QBS

Xuất nhập khẩu Quảng Bình ·UPCOM ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin −81690.34%, −81300.57pp YoY

Price

500,000

Latest close

29 May 2026

P/E -441.82x

P/B 154.02x

EPS -1,132

BVPS 3,246

ROE -29.7%

ROA -26.7%

Profit Margin -81,690.3%

Asset Turnover 0.00x

Equity Mult. 1.11x

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

What Is Changing

On a TTM 2026Q1 basis, QBS is under pressure on both revenue and margins simultaneously — profit momentum has been slowing across consecutive periods. With both declining, there is less room to compensate — the next test will be the ability to stabilize over the next few periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 0bn
	                                
−99.7%YoY

	                            
	                                NET MARGIN
	                            
	                                    −81690.34%
	                                
−81300.6ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 78bn
	                                
+41.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	0.1	55.5	453.3	359.4	1,529.0
Growth	-100%	-88%	+26%	-76%	—
Net Income	-78.4	-140.5	-41.0	-138.7	1.5
Net Margin	-52243.41%	-252.90%	-9.05%	-38.60%	0.10%

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	0.0	0.0	0.0	0.0	0.1	0.1	0.1	34.2	21.4	114.7	27.4	158.0
Growth	0%	0%	0%	-53%	0%	-32%	-100%	+60%	-81%	+318%	-83%	—
Net Income	-0.6	-63.6	-0.7	-13.5	-0.6	-64.3	-27.1	-42.0	-7.1	-39.4	3.9	-2.2
Net Margin	-2509.77%	-264801.24%	-3114.65%	-56335.72%	-1121.03%	-126143.97%	-36153.54%	-122.70%	-32.99%	-34.33%	14.37%	-1.36%

Drivers of QBS's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 55.6bn

TTM

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

Financial income ↑ 0.0bn

Administrative expenses ↑ 0.0bn

Gross profit ↓ 0.0bn

Other profit ↓ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -36.2% = -389.8% × 0.09 × 1.09

2026Q1 -29.7% = -81690.3% × 0.00 × 1.11

ROE rose from -36.2% to -29.7% — mainly driven by leverage, despite net margin and asset turnover moving in the opposite direction.

Net margin: -81690.3% -81300.6pp Asset turnover: 0.00x -0.09x Leverage: 1.11x +0.03x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -81690.34%, losing 81300.6pp. The main pressure is SG&A / Revenue rose 81133.4pp, outweighing the improvement in Gross margin rose 6.1pp (in addition, Net financial result / Revenue rose 124.9pp added support while Other profit / Revenue fell 298.2pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin -81690.34% −81300.6pp

Gross Margin 6.82% +6.1pp

SG&A / Revenue 81522.94% +81133.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.13x equity, net debt at 0.00x equity.

Over the last 12 months, working capital released 5.3bn of cash, mainly thanks to lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +3.3bn

Inventories were broadly stable → neutral CFO: —

Payables increased → higher CFO: +2.1bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Watchpoints

Receivables collection is slowing

DSO increased by +1991368.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 1997084.7 days +1991368.2 days

Inventory — —

Payables 29710.7 days +29633.7 days

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

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.

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

Leverage and liquidity trend

Net Debt / Equity 0.00x +0.00x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.00x −0.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -0.0bn in 2025, against investing cash flow of 0.2bn.

Post-investment cash flow was positive +0.2bn. Financing cash flow was negative +3.1bn.

CFO / net income was 0.00x.

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 0.1bn +0.3bn

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 margins remain under pressure remaining the main constraint, with net margin down 81300.6 pp. The next watchpoint is capital structure should be read with cycle risk in mind.

Watchpoint: Capital structure should be read with cycle risk in mind.

Key risk: profitability remains under pressure, with trailing-12M net margin at -81690.34% after a 81300.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	0.1	55.5	453.3	359.4	1,529.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	0.1	55.5	453.3	359.4	1,529.0
Cost of Goods Sold	0.1	55.5	451.1	359.2	0.0
Gross Profit	0.1	0.1	2.2	0.2	38.4
Financial Income	0.2	0.2	0.5	0.3	3.2
Financial Expenses	0.1	0.1	-0.2	-39.9	-27.6
Interest Expense	—	0.0	0.1	21.5	-60.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.0	0.1	0.1	1.1	-0.2
General and Administrative Expenses	78.2	134.3	72.7	139.2	-10.1
Operating Profit	-78.1	-134.2	-69.9	-99.9	3.6
Other Income	—	0.2	29.1	36.4	0.0
Other Expenses	0.3	2.2	0.2	75.2	0.0
Other Profit	-0.3	-1.9	28.9	-38.8	2.1
Profit Before Tax	-78.4	-136.1	-41.0	-138.7	5.7
Current Income Tax Expense	—	4.3	0.0	0.0	-4.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-78.4	-140.5	-41.0	-138.7	1.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.3
Profit Attributable to Parent	-78.4	-140.5	-41.0	-138.7	1.8
Earnings per Share	-1,130.00	-2,026.00	-592.00	-2,001.00	8.00
Diluted EPS	-1,130.00	-2,026.00	-592.00	-2,001.00	25.77

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	247.1	326.1	462.5	561.5	765.7
I. Cash and cash equivalents	10.4	10.2	10.2	10.9	13.8
1. Cash	0.4	0.2	0.2	0.9	0.0
2. Cash equivalents	10.0	10.0	10.0	10.0	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	236.7	315.8	396.4	500.3	749.2
1. Short-term trade accounts receivable	525.0	525.8	559.3	566.4	0.0
2. Short-term prepayments to suppliers	128.8	131.5	48.2	76.9	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	0.3	0.3	0.3	0.3	0.0
7. Provision for short-term doubtful debts (*)	-417.4	-341.8	-211.3	-143.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	55.3	50.0	0.7
1. Inventories	—	0.0	55.3	50.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	0.0	0.6	0.2	1.8
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.1	0.0	0.1	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.5	0.2	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)	8.0	8.6	11.5	17.0	497.2
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	8.0	8.6	11.5	12.8	209.7
1. Tangible fixed assets	8.0	8.6	11.5	12.8	129.3
- Cost	15.4	15.4	20.2	20.6	0.0
- Accumulated depreciation	-7.3	-6.8	-8.7	-7.8	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	80.4
- 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	—	0.0	0.0	0.0	1.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	4.2	15.1
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	4.6	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	-0.3	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	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	271.1
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)	255.2	334.7	473.9	578.5	1,262.9
A. LIABILITIES (300=210+330)	29.5	30.7	29.4	92.9	644.8
I. Short -term liabilities	29.5	30.7	29.4	92.1	469.3
1. Short-term trade accounts payable	7.3	7.2	7.1	7.0	110.2
2. Short-term advances from customers	0.0	0.0	0.1	0.2	0.0
3. Taxes and other payables to state authorities	3.0	4.3	0.0	0.1	0.0
4. Payable to employees	0.1	0.0	0.0	0.0	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	0.7	0.8	0.8	34.8	0.0
10. Short-term borrowings and financial leases	10.6	10.6	13.7	42.2	233.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.8	7.8	7.8	7.8	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	0.8	175.5
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.8	164.1
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)	225.7	304.0	444.5	485.5	618.1
I. Owner's equity	225.7	304.0	444.5	485.5	0.0
1. Owner's capital	693.3	693.3	693.3	693.3	618.1
- Common stock with voting right	693,299,280,000.00	693,299,280,000.00	693,299,280,000.00	693,299,280,000.00	693,299,280,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-3.2	-3.2	-3.2	-3.2	-3.2
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	15.7	15.7	15.7	15.7	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	-480.1	-401.7	-261.2	-220.2	-92.8
- Accumulated retained earning at the end of the previous period	-401.7	-261.2	-220.2	-81.5	-93.3
- Undistributed earnings in this period	-78.4	-140.5	-41.0	-138.7	0.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	5.2
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)	255.2	334.7	473.9	578.5	1,262.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	-78.4	-136.1	-41.0	-138.7	5.6
Depreciation of Fixed Assets and Investment Property	0.6	0.8	1.2	1.4	11.8
Provision (Increase)/Reversal	75.7	130.4	67.7	71.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.1	0.1	0.3	0.0
Gain/Loss from Investment Activities	-0.2	-0.4	-0.4	74.4	0.0
Interest Expense	—	0.0	0.1	21.5	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	-2.3	-5.5	27.7	30.1	46.7
Increase/(Decrease) in Receivables	3.5	-49.9	35.9	120.0	0.0
Increase/(Decrease) in Inventory	—	55.3	-5.3	-48.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.4	2.3	-36.6	-138.8	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	-0.0	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.0	2.2	-66.5	0.0
Corporate Income Tax Paid	-1.6	-1.6	-0.3	-0.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-0.0	0.7	23.6	-104.4	-101.6
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	2.3	0.0	6.9	2.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-2.6	-0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	4.6	10.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	4.6	447.6	0.0
Dividends and Interest Income Received	0.2	0.2	0.5	0.3	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.2	2.5	5.0	456.8	47.5
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	1.5	0.0	58.6
Repayment of Borrowings	—	-3.1	-30.8	-354.7	-1.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
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	—	-3.1	-29.3	-354.7	56.7
Net Cash Flow During the Period	0.2	0.0	-0.7	-2.3	-0.5
Cash and Cash Equivalents at Beginning of Period	10.2	10.2	10.9	13.1	11.2
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	10.4	10.2	10.2	10.9	13.8

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	0.0	0.0	0.0	0.0	0.1	0.1	0.1	34.2	21.4	114.7	27.4	158.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.0	0.0	0.0	0.0	0.1	0.1	0.1	34.2	21.4	114.7	27.4	158.0
Cost of Goods Sold	0.0	0.0	0.0	0.0	0.0	0.0	0.0	34.0	21.4	114.3	26.7	157.2
Gross Profit	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.4	0.7	0.7
Financial Income	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1
Financial Expenses	—	0.0	—	0.1	0.0	0.1	0.0	0.1	0.1	0.0	0.1	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	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	0.0
General and Administrative Expenses	0.6	63.5	0.8	13.3	0.6	64.2	27.1	41.9	1.0	39.9	-3.2	7.3
Operating Profit	-0.5	-63.5	-0.7	-13.3	-0.5	-64.2	-27.0	-41.8	-1.0	-39.4	3.9	-6.4
Other Income	—	—	—	—	—	0.0	0.0	0.1	0.0	0.0	0.1	0.0
Other Expenses	0.1	0.1	-0.0	0.2	0.0	0.1	0.1	0.2	1.7	0.0	0.1	0.0
Other Profit	-0.1	-0.1	0.0	-0.2	-0.0	-0.1	-0.1	-0.2	-1.7	-0.0	0.0	0.0
Profit Before Tax	-0.6	-63.6	-0.7	-13.5	-0.6	-64.3	-27.1	-42.0	-2.7	-39.4	3.9	-6.4
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	4.3	0.0	0.0	-4.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.6	-63.6	-0.7	-13.5	-0.6	-64.3	-27.1	-42.0	-7.1	-39.4	3.9	-2.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.6	-63.6	-0.7	-13.5	-0.6	-64.3	-27.1	-42.0	-7.1	-39.4	3.9	-2.2
Earnings per Share	-8.69	-917.00	-11.00	-195.00	-8.25	-928.00	-391.00	-605.00	-101.73	-568.00	57.00	-31.00
Diluted EPS	-8.69	-916.66	-10.78	-195.02	-8.25	-927.93	-391.10	-605.25	-101.73	-567.84	56.87	-31.06

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)	246.6	247.1	310.4	311.9	325.5	326.1	390.2	417.3	459.4	481.4	521.6	526.2
I. Cash and cash equivalents	10.2	10.4	10.2	10.3	10.2	10.2	10.3	10.3	10.3	10.2	10.5	10.5
1. Cash	0.2	0.4	0.2	0.3	0.2	0.2	0.3	0.3	0.3	0.2	0.5	0.5
2. Cash equivalents	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
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	236.3	236.6	300.1	301.5	315.3	315.8	379.9	407.0	415.1	415.3	482.7	515.4
1. Short-term trade accounts receivable	525.0	524.9	525.1	525.0	525.5	525.8	525.9	576.2	551.2	559.3	566.7	566.7
2. Short-term prepayments to suppliers	128.5	128.8	129.1	130.6	131.3	131.5	131.9	82.5	74.9	48.2	69.4	105.2
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	0.0	0.0	0.0
6. Other short-term receivables	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
7. Provision for short-term doubtful debts (*)	-417.4	-417.4	-354.4	-354.4	-341.8	-341.8	-278.2	-252.0	-211.3	-192.4	-153.7	-156.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	34.0	55.3	28.0	0.0
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	34.0	55.3	28.0	0.0
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	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.1	0.6	0.4	0.3
1. Short-term prepayments	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1
3. Taxes and other receivables from state authorities	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.5	0.2	0.2
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)	7.9	8.0	8.2	8.3	8.5	8.6	8.8	9.0	11.2	11.5	11.7	12.1
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	7.9	8.0	8.2	8.3	8.5	8.6	8.8	9.0	11.2	11.5	11.7	12.1
1. Tangible fixed assets	7.9	8.0	8.2	8.3	8.5	8.6	8.8	9.0	11.2	11.5	11.7	12.1
- Cost	15.4	—	—	—	—	15.4	15.4	15.4	20.2	20.2	20.2	20.6
- Accumulated depreciation	-7.5	—	—	—	—	-6.8	-6.6	-6.4	-9.0	-8.7	-8.5	-8.5
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	254.5	255.1	318.6	320.2	333.9	334.7	399.0	426.2	470.6	492.9	533.3	538.3
A. LIABILITIES (300=210+330)	29.5	29.5	29.4	30.2	30.5	30.7	30.6	30.8	33.2	29.4	30.5	38.2
I. Short -term liabilities	29.5	29.5	29.4	30.2	30.5	30.7	30.6	30.8	33.2	15.8	30.5	21.9
1. Short-term trade accounts payable	7.3	7.3	7.3	7.4	7.2	7.2	7.2	7.4	7.1	7.1	7.1	11.6
2. Short-term advances from customers	—	0.0	—	—	—	0.0	0.0	0.0	0.1	0.1	0.2	0.2
3. Taxes and other payables to state authorities	2.9	3.0	2.9	3.7	4.1	4.3	4.3	4.1	4.5	0.0	0.0	0.0
4. Payable to employees	0.1	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.7	—	—	—	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0
9. Other short-term payables	10.6	0.7	0.7	0.7	0.7	0.8	0.8	0.8	0.8	0.8	0.8	0.8
10. Short-term borrowings and financial leases	—	10.6	10.6	10.6	10.6	10.6	10.6	10.6	12.9	0.1	14.7	1.6
11. Provision for short-term liabilities	7.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	7.8	7.8	7.8	7.8	7.8	7.8	7.8	7.8	7.8	7.8	7.8
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	13.7	0.0	16.3
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	13.7	0.0	16.3
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)	225.1	225.6	289.2	289.9	303.5	304.0	368.4	395.5	437.4	463.4	502.8	500.2
I. Owner's equity	225.1	225.6	289.2	289.9	303.5	304.0	368.4	395.5	437.4	463.4	502.8	500.2
1. Owner's capital	693.3	693.3	693.3	693.3	693.3	693.3	693.3	693.3	693.3	693.3	693.3	693.3
- Common stock with voting right	693,299,280,000.00	693,299,280,000.00	693,299,280,000.00	693,299,280,000.00	693,299,280,000.00	693,299,280,000.00	693,299,280,000.00	693,299,280,000.00	693,299,280,000.00	693,299,280,000.00	693,299,280,000.00	693,299,280,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-3.2	-3.2	-3.2	-3.2	-3.2	-3.2	-3.2	-3.2	-3.2	-3.2	-3.2	-3.2
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	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7
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	-480.7	-480.1	-416.6	-415.8	-402.3	-401.7	-337.4	-310.3	-268.3	-242.3	-202.9	-205.6
- Accumulated retained earning at the end of the previous period	-480.1	-401.7	-401.7	-401.7	-401.7	-261.2	-261.2	-261.2	-261.2	-220.2	-220.2	-220.2
- Undistributed earnings in this period	-0.6	-78.4	-14.8	-14.1	-0.6	-140.5	-76.1	-49.0	-7.1	-22.1	17.3	14.6
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)	254.5	255.1	318.6	320.2	333.9	334.7	399.0	426.2	470.6	492.9	533.3	538.3

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	-0.6	-63.5	-0.7	-13.5	-0.6	-64.3	-27.1	-42.0	-2.7	-58.3	3.9	-7.7
Depreciation of Fixed Assets and Investment Property	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3
Provision (Increase)/Reversal	—	63.1	0.0	12.6	—	63.6	26.2	40.7	0.0	57.7	-4.5	7.4
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	0.0	0.0	0.0	-0.2	0.1	-0.1	0.1	-0.0	0.1	-0.0
Gain/Loss from Investment Activities	-0.1	-0.0	-0.0	-0.0	-0.0	0.0	0.1	-0.3	-0.1	-0.3	0.2	-0.1
Interest Expense	—	—	—	—	—	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-0.5	-0.4	-0.7	-0.8	-0.4	-0.6	-0.6	-1.4	-2.5	-0.6	0.0	-0.1
Increase/(Decrease) in Receivables	0.3	0.4	1.4	1.1	0.5	0.5	0.8	-32.5	-18.7	28.9	35.6	-3.1
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	34.0	21.3	-27.3	-28.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.5	0.2	-0.1	2.5	-2.1	0.2	-0.4	0.5	1.8	-36.5	31.7	-32.6
Increase/(Decrease) in Prepaid Expenses	-0.0	0.0	0.0	0.0	-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
Interest Paid	—	—	—	—	—	-0.2	0.0	0.0	-0.0	36.4	-36.4	36.4
Corporate Income Tax Paid	0.5	-0.0	-0.8	-2.8	1.9	-0.0	-0.0	-0.6	-1.0	-0.3	0.0	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-0.2	0.1	-0.1	0.0	-0.1	-0.1	-0.2	-0.0	0.9	0.7	2.9	0.5
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	2.3	0.0	-0.1	0.1	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	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
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	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.1	0.1	0.1	0.2
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	0.0	0.0	0.0	0.0	0.0	0.0	0.2	2.3	0.1	-0.0	0.2	0.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	1.5	-1.5	1.5
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	-2.3	-0.8	-2.5	-1.6	-2.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	-2.3	-0.8	-1.0	-3.1	-0.5
Net Cash Flow During the Period	-0.2	0.2	-0.0	0.1	-0.1	-0.0	-0.0	-0.0	0.2	-0.3	0.0	0.2
Cash and Cash Equivalents at Beginning of Period	10.4	10.2	10.3	10.2	10.2	10.2	10.2	10.2	10.2	10.9	10.9	10.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	-0.1	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	10.2	10.4	10.2	10.3	10.2	10.2	10.3	10.3	10.3	10.2	10.5	10.5

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QBS

What Is Changing

Drivers of QBS's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼▼

Is capital being used efficiently?

Balance Sheet ▲

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow