NCS

Listed Company · UPCOM

Price

41,000

Latest close

02 Apr 2026

P/E 11.1x

EPS (TTM) 3,705

ROE (TTM) 31.4%

P/B 3.1x

BVPS (Latest) 13,404

ROA (TTM) 13.9%

What Is Changing

NCS no longer looks like a business simply rebounding from a weak base. Revenue posted +19.5% YoY, while net margin reached 7.74% with an additional +0.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 67.7bn in 2025.
Revenue increased 19.5% YoY to VND 874.8bn in 2025.
Net margin improved from 7.48% in the prior period to 7.74% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	874.8	732.1	613.7	409.8	127.5
Growth	+19%	+19%	+50%	+222%	—
Net Income	67.7	54.8	46.2	5.3	-86.4
Net Margin	7.74%	7.48%	7.53%	1.29%	-67.81%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	236.7	228.9	201.6	207.6	193.8	197.7	162.4	178.1	166.9	163.7	136.6	148.5
Growth	+3%	+14%	-3%	+7%	-2%	+22%	-9%	+7%	+2%	+20%	-8%	—
Net Income	16.1	17.1	15.9	17.4	12.8	14.6	12.1	15.2	16.1	11.6	7.9	10.5
Net Margin	6.79%	7.49%	7.89%	8.37%	6.61%	7.41%	7.45%	8.51%	9.64%	7.09%	5.81%	7.10%

Financial Statements

Profitability

Net margin reached 7.74% while Revenue posted +19.5% YoY.

Balance Sheet

Inventory stood at 13.7bn, liabilities at 237.9bn, and equity at 247.3bn.

Cash Flow

Operating cash flow was 106.2bn in 2025, while investing cash flow was -34.0bn.

Financing cash flow: -69.8bn.

Item	2025	2024	2023	2022	2021
Revenue	900.8	758.8	633.9	413.4	129.2
Revenue Deductions	26.0	26.8	20.1	3.7	0.0
Net Revenue	874.8	732.1	613.7	409.8	127.5
Cost of Goods Sold	738.9	615.1	510.4	353.4	0.0
Gross Profit	135.9	117.0	103.3	56.3	-52.2
Financial Income	5.1	2.8	4.0	3.8	5.5
Financial Expenses	8.1	12.4	24.7	26.5	-25.3
Interest Expense	7.7	12.1	24.6	26.4	-25.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	15.6	13.9	14.9	10.8	-1.8
General and Administrative Expenses	31.8	26.1	21.8	17.8	-12.8
Operating Profit	85.5	67.4	46.0	5.0	-86.6
Other Income	0.2	0.2	0.2	0.3	0.0
Other Expenses	0.6	0.0	0.0	0.0	0.0
Other Profit	-0.4	0.2	0.2	0.3	0.2
Profit Before Tax	85.1	67.6	46.2	5.3	-86.4
Current Income Tax Expense	17.4	12.8	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	67.7	54.8	46.2	5.3	-86.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	67.7	54.8	46.2	5.3	-86.4
Earnings per Share	3,771.00	3,052.00	2,573.00	296.00	-2,434.00
Diluted EPS	3,771.00	3,052.00	2,573.00	296.00	-4,815.10

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	188.2	161.2	132.2	151.5	105.6
I. Cash and cash equivalents	16.0	13.5	13.2	39.8	6.7
1. Cash	16.0	13.5	13.2	39.8	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	73.0	53.0	3.5	30.0	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	73.0	53.0	3.5	30.0	0.0
III. Short-term receivables	85.5	78.5	100.0	67.2	27.2
1. Short-term trade accounts receivable	84.4	74.7	100.8	68.6	0.0
2. Short-term prepayments to suppliers	0.1	2.8	0.2	0.1	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	2.3	2.2	1.0	0.5	0.0
7. Provision for short-term doubtful debts (*)	-1.2	-1.2	-2.0	-2.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	13.7	15.4	13.7	12.7	9.4
1. Inventories	13.7	15.4	13.7	12.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	—	0.8	1.8	1.8	2.3
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.8	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	1.8	1.8	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)	296.9	310.8	331.0	362.1	390.4
I. Long-term receivables	1.5	0.6	1.5	1.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.9
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	1.5	1.4	1.5	1.8	0.0
7. Provision for long-term doubtful debts	—	-0.8	0.0	0.0	0.0
II. Fixed assets	287.8	299.7	327.8	357.3	388.0
1. Tangible fixed assets	287.8	299.7	327.8	357.3	387.6
- Cost	583.7	566.1	565.0	566.5	0.0
- Accumulated depreciation	-295.9	-266.4	-237.2	-209.2	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	0.5
- Cost	4.7	4.7	4.7	4.7	0.0
- Accumulated depreciation	-4.7	-4.7	-4.7	-4.7	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	0.0	0.0
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	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	7.7	10.6	1.7	3.0	0.0
1. Long-term prepayments	7.7	10.6	1.7	3.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.5
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)	485.2	472.0	463.2	513.6	496.0
A. LIABILITIES (300=210+330)	237.9	289.5	335.5	432.1	430.0
I. Short -term liabilities	220.3	231.6	217.0	241.4	164.4
1. Short-term trade accounts payable	78.6	74.9	61.1	51.6	14.6
2. Short-term advances from customers	—	0.1	0.0	0.0	0.1
3. Taxes and other payables to state authorities	7.7	10.3	1.2	1.6	0.0
4. Payable to employees	70.2	53.7	31.8	15.5	0.0
5. Short-term acrrued expenses	2.0	2.1	1.9	11.3	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.7	0.5	0.3	27.0	0.0
10. Short-term borrowings and financial leases	60.4	89.8	120.2	133.0	121.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.8	0.3	0.5	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	17.5	57.9	118.5	190.7	265.5
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	17.5	57.9	118.5	190.7	238.6
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
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)	247.3	182.5	127.7	81.5	66.1
I. Owner's equity	247.3	182.5	127.7	81.5	0.0
1. Owner's capital	179.5	179.5	179.5	179.5	66.1
- Common stock with voting right	179.5	179.5	179.5	179.5	179.5
- Preferred stock	—	0.0	0.0	0.0	0.0
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	-0.0	-0.0	-0.0	-0.0	0.0
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	67.8	3.0	-51.8	-97.9	-113.4
- Accumulated retained earning at the end of the previous period	0.1	-51.8	-97.9	-103.2	-26.4
- Undistributed earnings in this period	67.7	54.8	46.2	5.3	-87.0
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)	485.2	472.0	463.2	513.6	496.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	85.1	67.6	46.2	5.3	-87.0
Depreciation of Fixed Assets and Investment Property	29.5	29.1	29.6	31.0	31.8
Provision (Increase)/Reversal	-0.8	0.0	0.0	0.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	0.1	0.1	0.0
Gain/Loss from Investment Activities	-2.8	-1.2	-2.5	-3.8	0.0
Interest Expense	7.7	12.1	24.6	26.4	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	118.7	107.6	97.8	59.8	-35.4
Increase/(Decrease) in Receivables	-6.0	24.6	-32.4	-35.7	0.0
Increase/(Decrease) in Inventory	1.7	-1.8	-1.0	-3.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	20.0	33.9	22.0	45.2	0.0
Increase/(Decrease) in Prepaid Expenses	2.9	-8.9	1.3	-2.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-7.7	-12.2	-31.2	-35.5	0.0
Corporate Income Tax Paid	-23.1	-1.5	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	106.2	141.6	56.6	27.6	-28.5
Payments for Fixed Assets and Other Long-term Assets	-16.6	-1.1	0.0	-0.3	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-93.0	-53.0	-43.5	-54.0	-15.0
Receipts from Loan Repayments and Sale of Debt Instruments	73.0	3.5	70.0	84.0	25.0
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	2.7	0.2	2.3	12.1	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	-34.0	-50.4	28.8	41.9	10.6
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	403.6	515.8	374.2	257.5	139.1
Repayment of Borrowings	-473.4	-606.8	-459.3	-293.9	-124.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-26.9	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-69.8	-91.0	-112.0	-36.3	14.3
Net Cash Flow During the Period	2.5	0.3	-26.5	33.1	-0.1
Cash and Cash Equivalents at Beginning of Period	13.5	13.2	39.8	6.7	10.3
FX Difference from Revaluation	-0.0	0.0	-0.1	-0.1	0.0
Cash and Cash Equivalents at End of Period	16.0	13.5	13.2	39.8	6.7

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	240.2	239.1	206.4	215.0	195.2	209.2	170.7	183.6	171.3	172.3	141.2	149.2
Revenue Deductions	3.5	10.1	4.8	7.4	1.4	11.6	8.3	5.5	4.4	8.6	4.6	0.6
Net Revenue	236.7	228.9	201.6	207.6	193.8	197.7	162.4	178.1	166.9	163.7	136.6	148.5
Cost of Goods Sold	205.5	193.3	168.0	172.8	165.7	165.1	134.4	149.8	139.3	137.7	114.5	120.4
Gross Profit	31.2	35.6	33.7	34.8	28.0	32.6	28.0	28.3	27.6	26.0	22.1	28.1
Financial Income	2.6	1.2	0.9	1.2	1.8	0.2	0.6	0.4	1.3	0.7	0.9	0.8
Financial Expenses	1.6	1.7	2.3	2.6	2.5	3.1	3.1	3.9	5.1	5.8	6.3	7.5
Interest Expense	1.4	1.7	2.1	2.4	2.4	2.8	3.0	2.6	5.0	5.7	0.0	7.5
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.6	4.1	3.8	4.1	3.2	3.9	3.8	3.0	2.7	3.7	3.3	5.9
General and Administrative Expenses	7.7	8.7	8.6	7.7	6.4	6.8	6.5	6.3	5.2	5.6	5.5	5.1
Operating Profit	20.9	22.3	19.9	21.7	17.7	19.0	15.1	15.5	16.1	11.6	7.8	10.5
Other Income	0.1	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.2	0.1
Other Expenses	0.5	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.4	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.2	0.1
Profit Before Tax	20.5	22.3	19.9	21.7	17.7	19.2	15.1	15.5	16.1	11.6	7.9	10.5
Current Income Tax Expense	4.4	5.1	4.0	4.3	4.9	4.5	3.0	0.4	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	16.1	17.1	15.9	17.4	12.8	14.6	12.1	15.2	16.1	11.6	7.9	10.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	16.1	17.1	15.9	17.4	12.8	14.6	12.1	15.2	16.1	11.6	7.9	10.5
Earnings per Share	896.00	955.00	886.00	968.00	714.00	816.00	674.00	844.00	897.00	647.00	442.00	587.00
Diluted EPS	896.00	955.00	886.00	968.00	3,052.00	816.00	674.00	844.00	897.00	647.00	442.00	587.00

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	189.0	196.3	165.6	166.6	162.2	166.9	142.2	121.0	132.1	183.8	170.9	168.2
I. Cash and cash equivalents	16.0	20.0	16.0	27.9	13.5	13.5	46.7	14.3	13.2	22.8	9.0	3.3
1. Cash	16.0	20.0	16.0	27.9	13.5	13.5	46.7	14.3	13.2	22.8	9.0	3.3
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	73.0	53.0	43.0	23.0	53.0	53.0	3.5	3.5	3.5	23.5	40.0	40.0
1. Available for sale securities	—	—	—	—	0.0	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	0.0
3. Held to maturity investments	73.0	53.0	43.0	23.0	53.0	53.0	3.5	3.5	3.5	23.5	40.0	40.0
III. Short-term receivables	86.3	110.1	92.0	102.2	76.6	87.6	79.1	88.9	99.9	123.1	109.2	111.4
1. Short-term trade accounts receivable	84.2	105.0	88.0	100.5	74.6	87.9	79.2	90.4	100.9	123.8	109.5	111.8
2. Short-term prepayments to suppliers	0.1	3.6	3.6	0.8	1.1	0.0	1.5	0.1	0.0	0.0	0.0	0.1
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.2	2.7	1.6	2.0	2.2	0.9	0.4	0.3	1.0	1.2	1.7	1.5
7. Provision for short-term doubtful debts (*)	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	13.8	12.9	13.9	13.5	15.4	12.9	12.9	12.9	13.7	12.5	10.8	11.3
1. Inventories	13.8	12.9	13.9	13.5	15.4	12.9	12.9	12.9	13.7	12.5	10.8	11.3
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	—	0.4	0.7	—	3.6	0.0	0.0	1.5	1.8	1.8	1.8	2.2
1. Short-term prepayments	—	—	—	—	2.8	0.0	0.0	0.0	0.0	0.0	0.0	0.4
2. Value added tax to be reclaimed	—	—	—	—	0.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.4	0.7	—	0.0	0.0	0.0	1.5	1.8	1.8	1.8	1.8
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	296.0	293.7	295.5	302.4	308.0	311.9	316.2	323.4	331.0	338.2	347.5	354.5
I. Long-term receivables	1.4	1.6	0.8	0.7	0.6	0.7	1.5	1.8	1.5	1.9	1.7	1.5
1. Long-term trade receivables	—	—	—	—	0.0	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	0.0
3. Capital at inter-company	—	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.4	1.6	1.6	1.5	1.4	1.5	1.5	1.8	1.5	1.9	1.7	1.5
7. Provision for long-term doubtful debts	—	—	-0.8	-0.8	-0.8	-0.8	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	287.9	286.7	288.4	292.5	299.7	306.9	313.2	320.5	327.8	335.1	342.5	349.9
1. Tangible fixed assets	287.9	286.7	288.4	292.5	299.7	306.9	313.2	320.5	327.8	335.1	342.5	349.9
- Cost	—	—	—	—	566.1	566.1	565.0	565.0	565.0	565.0	565.0	565.0
- Accumulated depreciation	—	—	—	—	-266.4	-259.1	-251.8	-244.5	-237.2	-229.9	-222.5	-215.1
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	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	0.0
- Cost	—	—	—	—	0.0	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	0.0
III. Investment properties	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	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	0.0
1. Long-term production in progress	—	—	—	—	0.0	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	0.0
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	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	0.0
VI. Other long-term assets	6.7	5.4	6.3	9.2	7.8	4.2	1.5	1.2	1.7	1.2	3.3	3.1
1. Long-term prepayments	6.7	5.4	6.3	9.2	7.8	4.2	1.5	1.2	1.7	1.2	3.3	2.7
2. Deferred income tax assets	—	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.4
5. Goodwill	—	—	—	—	0.0	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	0.0
TOTAL ASSETS (280=100+200)	485.0	490.0	461.1	469.0	470.2	478.8	458.4	444.5	463.1	522.0	518.3	522.6
A. LIABILITIES (300=210+330)	244.4	258.5	248.3	269.1	287.7	309.2	303.4	301.6	335.3	410.2	418.1	430.6
I. Short -term liabilities	226.9	230.9	190.3	211.2	229.8	210.9	205.1	183.1	186.5	241.2	249.1	241.3
1. Short-term trade accounts payable	78.5	67.3	58.9	55.4	73.2	58.5	47.0	54.9	60.9	53.7	51.5	53.9
2. Short-term advances from customers	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.3	0.0	0.0
3. Taxes and other payables to state authorities	6.6	9.4	5.1	6.9	10.3	7.3	4.0	2.8	1.2	4.0	7.3	2.3
4. Payable to employees	71.3	61.1	48.8	43.8	53.9	42.5	30.7	30.9	31.8	26.0	15.8	11.0
5. Short-term acrrued expenses	2.0	23.7	18.6	11.8	2.1	27.3	20.0	11.5	2.0	14.9	16.5	21.3
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.4	14.8	9.5	5.8	0.3	17.0	13.8	6.0	0.2	37.1	33.2	28.5
10. Short-term borrowings and financial leases	60.4	52.7	47.5	87.1	89.8	57.9	89.2	76.5	89.9	104.3	123.6	123.1
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.6	1.7	1.9	0.4	0.3	0.4	0.4	0.5	0.5	1.0	1.2	1.3
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	17.5	27.6	57.9	57.9	57.9	98.3	98.3	118.5	148.8	169.0	169.0	189.2
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	17.5	27.6	57.9	57.9	57.9	98.3	98.3	118.5	148.8	169.0	169.0	189.2
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	240.6	231.5	212.9	199.9	182.5	169.6	155.0	142.9	127.8	111.8	100.3	92.1
I. Owner's equity	240.6	231.5	212.9	199.9	182.5	169.6	155.0	142.9	127.8	111.8	100.3	92.1
1. Owner's capital	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5
- Common stock with voting right	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5	179.5
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	—	0.0	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	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
6. Assets revaluation differences	—	—	—	—	0.0	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	0.0
8. Investment and development fund	—	—	—	—	0.0	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	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	61.1	52.0	33.4	20.4	3.0	-9.9	-24.5	-36.6	-51.7	-67.7	-79.2	-87.4
- Accumulated retained earning at the end of the previous period	0.1	0.1	—	3.0	-51.8	-51.8	-51.8	-51.8	-97.9	-97.9	-97.9	-97.9
- Undistributed earnings in this period	61.0	51.9	33.4	17.4	54.8	41.9	27.3	15.2	46.3	30.3	18.7	10.5
12. Reserves for investment in construction	—	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	485.0	490.0	461.1	469.0	470.2	478.8	458.4	444.5	463.1	522.0	518.3	522.6

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	20.2	22.2	21.0	21.7	17.8	19.2	15.1	15.5	15.9	11.5	8.2	10.5
Depreciation of Fixed Assets and Investment Property	7.5	7.5	7.3	7.2	7.3	7.3	7.3	7.3	7.4	7.4	7.4	7.4
Provision (Increase)/Reversal	0.0	0.0	-0.8	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.5	0.5
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.0	0.1	-0.2	-0.3	0.3	-0.1	0.0	0.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.2	-0.7	-0.3	-0.6	-1.0	-0.1	-0.0	-0.0	-0.4	-0.5	-0.7	-0.9
Interest Expense	1.4	1.7	2.1	2.4	2.4	2.8	3.0	3.9	5.0	5.8	6.3	7.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	28.0	30.7	29.4	30.6	26.1	29.5	25.3	26.7	28.0	24.2	20.7	25.0
Increase/(Decrease) in Receivables	25.9	-18.4	9.8	-23.3	10.3	-7.7	11.5	11.3	23.3	-14.5	3.2	-44.2
Increase/(Decrease) in Inventory	-0.9	1.0	-0.4	1.9	-2.5	-0.0	0.1	0.7	-1.1	-1.7	0.9	0.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-22.0	37.7	26.3	-22.0	-17.9	32.6	6.2	9.4	-13.3	10.7	14.0	10.6
Increase/(Decrease) in Prepaid Expenses	-2.2	0.9	2.8	1.4	-6.4	-2.7	-0.3	0.5	-0.5	2.1	-0.2	-0.1
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.4	-1.7	-2.1	-2.4	-2.4	-2.8	-3.0	-3.9	-4.8	-5.0	-13.2	-8.2
Corporate Income Tax Paid	-5.1	-4.2	-13.8	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	-0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	22.3	46.0	51.8	-13.8	7.2	48.9	39.9	44.7	31.5	15.7	25.4	-15.9
Payments for Fixed Assets and Other Long-term Assets	-4.4	-8.1	-4.1	—	0.0	-1.1	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	0.0	0.0	-0.0	0.1
Loans and Purchases of Debt Instruments	-40.0	-33.0	-20.0	—	0.0	-53.0	0.0	0.0	0.0	-3.5	-20.0	-20.0
Receipts from Loan Repayments and Sale of Debt Instruments	20.0	23.0	0.0	30.0	0.0	3.5	0.0	0.0	20.0	20.0	20.0	10.0
Investments in Other Entities	—	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	0.6	1.2	0.1	0.8	1.0	0.1	0.0	0.0	0.5	1.0	-0.0	0.8
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-23.8	-17.0	-24.0	30.8	1.0	-50.5	0.0	0.0	20.5	17.5	-0.0	-9.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	60.6	102.6	101.6	138.8	138.2	121.0	123.2	133.5	134.1	121.8	79.1	39.2
Repayment of Borrowings	-63.0	-127.7	-141.2	-141.5	-146.7	-152.4	-130.6	-177.1	-168.7	-141.1	-98.8	-50.6
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	-26.9	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-2.4	-25.1	-39.5	-2.7	-8.5	-31.4	-7.5	-43.6	-61.6	-19.3	-19.6	-11.5
Net Cash Flow During the Period	-3.9	3.9	-11.8	14.3	-0.3	-32.9	32.4	1.1	-9.6	13.8	5.7	-36.5
Cash and Cash Equivalents at Beginning of Period	20.0	16.0	27.9	13.5	13.2	13.2	13.2	13.2	39.8	39.8	39.8	39.8
FX Difference from Revaluation	-0.0	0.0	0.0	0.2	0.3	-0.3	0.1	0.0	-0.1	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	16.0	20.0	16.0	27.9	13.5	13.5	46.7	14.3	13.2	22.8	9.0	3.3

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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