SBA

Sông Ba ·HOSE ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 1.03x

Price

27,200

Latest close

02 Jun 2026

P/E 9.87x

P/B 1.52x

EPS 2,756

BVPS 17,936

ROE 15.9%

ROA 14.6%

Profit Margin 43.0%

Asset Turnover 0.34x

Equity Mult. 1.09x

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

What Is Changing

On a TTM 2026Q1 basis, SBA is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 387bn
	                                
+35.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 167bn
	                                
+35.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	396.6	264.1	376.0	495.6	314.9
Growth	+50%	-30%	-24%	+57%	—
Net Income	169.6	113.5	175.3	244.5	118.5
Net Margin	42.77%	42.99%	46.63%	49.34%	37.63%

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	72.4	154.5	101.8	58.6	81.6	100.6	59.2	44.3	60.1	145.6	81.2	49.9
Growth	-53%	+52%	+74%	-28%	-19%	+70%	+34%	-26%	-59%	+79%	+63%	—
Net Income	32.7	68.0	41.5	24.6	36.2	44.7	24.5	17.5	26.9	69.5	36.5	17.9
Net Margin	45.17%	44.00%	40.78%	41.86%	44.30%	44.44%	41.40%	39.41%	44.82%	47.70%	44.90%	35.82%

Drivers of SBA's profit

TTM

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

Gross profit ↑ 66.1bn

Finance costs ↓ 4.5bn

Tax ↑ 21.1bn

Administrative expenses ↑ 8.5bn

TTM

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

Finance costs ↓ 0.9bn

Financial income ↑ 0.8bn

Tax ↓ 0.7bn

Gross profit ↓ 5.4bn

Administrative expenses ↑ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.0% = 43.0% × 0.24 × 1.14

2026Q1 15.9% = 43.0% × 0.34 × 1.09

ROE rose from 12.0% to 15.9% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 43.0% +0.1pp Asset turnover: 0.34x +0.09x Leverage: 1.09x -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 stands at 43.05%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

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

Profitability trend

Net Margin 43.05% +0.1pp

Gross Margin 60.99% +1.4pp

SG&A / Revenue 6.70% +0.6pp

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 16.5% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 16.54%, rising 4.6pp. That translates to 16.54 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.11x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 1.1pp; with invested capital holding roughly steady.

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 16.54% +4.6pp

NOPAT Margin 43.04% −1.1pp

Capital Turnover 0.38x +0.11x

Average Invested Capital 1,007.6bn −45.3bn

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 0.10x equity, with a net cash position equivalent to 0.07x 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 29.0 days versus the same period last year. The main moves came from DIO fell 1.3 days, DSO fell 28.2 days, and DPO fell 0.5 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

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 57.9 days −28.2 days

Inventory 3.6 days −1.3 days

Payables 1.2 days −0.5 days

Cash Conversion Cycle 60.3 days −29.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 185.4bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.07x and interest coverage at 37.73x.

At present, short-term debt accounts for 23.5% of total debt, cash equals 305.2% of debt, and total debt stands at 39.6bn.

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 -0.07x −0.08x

Interest Coverage 37.73x +23.08x

Cash / Debt 305.2% +207.9pp

Short-term Debt / Total Debt 23.5% −26.2pp

CFO / NI 1.03x −0.51x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 185.4bn in 2025, against investing cash flow of 1.2bn.

Post-investment cash flow was positive +186.6bn. Financing cash flow was negative +129.3bn.

CFO / net income was 1.03x.

After spending +0.7bn on fixed-asset investment, the business generated trailing free cash flow of +170.9bn.

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 171.6bn −17.8bn

Cash Capex 0.7bn —

FCF TTM +170.9bn —

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 earnings conversion is confirmed, with CFO/NI at 1.03x. The next item to monitor is capital efficiency, with ROIC at 16.5%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.03x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	396.6	264.1	376.0	495.6	314.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	396.6	264.1	376.0	495.6	314.9
Cost of Goods Sold	155.0	107.9	138.8	178.2	0.0
Gross Profit	241.6	156.2	237.2	317.4	178.7
Financial Income	2.0	4.1	1.9	1.3	0.2
Financial Expenses	6.4	11.7	22.1	28.0	-34.3
Interest Expense	6.3	11.1	22.0	27.8	-34.1
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	26.1	16.8	21.8	25.7	-16.5
Operating Profit	211.1	131.8	195.1	265.0	128.1
Other Income	0.6	1.1	1.6	0.7	0.0
Other Expenses	0.5	4.5	0.4	6.1	0.0
Other Profit	0.1	-3.4	1.2	-5.4	-2.8
Profit Before Tax	211.2	128.3	196.3	259.6	125.3
Current Income Tax Expense	41.6	14.8	20.9	15.1	-6.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	169.6	113.5	175.3	244.5	118.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	169.6	113.5	175.3	244.5	118.5
Earnings per Share	2,804.00	1,877.00	2,899.00	4,056.00	1,966.00
Diluted EPS	2,804.00	1,877.00	2,899.00	4,056.00	1,959.05

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	189.2	90.3	196.8	243.1	143.8
I. Cash and cash equivalents	71.6	14.4	16.7	80.7	40.9
1. Cash	1.6	9.4	11.7	25.7	0.0
2. Cash equivalents	70.0	5.0	5.0	55.0	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	114.5	72.4	176.5	159.2	97.9
1. Short-term trade accounts receivable	113.5	71.5	171.7	156.1	0.0
2. Short-term prepayments to suppliers	0.4	0.1	2.9	0.9	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	0.6	0.8	1.8	2.2	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	1.4	1.4	1.8	2.3	1.9
1. Inventories	1.4	1.4	1.8	2.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.7	2.1	2.0	1.0	3.1
1. Short-term prepayments	0.1	0.6	1.0	0.0	0.0
2. Value added tax to be reclaimed	0.9	0.8	1.0	1.0	0.0
3. Taxes and other receivables from state authorities	0.7	0.7	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)	973.1	1,007.4	1,036.2	1,083.1	1,153.1
I. Long-term receivables	0.0	0.0	2.0	2.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.0
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	2.0	2.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	925.5	981.5	1,014.8	1,068.6	1,137.4
1. Tangible fixed assets	920.1	976.0	1,009.2	1,063.0	1,132.3
- Cost	1,695.2	1,694.4	1,687.4	1,690.9	0.0
- Accumulated depreciation	-775.1	-718.4	-678.2	-627.9	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	5.4	5.5	5.6	5.7	5.2
- Cost	6.0	6.0	6.0	6.0	0.0
- Accumulated depreciation	-0.6	-0.5	-0.4	-0.3	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	2.8	0.1	7.4	3.5	8.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.8	0.1	7.4	3.5	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	44.8	25.8	12.0	9.0	0.0
1. Long-term prepayments	41.9	23.4	10.5	9.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	2.9	2.4	1.5	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	4.8
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,162.4	1,097.7	1,233.1	1,326.2	1,297.0
A. LIABILITIES (300=210+330)	110.1	119.1	226.2	376.4	440.2
I. Short -term liabilities	77.5	77.2	133.0	201.2	176.6
1. Short-term trade accounts payable	3.9	0.8	3.1	1.5	2.1
2. Short-term advances from customers	0.0	0.2	0.0	0.0	1.2
3. Taxes and other payables to state authorities	29.4	17.8	26.7	29.1	0.0
4. Payable to employees	18.8	2.8	7.3	10.9	0.0
5. Short-term acrrued expenses	0.8	0.8	1.4	1.3	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	14.6	13.0	12.6	70.7	0.0
10. Short-term borrowings and financial leases	9.3	39.2	78.4	86.4	106.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.7	2.6	3.5	1.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	32.6	42.0	93.1	175.2	263.6
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	32.6	42.0	93.1	175.2	263.6
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)	1,052.2	978.6	1,006.9	949.8	856.8
I. Owner's equity	1,052.2	978.6	1,006.9	949.8	0.0
1. Owner's capital	604.9	604.9	604.9	604.9	856.8
- Common stock with voting right	604,882,610,000.00	604,882,610,000.00	604,882,610,000.00	604,882,610,000.00	604,882,610,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	2.1	2.1	2.1	2.1	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	59.8	59.8	59.8	59.8	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	385.4	311.8	340.1	283.0	200.3
- Accumulated retained earning at the end of the previous period	215.8	198.3	164.8	38.4	81.8
- Undistributed earnings in this period	169.6	113.5	175.3	244.5	118.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,162.4	1,097.7	1,233.1	1,326.2	1,297.0

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	12.0
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	-30.8	-16.6	-18.8	-12.4	0.0
Other Operating Receipts	31.7	33.7	36.0	42.8	0.0
Other Operating Payments	-43.5	-40.6	-52.3	-58.1	0.0
Net Cash Flow from Operating Activities	185.4	219.7	195.1	259.3	162.4
Payments for Fixed Assets and Other Long-term Assets	-0.6	-3.5	-4.5	-3.0	-9.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	1.2	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	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	1.8	4.1	2.1	1.1	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	1.2	0.6	-1.3	-1.9	-9.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	4,482,168,583.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	55.9	0.0	0.0	44.1
Repayment of Borrowings	-39.3	-146.4	-90.2	-108.4	-102.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-90.0	-132.1	-167.6	-113.6	-65.4
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-129.3	-222.5	-257.9	-217.5	-124.2
Net Cash Flow During the Period	57.2	-2.3	-64.0	39.8	36.1
Cash and Cash Equivalents at Beginning of Period	14.4	16.7	80.7	40.9	12.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	71.6	14.4	16.7	80.7	40.9

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	72.4	154.5	101.8	58.6	81.6	100.6	59.2	44.3	60.1	145.6	81.2	49.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	72.4	154.5	101.8	58.6	81.6	100.6	59.2	44.3	60.1	145.6	81.2	49.9
Cost of Goods Sold	26.9	59.5	40.7	24.0	30.8	41.1	25.3	18.3	23.1	56.8	30.7	21.2
Gross Profit	45.5	95.0	61.1	34.7	50.8	59.4	33.9	26.0	37.0	88.8	50.6	28.7
Financial Income	1.0	0.6	0.2	0.9	0.2	2.9	0.0	0.7	0.4	0.0	0.1	1.2
Financial Expenses	0.7	1.6	1.6	1.6	1.6	2.2	2.6	3.6	3.3	4.1	5.4	6.2
Interest Expense	0.7	1.6	1.6	1.6	1.6	2.2	2.5	3.0	3.3	4.1	5.4	6.1
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	5.2	9.3	7.8	3.7	4.7	5.5	4.1	3.3	4.0	7.8	4.6	3.9
Operating Profit	40.6	84.8	51.9	30.3	44.8	54.7	27.2	19.9	30.0	76.9	40.6	19.9
Other Income	0.1	0.1	0.2	0.2	0.1	0.1	0.2	0.2	0.6	0.1	0.1	1.3
Other Expenses	0.2	0.0	0.2	0.2	0.1	4.1	0.2	0.2	0.1	-0.0	0.1	0.2
Other Profit	-0.0	0.1	—	—	—	-4.0	-0.0	0.1	0.5	0.2	0.0	1.0
Profit Before Tax	40.6	84.9	51.9	30.3	44.8	50.7	27.2	19.9	30.5	77.1	40.6	20.9
Current Income Tax Expense	7.9	16.9	10.4	5.8	8.6	6.0	2.7	2.5	3.6	7.6	4.1	3.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	32.7	68.0	41.5	24.6	36.2	44.7	24.5	17.5	26.9	69.5	36.5	17.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	32.7	68.0	41.5	24.6	36.2	44.7	24.5	17.5	26.9	69.5	36.5	17.9
Earnings per Share	540.00	1,124.00	686.00	406.00	598.00	739.00	405.00	289.00	445.00	1,148.00	603.00	296.00
Diluted EPS	540.00	1,124.00	686.00	406.00	598.00	1,878.00	405.00	289.00	445.00	1,148.00	603.00	296.00

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)	195.5	189.6	144.4	75.4	134.1	90.3	76.7	69.8	177.4	196.8	140.2	213.5
I. Cash and cash equivalents	120.9	71.6	52.2	26.0	76.8	14.4	11.2	31.6	87.9	16.7	9.0	118.8
1. Cash	2.9	1.6	4.2	6.0	14.8	9.4	11.2	31.6	7.9	11.7	4.0	33.8
2. Cash equivalents	118.0	70.0	48.0	20.0	62.0	5.0	0.0	0.0	80.0	5.0	5.0	85.0
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	72.4	114.5	88.6	46.4	54.3	72.4	61.0	34.1	86.0	176.5	125.3	88.9
1. Short-term trade accounts receivable	69.7	113.5	82.9	44.5	53.1	71.5	53.4	27.4	81.6	171.7	117.1	81.7
2. Short-term prepayments to suppliers	0.3	0.4	3.6	1.0	0.3	0.1	3.5	2.8	2.1	2.9	3.3	3.4
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	2.4	0.6	2.2	0.9	0.9	0.8	4.1	3.9	2.3	1.8	4.9	3.8
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	1.5	1.8	1.7	1.5	1.5	1.4	2.4	1.7	1.6	1.8	3.2	2.7
1. Inventories	1.5	1.8	1.7	1.5	1.5	1.4	2.4	1.7	1.6	1.8	3.2	2.7
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	0.7	1.7	1.9	1.5	1.5	2.1	2.1	2.3	1.9	2.0	2.6	3.1
1. Short-term prepayments	0.0	0.1	0.1	0.1	0.2	0.6	1.0	1.3	0.6	1.0	1.7	2.1
2. Value added tax to be reclaimed	0.7	0.9	0.8	0.8	0.8	0.8	1.1	1.0	0.8	1.0	0.9	0.8
3. Taxes and other receivables from state authorities	—	0.7	1.0	0.6	0.6	0.7	0.1	0.1	0.5	0.0	0.0	0.1
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)	961.6	972.8	965.8	982.0	993.0	1,007.4	1,016.1	1,022.8	1,027.7	1,036.2	1,051.6	1,061.7
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	2.0	2.0	2.0	2.0	2.0	2.0
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	2.0	2.0	2.0	2.0	2.0	2.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	916.1	925.5	945.6	961.1	969.9	981.8	996.7	999.3	1,005.1	1,014.8	1,037.0	1,048.3
1. Tangible fixed assets	910.8	920.1	940.2	955.7	964.4	976.4	991.2	993.8	999.5	1,009.2	1,031.4	1,042.6
- Cost	1,695.2	—	—	—	—	1,694.8	1,694.9	1,687.4	1,687.4	1,687.4	1,688.0	1,687.6
- Accumulated depreciation	-784.4	—	—	—	—	-718.4	-703.7	-693.7	-687.9	-678.2	-656.6	-645.0
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	5.4	5.4	5.4	5.4	5.5	5.5	5.5	5.5	5.6	5.6	5.6	5.7
- Cost	6.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	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	0.2	2.8	1.1	0.1	0.1	0.1	4.7	9.2	8.8	7.4	5.8	3.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	2.8	1.1	0.1	0.1	0.1	4.7	9.2	8.8	7.4	5.8	3.7
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	45.1	44.4	19.0	20.8	23.1	25.5	12.7	12.2	11.8	12.0	6.8	7.8
1. Long-term prepayments	42.2	41.9	16.6	18.4	20.7	23.1	11.2	10.7	10.3	10.5	6.8	7.8
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	2.9	2.5	2.4	2.4	2.4	2.4	1.5	1.5	1.5	1.5	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)	1,157.1	1,162.4	1,110.2	1,057.4	1,127.1	1,097.8	1,092.8	1,092.5	1,205.1	1,233.1	1,191.8	1,275.2
A. LIABILITIES (300=210+330)	72.2	109.5	125.4	114.1	117.6	119.1	158.8	183.1	171.3	226.2	254.4	374.3
I. Short -term liabilities	41.9	76.9	90.4	76.8	78.0	77.2	84.7	106.6	92.2	133.0	122.8	226.2
1. Short-term trade accounts payable	0.8	3.9	0.7	0.7	0.2	0.8	0.7	1.6	0.8	3.1	0.7	1.2
2. Short-term advances from customers	0.0	0.0	0.2	0.3	0.1	0.2	0.2	0.1	0.0	0.0	0.0	0.0
3. Dividends and profits payable	13.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	12.5	29.5	21.1	12.4	17.6	17.8	11.4	6.5	7.7	26.7	11.7	7.7
4. Payable to employees	4.9	18.8	9.2	0.8	0.8	2.8	0.0	0.0	0.1	5.6	1.9	3.9
5. Short-term acrrued expenses	0.1	0.8	3.1	2.0	1.6	0.8	3.0	2.3	1.5	3.1	3.8	2.3
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	0.9	13.9	14.0	16.7	12.9	13.0	13.1	17.4	12.1	12.6	12.4	119.6
10. Short-term borrowings and financial leases	9.3	9.3	39.3	39.3	39.2	39.2	52.3	71.7	69.1	78.4	86.9	84.7
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	0.1	0.7	2.7	4.6	5.5	2.6	4.0	7.0	1.0	3.5	5.5	6.8
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	30.3	32.6	35.0	37.3	39.6	42.0	74.2	76.5	79.1	93.1	131.6	148.1
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	30.3	32.6	35.0	37.3	39.6	42.0	74.2	76.5	79.1	93.1	131.6	148.1
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)	1,084.9	1,052.8	984.9	943.3	1,009.5	978.6	933.9	909.4	1,033.8	1,006.9	937.4	901.0
I. Owner's equity	1,084.9	1,052.8	984.9	943.3	1,009.5	978.6	933.9	909.4	1,033.8	1,006.9	937.4	901.0
1. Owner's capital	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9
- Common stock with voting right	604,882,610,000.00	604,882,610,000.00	604,882,610,000.00	604,882,610,000.00	604,882,610,000.00	604,882,610,000.00	604,882,610,000.00	604,882,610,000.00	604,882,610,000.00	604,882,610,000.00	604,882,610,000.00	604,882,610,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1
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	59.8	59.8	59.8	59.8	59.8	59.8	59.8	59.8	59.8	59.8	59.8	59.8
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	418.1	386.0	318.1	276.5	342.7	311.8	267.1	242.7	367.0	340.1	270.6	234.2
- Accumulated retained earning at the end of the previous period	385.4	215.8	215.8	215.8	306.6	198.3	198.3	198.3	340.1	164.8	164.8	164.8
- Undistributed earnings in this period	32.7	170.2	102.2	60.7	36.2	113.6	68.9	44.4	26.9	175.3	105.9	69.4
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)	1,157.1	1,162.4	1,110.2	1,057.4	1,127.1	1,097.8	1,092.8	1,092.5	1,205.1	1,233.1	1,191.8	1,275.2

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
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	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
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	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
Interest Expense	—	—	—	—	—	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
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	—	—	—	—	—	0.0	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
Increase/(Decrease) in Inventory	—	—	—	—	—	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
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-16.9	-10.4	-5.8	-8.6	-6.0	-2.7	-2.5	-3.6	-7.8	-3.9	-2.8	-6.4
Other Operating Receipts	9.2	—	—	—	—	10.3	3.3	8.1	12.2	9.3	5.0	8.5
Other Operating Payments	-11.7	-13.7	-9.9	-8.4	-11.4	-14.3	-3.2	-5.7	-17.9	-10.2	-8.8	-12.1
Net Cash Flow from Operating Activities	51.1	51.7	31.3	37.5	64.9	46.2	7.9	70.3	95.2	55.9	13.3	58.5
Payments for Fixed Assets and Other Long-term Assets	-0.0	-0.4	-0.2	-0.0	—	-0.4	-2.4	-0.1	-0.6	-1.3	-1.3	-1.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.3	0.0	1.4
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	0.7	0.7	0.2	1.0	0.0	2.9	0.0	1.0	0.1	0.5	0.1	0.8
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	0.6	0.3	-0.1	1.0	0.0	2.5	-2.3	1.0	-0.6	-1.1	-1.3	0.4
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	55.9	0.0	0.0	0.0	0.0
Repayment of Borrowings	-2.3	-32.3	-2.3	-2.3	-2.3	-45.3	-21.7	-55.9	-23.4	-47.0	-14.4	-4.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-0.2	-2.7	-86.9	-0.2	-0.2	-4.3	-127.6	-0.1	-0.2	-107.3	-0.3
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	-2.4	-32.6	-5.0	-89.2	-2.6	-45.5	-26.1	-127.6	-23.4	-47.2	-121.7	-4.9
Net Cash Flow During the Period	49.3	19.4	26.2	-50.8	62.4	3.2	-20.5	-56.2	71.2	7.6	-109.7	54.0
Cash and Cash Equivalents at Beginning of Period	71.6	52.2	26.0	76.8	14.4	16.7	16.7	16.7	16.7	80.7	80.7	80.7
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	120.9	71.6	52.2	26.0	76.8	14.4	11.2	31.6	87.9	16.7	9.0	118.8

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SBA

What Is Changing

Drivers of SBA'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