SEB

Đầu tư và Phát triển Điện Miền Trung ·HNX ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 1.27x

Price

42,500

Latest close

03 Jun 2026

P/E 10.43x

P/B 1.96x

EPS 4,073

BVPS 21,636

ROE 20.4%

ROA 19.5%

Profit Margin 45.4%

Asset Turnover 0.43x

Equity Mult. 1.05x

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

What Is Changing

On a TTM 2026Q1 basis, SEB is maintaining revenue growth, but margins have not improved proportionally — earnings have been recovering gradually over multiple periods. What is still missing is the ability to convert top-line growth into better profitability.

	                            
	                                TTM REVENUE
	                            
	                                    VND 306bn
	                                
+16.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 157bn
	                                
+16.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	290.2	255.8	311.3	376.9	306.2
Growth	+13%	-18%	-17%	+23%	—
Net Income	147.6	133.5	175.4	213.7	165.4
Net Margin	50.84%	52.20%	56.34%	56.70%	54.02%

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	99.0	88.6	48.5	69.7	83.5	82.3	31.9	64.7	76.9	89.0	43.3	78.6
Growth	+12%	+83%	-30%	-17%	+1%	+158%	-51%	-16%	-14%	+106%	-45%	—
Net Income	58.2	47.4	18.8	32.8	48.5	44.7	6.7	35.6	46.5	51.7	16.2	45.3
Net Margin	58.82%	53.54%	38.85%	47.07%	58.09%	54.35%	21.13%	55.00%	60.43%	58.08%	37.46%	57.56%

Drivers of SEB's profit

TTM

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

Gross profit ↑ 30.0bn

Tax ↑ 4.0bn

Other profit ↓ 3.8bn

Minority interests ↑ 2.8bn

TTM

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

Gross profit ↑ 11.9bn

Tax ↑ 1.7bn

Minority interests ↑ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 19.9% = 51.7% × 0.37 × 1.05

2026Q1 23.1% = 51.4% × 0.43 × 1.05

ROE rose from 19.9% to 23.1% — mainly driven by asset turnover, despite net margin and leverage moving in the opposite direction.

Net margin: 51.4% -0.2pp Asset turnover: 0.43x +0.06x Leverage: 1.05x -0.00x

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 stands at 51.45%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

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

Profitability trend

Net Margin 51.45% −0.2pp

Gross Margin 64.94% +0.7pp

SG&A / Revenue 4.95% −0.1pp

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 52.40% +0.9pp

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. Capital structure is conservative with low leverage — liabilities at 0.06x equity, net debt at 0.00x 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

Cash conversion cycle improved by 0.9 days versus the same period last year. The main moves came from DIO fell 0.8 days, DSO fell 2.4 days, and DPO fell 2.4 days.

Working capital cycle is flat — components are offsetting each other.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Working Capital Efficiency

Receivables 72.0 days −2.4 days

Inventory 8.6 days −0.8 days

Payables 18.1 days −2.4 days

Cash Conversion Cycle 62.4 days −0.9 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

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 0.00x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.27x +0.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 135.5bn in 2025, against investing cash flow of -35.6bn.

Post-investment cash flow was positive +99.9bn. Financing cash flow was negative +134.8bn.

CFO / net income was 1.27x.

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 176.2bn +24.5bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.27x. The next item to monitor is capital efficiency.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.27x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	290.2	255.8	311.3	376.9	306.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	290.2	255.8	311.3	376.9	306.2
Cost of Goods Sold	103.6	91.8	97.2	110.8	0.0
Gross Profit	186.6	164.0	214.1	266.2	204.1
Financial Income	6.2	6.6	8.7	2.3	2.7
Financial Expenses	0.0	0.6	1.8	6.6	-14.5
Interest Expense	0.0	0.5	1.5	6.1	-14.5
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	14.8	13.2	13.5	11.7	-11.2
Operating Profit	178.0	156.8	207.5	250.2	181.2
Other Income	0.3	0.5	0.4	1.2	0.0
Other Expenses	3.6	0.1	0.0	0.2	0.0
Other Profit	-3.3	0.4	0.4	1.0	0.2
Profit Before Tax	174.7	157.2	207.9	251.1	181.3
Current Income Tax Expense	27.1	23.7	32.6	37.4	-16.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	147.6	133.5	175.4	213.7	165.4
Non-controlling Interest	17.2	16.6	19.4	25.9	15.8
Profit Attributable to Parent	130.4	116.9	156.0	187.8	149.6
Earnings per Share	3,818.00	3,418.00	4,577.00	5,575.00	4,572.79
Diluted EPS	3,818.00	3,418.00	4,577.00	5,575.00	4,674.83

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	235.4	192.7	170.2	166.0	147.3
I. Cash and cash equivalents	24.6	59.6	45.6	26.3	71.7
1. Cash	1.6	15.6	3.1	1.3	0.0
2. Cash equivalents	23.0	44.0	42.5	25.0	0.0
II. Short-term financial investments	134.7	94.2	67.1	71.1	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	134.7	94.2	67.1	71.1	0.0
III. Short-term receivables	73.2	36.2	55.0	66.0	54.2
1. Short-term trade accounts receivable	70.6	33.5	52.4	63.1	0.0
2. Short-term prepayments to suppliers	0.7	1.0	1.0	2.6	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	3.4	3.1	3.1	1.7	0.0
7. Provision for short-term doubtful debts (*)	-1.5	-1.5	-1.5	-1.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2.6	2.5	2.4	2.4	3.1
1. Inventories	2.6	2.5	2.4	2.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.3	0.3	0.2	0.3	0.4
1. Short-term prepayments	0.3	0.3	0.2	0.3	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)	468.1	504.3	538.7	570.7	604.2
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	398.6	433.4	468.0	503.4	537.8
1. Tangible fixed assets	388.6	423.3	457.9	493.2	527.6
- Cost	1,066.9	1,066.2	1,065.5	1,065.8	0.0
- Accumulated depreciation	-678.3	-642.9	-607.7	-572.6	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	10.0	10.1	10.1	10.2	10.2
- Cost	11.2	11.2	11.2	11.2	0.0
- Accumulated depreciation	-1.1	-1.1	-1.0	-1.0	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	0.2	0.2	0.2	0.2	0.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.2	0.2	0.2	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	69.3	70.6	70.5	67.1	0.0
1. Long-term prepayments	62.2	63.5	64.6	61.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	7.1	7.1	5.9	5.3	0.0
4. Other long-term assets	—	0.0	0.0	0.0	66.1
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)	703.5	697.0	708.9	736.7	751.5
A. LIABILITIES (300=210+330)	37.7	39.7	62.8	87.2	195.4
I. Short -term liabilities	37.7	39.7	57.8	63.5	54.4
1. Short-term trade accounts payable	5.2	5.7	5.0	5.6	5.8
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	15.5	13.7	16.3	18.6	0.0
4. Payable to employees	3.9	1.5	1.4	1.4	0.0
5. Short-term acrrued expenses	2.4	2.5	3.1	2.9	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	1.0	1.0	0.9	0.7	0.0
10. Short-term borrowings and financial leases	—	5.0	18.8	20.3	20.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.6	10.2	12.3	14.0	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	5.0	23.7	141.0
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	5.0	23.7	141.0
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	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)	665.8	657.3	646.1	649.5	556.1
I. Owner's equity	665.8	657.3	646.1	649.5	0.0
1. Owner's capital	320.0	320.0	320.0	320.0	556.1
- Common stock with voting right	319,999,690,000.00	319,999,690,000.00	319,999,690,000.00	319,999,690,000.00	319,999,690,000.00
- 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	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.2	0.2	0.2	0.2	0.0
11. Undistributed earnings after tax	184.6	177.6	167.4	174.5	104.6
- Accumulated retained earning at the end of the previous period	145.6	139.1	129.8	74.4	65.9
- Undistributed earnings in this period	39.0	38.5	37.7	100.1	38.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	161.1	159.5	158.5	154.8	131.4
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)	703.5	697.0	708.9	736.7	751.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	174.7	157.2	207.9	251.1	0.0
Depreciation of Fixed Assets and Investment Property	35.6	36.0	35.8	39.1	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	0.1	0.3	0.0
Gain/Loss from Investment Activities	-6.1	-6.6	-8.7	-2.2	0.0
Interest Expense	0.0	0.5	1.5	6.1	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	204.2	187.1	236.8	294.4	0.0
Increase/(Decrease) in Receivables	-36.5	18.9	11.6	-17.2	0.0
Increase/(Decrease) in Inventory	-0.1	-1.3	-0.6	1.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.8	-0.9	-1.9	-0.9	0.0
Increase/(Decrease) in Prepaid Expenses	1.3	1.0	-2.6	-1.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-0.5	-1.5	-6.6	0.0
Corporate Income Tax Paid	-27.4	-25.1	-33.4	-32.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-9.7	-10.5	-12.2	-7.6	0.0
Net Cash Flow from Operating Activities	135.5	168.7	196.1	229.6	181.7
Payments for Fixed Assets and Other Long-term Assets	-0.7	-1.5	-0.4	-1.6	50.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-190.7	-187.8	-282.2	-104.7	-68.6
Receipts from Loan Repayments and Sale of Debt Instruments	150.3	160.8	286.2	51.5	17.2
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	5.6	6.5	8.0	2.6	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	-35.6	-22.0	11.6	-52.0	-0.4
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	-1,600,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	1.5	11.9
Repayment of Borrowings	-5.0	-18.8	-20.3	-118.9	-64.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-129.8	-113.8	-168.1	-105.5	-73.5
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	-134.8	-132.6	-188.5	-222.9	-127.5
Net Cash Flow During the Period	-34.9	14.0	19.2	-45.3	29.2
Cash and Cash Equivalents at Beginning of Period	59.6	45.6	26.3	71.7	30.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	24.6	59.6	45.6	26.3	71.7

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
Revenue	99.0	88.6	48.5	69.7	83.5	82.3	31.9	64.7	76.9	89.0	43.3	78.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	99.0	88.6	48.5	69.7	83.5	82.3	31.9	64.7	76.9	89.0	43.3	78.6
Cost of Goods Sold	27.4	31.8	24.3	23.7	23.8	26.9	21.7	21.2	21.9	28.0	21.9	22.6
Gross Profit	71.5	56.8	24.2	46.0	59.6	55.3	10.2	43.4	55.0	61.0	21.4	56.0
Financial Income	0.8	2.9	1.0	1.4	0.8	1.0	1.8	1.3	2.4	4.7	1.3	1.8
Financial Expenses	—	—	—	—	0.0	0.1	0.1	0.2	0.2	0.5	0.4	0.4
Interest Expense	—	—	—	—	0.0	0.1	0.1	0.1	0.2	0.4	0.4	0.4
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	3.5	5.1	2.4	4.1	3.2	3.9	3.2	3.0	3.1	4.4	2.4	3.6
Operating Profit	68.8	54.7	22.8	43.2	57.2	52.4	8.8	41.5	54.1	60.7	19.9	53.8
Other Income	0.0	0.3	—	—	—	0.4	0.0	0.1	0.0	0.4	0.0	0.0
Other Expenses	0.2	0.0	0.2	3.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.1	0.3	-0.2	-3.4	-0.0	0.4	-0.0	0.1	0.0	0.4	0.0	0.0
Profit Before Tax	68.7	55.0	22.6	39.8	57.2	52.8	8.7	41.6	54.1	61.1	19.9	53.8
Current Income Tax Expense	10.4	7.5	3.8	7.0	8.8	8.1	2.0	6.0	7.6	9.5	3.7	8.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	58.2	47.4	18.8	32.8	48.5	44.7	6.7	35.6	46.5	51.7	16.2	45.3
Non-controlling Interest	6.7	7.3	1.6	2.8	5.5	5.1	0.2	4.8	6.5	6.6	0.7	4.6
Profit Attributable to Parent	51.5	40.1	17.3	30.0	43.0	39.6	6.6	30.8	40.0	45.1	15.5	40.7
Earnings per Share	1,530.00	1,191.00	513.00	839.00	1,276.00	1,175.00	142.00	915.00	1,187.00	1,284.00	461.00	1,209.00
Diluted EPS	1,610.51	1,253.17	539.59	938.74	1,343.57	1,236.98	205.07	962.87	1,249.37	1,408.15	484.86	1,272.48

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)	267.5	235.4	170.7	173.0	208.8	192.7	177.4	191.4	197.2	170.2	177.0	192.6
I. Cash and cash equivalents	3.2	24.6	6.3	30.3	27.2	59.6	23.0	29.1	51.6	45.6	9.5	11.7
1. Cash	3.2	1.6	2.3	18.3	6.2	15.6	8.0	4.1	2.1	3.1	2.0	1.2
2. Cash equivalents	—	23.0	4.0	12.0	21.0	44.0	15.0	25.0	49.5	42.5	7.5	10.5
II. Short-term financial investments	194.3	134.7	118.5	102.2	115.9	94.2	123.8	109.5	88.2	67.1	125.8	118.8
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	194.3	134.7	118.5	102.2	115.9	94.2	123.8	109.5	88.2	67.1	125.8	118.8
III. Short-term receivables	67.1	73.2	42.9	37.7	62.9	36.2	27.7	50.0	55.0	55.0	39.1	59.5
1. Short-term trade accounts receivable	63.2	70.6	40.8	35.8	57.3	33.5	23.4	46.6	49.6	52.4	35.1	57.2
2. Short-term prepayments to suppliers	1.9	0.7	1.2	1.1	3.9	1.0	1.6	1.7	4.3	1.0	3.0	1.3
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	3.4	3.4	2.4	2.3	3.1	3.1	4.2	3.2	2.6	3.1	2.5	2.5
7. Provision for short-term doubtful debts (*)	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2.5	2.6	2.5	2.4	2.5	2.5	2.4	2.4	2.3	2.4	2.3	2.3
1. Inventories	2.5	2.6	2.5	2.4	2.5	2.5	2.4	2.4	2.3	2.4	2.3	2.3
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	0.4	0.3	0.5	0.3	0.3	0.3	0.4	0.3	0.2	0.2	0.2	0.3
1. Short-term prepayments	0.4	0.3	0.5	0.3	0.3	0.3	0.4	0.3	0.2	0.2	0.2	0.3
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	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	457.4	468.1	478.1	486.7	494.1	504.3	513.8	523.3	530.6	538.7	546.5	555.8
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	389.7	398.6	406.8	415.7	424.5	433.4	442.5	451.4	460.5	468.0	476.6	485.6
1. Tangible fixed assets	379.7	388.6	396.7	405.6	414.5	423.3	432.4	441.3	450.3	457.9	466.5	475.4
- Cost	1,066.9	—	—	—	—	1,066.2	1,066.2	1,066.2	1,067.0	1,065.5	1,065.2	1,065.8
- Accumulated depreciation	-687.2	—	—	—	—	-642.9	-633.8	-624.8	-616.7	-607.7	-598.7	-590.4
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	10.0	10.0	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.2
- Cost	11.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	67.5	69.3	71.1	70.8	69.3	70.6	71.1	71.6	69.9	70.5	69.7	70.0
1. Long-term prepayments	60.1	62.2	62.7	63.4	62.1	63.5	64.0	65.5	63.9	64.6	62.6	63.1
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	7.3	7.1	8.3	7.4	7.3	7.1	7.1	6.1	6.0	5.9	7.1	6.8
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)	724.9	703.5	648.8	659.7	702.9	697.0	691.1	714.7	727.8	708.9	723.5	748.3
A. LIABILITIES (300=210+330)	32.5	37.7	28.0	31.2	31.5	39.7	44.3	53.4	37.6	62.8	67.3	75.5
I. Short -term liabilities	32.5	37.7	28.0	31.2	31.5	39.7	44.3	53.4	32.6	57.8	47.8	54.7
1. Short-term trade accounts payable	5.2	5.2	5.3	6.2	5.5	5.7	5.2	5.1	5.1	5.0	5.1	5.5
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	16.0	15.5	10.0	11.6	13.3	13.7	5.7	16.5	10.9	16.3	7.7	14.2
4. Payable to employees	0.7	3.9	1.2	2.3	0.9	1.5	1.1	1.0	0.8	1.4	1.0	0.9
5. Short-term acrrued expenses	1.9	2.4	2.8	2.0	2.0	2.5	2.1	1.0	2.1	3.1	2.2	1.7
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	1.1	1.0	1.2	1.3	1.1	1.0	15.9	15.7	0.9	0.9	15.7	15.5
10. Short-term borrowings and financial leases	—	—	—	—	—	5.0	5.0	6.5	2.9	18.8	5.8	5.9
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	7.7	9.6	7.5	7.9	8.7	10.2	9.2	7.6	9.9	12.3	10.4	10.9
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	0.0	5.0	5.0	19.4	20.8
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	5.0	5.0	19.4	20.8
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)	692.3	665.8	620.8	628.5	671.3	657.3	646.8	661.3	690.2	646.1	656.3	672.9
I. Owner's equity	692.3	665.8	620.8	628.5	671.3	657.3	646.8	661.3	690.2	646.1	656.3	672.9
1. Owner's capital	320.0	320.0	320.0	320.0	320.0	320.0	320.0	320.0	320.0	320.0	320.0	320.0
- Common stock with voting right	319,999,690,000.00	319,999,690,000.00	319,999,690,000.00	319,999,690,000.00	319,999,690,000.00	319,999,690,000.00	319,999,690,000.00	319,999,690,000.00	319,999,690,000.00	319,999,690,000.00	319,999,690,000.00	319,999,690,000.00
- 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	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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
11. Undistributed earnings after tax	204.7	184.6	146.5	155.7	186.4	177.6	172.0	186.7	205.4	167.4	198.6	201.2
- Accumulated retained earning at the end of the previous period	155.8	146.5	130.1	140.4	145.6	140.0	167.5	155.3	167.4	117.6	183.9	162.5
- Undistributed earnings in this period	49.0	38.1	16.4	15.3	40.8	37.6	4.5	31.3	38.0	49.8	14.7	38.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	167.4	161.1	154.1	152.6	164.7	159.5	154.6	154.5	164.7	158.5	137.4	151.5
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)	724.9	703.5	648.8	659.7	702.9	697.0	691.1	714.7	727.8	708.9	723.5	748.3

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	—	76.4	—	98.3	—	0.0	-95.7	95.7	0.0	207.9	-126.9	126.9
Depreciation of Fixed Assets and Investment Property	—	17.8	—	17.8	—	0.0	-18.0	18.0	0.0	35.8	-17.9	17.9
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	-0.1	0.1	0.0	0.1	-0.0	0.0
Gain/Loss from Investment Activities	—	-3.9	—	-2.2	—	0.0	3.8	-3.8	0.0	-8.7	2.6	-2.6
Interest Expense	—	0.0	—	0.0	—	0.0	-0.3	0.3	0.0	1.5	-0.8	0.8
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	—	90.3	—	113.9	—	0.0	-110.2	110.2	0.0	236.8	-143.0	143.0
Increase/(Decrease) in Receivables	—	-34.3	—	-2.2	—	0.0	-5.0	5.0	0.0	11.6	-6.4	6.4
Increase/(Decrease) in Inventory	—	0.2	—	-0.3	—	0.0	0.2	-0.2	0.0	-0.6	1.5	-1.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	5.9	—	-2.2	—	0.0	6.1	-6.1	0.0	-1.9	5.5	-5.5
Increase/(Decrease) in Prepaid Expenses	—	1.2	—	0.0	—	0.0	1.2	-1.2	0.0	-2.6	1.3	-1.3
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	0.3	-0.3	0.0	-1.5	0.8	-0.8
Corporate Income Tax Paid	-8.0	-3.5	-7.9	-7.8	-8.3	-1.8	-13.6	0.0	-9.7	-3.6	-9.7	-9.6
Other Operating Receipts	9.4	—	—	—	—	10.8	21.2	-8.1	8.1	-27.7	27.7	-11.3
Other Operating Payments	-27.2	45.7	-47.3	13.7	-21.7	-19.3	-40.0	13.0	-21.7	53.6	-57.3	19.4
Net Cash Flow from Operating Activities	66.2	32.8	17.6	59.7	25.5	50.8	28.8	46.6	42.4	47.3	37.0	35.5
Payments for Fixed Assets and Other Long-term Assets	—	-0.7	0.0	-0.0	—	0.0	-0.0	0.0	-1.5	-0.4	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-99.9	—	-90.9	—	0.0	109.5	-109.5	0.0	-282.2	118.8	-118.8
Receipts from Loan Repayments and Sale of Debt Instruments	—	67.4	—	82.9	—	0.0	-67.1	67.1	0.0	286.2	-71.1	71.1
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	0.8	2.3	0.4	2.0	0.8	2.9	-0.1	1.6	2.1	4.1	1.3	1.8
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-58.9	-14.5	-15.9	15.7	-20.9	32.5	-14.4	-19.6	-20.5	62.4	-5.7	8.1
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	-5.0	0.0	-1.4	-1.5	-15.9	-1.5	-1.5	-1.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-28.8	0.0	-25.6	-72.3	-32.0	-46.7	-19.2	-47.9	0.0	-72.3	-32.0	-63.9
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	-28.8	0.0	-25.6	-72.3	-37.0	-46.7	-20.6	-49.5	-15.9	-73.7	-33.4	-65.4
Net Cash Flow During the Period	-21.4	18.3	-24.0	3.1	-32.4	36.6	-6.1	-22.5	6.0	36.0	-2.2	-21.8
Cash and Cash Equivalents at Beginning of Period	24.6	6.3	30.3	27.2	59.6	45.6	45.6	45.6	45.6	26.3	26.3	26.3
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	3.2	24.6	6.3	30.3	27.2	59.6	23.0	29.1	51.6	45.6	9.5	11.7

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SEB

What Is Changing

Drivers of SEB's profit

Financial Highlights

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What is driving the margin? ●

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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