NSH

Tập Đoàn Nhôm Sông Hồng Shalumi ·HNX ·2026Q1

▲ Showing improvement

Price

4,800

Latest close

05 Jun 2026

P/E 24.20x

P/B 0.41x

EPS 198

BVPS 11,719

ROE 1.7%

ROA 0.5%

Profit Margin 0.3%

Asset Turnover 1.33x

Equity Mult. 3.74x

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

What Is Changing

On a TTM 2026Q1 basis, NSH is improving on both growth and profitability, painting a notably more positive picture versus the same period — the growth momentum has held across consecutive periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,200bn
	                                
+13.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 4bn
	                                
+89.5%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    59.7%

Metric	2025	2024	2023	2022	2021
Revenue	1,145.7	1,013.0	1,068.6	1,101.1	1,039.9
Growth	+13%	-5%	-3%	+6%	—
Net Income	3.5	1.9	0.9	3.4	3.5
Net Margin	0.30%	0.19%	0.08%	0.31%	0.34%

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	242.4	332.5	299.3	326.0	185.0	366.1	281.4	229.2	136.3	329.0	228.9	294.7
Growth	-27%	+11%	-8%	+76%	-49%	+30%	+23%	+68%	-59%	+44%	-22%	—
Net Income	1.2	1.8	0.4	0.7	0.6	0.3	0.4	0.8	0.3	0.5	0.4	0.5
Net Margin	0.51%	0.53%	0.13%	0.22%	0.35%	0.09%	0.14%	0.35%	0.25%	0.14%	0.19%	0.16%

Drivers of NSH's profit

TTM

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

Gross profit ↑ 6.3bn

Other profit ↑ 2.9bn

Selling expenses ↓ 1.4bn

Financial income ↑ 0.3bn

Administrative expenses ↑ 5.8bn

Finance costs ↑ 3.0bn

TTM

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

Gross profit ↑ 1.6bn

Administrative expenses ↓ 1.4bn

Selling expenses ↓ 0.3bn

Financial income ↑ 0.1bn

Finance costs ↑ 2.3bn

Other profit ↓ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.9% = 0.2% × 1.22 × 3.65

2026Q1 1.7% = 0.3% × 1.33 × 3.74

ROE rose from 0.9% to 1.7% — all three components improved, with asset turnover contributing the most.

Net margin: 0.3% +0.1pp Asset turnover: 1.33x +0.11x Leverage: 3.74x +0.09x

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 stands at 0.34%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.34% +0.1pp

Gross Margin 4.30% +0.0pp

SG&A / Revenue 1.36% +0.2pp

Non-core / Revenue -2.50% +0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 59.7% of PBT and lifted net margin by 0.4pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 0.23%, broadly flat versus the same period. That translates to 0.23 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover rose 0.20x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 0.23% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.23% −0.1pp

NOPAT Margin 0.14% −0.1pp

Capital Turnover 1.63x +0.20x

Average Invested Capital 734.1bn −4.2bn

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 2.86x equity, net debt at 2.06x equity.

Inventory ended the period at 602.4bn, roughly 64.6% of total assets.

Over the last 12 months, working capital absorbed 33.1bn 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: −53.6bn

Inventories increased → lower CFO: −33.3bn

Payables increased → higher CFO: +53.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 25.1 days versus the same period last year. The main moves came from DIO fell 31.0 days, DSO rose 12.4 days, and DPO rose 6.5 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 192.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +12.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 44.6 days +12.4 days

Inventory 190.9 days −31.0 days

Payables 43.0 days +6.5 days

Cash Conversion Cycle 192.5 days −25.1 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.06x and interest coverage only at 0.06x.

At present, short-term debt accounts for 99.8% of total debt, cash equals 1.8% of debt, and total debt stands at 509.2bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.06x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.06x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.06x +0.02x

Interest Coverage 0.06x −0.03x

Cash / Debt 1.8% +1.0pp

Short-term Debt / Total Debt 99.8% +0.1pp

CFO / NI -2.53x −16.47x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -18.6bn in 2025, against investing cash flow of -3.4bn.

Post-investment cash flow was negative +22.0bn. Financing cash flow was positive +17.0bn.

CFO / net income was -2.53x.

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

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 10.4bn −40.6bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 0.2%. The next watchpoint is the earnings mix, when non-core contribution is -632.9%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -632.9% of PBT and CFO / net income currently at -2.53x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,145.7	1,013.1	1,068.6	1,101.9	1,039.9
Revenue Deductions	—	0.1	0.0	0.8	0.0
Net Revenue	1,145.7	1,013.0	1,068.6	1,101.1	1,039.9
Cost of Goods Sold	1,092.7	966.2	1,003.4	1,043.1	0.0
Gross Profit	53.0	46.8	65.2	58.0	65.8
Financial Income	0.8	0.6	0.2	0.4	0.8
Financial Expenses	31.7	34.0	41.0	34.5	-32.0
Interest Expense	31.4	33.7	40.8	34.4	-31.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	5.1	5.9	5.6	5.6	-5.8
General and Administrative Expenses	13.0	4.7	16.4	13.9	-22.4
Operating Profit	4.0	2.8	2.5	4.3	6.4
Other Income	0.5	1.1	0.1	0.2	0.0
Other Expenses	0.1	1.2	0.1	0.2	0.0
Other Profit	0.4	-0.1	-0.1	0.0	-0.3
Profit Before Tax	4.5	2.7	2.5	4.3	6.1
Current Income Tax Expense	1.0	0.8	1.6	0.9	-2.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	3.5	1.9	0.9	3.4	3.5
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.5	1.9	0.9	3.4	3.5
Earnings per Share	169.00	91.00	44.00	165.00	170.58
Diluted EPS	168.51	91.00	43.61	165.00	170.58

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	812.0	779.6	755.6	672.0	651.2
I. Cash and cash equivalents	2.5	7.5	2.9	3.9	7.0
1. Cash	2.5	7.5	2.9	3.9	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	198.8	177.2	93.4	71.9	103.6
1. Short-term trade accounts receivable	176.6	171.9	102.8	73.7	0.0
2. Short-term prepayments to suppliers	1.3	7.8	0.4	1.1	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	3.0	0.0
6. Other short-term receivables	36.5	14.5	15.6	12.9	0.0
7. Provision for short-term doubtful debts (*)	-15.6	-16.9	-25.4	-18.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	602.4	582.6	639.4	577.5	520.2
1. Inventories	602.4	582.6	639.4	577.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	8.3	12.3	19.9	18.7	20.5
1. Short-term prepayments	8.3	12.3	16.8	18.7	0.0
2. Value added tax to be reclaimed	0.0	0.0	3.1	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	120.1	132.7	147.2	155.6	169.7
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	109.5	119.0	132.0	140.8	151.6
1. Tangible fixed assets	109.5	119.0	131.1	139.7	150.4
- Cost	346.6	341.3	338.4	333.1	0.0
- Accumulated depreciation	-237.1	-222.4	-207.3	-193.4	0.0
2. Financial leased fixed assets	—	0.0	0.9	1.1	1.2
- Cost	—	0.0	1.6	1.6	0.0
- Accumulated depreciation	—	0.0	-0.6	-0.5	0.0
3. Intangible 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
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	—	1.0	0.3	0.3	0.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	1.0	0.3	0.3	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	1.5	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	-1.5	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	10.7	12.7	14.8	14.5	0.0
1. Long-term prepayments	10.7	12.7	14.8	14.5	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	17.8
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)	932.1	912.2	902.8	827.6	821.0
A. LIABILITIES (300=210+330)	690.8	674.1	666.6	591.8	584.7
I. Short -term liabilities	686.0	668.5	660.3	584.4	578.6
1. Short-term trade accounts payable	160.7	158.4	132.0	78.7	66.2
2. Short-term advances from customers	10.8	12.3	3.9	1.3	7.3
3. Taxes and other payables to state authorities	1.1	1.8	2.6	1.0	0.0
4. Payable to employees	1.9	2.1	2.4	1.5	0.0
5. Short-term acrrued expenses	0.8	0.6	1.2	0.7	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	1.2	1.3	1.3	0.7	0.0
10. Short-term borrowings and financial leases	507.9	490.3	515.1	499.1	498.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.5	1.6	1.9	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	4.9	5.6	6.3	7.4	6.2
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	4.6	4.8	4.6	4.3	0.0
8. Long-term borrowings and financial leases	0.3	0.8	1.6	3.1	2.7
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)	241.3	238.1	236.2	235.8	236.2
I. Owner's equity	241.3	238.1	236.2	235.8	0.0
1. Owner's capital	206.9	206.9	206.9	206.9	236.2
- Common stock with voting right	206,934,370,000.00	206,934,370,000.00	206,934,370,000.00	206,934,370,000.00	206,934,370,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1.0	1.0	1.0	1.0	1.0
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	—	0.00	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	29.9	27.4	27.4	24.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	3.5	2.8	0.9	3.4	18.0
- Accumulated retained earning at the end of the previous period	—	0.9	0.0	0.0	17.0
- Undistributed earnings in this period	3.5	1.9	0.9	3.4	0.9
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)	932.1	912.2	902.8	827.6	821.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	4.5	2.7	2.5	4.3	6.1
Depreciation of Fixed Assets and Investment Property	14.7	14.5	14.1	13.6	13.5
Provision (Increase)/Reversal	-1.3	-8.5	5.1	3.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	-0.1	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.6	-0.0	-0.0	-0.1	0.0
Interest Expense	31.4	33.7	40.8	34.4	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	49.0	42.2	62.5	55.6	20.7
Increase/(Decrease) in Receivables	-20.4	-72.2	-34.2	23.7	0.0
Increase/(Decrease) in Inventory	-19.8	56.8	-61.9	-55.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.2	34.8	58.8	6.2	0.0
Increase/(Decrease) in Prepaid Expenses	6.0	6.7	1.5	5.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-31.4	-34.2	-40.5	-34.8	0.0
Corporate Income Tax Paid	-0.7	-1.6	-0.9	-1.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.2	-0.1	-0.3	0.0
Net Cash Flow from Operating Activities	-18.6	32.3	-14.8	-1.6	19.0
Payments for Fixed Assets and Other Long-term Assets	-3.9	-2.1	-5.3	-2.8	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	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	3.0	1.3	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	1.5	0.0	0.0
Dividends and Interest Income Received	0.6	0.0	0.0	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	-3.4	-2.1	-0.8	-1.4	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	999.3	923.7	1,118.3	1,198.3	1,107.1
Repayment of Borrowings	-982.3	-949.2	-1,103.6	-1,198.1	-1,120.8
Repayment of Finance Leases	—	-0.2	-0.2	-0.2	-0.2
Dividends Paid	—	0.0	0.0	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	17.0	-25.7	14.5	-0.1	-14.0
Net Cash Flow During the Period	-5.0	4.6	-1.1	-3.0	3.8
Cash and Cash Equivalents at Beginning of Period	7.5	2.9	3.9	7.0	1.9
FX Difference from Revaluation	-0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.5	7.5	2.9	3.9	7.0

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	242.4	332.5	299.3	326.0	185.0	366.1	281.4	229.2	136.3	329.0	228.9	294.7
Revenue Deductions	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	242.4	332.5	299.3	326.0	185.0	366.1	281.4	229.2	136.3	329.0	228.9	294.7
Cost of Goods Sold	228.8	316.7	289.1	314.0	172.9	351.5	268.9	223.2	122.6	307.9	215.1	278.3
Gross Profit	13.7	15.8	10.1	12.0	12.1	14.5	12.5	6.1	13.7	21.1	13.8	16.4
Financial Income	0.2	0.2	0.3	0.3	0.1	0.4	0.0	0.2	0.0	0.1	0.0	0.1
Financial Expenses	9.4	8.4	8.0	8.2	7.1	7.4	7.5	9.0	10.0	10.2	10.2	11.3
Interest Expense	9.4	8.4	8.0	8.0	7.1	7.3	7.5	8.9	10.0	10.2	10.2	11.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.0	1.2	1.1	1.5	1.3	1.8	1.6	1.4	1.1	1.5	1.3	1.5
General and Administrative Expenses	1.9	4.7	3.3	1.8	3.2	4.3	2.9	-4.6	2.1	8.6	1.8	3.3
Operating Profit	1.6	1.7	-2.0	0.9	0.5	1.4	0.5	0.5	0.4	0.8	0.6	0.4
Other Income	—	0.7	2.5	0.1	0.4	0.0	0.1	0.8	0.1	-0.2	0.0	0.2
Other Expenses	0.0	0.1	0.0	0.0	0.0	0.8	0.1	0.2	0.0	0.1	0.0	0.0
Other Profit	-0.0	0.6	2.5	0.0	0.3	-0.8	0.0	0.6	0.0	-0.3	-0.0	0.2
Profit Before Tax	1.5	2.3	0.5	0.9	0.8	0.6	0.5	1.1	0.4	0.6	0.6	0.6
Current Income Tax Expense	0.3	0.5	0.1	0.2	0.2	0.3	0.1	0.3	0.1	0.1	0.1	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.2	1.8	0.4	0.7	0.6	0.3	0.4	0.8	0.3	0.5	0.4	0.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.2	1.8	0.4	0.7	0.6	0.3	0.4	0.8	0.3	0.5	0.4	0.5
Earnings per Share	59.32	85.03	19.01	35.02	30.85	15.70	19.07	39.07	16.74	21.98	21.34	22.76
Diluted EPS	59.32	85.03	19.01	35.02	30.85	15.70	19.07	39.07	16.74	21.98	21.34	22.76

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	822.4	812.0	773.7	740.5	732.5	780.3	720.4	697.7	730.6	754.7	690.2	665.1
I. Cash and cash equivalents	9.1	2.5	4.5	4.2	3.8	7.5	2.9	3.0	3.8	2.9	1.8	2.3
1. Cash	9.1	2.5	4.5	4.2	3.8	7.5	2.9	3.0	3.8	2.9	1.8	2.3
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	202.1	198.8	168.1	137.1	119.4	178.0	100.4	58.1	71.0	93.5	61.4	59.0
1. Short-term trade accounts receivable	179.7	176.6	138.5	107.1	113.5	172.6	94.2	52.5	73.7	102.8	64.1	58.7
2. Short-term prepayments to suppliers	1.3	1.3	7.8	8.6	8.3	7.8	8.6	8.2	7.2	0.4	0.6	3.7
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	3.0	3.0	3.0
6. Other short-term receivables	36.5	36.5	36.5	36.5	14.5	14.5	14.8	15.5	15.5	12.6	12.5	12.5
7. Provision for short-term doubtful debts (*)	-15.4	-15.6	-14.7	-15.0	-16.9	-16.9	-17.1	-18.0	-25.4	-25.3	-18.8	-18.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	603.8	602.4	592.0	588.7	597.4	582.6	603.6	621.7	638.2	638.5	609.4	586.1
1. Inventories	603.8	602.4	592.0	588.7	597.4	582.6	603.6	621.7	638.2	638.5	609.4	586.1
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	7.3	8.3	9.1	10.5	11.9	12.3	13.5	14.9	17.6	19.8	17.6	17.6
1. Short-term prepayments	7.3	8.3	9.1	9.9	10.9	12.3	13.5	14.7	15.9	16.8	17.6	17.6
2. Value added tax to be reclaimed	—	0.0	—	0.5	1.0	0.0	0.0	0.1	1.7	3.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	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)	115.8	120.1	124.6	126.4	129.3	132.7	135.9	139.6	143.5	147.2	149.5	147.8
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	105.7	109.5	113.0	114.6	115.3	119.0	122.2	125.3	128.9	132.0	133.7	134.4
1. Tangible fixed assets	105.7	109.5	113.0	114.6	115.3	119.0	121.4	124.5	128.1	131.1	132.8	133.4
- Cost	346.6	—	—	—	—	341.3	339.4	338.9	338.9	338.4	336.5	333.7
- Accumulated depreciation	-240.9	—	—	—	—	-222.4	-218.0	-214.4	-210.9	-207.3	-203.7	-200.3
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.8	0.8	0.9	0.9	0.9	1.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	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
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	—	—	0.3	0.3	2.0	1.0	0.3	0.3	0.3	0.3	0.3	0.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	0.3	0.3	2.0	1.0	0.3	0.3	0.3	0.3	0.3	0.3
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	1.5	1.5
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	-1.5	-1.5
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	10.0	10.7	11.2	11.5	12.0	12.7	13.4	13.9	14.2	14.8	15.4	13.0
1. Long-term prepayments	10.0	10.7	11.2	11.5	12.0	12.7	13.4	13.9	14.2	14.8	15.4	13.0
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)	938.2	932.2	898.2	866.9	861.9	913.0	856.3	837.3	874.1	901.9	839.7	812.9
A. LIABILITIES (300=210+330)	695.7	690.9	658.4	627.4	623.1	674.9	618.5	599.9	637.5	665.6	602.8	575.9
I. Short -term liabilities	690.3	685.5	652.8	621.3	617.0	668.6	612.0	593.5	631.2	659.3	595.6	568.9
1. Short-term trade accounts payable	164.1	160.8	115.2	88.5	106.4	159.1	107.6	65.6	96.9	131.0	76.5	64.3
2. Short-term advances from customers	10.4	10.8	15.0	12.1	14.2	12.3	4.1	17.1	9.9	3.9	5.9	2.3
3. Taxes and other payables to state authorities	2.4	1.1	1.0	0.4	0.9	1.8	0.7	1.0	1.6	2.6	0.8	3.7
4. Payable to employees	1.2	1.9	1.9	1.0	1.8	2.1	2.2	2.1	2.1	2.4	2.5	2.4
5. Short-term acrrued expenses	1.0	0.8	0.6	0.6	1.3	0.6	0.7	0.9	1.0	1.2	0.3	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.2	1.2	1.3	1.0	1.6	1.3	1.0	1.2	1.3	1.3	1.5	1.9
10. Short-term borrowings and financial leases	508.4	507.3	516.3	516.2	489.2	489.7	494.1	503.9	516.5	515.1	506.2	492.8
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	1.5	1.5	1.5	1.5	1.6	1.6	1.7	1.7	1.9	1.9	1.9	1.4
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	5.4	5.4	5.6	6.1	6.1	6.2	6.5	6.4	6.3	6.3	7.2	7.1
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	4.6	4.6	4.6	4.7	4.7	4.8	5.1	4.9	4.6	4.7	4.7	4.6
8. Long-term borrowings and financial leases	0.8	0.8	1.0	1.4	1.4	1.5	1.5	1.5	1.6	1.7	2.6	2.4
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)	242.5	241.3	239.9	239.5	238.8	238.1	237.8	237.4	236.6	236.3	236.9	236.9
I. Owner's equity	242.5	241.3	239.9	239.5	238.8	238.1	237.8	237.4	236.6	236.3	236.9	236.9
1. Owner's capital	206.9	206.9	206.9	206.9	206.9	206.9	206.9	206.9	206.9	206.9	206.9	206.9
- Common stock with voting right	206,934,370,000.00	206,934,370,000.00	206,934,370,000.00	206,934,370,000.00	206,934,370,000.00	206,934,370,000.00	206,934,370,000.00	206,934,370,000.00	206,934,370,000.00	206,934,370,000.00	206,934,370,000.00	206,934,370,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	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	29.9	29.9	27.4	27.4	27.4	27.4	27.4	27.4	27.4	27.4	27.4	24.5
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	4.7	3.5	4.5	4.1	3.4	2.8	2.5	2.1	1.2	1.0	1.6	4.5
- Accumulated retained earning at the end of the previous period	3.5	—	2.8	2.8	2.8	0.9	0.9	0.9	0.9	0.0	0.0	3.4
- Undistributed earnings in this period	1.2	3.5	1.8	1.4	0.6	1.9	1.5	1.2	0.3	1.0	1.6	1.1
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)	938.2	932.2	898.2	866.9	861.9	913.0	856.3	837.3	874.1	901.9	839.7	812.9

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	1.5	2.3	0.5	0.9	0.8	0.6	0.5	1.1	0.4	0.5	0.5	0.6
Depreciation of Fixed Assets and Investment Property	3.7	3.7	3.7	3.7	3.6	3.6	3.6	3.6	3.6	3.6	3.5	3.5
Provision (Increase)/Reversal	—	0.6	—	-1.9	—	0.0	7.4	-7.4	0.0	5.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.2	—	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	-0.0
Gain/Loss from Investment Activities	—	-0.4	—	-0.2	—	0.0	0.0	-0.0	0.0	-0.0	0.0	-0.0
Interest Expense	9.4	8.4	8.0	8.0	7.1	7.3	7.6	8.9	10.0	10.2	10.1	11.2
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	14.6	12.7	14.4	10.4	11.5	11.5	19.1	6.2	14.1	19.4	14.3	15.3
Increase/(Decrease) in Receivables	-6.6	-28.2	-33.5	14.7	26.6	-76.6	-49.8	22.7	23.4	-44.8	-1.8	10.1
Increase/(Decrease) in Inventory	1.4	-10.4	-3.5	-20.8	14.8	21.0	17.2	17.4	0.3	-24.9	-28.3	-1.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.7	40.7	30.8	-21.5	-51.3	60.2	28.8	-24.7	-29.3	83.3	-14.9	-6.5
Increase/(Decrease) in Prepaid Expenses	1.6	1.4	1.2	1.4	2.1	1.8	1.9	1.4	1.5	1.3	-1.3	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-9.2	-8.8	-7.5	-8.6	-6.5	-7.1	-7.7	-9.1	-10.3	-40.5	20.2	-10.2
Corporate Income Tax Paid	—	0.0	0.0	-0.7	—	0.0	-0.6	-0.8	-0.2	-0.9	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.1	—	—	—	0.2	-0.0	-0.2	0.0	0.8	-0.9	0.1
Net Cash Flow from Operating Activities	5.6	7.3	1.9	-25.1	-2.7	11.0	9.0	12.9	-0.4	-6.2	-12.8	7.4
Payments for Fixed Assets and Other Long-term Assets	—	-0.2	-1.5	-1.7	-0.5	-2.4	1.0	-1.0	0.0	-5.3	1.8	-1.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.9	-0.9
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	3.0	-3.9	3.9
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	1.5	0.0	0.0
Dividends and Interest Income Received	—	0.4	—	0.2	—	0.0	-0.0	0.0	0.0	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	—	0.4	-1.7	-1.5	-0.5	-2.4	1.0	-1.0	0.0	-0.8	-1.2	1.2
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	198.0	260.5	236.3	284.5	218.0	248.7	231.1	267.7	176.2	321.5	262.5	305.0
Repayment of Borrowings	-197.0	-270.1	-236.1	-257.5	-218.5	-253.2	-241.0	-280.3	-174.8	-313.4	-248.9	-313.4
Repayment of Finance Leases	0.0	—	—	—	—	0.4	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Dividends Paid	—	—	—	—	—	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	1.1	-9.7	0.2	27.0	-0.5	-4.1	-10.0	-12.7	1.3	8.0	13.6	-8.5
Net Cash Flow During the Period	6.7	-2.0	0.3	0.3	-3.6	4.5	-0.0	-0.8	0.9	1.1	-0.4	0.2
Cash and Cash Equivalents at Beginning of Period	2.5	4.5	4.2	3.8	7.5	2.9	2.9	2.9	2.9	3.9	3.9	3.9
FX Difference from Revaluation	—	-0.0	—	—	—	0.0	-0.1	0.1	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	9.1	2.5	4.5	4.2	3.8	7.5	2.9	3.0	3.8	2.9	1.8	2.2

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NSH

What Is Changing

Drivers of NSH's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▼▼

Working Capital Efficiency ▲▲

Is financial risk significant?

Leverage & Liquidity ▼▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow