SVT

Công nghệ Sài Gòn Viễn Đông ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 108.16%, −966.29pp YoY

Price

10,650

Latest close

04 Jun 2026

P/E 8.26x

P/B 0.78x

EPS 1,290

BVPS 13,656

ROE 9.4%

ROA 9.2%

Profit Margin 108.2%

Asset Turnover 0.09x

Equity Mult. 1.02x

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

What Is Changing

On a TTM 2026Q1 basis, SVT is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 21bn
	                                
+656.6%YoY

	                            
	                                NET MARGIN
	                            
	                                    108.16%
	                                
−966.3ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 22bn
	                                
−23.8%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    92.0%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	14.3	2.7	71.0	166.3	109.0
Growth	+426%	-96%	-57%	+53%	—
Net Income	26.8	27.6	25.5	24.8	33.7
Net Margin	187.29%	1011.32%	35.97%	14.94%	30.94%

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	7.0	7.4	5.6	0.7	0.7	0.7	0.7	0.7	0.7	6.7	26.3	14.3
Growth	-5%	+31%	+724%	0%	0%	0%	0%	0%	-90%	-74%	+84%	—
Net Income	0.3	13.4	2.8	5.9	4.8	8.4	4.7	11.4	4.3	12.7	6.1	3.0
Net Margin	3.62%	181.69%	50.10%	863.92%	707.14%	1232.89%	683.38%	1674.40%	626.05%	188.77%	23.09%	20.94%

Drivers of SVT's profit

TTM

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

Gross profit ↑ 4.2bn

Financial income ↓ 10.7bn

TTM

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

Financial income ↓ 4.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.3% = 1074.5% × 0.01 × 1.00

2026Q1 9.4% = 108.2% × 0.09 × 1.02

ROE fell from 12.3% to 9.4% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 108.2% -966.3pp Asset turnover: 0.09x +0.07x Leverage: 1.02x +0.01x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 108.16%, losing 966.3pp. The main pressure is Gross margin fell 32.3pp, outweighing the improvement in SG&A / Revenue fell 121.0pp (with lingering pressure from Net financial result / Revenue fell 1064.6pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 108.16% −966.3pp

Gross Margin 28.33% −32.3pp

SG&A / Revenue 18.05% −121.0pp

Non-core / Revenue 102.23% −1064.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 1064.6pp, financial result still accounts for 92.0% of PBT — earnings durability should be monitored in coming periods.

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 109.57% −964.9pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.07x equity, with a net cash position equivalent to 0.01x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

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

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

Working Capital Efficiency

Receivables 20.3 days −537.5 days

Inventory — —

Payables — —

Cash Conversion Cycle — —

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.

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

Leverage and liquidity trend

Net Debt / Equity -0.01x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.04x −0.04x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -14.6bn in 2025, against investing cash flow of 35.7bn.

Post-investment cash flow was positive +21.1bn. Financing cash flow was negative +26.0bn.

CFO / net income was -0.04x.

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 0.9bn −0.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.01x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 966.3 pp.

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

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 92.0% of PBT and CFO / net income currently at -0.04x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 108.16% after a 966.3pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	14.3	2.7	71.0	166.3	109.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	14.3	2.7	71.0	166.3	109.0
Cost of Goods Sold	8.8	1.1	68.3	161.8	0.0
Gross Profit	5.5	1.7	2.7	4.5	2.4
Financial Income	25.9	31.2	27.5	23.9	31.1
Financial Expenses	—	0.0	0.0	0.0	-0.4
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.0	0.0	0.2	0.2	-0.2
General and Administrative Expenses	3.9	3.7	3.4	2.5	-1.3
Operating Profit	27.5	29.1	26.6	25.7	31.5
Other Income	0.0	0.0	0.0	0.1	0.0
Other Expenses	—	0.8	0.6	0.0	0.0
Other Profit	0.0	-0.8	-0.6	0.1	3.6
Profit Before Tax	27.5	28.3	25.9	25.8	35.1
Current Income Tax Expense	0.7	0.7	0.4	0.9	-1.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	26.8	27.6	25.5	24.8	33.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	26.8	27.6	25.5	24.8	33.7
Earnings per Share	1,551.00	1,593.00	1,647.00	1,650.00	2,912.92
Diluted EPS	1,551.00	1,593.00	1,647.00	1,650.00	2,912.59

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	25.0	65.4	35.7	70.6	47.2
I. Cash and cash equivalents	0.5	5.4	2.4	5.5	0.3
1. Cash	0.5	5.4	2.4	5.5	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	24.0	59.9	33.3	65.1	46.9
1. Short-term trade accounts receivable	0.7	1.0	6.6	33.1	0.0
2. Short-term prepayments to suppliers	0.5	0.1	0.1	0.1	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	5.0	54.0	13.2	30.4	0.0
6. Other short-term receivables	17.8	4.8	13.5	1.6	0.0
7. Provision for short-term doubtful debts (*)	—	-0.0	-0.0	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.1	0.0	0.0	0.0	0.0
1. Inventories	0.1	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	0.4	0.0	0.0	0.0	0.0
1. Short-term prepayments	0.4	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0
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)	228.4	171.3	199.4	139.2	137.9
I. Long-term receivables	13.0	0.0	27.0	8.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	12.9
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	13.0	0.0	27.0	8.2	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	4.0	0.1	0.1	0.2	0.3
1. Tangible fixed assets	4.0	0.1	0.1	0.2	0.3
- Cost	8.9	4.9	4.9	4.9	0.0
- Accumulated depreciation	-4.9	-4.8	-4.8	-4.7	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	10.3	11.2	12.0	12.9	13.7
- Cost	22.9	22.9	22.9	22.9	0.0
- Accumulated depreciation	-12.6	-11.7	-10.9	-10.0	0.0
IV. Long-term assets in progress	0.9	0.9	0.9	0.8	0.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.9	0.9	0.9	0.8	0.0
V. Long-term financial investments	179.6	158.8	158.8	116.8	110.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	152.8	139.1	139.1	97.0	0.0
3. Investments in other entities	26.9	19.7	19.7	19.7	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	20.5	0.3	0.6	0.3	0.0
1. Long-term prepayments	20.5	0.3	0.6	0.3	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)	253.4	236.7	235.2	209.8	185.1
A. LIABILITIES (300=210+330)	17.3	1.3	1.3	1.4	1.3
I. Short -term liabilities	17.3	1.3	1.3	1.4	1.3
1. Short-term trade accounts payable	0.9	0.0	0.0	0.0	0.0
2. Short-term advances from customers	0.5	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.3	0.1	0.2	0.5	0.0
4. Payable to employees	0.5	0.1	0.1	0.1	0.0
5. Short-term acrrued expenses	0.2	0.1	0.1	0.0	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	5.9	0.0	0.0	0.0	0.0
9. Other short-term payables	8.1	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	0.9	0.8	0.6	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	0.0	0.0	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	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	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)	236.1	235.4	233.8	208.5	183.8
I. Owner's equity	236.1	235.4	233.8	208.5	0.0
1. Owner's capital	173.1	173.1	173.1	150.5	183.8
- Common stock with voting right	173,109,780,000.00	173,109,780,000.00	173,109,780,000.00	150,533,690,000.00	115,795,740,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	4.8	4.8	4.8	4.8	4.8
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	5.4	5.4	5.4	5.4	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	52.9	52.1	50.6	47.8	57.9
- Accumulated retained earning at the end of the previous period	26.0	24.5	25.0	23.0	24.1
- Undistributed earnings in this period	26.8	27.6	25.5	24.8	33.7
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)	253.4	236.7	235.2	209.8	185.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	27.5	28.3	25.9	25.8	0.0
Depreciation of Fixed Assets and Investment Property	1.0	0.9	0.9	1.0	0.0
Provision (Increase)/Reversal	-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
Gain/Loss from Investment Activities	-25.9	-31.2	-27.5	-24.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	2.6	-2.0	-0.6	2.8	0.0
Increase/(Decrease) in Receivables	-11.1	6.2	26.0	-27.2	0.0
Increase/(Decrease) in Inventory	-0.1	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	15.3	-0.0	0.1	0.1	0.0
Increase/(Decrease) in Prepaid Expenses	-20.6	0.2	-0.2	-0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.6	-0.7	-0.6	-0.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.0	-0.0	-0.7	0.0
Net Cash Flow from Operating Activities	-14.6	3.6	24.6	-26.1	11.7
Payments for Fixed Assets and Other Long-term Assets	-3.5	0.0	-0.1	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	3.6
Loans and Purchases of Debt Instruments	-18.0	-60.0	-32.0	-8.2	-22.5
Receipts from Loan Repayments and Sale of Debt Instruments	54.0	46.2	30.4	3.3	11.9
Investments in Other Entities	-20.8	0.0	-42.0	-6.3	-7.9
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	24.0	39.2	16.1	42.4	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	35.7	25.4	-27.7	31.3	1.3
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-26.0	-26.0	0.0	0.0	-23.0
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	-26.0	-26.0	0.0	0.0	-23.0
Net Cash Flow During the Period	-4.9	3.1	-3.1	5.1	0.0
Cash and Cash Equivalents at Beginning of Period	5.4	2.4	5.5	0.3	11.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.5	5.4	2.4	5.5	0.3

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
Revenue	7.0	7.4	5.6	0.7	0.7	0.7	0.7	0.7	0.7	6.7	26.3	14.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	7.0	7.4	5.6	0.7	0.7	0.7	0.7	0.7	0.7	6.7	26.3	14.3
Cost of Goods Sold	6.2	6.1	2.2	0.3	0.3	0.3	0.3	0.3	0.3	5.9	25.6	13.7
Gross Profit	0.8	1.3	3.4	0.4	0.4	0.4	0.4	0.4	0.4	0.8	0.7	0.6
Financial Income	0.7	13.2	0.7	6.6	5.5	9.1	5.2	12.1	4.8	13.1	6.3	3.4
Financial Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.1	0.1	0.0
General and Administrative Expenses	0.8	1.0	0.9	1.0	0.9	1.0	0.9	1.0	0.9	1.0	0.8	0.8
Operating Profit	0.6	13.4	3.2	6.0	4.9	8.5	4.8	11.5	4.3	12.8	6.2	3.0
Other Income	0.1	0.0	—	—	—	0.0	0.3	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.4	—	—	—	—	0.0	0.3	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.3	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Profit Before Tax	0.3	13.4	3.2	6.0	4.9	8.5	4.8	11.5	4.3	12.8	6.2	3.0
Current Income Tax Expense	0.1	0.1	0.4	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.3	13.4	2.8	5.9	4.8	8.4	4.7	11.4	4.3	12.7	6.1	3.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.3	13.4	2.8	5.9	4.8	8.4	4.7	11.4	4.3	12.7	6.1	3.0
Earnings per Share	15.00	772.00	163.00	340.00	279.00	486.00	269.00	659.00	247.00	735.00	403.00	199.00
Diluted EPS	14.62	771.89	162.52	340.27	278.52	485.59	269.16	659.49	246.58	735.08	402.70	198.62

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)	17.1	25.0	41.4	65.4	66.3	65.4	10.9	20.5	28.1	35.7	14.0	35.9
I. Cash and cash equivalents	1.9	0.5	1.6	1.7	2.4	5.4	1.8	5.1	1.5	2.4	3.0	1.1
1. Cash	1.9	0.5	1.6	1.7	2.4	5.4	1.8	5.1	1.5	2.4	3.0	1.1
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	11.6	—	—	—	—	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	11.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	3.3	23.9	39.7	63.6	63.9	59.9	9.2	15.5	26.5	33.3	11.0	34.8
1. Short-term trade accounts receivable	0.5	11.0	11.9	2.5	1.8	1.0	0.3	0.0	6.6	6.6	0.0	11.0
2. Short-term prepayments to suppliers	0.4	0.5	3.6	1.3	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.4
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	—	5.0	19.6	45.0	54.0	54.0	0.0	5.0	5.0	13.2	6.0	20.5
6. Other short-term receivables	2.4	7.5	4.7	14.8	8.1	4.8	8.8	10.4	14.8	13.5	5.0	3.0
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
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.1	0.1	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	0.1	0.1	0.1	—	—	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	0.3	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	0.3	0.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	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
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)	226.0	228.4	197.4	181.9	175.0	171.3	217.6	228.9	211.2	200.1	209.0	181.1
I. Long-term receivables	0.0	13.0	0.1	4.1	4.0	0.0	46.0	57.0	39.0	27.0	35.7	8.2
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	—	13.0	—	4.0	4.0	0.0	46.0	57.0	39.0	27.0	35.2	8.2
6. Other long-term receivables	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.5	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	3.8	4.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.2
1. Tangible fixed assets	3.8	4.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.2
- Cost	8.9	—	—	—	—	4.9	4.9	4.9	4.9	4.9	4.9	4.9
- Accumulated depreciation	-5.1	—	—	—	—	-4.8	-4.8	-4.8	-4.8	-4.8	-4.8	-4.7
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	10.1	10.3	10.5	10.7	10.9	11.2	11.4	11.6	11.8	12.0	12.2	12.4
- Cost	22.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-12.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.9	0.9	2.2	0.9	0.9	0.9	0.9	0.9	0.9	1.6	1.5	1.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.9	0.9	2.2	0.9	0.9	0.9	0.9	0.9	0.9	1.6	1.5	1.2
V. Long-term financial investments	192.6	179.6	179.6	165.9	158.8	158.8	158.8	158.8	158.8	158.8	158.8	158.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	152.8	152.8	152.8	139.1	139.1	139.1	139.1	139.1	139.1	139.1	139.1	139.1
3. Investments in other entities	26.9	26.9	26.9	26.9	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7
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	13.0	—	—	—	—	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	18.5	20.5	5.0	0.2	0.3	0.3	0.4	0.4	0.5	0.6	0.6	0.3
1. Long-term prepayments	18.5	20.5	5.0	0.2	0.3	0.3	0.4	0.4	0.5	0.6	0.6	0.3
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)	243.1	253.4	238.9	247.3	241.3	236.7	228.5	249.4	239.2	235.8	223.0	217.0
A. LIABILITIES (300=210+330)	6.7	17.2	16.1	1.2	1.1	1.3	1.6	1.2	1.1	1.3	1.3	1.1
I. Short -term liabilities	6.7	17.2	16.1	1.2	1.1	1.3	1.6	1.2	1.1	1.3	1.3	1.1
1. Short-term trade accounts payable	0.7	0.9	0.5	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.2
2. Short-term advances from customers	0.6	0.5	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.2	0.2	0.6	0.2	0.2	0.1	0.2	0.1	0.1	0.2	0.2	0.2
4. Payable to employees	0.2	0.5	0.2	0.1	0.0	0.1	0.1	0.1	0.0	0.1	0.1	0.1
5. Short-term acrrued expenses	0.2	0.2	0.1	0.1	—	0.1	0.1	0.1	0.2	0.1	0.1	0.1
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	4.4	5.9	6.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.1	8.1	7.5	0.0	0.0	0.0	0.4	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	0.9	0.9	0.8	0.8	0.9	0.9	0.9	0.8	0.8	0.8	0.6
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	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	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)	236.4	236.2	222.8	246.1	240.2	235.4	227.0	248.3	238.1	234.5	221.8	215.9
I. Owner's equity	236.4	236.2	222.8	246.1	240.2	235.4	227.0	248.3	238.1	234.5	221.8	215.9
1. Owner's capital	173.1	173.1	173.1	173.1	173.1	173.1	173.1	173.1	173.1	173.1	150.5	150.5
- Common stock with voting right	173,109,780,000.00	173,109,780,000.00	173,109,780,000.00	173,109,780,000.00	173,109,780,000.00	173,109,780,000.00	173,109,780,000.00	173,109,780,000.00	173,109,780,000.00	173,109,780,000.00	150,533,690,000.00	150,533,690,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8
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	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4
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	53.1	52.9	39.6	62.8	56.9	52.1	43.7	65.0	54.9	51.2	61.1	55.2
- Accumulated retained earning at the end of the previous period	52.9	26.0	26.0	52.1	52.1	24.5	24.5	49.3	50.6	25.0	47.6	47.8
- Undistributed earnings in this period	0.3	26.9	13.5	10.7	4.8	27.6	19.2	15.7	4.3	26.2	13.5	7.4
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)	243.1	253.4	238.9	247.3	241.3	236.7	228.5	249.4	239.2	235.8	223.0	217.0

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	—	16.6	10.9	—	0.0	-15.0	15.0	0.0	25.9	-7.6	7.6	0.0
Depreciation of Fixed Assets and Investment Property	—	0.5	0.5	—	0.0	-0.5	0.5	0.0	0.9	-0.5	0.5	0.0
Provision (Increase)/Reversal	—	-0.0	—	—	0.0	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	0.0
Gain/Loss from Investment Activities	—	-13.8	-12.1	—	0.0	16.9	-16.9	0.0	-27.5	8.1	-8.1	0.0
Interest Expense	—	—	—	—	0.0	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	0.0
Interest Income and Dividends	—	—	—	—	0.0	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	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	3.2	-0.7	—	0.0	1.4	-1.4	0.0	-0.6	0.1	-0.1	0.0
Increase/(Decrease) in Receivables	—	-9.4	-1.7	—	0.0	-6.0	6.0	0.0	26.0	-22.4	22.4	0.0
Increase/(Decrease) in Inventory	—	-0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	15.4	-0.1	—	0.0	0.2	-0.2	0.0	0.1	-0.1	0.1	0.0
Increase/(Decrease) in Prepaid Expenses	—	-20.7	0.1	—	0.0	-0.1	0.1	0.0	-0.2	-0.1	0.1	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.2	-0.4	-0.1	-0.1	0.1	0.5	-0.4	-0.2	-0.6	0.4	0.0	-0.4
Other Operating Receipts	0.5	—	—	—	-0.1	0.1	-0.0	0.0	0.0	0.0	-0.0	0.0
Other Operating Payments	-2.2	-0.0	0.6	-0.6	0.4	-0.4	0.3	-0.3	-0.0	0.0	0.3	-0.4
Net Cash Flow from Operating Activities	13.6	-12.0	-1.3	-1.3	-1.1	-2.9	5.1	-1.2	24.6	-22.0	34.4	-12.4
Payments for Fixed Assets and Other Long-term Assets	-8.0	-2.3	-1.2	—	0.0	0.0	0.0	0.0	-0.1	0.4	-0.4	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-14.0	-4.0	—	0.0	30.0	-30.0	0.0	-32.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	45.0	9.0	—	0.0	-8.2	8.2	0.0	30.4	-9.9	9.9	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	-42.0	42.0	-42.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.2	21.8	0.0	2.2	-5.3	-15.3	16.4	4.2	16.1	-6.1	5.5	0.7
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-12.3	36.7	0.7	-1.8	-21.3	22.5	-1.6	0.4	-27.7	26.4	-37.0	10.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-26.0	—	—	25.6	-25.6	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	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-26.0	—	—	25.6	-25.6	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	1.3	-1.2	-0.7	-3.1	3.3	-6.0	3.5	-0.8	-3.1	4.4	-2.6	-1.8
Cash and Cash Equivalents at Beginning of Period	0.5	5.4	2.4	5.4	0.0	5.1	2.4	2.4	5.5	0.0	5.5	5.5
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.9	0.5	1.7	2.4	0.0	1.8	5.1	1.5	2.4	0.0	1.1	3.7

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SVT

What Is Changing

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Financial Highlights

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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