SBS

Chứng khoán SBS ·UPCOM ·2026Q1

● BALANCED REVENUE MIX

Balanced revenue Brokerage and services 67.5%

Price

4,500

Latest close

02 Jun 2026

EPS TTM (TTM) -128

BVPS (Latest) 1,414

P/E (Price/EPS) -35.1x

P/B (Price/BVPS) 3.2x

ROAE TTM (TTM) -9.0%

PBT Margin (TTM) -12.2%

Trading Share (Mix) 4.9%

Service & Brokerage Share (Mix) 67.5%

Equity / Assets (Latest) 43.8%

Leverage (Latest) 1.3x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 18.7bn, equivalent to a pre-tax margin of -12.2%, showing a profit base that is under clearer pressure. The revenue mix is now leaning more toward lending at 27.6% but narrowing by 12.9pp, while trading is at 4.9%; brokerage and services have reached 67.5% and improved by +9.4pp, making diversification more visible. On the balance sheet, Equity / Assets is 43.8% while Leverage is about 1.28x, indicating a still relatively balanced capital posture, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 11,0 tỷ
+319,2%
Lãi thuần −2,16 tỷ
+95,2%

	                            
	                                Margin lending
	                            
	                        
Doanh thu —
—
Dư nợ 278 tỷ
+99,2%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 72,2 tỷ
+89,1%
Lãi thuần 42,5 tỷ
+85,4%

Metric	2025	2024
PBT	-38.4	-73.4
Trading Share	8.7%	2.3%
Lending Share	41.9%	58.8%
Service & Brokerage Share	49.4%	38.9%
PBT Margin	-27.50%	-58.87%
Equity / Assets	36.7%	53.8%
Leverage	1.73x	0.86x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	-5.8	-22.8	12.3	-2.5	-42.4	-23.0	-10.5	-2.8	-37.6
Trading Share	1.4%	6.2%	10.3%	8.5%	1.6%	5.4%	2.2%	0.6%	2.4%
Lending Share	—	—	—	—	—	—	—	—	—
Service & Brokerage Share	98.6%	93.8%	89.7%	91.5%	98.4%	94.6%	97.8%	99.4%	97.6%
PBT Margin	-17.34%	-66.30%	19.94%	-9.99%	-238.59%	-85.62%	-33.88%	-8.36%	-113.14%
Equity / Assets	43.8%	36.6%	45.7%	42.2%	79.8%	53.7%	46.9%	41.1%	52.6%
Leverage	1.28x	1.73x	1.19x	1.37x	0.25x	0.86x	1.13x	1.43x	0.90x

Financial Highlights

Detailed analysis of each financial dimension

Is revenue sustainable?

very positive positive stable watch under pressure

Revenue Mix & Earnings Engine

Where are current earnings coming from?

The current revenue mix does not yet show an earnings engine that is both clean and strong enough, so this section needs to be read more cautiously.

Trading currently accounts for about 4.9%, lending is at 27.6%, brokerage is around 34.1%, other services about 33.3%, brokerage plus services together are 67.5%.

The earnings engine is already less one-dimensional, so the more important question is whether diversification can hold.

Revaluation does not fully dominate trading income at this stage.

The revenue headline should be read together with leakage into provisioning and net margin, not just the surface mix.

Key risks

Key signals

Securities business revenue 153.8bn +40.3% YoY

PBT margin -12.2% —

Trading Share 4.9% —

Brokerage Share 34.1% +13.0pp

Other Fee Share 33.3% −3.6pp

TTM YoY · 2026Q1

Profitability Quality & Volatility

How strong is current profitability, and how durable is it?

Profitability has broken more clearly, so this section should be read as a profit-hit case rather than a technical fluctuation.

Pre-tax margin is currently -12.2%, Return on assets is about -5.1%.

Headline profit still needs to be read together with what is creating it and how thick returns really are.

Profit appears cleaner and less dependent on revaluation.

Provisioning is not currently the main drag on profit.

Key risks

Return profile remains weak

ROAA or ROAE remains in a weak range, leaving profitability on an insufficient base.

Key signals

PBT margin -12.2% —

Net margin -13.4% —

ROAA -5.1% —

ROAE -9.0% —

TTM YoY · 2026Q1

Are assets at risk?

Balance Sheet Quality & Asset Composition

Where is the balance sheet exposed, and how resilient does it look?

The balance sheet is leaning more toward the margin book, so growth quality depends meaningfully on the safety of loans and receivables.

The margin book is about 53.6% of assets, the prop book about 5.3%, liquid assets around 22.6%, equity roughly 43.8%.

A high margin-book share makes the balance sheet more sensitive to asset quality and funding cost.

The margin book is larger than the prop book.

Capital buffer is not the main weakness for now, so the key reading point shifts to which assets are driving the balance sheet.

Key risks

Margin-book concentration risk

Loans and receivables are large enough to make the balance sheet more sensitive to asset quality and funding cost.

Key signals

Margin book / Assets 53.6% +4.8pp

Prop book / Assets 5.3% −12.2pp

Liquid assets / Assets 22.6% —

Equity / Assets 43.8% −36.0pp

Liabilities / Equity 1.28x +1.03x

Quarterly YoY · 2026Q1

Is leverage safe?

Capital, Funding & Risk Posture

Are capital buffers and funding posture sufficiently safe?

Capital and funding posture looks more balanced for now, though the effective thickness of liquidity buffers still needs monitoring.

Equity currently equals 43.8% of assets, liabilities stand at 1.28x of equity.

Capital and funding are mainly acting as a buffer for the case, rather than the main source of headline distortion.

When funding and liquidity remain adequate, capital posture works more as a buffer than a veto point.

Liquidity buffer remains relatively better than short-term funding needs.

Key risks

Key signals

Equity / Assets 43.8% −36.0pp

Liabilities / Equity 1.28x +1.03x

Liquid assets / Assets 22.6% —

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, SBS is showing a more balanced earnings mix thanks to brokerage and service income, but funding or capital risk still calls for caution.

Brokerage and service income are now large enough to reduce pure dependence on trading or margin.

Profitability does not currently show a sufficiently durable base to be read as a clean case.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	12.2	2.8
a. Realised gains on disposals of FVTPL financial assets	11.6	1.4
b. Gains from revaluation of FVTPL financial assets	—	1.4
c. Dividends and interest income from FVTPL financial assets	0.6	0.1
1.3. Interest income from loans and receivables	58.4	73.3
1.6. Revenue from brokerage services	66.1	42.4
1.8. Revenue from investment advisory services	0.1	2.7
1.10. Revenue from securities custody services	2.2	2.1
1.11. Other revenue	0.6	1.3
Revenue from securities business (01->11)	139.5	124.7
Net sales	139.5	124.7
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	45.6	34.1
a. Loss from disposals of financial assets at FVTPL	57.3	20.0
b. Loss from revaluation of financial assets at FVTPL	-11.7	14.1
2.7. Expenses for brokerage services	42.5	36.3
2.11. Expenses for secutiries custodian services	3.2	2.8
2.12. Other expenses	1.3	0.5
Operating expenses (21->33)	92.6	73.8
Gross profit	46.9	50.9
3.2. Dividends, interest income from demand deposits	2.9	2.7
Total financial income (41->44)	2.9	2.7
4.2. Borrowing costs	23.4	37.9
Total financial expenses (51->54)	23.4	37.9
VI. General and Administrative expenses	73.2	89.1
VII. Net profit from securities business (20+50-40-60-61-62)	-46.8	-73.4
8.1. Other incomes	10.0	0.0
8.2. Other expenses	1.5	—
Other profit (71-72)	8.4	0.0
IX. Profit before tax (70+80)	-38.4	-73.4
9.1. Realised profit	-50.1	-60.7
9.2. Unrealised profit	11.7	-12.7
CORPORATE INCOME TAX	2.3	-2.5
10.2. Deferred income tax expenses	2.3	-2.5
XI. Net profit after tax (90-100)	-40.7	-70.9
11.1. Profit after tax for shareholders of the parents company	-40.7	-70.9
Total other comprehensive income	232.5	—
13.1. Earning per share	-278.00	-483.00
Earnings per Share	-253.42	-441.07

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	607.4	477.3
Short-term financial assets	604.2	474.2
1. Cash and cash equivalents	71.6	47.2
1.1. Cash	71.6	47.2
2. Financial assets at fair value through profit or loss (FVTPL)	23.9	135.8
4. Loans	501.8	286.8
7. Short-term receivables	4.6	4.4
7.2. Receivables and accruals from dividends and interest income	4.6	4.4
7.2.1. Due dividend and interest receivables	4.6	4.4
Prepayments to suppliers	2.2	0.0
9. Service related receivable	0.1	0.1
12. Other receivables	0.0	—
II. Other short-term assets	3.1	3.1
1. Advances	0.1	0.0
3. Short-term prepayments	0.9	0.6
4. Pledged assets, mortgages, security deposits in short term	0.8	1.0
Taxes and other receivables from state authorities	1.3	1.3
B. LONG-TERM ASSETS (200=210+220+240+250-260)	26.8	30.3
II. Fixed assets	5.7	6.9
1. Tangible fixed assets	4.9	5.7
- Cost	22.4	21.9
- Accumulated depreciation	-17.5	-16.2
3. Intangible fixed assets	0.8	1.3
- Cost	20.4	22.9
- Accumulated depreciation	-19.6	-21.7
V. Other long-term assets	21.1	23.4
2. Long-term prepayments	0.9	0.8
3. Deferred income tax assets	0.2	2.6
4. Payment for Settlement Assistance Fund	20.0	20.0
TOTAL ASSETS (270=100+200)	634.2	507.6
A. LIABILITIES (300=310+340)	401.7	234.4
I. Short -term liabilities	401.7	234.4
6. Payables to securities trading activities	0.9	0.7
9. Advances from customers	0.5	0.4
10. Taxes and other payables to state authorities	1.1	2.2
11. Payable to employees	14.9	11.1
13. Accrued expenses	2.3	5.0
17. Other payables	381.6	214.7
19. Bonus and welfare fund	0.4	0.4
II. Long-term liabilities	0.1	0.1
B. OWNER'S EQUITY (400=410+420)	232.5	273.2
I. Owner's equity	232.5	273.2
1. Investment capital from owners	1,606.4	1,606.4
1.1. Capital from owners	1,466.1	1,466.1
a. Common stock	1,466,076,000,000.00	1,466,076,000,000.00
1.2. Share premium	140.3	140.3
4. Supplementary capital reserve	44.6	44.6
7. Undistributed earnings after tax	-1,483.0	-1,442.3
7.1. Realised profits	-1,482.1	-1,432.1
7.2. Unrealised losses	-0.9	-10.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	634.2	507.6

Item	2025	2024
1. Profit before tax	-38.4	-73.4
2. Adjustments for	23.6	38.0
- Depreciation and amortization	3.1	2.9
- Loss/(profits) from other investing activities	-2.9	-2.7
- Interest expense	23.4	37.9
3. Add non-cash expenses	-11.7	14.1
- Loss from revaluation losses of FVTPL financial assets	-11.7	14.1
4. Less non-cash income	—	-1.4
- Gains from revaluation gains of FVTPL financial assets	—	-1.4
5. Changes of assets and liabilities	-91.4	83.8
- Increase/decrease in FVTPL financial assets	123.6	-147.4
- Increase/decrease in loan	-215.0	231.2
6. Operating profit before changes in working capital	-117.8	61.2
Increase/decrease in receiables sale of financial assets	—	75.5
Increase/decrease in receiables interest of financial assets	-0.2	0.0
Increase/decrease in service related receivables	-0.1	0.1
Increases/decreases in other receivables	-2.2	—
Increase/decrease in other assets	0.1	0.3
- Increase/(decrease) in payables (other than interest, corporate income tax)	-2.6	3.4
- (Increase)/decrease in prepaid expenses	-0.4	-0.1
- Interest paid	-23.5	-38.3
Increases/decreaese in trade payables	0.4	-0.7
Increases/decreases in employee welfare payables	—	-0.0
Increases/decreases in tax and other payables to the State Budget	-1.1	-0.0
Increases/dcreases in payable to employees	3.8	11.1
Increases/dcreases in other payables	166.9	-90.6
- Other payments for operating activities	0.2	—
Net cash flows from securities trading activities	23.5	22.1
1. Payment for fixed assets, constructions and other long-term assets	-2.0	-1.5
2. Proceeds from disposals of fixed assets and other long-term assets	0.0	—
7. Dividends, interest and profit received	2.9	2.7
Net cash flows from investing activities	1.0	1.2
IV. Net cash flows during the period	24.5	23.3
V. Cash and cash equivalents at begingning of the period	47.2	23.9
Cash at bank	47.2	23.9
- Cash at bank for securities company activities	47.2	23.8
Cash and cash equivalents at end of period	71.6	47.2
Cash at bank	71.6	47.2
- Cash at bank for securities company activities	71.6	47.2
- Cash equivalents	—	47.2
1. Proceeds from sale of brokerage securities to customers	45,361.6	26,298.1
2. Money spent on buying brokerage securities for customers	-43,598.7	-25,807.3
9. Receive deposits to pay for securities transactions of customers	6,588.2	5,113.2
11. Payment for customers' securities transactions	-8,417.8	-5,661.0
14. Payment of customers' securities depository fees	-2.2	-2.1
17. Proceeds from Securities Issuers	103.3	111.8
18. Payments to Securities Issuers	-38.7	-111.8
Increase / decrease of net money during the period	-4.3	-59.2
II. Cash and cash equivalents at the beginning of the period of the customer	317.5	376.7
Cash at bank	317.5	376.7
-Deposits of investors on securities transactions under the Securities Company management method	286.7	312.8
-Securities clearing and settlement deposits	30.8	63.9
III. Cash and cash equivalents at the end of the period of the customer	313.1	317.5
Cash at bank	313.1	317.5
-Deposits of investors on securities transactions under the Securities Company management method	246.0	286.7
-Securities clearing and settlement deposits	67.1	30.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	0.5	2.1	6.3	2.1	0.3	1.4	0.7	0.2	0.8
a. Realised gains on disposals of FVTPL financial assets	0.5	1.5	6.3	2.1	0.3	1.4	0.7	0.1	0.8
c. Dividends and interest income from FVTPL financial assets	0.0	0.6	—	0.0	—	0.0	—	0.1	—
1.6. Revenue from brokerage services	14.7	15.9	30.3	11.4	8.7	7.7	8.8	13.0	12.9
1.8. Revenue from investment advisory services	—	0.1	—	0.0	—	0.0	1.5	0.5	0.7
1.10. Revenue from securities custody services	0.3	0.5	0.7	0.5	0.5	0.5	0.6	0.6	0.4
1.11. Other revenue	17.8	15.8	24.2	10.6	8.3	17.1	19.5	19.7	18.3
Revenue from securities business (01->11)	33.3	34.4	61.6	24.6	17.8	26.9	31.0	33.9	33.2
Net sales	33.3	34.4	61.6	24.6	17.8	26.9	31.0	33.9	33.2
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	3.3	3.4	1.9	4.5	34.4	4.9	9.7	-1.2	21.0
a. Loss from disposals of financial assets at FVTPL	0.8	3.7	2.5	19.5	31.6	4.7	6.8	8.2	0.6
b. Loss from revaluation of financial assets at FVTPL	2.5	-0.3	-0.5	-15.0	2.8	0.1	2.9	-9.4	20.4
2.7. Expenses for brokerage services	5.7	6.2	13.7	4.2	3.6	2.4	3.5	5.8	6.0
2.9. Expenses for financial advisory services	—	—	—	—	—	0.7	0.7	0.7	0.7
2.11. Expenses for secutiries custodian services	0.7	0.7	0.8	0.8	0.8	—	—	—	—
2.12. Other expenses	3.2	7.4	3.3	2.7	2.7	4.6	3.0	2.9	4.5
Operating expenses (21->33)	13.0	17.7	19.8	12.2	41.5	12.6	17.0	8.2	32.1
Gross profit	20.3	16.7	41.8	12.4	-23.7	14.3	14.1	25.7	1.1
3.2. Dividends, interest income from demand deposits	1.3	0.6	0.0	1.0	1.2	0.0	0.1	0.3	2.3
Total financial income (41->44)	1.3	0.6	0.0	1.0	1.2	0.0	0.1	0.3	2.3
4.2. Borrowing costs	9.0	10.2	8.1	2.9	2.2	9.7	8.7	10.1	9.4
Total financial expenses (51->54)	9.0	10.2	8.1	2.9	2.2	9.7	8.7	10.1	9.4
VI. General and Administrative expenses	18.7	29.8	31.4	12.9	16.2	27.5	16.0	18.8	31.6
VII. Net profit from securities business (20+50-40-60-61-62)	-6.1	-22.8	2.3	-2.4	-40.9	-23.0	-10.5	-2.8	-37.6
8.1. Other incomes	0.4	0.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
8.2. Other expenses	0.1	—	—	0.0	1.5	—	—	—	—
Other profit (71-72)	0.3	0.0	10.0	-0.0	-1.5	0.0	0.0	0.0	0.0
IX. Profit before tax (70+80)	-5.8	-22.8	12.3	-2.5	-42.4	-23.0	-10.5	-2.8	-37.6
CORPORATE INCOME TAX	-0.5	-0.1	—	2.4	2.6	-2.6	—	—	—
10.2. Deferred income tax expenses	-0.5	-0.1	—	2.4	2.6	-2.6	—	—	—
XI. Net profit after tax (90-100)	-5.3	-22.7	12.3	-4.9	-45.0	-20.4	-10.5	-2.8	-37.6
11.1. Profit after tax for shareholders of the parents company	-5.3	-22.7	12.3	-4.9	-45.0	-20.4	-10.5	-2.8	-37.6
Earnings per Share	-32.81	-141.16	76.45	-30.52	-280.12	-127.23	-65.47	-17.66	-234.01

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+130)	493.2	609.6	494.5	507.8	259.7	477.6	596.7	710.6	554.9
Short-term financial assets	487.6	604.2	488.5	502.1	254.8	474.4	592.4	706.5	551.0
1. Cash and cash equivalents	117.2	71.6	5.7	54.2	5.0	47.2	5.7	4.4	16.1
1.1. Cash	117.2	71.6	5.7	54.2	5.0	47.2	5.7	4.4	16.1
2. Financial assets at fair value through profit or loss (FVTPL)	27.6	23.9	29.5	28.6	50.1	135.8	75.9	97.7	107.3
4. Loans	278.0	501.8	389.0	415.7	139.6	286.8	443.2	621.2	440.4
6. Provisions for impairment loss of financial assets and mortgages	—	—	—	—	-0.0	—	-20.3	-21.7	-19.9
7. Short-term receivables	5.2	4.7	6.7	3.5	2.4	4.5	7.8	4.0	7.1
7.1. Receivables from disposal of financial assets	—	—	—	—	—	—	0.1	0.2	0.0
7.2. Receivables and accruals from dividends and interest income	5.2	4.7	6.7	3.5	2.4	4.5	7.7	3.8	7.0
7.2.1. Due dividend and interest receivables	5.2	4.7	6.7	3.5	2.4	4.5	—	3.8	7.0
7.2.2. Undue dividend and interest receivables	—	—	—	—	—	—	7.7	—	—
Prepayments to suppliers	2.7	2.2	0.7	0.2	0.9	0.1	0.2	0.9	0.2
12. Other receivables	56.9	0.0	—	—	56.9	—	80.0	—	—
II. Other short-term assets	5.7	5.4	6.0	5.7	4.9	3.2	4.4	4.1	3.9
1. Advances	0.6	0.1	1.7	1.0	1.0	0.0	1.0	0.4	0.5
3. Short-term prepayments	1.4	1.8	1.8	2.2	1.7	0.7	0.9	1.2	1.0
4. Pledged assets, mortgages, security deposits in short term	0.8	0.8	1.0	1.0	0.7	1.0	1.0	1.0	1.0
Taxes and other receivables from state authorities	2.7	2.7	1.3	1.3	1.3	1.3	1.3	1.3	1.3
B. LONG-TERM ASSETS (200=210+220+240+250-260)	25.6	25.9	26.4	27.1	26.3	29.5	27.6	26.9	27.6
II. Fixed assets	4.8	5.7	6.2	7.0	6.3	6.9	7.6	6.9	7.6
1. Tangible fixed assets	4.2	4.9	5.4	6.0	5.2	5.7	6.3	5.4	5.9
- Cost	21.5	—	—	—	—	—	—	—	—
- Accumulated depreciation	-17.3	—	—	—	—	—	—	—	—
3. Intangible fixed assets	0.7	0.8	0.9	1.0	1.1	1.3	1.4	1.5	1.6
- Cost	20.4	—	—	—	—	—	—	—	—
- Accumulated depreciation	-19.8	—	—	—	—	—	—	—	—
V. Other long-term assets	20.7	20.2	20.1	20.1	20.0	22.6	20.0	20.0	20.0
3. Deferred income tax assets	0.7	0.2	0.1	0.1	—	2.6	—	—	—
4. Payment for Settlement Assistance Fund	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
TOTAL ASSETS (270=100+200)	518.8	635.6	520.9	534.9	286.0	507.1	624.4	737.5	582.5
A. LIABILITIES (300=310+340)	291.6	403.1	282.7	309.3	57.9	234.6	331.6	434.2	276.4
I. Short -term liabilities	291.6	403.1	282.7	309.2	57.8	234.5	331.6	434.1	276.3
6. Payables to securities trading activities	1.1	0.7	1.4	0.6	0.5	0.4	0.4	0.7	0.9
9. Advances from customers	0.5	0.5	0.5	0.5	0.4	0.4	0.4	0.8	0.7
10. Taxes and other payables to state authorities	4.3	2.5	4.5	2.2	1.8	2.2	1.6	2.0	2.4
11. Payable to employees	3.7	14.9	2.4	1.9	2.3	11.1	2.9	3.0	3.0
12. Employee welfare payables	—	—	—	—	—	—	0.0	0.0	0.0
13. Accrued expenses	3.7	2.5	18.9	1.3	1.7	5.3	3.3	3.0	3.4
17. Other payables	278.0	381.6	254.5	302.3	50.7	214.7	322.6	424.3	265.6
19. Bonus and welfare fund	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
II. Long-term liabilities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
B. OWNER'S EQUITY (400=410+420)	227.2	232.5	238.1	225.7	228.2	272.5	292.8	303.3	306.1
I. Owner's equity	227.2	232.5	238.1	225.7	228.2	272.5	292.8	303.3	306.1
1. Investment capital from owners	1,606.4	1,606.4	1,606.4	1,606.4	1,606.4	1,606.4	1,606.4	1,606.4	1,606.4
1.1. Capital from owners	1,466.1	1,466.1	1,466.1	1,466.1	1,466.1	1,466.1	1,466.1	1,466.1	1,466.1
a. Common stock	1,466,076,000,000.00	1,466,076,000,000.00	1,466,076,000,000.00	1,466,076,000,000.00	1,466,076,000,000.00	1,466,076,000,000.00	1,466,076,000,000.00	1,466,076,000,000.00	1,466,076,000,000.00
1.2. Share premium	140.3	140.3	140.3	140.3	140.3	140.3	140.3	140.3	140.3
4. Supplementary capital reserve	49.6	49.6	49.6	49.6	49.6	105.1	105.1	105.1	105.1
7. Undistributed earnings after tax	-1,488.3	-1,483.0	-1,477.3	-1,489.8	-1,487.3	-1,443.0	-1,422.7	-1,412.2	-1,409.3
7.1. Realised profits	-1,484.7	-1,454.7	-1,454.7	-1,454.7	-1,454.7	-1,443.0	-1,422.7	-1,412.2	-1,409.3
7.2. Unrealised losses	-3.6	-28.3	-22.6	-35.1	-32.6	—	—	—	—
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	518.8	635.6	520.9	534.9	286.0	507.1	624.4	737.5	582.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	—	6.5	—	-44.9	—	-32.7	—	-40.7	—
2. Adjustments for	—	19.2	—	4.4	—	18.0	—	20.0	—
- Depreciation and amortization	—	1.6	—	1.5	—	1.5	—	1.4	—
- (Reversal of provisions)/provisions	—	—	—	—	—	—	—	1.7	—
- Loss/(profits) from other investing activities	—	-0.7	—	-2.2	—	-0.1	—	-2.6	—
- Interest expense	—	18.3	—	5.1	—	18.4	—	19.5	—
3. Add non-cash expenses	—	-13.6	—	2.0	—	4.8	—	9.3	—
- Loss from revaluation losses of FVTPL financial assets	—	-13.6	—	2.0	—	4.8	—	9.3	—
4. Less non-cash income	—	—	—	-14.2	—	-1.4	—	-0.0	—
- Gains from revaluation gains of FVTPL financial assets	—	—	—	-14.2	—	-1.4	—	-0.0	—
5. Changes of assets and liabilities	—	-82.0	—	-9.4	—	272.9	—	-189.0	—
- Increase/decrease in FVTPL financial assets	—	4.2	—	119.4	—	-41.5	—	-105.9	—
- Increase/decrease in loan	—	-86.1	—	-128.8	—	314.4	—	-83.2	—
6. Operating profit before changes in working capital	—	-55.7	—	-62.1	—	261.7	—	-200.5	—
Increase/decrease in receiables sale of financial assets	—	—	—	—	—	75.5	—	—	—
Increase/decrease in receiables interest of financial assets	—	-1.3	—	1.1	—	-76.2	—	76.2	—
Increase/decrease in service related receivables	—	0.0	—	-0.1	—	0.1	—	—	—
Increases/decreases in other receivables	—	-2.0	—	-0.2	—	—	—	-0.1	—
Increase/decrease in other assets	—	1.0	—	-1.0	—	0.4	—	-0.1	—
- Increase/(decrease) in payables (other than interest, corporate income tax)	—	1.0	—	-3.6	—	2.1	—	1.2	—
- (Increase)/decrease in prepaid expenses	—	0.6	—	-1.0	—	-0.2	—	0.0	—
- Interest paid	—	-18.2	—	-5.4	—	-18.3	—	-20.0	—
Increases/decreaese in trade payables	—	0.1	—	0.3	—	-0.1	—	-0.6	—
Increases/decreases in employee welfare payables	—	—	—	0.0	—	-0.0	—	0.0	—
Increases/decreases in tax and other payables to the State Budget	—	-1.1	—	0.0	—	0.2	—	-0.2	—
Increases/dcreases in payable to employees	—	12.9	—	-9.1	—	8.1	—	3.0	—
Increases/dcreases in other payables	—	79.3	—	87.5	—	-209.6	—	119.0	—
- Other receipts from operating activities	193.1	—	810.7	—	184.3	—	99.0	243.6	211.4
- Other payments for operating activities	-114.6	965.4	-965.2	194.2	-194.2	—	-78.5	-236.6	-190.8
Net cash flows from securities trading activities	45.6	64.9	-47.8	48.6	-42.2	40.3	3.8	-2.6	-7.8
1. Payment for fixed assets, constructions and other long-term assets	—	-0.4	—	-1.6	—	-1.5	—	0.0	-0.0
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.0	—	—	—	—	—	—	—
7. Dividends, interest and profit received	—	0.7	—	2.3	—	0.1	—	2.6	—
Net cash flows from investing activities	—	0.3	—	0.7	—	-1.4	—	2.6	-0.0
IV. Net cash flows during the period	45.6	65.9	-48.5	49.2	-42.2	41.5	1.2	0.0	-7.8
V. Cash and cash equivalents at begingning of the period	71.6	5.7	54.2	5.0	47.2	5.7	4.4	16.1	23.9
Cash and cash equivalents at end of period	117.2	71.6	5.7	54.2	5.0	47.2	5.7	4.4	16.1
1. Proceeds from sale of brokerage securities to customers	—	32,540.4	—	12,821.2	—	19,100.5	—	2,453.1	4,744.5
2. Money spent on buying brokerage securities for customers	—	-32,116.4	—	-11,482.3	—	-18,834.6	—	-2,385.9	-4,586.8
9. Receive deposits to pay for securities transactions of customers	—	3,977.4	—	2,610.8	—	-5,872.0	—	10,985.2	—
11. Payment for customers' securities transactions	—	-4,478.9	—	-3,938.9	—	5,459.1	—	-11,120.2	—
14. Payment of customers' securities depository fees	—	-1.2	—	-0.9	—	-0.7	—	-1.4	—
17. Proceeds from Securities Issuers	—	52.3	—	51.0	—	59.4	—	52.5	—
18. Payments to Securities Issuers	—	12.2	—	-51.0	—	-111.8	—	—	—
Increase / decrease of net money during the period	—	-14.3	—	10.0	—	-200.2	—	-16.7	157.7
II. Cash and cash equivalents at the beginning of the period of the customer	—	317.5	—	317.5	—	376.7	—	534.4	376.7
III. Cash and cash equivalents at the end of the period of the customer	—	313.1	—	327.4	—	317.5	—	517.7	534.4

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