Repayments and Sale of Debt Instruments	347.0	16.1	1,194.7	73.3	0.0
Investments in Other Entities	—	-21.0	-298.3	-159.3	-272.0
Proceeds from Investments in Other Entities	—	42.0	0.0	19.0	0.0
Dividends and Interest Income Received	90.9	0.0	9.3	20.6	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	-777.3	-12.0	13.9	-101.6	-244.1
Proceeds from Equity Issuance and Capital Contributions	375,999,190,000.00	0.00	0.00	-115,058,779.00	326,207,050,000.00
Share Repurchases	—	0.00	0.00	0.00	-26,207,050,000.00
Proceeds from Borrowings	1,514.4	194.9	155.1	181.0	-355.5
Repayment of Borrowings	-1,326.9	-17.8	-223.0	-287.9	-34.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-12.4
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	563.5	177.1	-67.9	-107.0	-102.3
Net Cash Flow During the Period	143.8	1.6	0.4	-24.4	-11.1
Cash and Cash Equivalents at Beginning of Period	3.2	1.6	1.2	28.0	6.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	147.0	3.2	1.6	3.6	14.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	393.2	404.9	383.5	367.3	364.2	414.4	274.0	303.4	282.1	310.4	366.5	331.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	393.2	404.9	383.5	367.3	364.2	414.4	274.0	303.4	282.1	310.4	366.5	331.6
Cost of Goods Sold	390.8	400.6	379.5	364.7	355.3	399.7	267.2	300.6	279.1	308.5	364.3	330.5
Gross Profit	2.5	4.4	4.0	2.6	8.9	14.7	6.8	2.8	3.0	1.9	2.2	1.0
Financial Income	12.5	103.3	8.2	63.1	5.9	6.0	5.6	12.9	4.6	9.6	5.3	4.4
Financial Expenses	3.4	96.7	6.1	61.1	5.5	8.1	4.4	11.2	4.7	11.2	5.4	5.2
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	4.6	11.2	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.3	1.1
Selling Expenses	0.0	0.0	0.0	-0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.1	2.3	1.5	1.4	1.1	1.6	1.3	1.3	0.7	0.9	1.0	1.0
Operating Profit	9.4	8.6	4.5	3.2	8.1	10.9	6.8	3.2	2.2	-0.7	2.4	0.3
Other Income	0.0	0.0	2.2	1.0	1.0	0.0	0.1	0.0	3.0	28.0	13.7	142.6
Other Expenses	—	0.0	0.0	—	—	2.3	0.2	0.0	1.1	4.5	3.0	87.7
Other Profit	0.0	-0.0	2.1	1.0	1.0	-2.3	-0.1	-0.0	1.9	23.5	10.7	54.9
Profit Before Tax	9.4	8.6	6.6	4.2	9.1	8.6	6.6	3.2	4.0	22.8	13.0	55.2
Current Income Tax Expense	1.9	1.4	1.3	—	1.9	3.2	1.5	-0.1	0.7	4.4	1.6	9.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.5	7.2	5.3	4.2	7.3	5.4	5.2	3.3	3.3	18.4	11.4	45.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0
Profit Attributable to Parent	7.5	7.2	5.3	4.2	7.3	5.4	5.2	3.3	3.3	18.4	11.4	45.8
Earnings per Share	66.00	6,308.00	63.00	44.00	96.00	71.00	68.00	43.00	43.00	242.00	150.00	671.00
Diluted EPS	66.26	63.80	62.99	55.51	95.64	71.02	68.19	42.83	43.47	241.95	149.94	671.47

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)	2,188.8	2,504.3	2,314.2	1,955.0	1,613.6	946.3	315.1	249.3	611.7	374.1	537.8	238.5
I. Cash and cash equivalents	8.1	147.0	8.4	5.2	4.6	3.2	1.4	1.8	1.9	1.7	12.2	1.8
1. Cash	8.1	3.5	8.4	5.2	4.6	3.2	1.4	1.8	1.9	1.7	12.2	1.8
2. Cash equivalents	—	143.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	603.5	665.2	753.7	387.9	95.0	203.0	5.0	0.0	0.0	206.3	198.3	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	198.3	198.3	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	603.5	665.2	753.7	387.9	95.0	203.0	5.0	0.0	0.0	8.0	0.0	0.0
III. Short-term receivables	1,400.3	1,587.4	1,490.8	1,533.0	1,499.7	737.9	298.9	242.8	603.2	159.8	308.2	227.3
1. Short-term trade accounts receivable	11.0	76.7	7.0	7.7	43.5	10.5	27.6	50.1	59.4	31.6	44.1	26.3
2. Short-term prepayments to suppliers	465.0	821.3	809.8	805.4	641.2	410.0	116.9	67.0	64.9	25.4	11.1	15.4
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	—	420.0	420.0	420.0	423.0	14.0	10.0	10.1	4.1	4.0	16.3	0.0
6. Other short-term receivables	949.9	294.8	279.4	325.3	417.4	328.9	169.6	140.9	500.1	129.6	243.6	261.3
7. Provision for short-term doubtful debts (*)	-25.4	-25.4	-25.4	-25.4	-25.4	-25.6	-25.3	-25.3	-25.3	-30.9	-6.9	-75.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	166.7	99.4	59.5	27.6	13.1	1.4	7.1	2.4	6.6	6.2	18.1	8.7
1. Inventories	166.7	99.4	59.5	27.6	13.1	1.4	7.1	2.4	6.6	6.2	18.1	8.7
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	10.2	5.2	1.8	1.4	1.3	0.7	2.6	2.4	0.0	0.1	1.1	0.7
1. Short-term prepayments	0.4	0.2	0.1	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.3
2. Value added tax to be reclaimed	9.5	4.8	1.3	0.9	0.9	0.0	0.0	0.1	0.0	0.1	1.0	0.4
3. Taxes and other receivables from state authorities	0.3	0.3	0.3	0.3	0.3	0.7	2.6	2.3	0.0	0.0	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)	1,266.1	682.8	684.1	856.2	856.2	804.3	993.1	1,033.5	1,015.6	847.6	804.0	1,097.5
I. Long-term receivables	410.0	—	—	—	—	120.0	120.0	120.0	120.0	139.5	120.0	213.9
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	410.0	—	—	—	—	120.0	120.0	120.0	120.0	141.5	169.5	213.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	-2.0	-49.5	0.0
II. Fixed assets	0.3	0.4	0.4	0.5	0.5	0.5	0.6	0.6	0.7	0.7	0.8	3.9
1. Tangible fixed assets	0.3	0.4	0.4	0.5	0.5	0.5	0.6	0.6	0.7	0.7	0.8	3.9
- Cost	4.7	—	—	—	—	4.7	4.7	4.7	4.7	4.7	4.7	8.4
- Accumulated depreciation	-4.4	—	—	—	—	-4.2	-4.1	-4.1	-4.1	-4.0	-4.0	-4.5
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	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	849.8	676.1	683.7	855.7	855.7	683.7	872.5	912.9	894.9	707.4	683.3	879.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	505.6	333.6	333.6	505.6	505.6	333.6	505.6	550.6	550.6	550.6	524.1	522.2
3. Investments in other entities	350.4	350.4	350.4	350.4	350.4	350.4	378.4	375.6	357.6	159.3	159.2	357.4
4. Provision for diminution in value of long-term investments	-6.2	-7.9	-0.3	-0.3	-0.3	-0.3	-11.6	-13.4	-13.4	-2.6	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	6.0	6.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	6.0	6.3	0.0	0.0	0.0	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	—	—	—	—	—	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)	3,454.9	3,187.1	2,998.3	2,811.1	2,469.8	1,750.6	1,308.2	1,282.9	1,627.2	1,221.7	1,341.8	1,336.0
A. LIABILITIES (300=210+330)	2,276.3	2,017.3	2,133.8	1,951.8	1,613.9	901.9	464.6	444.5	792.1	382.5	444.9	456.5
I. Short -term liabilities	874.2	661.7	936.0	1,951.6	1,493.6	781.6	344.3	324.1	671.7	262.5	324.6	335.7
1. Short-term trade accounts payable	119.6	101.2	121.3	146.2	186.4	154.9	182.4	192.2	222.6	151.0	148.3	145.7
2. Short-term advances from customers	19.9	16.6	28.2	48.8	22.1	20.9	17.0	29.5	23.0	51.2	93.6	77.6
3. Taxes and other payables to state authorities	20.3	23.1	28.3	29.1	29.8	28.7	23.6	25.6	26.4	23.7	23.0	19.4
4. Payable to employees	0.2	0.2	0.3	0.1	0.3	0.1	0.1	0.1	0.0	0.1	0.1	0.0
5. Short-term acrrued expenses	25.1	25.2	24.4	25.5	24.1	30.1	25.8	20.4	15.9	22.6	20.4	17.9
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	24.9	6.5	0.9	1,188.2	976.0	365.6	4.7	4.8	379.7	9.3	27.4	31.2
10. Short-term borrowings and financial leases	664.1	488.9	732.7	513.8	255.0	181.3	90.6	51.7	4.2	4.6	11.8	43.8
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	1,402.1	1,355.7	1,197.7	0.2	120.2	120.3	120.3	120.3	120.3	119.9	120.3	120.8
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	1,402.0	1,355.5	1,197.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.1	0.2	0.2	0.2	120.2	120.3	120.3	120.3	120.3	119.9	120.3	120.8
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)	1,178.7	1,169.8	864.6	859.3	855.9	848.7	843.6	838.4	835.1	839.3	896.9	879.5
I. Owner's equity	1,178.7	1,169.8	864.6	859.3	855.9	848.7	843.6	838.4	835.1	839.3	896.9	879.5
1. Owner's capital	1,136.0	1,136.0	836.0	760.0	760.0	760.0	760.0	760.0	760.0	760.0	760.0	681.4
- Common stock with voting right	1,136,042,200,000.00	1,136,042,200,000.00	836,042,200,000.00	760,043,010,000.00	760,043,010,000.00	760,043,010,000.00	760,043,010,000.00	760,043,010,000.00	760,043,010,000.00	760,043,010,000.00	760,043,010,000.00	681,406,910,000.00
- 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	42.6	33.7	28.5	99.3	95.9	88.6	83.5	78.4	75.1	79.2	136.8	198.0
- Accumulated retained earning at the end of the previous period	35.1	12.3	12.6	95.9	88.6	71.5	78.4	75.1	71.8	3.5	125.4	151.9
- Undistributed earnings in this period	7.5	21.4	15.9	3.4	7.3	17.1	5.2	3.3	3.3	75.7	11.4	46.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
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)	3,454.9	3,187.1	2,998.3	2,811.1	2,469.8	1,750.6	1,308.2	1,282.9	1,627.2	1,221.7	1,341.8	1,336.0

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	9.4	8.6	6.6	4.2	9.1	8.6	6.6	3.2	4.0	29.8	-4.8	64.7
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2
Provision (Increase)/Reversal	—	5.9	0.0	0.0	-0.1	-10.9	-1.8	0.0	-3.0	-17.3	-6.4	65.4
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	-12.5	-107.4	-8.2	-63.1	-5.9	-5.9	-5.6	-12.9	-4.6	-20.3	8.7	-6.1
Interest Expense	3.4	88.4	6.1	61.2	5.5	8.1	4.6	11.1	4.6	-0.7	8.0	5.1
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	0.4	-4.5	4.6	2.4	8.6	-0.1	3.8	1.4	1.2	-8.5	5.6	129.3
Increase/(Decrease) in Receivables	-223.4	-85.3	44.3	25.7	-227.9	-399.5	-40.8	441.2	-479.1	-194.2	170.0	-78.4
Increase/(Decrease) in Inventory	-64.0	-43.3	-31.8	-14.5	-11.6	5.7	-4.7	4.2	-0.3	11.9	-10.5	50.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	73.9	68.4	-36.6	194.9	641.7	340.6	-59.8	-365.1	411.5	-4.8	8.7	-18.5
Increase/(Decrease) in Prepaid Expenses	0.1	-6.3	0.0	-0.1	-0.0	-0.0	-0.0	-0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	14.4	-14.4	0.0	0.0	0.0	0.0
Interest Paid	-3.4	-87.9	-6.1	-56.7	-10.0	-5.5	-13.4	11.4	-12.0	-1.5	-0.4	-8.4
Corporate Income Tax Paid	-4.9	-6.6	-1.7	-1.0	-0.7	0.0	-4.1	0.0	0.0	-2.2	-2.0	-1.5
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	-221.4	-165.5	-27.4	150.6	400.0	-58.8	-104.5	78.7	-78.8	-199.3	171.4	72.5
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.9	3.0	0.0
Loans and Purchases of Debt Instruments	-278.7	-144.8	-300.5	-292.9	-476.9	-30.0	-9.0	-6.0	-4.1	-868.6	43.7	-60.0
Receipts from Loan Repayments and Sale of Debt Instruments	178.3	233.4	106.6	3.0	4.0	0.0	4.1	0.0	12.0	1,172.2	-172.4	194.9
Investments in Other Entities	—	—	—	—	—	0.0	-3.0	-18.0	0.0	-100.0	0.0	-198.3
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	42.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	7.6	83.4	5.6	1.1	0.7	0.0	-6.7	-64.4	71.1	-4.0	-4.4	2.3
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	-92.8	172.0	-188.2	-288.8	-472.2	-30.0	27.3	-88.4	79.1	198.7	-130.0	-61.1
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	176.0	478.9	633.9	304.0	97.6	90.7	94.6	5.5	4.1	131.7	11.4	2.0
Repayment of Borrowings	-0.8	-722.8	-415.0	-165.2	-23.9	-0.0	-17.8	4.1	-4.1	-139.3	-42.4	-12.6
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	175.2	132.1	218.9	138.7	73.7	90.7	76.9	9.6	0.0	-7.6	-31.0	-10.6
Net Cash Flow During the Period	-139.0	138.6	3.3	0.5	1.4	1.8	-0.4	-0.1	0.3	-8.2	10.4	0.8
Cash and Cash Equivalents at Beginning of Period	147.0	8.4	5.2	4.6	3.2	1.6	1.6	1.6	1.6	1.2	3.6	3.6
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	8.1	147.0	8.4	5.2	4.6	3.2	1.4	1.8	1.9	1.6	12.2	1.8

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MST

What Is Changing

Drivers of MST's profit

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Balance Sheet ▼

Working Capital Efficiency ▼

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Cash Flow ●

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Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow