TET

Vải sợi May mặc Miền Bắc ·HNX ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 44.68%, +28.70pp YoY

Price

40,000

Latest close

02 Jun 2026

P/E 22.22x

P/B 1.89x

EPS 1,800

BVPS 21,139

ROE 8.7%

ROA 8.3%

Profit Margin 44.7%

Asset Turnover 0.19x

Equity Mult. 1.05x

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

What Is Changing

On a TTM 2026Q1 basis, TET has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 23bn
	                                
+1.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 10bn
	                                
+184.5%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    36.5%

Metric	2025	2024	2023	2022	2021
Revenue	23.4	23.5	24.0	23.0	22.6
Growth	-0%	-2%	+4%	+2%	—
Net Income	10.1	4.9	11.0	9.8	11.3
Net Margin	43.13%	20.89%	45.78%	42.43%	50.19%

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	5.8	6.4	5.5	5.3	6.2	5.9	5.7	4.7	7.2	5.9	6.7	5.4
Growth	-10%	+15%	+3%	-14%	+5%	+3%	+21%	-34%	+22%	-12%	+24%	—
Net Income	0.5	3.3	1.2	5.4	0.3	0.8	0.7	1.8	1.6	4.2	1.3	5.0
Net Margin	8.17%	51.22%	20.94%	100.75%	5.09%	13.14%	12.09%	38.54%	22.64%	70.61%	19.67%	91.29%

Drivers of TET's profit

TTM

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

Gross profit ↑ 4.0bn

Other profit ↑ 3.3bn

Tax ↑ 1.1bn

TTM

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

Gross profit ↑ 0.1bn

Other profit ↑ 0.1bn

Administrative expenses ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.1% = 16.0% × 0.18 × 1.05

2026Q1 8.7% = 44.7% × 0.19 × 1.05

ROE rose from 3.1% to 8.7% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 44.7% +28.7pp Asset turnover: 0.19x +0.00x Leverage: 1.05x -0.00x

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 44.68%, rising 28.7pp. The main driver is Gross margin rose 16.7pp and SG&A / Revenue fell 2.9pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 14.2pp added support while Net financial result / Revenue fell 0.3pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 44.68% +28.7pp

Gross Margin 45.49% +16.7pp

SG&A / Revenue 28.00% −2.9pp

Non-core / Revenue 37.18% +13.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Non-core sources is supporting margin

Non-core sources accounts for 68.0% of PBT and lifted net margin by 13.9pp — 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 28.36% +16.7pp

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 0.03x equity, with a net cash position equivalent to 0.29x 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

Inventory turnover is slowing

DIO increased by +139.8 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables — —

Inventory 216.8 days +139.8 days

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 -0.29x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.16x −0.87x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -1.7bn in 2025, against investing cash flow of 9.5bn.

Post-investment cash flow was positive +7.7bn. Financing cash flow was negative +4.6bn.

CFO / net income was -0.16x.

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 1.6bn −4.2bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 28.7 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 44.68% after expanding 28.7pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 31.5% of PBT and CFO / net income currently at -0.16x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	23.4	23.5	24.0	23.0	22.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	23.4	23.5	24.0	23.0	22.6
Cost of Goods Sold	13.1	15.4	12.8	8.4	0.0
Gross Profit	10.3	8.1	11.2	14.6	15.6
Financial Income	3.9	4.0	7.3	3.8	3.1
Financial Expenses	—	0.0	0.0	0.0	-0.0
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	0.0	-0.0
General and Administrative Expenses	6.4	7.0	5.7	5.7	-5.2
Operating Profit	7.9	5.1	12.8	12.7	13.5
Other Income	9.5	3.0	3.4	1.4	0.0
Other Expenses	5.0	1.7	2.1	1.7	0.0
Other Profit	4.5	1.3	1.3	-0.2	-0.1
Profit Before Tax	12.4	6.4	14.1	12.5	13.4
Current Income Tax Expense	2.3	1.5	3.1	2.7	-2.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	10.1	4.9	11.0	9.8	11.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	10.1	4.9	11.0	9.8	11.3
Earnings per Share	1,773.00	862.00	1,926.00	1,711.00	1,989.00
Diluted EPS	1,773.44	862.47	1,925.87	1,710.85	1,988.42

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	98.3	87.7	86.0	79.4	73.1
I. Cash and cash equivalents	83.3	80.2	76.2	75.9	70.4
1. Cash	78.3	75.2	71.2	70.9	0.0
2. Cash equivalents	5.0	5.0	5.0	5.0	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	9.9	5.1	7.5	3.5	0.5
1. Short-term trade accounts receivable	—	0.7	0.0	0.0	0.0
2. Short-term prepayments to suppliers	6.0	0.6	0.4	0.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.9	3.9	7.1	3.3	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	3.9	2.4	1.2	0.0	0.0
1. Inventories	8.3	4.5	2.5	0.0	0.0
2. Provision for decline in value of inventories	-4.4	-2.2	-1.3	0.0	0.0
V. Other short-term assets	1.1	0.0	1.0	0.0	2.2
1. Short-term prepayments	0.0	0.0	0.1	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.1	0.0	0.9	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)	25.2	31.3	34.8	35.1	37.7
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	24.5	30.0	32.5	35.1	37.7
1. Tangible fixed assets	24.5	30.0	32.5	35.1	37.7
- Cost	73.8	82.5	82.5	82.5	0.0
- Accumulated depreciation	-49.3	-52.5	-50.0	-47.4	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	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	0.7	1.3	2.2	0.0	0.0
1. Long-term prepayments	0.7	1.3	2.2	0.0	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)	123.5	119.0	120.7	114.5	110.8
A. LIABILITIES (300=210+330)	3.4	4.0	5.1	5.5	5.3
I. Short -term liabilities	3.1	3.6	5.1	5.5	5.3
1. Short-term trade accounts payable	—	0.0	0.0	0.1	0.0
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.3	1.2	1.9	1.9	0.0
4. Payable to employees	—	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.2	0.1	0.0	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	1.2	1.2	1.6	1.9	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	0.4	1.0	1.6	1.7	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	0.3	0.4	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	0.3	0.4	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)	120.1	115.0	115.6	109.0	105.5
I. Owner's equity	120.1	115.0	115.6	109.0	0.0
1. Owner's capital	57.0	57.0	57.0	57.0	105.5
- Common stock with voting right	57,029,400,000.00	57,029,400,000.00	57,029,400,000.00	57,029,400,000.00	57,029,400,000.00
- 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	38.1	36.9	34.6	32.2	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	24.9	21.1	24.0	19.8	19.2
- Accumulated retained earning at the end of the previous period	17.6	19.0	14.7	13.5	11.2
- Undistributed earnings in this period	7.3	2.1	9.3	6.3	7.9
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)	123.5	119.0	120.7	114.5	110.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	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	-2.2	-2.1	-3.0	-2.3	0.0
Other Operating Receipts	1.3	1.1	1.1	0.1	0.0
Other Operating Payments	-17.5	-12.2	-12.7	-9.8	0.0
Net Cash Flow from Operating Activities	-1.7	1.3	0.5	9.7	7.0
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.2	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	5.5	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	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	4.0	7.1	3.5	0.8	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	9.5	7.1	3.3	0.8	3.1
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	-4.6	-4.6	-3.4	-5.1	-5.1
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	-4.6	-4.6	-3.4	-5.1	-5.1
Net Cash Flow During the Period	3.2	3.9	0.4	5.5	23.7
Cash and Cash Equivalents at Beginning of Period	80.2	76.2	75.9	70.4	65.4
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	83.3	80.2	76.2	75.9	70.4

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	5.8	6.4	5.5	5.3	6.2	5.9	5.7	4.7	7.2	5.9	6.7	5.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	5.8	6.4	5.5	5.3	6.2	5.9	5.7	4.7	7.2	5.9	6.7	5.4
Cost of Goods Sold	3.3	2.5	3.2	3.5	3.9	4.0	4.0	4.1	3.3	3.3	3.2	2.7
Gross Profit	2.4	3.9	2.3	1.8	2.3	1.9	1.7	0.6	3.9	2.6	3.6	2.7
Financial Income	0.0	1.0	1.0	1.9	0.0	1.0	1.0	2.0	0.0	3.7	0.0	3.6
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	0.0	0.0
General and Administrative Expenses	1.8	1.2	1.7	1.7	1.7	1.8	1.7	1.8	1.7	0.9	1.8	1.5
Operating Profit	0.6	3.7	1.6	2.0	0.6	1.1	1.0	0.8	2.2	5.3	1.8	4.7
Other Income	0.3	0.3	0.4	8.5	0.3	0.3	0.3	2.0	0.3	0.3	0.4	2.5
Other Expenses	0.3	0.4	0.5	3.7	0.4	0.4	0.5	0.4	0.4	0.4	0.4	0.8
Other Profit	-0.0	-0.1	-0.1	4.8	-0.1	-0.1	-0.1	1.6	-0.1	-0.1	-0.0	1.6
Profit Before Tax	0.6	3.6	1.5	6.8	0.5	1.0	0.9	2.4	2.1	5.3	1.7	6.4
Current Income Tax Expense	0.2	0.4	0.4	1.4	0.1	0.3	0.2	0.5	0.5	1.1	0.4	1.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.5	3.3	1.2	5.4	0.3	0.8	0.7	1.8	1.6	4.2	1.3	5.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.5	3.3	1.2	5.4	0.3	0.8	0.7	1.8	1.6	4.2	1.3	5.0
Earnings per Share	82.00	572.00	202.00	944.00	56.00	136.00	121.00	320.00	285.00	728.00	231.00	869.00
Diluted EPS	82.50	571.70	202.49	943.67	55.58	136.13	121.08	319.92	285.35	728.02	231.48	869.18

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)	101.3	98.3	96.0	93.5	91.2	87.7	88.1	85.0	88.8	87.3	83.8	80.4
I. Cash and cash equivalents	35.5	83.3	28.8	25.5	32.2	80.2	26.8	23.1	27.1	76.2	23.3	20.1
1. Cash	30.5	78.3	23.8	20.5	32.2	75.2	21.8	18.1	22.1	71.2	18.3	15.1
2. Cash equivalents	5.0	5.0	5.0	5.0	—	5.0	5.0	5.0	5.0	5.0	5.0	5.0
II. Short-term financial investments	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	61.1	9.9	62.7	62.2	56.4	5.1	59.1	58.2	59.5	7.5	58.7	58.8
1. Short-term trade accounts receivable	—	—	0.5	1.0	1.0	0.7	0.7	0.7	0.2	0.0	0.0	0.0
2. Short-term prepayments to suppliers	6.0	0.4	4.2	4.2	0.3	0.6	0.4	0.4	0.4	0.4	0.2	0.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	55.1	9.6	58.0	57.0	55.1	3.9	58.0	57.0	58.9	7.1	58.5	58.6
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	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	4.7	3.9	4.0	3.2	2.5	2.4	2.2	2.0	2.1	2.5	1.6	0.8
1. Inventories	10.2	8.3	8.4	6.5	4.7	4.5	4.0	3.8	2.1	2.5	1.6	0.8
2. Provision for decline in value of inventories	-5.5	-4.4	-4.4	-3.4	-2.2	-2.2	-1.8	-1.8	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	1.1	0.6	2.5	0.0	0.0	0.1	1.8	0.0	1.0	0.2	0.6
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.1	0.2	0.2
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	1.1	0.5	2.5	—	0.0	0.0	1.7	0.0	0.9	0.0	0.5
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)	24.4	25.2	26.0	26.8	30.9	31.3	32.2	33.0	33.9	34.8	35.6	36.5
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	24.0	24.5	25.0	25.5	29.4	30.0	30.6	31.3	31.9	32.5	33.2	33.8
1. Tangible fixed assets	24.0	24.5	25.0	25.5	29.4	30.0	30.6	31.3	31.9	32.5	33.2	33.8
- Cost	73.8	—	—	—	—	82.5	82.5	82.5	82.5	82.5	82.5	82.5
- Accumulated depreciation	-49.9	—	—	—	—	-52.5	-51.9	-51.3	-50.6	-50.0	-49.3	-48.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.4	0.7	1.0	1.2	1.5	1.3	1.5	1.8	2.0	2.2	2.4	2.7
1. Long-term prepayments	0.4	0.7	1.0	1.2	1.5	1.3	1.5	1.8	2.0	2.2	2.4	2.7
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)	125.7	123.5	122.0	120.2	122.1	119.0	120.3	118.1	122.7	122.1	119.4	116.9
A. LIABILITIES (300=210+330)	5.1	3.4	5.2	4.6	6.8	3.9	6.0	4.5	5.4	5.4	6.9	5.7
I. Short -term liabilities	4.9	3.0	4.8	4.2	6.4	3.6	6.0	4.5	5.4	5.4	6.9	5.7
1. Short-term trade accounts payable	—	—	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.4	1.3	1.5	2.3	3.5	1.2	1.8	1.5	2.7	2.2	3.3	2.1
4. Payable to employees	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.1	0.2	0.2	0.1	0.1	0.1	0.2	0.2	0.1	0.0	0.0	0.0
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	1.5	—	1.4	—	1.3	0.0	1.3	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.2	1.1	1.1	1.1	1.2	1.2	1.4	1.5	1.6	1.6	1.6	1.4
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	-0.3	0.4	0.5	0.6	0.3	1.0	1.4	1.4	1.0	1.6	1.9	2.0
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	0.3	0.4	0.4	0.4	0.4	0.4	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	0.3	0.4	0.4	0.4	0.4	0.4	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)	120.6	120.1	116.8	115.7	115.3	115.0	114.2	113.6	117.2	116.7	112.5	111.2
I. Owner's equity	120.6	120.1	116.8	115.7	115.3	115.0	114.2	113.6	117.2	116.7	112.5	111.2
1. Owner's capital	57.0	57.0	57.0	57.0	57.0	57.0	57.0	57.0	57.0	57.0	57.0	57.0
- Common stock with voting right	57,029,400,000.00	57,029,400,000.00	57,029,400,000.00	57,029,400,000.00	57,029,400,000.00	57,029,400,000.00	57,029,400,000.00	57,029,400,000.00	57,029,400,000.00	57,029,400,000.00	57,029,400,000.00	57,029,400,000.00
- 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	38.1	38.1	38.1	38.1	36.9	36.9	36.9	36.9	34.6	34.6	34.6	34.6
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	25.4	24.9	21.6	20.5	21.4	21.1	20.3	19.6	25.6	25.0	20.9	19.6
- Accumulated retained earning at the end of the previous period	24.9	17.6	17.6	17.6	21.1	19.0	19.0	19.0	24.0	14.7	14.7	14.7
- Undistributed earnings in this period	0.5	7.3	4.0	2.8	0.3	2.1	1.3	0.6	1.6	10.3	6.2	4.9
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)	125.7	123.5	122.0	120.2	122.1	119.0	120.3	118.1	122.7	122.1	119.4	116.9

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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.4	-0.4	-1.4	-0.1	-0.3	-0.2	-0.5	-0.2	-1.1	-0.4	-1.4	-0.5
Other Operating Receipts	4.1	—	—	—	—	0.3	0.3	-3.0	3.4	0.2	0.5	-3.0
Other Operating Payments	-2.1	-7.6	-1.6	-6.9	-1.4	-4.2	-0.5	-6.1	-1.4	-5.0	-1.5	-4.3
Net Cash Flow from Operating Activities	7.2	-6.0	3.2	-6.0	7.1	-1.7	3.7	-6.5	5.8	-1.9	3.1	-4.9
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.2	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	5.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	3.9	0.0	0.1	-0.0	7.1	0.0	0.1	0.0	3.3
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	-55.0	60.6	0.0	3.9	-55.0	55.1	-0.0	7.1	-55.0	54.9	0.0	3.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	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
Dividends Paid	—	0.0	0.0	-4.6	—	0.0	0.0	-4.6	0.0	0.0	-0.0	-3.4
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	—	0.0	0.0	-4.6	—	0.0	0.0	-4.6	0.0	0.0	-0.0	-3.4
Net Cash Flow During the Period	-47.8	54.5	3.3	-6.7	-47.9	53.3	3.7	-4.0	-49.1	53.0	3.2	-5.0
Cash and Cash Equivalents at Beginning of Period	83.3	28.8	25.5	32.2	80.2	76.2	76.2	76.2	76.2	75.9	75.9	75.9
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	35.5	83.3	28.8	25.5	32.2	80.2	26.8	23.1	27.1	76.2	23.3	20.1

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TET

What Is Changing

Drivers of TET's profit

Financial Highlights

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What is driving the margin? ▲▲

Is capital being used efficiently?

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