MZG

Miza ·UPCOM ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 1.35x

Price

12,600

Latest close

04 Jun 2026

P/E 10.43x

P/B 0.97x

EPS 1,208

BVPS 13,031

ROE 9.4%

ROA 2.6%

Profit Margin 2.7%

Asset Turnover 0.96x

Equity Mult. 3.60x

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

What Is Changing

On a Năm 2025 basis, MZG is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,826bn
	                                
+8.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 119bn
	                                
+63.4%YoY

Metric	2025	2024	2023	2022
Revenue	4,826.4	4,444.9	3,204.4	2,781.2
Growth	+9%	+39%	+15%	—
Net Income	118.6	72.6	62.5	67.9
Net Margin	2.46%	1.63%	1.95%	2.44%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	1,096.6	1,290.7	1,221.7	1,218.1	1,095.9	1,324.4
Growth	-15%	+6%	+0%	+11%	-17%	—
Net Income	32.1	34.0	37.3	28.1	19.2	27.6
Net Margin	2.92%	2.63%	3.05%	2.31%	1.76%	2.08%

Drivers of MZG's profit

TTM

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

Gross profit ↑ 23.4bn

Financial income ↑ 2.9bn

Other profit ↑ 1.6bn

Finance costs ↑ 10.0bn

Administrative expenses ↑ 3.7bn

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 2.72% +0.8pp

Gross Margin 8.77% —

SG&A / Revenue 1.92% —

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 3.04%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently 3.04% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.04% —

NOPAT Margin 2.73% —

Capital Turnover 1.11x —

Average Invested Capital 4,332.8bn —

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 2.51x equity, net debt at 2.14x equity.

Inventory ended the period at 764.4bn, roughly 14.7% of total assets.

Over the last 12 months, working capital absorbed 38.4bn 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: −73.0bn

Inventories increased → lower CFO: −17.3bn

Payables increased → higher CFO: +52.0bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.14x and interest coverage only at 0.63x.

At present, short-term debt accounts for 63.5% of total debt, cash equals 7.7% of debt, and total debt stands at 3,522.6bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.14x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.63x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.14x +0.10x

Interest Coverage 0.63x —

Cash / Debt 7.7% +4.6pp

Short-term Debt / Total Debt 63.5% −20.5pp

CFO / NI 1.35x —

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 51.5bn in 2025, against investing cash flow of -645.2bn.

Post-investment cash flow was negative +593.7bn. Financing cash flow was positive +803.7bn.

CFO / net income was 1.35x.

After spending +626.3bn on fixed-asset investment, the business generated trailing free cash flow of −449.3bn.

Cash Conversion

CFO TTM 177.0bn —

Cash Capex 626.3bn —

FCF TTM −449.3bn —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 3.0%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.35x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.35x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022
Revenue	4,826.9	4,447.7	3,205.5	2,783.3
Revenue Deductions	0.5	2.8	1.1	2.0
Net Revenue	4,826.4	4,444.9	3,204.4	2,781.2
Cost of Goods Sold	4,426.7	4,107.4	2,877.8	2,493.7
Gross Profit	399.8	337.5	326.6	287.6
Financial Income	28.3	19.4	22.7	18.4
Financial Expenses	211.7	197.9	198.0	154.0
Interest Expense	198.6	174.6	180.3	131.8
Share of Associates and Joint Ventures	—	0.0	-5.6	0.2
Selling Expenses	49.1	55.7	55.3	52.7
General and Administrative Expenses	39.2	31.5	30.4	28.1
Operating Profit	128.0	71.8	59.9	71.3
Other Income	4.0	2.3	4.7	0.3
Other Expenses	5.7	0.6	1.3	1.5
Other Profit	-1.7	1.7	3.5	-1.2
Profit Before Tax	126.2	73.5	63.4	70.0
Current Income Tax Expense	7.7	0.9	1.0	2.2
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	118.6	72.6	62.5	67.9
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	118.6	72.6	62.5	67.9
Earnings per Share	1,104.00	685.00	625.00	692.00
Diluted EPS	1,017.69	685.00	625.00	692.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,337.0	2,638.1	2,074.2	1,610.8
I. Cash and cash equivalents	279.0	69.0	257.5	83.3
1. Cash	181.5	21.9	43.8	49.2
2. Cash equivalents	97.5	47.0	213.8	34.0
II. Short-term financial investments	723.6	456.0	253.0	143.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	723.6	456.0	253.0	143.0
III. Short-term receivables	1,481.4	1,328.3	830.2	664.5
1. Short-term trade accounts receivable	950.1	946.7	600.3	546.8
2. Short-term prepayments to suppliers	487.0	292.0	188.2	78.6
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	44.3	89.6	41.7	39.2
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	764.4	695.8	653.4	649.4
1. Inventories	764.4	695.8	653.4	649.4
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	88.6	89.1	80.1	70.5
1. Short-term prepayments	10.1	7.4	8.4	7.6
2. Value added tax to be reclaimed	78.5	81.7	71.7	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	62.9
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,872.4	1,801.7	1,758.0	2,001.7
I. Long-term receivables	14.3	13.4	10.7	12.7
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	14.3	13.4	10.7	12.7
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	1,524.1	1,602.7	1,590.6	1,685.0
1. Tangible fixed assets	1,269.6	1,191.9	1,264.6	1,348.2
- Cost	1,806.2	1,618.7	1,602.2	1,596.3
- Accumulated depreciation	-536.6	-426.8	-337.6	-248.2
2. Financial leased fixed assets	254.5	410.7	326.0	336.8
- Cost	299.0	493.3	378.2	363.5
- Accumulated depreciation	-44.4	-82.6	-52.2	-26.7
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	192.4	45.1	32.8	1.3
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	192.4	45.1	32.8	1.3
V. Long-term financial investments	1.5	0.0	5.0	188.5
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	183.3
3. Investments in other entities	1.5	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	5.0	5.2
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	140.0	140.5	119.0	114.3
1. Long-term prepayments	140.0	120.7	119.0	114.3
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	19.8	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	5,209.4	4,439.8	3,832.2	3,612.5
A. LIABILITIES (300=210+330)	3,723.3	3,177.8	2,642.8	2,485.6
I. Short -term liabilities	2,585.1	2,363.3	1,988.2	1,595.5
1. Short-term trade accounts payable	241.0	303.7	264.4	235.3
2. Short-term advances from customers	0.8	10.6	14.4	15.4
3. Taxes and other payables to state authorities	7.7	0.7	3.7	4.4
4. Payable to employees	5.1	4.5	4.6	5.6
5. Short-term acrrued expenses	10.8	11.2	12.0	10.7
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0
9. Other short-term payables	1.3	0.4	57.5	127.1
10. Short-term borrowings and financial leases	2,318.2	2,032.2	1,631.5	1,196.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	1,138.2	814.5	654.6	890.1
1. Long-term trade payables	231.7	324.1	153.3	241.6
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	906.4	490.4	501.3	648.5
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,486.1	1,262.0	1,189.4	1,126.9
I. Owner's equity	1,486.1	1,262.0	1,189.4	1,126.9
1. Owner's capital	1,165.1	1,059.2	999.2	999.2
- Common stock with voting right	1,165,065,740,000.00	1,059,150,680,000.00	999,199,000,000.00	859,199,000,000.00
- Preferred stock	—	0.00	0.00	140,000,000,000.00
2. Share premium	32.1	32.5	32.5	32.5
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	288.9	170.3	157.7	95.2
- Accumulated retained earning at the end of the previous period	170.3	97.8	95.2	75.6
- Undistributed earnings in this period	118.6	72.6	62.5	19.7
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	5,209.4	4,439.8	3,832.2	3,612.5

Item	2025	2024	2023	2022
Profit Before Tax	126.2	73.5	63.4	70.0
Depreciation of Fixed Assets and Investment Property	128.4	123.5	117.9	109.5
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.7	7.3	3.6	-5.6
Gain/Loss from Investment Activities	-24.1	-11.9	-11.4	-7.2
Interest Expense	198.6	174.6	180.3	131.8
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	431.9	367.0	353.8	298.6
Increase/(Decrease) in Receivables	3.3	-515.4	-135.9	-84.2
Increase/(Decrease) in Inventory	-68.7	-62.2	-4.0	-260.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-92.3	167.5	-136.2	177.6
Increase/(Decrease) in Prepaid Expenses	-23.5	-3.1	-7.9	-6.4
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-197.8	-175.1	-180.9	-150.6
Corporate Income Tax Paid	-1.5	-0.6	-1.5	-4.4
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.0	0.0
Net Cash Flow from Operating Activities	51.5	-221.9	-112.6	-30.1
Payments for Fixed Assets and Other Long-term Assets	-400.1	-27.0	-71.7	-228.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.1	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	-867.1	-435.0	-130.4	-151.3
Receipts from Loan Repayments and Sale of Debt Instruments	605.2	242.3	20.7	84.4
Investments in Other Entities	-1.5	0.0	0.0	-39.2
Proceeds from Investments in Other Entities	—	0.0	183.0	0.0
Dividends and Interest Income Received	17.2	6.4	10.3	4.5
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-645.2	-213.3	11.9	-330.2
Proceeds from Equity Issuance and Capital Contributions	105,559,960,000.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	4,953.7	4,019.7	2,766.0	2,460.0
Repayment of Borrowings	-4,156.3	-3,686.1	-2,427.6	-2,026.9
Repayment of Finance Leases	-99.2	-87.0	-63.5	-84.8
Dividends Paid	—	0.0	0.0	-60.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	803.7	246.7	274.9	288.2
Net Cash Flow During the Period	210.1	-188.5	174.3	-72.1
Cash and Cash Equivalents at Beginning of Period	69.0	257.5	83.3	155.4
FX Difference from Revaluation	-0.1	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	279.0	69.0	257.5	83.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	1,096.7	1,290.8	1,221.7	1,218.5	1,096.0	1,324.5
Revenue Deductions	0.0	0.1	0.0	0.4	0.0	0.2
Net Revenue	1,096.6	1,290.7	1,221.7	1,218.1	1,095.9	1,324.4
Cost of Goods Sold	990.0	1,182.4	1,116.1	1,115.3	1,012.8	1,219.8
Gross Profit	106.6	108.2	105.5	102.8	83.2	104.5
Financial Income	9.5	6.6	8.6	6.3	6.6	2.2
Financial Expenses	59.1	55.3	50.5	56.8	49.1	54.8
Interest Expense	58.2	52.6	48.7	50.4	47.0	46.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0
Selling Expenses	13.0	13.2	12.3	11.1	12.4	16.9
General and Administrative Expenses	11.6	12.3	9.8	9.2	7.9	7.9
Operating Profit	32.4	34.1	41.5	32.0	20.4	27.0
Other Income	1.7	2.1	0.8	-0.1	1.2	1.0
Other Expenses	0.1	0.1	2.5	2.0	1.1	0.4
Other Profit	1.6	2.0	-1.7	-2.1	0.0	0.6
Profit Before Tax	34.0	36.1	39.8	29.9	20.4	27.7
Current Income Tax Expense	1.9	2.1	2.6	1.8	1.2	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0
Net Income	32.1	34.0	37.3	28.1	19.2	27.6
Non-controlling Interest	—	—	—	—	—	0.0
Profit Attributable to Parent	32.1	34.0	37.3	28.1	19.2	27.6
Earnings per Share	275.18	316.00	352.00	265.00	182.00	274.00
Diluted EPS	275.18	291.63	351.85	265.17	181.64	260.15

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,470.8	3,337.0	2,958.0	2,931.2	2,724.5	2,639.6
I. Cash and cash equivalents	271.4	279.0	97.4	107.8	83.8	214.0
1. Cash	141.5	181.5	10.3	23.2	12.9	21.9
2. Cash equivalents	129.9	97.5	87.2	84.6	70.9	192.1
II. Short-term financial investments	798.8	723.6	665.7	645.7	474.3	310.9
1. Available for sale securities	—	—	—	—	—	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0
3. Held to maturity investments	798.8	723.6	665.7	645.7	474.3	310.9
III. Short-term receivables	1,545.0	1,481.4	1,363.1	1,338.7	1,309.0	1,329.2
1. Short-term trade accounts receivable	775.6	950.1	949.7	957.8	967.7	946.7
2. Short-term prepayments to suppliers	714.0	487.0	343.9	314.2	257.4	292.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0
6. Other short-term receivables	55.3	44.3	69.5	66.7	83.9	90.5
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0
IV. Inventories	782.5	764.4	751.1	754.7	765.2	696.3
1. Inventories	782.5	764.4	751.1	754.7	765.2	696.3
2. Provision for decline in value of inventories	—	—	—	—	—	0.0
V. Other short-term assets	73.2	88.6	80.7	84.2	92.2	89.1
1. Short-term prepayments	13.8	10.1	7.7	5.0	6.4	7.4
2. Value added tax to be reclaimed	59.4	78.5	72.9	79.2	85.6	81.7
3. Taxes and other receivables from state authorities	0.1	0.1	0.0	0.0	0.2	0.0
4. Government bonds	—	—	—	—	—	0.0
5. Other short-term assets	—	—	—	—	—	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,112.4	1,872.4	1,771.4	1,745.1	1,773.5	1,801.1
I. Long-term receivables	13.5	14.3	6.3	11.5	12.0	13.4
1. Long-term trade receivables	—	—	—	—	—	0.0
2. Long-term prepayments to suppliers	—	—	0.9	—	—	0.0
3. Capital at inter-company	—	—	—	—	—	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0
6. Other long-term receivables	13.5	14.3	5.4	11.5	12.0	13.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0
II. Fixed assets	1,496.4	1,524.1	1,529.9	1,571.3	1,601.2	1,633.1
1. Tangible fixed assets	1,247.1	1,269.6	1,095.8	1,152.1	1,170.0	1,191.9
- Cost	1,810.5	—	—	—	—	1,618.7
- Accumulated depreciation	-563.5	—	—	—	—	-426.8
2. Financial leased fixed assets	249.3	254.5	434.1	419.1	431.2	441.1
- Cost	299.9	—	—	—	—	0.0
- Accumulated depreciation	-50.6	—	—	—	—	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0
- Cost	—	—	—	—	—	0.0
- Accumulated depreciation	—	—	—	—	—	0.0
III. Investment properties	—	—	—	—	—	0.0
- Cost	—	—	—	—	—	0.0
- Accumulated depreciation	—	—	—	—	—	0.0
IV. Long-term assets in progress	449.9	192.4	92.6	17.3	16.9	14.1
1. Long-term production in progress	—	—	—	—	—	0.0
2. Construction in progress	449.9	192.4	92.6	17.3	16.9	14.1
V. Long-term financial investments	1.5	1.5	1.5	1.5	1.5	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0
2. Investments in associates, joint-ventures	—	—	1.5	—	1.5	0.0
3. Investments in other entities	1.5	1.5	—	1.5	—	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0
5. Held to maturity investments	—	—	—	—	—	0.0
6. Other long-term investments	—	—	—	—	—	0.0
VI. Other long-term assets	151.1	140.0	141.2	143.5	142.0	140.5
1. Long-term prepayments	151.1	140.0	141.2	123.7	122.2	120.7
2. Deferred income tax assets	—	—	—	—	—	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	19.8	19.8	19.8
4. Other long-term assets	—	—	—	—	—	0.0
5. Goodwill	—	—	—	—	—	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0
TOTAL ASSETS (280=100+200)	5,583.2	5,209.4	4,729.4	4,676.2	4,498.0	4,440.7
A. LIABILITIES (300=210+330)	4,065.1	3,723.3	3,382.8	3,366.9	3,216.8	3,178.5
I. Short -term liabilities	2,616.4	2,585.1	2,633.0	2,641.0	2,494.6	2,364.2
1. Short-term trade accounts payable	300.9	241.0	204.2	282.6	192.4	303.7
2. Short-term advances from customers	51.8	0.8	5.8	10.9	5.0	10.6
3. Taxes and other payables to state authorities	2.3	7.7	6.1	3.1	1.9	0.4
4. Payable to employees	6.7	5.1	5.3	3.9	4.6	5.6
5. Short-term acrrued expenses	16.6	10.8	14.6	14.3	14.2	11.1
6. Short-term inter-company payables	—	—	—	—	—	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0
8. Short-term unearned revenue	0.1	0.0	0.0	0.1	—	0.0
9. Other short-term payables	2.2	1.3	2.5	1.0	9.2	44.0
10. Short-term borrowings and financial leases	2,235.7	2,318.2	2,394.4	2,325.2	2,267.2	1,988.7
11. Provision for short-term liabilities	—	—	—	—	—	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0
13. Price stabilization fund	—	—	—	—	—	0.0
14. Government bonds	—	—	—	—	—	0.0
II. Long-term liabilities	1,448.7	1,138.2	749.8	725.9	722.2	814.4
1. Long-term trade payables	161.7	231.7	279.0	272.2	290.6	324.1
2. Long-term advances from customers	—	—	—	—	—	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0
8. Long-term borrowings and financial leases	1,286.9	906.4	470.8	453.7	431.5	490.2
9. Convertible bonds	—	—	—	—	—	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0
13. Fund for technology development	—	—	—	—	—	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0
B. OWNER'S EQUITY (400=410+430)	1,518.2	1,486.1	1,346.6	1,309.3	1,281.2	1,262.2
I. Owner's equity	1,518.2	1,486.1	1,346.6	1,309.3	1,281.2	1,262.2
1. Owner's capital	1,165.1	1,165.1	1,059.2	1,059.2	1,059.2	1,059.2
- Common stock with voting right	1,165,065,740,000.00	1,165,065,740,000.00	1,059,150,680,000.00	1,059,150,680,000.00	1,059,150,680,000.00	1,059,150,680,000.00
- Preferred stock	—	—	—	—	—	0.00
2. Share premium	32.1	32.1	32.5	32.5	32.5	32.5
3. Convertible bond option	—	—	—	—	—	0.0
4. Other capital of owners	—	—	—	—	—	0.0
5. Treasury shares	—	—	—	—	—	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0
8. Investment and development fund	—	—	—	—	—	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0
11. Undistributed earnings after tax	321.0	288.9	254.9	217.7	189.6	170.5
- Accumulated retained earning at the end of the previous period	288.9	170.3	170.3	170.3	170.3	115.7
- Undistributed earnings in this period	32.1	118.6	84.6	47.3	19.2	54.8
12. Reserves for investment in construction	—	—	—	—	—	0.0
13. Minority's interest	—	—	—	—	—	0.0
14. Financial reserves	—	—	—	—	—	0.0
II. Other resources and funds	—	—	—	—	—	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	5,583.2	5,209.4	4,729.4	4,676.2	4,498.0	4,440.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Profit Before Tax	34.0	36.1	39.5	30.3	20.4	73.3
Depreciation of Fixed Assets and Investment Property	34.8	32.7	31.9	32.8	31.0	123.2
Provision (Increase)/Reversal	—	—	—	—	—	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.3	2.7	-4.8	4.8	-0.0	7.4
Gain/Loss from Investment Activities	-9.1	-5.2	-8.2	-5.2	-5.4	-12.0
Interest Expense	58.2	52.6	48.7	50.4	47.0	174.7
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0
Interest Income and Dividends	—	—	—	—	—	0.0
Amortization of Goodwill	—	—	—	—	—	0.0
Other Adjustments	—	—	—	—	—	0.0
Operating Profit Before Changes in Working Capital	117.6	118.9	107.0	113.1	93.0	366.6
Increase/(Decrease) in Receivables	-30.6	-10.9	12.1	-43.7	45.8	-520.5
Increase/(Decrease) in Inventory	-18.1	-13.3	3.5	10.5	-69.4	-42.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	15.4	9.6	-91.1	118.0	-128.9	313.6
Increase/(Decrease) in Prepaid Expenses	-15.1	-30.1	8.2	1.2	-2.8	-3.1
Changes in Trading Securities	—	—	—	—	—	0.0
Interest Paid	-52.1	-53.1	-47.6	-50.4	-46.7	-174.0
Corporate Income Tax Paid	-0.7	0.0	-0.9	-0.6	—	-0.6
Other Operating Receipts	—	—	—	—	—	0.0
Other Operating Payments	—	—	—	—	—	0.0
Net Cash Flow from Operating Activities	16.5	21.2	-8.8	148.1	-109.0	-60.9
Payments for Fixed Assets and Other Long-term Assets	-252.6	-332.2	3.3	-44.8	-26.5	-149.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.3	—	1.4	—	1.9
Loans and Purchases of Debt Instruments	-150.7	-201.4	-275.0	-302.5	-88.2	-348.9
Receipts from Loan Repayments and Sale of Debt Instruments	78.9	149.2	252.9	158.6	44.5	279.9
Investments in Other Entities	—	—	—	—	—	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0
Dividends and Interest Income Received	2.3	3.4	8.0	3.3	2.5	32.7
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0
Other Investing Receipts	—	—	—	—	—	0.0
Other Investing Payments	—	—	—	—	—	0.0
Net Cash Flow from Investing Activities	-322.1	-379.8	-12.2	-184.0	-69.2	-184.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	59,951,680,000.00
Share Repurchases	—	—	—	—	—	0.00
Proceeds from Borrowings	1,361.2	1,601.1	1,260.5	1,221.6	870.6	3,971.1
Repayment of Borrowings	-1,048.8	-1,146.3	-1,217.6	-1,136.5	-655.9	-3,620.7
Repayment of Finance Leases	-14.5	-20.0	-32.2	-25.2	-21.7	-123.9
Dividends Paid	—	—	—	—	—	-85.0
Other Financing Receipts	—	—	—	—	—	0.0
Other Financing Payments	—	—	—	—	—	0.0
Net Cash Flow from Financing Activities	298.0	540.3	10.6	59.9	192.9	201.5
Net Cash Flow During the Period	-7.6	181.7	-10.4	24.0	14.8	-43.5
Cash and Cash Equivalents at Beginning of Period	279.0	97.4	107.8	83.8	69.0	257.5
FX Difference from Revaluation	0.0	-0.1	0.0	0.0	—	0.0
Cash and Cash Equivalents at End of Period	271.4	279.0	97.4	107.8	83.8	214.0

Explore Other Stocks In The Same Sector

DHC, GVT, HHP, CAP, SVT, FSO, VID, HAP

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

MZG

What Is Changing

Drivers of MZG'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