S4A

Thủy điện Sê San 4A ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 52.47%, +15.11pp YoY

Price

33,000

Latest close

04 Jun 2026

P/E 7.97x

P/B 2.15x

EPS 4,141

BVPS 15,316

ROE 28.7%

ROA 17.5%

Profit Margin 52.5%

Asset Turnover 0.33x

Equity Mult. 1.64x

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

What Is Changing

On a TTM 2026Q1 basis, S4A is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 333bn
	                                
+32.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 175bn
	                                
+86.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	326.6	247.7	286.4	308.1	285.0
Growth	+32%	-14%	-7%	+8%	—
Net Income	145.7	88.1	137.4	173.4	140.6
Net Margin	44.62%	35.57%	47.98%	56.26%	49.34%

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	53.6	128.3	87.6	63.5	47.2	78.4	86.9	38.3	44.1	100.3	81.3	52.0
Growth	-58%	+46%	+38%	+35%	-40%	-10%	+127%	-13%	-56%	+23%	+56%	—
Net Income	47.4	71.1	42.1	14.1	18.5	27.2	50.0	-1.9	12.9	56.6	40.3	18.3
Net Margin	88.43%	55.42%	48.04%	22.26%	39.09%	34.68%	57.53%	-5.09%	29.32%	56.48%	49.62%	35.30%

Drivers of S4A's profit

TTM

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

Gross profit ↑ 58.9bn

Other profit ↑ 33.2bn

Tax ↑ 15.5bn

TTM

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

Other profit ↑ 35.0bn

Gross profit ↑ 4.7bn

Tax ↑ 9.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.7% = 37.4% × 0.25 × 1.75

2026Q1 28.7% = 52.5% × 0.33 × 1.64

ROE rose from 16.7% to 28.7% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 52.5% +15.1pp Asset turnover: 0.33x +0.08x Leverage: 1.64x -0.12x

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 52.47%, rising 15.1pp. The main driver is Gross margin rose 4.1pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 9.7pp and Net financial result / Revenue rose 4.6pp).

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

Profitability trend

Net Margin 52.47% +15.1pp

Gross Margin 59.16% +4.1pp

SG&A / Revenue 2.48% −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 of 16.7% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 16.75%, rising 6.5pp. That translates to 16.75 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 6.8pp and capital turnover rose 0.11x, with invested capital holding roughly steady — capital-return quality improved from both sides.

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 16.75% +6.5pp

NOPAT Margin 42.94% +6.8pp

Capital Turnover 0.39x +0.11x

Average Invested Capital 853.6bn −30.6bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.75x equity, net debt at 0.24x 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 7.2 days versus the same period last year. The main moves came from DIO fell 4.4 days, DSO fell 0.6 days, and DPO rose 2.2 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 71.2 days −0.6 days

Inventory 0.5 days −4.4 days

Payables 2.3 days +2.2 days

Cash Conversion Cycle 69.4 days −7.2 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.24x and interest coverage at 5.08x.

At present, short-term debt accounts for 43.6% of total debt, cash equals 53.5% of debt, and total debt stands at 328.2bn.

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 0.24x −0.35x

Interest Coverage 5.08x +2.13x

Cash / Debt 53.5% +38.6pp

Short-term Debt / Total Debt 43.6% +16.0pp

CFO / NI 1.17x +1.17x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 119.1bn in 2025, against investing cash flow of 36.0bn.

Post-investment cash flow was positive +155.2bn. Financing cash flow was negative +148.5bn.

CFO / net income was 1.17x.

