SBR

Cao su Sông Bé ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 8.33%, −12.82pp YoY

Price

9,100

Latest close

02 Jun 2026

P/E -108.33x

P/B 0.90x

EPS -84

BVPS 10,106

ROE 3.0%

ROA 2.4%

Profit Margin 8.3%

Asset Turnover 0.29x

Equity Mult. 1.23x

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

What Is Changing

On a TTM 2026Q1 basis, SBR posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 295bn
	                                
−17.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 25bn
	                                
−67.4%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    100.9%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	326.3	268.5	246.2	246.9	251.5
Growth	+22%	+9%	-0%	-2%	—
Net Income	39.2	46.9	55.6	39.2	59.2
Net Margin	12.00%	17.45%	22.59%	15.87%	23.52%

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	68.8	106.2	100.3	19.4	100.5	87.8	105.2	62.2	13.2	92.0	84.0	69.0
Growth	-35%	+6%	+418%	-81%	+14%	-17%	+69%	+371%	-86%	+9%	+22%	—
Net Income	8.6	17.3	-5.6	4.2	22.4	35.4	17.4	0.1	1.4	70.1	-4.3	-11.6
Net Margin	12.51%	16.29%	-5.56%	21.82%	22.24%	40.36%	16.54%	0.08%	10.86%	76.24%	-5.15%	-16.85%

Drivers of SBR's profit

TTM

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

Tax ↓ 11.0bn

Financial income ↑ 10.4bn

Gross profit ↓ 52.3bn

Other profit ↓ 14.0bn

Administrative expenses ↑ 6.3bn

TTM

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

Tax ↓ 3.4bn

Gross profit ↓ 14.9bn

Administrative expenses ↑ 2.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.2% = 21.2% × 0.35 × 1.24

2026Q1 3.0% = 8.3% × 0.29 × 1.23

ROE fell from 9.2% to 3.0% — all three components weakened, with net margin being the main drag.

Net margin: 8.3% -12.8pp Asset turnover: 0.29x -0.06x Leverage: 1.23x -0.00x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 8.33%, losing 12.8pp. The main pressure comes from Gross margin fell 13.8pp and SG&A / Revenue rose 3.0pp (in addition, Net financial result / Revenue rose 4.7pp added support while Other profit / Revenue fell 3.6pp remained a drag).

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

Profitability trend

Net Margin 8.33% −12.8pp

Gross Margin 5.38% −13.8pp

SG&A / Revenue 7.45% +3.0pp

Non-core / Revenue 11.58% +1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 121.8% of PBT and lifted net margin by 1.1pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

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

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 6.59% −9.9pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.32x equity, with a net cash position equivalent to 0.01x 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

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

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

Working Capital Efficiency

Receivables — —

Inventory 10.0 days −16.5 days

Payables 1.4 days −8.2 days

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 71.0bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.01x and interest coverage at 4.98x.

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

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

Leverage and liquidity trend

Net Debt / Equity -0.01x —

Interest Coverage 4.98x −9.18x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.25x −2.01x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 71.0bn in 2025, against investing cash flow of -107.7bn.

Post-investment cash flow was negative +36.7bn. Financing cash flow was negative +12.9bn.

CFO / net income was -0.25x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 6.2bn −138.3bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 12.8 pp. The next watchpoint is the earnings mix, when non-core contribution is 100.9%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.01x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.01x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 100.9% of PBT and CFO / net income currently at -0.25x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 8.33% after a 12.8pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	326.3	268.5	246.2	246.9	251.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	326.3	268.5	246.2	246.9	251.5
Cost of Goods Sold	294.7	228.2	218.7	215.1	0.0
Gross Profit	31.7	40.3	27.5	31.8	39.6
Financial Income	33.0	25.3	27.7	18.3	14.3
Financial Expenses	4.8	5.0	4.3	5.3	-0.0
Interest Expense	0.0	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.2	0.2	0.2	0.2	-0.2
General and Administrative Expenses	19.2	19.7	23.5	54.0	-26.0
Operating Profit	40.4	40.6	27.1	-9.3	27.7
Other Income	6.1	21.3	42.6	129.3	0.0
Other Expenses	0.2	5.8	2.5	72.5	0.0
Other Profit	5.9	15.5	40.1	56.8	45.2
Profit Before Tax	46.3	56.1	67.2	47.5	72.8
Current Income Tax Expense	7.1	9.2	12.1	8.3	-13.6
Deferred Income Tax Expense	0.0	0.0	-0.5	0.0	0.0
Net Income	39.2	46.9	55.6	39.2	59.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	39.2	46.9	55.6	39.2	59.2
Earnings per Share	131.00	158.00	219.00	186.00	336.00
Diluted EPS	131.00	158.00	219.00	186.00	726.88

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	602.7	535.9	487.2	375.1	278.3
I. Cash and cash equivalents	20.4	70.0	188.0	210.9	156.2
1. Cash	20.4	10.0	18.0	19.4	0.0
2. Cash equivalents	—	60.0	170.0	191.5	0.0
II. Short-term financial investments	520.0	372.8	237.4	100.0	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	520.0	372.8	237.4	100.0	0.0
III. Short-term receivables	28.3	40.4	42.4	30.7	41.5
1. Short-term trade accounts receivable	—	15.7	29.4	18.0	0.0
2. Short-term prepayments to suppliers	—	0.0	0.0	0.0	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	10.0	10.0	0.0	0.0	0.0
6. Other short-term receivables	18.3	14.7	13.0	12.7	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	33.9	52.6	19.5	33.5	30.4
1. Inventories	33.9	52.6	19.5	33.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.1	0.0	0.0	0.2
1. Short-term prepayments	0.0	0.1	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	0.0	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)	468.6	506.8	544.8	627.9	770.1
I. Long-term receivables	5.0	5.0	5.0	22.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	55.0
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	17.0	0.0
6. Other long-term receivables	5.0	5.0	5.0	35.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	-30.5	0.0
II. Fixed assets	259.8	295.2	312.3	368.7	416.1
1. Tangible fixed assets	259.8	295.2	312.3	368.7	416.1
- Cost	499.0	506.2	490.0	546.0	0.0
- Accumulated depreciation	-239.1	-211.0	-177.7	-177.4	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	39.9	32.1	53.3	51.1	45.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	39.9	32.1	53.3	51.1	0.0
V. Long-term financial investments	15.0	22.0	17.0	15.0	8.0
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	15.0	22.0	17.0	15.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	148.9	152.5	157.3	171.1	0.0
1. Long-term prepayments	148.5	152.0	156.8	171.1	0.0
2. Deferred income tax assets	0.5	0.5	0.5	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	245.4
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)	1,071.3	1,042.7	1,032.1	1,002.9	1,048.5
A. LIABILITIES (300=210+330)	257.4	228.8	218.1	189.0	234.4
I. Short -term liabilities	257.4	228.8	203.9	177.3	214.8
1. Short-term trade accounts payable	4.8	2.4	4.8	5.2	3.4
2. Short-term advances from customers	0.3	0.3	0.7	2.3	2.4
3. Taxes and other payables to state authorities	70.8	29.4	36.2	25.8	0.0
4. Payable to employees	28.0	41.3	24.2	25.9	0.0
5. Short-term acrrued expenses	0.2	0.1	0.1	0.1	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	2.1	6.8	11.5	11.7	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	2.3	2.4	0.0	0.0	0.0
12.. Bonus and welfare fund	148.8	146.0	126.4	106.2	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	14.2	11.6	19.6
1. Long-term trade payables	—	0.0	11.6	11.6	11.6
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	2.5	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)	814.0	814.0	814.0	814.0	814.0
I. Owner's equity	814.0	814.0	814.0	814.0	0.0
1. Owner's capital	814.0	814.0	814.0	814.0	814.0
- Common stock with voting right	813,961,920,000.00	813,961,920,000.00	813,961,920,000.00	813,961,920,000.00	813,961,920,000.00
- 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	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	—	0.0	0.0	0.0	0.1
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	—	0.0	0.0	0.0	0.1
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)	1,071.3	1,042.7	1,032.1	1,002.9	1,048.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-9.2	-12.1	-4.4	-13.4	0.0
Other Operating Receipts	30.7	32.4	40.0	47.0	0.0
Other Operating Payments	-144.9	-152.4	-125.7	-152.2	0.0
Net Cash Flow from Operating Activities	71.0	17.3	53.8	70.2	77.5
Payments for Fixed Assets and Other Long-term Assets	-2.9	-9.4	-12.5	-11.1	-3.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	7.1	18.2	41.5	35.5	1.6
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-50.0
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	27.8	0.0
Dividends and Interest Income Received	28.4	24.2	27.3	16.9	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	-107.7	-117.5	-66.1	-4.9	-43.8
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	10.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-10.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-12.9	-17.9	-10.6	-10.6	-26.5
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	-12.9	-17.9	-10.6	-10.6	-26.5
Net Cash Flow During the Period	-49.6	-118.0	-22.9	54.7	46.8
Cash and Cash Equivalents at Beginning of Period	70.0	188.0	210.9	156.2	149.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	20.4	70.0	188.0	210.9	156.2

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
Revenue	68.8	106.2	100.3	19.4	100.5	87.8	105.2	62.2	13.2	92.0	84.0	69.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	68.8	106.2	100.3	19.4	100.5	87.8	105.2	62.2	13.2	92.0	84.0	69.0
Cost of Goods Sold	54.0	103.4	101.5	19.8	70.8	59.7	90.2	66.8	11.2	50.0	81.3	85.1
Gross Profit	14.8	2.8	-1.2	-0.5	29.6	28.1	15.0	-4.6	2.0	41.9	2.7	-16.0
Financial Income	0.0	17.5	0.0	15.2	0.3	9.9	2.2	10.0	3.4	12.4	-0.1	11.1
Financial Expenses	0.0	-0.5	2.5	2.5	0.4	1.0	1.8	1.8	0.4	0.2	1.9	2.0
Interest Expense	0.0	—	—	0.0	—	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	0.1	0.1	—	0.1	0.1	0.1	0.0	0.0	0.1	0.1	0.0
General and Administrative Expenses	4.0	6.2	3.3	8.3	1.5	7.4	1.8	4.7	3.2	8.7	4.6	5.0
Operating Profit	10.7	14.5	-7.1	4.0	27.9	29.5	13.6	-1.1	1.8	45.3	-3.9	-12.0
Other Income	—	9.2	0.3	0.1	—	32.4	0.5	1.8	0.0	71.4	0.0	0.6
Other Expenses	0.0	3.4	0.1	0.1	0.0	18.8	-5.0	1.0	0.0	35.2	0.4	0.4
Other Profit	-0.0	5.8	0.1	-0.0	-0.0	13.6	5.5	0.8	-0.0	36.2	-0.4	0.2
Profit Before Tax	10.7	20.3	-6.9	3.9	27.9	43.0	19.0	-0.3	1.8	81.4	-4.3	-11.8
Current Income Tax Expense	2.1	3.0	-1.4	-0.3	5.6	7.6	1.6	-0.4	0.4	11.3	0.0	-0.2
Deferred Income Tax Expense	—	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.6	17.3	-5.6	4.2	22.4	35.4	17.4	0.1	1.4	70.1	-4.3	-11.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.6	17.3	-5.6	4.2	22.4	35.4	17.4	0.1	1.4	70.1	-4.3	-11.6
Earnings per Share	48.00	-116.00	-68.00	52.00	70.00	18.00	213.78	0.63	17.62	398.00	-54.00	-142.88
Diluted EPS	48.00	-116.00	-68.00	52.00	70.00	158.00	213.78	0.63	17.62	398.00	-54.00	-142.88

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)	542.1	601.7	547.8	526.6	516.6	534.7	454.7	456.5	461.7	484.9	380.5	363.4
I. Cash and cash equivalents	10.8	20.4	20.6	13.3	18.1	70.0	153.6	146.0	140.8	188.0	185.1	179.5
1. Cash	10.8	20.4	20.6	13.3	18.1	10.0	23.6	16.0	10.8	18.0	15.1	9.5
2. Cash equivalents	—	—	—	—	—	60.0	130.0	130.0	130.0	170.0	170.0	170.0
II. Short-term financial investments	490.0	520.0	480.0	460.0	452.8	372.8	272.9	247.9	247.4	236.5	166.5	126.5
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	490.0	520.0	480.0	460.0	452.8	372.8	272.9	247.9	247.4	236.5	166.5	126.5
III. Short-term receivables	20.4	28.3	23.2	24.8	45.3	39.3	24.6	42.0	31.6	40.7	22.2	32.3
1. Short-term trade accounts receivable	—	—	—	1.1	15.2	15.7	0.0	1.3	13.6	28.2	0.0	0.5
2. Short-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	10.0	—	—	10.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	20.4	18.3	23.2	26.4	20.1	13.5	24.6	40.7	18.0	12.5	22.2	31.8
7. Provision for short-term doubtful debts (*)	—	—	—	-2.7	—	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	15.3	32.9	24.0	28.4	0.0	52.6	3.6	20.5	41.9	19.5	6.4	24.6
1. Inventories	15.3	32.9	24.0	28.4	0.0	52.6	3.6	20.5	41.9	19.5	6.4	24.6
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	5.7	0.0	0.1	0.0	0.3	0.1	0.0	0.0	0.0	0.2	0.3	0.5
1. Short-term prepayments	0.0	0.0	0.1	0.0	0.1	0.1	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	0.0
3. Taxes and other receivables from state authorities	5.6	—	—	—	0.3	0.0	0.0	0.0	0.0	0.2	0.3	0.5
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)	461.7	468.7	487.5	489.7	497.0	506.9	525.1	530.1	536.2	544.3	580.4	590.7
I. Long-term receivables	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	7.0
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	2.0
6. Other long-term receivables	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	35.5	35.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-30.5	-30.5
II. Fixed assets	250.4	259.8	268.9	276.9	286.0	295.2	304.4	313.1	303.5	312.3	350.5	359.1
1. Tangible fixed assets	250.4	259.8	268.9	276.9	286.0	295.2	304.4	313.1	303.5	312.3	350.5	359.1
- Cost	499.0	—	—	—	—	506.2	508.8	508.6	490.0	490.0	555.7	555.1
- Accumulated depreciation	-248.6	—	—	—	—	-211.0	-204.4	-195.5	-186.5	-177.7	-205.2	-196.0
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	—	—	—	—	—	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	43.6	39.9	41.5	35.2	32.6	32.1	38.6	35.4	54.8	53.3	49.8	45.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	43.6	39.9	41.5	35.2	32.6	32.1	38.6	35.4	54.8	53.3	49.8	45.8
V. Long-term financial investments	15.0	15.0	22.0	22.0	22.0	22.0	22.0	17.0	17.0	17.0	15.0	15.0
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	15.0	15.0	22.0	22.0	22.0	22.0	22.0	17.0	17.0	17.0	15.0	15.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	147.8	149.0	150.2	150.6	151.3	152.5	155.2	159.5	155.9	156.8	160.1	163.8
1. Long-term prepayments	147.3	148.5	149.7	150.1	150.9	152.1	154.7	159.0	155.4	156.8	160.1	163.8
2. Deferred income tax assets	0.5	0.5	0.5	0.4	0.5	0.5	0.5	0.5	0.5	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,003.8	1,070.4	1,035.3	1,016.3	1,013.6	1,041.6	979.8	986.6	998.0	1,029.2	960.9	954.1
A. LIABILITIES (300=210+330)	181.2	256.4	200.4	175.7	199.6	227.7	165.9	172.6	184.0	215.2	162.1	151.0
I. Short -term liabilities	181.2	256.4	200.4	175.7	199.6	227.7	165.9	158.6	169.8	203.6	150.4	139.4
1. Short-term trade accounts payable	0.3	4.8	7.4	7.6	1.9	2.4	2.4	13.1	1.6	4.8	5.2	5.8
2. Short-term advances from customers	16.6	0.3	3.0	0.8	1.4	0.3	1.4	2.0	2.9	0.7	5.3	4.9
3. Taxes and other payables to state authorities	16.3	71.6	27.1	18.6	31.2	28.3	26.4	4.7	25.6	34.6	17.7	10.0
4. Payable to employees	5.4	28.0	28.7	10.5	5.1	41.3	8.6	8.6	4.5	24.2	7.6	9.0
5. Short-term acrrued expenses	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.6	—	0.8	0.2	0.5	0.0	0.3	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.5	1.5	1.9	3.6	5.3	6.8	8.1	11.1	13.4	12.8	17.3	8.2
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	2.2	2.4	2.2	2.3	2.3	2.4	2.4	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	137.1	147.7	129.2	132.1	151.8	146.0	116.1	119.1	121.5	126.4	97.2	101.5
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	14.1	14.2	11.6	11.6	11.6
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	11.6	11.6	11.6	11.6	11.6
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	2.4	2.5	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)	822.6	814.0	835.0	840.5	814.0	814.0	814.0	814.0	814.0	814.0	798.9	803.1
I. Owner's equity	822.6	814.0	835.0	840.5	814.0	814.0	814.0	814.0	814.0	814.0	798.9	803.1
1. Owner's capital	814.0	814.0	814.0	814.0	814.0	814.0	814.0	814.0	814.0	814.0	814.0	814.0
- Common stock with voting right	813,961,920,000.00	813,961,920,000.00	813,961,920,000.00	813,961,920,000.00	813,961,920,000.00	813,961,920,000.00	813,961,920,000.00	813,961,920,000.00	813,961,920,000.00	813,961,920,000.00	813,961,920,000.00	813,961,920,000.00
- 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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	8.6	—	21.0	26.6	—	0.0	0.0	0.0	0.0	0.0	-15.1	-10.9
- Accumulated retained earning at the end of the previous period	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	8.6	—	21.0	26.6	—	0.0	0.0	0.0	0.0	0.0	-15.1	-10.9
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)	1,003.8	1,070.4	1,035.3	1,016.3	1,013.6	1,041.6	979.8	986.6	998.0	1,029.2	960.9	954.1

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	-7.1	0.0	0.0	0.0	-9.2	0.0	0.0	-2.1	-10.0	0.0	0.0	0.0
Other Operating Receipts	4.2	—	—	—	—	28.2	-3.1	8.5	-1.1	21.0	10.4	5.4
Other Operating Payments	-89.8	-65.7	-27.9	-18.9	-32.4	-61.6	-28.1	-31.3	-21.5	-60.1	-20.4	-24.5
Net Cash Flow from Operating Activities	-49.7	13.2	47.0	-16.8	27.5	33.7	49.5	21.3	-43.0	23.2	46.4	32.3
Payments for Fixed Assets and Other Long-term Assets	—	0.7	-2.9	-0.5	-0.3	-14.2	-13.9	-1.7	-0.2	-9.8	-1.7	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	7.0	-15.6	15.8	—	5.0	-0.1	1.7	0.0	41.5	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	0.0	21.9	-1.0	6.6	0.9	15.6	1.5	2.3	6.0	21.0	-1.2	4.6
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	40.0	-13.4	-39.5	24.7	-79.4	-104.2	-42.0	1.7	-4.2	-20.2	-40.8	-14.1
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	10.0	0.0	0.0	10.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-10.0	0.0	0.0	-10.0	—	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	—	0.0	-0.2	-12.7	—	-13.1	0.0	-17.9	0.0	0.0	0.0	-10.6
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	—	0.0	-0.2	-12.7	—	-13.1	0.0	-17.9	0.0	0.0	0.0	-10.6
Net Cash Flow During the Period	-9.6	-0.2	7.3	-4.8	-51.9	-83.6	7.5	5.2	-47.2	2.9	5.6	7.6
Cash and Cash Equivalents at Beginning of Period	20.4	20.6	13.3	18.1	70.0	188.0	188.0	188.0	188.0	210.9	210.9	210.9
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	10.8	20.4	20.6	13.3	18.1	70.0	153.6	146.0	140.8	188.0	185.1	179.5

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SBR

What Is Changing

Drivers of SBR'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