NDN

Đầu tư Phát triển Nhà Đà Nẵng ·HNX ·2026Q1

▲ Slightly positive

Operating efficiency is improving Net margin 319.83%, +213.29pp YoY

Price

10,600

Latest close

02 Jun 2026

P/E 6.10x

P/B 0.61x

EPS 1,738

BVPS 17,381

ROE 10.5%

ROA 9.8%

Profit Margin 323.9%

Asset Turnover 0.03x

Equity Mult. 1.07x

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

What Is Changing

On a TTM 2026Q1 basis, NDN posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — earnings have been recovering gradually over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 38bn
	                                
−16.5%YoY

	                            
	                                NET MARGIN
	                            
	                                    319.83%
	                                
+213.3ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 123bn
	                                
+150.5%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    95.5%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	26.6	55.6	435.8	3.4	509.4
Growth	-52%	-87%	+12627%	-99%	—
Net Income	169.7	36.2	218.1	-143.0	235.7
Net Margin	639.01%	65.04%	50.06%	-4175.26%	46.27%

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	16.9	6.6	9.2	5.7	5.0	7.9	23.7	9.5	14.5	68.0	56.2	97.3
Growth	+158%	-29%	+61%	+15%	-37%	-67%	+149%	-34%	-79%	+21%	-42%	—
Net Income	-0.6	23.5	70.8	29.3	44.9	-5.6	2.0	7.7	32.5	23.6	27.6	61.2
Net Margin	-3.74%	358.17%	768.82%	509.75%	903.87%	-70.61%	8.63%	80.69%	223.97%	34.75%	49.10%	62.91%

Drivers of NDN's profit

TTM

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

Financial income ↑ 81.3bn

Tax ↑ 14.7bn

TTM

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

Gross profit ↑ 6.7bn

Finance costs ↑ 48.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.4% = 106.5% × 0.04 × 1.15

2026Q1 10.3% = 319.8% × 0.03 × 1.07

ROE rose from 4.4% to 10.3% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 319.8% +213.3pp Asset turnover: 0.03x -0.01x Leverage: 1.07x -0.08x

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 expanded to 319.83%, rising 213.3pp. The main driver is Gross margin rose 5.5pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 240.3pp and Other profit / Revenue rose 6.0pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 319.83% +213.3pp

Gross Margin 45.25% +5.5pp

SG&A / Revenue 30.63% −1.1pp

Non-core / Revenue 354.97% +246.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 95.5% of PBT and lifted net margin by 246.2pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

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

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 322.05% +209.5pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.05x equity, with a net cash position equivalent to 0.05x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 211.8bn.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at -0.05x and interest coverage at 2.98x.

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

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Leverage and liquidity trend

Net Debt / Equity -0.05x —

Interest Coverage 2.98x +1.86x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.75x −0.30x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 211.8bn in 2025, against investing cash flow of 51.9bn.

Post-investment cash flow was positive +263.7bn. Financing cash flow was negative +99.4bn.

CFO / net income was -0.75x.

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

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 93.2bn −71.3bn

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. The brighter spot is operating efficiency, with net margin improving 213.3 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 319.83% after expanding 213.3pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 95.5% of PBT and CFO / net income currently at -0.75x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	26.6	55.6	435.8	3.4	509.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	26.6	55.6	435.8	3.4	509.4
Cost of Goods Sold	16.1	29.1	208.8	2.4	0.0
Gross Profit	10.4	26.5	227.0	1.0	196.8
Financial Income	185.3	113.5	61.4	54.5	206.1
Financial Expenses	-0.4	78.2	9.2	180.3	-89.6
Interest Expense	3.3	4.3	3.1	0.1	-4.9
Share of Associates and Joint Ventures	2.4	0.0	0.0	0.0	0.0
Selling Expenses	0.2	6.7	13.2	0.0	-17.9
General and Administrative Expenses	10.4	7.5	5.9	10.3	-3.3
Operating Profit	188.0	47.5	260.2	-135.2	292.0
Other Income	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	5.5	0.4	7.8	0.0
Other Profit	-0.1	-5.5	-0.4	-7.8	0.9
Profit Before Tax	187.9	42.0	259.8	-143.0	292.9
Current Income Tax Expense	17.8	5.5	37.4	-0.1	-57.2
Deferred Income Tax Expense	0.3	0.3	4.2	0.1	0.0
Net Income	169.7	36.2	218.1	-143.0	235.7
Non-controlling Interest	-0.3	0.0	0.0	0.0	0.0
Profit Attributable to Parent	170.1	36.2	218.1	-143.0	235.7
Earnings per Share	2,357.00	503.00	3,044.00	-1,995.00	3,289.13
Diluted EPS	2,357.00	503.00	3,044.00	-1,995.00	3,289.13

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	957.9	1,011.4	1,083.0	1,300.5	1,475.1
I. Cash and cash equivalents	261.6	97.4	267.8	70.1	11.1
1. Cash	230.6	9.4	235.1	40.1	0.0
2. Cash equivalents	31.0	88.0	32.7	30.0	0.0
II. Short-term financial investments	511.0	680.1	503.8	699.1	0.0
1. Available for sale securities	389.0	549.4	433.6	310.5	0.0
2. Provision for diminution in value of available for sale securities (*)	-14.6	-49.2	-37.7	-86.7	0.0
3. Held to maturity investments	136.5	179.9	108.0	475.3	0.0
III. Short-term receivables	127.8	129.5	152.8	113.5	136.8
1. Short-term trade accounts receivable	109.0	108.2	106.3	82.8	0.0
2. Short-term prepayments to suppliers	0.2	0.5	0.7	0.3	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	8.4	21.6	23.0	19.8	0.0
6. Other short-term receivables	15.3	3.6	27.2	14.9	0.0
7. Provision for short-term doubtful debts (*)	-5.1	-4.4	-4.4	-4.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	43.4	87.9	133.2	400.8	282.8
1. Inventories	43.4	87.9	133.2	400.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	14.1	16.5	25.3	17.0	15.6
1. Short-term prepayments	0.8	0.9	7.4	0.0	0.0
2. Value added tax to be reclaimed	12.9	14.5	16.5	14.6	0.0
3. Taxes and other receivables from state authorities	0.5	1.1	1.4	2.3	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)	343.1	266.4	242.2	196.7	115.9
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	3.0	3.3	3.9	4.5	5.1
1. Tangible fixed assets	2.6	2.9	3.5	4.1	4.6
- Cost	8.9	8.9	8.9	8.9	0.0
- Accumulated depreciation	-6.4	-6.1	-5.5	-4.9	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	0.5	0.5	0.5	0.5	0.5
- Cost	0.8	0.8	0.8	0.8	0.0
- Accumulated depreciation	-0.3	-0.3	-0.3	-0.3	0.0
III. Investment properties	259.2	191.9	167.4	99.6	19.0
- Cost	285.1	206.7	174.3	102.2	0.0
- Accumulated depreciation	-25.9	-14.8	-6.9	-2.6	0.0
IV. Long-term assets in progress	11.4	11.4	11.4	11.4	16.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	11.4	11.4	11.4	11.4	0.0
V. Long-term financial investments	64.7	55.4	55.5	55.7	54.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	60.7	54.5	54.5	54.5	0.0
3. Investments in other entities	4.0	4.0	4.0	4.0	0.0
4. Provision for diminution in value of long-term investments	—	-3.1	-3.0	-2.8	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	4.8	4.4	4.1	25.5	0.0
1. Long-term prepayments	4.5	4.1	3.5	20.7	0.0
2. Deferred income tax assets	0.3	0.3	0.6	4.8	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	20.9
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,301.0	1,277.8	1,325.2	1,497.2	1,591.0
A. LIABILITIES (300=210+330)	63.1	189.0	272.5	600.6	543.2
I. Short -term liabilities	61.8	187.7	271.2	598.5	540.2
1. Short-term trade accounts payable	18.4	48.0	50.0	42.7	46.0
2. Short-term advances from customers	12.7	14.5	48.6	454.3	468.3
3. Taxes and other payables to state authorities	5.9	0.1	10.7	4.3	0.0
4. Payable to employees	2.6	0.7	0.2	0.2	0.0
5. Short-term acrrued expenses	0.1	0.0	0.0	33.8	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	5.0	2.5	2.0	0.0	0.0
9. Other short-term payables	15.6	121.8	158.8	42.5	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.4	0.1	0.9	20.7	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	1.3	1.3	1.2	2.1	3.0
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	0.3	0.7	1.0	1.9	0.6
7. Other long-term liabilities	0.7	0.7	0.2	0.2	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	0.3	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)	1,237.9	1,088.8	1,052.7	896.7	1,047.9
I. Owner's equity	1,237.9	1,088.8	1,052.7	896.7	0.0
1. Owner's capital	716.6	716.6	716.6	716.6	1,047.9
- Common stock with voting right	716,579,360,000.00	716,579,360,000.00	716,579,360,000.00	716,579,360,000.00	716,579,360,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	17.3	17.3	17.3	17.3	17.3
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	9.8	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	494.7	354.9	318.8	152.9	304.1
- Accumulated retained earning at the end of the previous period	325.8	318.8	100.7	295.9	140.1
- Undistributed earnings in this period	168.9	36.0	218.1	-143.0	164.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	9.3	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)	1,301.0	1,277.8	1,325.2	1,497.2	1,591.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	187.9	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	11.4	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	-34.6	0.0	0.0	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	-13.9	0.0	0.0	0.0	0.0
Interest Expense	3.3	0.0	0.0	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	0.4	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	154.5	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	-7.4	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-5.4	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-76.4	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-0.2	0.0	0.0	0.0	0.0
Changes in Trading Securities	160.4	0.0	0.0	0.0	0.0
Interest Paid	-2.1	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-11.4	-15.8	-25.5	-40.5	0.0
Other Operating Receipts	—	21.8	21.2	64.4	0.0
Other Operating Payments	-0.1	-68.0	-37.6	-58.2	0.0
Net Cash Flow from Operating Activities	211.8	-130.5	-266.9	36.3	-629.7
Payments for Fixed Assets and Other Long-term Assets	—	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
Loans and Purchases of Debt Instruments	-109.1	0.0	0.0	0.0	-1,754.3
Receipts from Loan Repayments and Sale of Debt Instruments	151.3	0.0	0.0	0.0	2,356.0
Investments in Other Entities	—	0.0	0.0	-1.3	-4.4
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	9.7	14.5	37.5	40.3	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	51.9	-52.7	414.7	165.5	623.1
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	194.4	226.9	49.9	0.0	402.0
Repayment of Borrowings	-258.0	-214.2	0.0	0.0	-402.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-35.8	0.0	0.0	-143.2	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	-99.4	12.7	49.9	-143.2	0.0
Net Cash Flow During the Period	164.3	-170.5	197.7	58.6	-10.4
Cash and Cash Equivalents at Beginning of Period	97.4	267.8	70.1	11.5	17.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	261.6	97.4	267.8	70.1	11.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	16.9	6.6	9.2	5.7	5.0	7.9	23.7	9.5	14.5	68.0	56.2	97.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	16.9	6.6	9.2	5.7	5.0	7.9	23.7	9.5	14.5	68.0	56.2	97.3
Cost of Goods Sold	8.3	4.0	4.9	3.8	3.1	4.6	12.2	7.8	7.3	32.7	26.1	45.3
Gross Profit	8.6	2.6	4.3	1.9	1.9	3.3	11.5	1.7	7.2	35.3	30.1	52.0
Financial Income	18.0	48.2	96.5	21.6	18.9	15.0	25.8	43.5	29.2	11.0	27.3	13.3
Financial Expenses	21.9	19.6	13.8	-7.4	-26.5	12.6	31.2	32.9	1.1	12.0	20.8	-9.7
Interest Expense	0.0	0.1	0.9	2.2	1.1	1.4	1.2	0.5	0.8	3.1	2.1	0.0
Share of Associates and Joint Ventures	0.0	0.8	-0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.4	0.0	0.1	0.0	0.0	5.3	0.8	0.2	0.4	2.6	2.3	2.9
General and Administrative Expenses	3.5	4.4	1.7	1.6	2.2	2.5	1.6	2.0	1.5	1.8	1.5	1.4
Operating Profit	0.9	27.6	85.2	29.3	45.0	-2.2	3.7	9.9	33.5	30.0	32.8	70.8
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	—	0.0	—	0.1	0.8	0.0	1.9	0.0	0.2	0.0	0.0
Other Profit	0.0	0.0	-0.0	0.0	-0.1	-0.8	-0.0	-1.9	-0.0	-0.2	0.0	-0.0
Profit Before Tax	0.9	27.6	85.1	29.3	44.9	-2.9	3.7	8.1	33.5	29.8	32.8	70.8
Current Income Tax Expense	0.9	3.9	14.3	0.0	0.0	2.6	1.5	0.3	0.9	5.6	4.7	8.6
Deferred Income Tax Expense	0.6	0.2	0.1	—	—	0.0	0.2	0.1	0.1	0.6	0.5	1.0
Net Income	-0.6	23.5	70.8	29.3	44.9	-5.6	2.0	7.7	32.5	23.6	27.6	61.2
Non-controlling Interest	-1.2	-0.3	-0.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.6	23.8	70.9	29.2	44.9	-5.6	2.0	7.7	32.5	23.6	27.6	61.2
Earnings per Share	7.95	332.47	989.67	408.00	627.00	-78.00	29.00	107.00	453.00	330.00	385.00	854.59
Diluted EPS	7.95	332.47	989.67	408.17	627.01	-77.72	28.54	107.24	453.49	329.80	384.90	854.59

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)	969.2	957.9	964.1	912.3	964.0	1,011.4	1,011.7	1,083.7	1,057.8	1,076.5	1,151.6	1,173.9
I. Cash and cash equivalents	60.7	261.6	140.0	73.2	127.7	27.4	137.2	139.1	292.5	268.1	68.9	145.8
1. Cash	33.8	230.6	94.6	19.0	74.6	9.4	35.5	8.1	285.5	235.4	3.7	3.6
2. Cash equivalents	26.9	31.0	45.4	54.2	53.1	18.0	101.7	131.1	7.0	32.7	65.2	142.2
II. Short-term financial investments	727.8	511.0	637.3	642.1	600.4	750.1	630.3	679.6	478.8	504.1	740.0	651.7
1. Available for sale securities	600.4	389.0	491.5	524.4	462.2	549.4	490.6	611.2	393.7	433.6	468.9	368.2
2. Provision for diminution in value of available for sale securities (*)	-29.5	-14.6	-9.2	-7.3	-20.3	-49.2	-38.1	-66.7	-37.0	-37.5	-37.2	-21.3
3. Held to maturity investments	156.9	136.5	155.0	125.0	158.5	249.9	177.8	135.1	122.1	108.0	308.3	304.9
III. Short-term receivables	128.6	127.8	129.1	114.2	131.7	129.5	128.8	130.1	138.7	152.8	141.4	127.3
1. Short-term trade accounts receivable	109.6	109.0	109.1	109.0	108.4	108.2	108.3	107.0	106.7	106.3	102.7	99.8
2. Short-term prepayments to suppliers	0.8	0.2	0.3	0.4	0.5	0.5	0.4	0.3	0.3	0.7	2.1	0.4
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	—	8.4	8.4	5.8	21.6	21.6	21.6	19.0	23.0	23.0	23.0	19.8
6. Other short-term receivables	23.3	15.3	16.4	4.0	5.7	3.6	2.9	8.2	13.2	27.2	18.0	11.6
7. Provision for short-term doubtful debts (*)	-5.1	-5.1	-5.1	-5.1	-4.4	-4.4	-4.4	-4.4	-4.4	-4.4	-4.4	-4.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	39.3	43.4	43.2	67.0	88.0	87.9	92.0	110.0	122.7	133.3	183.0	230.9
1. Inventories	39.3	43.4	43.2	67.0	88.0	87.9	92.0	110.0	122.7	133.3	183.0	230.9
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	12.7	14.1	14.5	15.9	16.0	16.5	23.4	24.9	25.0	18.3	18.4	18.2
1. Short-term prepayments	0.4	0.8	0.7	0.9	0.9	0.9	6.3	7.0	7.3	0.5	0.4	0.3
2. Value added tax to be reclaimed	12.2	12.9	13.4	13.9	14.1	14.7	15.7	15.9	16.1	16.5	16.7	16.6
3. Taxes and other receivables from state authorities	0.1	0.5	0.4	1.0	1.0	0.9	1.3	2.0	1.7	1.4	1.4	1.4
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)	340.4	342.5	344.5	327.6	277.8	266.4	265.8	257.4	247.0	249.6	231.2	210.6
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	3.0	3.0	3.1	3.1	3.2	3.3	3.5	3.6	3.8	3.9	4.1	4.2
1. Tangible fixed assets	2.5	2.6	2.6	2.6	2.7	2.9	3.0	3.2	3.3	3.5	3.6	3.8
- Cost	8.9	—	—	—	—	8.9	8.9	8.9	8.9	8.9	8.9	8.9
- Accumulated depreciation	-6.4	—	—	—	—	-6.1	-5.9	-5.8	-5.6	-5.5	-5.3	-5.2
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
- Cost	0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	256.2	259.2	262.3	253.3	203.5	191.9	191.3	182.7	172.2	167.4	146.5	126.5
- Cost	285.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-29.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4
V. Long-term financial investments	64.9	64.1	63.3	55.4	55.3	55.4	55.4	55.5	55.4	55.5	55.5	55.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	60.1	59.3	54.5	54.5	54.5	54.5	54.5	54.5	54.5	54.5	54.5
3. Investments in other entities	60.9	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
4. Provision for diminution in value of long-term investments	4.0	—	—	-3.1	-3.2	-3.1	-3.1	-3.1	-3.1	-3.0	-3.0	-2.9
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	5.0	4.8	4.5	4.5	4.4	4.4	4.2	4.3	4.2	11.4	13.8	12.9
1. Long-term prepayments	4.7	4.5	4.3	4.3	4.2	4.1	3.9	3.8	3.7	10.8	12.6	11.1
2. Deferred income tax assets	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.5	0.5	0.6	1.2	1.8
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)	1,309.6	1,300.3	1,308.6	1,239.9	1,241.8	1,277.8	1,277.4	1,341.1	1,304.8	1,326.1	1,382.9	1,384.5
A. LIABILITIES (300=210+330)	64.1	63.4	94.0	103.7	108.1	189.0	183.1	248.2	219.5	226.8	307.2	336.5
I. Short -term liabilities	62.5	62.2	93.0	102.6	106.9	187.9	182.1	247.1	218.3	225.5	305.9	334.7
1. Short-term trade accounts payable	18.4	18.4	43.6	46.3	46.3	48.0	50.0	50.2	49.9	50.0	49.8	72.8
2. Short-term advances from customers	6.5	12.7	12.8	15.1	15.1	14.5	16.9	35.2	40.4	48.6	109.3	162.2
3. Dividends and profits payable	0.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.1	6.3	14.1	0.3	0.1	0.1	1.1	0.1	0.0	10.7	15.8	19.7
4. Payable to employees	0.5	2.6	0.3	0.3	0.3	0.7	0.2	0.2	0.2	0.2	0.2	0.2
5. Short-term acrrued expenses	0.0	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	4.0	5.0	4.0	4.4	2.8	2.5	2.9	2.5	2.0	2.4	2.0	0.9
9. Other short-term payables	32.4	15.6	17.8	35.8	42.2	122.1	110.8	158.9	125.7	99.5	114.6	64.8
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1.4	0.3	0.3	0.1	0.1	0.1	0.0	0.0	14.1	14.1	14.1
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	1.7	1.3	1.1	1.2	1.2	1.1	1.0	1.1	1.2	1.2	1.3	1.7
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	0.3	0.3	0.3	0.5	0.5	0.7	0.8	0.9	1.0	1.0	1.1	1.5
7. Other long-term liabilities	0.8	0.7	0.7	0.7	0.7	0.4	0.3	0.2	0.2	0.2	0.2	0.2
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	0.6	0.3	0.1	—	—	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)	1,245.5	1,236.9	1,214.6	1,136.2	1,133.7	1,088.8	1,094.3	1,092.9	1,085.2	1,099.3	1,075.7	1,048.1
I. Owner's equity	1,245.5	1,236.9	1,214.6	1,136.2	1,133.7	1,088.8	1,094.3	1,092.9	1,085.2	1,099.3	1,075.7	1,048.1
1. Owner's capital	716.6	716.6	716.6	716.6	716.6	716.6	716.6	716.6	716.6	716.6	716.6	716.6
- Common stock with voting right	716,579,360,000.00	716,579,360,000.00	716,579,360,000.00	716,579,360,000.00	716,579,360,000.00	716,579,360,000.00	716,579,360,000.00	716,579,360,000.00	716,579,360,000.00	716,579,360,000.00	716,579,360,000.00	716,579,360,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	17.3	17.3	17.3	17.3	17.3	17.3	17.3	17.3	17.3	17.3	17.3	17.3
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	495.7	493.7	471.0	392.6	399.8	354.9	360.4	359.0	351.3	365.4	341.8	314.2
- Accumulated retained earning at the end of the previous period	495.1	325.9	325.9	318.4	354.9	318.8	318.8	318.8	318.8	146.7	146.7	146.7
- Undistributed earnings in this period	0.6	167.8	145.2	74.2	44.9	36.0	41.6	40.2	32.5	218.6	195.0	167.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	15.9	9.3	9.6	9.7	—	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)	1,309.6	1,300.3	1,308.6	1,239.9	1,241.8	1,277.8	1,277.4	1,341.1	1,304.8	1,326.1	1,382.9	1,384.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	113.5	—	74.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	5.9	—	5.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	7.3	—	-41.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	-7.5	—	-6.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	1.1	—	2.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	120.7	—	33.8	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	-7.2	—	-0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	11.6	—	-17.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-31.2	—	-45.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	-0.1	—	-0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	—	-2.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-6.4	-11.4	-0.0	—	—	-3.2	0.0	-0.7	-11.9	-10.6	-8.6	-6.3
Other Operating Receipts	17.3	—	—	—	—	7.1	5.0	1.7	8.0	7.3	6.7	0.9
Other Operating Payments	-17.0	28.7	-28.7	19.6	-19.6	-2.7	60.0	-30.5	-38.6	-5.3	-3.1	-5.2
Net Cash Flow from Operating Activities	-223.0	60.6	157.1	-87.9	82.0	-52.6	152.5	-203.8	32.7	-2.7	-127.1	-36.6
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	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-29.6	—	-79.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	15.5	—	135.8	—	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	5.6	1.1	2.2	3.8	2.7	4.6	3.0	1.0	5.9	19.3	4.9	6.8
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	-6.4	62.1	-72.9	81.3	-18.5	-67.2	0.7	-73.7	17.5	219.6	2.8	127.8
Proceeds from Equity Issuance and Capital Contributions	8,000,000,000.00	—	—	—	—	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	44.6	75.4	—	67.0	52.0	34.6	28.9	161.2	2.2	-18.0	43.5	24.5
Repayment of Borrowings	-24.1	0.4	345.8	-79.2	-85.1	-24.6	-144.0	-102.9	-2.0	0.0	3.8	-3.8
Repayment of Finance Leases	—	—	-244.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	0.0	-35.8	—	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	28.5	-1.0	-17.4	-48.0	-33.1	10.0	-115.1	58.3	0.2	-18.0	47.3	20.6
Net Cash Flow During the Period	-200.9	121.6	66.8	-54.5	30.4	-109.8	38.1	-219.1	50.4	198.9	-76.9	111.8
Cash and Cash Equivalents at Beginning of Period	261.6	140.0	73.2	127.7	97.4	267.8	267.8	267.8	235.1	70.1	70.1	70.1
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	60.7	261.6	140.0	73.2	127.7	27.4	137.2	99.1	285.5	267.8	68.9	145.8

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