SMT

Sametel ·HNX ·2026Q1

▲ Slightly positive

Operating efficiency is improving Net margin 189.25%, +188.15pp YoY

Price

9,100

Latest close

04 Jun 2026

P/E 0.64x

P/B 0.57x

EPS 14,194

BVPS 15,846

ROE 41.4%

ROA 23.7%

Profit Margin 189.2%

Asset Turnover 0.13x

Equity Mult. 1.74x

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

What Is Changing

On a TTM 2026Q1 basis, SMT posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. 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 19bn
	                                
−77.0%YoY

	                            
	                                NET MARGIN
	                            
	                                    189.25%
	                                
+188.1ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 36bn
	                                
+3867.5%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    126.5%

Metric	2025	2024	2023	2022	2021
Revenue	31.1	98.5	177.8	340.1	400.4
Growth	-68%	-45%	-48%	-15%	—
Net Income	-6.1	1.2	-3.3	0.6	2.2
Net Margin	-19.50%	1.21%	-1.86%	0.16%	0.55%

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	1.6	5.4	5.0	6.8	7.6	39.3	5.4	29.1	22.9	49.0	47.6	25.7
Growth	-71%	+9%	-27%	-11%	-81%	+633%	-82%	+27%	-53%	+3%	+86%	—
Net Income	45.7	-10.1	-0.6	0.5	-1.7	3.5	-2.1	1.2	-1.1	2.0	1.8	-3.3
Net Margin	2872.58%	-187.83%	-11.64%	7.48%	-22.49%	8.83%	-39.19%	4.27%	-4.59%	4.08%	3.82%	-12.75%

Drivers of SMT's profit

TTM

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

Other profit ↑ 63.9bn

Financial income ↑ 6.5bn

Administrative expenses ↑ 10.3bn

Gross profit ↓ 10.1bn

Finance costs ↑ 4.5bn

TTM

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

Other profit ↑ 56.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.3% = 1.1% × 0.61 × 1.91

2026Q1 41.4% = 189.2% × 0.13 × 1.74

ROE rose from 1.3% to 41.4% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 189.2% +188.1pp Asset turnover: 0.13x -0.49x Leverage: 1.74x -0.17x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 189.25%, rising 188.1pp. Core operating signals are improving as Gross margin rose 3.3pp are enough to offset pressure from SG&A / Revenue rose 76.8pp (in addition, Other profit / Revenue rose 329.7pp added support while Net financial result / Revenue fell 0.5pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 189.25% +188.1pp

Gross Margin 20.46% +3.3pp

SG&A / Revenue 84.95% +76.8pp

Non-core / Revenue 322.63% +329.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 126.5% of PBT and lifted net margin by 329.2pp — 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 — —

Capital Turnover 0.16x −0.62x

Average Invested Capital 115.3bn +10.9bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 1.67x equity, net debt at 0.27x 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.

Watchpoints

Receivables collection is slowing

DSO increased by +398.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 550.4 days +398.5 days

Inventory — —

Payables 394.4 days +339.4 days

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.27x and interest coverage only at -1.77x.

At present, short-term debt accounts for 90.2% of total debt, cash equals 12.2% of debt, and total debt stands at 32.2bn.

Watchpoints

Interest coverage is thin

Interest coverage is -1.77x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 90.2% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.27x −0.18x

Interest Coverage -1.77x −3.48x

Cash / Debt 12.2% +1.8pp

Short-term Debt / Total Debt 90.2% +14.1pp

CFO / NI -1.90x −0.04x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -47.1bn in 2025, against investing cash flow of 69.6bn.

Post-investment cash flow was positive +22.6bn. Financing cash flow was negative +14.6bn.

CFO / net income was -1.90x.

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 67.3bn −65.6bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 188.1 pp. The next item to monitor is the earnings mix, when non-core contribution is -1.5%. The main risk still sits in leverage and liquidity, with interest coverage at -1.77x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 189.25% after expanding 188.1pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -1.5% of PBT and CFO / net income currently at -1.90x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -1.77x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	31.1	98.8	178.9	340.1	400.6
Revenue Deductions	—	0.3	1.2	0.0	0.0
Net Revenue	31.1	98.5	177.8	340.1	400.4
Cost of Goods Sold	33.6	84.5	165.3	310.9	0.0
Gross Profit	-2.5	14.0	12.4	29.2	40.5
Financial Income	2.6	0.0	0.2	0.5	0.3
Financial Expenses	5.2	3.3	6.3	10.8	-4.8
Interest Expense	2.4	3.2	6.2	6.6	-4.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	1.4	2.8	4.5	23.4	-25.2
General and Administrative Expenses	9.7	4.3	5.3	10.8	-8.4
Operating Profit	-16.1	3.6	-3.4	-15.3	2.4
Other Income	12.0	0.0	0.3	20.7	0.0
Other Expenses	2.0	2.2	0.0	4.8	0.0
Other Profit	10.0	-2.2	0.3	15.9	0.0
Profit Before Tax	-6.1	1.4	-3.1	0.6	2.4
Current Income Tax Expense	—	0.2	0.2	0.1	-0.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-6.1	1.2	-3.3	0.6	2.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	-6.1	1.2	-3.3	0.6	2.2
Earnings per Share	-1,062.00	219.00	-604.00	103.00	404.00
Diluted EPS	-1,062.00	218.60	-604.00	103.00	404.37

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	83.6	75.5	106.4	126.1	196.9
I. Cash and cash equivalents	13.4	5.4	8.5	9.6	9.1
1. Cash	13.4	5.4	3.3	4.5	0.0
2. Cash equivalents	—	0.0	5.2	5.1	0.0
II. Short-term financial investments	42.6	0.0	0.3	0.4	0.0
1. Available for sale securities	42.7	0.0	1.5	1.5	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.1	0.0	-1.2	-1.1	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	20.5	64.8	70.2	62.6	128.6
1. Short-term trade accounts receivable	25.0	54.0	55.1	42.7	0.0
2. Short-term prepayments to suppliers	0.4	11.5	14.1	19.3	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	0.5	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.6	1.2	2.3	1.0	0.0
7. Provision for short-term doubtful debts (*)	-9.0	-1.9	-1.2	-0.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	5.1	27.1	52.8	55.8
1. Inventories	—	6.4	30.4	53.1	0.0
2. Provision for decline in value of inventories	—	-1.3	-3.2	-0.4	0.0
V. Other short-term assets	7.1	0.2	0.4	0.7	1.6
1. Short-term prepayments	0.2	0.2	0.4	0.7	0.0
2. Value added tax to be reclaimed	0.9	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	6.0	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)	72.0	42.1	51.6	57.1	56.4
I. Long-term receivables	0.1	0.4	0.6	1.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.0
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	0.1	0.4	0.6	1.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	32.2	41.3	50.4	55.2	52.7
1. Tangible fixed assets	31.8	36.8	43.9	47.1	48.7
- Cost	48.3	69.4	81.5	83.5	0.0
- Accumulated depreciation	-16.5	-32.6	-37.6	-36.4	0.0
2. Financial leased fixed assets	—	1.0	2.9	4.3	0.0
- Cost	—	4.0	5.7	5.7	0.0
- Accumulated depreciation	—	-3.0	-2.8	-1.4	0.0
3. Intangible fixed assets	0.3	3.5	3.6	3.8	4.0
- Cost	1.1	6.3	6.3	6.3	0.0
- Accumulated depreciation	-0.8	-2.8	-2.6	-2.5	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	29.8	0.0	0.0	0.3	1.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	29.8	0.0	0.0	0.3	0.0
V. Long-term financial investments	6.8	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	6.8	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	3.2	0.5	0.6	0.4	0.0
1. Long-term prepayments	3.2	0.5	0.6	0.4	0.0
2. Deferred income tax assets	—	0.0	0.0	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	1.3
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	155.6	117.6	158.1	183.2	253.3
A. LIABILITIES (300=210+330)	97.4	48.3	89.9	111.7	182.4
I. Short -term liabilities	94.3	41.9	76.5	94.2	165.9
1. Short-term trade accounts payable	25.3	8.7	10.8	18.9	113.4
2. Short-term advances from customers	52.3	1.4	2.4	0.7	3.9
3. Taxes and other payables to state authorities	0.3	3.5	5.0	4.9	0.0
4. Payable to employees	0.2	0.2	0.5	1.0	0.0
5. Short-term acrrued expenses	0.0	0.0	0.1	0.2	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	2.7	1.7	1.7	3.2	0.0
10. Short-term borrowings and financial leases	11.8	24.5	54.1	63.6	37.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.8	1.8	1.8	1.8	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	3.1	6.4	13.4	17.5	16.5
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	1.3	2.5	3.7	0.1
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	3.1	5.1	10.9	13.8	16.4
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)	58.2	69.4	68.2	71.5	70.9
I. Owner's equity	58.2	69.4	68.2	71.5	0.0
1. Owner's capital	65.6	54.7	54.7	54.7	70.9
- Common stock with voting right	65,607,390,000.00	54,674,320,000.00	54,674,320,000.00	54,674,320,000.00	54,674,320,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	3.8	3.8	3.8	3.8
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	—	6.9	6.9	6.9	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	-7.4	3.9	2.7	6.0	5.5
- Accumulated retained earning at the end of the previous period	-1.3	2.7	6.0	5.5	3.3
- Undistributed earnings in this period	-6.1	1.2	-3.3	0.6	2.2
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)	155.6	117.6	158.1	183.2	253.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	-6.1	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	2.9	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	5.9	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	-11.8	0.0	0.0	0.0	0.0
Interest Expense	2.4	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	-6.8	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	-41.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	6.4	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	41.6	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.4	0.0	0.0	0.0	0.0
Changes in Trading Securities	-42.7	0.0	0.0	0.0	0.0
Interest Paid	-2.4	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-2.5	-0.3	-0.1	-0.2	0.0
Other Operating Receipts	—	8.0	1.3	29.8	0.0
Other Operating Payments	-0.0	-8.6	-5.7	-42.8	0.0
Net Cash Flow from Operating Activities	-47.1	28.1	16.4	-37.8	-5.5
Payments for Fixed Assets and Other Long-term Assets	-11.8	-0.1	-6.3	-10.0	-11.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	86.5	4.3	0.9	23.0	0.0
Loans and Purchases of Debt Instruments	-15.4	0.0	0.0	0.0	-1.9
Receipts from Loan Repayments and Sale of Debt Instruments	16.8	0.0	0.0	0.0	-15.0
Investments in Other Entities	-6.8	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	0.3	0.0	0.2	0.4	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	69.6	4.3	-5.2	15.2	-28.6
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	102.8	60.0	104.6	208.1	188.4
Repayment of Borrowings	-116.7	-95.5	-117.0	-185.0	-176.7
Repayment of Finance Leases	-0.8	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-0.0	-0.0
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	-14.6	-35.4	-12.3	23.1	11.7
Net Cash Flow During the Period	7.9	-3.1	-1.1	0.5	2.0
Cash and Cash Equivalents at Beginning of Period	5.4	8.5	9.6	9.1	37.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	13.4	5.4	8.5	9.6	9.1

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
Revenue	1.6	5.4	5.0	6.8	7.6	39.3	5.4	29.3	22.9	49.0	48.7	25.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.2	0.1	0.0	1.0	0.0
Net Revenue	1.6	5.4	5.0	6.8	7.6	39.3	5.4	29.1	22.9	49.0	47.6	25.7
Cost of Goods Sold	0.5	5.6	3.6	5.3	6.2	32.3	3.4	25.6	20.5	43.4	43.1	23.9
Gross Profit	1.1	-0.2	1.4	1.5	1.5	7.0	2.0	3.5	2.3	5.6	4.5	1.8
Financial Income	4.1	2.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Financial Expenses	2.6	3.6	0.4	0.6	0.5	0.6	0.6	1.0	1.1	1.4	1.5	1.7
Interest Expense	—	—	0.4	—	—	-0.1	0.6	1.0	1.1	1.4	1.5	1.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.6	0.2	0.3	0.4	0.4	0.5	0.9	0.6	1.5	0.9	0.5	1.8
General and Administrative Expenses	0.5	6.6	6.6	0.6	0.9	1.0	1.1	1.1	0.6	1.8	0.8	1.2
Operating Profit	1.5	-8.2	-5.9	-0.2	-0.4	5.0	-0.7	0.7	-0.9	1.5	1.8	-2.8
Other Income	61.3	0.8	30.3	1.2	0.0	0.0	3.5	0.7	0.0	0.8	-0.0	-0.4
Other Expenses	5.7	1.1	25.0	0.5	0.6	1.2	5.0	0.2	0.1	0.0	0.0	0.0
Other Profit	55.6	-0.4	5.3	0.7	-0.6	-1.2	-1.4	0.5	-0.1	0.8	-0.0	-0.4
Profit Before Tax	57.1	-8.6	-0.6	0.5	-0.9	3.8	-2.1	1.3	-1.1	2.2	1.8	-3.3
Current Income Tax Expense	11.4	1.5	—	—	0.8	0.3	0.0	0.0	0.0	0.2	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	45.7	-10.1	-0.6	0.5	-1.7	3.5	-2.1	1.2	-1.1	2.0	1.8	-3.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	45.7	-10.1	-0.6	0.5	-1.7	3.5	-2.1	1.2	-1.1	2.0	1.8	-3.3
Earnings per Share	6,968.00	-1,545.11	8,994.00	-223.00	-314.00	634.00	-384.00	-442.00	366.00	366.00	333.00	-599.00
Diluted EPS	6,967.85	-1,545.11	8,994.00	-223.00	-314.00	-604.00	-384.00	-442.00	366.00	365.88	332.80	-598.59

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)	111.9	83.6	118.0	72.6	78.5	74.9	82.9	84.2	96.0	107.7	112.1	122.3
I. Cash and cash equivalents	3.9	13.4	78.0	14.3	3.6	5.4	3.8	4.4	8.7	8.5	8.5	8.9
1. Cash	3.9	13.4	78.0	14.3	3.6	5.4	3.8	4.4	3.5	3.3	3.3	3.8
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	5.2	5.2	5.2	5.1
II. Short-term financial investments	85.9	45.0	—	—	—	0.0	0.3	0.3	0.4	0.4	0.4	0.4
1. Available for sale securities	69.9	45.0	—	—	—	0.0	1.5	1.5	1.5	1.5	1.5	1.5
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	-1.2	-1.2	-1.1	-1.1	-1.1	-1.1
3. Held to maturity investments	16.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	21.1	18.1	35.7	39.9	56.2	63.5	56.4	70.6	54.5	69.7	51.6	61.5
1. Short-term trade accounts receivable	28.1	25.0	21.9	21.9	28.4	52.2	39.6	54.3	39.3	54.6	38.1	37.7
2. Short-term prepayments to suppliers	0.3	0.4	11.6	3.2	12.1	11.5	14.9	14.1	14.3	14.1	12.6	23.2
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	—	0.5	10.0	15.0	15.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.1	1.2	0.6	1.6	2.1	1.2	3.1	3.4	2.2	2.0	1.2	1.0
7. Provision for short-term doubtful debts (*)	-8.4	-9.0	-8.5	-1.8	-1.9	-1.3	-1.2	-1.2	-1.2	-0.9	-0.3	-0.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	4.3	17.3	17.5	5.7	22.2	8.8	32.1	28.6	51.0	51.0
1. Inventories	—	—	8.6	18.5	18.8	6.2	22.7	9.2	32.4	29.0	51.4	51.4
2. Provision for decline in value of inventories	—	—	-4.4	-1.3	-1.3	-0.5	-0.5	-0.5	-0.4	-0.4	-0.4	-0.4
V. Other short-term assets	0.9	7.1	0.1	1.1	1.3	0.2	0.3	0.2	0.2	0.5	0.6	0.5
1. Short-term prepayments	0.1	0.2	0.1	0.2	0.1	0.2	0.2	0.2	0.2	0.5	0.6	0.5
2. Value added tax to be reclaimed	0.8	0.9	—	0.9	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	6.0	—	—	—	0.0	0.1	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)	67.8	71.9	23.9	40.0	41.3	42.1	43.0	48.9	50.5	51.7	50.8	52.2
I. Long-term receivables	0.1	—	—	0.4	0.4	0.4	0.4	0.4	0.4	0.6	0.5	0.6
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	0.1	—	—	0.4	0.4	0.4	0.4	0.4	0.4	0.6	0.5	0.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	31.0	65.0	23.7	39.3	40.5	41.3	42.2	48.1	49.5	50.6	49.9	51.2
1. Tangible fixed assets	30.6	31.8	20.3	35.7	36.2	36.8	37.4	42.4	43.2	44.0	42.9	43.9
- Cost	40.9	—	—	—	—	69.4	69.4	80.0	81.5	81.5	83.5	83.5
- Accumulated depreciation	-10.2	—	—	—	—	-32.6	-32.0	-37.6	-38.3	-37.5	-40.6	-39.6
2. Financial leased fixed assets	—	—	—	0.2	0.8	1.0	1.3	2.2	2.5	2.9	3.3	3.6
- 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	0.3	33.2	3.4	3.4	3.5	3.5	3.5	3.6	3.8	3.8	3.7	3.7
- Cost	1.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.8	—	—	—	—	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	29.8	—	—	—	0.0	0.0	0.0	0.0	0.3	0.3	0.3	0.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	29.8	—	—	—	0.0	0.0	0.0	0.0	0.3	0.3	0.3	0.3
V. Long-term financial investments	6.8	6.8	—	—	—	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	6.8	6.8	—	—	—	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	0.1	0.2	0.2	0.3	0.4	0.5	0.5	0.5	0.3	0.3	0.1	0.2
1. Long-term prepayments	0.1	0.2	0.2	0.3	0.4	0.5	0.5	0.5	0.3	0.3	0.1	0.2
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	—	—	—	—	—	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)	179.7	155.5	141.9	112.7	119.8	117.0	125.9	133.1	146.5	159.5	162.9	174.6
A. LIABILITIES (300=210+330)	75.7	98.9	81.2	44.5	52.1	47.3	59.8	64.9	74.9	86.9	93.7	107.2
I. Short -term liabilities	72.6	94.5	76.4	39.7	43.0	37.1	49.1	52.6	59.8	72.5	79.6	89.4
1. Short-term trade accounts payable	24.2	25.3	6.1	7.6	8.0	7.6	8.3	8.7	12.3	10.8	17.1	26.2
2. Short-term advances from customers	3.1	52.3	52.7	2.9	2.7	1.4	2.8	1.7	4.4	2.4	3.4	3.3
3. Taxes and other payables to state authorities	11.7	0.3	2.5	2.4	2.4	3.6	3.6	4.4	4.6	4.7	2.7	2.9
4. Payable to employees	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.4
5. Short-term acrrued expenses	—	0.0	—	0.0	—	0.0	0.2	0.2	0.0	0.1	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.5	4.2	4.1	1.7	1.8	1.7	1.8	1.7	1.8	1.4	1.5	1.7
10. Short-term borrowings and financial leases	29.0	10.6	9.2	22.9	26.1	20.6	30.5	33.9	34.6	51.1	52.8	52.9
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	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8
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	3.1	4.4	4.7	4.9	9.1	10.2	10.7	12.3	15.1	14.4	14.2	17.9
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	0.3	0.6	0.9	1.3	1.6	1.9	2.2	2.5	2.8	3.1
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	3.1	4.4	4.4	4.2	8.2	9.0	9.2	10.4	12.9	11.9	11.3	14.7
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)	104.0	56.6	60.8	68.1	67.6	69.7	66.1	68.2	71.6	72.6	69.2	67.4
I. Owner's equity	104.0	56.6	60.8	68.1	67.6	69.7	66.1	68.2	71.6	72.6	69.2	67.4
1. Owner's capital	65.6	65.6	65.6	54.7	54.7	54.7	54.7	54.7	54.7	54.7	54.7	54.7
- Common stock with voting right	65,607,390,000.00	65,607,390,000.00	65,607,390,000.00	54,674,320,000.00	54,674,320,000.00	54,674,320,000.00	54,674,320,000.00	54,674,320,000.00	54,674,320,000.00	54,674,320,000.00	54,674,320,000.00	54,674,320,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8
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	—	—	—	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9
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	38.4	-9.1	-4.8	2.7	2.2	4.3	0.6	2.8	6.2	7.1	3.8	1.9
- Accumulated retained earning at the end of the previous period	-7.4	1.0	1.0	3.9	3.9	2.7	2.7	2.7	7.2	6.0	6.0	6.0
- Undistributed earnings in this period	45.7	-10.1	-5.9	-1.2	-1.7	1.5	-2.1	0.1	-1.1	1.1	-2.3	-4.1
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)	179.7	155.5	141.9	112.7	119.8	117.0	125.9	133.1	146.5	159.5	162.9	174.6

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	—	-1.0	4.8	-9.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	1.8	-0.6	1.7	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	-9.8	5.9	9.7	—	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	—	-6.0	-5.0	-0.7	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	3.9	-2.6	1.1	—	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	—	-11.1	2.4	1.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	-73.9	-6.0	38.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	8.6	9.9	-12.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	12.5	30.2	-1.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.1	0.1	0.2	—	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	—	-0.9	-0.4	-1.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	-1.5	0.0	-0.2	-0.8	0.0	0.0	-0.2	-0.0	-0.0	0.0	-0.1
Other Operating Receipts	9.4	—	—	—	—	5.2	0.9	3.2	0.4	0.1	0.1	0.2
Other Operating Payments	-7.3	0.0	-0.0	3.1	-3.1	-8.5	-4.4	-4.2	-1.5	-1.6	-3.9	-2.1
Net Cash Flow from Operating Activities	-11.1	-108.9	36.2	16.4	9.1	6.9	6.0	-23.7	39.5	-2.5	-0.8	-38.2
Payments for Fixed Assets and Other Long-term Assets	—	-8.4	-3.3	-0.1	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	62.8	22.8	0.9	—	0.0	-0.7	0.7	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	—	-15.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	16.4	—	0.4	—	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	—	—	10.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.3	0.0	0.0	—	0.0	-0.0	0.0	0.0	0.0	-0.0	0.1
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	-15.5	39.4	44.5	1.2	-15.4	0.0	4.4	0.7	0.0	0.0	-0.0	0.1
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	130.7	75.2	2.0	4.7	20.9	4.5	18.0	36.0	0.0	18.6	37.9	53.5
Repayment of Borrowings	-113.5	-73.0	-16.2	-11.2	-16.4	-14.8	-23.3	-16.9	-39.3	-16.7	-37.0	-15.2
Repayment of Finance Leases	—	0.0	-0.2	-0.4	-0.2	-0.2	-0.5	-0.4	0.0	0.0	0.0	0.0
Dividends Paid	—	—	-2.7	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	17.2	4.9	-17.1	-6.8	4.4	-10.4	-5.9	18.6	-39.3	2.0	0.9	38.3
Net Cash Flow During the Period	-9.4	-64.6	63.6	10.8	-1.9	-3.5	4.6	-4.4	0.2	-0.5	0.1	0.2
Cash and Cash Equivalents at Beginning of Period	13.4	78.0	14.3	3.6	5.4	8.5	3.3	8.5	8.5	9.6	9.0	9.6
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	3.9	13.4	78.0	14.3	3.6	5.4	3.8	4.4	8.7	8.5	8.5	8.9

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SMT

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