NBP

Nhiệt điện Ninh Bình ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 2.67%, +3.33pp YoY

Price

7,500

Latest close

04 Jun 2026

P/E 9.35x

P/B 0.40x

EPS 802

BVPS 18,697

ROE 4.4%

ROA 2.9%

Profit Margin 2.7%

Asset Turnover 1.09x

Equity Mult. 1.49x

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

What Is Changing

On a TTM 2026Q1 basis, NBP posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — this marks a reversal from the difficult phase before. The point still to be proven is whether this new profit level can hold once the low-base effect fades.

	                            
	                                TTM REVENUE
	                            
	                                    VND 386bn
	                                
−54.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 10bn
	                                
+287.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	359.4	1,160.6	942.4	931.9	843.8
Growth	-69%	+23%	+1%	+10%	—
Net Income	5.5	-13.1	8.6	24.3	26.2
Net Margin	1.53%	-1.13%	0.92%	2.60%	3.11%

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	73.0	40.9	153.6	118.4	46.4	161.0	219.1	414.5	366.0	304.2	245.9	360.9
Growth	+78%	-73%	+30%	+155%	-71%	-27%	-47%	+13%	+20%	+24%	-32%	—
Net Income	7.2	-0.8	-1.3	5.2	5.0	-2.8	-7.2	-0.5	2.0	-5.9	-2.4	21.9
Net Margin	9.83%	-1.99%	-0.82%	4.40%	10.84%	-1.76%	-3.28%	-0.13%	0.55%	-1.95%	-0.98%	6.06%

Drivers of NBP's profit

TTM

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

Gross profit ↑ 13.4bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 1.6bn

Gross profit ↑ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -2.3% = -0.7% × 1.62 × 2.14

2026Q1 4.4% = 2.7% × 1.09 × 1.49

ROE rose from -2.3% to 4.4% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 2.7% +3.3pp Asset turnover: 1.09x -0.53x Leverage: 1.49x -0.65x

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 2.67%, rising 3.3pp. Core operating signals are improving as Gross margin rose 7.0pp are enough to offset pressure from SG&A / Revenue rose 4.0pp (with additional support from Net financial result / Revenue rose 0.2pp).

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

Profitability trend

Net Margin 2.67% +3.3pp

Gross Margin 10.07% +7.0pp

SG&A / Revenue 7.44% +4.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.16x equity, net debt at 0.01x equity.

Inventory ended the period at 90.8bn, roughly 33.7% of total assets.

Over the last 12 months, working capital absorbed 23.9bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +60.0bn

Inventories decreased → higher CFO: +101.3bn

Payables decreased → lower CFO: −185.2bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 37.9 days versus the same period last year. The main moves came from DIO rose 81.2 days, DSO fell 40.7 days, and DPO rose 2.7 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 97.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +81.2 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 52.6 days −40.7 days

Inventory 142.7 days +81.2 days

Payables 97.9 days +2.7 days

Cash Conversion Cycle 97.4 days +37.9 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, short-term debt accounts for 100.0% of total debt, cash equals 71.2% of debt, and total debt stands at 11.2bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

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 0.01x —

Interest Coverage — —

Cash / Debt 71.2% —

Short-term Debt / Total Debt 100.0% —

CFO / NI 0.02x −38.02x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -19.9bn in 2025, against investing cash flow of -0.6bn.

Post-investment cash flow was negative +20.5bn. Financing cash flow was negative +0.0bn.

CFO / net income was 0.02x.

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

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 0.2bn +209.6bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 3.3 pp. The next item to monitor is capital structure should be read with cycle risk in mind.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.67% after expanding 3.3pp versus the same period last year.

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

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	359.4	1,160.6	942.4	931.9	843.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	359.4	1,160.6	942.4	931.9	843.8
Cost of Goods Sold	323.4	1,140.7	897.5	869.8	0.0
Gross Profit	36.0	19.9	44.8	62.1	62.9
Financial Income	0.2	0.2	0.3	0.5	0.8
Financial Expenses	—	2.5	2.4	0.0	0.0
Interest Expense	—	2.5	2.4	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.2	0.1	0.2	0.2	-0.2
General and Administrative Expenses	30.6	29.2	31.5	32.2	-30.9
Operating Profit	5.4	-11.8	11.2	30.1	32.6
Other Income	0.1	0.1	0.0	0.3	0.0
Other Expenses	—	1.5	0.0	0.0	0.0
Other Profit	0.1	-1.3	0.0	0.3	0.2
Profit Before Tax	5.5	-13.1	11.2	30.4	32.8
Current Income Tax Expense	—	0.0	2.5	6.1	-6.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	5.5	-13.1	8.6	24.3	26.2
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.5	-13.1	8.6	24.3	26.2
Earnings per Share	429.00	-1,019.00	672.00	1,886.00	-98.00
Diluted EPS	428.53	-1,018.99	671.50	1,886.00	2,038.77

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	180.6	369.9	321.8	391.5	253.8
I. Cash and cash equivalents	4.5	25.0	10.8	11.1	55.9
1. Cash	4.5	15.0	10.8	11.1	0.0
2. Cash equivalents	—	10.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	74.1	128.4	232.7	304.1	145.7
1. Short-term trade accounts receivable	31.5	85.9	231.9	296.5	0.0
2. Short-term prepayments to suppliers	0.5	0.1	0.0	5.5	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.3	0.9	2.1	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	42.1	42.1	0.0	0.0	0.0
IV. Inventories	90.8	187.8	74.2	65.8	51.1
1. Inventories	92.2	187.8	74.2	65.8	0.0
2. Provision for decline in value of inventories	-1.5	0.0	0.0	0.0	0.0
V. Other short-term assets	11.3	28.7	4.1	10.5	1.2
1. Short-term prepayments	0.6	0.4	1.0	0.4	0.0
2. Value added tax to be reclaimed	9.9	27.5	2.3	10.1	0.0
3. Taxes and other receivables from state authorities	0.8	0.8	0.8	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)	89.1	105.8	122.8	76.9	82.9
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	76.0	93.0	109.4	71.9	78.1
1. Tangible fixed assets	76.0	93.0	109.2	71.7	77.9
- Cost	603.9	603.9	604.3	553.6	0.0
- Accumulated depreciation	-527.9	-510.9	-495.1	-481.9	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	0.1	0.3	0.2
- Cost	1.0	1.0	1.0	1.0	0.0
- Accumulated depreciation	-1.0	-1.0	-0.9	-0.7	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	1.2	1.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	1.2	0.0
V. Long-term financial investments	2.5	2.5	2.5	2.5	2.5
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	2.5	2.5	2.5	2.5	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	10.5	10.3	10.9	1.4	0.0
1. Long-term prepayments	1.4	1.1	1.6	1.4	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	9.2	9.2	9.3	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	1.1
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)	269.7	475.7	444.7	468.4	336.6
A. LIABILITIES (300=210+330)	36.3	247.8	195.0	203.2	69.5
I. Short -term liabilities	36.3	247.8	195.0	203.2	69.5
1. Short-term trade accounts payable	20.6	231.7	131.3	159.4	34.4
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.2	0.2	2.0	1.9	0.0
4. Payable to employees	9.9	11.9	8.8	24.0	0.0
5. Short-term acrrued expenses	1.5	0.3	0.1	0.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	4.0	3.5	2.7	16.4	0.0
10. Short-term borrowings and financial leases	—	0.0	49.8	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.2	0.4	1.4	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	0.0	0.0
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	—	0.0	0.0	0.0	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)	233.4	227.9	249.6	265.2	267.1
I. Owner's equity	233.4	227.9	249.6	265.2	0.0
1. Owner's capital	128.7	128.7	128.7	128.7	267.1
- Common stock with voting right	128,655,000,000.00	128,655,000,000.00	128,655,000,000.00	128,655,000,000.00	128,655,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	110.1	110.1	109.3	92.8	86.1
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	2.2	2.2	3.1	19.5	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	-7.6	-13.1	8.6	24.3	29.8
- Accumulated retained earning at the end of the previous period	-13.1	0.0	0.0	0.0	28.7
- Undistributed earnings in this period	5.5	-13.1	8.6	24.3	1.1
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)	269.7	475.7	444.7	468.4	336.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	5.5	-13.1	11.2	30.4	32.8
Depreciation of Fixed Assets and Investment Property	17.0	17.3	13.7	13.0	13.0
Provision (Increase)/Reversal	1.5	0.0	0.0	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	-0.3	-0.3	-0.8	0.0
Interest Expense	—	2.5	2.4	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	23.7	6.4	26.9	42.5	45.0
Increase/(Decrease) in Receivables	71.9	79.2	78.3	-167.8	0.0
Increase/(Decrease) in Inventory	95.6	-113.6	-8.4	-14.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-210.6	104.1	-66.5	130.5	0.0
Increase/(Decrease) in Prepaid Expenses	-0.4	1.1	-0.8	-0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-2.6	-2.3	0.0	0.0
Corporate Income Tax Paid	—	-1.8	-2.5	-5.2	0.0
Other Operating Receipts	0.1	0.7	0.2	0.0	0.0
Other Operating Payments	-0.2	-3.1	-8.7	-7.7	0.0
Net Cash Flow from Operating Activities	-19.9	70.3	16.2	-22.5	13.4
Payments for Fixed Assets and Other Long-term Assets	-0.8	-0.2	-50.0	-3.9	34.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.3	0.2
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.2	0.3	0.5	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	-0.6	0.1	-49.7	-3.1	35.0
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	—	99.3	49.8	0.0	0.0
Repayment of Borrowings	—	-149.2	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-6.4	-16.7	-19.2	-19.3
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	-56.3	33.2	-19.2	-19.3
Net Cash Flow During the Period	-20.5	14.2	-0.3	-44.8	-9.0
Cash and Cash Equivalents at Beginning of Period	25.0	10.8	11.1	55.9	26.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.5	25.0	10.8	11.1	55.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	73.0	40.9	153.6	118.4	46.4	161.0	219.1	414.5	366.0	304.2	245.9	360.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	73.0	40.9	153.6	118.4	46.4	161.0	219.1	414.5	366.0	304.2	245.9	360.9
Cost of Goods Sold	60.1	33.2	148.4	105.5	34.1	157.9	217.3	406.2	355.2	305.0	240.2	324.7
Gross Profit	12.9	7.8	5.3	13.0	12.2	3.1	1.8	8.3	10.8	-0.8	5.7	36.3
Financial Income	0.0	0.2	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.1	0.1	0.1
Financial Expenses	0.1	—	—	—	—	0.0	0.4	1.3	0.9	0.2	0.9	0.6
Interest Expense	0.1	—	—	—	—	0.0	0.4	1.3	0.9	0.2	0.9	0.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.0
General and Administrative Expenses	5.6	8.8	6.5	7.7	7.2	6.5	7.2	7.7	7.4	6.8	7.2	9.6
Operating Profit	7.2	-0.9	-1.3	5.2	5.0	-3.3	-5.8	-0.7	2.6	-7.8	-2.3	26.1
Other Income	—	0.1	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	—	—	—	—	0.0	1.5	0.0	0.0	0.0	0.0	0.0
Other Profit	—	0.1	—	—	—	0.1	-1.5	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	7.2	-0.8	-1.3	5.2	5.0	-3.2	-7.3	-0.7	2.6	-7.8	-2.3	26.1
Current Income Tax Expense	—	—	—	—	—	-0.3	-0.1	-0.1	0.5	-1.9	0.1	4.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.2	-0.8	-1.3	5.2	5.0	-2.8	-7.2	-0.5	2.0	-5.9	-2.4	21.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.2	-0.8	-1.3	5.2	5.0	-2.8	-7.2	-0.5	2.0	-5.9	-2.4	21.9
Earnings per Share	558.00	-63.43	-97.68	405.44	390.84	-219.98	-557.79	-41.02	157.45	-460.17	-187.66	1,699.76
Diluted EPS	558.00	-63.43	-97.68	405.44	390.84	-219.98	-557.79	-41.02	157.45	-460.17	-187.66	1,699.76

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)	202.5	180.5	257.9	293.4	316.0	369.9	310.8	605.5	500.9	331.2	264.3	478.0
I. Cash and cash equivalents	8.0	4.5	20.4	10.1	8.3	25.0	14.5	12.3	7.5	10.8	19.8	127.5
1. Cash	8.0	4.5	20.4	10.1	8.3	15.0	14.5	12.3	7.5	10.8	9.8	11.5
2. Cash equivalents	—	—	—	—	—	10.0	0.0	0.0	0.0	0.0	10.0	116.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	100.9	74.1	129.1	146.7	95.3	83.2	166.7	435.7	379.4	221.8	143.8	239.0
1. Short-term trade accounts receivable	58.7	31.5	84.5	104.5	52.6	82.8	165.8	435.6	377.2	220.9	141.8	232.0
2. Short-term prepayments to suppliers	0.1	0.5	0.3	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	5.5
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.1	0.0	0.1	0.2	0.6	0.4	0.9	0.2	2.2	0.9	2.0	1.4
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	42.1	42.1	44.3	42.1	42.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	83.3	90.6	95.1	119.8	186.6	229.9	103.6	133.3	88.2	83.6	100.3	108.0
1. Inventories	84.8	92.2	95.1	119.8	186.6	229.9	103.6	133.3	88.2	83.6	100.3	108.0
2. Provision for decline in value of inventories	-1.5	-1.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	10.4	11.3	13.3	16.7	25.8	31.8	26.1	24.1	25.9	15.0	0.5	3.5
1. Short-term prepayments	1.6	0.6	0.6	0.8	1.1	0.4	0.3	0.4	0.7	1.0	0.5	0.1
2. Value added tax to be reclaimed	7.9	9.9	11.9	15.1	24.0	30.6	25.2	23.6	25.2	13.3	0.0	3.4
3. Taxes and other receivables from state authorities	0.9	0.8	0.8	0.8	0.8	0.8	0.5	0.1	0.0	0.8	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)	85.6	89.1	100.0	98.3	101.4	105.8	120.6	115.5	118.9	113.2	123.7	71.2
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	71.8	76.0	80.2	84.5	88.7	93.0	96.3	100.7	105.0	109.1	61.9	65.2
1. Tangible fixed assets	71.8	76.0	80.2	84.5	88.7	93.0	96.3	100.6	104.9	109.0	61.8	65.0
- Cost	603.9	—	—	—	—	603.9	604.3	604.3	604.3	604.0	553.6	553.6
- Accumulated depreciation	-532.1	—	—	—	—	-510.9	-508.0	-503.7	-499.4	-495.1	-491.8	-488.6
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	0.1	0.1	0.1	0.2	0.2
- Cost	1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.0	—	—	—	—	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	—	7.0	0.9	0.0	0.0	10.8	1.8	0.6	0.0	57.9	1.9
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	—	7.0	0.9	0.0	0.0	10.8	1.8	0.6	0.0	57.9	1.9
V. Long-term financial investments	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5
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	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5
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	10.3	10.5	10.3	10.4	10.2	10.3	10.9	10.6	10.8	1.6	1.4	1.6
1. Long-term prepayments	1.2	1.4	1.0	1.2	1.0	1.1	1.5	1.3	1.4	1.6	1.4	1.6
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	9.1	9.2	9.2	9.2	9.2	9.2	9.4	9.3	9.3	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)	288.1	269.5	357.9	391.8	417.4	475.7	431.4	721.0	619.7	444.4	388.0	549.2
A. LIABILITIES (300=210+330)	47.6	33.5	121.1	153.7	184.5	243.3	189.7	472.1	368.1	194.8	115.8	274.6
I. Short -term liabilities	47.6	33.5	121.1	153.7	184.5	243.3	189.7	472.1	368.1	194.8	115.8	274.6
1. Short-term trade accounts payable	19.8	20.6	88.8	128.5	166.3	231.7	156.9	343.0	259.1	131.3	79.0	217.8
2. Short-term advances from customers	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	1.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.6	0.2	0.9	0.0	1.9	0.2	2.2	0.7	2.1	2.0	5.7	5.4
4. Payable to employees	4.3	7.1	7.0	7.0	5.0	8.9	7.3	5.4	5.9	8.6	4.4	3.4
5. Short-term acrrued expenses	1.1	0.5	0.9	1.0	0.4	0.1	0.2	0.3	0.2	0.1	2.2	4.1
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.3	3.9	2.0	2.1	3.1	2.0	6.4	2.2	2.4	2.7	2.4	2.3
10. Short-term borrowings and financial leases	11.2	—	—	—	—	0.0	0.0	109.9	91.5	49.8	0.0	25.6
11. Provision for short-term liabilities	6.5	1.0	21.4	15.0	7.5	0.0	16.4	10.2	6.9	0.0	20.9	13.4
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.1	0.2	0.3	0.4	0.0	0.4	1.2	2.6
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)	240.5	236.0	236.8	238.1	232.9	232.5	241.7	248.9	251.6	249.6	272.2	274.6
I. Owner's equity	240.5	236.0	236.8	238.1	232.9	232.5	241.7	248.9	251.6	249.6	272.2	274.6
1. Owner's capital	128.7	128.7	128.7	128.7	128.7	128.7	128.7	128.7	128.7	128.7	128.7	128.7
- Common stock with voting right	128,655,000,000.00	128,655,000,000.00	128,655,000,000.00	128,655,000,000.00	128,655,000,000.00	128,655,000,000.00	128,655,000,000.00	128,655,000,000.00	128,655,000,000.00	128,655,000,000.00	128,655,000,000.00	128,655,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	110.1	110.1	110.1	110.1	110.1	110.1	109.3	109.3	109.3	109.3	92.9	92.9
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	2.2	2.2	2.2	2.2	2.2	2.2	3.1	3.1	3.1	3.1	19.4	19.4
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-0.4	-4.9	-4.1	-2.9	-8.1	-8.5	0.8	7.9	10.7	8.6	31.2	33.7
- Accumulated retained earning at the end of the previous period	-7.6	-4.1	-13.1	-13.1	-13.1	-5.7	6.4	6.4	8.6	14.5	16.7	16.7
- Undistributed earnings in this period	7.2	-0.8	9.0	10.2	5.0	-2.8	-5.7	1.5	2.0	-5.9	14.5	16.9
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)	288.1	269.5	357.9	391.8	417.4	475.7	431.4	721.0	619.7	444.4	388.0	549.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	7.2	-3.5	-1.2	5.2	5.0	-3.2	-6.9	-1.0	2.6	-7.7	-1.7	25.5
Depreciation of Fixed Assets and Investment Property	4.2	4.2	4.2	4.2	4.3	4.3	4.3	4.3	4.4	3.7	3.2	3.4
Provision (Increase)/Reversal	6.5	-20.0	7.1	6.8	7.5	-16.4	5.6	3.9	6.9	-20.9	7.5	7.4
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	-0.0	-0.2	-0.0	-0.0	-0.0	-0.2	-0.0	-0.0	-0.1	-0.2	-0.1	-0.1
Interest Expense	0.1	—	—	—	—	0.0	0.4	1.3	0.9	0.2	0.9	0.6
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	18.0	-19.4	10.1	16.2	16.8	-15.5	3.4	8.4	14.6	-24.8	9.9	36.8
Increase/(Decrease) in Receivables	24.7	62.5	15.4	-42.6	36.6	128.8	262.2	-54.4	-169.5	-339.4	345.3	-192.6
Increase/(Decrease) in Inventory	7.0	2.9	24.8	66.7	1.3	-126.3	30.5	-45.9	-14.0	26.0	7.8	91.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-45.2	-61.7	-40.5	-37.8	-70.6	-279.7	-212.3	115.8	71.6	315.6	-441.5	190.8
Increase/(Decrease) in Prepaid Expenses	-0.8	-0.3	0.4	0.0	-0.5	1.2	-1.0	0.4	0.5	-0.7	-0.1	-0.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	—	—	—	—	-0.1	-0.4	-1.1	-0.9	-0.2	-0.9	-0.6
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	-3.2	1.3	0.0	-1.2	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.2	0.0	0.5	0.1	0.1	-0.0
Other Operating Payments	-0.0	-0.1	-0.0	-0.0	-0.1	-0.1	-0.3	-3.7	0.9	-0.9	-1.5	-5.0
Net Cash Flow from Operating Activities	3.5	-16.1	10.2	2.5	-16.5	-291.6	82.3	16.4	-94.9	-24.4	-82.2	120.7
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-0.6	-0.2	0.0	0.0	-0.1	0.0	-18.0	-25.6	-6.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.2	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.2	0.1	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	0.2	0.0	-0.6	-0.2	0.2	0.0	-0.1	0.1	-17.8	-25.6	-6.3
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	—	—	—	—	—	129.2	-109.9	18.4	91.5	49.8	0.0	-60.0
Repayment of Borrowings	—	—	—	—	—	129.2	29.8	-29.8	0.0	0.0	0.0	60.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-0.0	-0.0	-6.4	-0.0	-0.0	0.0	-16.6	0.0	-0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	0.0	0.0	-0.0	-0.0	251.9	-80.1	-11.4	91.5	33.2	0.0	-0.0
Net Cash Flow During the Period	3.5	-15.9	10.2	1.9	-16.7	-39.5	2.2	4.9	-3.3	-9.0	-107.7	114.3
Cash and Cash Equivalents at Beginning of Period	4.5	20.4	10.1	8.3	25.0	10.8	10.8	10.8	10.8	11.1	11.1	11.1
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	8.0	4.5	20.4	10.1	8.3	-25.0	14.5	12.3	7.5	10.8	19.8	127.5

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NBP

What Is Changing

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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?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow