SBM

Đầu tư Phát triển Bắc Minh ·UPCOM ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 50.63%, −3.38pp YoY

Price

34,000

Latest close

02 Jun 2026

P/E 10.24x

P/B 2.70x

EPS 3,320

BVPS 12,588

ROE 25.6%

ROA 23.8%

Profit Margin 50.6%

Asset Turnover 0.47x

Equity Mult. 1.08x

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

What Is Changing

On a TTM 2026Q1 basis, SBM is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 295bn
	                                
+6.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 150bn
	                                
−0.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	287.5	279.9	208.4	294.7	196.1
Growth	+3%	+34%	-29%	+50%	—
Net Income	146.5	150.8	90.2	146.2	55.1
Net Margin	50.96%	53.88%	43.29%	49.60%	28.07%

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	51.8	89.4	90.0	64.2	43.8	72.6	97.2	64.3	45.8	61.0	64.0	41.9
Growth	-42%	-1%	+40%	+47%	-40%	-25%	+51%	+40%	-25%	-5%	+53%	—
Net Income	23.8	47.8	47.1	30.8	20.7	37.6	56.7	35.1	21.4	28.1	30.8	15.6
Net Margin	45.94%	53.49%	52.37%	48.00%	47.28%	51.81%	58.28%	54.62%	46.76%	46.11%	48.17%	37.18%

Drivers of SBM's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher tax. Supporting and offsetting drivers:

Gross profit ↑ 6.5bn

Financial income ↑ 0.4bn

Administrative expenses ↓ 0.3bn

Tax ↑ 6.6bn

Finance costs ↑ 1.0bn

TTM

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

Gross profit ↑ 5.3bn

Tax ↑ 1.9bn

Finance costs ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 25.3% = 54.0% × 0.44 × 1.06

2026Q1 25.6% = 50.6% × 0.47 × 1.08

ROE is broadly flat at 25.6% — the components are offsetting one another.

Net margin: 50.6% -3.4pp Asset turnover: 0.47x +0.03x Leverage: 1.08x +0.01x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 50.63%, losing 3.4pp. The main pressure is Gross margin fell 1.4pp, outweighing the improvement in SG&A / Revenue fell 0.2pp (with lingering pressure from Net financial result / Revenue fell 0.2pp).

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

Profitability trend

Net Margin 50.63% −3.4pp

Gross Margin 59.12% −1.4pp

SG&A / Revenue 1.93% −0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 27.4% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC edged up to 27.43%, rising 1.3pp. That translates to 27.43 in after-tax operating profit for every 100 units of operating capital. capital turnover rose 0.06x was enough to offset the contraction in NOPAT margin narrowed 3.3pp, 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 27.43% +1.3pp

NOPAT Margin 50.63% −3.3pp

Capital Turnover 0.54x +0.06x

Average Invested Capital 545.3bn −29.6bn

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 0.13x equity, with a net cash position equivalent to 0.06x equity.

Over the last 12 months, working capital absorbed 10.8bn 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: −29.4bn

Inventories increased → lower CFO: −0.1bn

Payables increased → higher CFO: +18.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.6 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO fell 0.6 days, and DPO rose 3.1 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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

Inventory turnover is slowing

DIO increased by +0.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 16.2 days −0.6 days

Inventory 0.2 days +0.1 days

Payables 10.9 days +3.1 days

Cash Conversion Cycle 5.6 days −3.6 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 178.9bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.06x and interest coverage at 65.71x.

At present, short-term debt accounts for 91.2% of total debt, cash equals 206.3% of debt, and total debt stands at 34.1bn.

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

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 91.2% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.06x +0.00x

Interest Coverage 65.71x −40.17x

Cash / Debt 206.3% −22.2pp

Short-term Debt / Total Debt 91.2% −8.8pp

CFO / NI 1.15x −0.16x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 178.9bn in 2025, against investing cash flow of -6.1bn.

Post-investment cash flow was positive +172.8bn. Financing cash flow was negative +152.7bn.

CFO / net income was 1.15x.

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 172.5bn −24.4bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 3.4 pp. The next watchpoint is capital efficiency, with ROIC at 27.4%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.15x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.15x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 50.63% after a 3.4pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	287.5	279.9	208.4	294.7	196.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	287.5	279.9	208.4	294.7	196.1
Cost of Goods Sold	118.1	110.2	103.4	124.9	0.0
Gross Profit	169.4	169.7	105.0	169.8	79.3
Financial Income	1.6	0.9	1.3	0.7	0.5
Financial Expenses	2.2	1.8	4.3	9.1	-17.1
Interest Expense	2.2	1.8	4.3	8.9	-17.1
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	5.8	5.9	5.6	5.8	-4.9
Operating Profit	163.0	162.8	96.3	155.7	57.7
Other Income	0.1	0.0	0.0	0.4	0.0
Other Expenses	—	0.0	0.0	0.1	0.0
Other Profit	0.1	0.0	-0.0	0.3	-0.0
Profit Before Tax	163.1	162.9	96.3	156.0	57.7
Current Income Tax Expense	16.6	12.1	6.1	9.8	-2.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	146.5	150.8	90.2	146.2	55.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	146.5	150.8	90.2	146.2	55.1
Earnings per Share	3,252.00	3,348.00	2,003.00	3,245.00	1,382.00
Diluted EPS	3,252.31	3,348.35	2,002.95	3,245.44	1,344.39

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	129.2	105.9	72.1	61.0	41.4
I. Cash and cash equivalents	97.0	76.9	48.4	31.8	15.0
1. Cash	4.0	16.9	8.4	4.8	0.0
2. Cash equivalents	93.0	60.0	40.0	27.0	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	32.0	28.9	23.6	28.2	25.4
1. Short-term trade accounts receivable	30.5	25.5	22.6	26.4	0.0
2. Short-term prepayments to suppliers	0.7	2.6	0.3	0.4	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	0.9	0.8	0.7	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	0.0	0.0	0.0	0.9	0.9
1. Inventories	0.0	0.0	0.0	0.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.0	0.0	0.1	0.1
1. Short-term prepayments	0.0	0.0	0.0	0.1	0.0
2. Value added tax to be reclaimed	0.1	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)	533.7	559.9	591.8	636.9	679.5
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	516.7	546.5	580.4	622.5	671.5
1. Tangible fixed assets	516.7	546.5	580.4	622.5	671.5
- Cost	1,317.0	1,313.2	1,309.2	1,309.2	0.0
- Accumulated depreciation	-800.3	-766.6	-728.8	-686.7	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	7.5	7.4	7.3	7.3	4.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	7.5	7.4	7.3	7.3	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	9.5	5.9	4.1	7.1	0.0
1. Long-term prepayments	6.3	2.8	1.3	5.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	3.3	3.1	2.8	2.1	0.0
4. Other long-term assets	—	0.0	0.0	0.0	4.0
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)	662.9	665.8	663.9	697.9	720.9
A. LIABILITIES (300=210+330)	74.7	40.8	52.9	87.1	170.2
I. Short -term liabilities	71.7	40.8	52.9	83.9	147.9
1. Short-term trade accounts payable	4.3	3.3	2.4	3.3	2.6
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	20.1	14.9	8.5	13.9	0.0
4. Payable to employees	4.5	5.5	5.3	5.2	0.0
5. Short-term acrrued expenses	0.2	0.1	0.2	0.3	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	1.7	1.2	1.1	2.2	0.0
10. Short-term borrowings and financial leases	38.1	14.0	34.5	56.5	110.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.7	1.8	0.9	2.6	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	3.0	0.0	0.0	3.1	22.4
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	3.0	0.0	0.0	3.1	22.4
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)	588.3	625.0	611.0	610.8	550.7
I. Owner's equity	588.3	625.0	611.0	610.8	0.0
1. Owner's capital	450.4	450.4	450.4	450.4	550.7
- Common stock with voting right	450,449,530,000.00	450,449,530,000.00	450,449,530,000.00	450,449,530,000.00	409,499,820,000.00
- 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	8.1	8.1	8.1	8.1	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	129.7	166.4	152.5	152.3	133.1
- Accumulated retained earning at the end of the previous period	73.3	60.7	62.2	51.2	109.6
- Undistributed earnings in this period	56.4	105.8	90.2	101.1	23.6
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)	662.9	665.8	663.9	697.9	720.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	163.1	162.9	96.3	156.0	57.7
Depreciation of Fixed Assets and Investment Property	37.6	37.8	42.1	51.9	61.9
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	0.0
Gain/Loss from Investment Activities	-1.7	-0.8	-1.3	-1.1	0.0
Interest Expense	2.2	1.8	4.3	8.9	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	201.2	201.7	141.5	215.7	153.3
Increase/(Decrease) in Receivables	-3.3	-5.3	4.5	-2.8	0.0
Increase/(Decrease) in Inventory	-0.1	-0.3	0.2	-1.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.8	1.4	-2.6	1.2	0.0
Increase/(Decrease) in Prepaid Expenses	-3.5	-1.5	3.8	-1.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.1	-1.9	-4.5	-9.2	0.0
Corporate Income Tax Paid	-12.1	-6.1	-9.7	-2.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.1	-0.8	-1.6	-0.2	0.0
Net Cash Flow from Operating Activities	178.9	187.1	131.6	199.1	130.8
Payments for Fixed Assets and Other Long-term Assets	-7.8	-4.1	-0.1	-6.2	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.4	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	1.6	0.8	1.4	0.7	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	-6.1	-3.2	1.3	-5.1	-0.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	88.6	55.3	71.8	90.1	51.8
Repayment of Borrowings	-61.4	-75.8	-97.0	-162.9	-171.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-179.8	-134.9	-91.1	-104.3	-0.9
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	-152.7	-155.4	-116.3	-177.1	-120.1
Net Cash Flow During the Period	20.1	28.5	16.6	16.9	8.9
Cash and Cash Equivalents at Beginning of Period	76.9	48.4	31.8	15.0	5.2
FX Difference from Revaluation	0.0	0.0	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	97.0	76.9	48.4	31.8	15.0

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	51.8	89.4	90.0	64.2	43.8	72.6	97.2	64.3	45.8	61.0	64.0	41.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	51.8	89.4	90.0	64.2	43.8	72.6	97.2	64.3	45.8	61.0	64.0	41.9
Cost of Goods Sold	22.9	34.5	35.9	27.4	20.2	30.5	34.5	24.6	20.7	28.8	29.2	23.4
Gross Profit	28.9	54.9	54.1	36.8	23.6	42.2	62.7	39.7	25.1	32.2	34.8	18.5
Financial Income	0.5	0.6	0.3	0.3	0.5	0.5	0.2	0.1	0.1	0.3	0.2	0.4
Financial Expenses	0.7	0.8	0.6	0.5	0.4	0.3	0.4	0.4	0.7	0.8	0.9	1.1
Interest Expense	0.7	0.8	0.6	0.5	0.4	0.3	0.4	0.4	0.7	0.8	0.9	1.1
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	1.4	1.5	1.3	1.6	1.4	2.0	1.4	1.3	1.3	1.7	1.1	1.3
Operating Profit	27.3	53.2	52.5	35.1	22.3	40.4	61.2	38.0	23.3	30.0	32.9	16.6
Other Income	0.0	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0
Profit Before Tax	27.3	53.2	52.5	35.1	22.3	40.4	61.2	38.0	23.3	30.0	32.9	16.6
Current Income Tax Expense	3.5	5.4	5.3	4.2	1.6	2.8	4.5	2.9	1.8	1.9	2.1	1.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	23.8	47.8	47.1	30.8	20.7	37.6	56.7	35.1	21.4	28.1	30.8	15.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	23.8	47.8	47.1	30.8	20.7	37.6	56.7	35.1	21.4	28.1	30.8	15.6
Earnings per Share	528.00	1,062.00	1,046.00	684.00	460.00	835.00	1,258.00	780.00	476.00	625.00	684.00	346.00
Diluted EPS	528.00	1,062.00	1,046.00	684.00	460.00	3,348.00	1,258.00	780.00	476.00	625.00	683.94	346.00

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)	88.4	129.2	113.6	85.0	89.4	105.7	116.3	47.9	41.1	72.1	75.2	40.4
I. Cash and cash equivalents	70.4	97.0	74.7	47.7	72.4	76.9	76.4	10.0	25.2	48.4	48.2	12.7
1. Cash	32.4	4.0	31.7	33.7	34.4	16.9	31.4	10.0	10.2	8.4	9.2	12.7
2. Cash equivalents	38.0	93.0	43.0	14.0	38.0	60.0	45.0	0.0	15.0	40.0	39.0	0.0
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	17.9	32.0	38.8	36.9	16.9	28.8	39.5	36.9	15.1	23.6	26.9	26.5
1. Short-term trade accounts receivable	13.7	30.5	36.7	35.1	12.5	25.5	37.3	35.6	13.1	22.6	24.6	25.3
2. Short-term prepayments to suppliers	2.7	0.7	0.5	0.8	2.7	2.5	0.4	0.7	0.5	0.3	0.8	0.7
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	1.5	0.9	1.6	1.0	1.7	0.8	1.7	0.6	1.5	0.7	1.5	0.4
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	0.1	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.0
1. Inventories	0.1	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	0.2	0.1	0.3	0.1	0.0	0.3	1.1	0.8	0.0	0.1	0.3
1. Short-term prepayments	0.1	0.0	0.1	0.1	0.1	0.0	0.1	0.0	0.0	0.0	0.1	0.1
2. Value added tax to be reclaimed	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	—	—	0.2	—	0.0	0.3	1.0	0.8	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)	526.2	533.7	543.9	554.0	552.5	559.9	564.5	573.5	581.8	591.8	603.6	614.6
I. Long-term receivables	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term 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	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	507.3	516.7	525.9	535.4	537.2	546.5	552.3	561.3	570.7	580.4	590.9	601.4
1. Tangible fixed assets	507.3	516.7	525.9	535.4	537.2	546.5	552.3	561.3	570.7	580.4	590.9	601.4
- Cost	1,317.0	—	—	—	—	1,313.2	1,309.6	1,309.2	1,309.2	1,309.2	1,309.2	1,309.2
- Accumulated depreciation	-809.8	—	—	—	—	-766.6	-757.3	-747.9	-738.6	-728.8	-718.3	-707.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	10.6	7.5	7.4	7.4	8.8	7.4	7.4	7.4	7.3	7.3	7.3	7.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	10.6	7.5	7.4	7.4	8.8	7.4	7.4	7.4	7.3	7.3	7.3	7.3
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	8.3	9.5	10.6	11.2	6.4	5.9	4.9	4.9	3.8	4.1	5.4	5.8
1. Long-term prepayments	5.1	6.3	7.3	8.1	3.3	2.8	1.7	1.8	1.1	1.3	2.6	3.9
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	3.3	3.3	3.3	3.1	3.2	3.1	3.1	3.1	2.7	2.8	2.9	1.9
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)	614.7	662.9	657.5	639.0	641.9	665.6	680.8	621.5	622.9	663.9	678.9	655.0
A. LIABILITIES (300=210+330)	47.6	74.6	72.0	55.6	41.2	40.7	48.4	45.8	35.5	52.9	51.0	57.9
I. Short -term liabilities	44.6	71.6	68.4	55.6	41.2	40.7	48.4	45.8	35.5	52.9	47.9	54.7
1. Short-term trade accounts payable	4.1	4.3	6.0	10.5	3.1	3.2	6.1	3.6	1.5	2.4	4.0	3.2
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	0.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	4.8	20.1	18.4	11.5	3.7	14.9	15.8	10.4	3.2	8.5	8.8	6.2
4. Payable to employees	2.1	4.5	2.1	4.6	1.5	5.5	1.8	2.8	1.6	5.3	1.5	2.4
5. Short-term acrrued expenses	0.2	0.2	0.2	1.4	0.2	0.1	0.2	0.1	0.1	0.2	0.3	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	1.2	1.7	1.7	2.6	1.1	1.2	1.2	7.7	1.0	1.1	1.4	10.4
10. Short-term borrowings and financial leases	31.1	38.1	37.2	22.3	31.7	14.0	21.5	19.4	27.8	34.5	31.0	31.4
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	0.6	2.7	2.7	2.7	—	1.8	1.8	1.8	0.2	0.9	0.9	1.0
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	3.0	3.0	3.6	—	—	0.0	0.0	0.0	0.0	0.0	3.1	3.1
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	3.0	3.0	3.6	—	—	0.0	0.0	0.0	0.0	0.0	3.1	3.1
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)	567.0	588.3	585.5	583.4	600.6	625.0	632.4	575.7	587.4	611.0	627.9	597.1
I. Owner's equity	567.0	588.3	585.5	583.4	600.6	625.0	632.4	575.7	587.4	611.0	627.9	597.1
1. Owner's capital	450.4	450.4	450.4	450.4	450.4	450.4	450.4	450.4	450.4	450.4	450.4	450.4
- Common stock with voting right	450,449,530,000.00	450,449,530,000.00	450,449,530,000.00	450,449,530,000.00	450,449,530,000.00	450,449,530,000.00	450,449,530,000.00	450,449,530,000.00	450,449,530,000.00	450,449,530,000.00	450,449,530,000.00	450,449,530,000.00
- 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	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1
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	108.5	129.7	127.0	124.9	142.1	166.4	173.9	117.2	128.8	152.5	169.4	138.6
- Accumulated retained earning at the end of the previous period	84.7	81.9	79.8	94.1	121.4	128.8	117.2	82.1	107.4	62.2	138.6	123.0
- Undistributed earnings in this period	23.8	47.8	47.1	30.8	20.7	37.6	56.7	35.1	21.4	90.2	30.8	15.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	614.7	662.9	657.5	639.0	641.9	665.6	680.8	621.5	622.9	663.9	678.9	655.0

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	27.3	53.2	52.5	35.1	22.3	40.4	61.2	38.0	23.3	30.0	32.9	16.6
Depreciation of Fixed Assets and Investment Property	9.4	9.5	9.5	9.3	9.3	9.3	9.4	9.4	9.7	10.5	10.6	10.6
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	0.0	-0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.5	-2.0	1.2	-0.7	-0.2	-0.2	1.4	-0.8	0.6	-3.8	3.3	-1.9
Interest Expense	0.7	0.8	0.6	0.5	0.4	0.3	0.4	0.4	0.7	0.8	0.9	1.1
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	37.0	61.4	63.7	44.2	31.9	49.8	72.3	47.1	34.3	37.5	47.7	26.4
Increase/(Decrease) in Receivables	-14.1	8.8	-3.7	-20.4	12.0	12.8	-1.5	-23.0	8.7	2.9	0.2	-13.0
Increase/(Decrease) in Inventory	-0.1	0.1	-0.2	0.0	-0.0	-0.0	-0.1	-0.3	0.1	0.1	-0.1	0.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	19.0	-14.3	10.7	3.4	1.1	-6.3	16.2	1.2	0.6	-12.4	13.0	-2.0
Increase/(Decrease) in Prepaid Expenses	1.2	1.0	0.8	-4.8	-0.5	-1.0	0.1	-0.7	0.2	1.3	1.4	-0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.7	-0.7	-0.5	-0.5	-0.3	-0.3	-0.4	-0.5	-0.7	-0.8	-0.9	-1.2
Corporate Income Tax Paid	-16.6	0.0	0.0	0.0	-12.1	0.0	0.0	0.0	-6.1	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	-1.7	1.7	-1.8	-0.3	0.0	0.6	-0.7	-0.1	-1.5	1.5	-1.5
Net Cash Flow from Operating Activities	25.3	54.6	72.5	20.0	31.7	55.0	87.2	22.9	37.0	26.9	62.8	8.9
Payments for Fixed Assets and Other Long-term Assets	—	-7.4	0.6	-0.9	-0.0	-0.5	0.0	-0.0	0.0	-0.1	0.0	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	—	—	—	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
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	0.5	0.8	-0.0	0.6	0.3	0.4	-0.0	0.1	0.1	0.6	-0.1	0.5
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	0.5	-6.6	0.5	-0.3	0.3	-0.1	0.0	0.1	0.1	0.5	-0.0	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	16.2	46.2	8.2	24.9	9.2	9.2	-7.0	23.5	7.6	38.8	-0.3	22.7
Repayment of Borrowings	-23.3	-23.4	-12.3	-24.2	-1.6	-19.9	-9.6	-22.1	-24.2	-19.4	-19.1	-28.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-45.4	-48.6	-42.0	-45.2	-44.0	-43.7	-4.1	-39.7	-43.8	-46.6	-7.8	-35.6
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	-52.4	-25.8	-46.0	-44.5	-36.4	-54.4	-20.8	-38.3	-60.3	-27.3	-27.2	-41.3
Net Cash Flow During the Period	-26.6	22.3	27.0	-24.7	-4.4	0.5	66.5	-15.3	-23.2	0.1	35.6	-31.9
Cash and Cash Equivalents at Beginning of Period	97.0	74.7	47.7	72.4	76.9	48.4	48.4	48.4	48.4	31.8	31.8	31.8
FX Difference from Revaluation	0.0	0.0	—	0.0	—	0.0	-0.0	0.0	0.0	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	70.4	97.0	74.7	47.7	72.4	76.9	76.4	10.0	25.2	48.4	48.2	12.7

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SBM

What Is Changing

Drivers of SBM's profit

Financial Highlights

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What is driving the margin? ▼▼

Is capital being used efficiently?

Is capital being deployed efficiently? ▲

Balance Sheet ▼

Working Capital Efficiency ▲

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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