NFC

Phân lân Ninh Bình ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 12.17%, +5.50pp YoY

Price

57,100

Latest close

28 May 2026

P/E 5.68x

P/B 2.35x

EPS 10,060

BVPS 24,281

ROE 49.6%

ROA 32.8%

Profit Margin 12.2%

Asset Turnover 2.69x

Equity Mult. 1.51x

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

What Is Changing

On a TTM 2026Q1 basis, NFC has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,300bn
	                                
+19.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 158bn
	                                
+118.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,240.3	914.4	726.6	698.3	556.3
Growth	+36%	+26%	+4%	+26%	—
Net Income	138.8	44.7	28.1	25.6	13.5
Net Margin	11.19%	4.89%	3.87%	3.67%	2.44%

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	515.1	219.7	196.8	368.7	452.6	156.2	182.4	296.1	279.7	207.7	128.1	233.7
Growth	+134%	+12%	-47%	-19%	+190%	-14%	-38%	+6%	+35%	+62%	-45%	—
Net Income	54.0	49.4	26.6	28.3	38.8	10.8	6.9	16.1	10.4	5.6	3.5	10.5
Net Margin	10.48%	22.48%	13.51%	7.68%	8.57%	6.88%	3.81%	5.44%	3.71%	2.70%	2.76%	4.51%

Drivers of NFC's profit

TTM

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

Gross profit ↑ 118.5bn

Selling expenses ↓ 11.4bn

Administrative expenses ↑ 23.1bn

Tax ↑ 18.8bn

TTM

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

Gross profit ↑ 21.3bn

Selling expenses ↓ 14.5bn

Administrative expenses ↑ 12.9bn

Tax ↑ 3.9bn

Finance costs ↑ 2.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 31.2% = 6.7% × 3.32 × 1.40

2026Q1 49.6% = 12.2% × 2.69 × 1.51

ROE rose from 31.2% to 49.6% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 12.2% +5.5pp Asset turnover: 2.69x -0.63x Leverage: 1.51x +0.11x

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 12.17%, rising 5.5pp. The main driver is Gross margin rose 5.6pp and SG&A / Revenue fell 1.2pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.1pp).

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

Profitability trend

Net Margin 12.17% +5.5pp

Gross Margin 26.80% +5.6pp

SG&A / Revenue 11.75% −1.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

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

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 12.09% +5.7pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.26x equity, with a net cash position equivalent to 0.80x equity.

Inventory ended the period at 253.4bn, roughly 61.4% of total assets.

Over the last 12 months, working capital absorbed 38.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −9.7bn

Inventories increased → lower CFO: −90.7bn

Payables increased → higher CFO: +61.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.7 days versus the same period last year. The main moves came from DIO rose 8.7 days, DSO fell 7.5 days, and DPO rose 4.8 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Inventory turnover is slowing

DIO increased by +8.7 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 20.0 days −7.5 days

Inventory 45.6 days +8.7 days

Payables 19.9 days +4.8 days

Cash Conversion Cycle 45.7 days −3.7 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 32.5bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.80x and interest coverage at 28.18x.

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

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.80x —

Interest Coverage 28.18x −2.61x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.63x −2.21x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 32.5bn in 2025, against investing cash flow of -11.7bn.

Post-investment cash flow was positive +20.9bn. Financing cash flow was negative +31.5bn.

CFO / net income was 0.63x.

After spending +9.0bn on fixed-asset investment, the business generated trailing free cash flow of +90.9bn.

Cash Conversion

CFO TTM 99.9bn −106.0bn

Cash Capex 9.0bn +6.3bn

FCF TTM +90.9bn −112.3bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, capital efficiency remains the area to verify in upcoming periods.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.17% after expanding 5.5pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,240.8	914.9	727.0	698.3	556.3
Revenue Deductions	0.4	0.5	0.5	0.0	0.0
Net Revenue	1,240.3	914.4	726.6	698.3	556.3
Cost of Goods Sold	910.5	762.8	621.8	596.6	0.0
Gross Profit	329.8	151.6	104.8	101.7	69.0
Financial Income	7.7	1.5	0.1	0.2	0.3
Financial Expenses	4.3	3.7	5.1	3.5	-1.8
Interest Expense	—	0.0	2.4	2.0	-0.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	105.7	63.3	42.2	43.8	-32.2
General and Administrative Expenses	54.1	34.9	26.7	24.6	-21.0
Operating Profit	173.4	51.2	30.8	30.0	14.3
Other Income	0.0	4.7	4.3	2.7	0.0
Other Expenses	0.0	0.0	0.0	0.7	0.0
Other Profit	0.0	4.7	4.2	2.0	2.8
Profit Before Tax	173.4	55.9	35.0	32.0	17.1
Current Income Tax Expense	34.6	11.2	6.9	6.4	-3.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	138.8	44.7	28.1	25.6	13.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	138.8	44.7	28.1	25.6	13.5
Earnings per Share	8,823.00	2,844.00	1,789.00	1,628.00	862.00
Diluted EPS	8,822.87	2,843.55	1,788.87	1,628.22	861.12