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 204.7bn +204.7bn

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 15.1 pp. The next item to monitor is the earnings mix, when non-core contribution is 18.2%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 52.47% after expanding 15.1pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.17x. Even so, net financial result still accounts for 18.2% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	326.6	247.7	286.4	308.1	285.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	326.6	247.7	286.4	308.1	285.0
Cost of Goods Sold	134.3	111.6	113.6	111.7	0.0
Gross Profit	192.3	136.1	172.8	196.4	177.1
Financial Income	7.1	4.5	2.0	1.5	4.0
Financial Expenses	30.6	38.4	24.6	28.8	-28.8
Interest Expense	28.6	32.6	20.5	22.6	-28.6
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	8.2	7.1	8.2	8.9	-7.4
Operating Profit	160.6	95.0	142.0	160.2	144.8
Other Income	1.5	3.3	3.4	26.6	0.0
Other Expenses	0.0	0.0	0.1	0.0	0.0
Other Profit	1.5	3.3	3.3	26.6	4.2
Profit Before Tax	162.1	98.3	145.2	186.8	149.0
Current Income Tax Expense	16.4	10.2	7.8	13.4	-8.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	145.7	88.1	137.4	173.4	140.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	145.7	88.1	137.4	173.4	140.6
Earnings per Share	3,453.00	2,088.00	3,256.00	4,108.00	3,332.00
Diluted EPS	3,453.00	2,088.00	3,256.00	4,108.00	3,332.08

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	319.7	272.8	195.3	168.3	99.3
I. Cash and cash equivalents	174.3	167.6	98.5	104.2	60.9
1. Cash	88.3	84.6	11.5	89.1	0.0
2. Cash equivalents	86.0	83.0	87.0	15.1	0.0
II. Short-term financial investments	25.6	57.5	29.2	2.2	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	25.6	57.5	29.2	2.2	0.0
III. Short-term receivables	119.3	46.1	64.1	60.4	35.6
1. Short-term trade accounts receivable	118.1	41.9	63.0	55.7	0.0
2. Short-term prepayments to suppliers	0.4	2.2	0.0	3.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.8	2.0	1.2	1.3	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	0.2	0.7	3.2	1.3	0.4
1. Inventories	0.2	0.7	3.2	1.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.3	0.9	0.3	0.3	0.3
1. Short-term prepayments	0.3	0.9	0.3	0.3	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)	727.6	767.5	805.1	842.6	892.7
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	695.8	741.9	790.0	835.8	885.3
1. Tangible fixed assets	691.2	738.5	786.6	832.4	881.9
- Cost	1,398.0	1,396.6	1,395.9	1,392.4	0.0
- Accumulated depreciation	-706.9	-658.2	-609.4	-560.0	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	4.6	3.4	3.4	3.4	3.4
- Cost	4.6	3.4	3.4	3.4	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	1.8	0.0	0.0	0.0	0.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.8	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	30.0	25.6	15.2	6.9	0.0
1. Long-term prepayments	17.2	19.7	6.3	4.6	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	12.9	5.9	8.9	2.3	0.0
4. Other long-term assets	—	0.0	0.0	0.0	7.1
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)	1,047.3	1,040.3	1,000.5	1,010.9	992.0
A. LIABILITIES (300=210+330)	448.4	486.4	410.0	372.2	411.4
I. Short -term liabilities	262.5	199.4	191.6	229.6	139.8
1. Short-term trade accounts payable	3.1	0.2	7.2	0.7	0.2
2. Short-term advances from customers	0.5	0.9	0.6	0.5	0.0
3. Taxes and other payables to state authorities	25.7	18.8	20.9	28.0	0.0
4. Payable to employees	1.5	0.8	1.4	1.4	0.0
5. Short-term acrrued expenses	4.1	4.2	0.4	0.4	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	66.1	53.2	78.3	65.5	0.0
10. Short-term borrowings and financial leases	154.3	116.7	76.8	125.8	70.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.2	4.7	6.0	7.4	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	185.9	286.9	218.5	142.6	271.5
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.9	1.8	2.7	1.8	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	185.0	285.1	215.8	140.8	271.5
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)	598.9	554.0	590.4	638.7	580.6
I. Owner's equity	598.9	554.0	590.4	638.7	0.0
1. Owner's capital	422.0	422.0	422.0	422.0	580.6
- Common stock with voting right	422,000,000,000.00	422,000,000,000.00	422,000,000,000.00	422,000,000,000.00	422,000,000,000.00
- 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	18.0	18.0	18.0	18.0	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	158.9	113.9	150.4	198.7	140.6
- Accumulated retained earning at the end of the previous period	76.5	76.5	89.0	25.3	0.0
- Undistributed earnings in this period	82.4	37.5	61.4	173.4	140.6
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)	1,047.3	1,040.3	1,000.5	1,010.9	992.0

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	-10.2	-7.5	-13.7	-6.3	0.0
Other Operating Receipts	21.6	22.1	25.7	30.2	0.0
Other Operating Payments	-81.7	-70.2	-73.2	-87.3	0.0
Net Cash Flow from Operating Activities	119.1	137.1	174.2	206.9	201.8
Payments for Fixed Assets and Other Long-term Assets	-3.1	-0.7	-3.6	-0.1	-2.1
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	-5.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	7.2	4.5	1.5	1.5	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	36.0	-24.5	-29.2	1.3	-6.6
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	117.9	211.6	160.5	95.3	48.2
Repayment of Borrowings	-182.2	-107.7	-138.3	-175.8	-176.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-84.2	-147.5	-172.9	-84.4	-42.0
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	-148.5	-43.5	-150.7	-164.9	-170.3
Net Cash Flow During the Period	6.6	69.1	-5.6	43.3	42.8
Cash and Cash Equivalents at Beginning of Period	167.6	98.5	104.2	60.9	36.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	174.3	167.6	98.5	104.2	60.9

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
Revenue	53.6	128.3	87.6	63.5	47.2	78.4	86.9	38.3	44.1	100.3	81.3	52.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	53.6	128.3	87.6	63.5	47.2	78.4	86.9	38.3	44.1	100.3	81.3	52.0
Cost of Goods Sold	23.2	43.8	32.8	36.2	21.4	32.8	29.8	28.7	20.4	34.1	28.6	27.8
Gross Profit	30.5	84.5	54.8	27.3	25.8	45.6	57.2	9.6	23.7	66.2	52.7	24.2
Financial Income	1.7	3.0	0.6	2.8	0.7	-1.1	3.8	1.2	0.6	0.9	0.2	0.2
Financial Expenses	6.0	7.1	7.0	12.3	4.2	12.7	3.8	13.7	8.3	5.2	8.6	5.4
Interest Expense	6.0	7.3	6.6	11.4	3.4	12.3	3.8	8.2	5.4	5.2	4.8	5.2
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
General and Administrative Expenses	1.8	2.7	1.7	2.0	1.8	2.1	1.7	1.7	1.6	2.2	1.8	2.5
Operating Profit	24.3	77.7	46.8	15.7	20.5	29.7	55.6	-4.7	14.4	59.6	42.4	16.5
Other Income	35.0	1.5	0.0	—	—	0.0	0.0	3.3	0.0	0.0	0.0	3.4
Other Expenses	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	35.0	1.5	0.0	-0.0	-0.0	-0.0	-0.0	3.3	-0.0	0.0	-0.0	3.4
Profit Before Tax	59.3	79.2	46.8	15.7	20.5	29.7	55.6	-1.3	14.4	59.6	42.4	19.9
Current Income Tax Expense	11.9	8.1	4.7	1.6	2.1	2.5	5.6	0.6	1.4	3.0	2.1	1.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	47.4	71.1	42.1	14.1	18.5	27.2	50.0	-1.9	12.9	56.6	40.3	18.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	47.4	71.1	42.1	14.1	18.5	27.2	50.0	-1.9	12.9	56.6	40.3	18.3
Earnings per Share	1,124.00	1,685.00	997.00	335.00	437.00	644.00	1,185.00	-46.00	307.00	1,342.00	955.00	435.00
Diluted EPS	1,123.67	1,684.61	997.21	335.09	437.32	644.07	1,185.10	-46.16	306.71	1,341.90	955.41	434.76

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)	293.5	319.7	258.2	211.3	228.6	272.8	246.8	174.9	193.9	195.4	128.6	101.1
I. Cash and cash equivalents	175.5	174.3	108.7	89.4	58.5	167.6	132.7	104.4	112.9	98.6	46.5	44.9
1. Cash	3.0	88.3	9.7	9.2	5.5	84.6	5.7	11.4	13.4	11.5	7.5	23.9
2. Cash equivalents	172.5	86.0	99.0	80.2	53.0	83.0	127.0	93.0	99.5	87.0	39.0	21.0
II. Short-term financial investments	37.6	25.6	83.5	61.5	111.5	57.5	39.3	29.3	29.2	29.2	12.1	17.1
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	37.6	25.6	83.5	61.5	111.5	57.5	39.3	29.3	29.2	29.2	12.1	17.1
III. Short-term receivables	79.9	119.3	65.0	59.5	57.7	46.1	73.7	40.5	48.6	64.2	66.8	35.8
1. Short-term trade accounts receivable	78.9	118.1	60.6	53.8	51.0	41.9	69.4	33.4	47.7	63.0	65.9	34.7
2. Short-term prepayments to suppliers	0.4	0.4	3.5	3.5	3.5	2.2	2.6	3.5	0.3	0.0	0.0	0.1
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	0.6	0.8	1.0	2.2	3.1	2.0	1.6	3.6	0.7	1.2	0.9	1.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	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
IV. Inventories	0.3	0.2	0.3	0.4	0.1	0.7	0.3	0.5	2.9	3.2	2.9	3.0
1. Inventories	0.3	0.2	0.3	0.4	0.1	0.7	0.3	0.5	2.9	3.2	2.9	3.0
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	0.3	0.3	0.6	0.5	0.9	0.9	0.8	0.2	0.3	0.3	0.3	0.3
1. Short-term prepayments	0.3	0.3	0.6	0.5	0.9	0.9	0.8	0.2	0.3	0.3	0.3	0.3
2. Value added tax to be reclaimed	—	—	—	—	—	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
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)	715.3	727.6	733.7	744.3	756.1	767.5	773.3	781.6	795.9	805.1	812.4	824.4
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	685.3	695.8	706.6	717.6	729.7	741.9	753.4	765.5	777.7	790.0	799.7	811.9
1. Tangible fixed assets	680.7	691.2	702.0	714.2	726.3	738.5	750.0	762.1	774.3	786.6	796.3	808.5
- Cost	1,399.9	—	—	—	—	1,396.6	1,396.0	1,395.9	1,395.9	1,395.9	1,393.4	1,393.4
- Accumulated depreciation	-719.1	—	—	—	—	-658.2	-646.0	-633.8	-621.6	-609.4	-597.1	-584.9
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	4.6	4.6	4.6	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4
- Cost	4.6	—	—	—	—	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	—	1.8	—	—	—	0.0	0.3	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	—	1.8	—	—	—	0.0	0.3	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	30.0	30.0	27.1	26.7	26.4	25.6	19.6	16.0	18.2	15.2	12.7	12.5
1. Long-term prepayments	17.2	17.2	23.1	22.8	22.8	19.7	17.1	12.8	14.6	6.3	10.3	10.1
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	12.8	12.9	4.0	3.9	3.6	5.9	2.5	3.2	3.6	8.9	2.4	2.4
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,008.9	1,047.4	991.8	955.6	984.7	1,040.3	1,020.1	956.4	989.8	1,000.6	941.0	925.5
A. LIABILITIES (300=210+330)	362.5	448.4	400.7	406.5	412.3	486.3	442.6	428.9	437.1	410.0	491.5	271.6
I. Short -term liabilities	176.6	262.5	160.0	165.7	125.0	199.4	114.6	98.7	80.9	186.6	300.0	84.7
1. Short-term trade accounts payable	1.7	3.1	0.0	0.1	0.1	0.2	0.1	0.2	0.0	7.2	1.4	1.4
2. Short-term advances from customers	0.5	0.5	1.8	1.4	0.9	0.9	0.9	0.9	1.8	0.6	0.9	2.2
3. Dividends and profits payable	3.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	17.4	25.7	17.9	11.9	7.4	18.8	18.7	6.7	6.1	20.9	15.2	7.9
4. Payable to employees	0.9	1.5	0.9	0.9	0.9	0.8	0.9	0.7	0.7	1.4	0.7	0.7
5. Short-term acrrued expenses	3.7	4.1	3.7	3.9	—	4.2	0.0	4.2	0.0	0.4	0.0	0.2
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	0.0	66.1	2.8	2.8	2.7	53.2	2.8	2.7	2.6	78.3	213.2	2.1
10. Short-term borrowings and financial leases	143.2	154.3	125.4	137.2	108.7	116.7	86.3	77.7	66.0	71.8	62.4	63.7
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	6.3	7.2	7.4	7.5	4.3	4.7	4.9	5.6	3.8	6.0	6.2	6.3
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	185.9	185.9	240.7	240.8	287.4	286.9	328.1	330.3	356.2	223.5	191.4	186.9
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	0.9	0.9	0.9	1.3	1.8	1.8	1.8	1.8	1.8	2.7	2.7	1.4
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	185.0	185.0	239.8	239.4	285.6	285.1	326.3	328.4	354.4	220.8	188.7	185.5
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)	646.3	598.9	591.1	549.1	572.4	554.0	577.4	527.5	552.7	590.5	449.5	653.9
I. Owner's equity	646.3	598.9	591.1	549.1	572.4	554.0	577.4	527.5	552.7	590.5	449.5	653.9
1. Owner's capital	422.0	422.0	422.0	422.0	422.0	422.0	422.0	422.0	422.0	422.0	422.0	422.0
- Common stock with voting right	422,000,000,000.00	422,000,000,000.00	422,000,000,000.00	422,000,000,000.00	422,000,000,000.00	422,000,000,000.00	422,000,000,000.00	422,000,000,000.00	422,000,000,000.00	422,000,000,000.00	422,000,000,000.00	422,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	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	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	206.3	158.9	151.1	109.1	132.4	113.9	137.4	87.5	112.7	150.5	9.5	213.9
- Accumulated retained earning at the end of the previous period	158.9	87.8	109.0	94.9	113.9	86.7	87.4	89.4	99.8	93.9	0.0	173.4
- Undistributed earnings in this period	47.4	71.1	42.1	14.1	18.5	27.2	50.0	-1.9	12.9	56.6	9.5	40.5
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)	1,008.9	1,047.4	991.8	955.6	984.7	1,040.3	1,020.1	956.4	989.8	1,000.6	941.0	925.5

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
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	-16.4	0.0	-0.0	-10.2	0.0	7.5	0.0	-7.5	-13.7	13.7	-0.0	-13.7
Other Operating Receipts	10.2	—	—	—	-4.3	-5.3	4.8	4.9	25.7	-12.2	5.3	6.8
Other Operating Payments	-20.8	-54.1	-12.2	-15.4	17.3	15.6	-12.3	-20.7	-73.2	35.9	-14.0	-21.9
Net Cash Flow from Operating Activities	85.5	85.4	31.1	2.7	-28.1	-14.6	27.3	15.4	174.2	-62.3	55.2	7.1
Payments for Fixed Assets and Other Long-term Assets	—	-3.0	-0.0	—	0.1	-0.1	0.0	0.0	-3.6	1.0	-1.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	1.6	4.1	2.1	1.0	-0.7	-1.3	0.9	1.1	1.5	-0.7	0.4	0.3
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	-10.4	37.0	52.0	-53.0	9.4	-11.3	0.9	1.1	-29.2	15.3	-10.6	-4.7
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	19.2	60.7	40.0	17.1	-15.5	-159.4	20.1	154.8	160.5	-67.2	24.0	43.2
Repayment of Borrowings	-30.1	-98.2	-58.6	-25.4	5.9	60.4	-36.4	-29.9	-138.3	84.8	-62.6	-22.2
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-63.1	-0.0	-33.6	-50.5	0.0	147.4	-20.5	-127.0	-172.9	88.7	-0.4	-88.3
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	-74.0	-37.5	-52.2	-58.8	-9.6	48.4	-36.7	-2.1	-150.7	106.3	-39.1	-67.3
Net Cash Flow During the Period	1.2	84.9	30.9	-109.1	-28.3	22.5	-8.5	14.3	-5.6	59.3	5.6	-64.9
Cash and Cash Equivalents at Beginning of Period	174.3	167.6	58.5	167.6	0.0	104.4	98.5	98.5	104.2	0.0	104.2	104.2
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	175.5	174.3	89.4	58.5	0.0	132.7	104.4	112.9	98.5	0.0	44.9	39.3

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S4A

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Balance Sheet ●

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Cash Flow ●

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow