SBH

Thủy điện Sông Ba Hạ ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 56.39%, +8.54pp YoY

Price

40,100

Latest close

03 Jun 2026

P/E 8.81x

P/B 2.42x

EPS 4,549

BVPS 16,602

ROE 30.1%

ROA 29.6%

Profit Margin 56.4%

Asset Turnover 0.52x

Equity Mult. 1.02x

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

What Is Changing

On a TTM 2026Q1 basis, SBH 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 1,002bn
	                                
+54.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 565bn
	                                
+82.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	990.0	627.7	961.8	1,143.3	869.8
Growth	+58%	-35%	-16%	+31%	—
Net Income	540.1	273.6	487.3	643.2	470.6
Net Margin	54.56%	43.58%	50.67%	56.26%	54.10%

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	116.0	472.4	323.1	90.6	103.8	246.7	241.0	57.0	83.0	383.1	335.5	125.8
Growth	-75%	+46%	+257%	-13%	-58%	+2%	+323%	-31%	-78%	+14%	+167%	—
Net Income	66.1	278.8	188.6	31.7	50.7	155.8	125.2	-21.5	12.1	210.2	219.4	29.0
Net Margin	56.94%	59.02%	58.37%	34.98%	48.85%	63.17%	51.98%	-37.63%	14.61%	54.87%	65.40%	23.05%

Drivers of SBH's profit

TTM

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

Gross profit ↑ 357.3bn

Tax ↑ 98.5bn

TTM

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

Gross profit ↑ 12.3bn

Financial income ↑ 3.8bn

Administrative expenses ↓ 2.9bn

Tax ↑ 3.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 19.6% = 47.9% × 0.33 × 1.23

2026Q1 30.1% = 56.4% × 0.52 × 1.02

ROE rose from 19.6% to 30.1% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 56.4% +8.5pp Asset turnover: 0.52x +0.19x Leverage: 1.02x -0.21x

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 56.39%, rising 8.5pp. The main driver is Gross margin rose 16.0pp and SG&A / Revenue fell 2.2pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.1pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 56.39% +8.5pp

Gross Margin 71.76% +16.0pp

SG&A / Revenue 4.87% −2.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 56.35% +10.3pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.11x equity, with a net cash position equivalent to 0.02x equity.

Over the last 12 months, working capital absorbed 65.7bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −76.8bn

Inventories increased → lower CFO: −1.8bn

Payables increased → higher CFO: +12.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 117.1 days versus the same period last year. The main moves came from DIO rose 4.9 days, DSO fell 118.4 days, and DPO rose 3.6 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.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 150.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +4.9 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 150.6 days −118.4 days

Inventory 10.6 days +4.9 days

Payables 10.6 days +3.6 days

Cash Conversion Cycle 150.6 days −117.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 368.1bn.

Leverage & Liquidity

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

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

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

Leverage and liquidity trend

Net Debt / Equity -0.02x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.92x +0.18x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 368.1bn in 2025, against investing cash flow of -155.7bn.

Post-investment cash flow was positive +212.5bn. Financing cash flow was negative +186.0bn.

CFO / net income was 0.92x.

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 520.4bn +291.4bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 8.5 pp. The next item to monitor is capital efficiency.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 56.39% after expanding 8.5pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	990.0	627.7	961.8	1,143.3	869.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	990.0	627.7	961.8	1,143.3	869.8
Cost of Goods Sold	289.5	312.9	413.1	437.3	0.0
Gross Profit	700.5	314.8	548.7	706.0	513.1
Financial Income	32.1	25.3	54.9	31.3	34.9
Financial Expenses	—	0.0	0.0	0.0	-4.7
Interest Expense	—	0.0	0.0	0.0	-4.7
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	57.2	47.7	55.8	55.4	-43.8
Operating Profit	675.4	292.4	547.9	681.9	499.5
Other Income	0.5	15.6	0.3	0.3	0.0
Other Expenses	—	1.6	0.3	0.0	0.0
Other Profit	0.5	14.1	0.0	0.3	0.8
Profit Before Tax	675.9	306.5	547.9	682.2	500.3
Current Income Tax Expense	135.8	32.9	60.6	39.0	-29.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	540.1	273.6	487.3	643.2	470.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	540.1	273.6	487.3	643.2	470.6
Earnings per Share	4,348.00	2,202.00	3,923.00	5,178.00	372.00
Diluted EPS	4,348.00	2,202.00	3,922.99	5,177.79	3,788.02

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,584.6	1,078.5	1,409.3	1,412.5	956.7
I. Cash and cash equivalents	33.4	6.9	229.0	4.3	4.5
1. Cash	8.4	6.9	9.0	4.3	0.0
2. Cash equivalents	25.0	0.0	220.0	0.0	0.0
II. Short-term financial investments	872.8	761.0	585.0	858.5	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	872.8	761.0	585.0	858.5	0.0
III. Short-term receivables	669.4	302.3	593.3	545.4	391.2
1. Short-term trade accounts receivable	651.9	292.9	571.9	532.0	0.0
2. Short-term prepayments to suppliers	1.4	1.2	4.2	1.2	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	16.1	8.2	17.3	12.2	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	8.9	7.0	2.0	4.1	3.0
1. Inventories	8.9	7.0	2.0	4.1	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	1.2	0.0	0.2	0.0
1. Short-term prepayments	0.1	1.2	0.0	0.0	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	0.2	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)	628.0	702.7	820.7	1,008.0	1,173.4
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	5.0
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	603.6	680.8	772.5	962.6	1,141.2
1. Tangible fixed assets	599.3	676.4	767.7	957.3	1,136.6
- Cost	4,311.3	4,307.5	4,256.1	4,243.4	0.0
- Accumulated depreciation	-3,712.0	-3,631.0	-3,488.5	-3,286.1	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	4.3	4.4	4.8	5.3	4.6
- Cost	7.1	6.8	6.8	6.8	0.0
- Accumulated depreciation	-2.8	-2.4	-1.9	-1.5	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	10.8	6.7	34.9	31.7	12.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	10.8	6.7	34.9	31.7	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	13.7	15.2	13.3	13.7	0.0
1. Long-term prepayments	1.1	1.9	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	12.5	13.3	13.3	13.7	0.0
4. Other long-term assets	—	0.0	0.0	0.0	15.3
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,212.6	1,781.2	2,230.0	2,420.5	2,130.1
A. LIABILITIES (300=210+330)	216.3	133.1	117.6	163.0	128.9
I. Short -term liabilities	216.3	133.1	104.1	149.5	115.4
1. Short-term trade accounts payable	9.8	28.8	26.3	38.2	23.0
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	103.1	21.8	51.2	50.5	0.0
4. Payable to employees	22.6	6.0	11.2	14.6	0.0
5. Short-term acrrued expenses	2.6	0.0	0.2	1.0	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	74.5	70.6	9.8	38.1	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.7	5.9	5.4	7.1	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	13.5	13.5	13.5
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	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	13.5	13.5	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,996.3	1,648.1	2,112.4	2,257.5	2,001.3
I. Owner's equity	1,996.3	1,648.1	2,112.4	2,257.5	0.0
1. Owner's capital	1,242.2	1,242.2	1,242.2	1,242.2	2,001.3
- Common stock with voting right	1,242,250,000,000.00	1,242,250,000,000.00	1,242,250,000,000.00	1,242,250,000,000.00	1,242,250,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	48.0	48.0	48.0	48.0	48.0
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	228.1	146.2	0.0	334.7	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	478.0	211.6	822.1	632.6	470.6
- Accumulated retained earning at the end of the previous period	—	0.2	0.1	51.5	130.5
- Undistributed earnings in this period	478.0	211.4	822.0	581.1	340.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,212.6	1,781.2	2,230.0	2,420.5	2,130.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	675.9	306.5	547.9	682.2	500.3
Depreciation of Fixed Assets and Investment Property	81.3	143.1	202.8	198.8	196.2
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	-32.1	-25.3	-54.9	-31.5	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	725.1	424.3	695.8	849.5	665.5
Increase/(Decrease) in Receivables	-307.1	678.4	-42.5	-149.7	0.0
Increase/(Decrease) in Inventory	-1.0	-5.0	2.5	0.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	28.6	-424.2	-22.8	0.9	0.0
Increase/(Decrease) in Prepaid Expenses	1.8	-3.1	0.0	0.3	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	-71.7	-53.6	-53.8	-41.1	0.0
Other Operating Receipts	0.1	0.0	0.0	0.0	0.0
Other Operating Payments	-7.6	-13.7	-19.8	-13.9	0.0
Net Cash Flow from Operating Activities	368.1	603.1	559.4	646.4	614.7
Payments for Fixed Assets and Other Long-term Assets	-8.2	-19.8	-21.9	-28.6	-16.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.2	0.9
Loans and Purchases of Debt Instruments	-872.0	-1,027.0	-707.0	-593.1	-98.7
Receipts from Loan Repayments and Sale of Debt Instruments	700.2	851.0	980.5	292.6	290.6
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	24.4	33.0	49.9	31.4	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	-155.7	-162.8	301.5	-297.5	216.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	200.0
Repayment of Borrowings	—	0.0	0.0	0.0	-248.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-186.0	-662.3	-636.2	-349.0	-804.4
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	-186.0	-662.3	-636.2	-349.0	-852.5
Net Cash Flow During the Period	26.4	-222.0	224.6	-0.1	-24.0
Cash and Cash Equivalents at Beginning of Period	6.9	229.0	4.3	4.5	26.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	33.4	6.9	229.0	4.3	4.5

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	116.0	472.4	323.1	90.6	103.8	246.7	241.0	57.0	83.0	383.1	335.5	125.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	116.0	472.4	323.1	90.6	103.8	246.7	241.0	57.0	83.0	383.1	335.5	125.8
Cost of Goods Sold	35.9	110.4	87.9	48.8	36.0	77.4	99.7	73.5	64.3	133.8	96.7	108.1
Gross Profit	80.1	362.0	235.2	41.9	67.8	169.3	141.2	-16.5	18.7	249.3	238.7	17.6
Financial Income	10.1	6.2	11.3	8.3	6.3	5.9	5.6	5.8	8.0	10.7	15.6	28.6
Financial Expenses	—	—	—	—	—	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
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	7.6	19.6	10.7	10.8	10.6	15.4	8.8	10.8	12.5	25.0	8.9	10.8
Operating Profit	82.6	348.7	235.8	39.3	63.6	159.7	138.1	-21.4	14.1	234.9	245.5	35.4
Other Income	—	0.2	—	0.3	—	15.2	0.0	0.0	0.4	0.3	0.0	0.0
Other Expenses	—	—	—	—	—	1.5	0.0	0.0	0.0	0.3	0.0	0.0
Other Profit	—	0.2	—	0.3	—	13.7	0.0	-0.0	0.4	0.0	0.0	0.0
Profit Before Tax	82.6	348.8	235.8	39.7	63.6	173.3	138.1	-21.5	14.5	234.9	245.5	35.4
Current Income Tax Expense	16.5	70.0	47.2	8.0	12.9	17.5	12.8	0.0	2.4	24.7	26.1	6.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	66.1	278.8	188.6	31.7	50.7	155.8	125.2	-21.5	12.1	210.2	219.4	29.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	66.1	278.8	188.6	31.7	50.7	155.8	125.2	-21.5	12.1	210.2	219.4	29.0
Earnings per Share	532.00	2,244.27	1,518.00	255.22	408.00	1,254.00	0.00	-172.75	97.65	1,692.10	1,766.18	0.00
Diluted EPS	532.00	2,244.27	1,518.35	255.22	408.00	2,188.00	0.00	-172.75	97.65	1,692.10	1,766.18	0.00

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)	1,485.6	1,584.6	1,386.1	1,100.7	1,048.9	1,078.5	919.2	747.3	1,385.0	1,409.3	1,430.4	1,345.6
I. Cash and cash equivalents	37.6	33.4	86.1	9.4	18.2	6.9	22.7	63.0	233.2	229.0	65.5	136.6
1. Cash	7.6	8.4	5.6	9.4	8.2	6.9	7.7	8.0	6.2	9.0	25.5	16.6
2. Cash equivalents	30.0	25.0	80.5	—	10.0	0.0	15.0	55.0	227.0	220.0	40.0	120.0
II. Short-term financial investments	935.8	872.8	836.0	876.0	657.0	761.0	629.5	609.0	525.0	585.0	868.0	984.0
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	935.8	872.8	836.0	876.0	657.0	761.0	629.5	609.0	525.0	585.0	868.0	984.0
III. Short-term receivables	502.4	669.4	454.5	205.7	365.6	302.3	263.3	70.4	624.8	593.3	494.0	218.7
1. Short-term trade accounts receivable	477.7	651.9	434.4	180.4	349.1	292.9	251.0	46.2	606.6	571.9	458.6	189.1
2. Short-term prepayments to suppliers	4.5	1.4	2.5	6.1	4.1	1.2	6.1	11.0	8.0	4.2	2.1	1.7
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	20.2	16.0	17.6	19.2	12.4	8.2	6.2	13.2	10.2	17.3	33.3	27.9
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	9.5	8.9	9.1	8.9	7.0	7.0	3.7	4.7	2.0	2.0	2.9	5.5
1. Inventories	9.5	8.9	9.1	8.9	7.0	7.0	3.7	4.7	2.0	2.0	2.9	5.5
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	0.2	0.1	0.4	0.7	1.1	1.2	0.0	0.1	0.0	0.0	0.0	0.7
1. Short-term prepayments	0.1	0.1	0.4	0.6	0.9	1.2	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.6
3. Taxes and other receivables from state authorities	0.1	—	—	0.0	0.2	0.0	0.0	0.1	0.0	0.0	0.0	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)	608.2	631.1	648.0	661.5	682.0	702.7	726.8	723.8	769.2	820.7	868.0	913.2
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	583.9	603.2	619.9	640.0	660.3	682.3	686.5	669.6	721.0	772.5	819.4	869.1
1. Tangible fixed assets	579.6	598.9	615.8	635.9	656.1	677.9	682.0	665.0	716.3	767.7	814.5	864.1
- Cost	4,311.3	—	—	—	—	4,308.7	4,292.7	4,256.1	4,256.1	4,256.1	4,252.0	4,250.9
- Accumulated depreciation	-3,731.7	—	—	—	—	-3,630.8	-3,610.7	-3,591.1	-3,539.8	-3,488.5	-3,437.5	-3,386.8
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	4.3	4.3	4.0	4.1	4.2	4.4	4.5	4.6	4.7	4.8	5.0	5.1
- Cost	7.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.9	—	—	—	—	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	10.8	14.3	14.3	6.7	6.7	6.3	27.0	40.9	34.9	34.9	35.3	30.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	10.8	14.3	14.3	6.7	6.7	6.3	27.0	40.9	34.9	34.9	35.3	30.3
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	13.5	13.7	13.8	14.8	15.0	14.1	13.3	13.3	13.3	13.3	13.3	13.7
1. Long-term prepayments	1.0	1.1	1.3	1.5	1.7	0.9	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	12.5	12.5	12.5	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.7
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)	2,093.8	2,215.7	2,034.1	1,762.2	1,731.0	1,781.1	1,646.0	1,471.0	2,154.3	2,230.0	2,298.4	2,258.7
A. LIABILITIES (300=210+330)	31.4	209.6	244.7	37.3	32.2	134.9	93.4	43.7	691.2	775.6	89.0	82.4
I. Short -term liabilities	31.4	209.6	244.7	37.3	32.2	134.9	79.9	30.2	677.7	762.1	75.5	68.9
1. Short-term trade accounts payable	9.9	9.8	19.2	8.0	6.6	28.8	15.6	6.5	4.5	24.7	7.8	12.9
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	6.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	8.0	105.3	82.0	16.3	20.3	21.6	35.1	4.2	7.3	51.7	53.5	14.5
4. Payable to employees	3.7	10.9	1.3	1.3	1.2	8.5	1.4	1.6	1.6	8.9	1.3	1.8
5. Short-term acrrued expenses	0.8	5.4	12.2	—	—	0.0	18.6	0.0	0.0	0.2	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.4	74.5	125.6	5.3	1.4	70.1	1.6	3.3	662.2	671.2	1.7	21.1
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	2.1	3.7	4.3	6.3	2.7	5.9	7.7	14.6	2.1	5.4	11.1	18.6
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	13.5	13.5	13.5	13.5	13.5	13.5
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	0.0	0.0	0.0
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	13.5	13.5	13.5	13.5	13.5	13.5
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)	2,062.4	2,006.1	1,789.4	1,725.0	1,698.8	1,646.3	1,552.5	1,427.3	1,463.0	1,454.4	2,209.4	2,176.3
I. Owner's equity	2,062.4	2,006.1	1,789.4	1,725.0	1,698.8	1,646.3	1,552.5	1,427.3	1,463.0	1,454.4	2,209.4	2,176.3
1. Owner's capital	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2	1,242.2
- Common stock with voting right	1,242,250,000,000.00	1,242,250,000,000.00	1,242,250,000,000.00	1,242,250,000,000.00	1,242,250,000,000.00	1,242,250,000,000.00	0.00	1,242,250,000,000.00	1,242,250,000,000.00	1,242,250,000,000.00	1,242,250,000,000.00	0.00
- Preferred stock	—	—	—	—	—	0.00	1,242,250,000,000.00	0.00	0.00	0.00	0.00	1,242,250,000,000.00
2. Share premium	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0	48.0
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	228.1	228.1	228.1	228.1	146.2	146.2	146.2	146.2	0.0	0.0	334.7	334.7
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	544.0	487.7	271.0	206.6	262.3	209.8	116.1	-9.2	172.8	164.1	584.4	551.4
- Accumulated retained earning at the end of the previous period	478.0	271.0	82.4	174.9	211.6	116.1	-9.2	12.3	160.6	280.7	365.0	522.4
- Undistributed earnings in this period	66.1	216.7	188.6	31.7	50.7	93.7	125.2	-21.5	12.1	-116.6	219.4	29.0
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)	2,093.8	2,215.7	2,034.1	1,762.2	1,731.0	1,781.1	1,646.0	1,471.0	2,154.3	2,230.0	2,298.4	2,258.7

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	82.6	336.9	235.8	39.7	63.6	173.3	138.1	-21.5	14.5	231.1	245.5	35.4
Depreciation of Fixed Assets and Investment Property	19.7	20.4	20.1	20.4	20.5	20.2	19.7	51.5	51.5	51.0	50.8	50.5
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	-10.1	-6.2	-11.3	-8.3	-6.3	-5.9	-5.9	-5.5	-8.3	-10.7	-15.6	-28.6
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	92.1	351.0	244.6	51.7	77.7	187.7	151.8	24.5	57.7	271.5	280.7	57.3
Increase/(Decrease) in Receivables	167.0	-156.1	-257.7	170.1	-63.3	-39.2	-194.0	141.0	-38.3	-25.8	-279.0	-119.6
Increase/(Decrease) in Inventory	-0.6	0.2	0.7	-2.0	0.1	-3.4	1.0	-2.7	0.0	0.8	3.1	-1.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-58.5	21.2	46.0	4.2	-42.7	9.1	16.7	10.6	-60.5	-55.2	18.3	101.3
Increase/(Decrease) in Prepaid Expenses	0.2	0.5	0.5	0.4	0.5	-2.0	-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	-81.0	-47.2	-8.0	-12.9	-3.7	-26.8	0.0	-2.0	-24.7	-26.1	-6.4	-3.7
Other Operating Receipts	—	—	—	—	—	2.2	-0.4	0.4	0.0	0.0	0.0	0.0
Other Operating Payments	-1.5	-0.6	-1.9	-1.9	-3.2	-2.3	-6.9	-1.7	-3.3	-5.7	-7.5	-2.8
Net Cash Flow from Operating Activities	117.6	168.9	24.1	209.7	-34.6	125.3	-31.8	170.1	-69.2	159.5	9.2	31.0
Payments for Fixed Assets and Other Long-term Assets	—	-8.1	-0.1	-0.0	—	-9.8	-3.6	-6.3	0.0	-3.2	-6.1	-11.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	-0.3	0.3	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-215.0	-239.0	-232.0	-219.0	-182.0	-237.0	-411.0	-144.0	-235.0	-100.5	-189.5	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	152.0	142.2	272.0	0.0	286.0	105.5	390.5	60.0	295.0	383.5	305.5	143.0
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	6.7	7.4	12.6	0.5	3.9	0.8	15.1	2.2	14.8	26.5	10.6	12.9
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	-56.3	-97.5	52.5	-218.5	107.9	-140.9	-8.7	-88.1	74.8	306.3	120.5	144.1
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	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-57.0	-124.2	0.1	-0.0	-61.9	-0.2	0.2	-252.3	-1.4	-302.3	-200.8	-109.5
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	-57.0	-124.2	0.1	-0.0	-61.9	-0.2	0.2	-252.3	-1.4	-302.3	-200.8	-109.5
Net Cash Flow During the Period	4.2	-52.7	76.7	-8.8	11.3	-15.8	-40.3	-170.2	4.3	163.5	-71.1	65.6
Cash and Cash Equivalents at Beginning of Period	33.4	86.1	9.4	18.2	6.9	229.0	229.0	229.0	229.0	4.3	4.3	4.3
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	37.6	33.4	86.1	9.4	18.2	6.9	22.7	63.0	233.2	229.0	65.5	136.6

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SBH

What Is Changing

Drivers of SBH'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 ▲

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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