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	398.5	341.3	282.3	308.1	225.4
I. Cash and cash equivalents	79.0	89.6	10.4	9.9	8.6
1. Cash	9.0	20.1	10.4	9.9	0.0
2. Cash equivalents	70.0	69.5	0.0	0.0	0.0
II. Short-term financial investments	10.0	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	10.0	0.0	0.0	0.0	0.0
III. Short-term receivables	45.8	59.6	106.0	112.5	49.2
1. Short-term trade accounts receivable	43.0	59.8	106.8	109.9	0.0
2. Short-term prepayments to suppliers	1.0	0.8	0.8	4.4	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	4.1	1.2	0.7	0.6	0.0
7. Provision for short-term doubtful debts (*)	-2.2	-2.2	-2.2	-2.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	253.4	192.1	165.8	185.3	167.2
1. Inventories	253.4	192.1	165.8	185.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	10.4	0.1	0.1	0.4	0.3
1. Short-term prepayments	0.2	0.0	0.0	0.3	0.0
2. Value added tax to be reclaimed	10.1	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.1	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)	14.3	7.6	7.8	11.7	13.5
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	13.0	7.1	7.4	11.4	12.6
1. Tangible fixed assets	13.0	7.0	7.3	10.8	12.0
- Cost	96.5	88.0	85.1	83.5	0.0
- Accumulated depreciation	-83.5	-81.0	-77.8	-72.7	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.4	0.6
- Cost	—	0.0	0.0	1.1	0.0
- Accumulated depreciation	—	0.0	0.0	-0.8	0.0
3. Intangible fixed assets	0.0	0.1	0.1	0.2	0.0
- Cost	0.3	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.3	-0.3	-0.2	-0.1	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	0.2	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	0.2	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	1.1	0.5	0.4	0.3	0.0
1. Long-term prepayments	1.1	0.5	0.4	0.3	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	0.9
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)	412.8	348.9	290.1	319.8	238.9
A. LIABILITIES (300=210+330)	84.8	127.2	85.0	122.2	52.8
I. Short -term liabilities	84.8	127.2	85.0	122.2	52.6
1. Short-term trade accounts payable	24.9	16.3	31.3	29.3	11.9
2. Short-term advances from customers	2.2	78.0	2.4	1.0	21.0
3. Taxes and other payables to state authorities	9.7	2.7	2.1	0.8	0.0
4. Payable to employees	37.6	25.7	13.3	9.2	0.0
5. Short-term acrrued expenses	5.6	3.7	2.8	3.7	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	2.2	0.3	0.3	0.9	0.0
10. Short-term borrowings and financial leases	—	0.0	32.4	77.1	5.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.6	0.6	0.4	0.3	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	0.2
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	0.2
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)	328.0	221.7	205.1	197.6	186.1
I. Owner's equity	328.0	221.7	205.1	197.6	0.0
1. Owner's capital	157.3	157.3	157.3	157.3	186.1
- Common stock with voting right	157,312,600,000.00	157,312,600,000.00	157,312,600,000.00	157,312,600,000.00	157,312,600,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	0.9	0.9	0.9	0.9	0.9
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	22.0	17.6	14.8	12.2	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	147.8	45.9	32.2	27.2	15.7
- Accumulated retained earning at the end of the previous period	9.0	1.2	4.0	1.6	2.2
- Undistributed earnings in this period	138.8	44.7	28.1	25.6	13.5
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)	412.8	348.9	290.1	319.8	238.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	173.4	55.9	35.0	32.0	17.1
Depreciation of Fixed Assets and Investment Property	3.3	3.2	4.4	5.1	6.2
Provision (Increase)/Reversal	—	0.0	-0.2	-0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-7.6	-1.4	-0.1	-0.1	0.0
Interest Expense	—	0.1	2.4	2.0	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	169.1	57.8	41.6	38.9	23.5
Increase/(Decrease) in Receivables	4.2	46.6	6.9	-63.2	0.0
Increase/(Decrease) in Inventory	-57.5	-26.3	21.4	-18.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-52.0	73.9	7.4	-1.3	0.0
Increase/(Decrease) in Prepaid Expenses	-0.7	-0.1	0.2	0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.2	-2.5	-1.9	0.0
Corporate Income Tax Paid	-28.1	-10.5	-6.6	-6.9	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.6	-2.8	-2.6	-1.5	0.0
Net Cash Flow from Operating Activities	32.5	138.4	65.8	-53.3	28.6
Payments for Fixed Assets and Other Long-term Assets	-8.7	-2.9	-0.3	-3.9	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-10.0	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
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	7.1	1.2	0.1	0.1	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	-11.7	-1.7	-0.2	-3.8	-0.2
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	—	0.0	61.2	119.1	11.1
Repayment of Borrowings	—	-32.4	-105.7	-48.0	-34.1
Repayment of Finance Leases	—	0.0	-0.2	-0.2	-0.2
Dividends Paid	-31.5	-25.2	-20.5	-12.6	-9.4
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-31.5	-57.6	-65.1	58.4	-32.7
Net Cash Flow During the Period	-10.6	79.2	0.5	1.3	1.4
Cash and Cash Equivalents at Beginning of Period	89.6	10.4	9.9	8.6	12.8
FX Difference from Revaluation	-0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	79.0	89.6	10.4	9.9	8.6

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	515.1	219.7	205.0	368.8	452.6	156.2	182.7	296.3	279.7	207.8	128.1	233.9
Revenue Deductions	—	—	8.2	0.1	—	0.0	0.3	0.2	0.0	0.1	0.0	0.1
Net Revenue	515.1	219.7	196.8	368.7	452.6	156.2	182.4	296.1	279.7	207.7	128.1	233.7
Cost of Goods Sold	374.1	152.9	144.4	280.5	332.9	134.2	150.5	239.8	238.1	184.7	108.6	201.1
Gross Profit	141.0	66.8	52.4	88.2	119.8	22.0	31.9	56.3	41.5	23.0	19.6	32.7
Financial Income	1.5	1.8	2.2	2.3	1.4	0.7	0.3	0.3	0.1	0.0	0.0	0.0
Financial Expenses	3.2	1.6	1.0	1.2	0.5	0.3	0.9	1.2	1.3	1.4	1.0	1.3
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.1	0.5	0.4	0.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	39.7	-0.3	11.2	36.8	54.2	2.3	17.9	24.5	19.0	9.2	10.6	12.5
General and Administrative Expenses	29.3	8.0	10.7	17.4	16.3	8.1	5.8	11.9	9.3	7.5	4.2	7.3
Operating Profit	70.4	59.2	31.8	35.1	50.2	12.0	7.6	19.0	12.0	4.9	3.8	11.6
Other Income	—	0.0	0.0	1.3	1.2	0.9	1.2	1.4	1.2	1.3	0.9	1.2
Other Expenses	—	0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	0.0	0.0	1.3	1.2	0.9	1.2	1.4	1.2	1.3	0.9	1.2
Profit Before Tax	70.4	59.2	31.8	36.4	51.3	12.9	8.8	20.4	13.2	6.2	4.7	12.9
Current Income Tax Expense	16.5	9.8	5.2	8.1	12.5	2.2	1.9	4.2	2.8	0.6	1.1	2.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	54.0	49.4	26.6	28.3	38.8	10.8	6.9	16.1	10.4	5.6	3.5	10.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	54.0	49.4	26.6	28.3	38.8	10.8	6.9	16.1	10.4	5.6	3.5	10.5
Earnings per Share	3,431.00	3,140.00	1,690.00	1,799.00	2,465.00	683.00	441.00	1,025.00	660.00	357.00	225.00	670.00
Diluted EPS	3,431.42	3,139.99	1,690.38	1,799.41	2,465.31	683.36	441.29	1,024.95	660.03	356.97	225.15	669.53

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)	561.4	398.5	411.9	409.5	382.4	341.3	276.5	280.4	257.1	282.5	256.4	265.4
I. Cash and cash equivalents	306.5	79.0	180.7	144.7	208.8	89.6	56.3	70.5	58.9	10.4	8.6	8.5
1. Cash	36.5	9.0	36.7	24.7	41.8	20.1	16.3	32.0	21.9	10.4	8.6	8.5
2. Cash equivalents	270.0	70.0	144.0	120.0	167.0	69.5	40.0	38.5	37.0	0.0	0.0	0.0
II. Short-term financial investments	—	10.0	55.0	77.0	30.0	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	—	10.0	55.0	77.0	30.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	76.5	45.8	46.5	95.2	68.5	59.6	106.2	117.1	95.9	106.2	87.4	111.1
1. Short-term trade accounts receivable	74.0	43.0	38.3	91.9	68.6	59.8	102.4	110.5	95.6	106.9	87.2	111.4
2. Short-term prepayments to suppliers	3.4	1.0	7.1	3.1	0.2	0.8	4.7	8.1	1.7	0.8	1.9	1.3
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.6
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	—	—	—	—	—	1.2	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.3	4.1	3.3	2.4	1.9	0.0	1.3	0.7	0.9	0.7	0.6	0.0
7. Provision for short-term doubtful debts (*)	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.3	-2.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	166.2	253.4	126.9	92.6	71.7	192.1	113.9	92.7	101.9	165.8	160.3	145.8
1. Inventories	166.2	253.4	126.9	92.6	71.7	192.1	113.9	92.7	101.9	165.8	160.3	145.8
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	12.1	10.4	2.9	0.1	3.4	0.1	0.1	0.1	0.4	0.1	0.1	0.1
1. Short-term prepayments	11.0	0.2	0.8	0.0	3.4	0.0	0.0	0.1	0.0	0.0	0.1	0.0
2. Value added tax to be reclaimed	1.0	10.1	2.1	—	—	0.0	0.0	0.0	0.4	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	14.2	13.7	7.5	9.5	7.2	7.6	6.1	6.8	7.6	7.8	8.7	9.5
I. Long-term receivables	—	—	—	0.0	0.0	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	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	12.4	12.6	5.3	5.8	6.6	7.1	5.7	6.4	6.8	7.4	8.1	9.1
1. Tangible fixed assets	12.4	12.6	5.2	5.7	6.6	7.0	5.6	6.3	6.7	7.3	7.7	8.7
- Cost	96.6	—	—	—	—	88.0	85.8	85.7	85.3	85.1	83.6	83.6
- Accumulated depreciation	-84.2	—	—	—	—	-81.0	-80.2	-79.4	-78.6	-77.8	-75.9	-75.0
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.2	0.3
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1
- Cost	0.3	—	—	—	—	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	—	—	—	—	—	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	0.8	—	1.3	—	—	0.0	0.0	0.0	0.4	0.0	0.3	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.8	—	1.3	—	—	0.0	0.0	0.0	0.4	0.0	0.3	0.0
V. Long-term financial investments	—	—	—	—	—	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
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	—	—	—	—	—	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
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	1.0	1.1	0.9	3.7	0.6	0.5	0.4	0.4	0.4	0.4	0.3	0.4
1. Long-term prepayments	1.0	1.1	0.9	3.7	0.6	0.5	0.4	0.4	0.4	0.4	0.3	0.4
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	575.6	412.1	419.4	418.9	389.6	348.9	282.6	287.2	264.7	290.3	265.1	274.9
A. LIABILITIES (300=210+330)	193.7	83.5	140.1	166.3	133.6	127.8	72.2	83.7	54.8	85.5	68.5	81.9
I. Short -term liabilities	193.7	83.5	140.1	166.3	133.6	127.8	72.2	83.7	54.8	85.5	68.5	81.9
1. Short-term trade accounts payable	60.6	24.9	26.6	39.6	43.3	16.3	25.3	38.5	27.7	31.3	26.3	31.7
2. Short-term advances from customers	27.8	2.2	7.7	18.2	5.5	78.0	0.9	0.4	0.3	2.6	1.4	3.0
3. Taxes and other payables to state authorities	15.7	9.9	5.5	8.9	12.6	2.7	2.0	4.8	2.9	1.7	1.8	3.1
4. Payable to employees	57.8	36.1	71.6	63.6	46.4	25.9	23.2	25.1	8.9	14.0	11.6	13.1
5. Short-term acrrued expenses	28.4	5.6	21.1	27.9	19.0	4.1	17.9	10.2	7.3	2.8	7.5	5.7
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	1.5	2.2	1.0	0.4	0.4	0.3	0.2	0.2	0.3	0.3	0.6	0.3
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	32.4	16.0	21.1
11. Provision for short-term liabilities	—	—	3.6	4.0	1.9	0.0	1.6	2.6	2.1	0.0	2.2	2.1
12.. Bonus and welfare fund	1.8	2.6	3.0	3.8	4.4	0.6	1.1	1.9	5.3	0.4	1.2	1.8
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)	382.0	328.6	279.2	252.6	256.0	221.1	210.4	203.5	209.9	204.8	196.6	193.0
I. Owner's equity	382.0	328.6	279.2	252.6	256.0	221.1	210.4	203.5	209.9	204.8	196.6	193.0
1. Owner's capital	157.3	157.3	157.3	157.3	157.3	157.3	157.3	157.3	157.3	157.3	157.3	157.3
- Common stock with voting right	157,312,600,000.00	157,312,600,000.00	157,312,600,000.00	157,312,600,000.00	157,312,600,000.00	157,312,600,000.00	157,312,600,000.00	157,312,600,000.00	157,312,600,000.00	157,312,600,000.00	157,312,600,000.00	157,312,600,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
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	22.0	22.0	22.0	22.0	17.6	17.6	17.6	17.6	14.8	14.8	14.8	14.8
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	201.7	148.4	99.0	72.4	80.2	45.3	34.6	27.7	36.9	31.8	23.6	20.1
- Accumulated retained earning at the end of the previous period	147.8	5.3	5.3	5.3	41.4	1.2	1.2	1.2	26.5	4.0	1.4	1.4
- Undistributed earnings in this period	54.0	143.1	93.7	67.1	38.8	44.2	33.4	26.5	10.4	27.8	22.2	18.6
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)	575.6	412.1	419.4	418.9	389.6	348.9	282.6	287.2	264.7	290.3	265.1	274.9

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
Profit Before Tax	70.4	53.8	31.8	36.5	51.3	12.9	8.8	20.3	13.2	6.9	4.7	12.9
Depreciation of Fixed Assets and Investment Property	0.7	0.8	0.8	0.9	0.9	0.8	0.8	0.8	0.8	0.9	1.0	1.1
Provision (Increase)/Reversal	—	—	-0.5	2.1	1.9	-1.6	-1.0	0.5	2.1	-2.3	0.1	0.9
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.0	0.0	-0.0	-0.0	0.0	0.0	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-1.5	-1.8	-2.2	-2.2	-1.4	-0.7	-0.3	-0.3	-0.1	-0.0	-0.0	-0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.1	0.5	0.4	0.5
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	69.6	49.3	29.9	37.2	52.7	11.5	8.3	21.3	16.1	6.1	6.3	15.4
Increase/(Decrease) in Receivables	-21.9	-8.2	46.8	-26.4	-8.0	46.7	10.8	-20.8	9.8	-18.4	23.7	-26.6
Increase/(Decrease) in Inventory	87.2	-122.7	-34.3	-20.8	120.4	-78.2	-21.2	9.2	63.9	-3.6	-14.6	31.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	103.6	-55.8	-22.0	35.7	-9.8	57.4	-7.4	30.5	-6.1	3.4	-6.5	11.5
Increase/(Decrease) in Prepaid Expenses	-10.8	0.5	2.1	0.2	-3.4	-0.1	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	0.0	0.0	-0.2	-0.5	-0.4	-0.4
Corporate Income Tax Paid	-10.4	-5.2	-8.1	-12.5	-2.2	-1.9	-4.2	-2.8	-1.5	-1.1	-2.3	-2.4
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Other Operating Payments	-0.8	-0.4	-0.8	-0.9	-0.6	-0.6	-0.8	-0.8	-0.7	-0.8	-0.6	-0.8
Net Cash Flow from Operating Activities	216.5	-142.6	13.6	12.4	149.1	34.8	-14.4	36.5	81.5	-14.7	5.5	27.8
Payments for Fixed Assets and Other Long-term Assets	-0.7	-6.7	-1.6	0.0	-0.4	-2.2	-0.1	-0.0	-0.6	0.1	-0.3	-0.1
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	—	45.0	22.0	-47.0	-30.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	10.0	—	—	—	—	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	1.8	2.6	2.0	1.9	0.5	0.7	0.3	0.3	0.1	0.0	0.0	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	11.1	40.9	22.4	-45.1	-29.9	-1.5	0.2	0.3	-0.5	0.1	-0.3	-0.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	32.4	7.7	21.1
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	-32.4	-16.0	-12.8	-22.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	-0.0	-0.0
Dividends Paid	—	0.0	0.0	-31.5	—	0.0	0.0	-25.2	0.0	0.0	0.0	-20.5
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	-31.5	—	0.0	0.0	-25.2	-32.4	16.4	-5.1	-22.3
Net Cash Flow During the Period	227.6	-101.7	36.0	-64.1	119.2	33.3	-14.2	11.6	48.5	1.8	0.0	5.5
Cash and Cash Equivalents at Beginning of Period	79.0	180.7	144.7	208.8	89.6	10.4	10.4	10.4	10.4	9.9	9.9	9.9
FX Difference from Revaluation	0.0	-0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	306.5	79.0	180.7	144.7	208.8	89.6	56.3	70.5	58.9	10.4	8.6	8.5

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NFC

What Is Changing

Drivers of NFC's profit

Financial Highlights

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Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▼

Working Capital Efficiency ▲

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Leverage & Liquidity ▲

Cash Flow ▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow