SVH

Thủy điện Sông Vàng ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 59.49%, +5.97pp YoY

Price

—

Latest close

P/E —

P/B —

EPS 3,571

BVPS 19,736

ROE 19.9%

ROA 9.7%

Profit Margin 59.5%

Asset Turnover 0.16x

Equity Mult. 2.06x

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

What Is Changing

On a TTM 2026Q1 basis, SVH is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 89bn
	                                
+30.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 53bn
	                                
+44.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	89.6	59.9	56.3	67.4	51.7
Growth	+50%	+6%	-16%	+31%	—
Net Income	56.0	31.1	29.7	34.4	24.7
Net Margin	62.56%	51.93%	52.66%	50.93%	47.79%

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	24.6	29.8	15.7	18.8	25.3	24.4	8.1	10.6	16.7	20.7	4.5	12.8
Growth	-17%	+90%	-17%	-25%	+3%	+200%	-23%	-37%	-19%	+357%	-65%	—
Net Income	14.2	20.1	8.1	10.5	17.4	14.6	1.4	3.2	10.4	14.8	-4.5	2.7
Net Margin	57.56%	67.54%	51.91%	55.61%	68.96%	59.81%	17.43%	29.94%	62.26%	71.57%	-98.46%	20.65%

Drivers of SVH's profit

TTM

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

Gross profit ↑ 19.3bn

Tax ↑ 3.2bn

TTM

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

Tax ↑ 1.6bn

Gross profit ↓ 1.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.6% = 53.5% × 0.14 × 2.20

2026Q1 19.9% = 59.5% × 0.16 × 2.06

ROE rose from 16.6% to 19.9% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 59.5% +6.0pp Asset turnover: 0.16x +0.02x Leverage: 2.06x -0.14x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 59.49%, rising 6.0pp. The main driver is Gross margin rose 4.9pp and SG&A / Revenue fell 1.4pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 3.0pp added support while Other profit / Revenue fell 1.3pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 59.49% +6.0pp

Gross Margin 77.39% +4.9pp

SG&A / Revenue 2.69% −1.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 10.8% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 10.85%, rising 2.3pp. That translates to 10.85 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 7.1pp, with capital turnover broadly stable; while invested capital rose by 71bn.

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 10.85% +2.3pp

NOPAT Margin 60.09% +7.1pp

Capital Turnover 0.18x +0.02x

Average Invested Capital 492.7bn +71.1bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.06x equity, net debt at 0.75x 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.

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 30.8 days −12.8 days

Inventory — —

Payables 608.9 days −290.7 days

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.75x and interest coverage at 10.83x.

At present, short-term debt accounts for 25.5% of total debt, cash equals 5.3% of debt, and total debt stands at 232.0bn.

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

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 5.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.75x −0.22x

Interest Coverage 10.83x +4.50x

Cash / Debt 5.3% −0.9pp

Short-term Debt / Total Debt 25.5% +5.6pp

CFO / NI 1.74x +0.85x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 94.2bn in 2025, against investing cash flow of -78.4bn.

Post-investment cash flow was positive +15.8bn. Financing cash flow was negative +15.2bn.

CFO / net income was 1.74x.

After spending +70.2bn on fixed-asset investment, the business generated trailing free cash flow of +22.0bn.

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 92.2bn +59.4bn

Cash Capex 70.2bn +41.3bn

FCF TTM +22.0bn +18.0bn

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 operating efficiency, with net margin improving 6.0 pp. The next item to monitor is capital efficiency, with ROIC at 10.8%. The main risk still sits in leverage and liquidity, with interest coverage at 10.83x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 59.49% after expanding 6.0pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.75x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	89.6	59.9	56.3	67.4	51.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	89.6	59.9	56.3	67.4	51.7
Cost of Goods Sold	19.1	18.6	19.2	18.8	0.0
Gross Profit	70.4	41.3	37.1	48.7	35.4
Financial Income	0.5	1.2	0.8	0.9	0.0
Financial Expenses	5.8	6.7	8.9	9.9	-7.6
Interest Expense	5.8	6.7	8.9	9.9	-7.6
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	2.4	2.7	1.1	3.4	-1.9
Operating Profit	62.8	33.0	27.9	36.3	25.8
Other Income	0.4	1.2	5.3	0.0	0.0
Other Expenses	0.9	1.2	1.5	0.2	0.0
Other Profit	-0.4	-0.1	3.8	-0.1	-0.1
Profit Before Tax	62.4	32.9	31.7	36.2	25.8
Current Income Tax Expense	6.4	1.8	2.0	1.8	-1.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	56.0	31.1	29.7	34.4	24.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	56.0	31.1	29.7	34.4	24.7
Earnings per Share	3,781.00	2,098.00	2,001.00	2,318.00	162.00
Diluted EPS	3,781.00	2,098.00	2,001.00	2,318.00	1,665.65

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	90.0	85.4	85.3	81.2	42.2
I. Cash and cash equivalents	13.3	12.6	3.0	7.1	12.8
1. Cash	13.3	12.6	3.0	7.1	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	70.8	65.5	77.1	71.0	29.4
1. Short-term trade accounts receivable	11.9	11.9	16.6	8.1	0.0
2. Short-term prepayments to suppliers	39.1	38.8	45.0	41.7	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	8.9	0.0	1.2	15.3	0.0
6. Other short-term receivables	10.8	14.8	14.3	5.9	0.0
7. Provision for short-term doubtful debts (*)	-0.0	-0.0	-0.0	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0	0.0
1. Inventories	—	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	6.0	7.3	5.2	3.2	0.0
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	6.0	7.3	5.2	3.2	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)	483.5	422.2	322.1	251.9	222.7
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	171.4	181.6	193.1	204.2	215.5
1. Tangible fixed assets	171.4	181.6	193.1	204.2	215.5
- Cost	451.9	450.5	450.5	450.1	0.0
- Accumulated depreciation	-280.5	-268.9	-257.4	-245.9	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	309.1	240.6	128.8	46.4	7.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	309.1	240.6	128.8	46.4	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	3.0	0.0	0.2	1.3	0.0
1. Long-term prepayments	3.0	0.0	0.2	1.3	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	0.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	573.6	507.6	407.4	333.1	264.9
A. LIABILITIES (300=210+330)	295.3	285.3	216.3	171.6	138.0
I. Short -term liabilities	117.2	89.2	79.4	62.9	138.0
1. Short-term trade accounts payable	45.2	22.7	31.5	21.5	22.2
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	5.8	2.9	3.6	1.8	0.0
4. Payable to employees	1.1	1.1	1.2	0.9	0.0
5. Short-term acrrued expenses	0.2	0.3	0.3	0.4	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	2.6	2.9	2.7	2.1	0.0
10. Short-term borrowings and financial leases	62.2	59.3	40.0	36.1	109.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	178.1	196.1	136.9	108.7	0.0
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	178.1	196.1	136.9	108.7	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	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)	278.3	222.3	191.2	161.5	126.9
I. Owner's equity	278.3	222.3	191.2	161.5	0.0
1. Owner's capital	148.2	148.2	148.2	148.2	126.9
- Common stock with voting right	148,206,625,000.00	148,206,625,000.00	148,206,625,000.00	148,206,625,000.00	148,206,625,000.00
- 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	130.1	74.1	43.0	13.3	-21.3
- Accumulated retained earning at the end of the previous period	74.1	43.0	13.3	-21.0	-46.9
- Undistributed earnings in this period	56.0	31.1	29.7	34.4	25.7
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)	573.6	507.6	407.4	333.1	264.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	62.4	32.9	31.7	36.2	0.0
Depreciation of Fixed Assets and Investment Property	11.6	11.5	11.5	11.4	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	-0.5	-1.2	-0.8	-0.9	0.0
Interest Expense	5.8	6.7	8.9	9.9	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	79.2	50.0	51.3	56.5	0.0
Increase/(Decrease) in Receivables	5.0	8.6	-22.5	10.5	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	22.2	-27.6	-14.1	-8.0	0.0
Increase/(Decrease) in Prepaid Expenses	-3.0	0.2	1.1	-1.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-5.8	-6.7	-9.0	-9.8	0.0
Corporate Income Tax Paid	-3.5	-2.1	-1.8	-0.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	94.2	22.3	5.0	46.8	26.8
Payments for Fixed Assets and Other Long-term Assets	-70.0	-93.4	-56.4	-73.6	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-15.4	-14.6	-12.4	-25.3	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	6.5	15.6	26.5	10.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.5	1.2	1.0	0.6	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	-78.4	-91.2	-41.2	-88.2	-0.0
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	22.3	93.3	44.3	163.2	82.9
Repayment of Borrowings	-37.4	-14.8	-12.2	-127.5	-180.2
Repayment of Finance Leases	—	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	-15.2	78.5	32.1	35.7	-97.3
Net Cash Flow During the Period	0.6	9.6	-4.1	-5.8	10.8
Cash and Cash Equivalents at Beginning of Period	12.6	3.0	7.1	12.8	83.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	13.3	12.6	3.0	7.1	12.8

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	24.6	29.8	15.7	18.8	25.3	24.4	8.1	10.6	16.7	20.7	4.5	12.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	24.6	29.8	15.7	18.8	25.3	24.4	8.1	10.6	16.7	20.7	4.5	12.8
Cost of Goods Sold	5.1	5.4	4.9	4.7	4.2	5.0	4.6	5.1	4.4	5.4	5.8	5.7
Gross Profit	19.5	24.4	10.8	14.1	21.1	19.4	3.6	5.5	12.4	15.3	-1.3	7.2
Financial Income	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.2	0.8	0.1	0.2	0.3
Financial Expenses	1.4	1.3	1.4	1.5	1.5	1.6	1.6	1.7	1.8	2.2	2.3	4.9
Interest Expense	1.4	1.3	1.4	1.5	1.5	1.6	1.6	1.7	1.8	2.2	2.3	4.9
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	0.5	0.8	0.5	0.6	0.5	0.9	0.7	0.6	0.5	1.1	1.2	1.0
Operating Profit	17.8	22.4	9.1	12.1	19.2	16.9	1.3	3.4	10.9	12.1	-4.6	1.6
Other Income	—	0.1	—	0.1	0.3	0.6	0.2	0.2	0.1	3.2	0.2	1.2
Other Expenses	0.0	0.2	0.0	0.5	0.2	0.5	0.0	0.2	0.0	0.2	0.0	0.0
Other Profit	-0.0	-0.1	-0.0	-0.4	0.1	0.1	0.2	0.0	0.1	3.1	0.2	1.2
Profit Before Tax	17.7	22.3	9.1	11.7	19.4	17.0	1.5	3.4	11.0	15.2	-4.5	2.8
Current Income Tax Expense	3.6	2.2	0.9	1.2	1.9	2.4	0.1	0.2	0.6	0.4	0.0	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	14.2	20.1	8.1	10.5	17.4	14.6	1.4	3.2	10.4	14.8	-4.5	2.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	14.2	20.1	8.1	10.5	17.4	14.6	1.4	3.2	10.4	14.8	-4.5	2.7
Earnings per Share	957.14	1,357.70	549.75	706.02	1,175.25	985.09	95.83	213.44	703.46	997.59	-300.44	178.88
Diluted EPS	957.14	1,357.70	549.75	706.02	1,175.25	985.09	95.83	213.44	703.46	997.59	-300.44	178.88

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)	91.9	90.9	79.1	86.2	90.7	85.5	41.7	50.2	54.1	85.3	75.2	87.5
I. Cash and cash equivalents	12.2	13.3	6.5	14.4	15.3	12.6	6.6	4.1	5.3	3.0	3.7	3.9
1. Cash	12.2	13.3	6.5	14.4	15.3	12.6	6.6	4.1	5.3	3.0	3.7	3.9
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	18.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	18.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	57.2	71.6	68.4	68.2	70.4	65.5	26.5	37.3	39.2	77.1	65.3	77.5
1. Short-term trade accounts receivable	8.1	11.9	5.8	9.0	6.9	11.9	3.0	8.2	9.4	16.6	2.2	5.3
2. Short-term prepayments to suppliers	39.3	39.1	43.0	44.5	44.5	38.8	11.3	11.7	11.2	45.0	40.2	39.3
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	—	8.9	10.0	5.0	5.0	0.0	1.1	6.1	5.6	1.2	6.6	18.7
6. Other short-term receivables	9.9	11.7	9.6	9.8	14.1	14.8	11.2	11.4	13.1	13.5	16.4	14.3
7. Provision for short-term doubtful debts (*)	-0.0	-0.0	-0.0	-0.0	-0.0	-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	0.8	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	3.5	6.0	4.2	3.6	5.0	7.4	8.6	8.9	9.6	5.2	6.2	6.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	3.5	6.0	3.9	3.6	5.0	7.4	8.6	8.9	9.6	5.2	6.2	0.0
3. Taxes and other receivables from state authorities	—	—	0.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	6.0
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)	485.5	483.5	434.5	428.6	427.2	422.2	419.6	414.1	396.7	316.9	315.4	291.1
I. Long-term receivables	0.2	—	—	—	—	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	0.2	—	—	—	—	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	168.5	171.4	174.3	177.2	180.1	181.6	184.5	187.3	190.2	193.1	195.9	198.8
1. Tangible fixed assets	168.5	171.4	174.3	177.2	180.1	181.6	184.5	187.3	190.2	193.1	195.9	198.8
- Cost	451.9	—	—	—	—	450.5	450.5	450.5	450.5	450.5	450.5	450.5
- Accumulated depreciation	-283.4	—	—	—	—	-268.9	-266.0	-263.1	-260.3	-257.4	-254.5	-251.7
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	314.1	309.1	256.8	251.4	247.0	240.6	235.1	226.7	206.4	123.0	118.3	90.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	314.1	309.1	256.8	251.4	247.0	240.6	235.1	226.7	206.4	123.0	118.3	90.8
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	2.8	3.0	3.3	—	—	0.0	0.0	0.1	0.1	0.9	1.1	1.5
1. Long-term prepayments	2.8	3.0	3.3	—	—	0.0	0.0	0.1	0.1	0.9	1.1	1.5
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)	577.4	574.5	513.6	514.8	517.9	507.6	461.3	464.4	450.9	402.3	390.5	378.6
A. LIABILITIES (300=210+330)	284.9	296.1	255.3	264.7	278.2	286.8	255.1	259.6	249.3	215.5	218.6	205.4
I. Short -term liabilities	111.5	96.7	67.1	73.2	78.9	67.3	103.5	108.0	112.4	64.2	67.2	74.2
1. Short-term trade accounts payable	44.2	45.3	18.2	21.9	22.9	22.7	67.5	70.1	70.0	31.5	33.7	39.4
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	5.7	5.7	2.4	1.4	3.7	4.3	0.9	0.8	2.4	3.1	2.1	0.6
4. Payable to employees	0.3	1.1	0.3	0.2	0.2	1.1	0.4	0.3	0.4	1.1	0.4	0.4
5. Short-term acrrued expenses	0.3	0.2	1.6	1.0	0.5	0.3	1.5	0.9	0.6	0.2	1.9	1.4
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	1.8	2.5	1.9	2.3	2.3	2.9	2.4	1.9	2.0	2.7	2.2	2.4
10. Short-term borrowings and financial leases	59.1	41.8	42.9	46.4	49.4	36.0	30.9	33.9	37.0	25.6	27.0	30.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	173.4	199.4	188.2	191.5	199.3	219.5	151.6	151.6	136.9	151.3	151.3	131.2
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	0.5	—	—	—	—	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	172.9	199.4	188.2	191.5	199.3	219.5	151.6	151.6	136.9	151.3	151.3	131.2
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)	292.5	278.4	258.3	250.2	239.7	220.8	206.2	204.8	201.6	186.8	172.0	173.2
I. Owner's equity	292.5	278.4	258.3	250.2	239.7	220.8	206.2	204.8	201.6	186.8	172.0	173.2
1. Owner's capital	148.2	148.2	148.2	148.2	148.2	148.2	148.2	148.2	148.2	148.2	148.2	148.2
- Common stock with voting right	148,206,625,000.00	148,206,625,000.00	148,206,625,000.00	148,206,625,000.00	148,206,625,000.00	148,206,625,000.00	148,206,625,000.00	148,206,625,000.00	148,206,625,000.00	148,206,625,000.00	148,206,625,000.00	148,206,625,000.00
- 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	144.3	130.2	110.1	102.0	91.5	72.6	58.0	56.6	53.4	38.5	23.8	25.0
- Accumulated retained earning at the end of the previous period	130.1	74.1	74.1	74.1	74.1	43.0	43.0	43.0	43.0	13.3	13.3	13.3
- Undistributed earnings in this period	14.2	56.1	36.0	27.9	17.4	29.6	15.0	13.6	10.4	25.2	10.4	11.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	577.4	574.5	513.6	514.8	517.9	507.6	461.3	464.4	450.9	402.3	390.5	378.6

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	—	31.4	—	31.0	—	0.0	-14.5	14.5	0.0	31.7	-15.9	15.9
Depreciation of Fixed Assets and Investment Property	—	5.8	—	5.8	—	0.0	-5.7	5.7	0.0	11.5	-5.7	5.7
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	—	-0.3	—	-0.2	—	0.0	1.0	-1.0	0.0	-0.8	0.5	-0.5
Interest Expense	—	2.7	—	3.1	—	0.0	-3.5	3.5	0.0	8.9	-5.2	5.2
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	—	39.6	—	39.6	—	0.0	-22.8	22.8	0.0	51.3	-26.3	26.3
Increase/(Decrease) in Receivables	—	-1.2	—	6.1	—	0.0	-41.1	41.1	0.0	-22.5	5.8	-5.8
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)	—	26.0	—	-3.8	—	0.0	10.1	-10.1	0.0	-14.1	-1.5	1.5
Increase/(Decrease) in Prepaid Expenses	—	-3.0	—	—	—	0.0	-0.1	0.1	0.0	1.1	0.2	-0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-3.7	—	-2.1	—	0.0	2.6	-2.6	0.0	-9.0	4.3	-4.3
Corporate Income Tax Paid	-2.5	0.0	0.0	-3.5	—	0.0	0.0	-2.0	-0.1	0.0	0.0	-1.8
Other Operating Receipts	3.9	—	—	—	—	6.8	9.0	-3.2	3.2	-6.6	6.6	-2.0
Other Operating Payments	-5.7	—	-9.7	—	-4.9	-9.5	-9.7	4.7	-4.7	16.6	-16.6	10.7
Net Cash Flow from Operating Activities	21.7	48.3	9.5	12.7	23.7	-0.3	-28.2	37.6	11.6	5.9	-16.6	18.1
Payments for Fixed Assets and Other Long-term Assets	-4.5	-57.3	-0.5	-7.9	-4.3	-3.3	28.7	-50.0	-2.6	-33.9	9.8	-32.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-5.4	—	-10.0	—	0.0	14.2	-14.2	0.0	-12.4	10.0	-10.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	1.5	—	5.0	—	0.0	-9.3	9.3	0.0	26.5	-6.6	6.6
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	0.4	0.0	0.0	0.1	0.1	0.1	0.1	0.7	1.0	-0.3	0.3
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	-14.5	-55.8	-5.5	-7.9	-9.2	-1.9	33.8	-50.4	-6.3	-27.8	21.9	-38.5
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	—	17.2	—	5.1	—	13.9	0.0	14.7	0.0	24.2	-2.5	22.6
Repayment of Borrowings	-8.2	-8.0	-6.9	-10.7	-11.8	-5.6	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	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	-8.2	14.2	-11.9	-5.7	-11.8	8.2	-3.1	11.6	-3.1	21.2	-5.5	19.5
Net Cash Flow During the Period	-1.0	6.8	-7.9	-0.9	2.7	6.1	2.5	-1.2	2.3	-0.7	-0.2	-0.9
Cash and Cash Equivalents at Beginning of Period	13.3	6.5	14.4	15.3	12.6	3.0	3.0	3.0	3.0	7.1	7.1	7.1
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	12.2	13.3	6.5	14.4	15.3	12.6	6.6	4.1	5.3	3.0	3.7	3.9

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SVH

What Is Changing

Drivers of SVH'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 ●

Is financial risk significant?

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