NTH

Thủy điện Nước Trong ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 51.96%, +2.34pp YoY

Price

57,000

Latest close

03 Jun 2026

P/E 9.34x

P/B 3.19x

EPS 6,102

BVPS 17,877

ROE 34.8%

ROA 32.6%

Profit Margin 52.0%

Asset Turnover 0.63x

Equity Mult. 1.07x

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

What Is Changing

On a TTM 2026Q1 basis, NTH has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 127bn
	                                
+9.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 66bn
	                                
+14.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	131.3	107.6	115.8	134.3	105.0
Growth	+22%	-7%	-14%	+28%	—
Net Income	68.9	51.3	55.2	69.1	42.4
Net Margin	52.48%	47.65%	47.64%	51.42%	40.36%

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	32.6	35.8	26.3	32.2	37.0	33.1	19.4	26.7	28.5	33.6	17.1	30.4
Growth	-9%	+36%	-18%	-13%	+12%	+71%	-28%	-6%	-15%	+97%	-44%	—
Net Income	18.0	18.8	11.7	17.4	21.0	16.4	6.8	13.4	14.7	16.1	4.4	15.7
Net Margin	55.43%	52.58%	44.42%	53.91%	56.86%	49.59%	35.21%	50.05%	51.70%	47.87%	25.66%	51.65%

Drivers of NTH's profit

TTM

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

Gross profit ↑ 7.3bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Gross profit ↓ 3.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 31.3% = 49.6% × 0.57 × 1.12

2026Q1 34.8% = 52.0% × 0.63 × 1.07

ROE rose from 31.3% to 34.8% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 52.0% +2.3pp Asset turnover: 0.63x +0.06x Leverage: 1.07x -0.05x

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 51.96%, rising 2.3pp. The main driver is Gross margin rose 1.0pp and SG&A / Revenue fell 0.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 1.1pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 51.96% +2.3pp

Gross Margin 58.00% +1.0pp

SG&A / Revenue 3.88% −0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC reflects a large fixed-asset base.

Is capital being deployed efficiently?

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

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 51.95% +2.3pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.09x equity, with a net cash position equivalent to 0.21x 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: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.5 days versus the same period last year. The main moves came from DIO fell 0.7 days, DSO fell 1.8 days, and DPO rose 0.0 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

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

Working Capital Efficiency

Receivables 64.9 days −1.8 days

Inventory 5.3 days −0.7 days

Payables 17.2 days +0.0 days

Cash Conversion Cycle 53.0 days −2.5 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 67.6bn.

Leverage & Liquidity

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

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

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

Leverage and liquidity trend

Net Debt / Equity -0.21x −0.14x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.26x +0.08x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 67.6bn in 2025, against investing cash flow of 0.6bn.

Post-investment cash flow was positive +68.2bn. Financing cash flow was negative +76.1bn.

CFO / net income was 1.26x.

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

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

Cash Conversion

CFO TTM 83.1bn +15.3bn

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 2.3 pp. The next item to monitor is capital efficiency.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 51.96% after expanding 2.3pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	131.3	107.6	115.8	134.3	105.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	131.3	107.6	115.8	134.3	105.0
Cost of Goods Sold	54.3	47.8	49.6	50.6	0.0
Gross Profit	77.0	59.8	66.2	83.7	57.6
Financial Income	0.8	0.2	0.5	0.2	0.1
Financial Expenses	—	1.3	3.8	6.4	-8.6
Interest Expense	—	1.3	3.8	6.4	-8.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	5.1	4.7	4.7	4.7	-4.3
Operating Profit	72.6	54.1	58.1	72.7	44.8
Other Income	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.1	0.0	0.0	0.0
Other Profit	0.0	-0.1	-0.0	-0.0	-0.1
Profit Before Tax	72.6	54.0	58.1	72.7	44.6
Current Income Tax Expense	3.7	2.7	2.9	3.7	-2.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	68.9	51.3	55.2	69.1	42.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	68.9	51.3	55.2	69.1	42.4
Earnings per Share	6,061.00	4,510.00	4,853.00	6,073.00	3,831.00
Diluted EPS	6,061.00	4,510.00	4,853.00	6,073.00	3,923.07

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	44.6	37.9	48.7	37.6	36.4
I. Cash and cash equivalents	13.3	21.2	32.2	6.9	16.4
1. Cash	1.3	15.7	15.2	0.9	0.0
2. Cash equivalents	12.0	5.5	17.0	6.0	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	30.4	15.9	15.8	30.1	19.6
1. Short-term trade accounts receivable	30.4	15.7	15.7	29.9	0.0
2. Short-term prepayments to suppliers	0.0	0.2	0.1	0.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.8	0.7	0.7	0.5	0.2
1. Inventories	0.8	0.7	0.7	0.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.1	0.0	0.2	0.1
1. Short-term prepayments	0.0	0.1	0.0	0.2	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	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)	146.8	166.0	185.9	204.3	223.7
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	145.1	164.1	183.2	202.9	214.9
1. Tangible fixed assets	145.0	164.0	183.1	202.8	214.8
- Cost	395.9	395.8	395.4	395.4	0.0
- Accumulated depreciation	-250.9	-231.8	-212.3	-192.6	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	0.1	0.1	0.1	0.1	0.1
- Cost	0.1	0.1	0.1	0.1	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	—	0.0	0.1	0.0	8.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.1	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	1.7	1.9	2.5	1.4	0.0
1. Long-term prepayments	1.7	1.9	2.5	1.4	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	0.3
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)	191.4	203.9	234.6	241.9	260.1
A. LIABILITIES (300=210+330)	16.3	17.3	56.8	64.5	93.5
I. Short -term liabilities	16.3	17.3	56.8	39.5	43.5
1. Short-term trade accounts payable	3.4	3.4	1.8	2.8	1.8
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.9	5.1	5.3	5.1	0.0
4. Payable to employees	1.8	1.7	1.7	1.6	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.1	0.5	11.2	1.5	0.0
10. Short-term borrowings and financial leases	—	0.0	31.2	25.0	25.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.2	6.5	5.5	3.5	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	25.0	50.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	25.0	50.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	175.1	186.6	177.8	177.4	166.6
I. Owner's equity	175.1	186.6	177.8	177.4	0.0
1. Owner's capital	108.0	108.0	108.0	108.0	166.6
- Common stock with voting right	108,020,530,000.00	108,020,530,000.00	108,020,530,000.00	108,020,530,000.00	108,020,530,000.00
- 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	—	0.0	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	21.1	17.6	15.0	12.3	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	46.0	61.0	54.7	57.1	49.7
- Accumulated retained earning at the end of the previous period	21.8	25.6	26.7	16.6	11.6
- Undistributed earnings in this period	24.2	35.4	28.1	40.5	38.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	191.4	203.9	234.6	241.9	260.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	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	—	0.0	0.0	0.0	0.0
Interest Expense	—	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	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-5.6	-2.9	-3.0	-2.4	0.0
Other Operating Receipts	10.5	8.7	12.7	11.6	0.0
Other Operating Payments	-24.3	-19.4	-24.1	-24.7	0.0
Net Cash Flow from Operating Activities	67.6	68.9	81.5	77.5	60.5
Payments for Fixed Assets and Other Long-term Assets	-0.2	-0.3	-0.1	-0.0	-0.9
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	-17.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	17.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.8	0.2	0.5	0.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.6	-0.1	0.4	0.1	-0.9
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	0.0	0.0	3.8
Repayment of Borrowings	—	-31.2	-18.7	-25.7	-31.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-76.1	-48.5	-37.9	-61.4	-30.7
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	-76.1	-79.8	-56.6	-87.1	-58.2
Net Cash Flow During the Period	-7.9	-11.0	25.2	-9.5	14.7
Cash and Cash Equivalents at Beginning of Period	21.2	32.2	6.9	16.4	14.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	13.3	21.2	32.2	6.9	16.4

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	32.6	35.8	26.3	32.2	37.0	33.1	19.4	26.7	28.5	33.6	17.1	30.4
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	32.6	35.8	26.3	32.2	37.0	33.1	19.4	26.7	28.5	33.6	17.1	30.4
Cost of Goods Sold	12.6	14.5	13.2	12.9	13.6	14.1	11.0	11.3	11.5	14.3	10.6	12.0
Gross Profit	20.0	21.3	13.0	19.3	23.4	19.0	8.4	15.4	17.0	19.3	6.4	18.4
Financial Income	0.2	0.2	0.2	0.2	0.1	0.0	0.0	0.1	0.1	0.1	0.1	0.1
Financial Expenses	—	—	—	—	0.0	0.1	0.2	0.4	0.6	0.8	0.8	1.0
Interest Expense	—	—	—	—	0.0	0.1	0.2	0.4	0.6	0.8	0.8	1.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.1	1.7	1.0	1.1	1.3	1.7	1.0	1.0	1.0	1.7	1.1	1.0
Operating Profit	19.0	19.8	12.3	18.3	22.2	17.3	7.2	14.1	15.5	16.9	4.6	16.5
Other Income	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	0.0	—	-0.0	-0.0	0.0	-0.0	-0.0	-0.0	0.0	0.0	0.0
Profit Before Tax	19.0	19.8	12.3	18.3	22.2	17.3	7.2	14.1	15.5	16.9	4.6	16.5
Current Income Tax Expense	1.0	1.0	0.6	1.0	1.1	0.9	0.4	0.7	0.8	0.9	0.2	0.8
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	18.0	18.8	11.7	17.4	21.0	16.4	6.8	13.4	14.7	16.1	4.4	15.7
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	18.0	18.8	11.7	17.4	21.0	16.4	6.8	13.4	14.7	16.1	4.4	15.7
Earnings per Share	1,671.00	1,743.00	1,080.00	1,608.00	1,948.00	1,518.00	631.00	1,238.00	1,363.00	1,487.00	405.00	1,453.00
Diluted EPS	1,671.00	1,743.00	1,080.00	1,608.00	1,948.00	4,748.00	631.00	1,238.00	1,363.00	1,487.00	405.00	1,453.00

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)	62.8	44.6	46.0	43.7	38.7	37.9	18.2	26.5	30.3	48.7	27.4	37.8
I. Cash and cash equivalents	41.3	13.3	27.6	17.2	13.1	21.2	6.0	3.8	11.3	32.2	17.1	12.9
1. Cash	1.8	1.3	0.6	1.2	2.1	15.7	0.5	1.8	2.8	15.2	2.6	1.9
2. Cash equivalents	39.5	12.0	27.0	16.0	11.0	5.5	5.5	2.0	8.5	17.0	14.5	11.0
II. Short-term financial investments	—	—	—	—	0.0	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	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	20.6	30.4	17.5	25.6	24.8	15.9	11.2	21.7	18.1	15.8	9.4	24.2
1. Short-term trade accounts receivable	20.6	30.4	17.5	25.4	24.6	15.7	11.0	21.4	17.9	15.7	9.0	23.1
2. Short-term prepayments to suppliers	0.0	0.0	0.0	0.3	0.2	0.2	0.2	0.2	0.2	0.1	0.4	0.1
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.1	1.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.8	0.8	0.8	0.8	0.7	0.7	0.8	0.9	0.9	0.7	0.7	0.6
1. Inventories	0.8	0.8	0.8	0.8	0.7	0.7	0.8	0.9	0.9	0.7	0.7	0.6
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	0.0	0.1	0.1	0.1	0.1	0.2	0.1	0.0	0.0	0.1	0.1
1. Short-term prepayments	0.1	0.0	0.1	0.1	0.1	0.1	0.2	0.1	0.0	0.0	0.1	0.1
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	141.8	146.8	151.7	156.0	161.1	166.0	171.0	175.9	180.7	185.9	189.9	194.8
I. Long-term receivables	—	—	—	—	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	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	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	0.0
II. Fixed assets	140.3	145.1	149.9	154.5	159.3	164.1	168.9	173.8	178.3	183.2	188.1	193.1
1. Tangible fixed assets	140.2	145.0	149.8	154.4	159.2	164.0	168.8	173.7	178.2	183.1	188.0	193.0
- Cost	395.9	—	—	—	395.8	395.8	395.8	395.8	395.4	395.4	395.4	395.4
- Accumulated depreciation	-255.7	—	—	—	-236.6	-231.8	-226.9	-222.1	-217.2	-212.3	-207.3	-202.4
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
- Cost	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.5	1.7	1.8	1.5	1.8	1.9	2.0	2.1	2.3	2.5	1.7	1.6
1. Long-term prepayments	1.5	1.7	1.8	1.5	1.8	1.9	2.0	2.1	2.3	2.5	1.7	1.6
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	204.5	191.4	197.7	199.6	199.8	203.9	189.2	202.3	211.1	234.6	217.4	232.6
A. LIABILITIES (300=210+330)	11.4	16.3	11.0	13.8	13.7	17.3	16.4	25.6	29.3	56.8	42.1	47.4
I. Short -term liabilities	11.4	16.3	11.0	13.8	13.7	17.3	16.4	25.6	29.3	56.8	35.8	34.9
1. Short-term trade accounts payable	2.3	3.4	2.2	2.8	2.7	3.4	1.3	2.3	2.0	1.8	1.1	2.5
2. Short-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	2.5	3.9	4.2	5.3	3.6	5.1	3.5	3.8	2.4	5.3	3.4	4.3
4. Payable to employees	0.4	1.8	0.5	0.4	0.4	1.7	0.6	0.4	0.4	1.7	0.5	0.4
5. Short-term acrrued expenses	—	—	—	—	0.0	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	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.1	0.1	0.0	0.6	0.5	0.5	0.5	0.5	0.5	11.2	0.5	0.6
10. Short-term borrowings and financial leases	—	—	—	—	0.0	0.0	6.3	12.5	18.7	31.2	25.0	25.0
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.2	7.2	4.0	4.7	6.4	6.5	4.2	6.0	5.4	5.5	5.3	2.2
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	6.3	12.5
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	6.3	12.5
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	193.1	175.1	186.7	185.8	186.0	186.6	172.8	176.8	181.7	177.8	175.3	185.1
I. Owner's equity	193.1	175.1	186.7	185.8	186.0	186.6	172.8	176.8	181.7	177.8	175.3	185.1
1. Owner's capital	108.0	108.0	108.0	108.0	108.0	108.0	108.0	108.0	108.0	108.0	108.0	108.0
- Common stock with voting right	108,020,530,000.00	108,020,530,000.00	108,020,530,000.00	108,020,530,000.00	108,020,530,000.00	108,020,530,000.00	108,020,530,000.00	108,020,530,000.00	108,020,530,000.00	108,020,530,000.00	108,020,530,000.00	108,020,530,000.00
- Preferred stock	—	—	—	—	0.00	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	0.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.00	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	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	21.1	21.1	17.6	17.6	17.6	17.6	15.0	15.0	15.0	15.0	12.3	12.3
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	64.0	46.0	61.1	60.2	60.4	61.0	49.7	53.7	58.6	54.7	55.0	64.8
- Accumulated retained earning at the end of the previous period	46.0	21.8	21.8	42.8	39.4	25.6	25.6	25.6	43.9	26.7	26.6	30.1
- Undistributed earnings in this period	18.0	24.2	39.3	17.4	21.0	35.4	24.1	28.1	14.7	28.1	28.3	34.7
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	204.5	191.4	197.7	199.6	199.8	203.9	189.2	202.3	211.1	234.6	217.4	232.6

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
Profit Before Tax	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	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	0.0
Gain/Loss from Investment Activities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	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	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	0.0	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	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.9	-2.8	0.0	-0.1	-2.7	0.0	0.0	-0.0	-2.9	0.0	0.0	0.0
Other Operating Receipts	3.3	—	—	—	0.0	2.3	1.9	2.3	2.1	0.5	4.0	3.8
Other Operating Payments	-11.8	9.6	-22.4	1.1	-12.5	-7.8	-35.5	19.2	-28.1	4.6	-15.0	-5.7
Net Cash Flow from Operating Activities	28.3	12.7	21.4	20.7	12.9	21.4	-0.8	34.3	-6.0	16.9	19.4	20.4
Payments for Fixed Assets and Other Long-term Assets	—	-0.2	—	—	0.0	0.0	0.3	-0.3	0.0	-0.1	0.1	-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	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.2	0.2	0.2	0.1	0.0	0.0	0.1	0.1	0.1	0.1	0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.2	0.1	0.2	0.2	0.1	0.0	0.3	-0.2	0.1	0.0	0.2	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	0.0	-6.3	-6.2	-6.2	-12.5	0.0	-6.2	-6.2
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.5	-27.0	-11.3	-16.7	-21.0	-0.0	8.8	-35.3	-2.5	-1.9	-9.1	-16.7
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.5	-27.0	-11.3	-16.7	-21.0	-6.3	2.6	-41.5	-15.0	-1.9	-15.3	-22.9
Net Cash Flow During the Period	28.0	-14.3	10.4	4.2	-8.1	15.2	2.2	-7.5	-20.9	15.0	4.2	-2.5
Cash and Cash Equivalents at Beginning of Period	13.3	27.6	17.2	13.1	21.2	32.2	32.2	32.2	32.2	6.9	6.9	6.9
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	41.3	13.3	27.6	17.2	13.1	21.2	6.0	3.8	11.3	32.2	17.1	12.9

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NTH

What Is Changing

Drivers of NTH'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