TMX

VICEM Thương mại Xi măng ·HNX ·2026Q1

▲ Slightly positive

Operating efficiency is improving Net margin 1.25%, +1.14pp YoY

Price

8,200

Latest close

20 May 2026

P/E 7.95x

P/B 0.54x

EPS 1,032

BVPS 15,292

ROE 6.9%

ROA 4.4%

Profit Margin 1.2%

Asset Turnover 3.50x

Equity Mult. 1.57x

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

What Is Changing

On a TTM 2026Q1 basis, TMX has not accelerated revenue, but profitability is improving more visibly — the growth momentum has held across consecutive 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 496bn
	                                
−1.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 6bn
	                                
+1028.6%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    32.3%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	494.7	489.3	509.3	610.2	495.6
Growth	+1%	-4%	-17%	+23%	—
Net Income	4.3	1.3	3.5	5.7	3.2
Net Margin	0.88%	0.26%	0.69%	0.94%	0.65%

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	88.4	132.2	125.3	150.0	87.1	140.8	126.5	146.4	75.6	127.1	124.7	152.1
Growth	-33%	+6%	-17%	+72%	-38%	+11%	-14%	+94%	-41%	+2%	-18%	—
Net Income	0.5	0.0	3.5	2.2	-1.4	0.0	0.1	1.8	-0.7	0.9	0.6	1.4
Net Margin	0.53%	0.03%	2.81%	1.45%	-1.59%	0.03%	0.06%	1.24%	-0.86%	0.70%	0.47%	0.92%

Drivers of TMX's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 5.4bn

Gross profit ↑ 1.1bn

Selling expenses ↓ 0.8bn

Financial income ↑ 0.6bn

Other profit ↓ 1.0bn

TTM

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

Gross profit ↑ 1.9bn

Financial income ↑ 0.3bn

Administrative expenses ↓ 0.3bn

Selling expenses ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.6% = 0.1% × 3.50 × 1.59

2026Q1 6.9% = 1.2% × 3.50 × 1.57

ROE rose from 0.6% to 6.9% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 1.2% +1.1pp Asset turnover: 3.50x +0.00x Leverage: 1.57x -0.01x

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 edged up to 1.25%, rising 1.1pp. The main driver is SG&A / Revenue fell 1.2pp and Gross margin rose 0.3pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.2pp remained a drag).

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

Profitability trend

Net Margin 1.25% +1.1pp

Gross Margin 4.88% +0.3pp

SG&A / Revenue 3.57% −1.2pp

Non-core / Revenue 0.31% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (45.5% of PBT) — sustainability should be monitored.

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 1.41% —

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 0.46x equity, with a net cash position equivalent to 0.23x equity.

Over the last 12 months, working capital absorbed 29.0bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −25.5bn

Inventories decreased → higher CFO: +2.0bn

Payables decreased → lower CFO: −5.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4.2 days versus the same period last year. The main moves came from DIO fell 0.7 days, DSO fell 4.0 days, and DPO fell 0.5 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Working Capital Efficiency

Receivables 25.3 days −4.0 days

Inventory 1.5 days −0.7 days

Payables 29.3 days −0.5 days

Cash Conversion Cycle -2.6 days −4.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 3.1bn.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at -0.23x and interest coverage at 3.79x.

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 -0.23x —

Interest Coverage 3.79x +3.24x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -5.35x −175.07x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3.1bn in 2025, against investing cash flow of -7.0bn.

Post-investment cash flow was negative +3.9bn. Financing cash flow was negative +1.5bn.

CFO / net income was -5.35x.

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 33.2bn −126.4bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is operating efficiency, with net margin improving 1.1 pp. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 32.3%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.25% after expanding 1.1pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 32.3% of PBT and CFO / net income currently at -5.35x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	531.7	530.1	545.9	641.5	516.5
Revenue Deductions	37.1	40.8	36.5	31.4	0.0
Net Revenue	494.7	489.3	509.3	610.2	495.6
Cost of Goods Sold	472.3	466.0	488.4	582.8	0.0
Gross Profit	22.4	23.3	21.0	27.4	17.5
Financial Income	4.7	4.4	6.9	5.6	6.1
Financial Expenses	2.4	2.1	1.7	2.2	-1.4
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	10.6	11.5	10.9	10.5	-6.6
General and Administrative Expenses	6.9	12.2	10.8	13.3	-11.8
Operating Profit	7.2	2.0	4.5	6.9	3.9
Other Income	1.0	0.2	0.4	0.3	0.0
Other Expenses	2.1	0.3	0.3	0.0	0.0
Other Profit	-1.1	-0.0	0.0	0.3	0.2
Profit Before Tax	6.1	2.0	4.6	7.2	4.1
Current Income Tax Expense	1.7	0.7	1.0	1.5	-0.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	4.3	1.3	3.5	5.7	3.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	4.3	1.3	3.5	5.7	3.2
Earnings per Share	724.00	214.00	587.00	957.00	535.00
Diluted EPS	724.26	213.73	586.77	956.87	534.38

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	131.0	133.9	136.8	139.7	132.2
I. Cash and cash equivalents	25.3	30.7	55.1	31.6	30.0
1. Cash	24.3	29.7	55.1	31.6	0.0
2. Cash equivalents	1.0	1.0	0.0	0.0	0.0
II. Short-term financial investments	50.0	40.0	60.4	90.0	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	50.0	40.0	60.4	90.0	0.0
III. Short-term receivables	50.6	60.0	18.6	15.4	14.7
1. Short-term trade accounts receivable	26.0	31.0	39.0	35.6	0.0
2. Short-term prepayments to suppliers	1.7	1.9	2.6	4.0	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	51.0	60.4	10.8	10.3	0.0
7. Provision for short-term doubtful debts (*)	-28.0	-33.3	-33.8	-34.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	3.3	3.1	2.6	2.4	2.3
1. Inventories	3.3	3.1	2.6	2.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.8	0.1	0.1	0.3	0.3
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.1	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.6	0.0	0.0	0.3	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)	2.0	2.7	3.1	1.8	2.2
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1.3	1.7	2.0	0.7	1.1
1. Tangible fixed assets	1.3	1.7	2.0	0.7	1.1
- Cost	19.3	19.5	19.5	18.0	0.0
- Accumulated depreciation	-18.0	-17.9	-17.5	-17.3	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	0.5	0.5	0.5	0.5	0.0
- Accumulated depreciation	-0.5	-0.5	-0.5	-0.5	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.7	1.1	1.1	1.1	1.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.7	1.1	1.1	1.1	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	—	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	0.0	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)	133.0	136.6	139.9	141.5	134.4
A. LIABILITIES (300=210+330)	41.7	47.0	47.3	45.8	39.7
I. Short -term liabilities	39.3	44.7	45.3	43.7	37.4
1. Short-term trade accounts payable	23.7	26.4	30.3	31.6	22.8
2. Short-term advances from customers	5.3	9.2	6.2	6.3	5.4
3. Taxes and other payables to state authorities	0.5	0.6	0.6	0.6	0.0
4. Payable to employees	6.0	3.8	4.9	3.7	0.0
5. Short-term acrrued expenses	0.1	0.5	0.1	0.1	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	0.7	0.6	0.6	0.7	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	3.0	3.8	2.6	0.7	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	2.4	2.3	2.0	2.1	2.3
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	2.4	2.3	2.0	2.1	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)	91.3	89.5	92.6	95.7	94.7
I. Owner's equity	91.3	89.5	92.6	95.7	0.0
1. Owner's capital	60.0	60.0	60.0	60.0	94.7
- Common stock with voting right	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00
- 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	23.6	23.6	23.6	23.6	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	3.3	3.3	3.3	3.3	0.0
11. Undistributed earnings after tax	4.4	2.7	5.8	8.8	7.9
- Accumulated retained earning at the end of the previous period	0.1	1.4	2.3	3.1	4.6
- Undistributed earnings in this period	4.3	1.3	3.5	5.7	3.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	133.0	136.6	139.9	141.5	134.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	6.1	2.0	4.6	7.2	4.1
Depreciation of Fixed Assets and Investment Property	0.4	0.4	0.2	0.4	0.4
Provision (Increase)/Reversal	-5.2	-0.6	-0.7	1.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-4.4	-4.1	-6.3	-5.1	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	1.1	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-2.1	-2.4	-2.3	3.5	-1.0
Increase/(Decrease) in Receivables	14.1	8.4	-2.0	-2.8	0.0
Increase/(Decrease) in Inventory	-0.2	-0.4	-0.3	-0.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.2	-1.3	-0.5	7.9	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	-1.6	-0.8	-1.0	-1.4	0.0
Other Operating Receipts	—	0.0	3.0	2.0	0.0
Other Operating Payments	-1.9	-1.4	-4.1	-5.0	0.0
Net Cash Flow from Operating Activities	3.1	2.1	-7.1	4.0	-6.7
Payments for Fixed Assets and Other Long-term Assets	-0.2	0.0	-1.5	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-50.0	-40.0	-61.0	-15.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	40.0	10.4	90.7	10.0	5.0
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	3.2	4.9	6.1	6.2	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	-7.0	-24.7	34.2	1.2	11.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	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	-1.5	-1.8	-3.6	-3.6	-4.9
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	-1.5	-1.8	-3.6	-3.6	-4.9
Net Cash Flow During the Period	-5.4	-24.4	23.5	1.6	13.8
Cash and Cash Equivalents at Beginning of Period	30.7	55.1	31.6	30.0	30.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	25.3	30.7	55.1	31.6	30.0

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	93.7	145.4	132.7	160.0	93.6	155.3	137.4	157.5	79.9	139.1	133.7	161.7
Revenue Deductions	5.3	13.2	7.4	10.0	6.5	14.5	10.9	11.1	4.3	12.0	9.1	9.6
Net Revenue	88.4	132.2	125.3	150.0	87.1	140.8	126.5	146.4	75.6	127.1	124.7	152.1
Cost of Goods Sold	83.8	127.7	118.8	141.5	84.4	134.1	121.2	138.1	72.6	120.5	120.4	146.1
Gross Profit	4.6	4.6	6.5	8.6	2.8	6.7	5.4	8.3	3.0	6.6	4.2	6.0
Financial Income	1.4	1.2	1.2	1.2	1.1	1.1	1.1	1.1	1.1	1.6	1.8	1.8
Financial Expenses	0.4	0.7	0.6	0.7	0.4	0.7	0.6	0.6	0.3	0.4	0.4	0.5
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	3.0	1.9	2.9	3.3	2.4	3.0	2.8	3.7	2.0	2.9	2.5	3.1
General and Administrative Expenses	2.1	3.0	-1.9	3.4	2.4	3.7	3.0	3.0	2.5	3.5	2.5	2.5
Operating Profit	0.5	0.1	6.1	2.3	-1.4	0.4	0.1	2.1	-0.7	1.3	0.7	1.7
Other Income	0.2	0.3	0.3	0.3	0.1	0.1	0.1	0.1	0.0	0.2	0.1	0.0
Other Expenses	0.1	0.2	1.6	0.2	0.1	0.2	0.0	0.0	0.0	0.3	0.1	0.0
Other Profit	0.1	0.0	-1.3	0.1	0.0	-0.1	0.0	0.0	0.0	-0.1	0.1	0.0
Profit Before Tax	0.6	0.2	4.9	2.4	-1.4	0.4	0.1	2.1	-0.7	1.2	0.7	1.8
Current Income Tax Expense	0.1	0.1	1.4	0.2	—	0.3	0.0	0.3	0.0	0.3	0.2	0.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.5	0.0	3.5	2.2	-1.4	0.0	0.1	1.8	-0.7	0.9	0.6	1.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.5	0.0	3.5	2.2	-1.4	0.0	0.1	1.8	-0.7	0.9	0.6	1.4
Earnings per Share	77.00	6.00	587.00	362.00	-231.00	6.00	13.00	304.00	-109.00	149.00	97.00	233.00
Diluted EPS	77.46	6.47	587.10	361.77	-231.07	6.12	12.90	303.57	-108.85	149.32	97.32	233.31

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)	138.8	131.0	147.5	141.5	140.0	133.9	141.5	141.3	140.7	136.8	138.8	137.0
I. Cash and cash equivalents	21.1	25.3	24.8	23.3	21.2	30.7	26.0	21.3	25.5	24.6	16.1	22.5
1. Cash	20.1	24.3	23.8	22.3	20.2	29.7	26.0	21.3	25.5	24.6	16.1	12.4
2. Cash equivalents	1.0	1.0	1.0	1.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0	10.1
II. Short-term financial investments	60.0	50.0	50.0	40.0	40.0	40.0	40.0	40.0	40.0	90.9	90.5	80.0
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	60.0	50.0	50.0	40.0	40.0	40.0	40.0	40.0	40.0	90.9	90.5	80.0
III. Short-term receivables	56.4	50.6	69.6	73.8	75.8	60.0	71.3	77.0	72.3	18.6	28.1	30.1
1. Short-term trade accounts receivable	31.7	26.0	35.5	41.0	36.9	31.0	41.6	45.2	43.4	39.0	47.9	49.0
2. Short-term prepayments to suppliers	1.6	1.7	10.9	11.5	10.6	1.9	1.6	1.6	1.3	2.6	2.4	3.5
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	50.8	51.0	51.5	54.4	61.5	60.4	61.5	63.6	61.4	10.8	12.0	11.8
7. Provision for short-term doubtful debts (*)	-27.7	-28.0	-28.3	-33.1	-33.3	-33.3	-33.4	-33.4	-33.8	-33.8	-34.1	-34.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.9	3.3	3.1	4.3	2.9	3.1	4.0	3.0	2.9	2.6	3.4	3.0
1. Inventories	0.9	3.3	3.1	4.3	2.9	3.1	4.0	3.0	2.9	2.6	3.4	3.0
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	1.8	0.0	0.1	0.1	0.1	0.2	0.1	0.0	0.1	0.6	1.3
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.6	1.3
2. Value added tax to be reclaimed	0.1	0.1	—	0.0	0.1	0.0	0.2	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	1.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1.9	2.0	1.4	2.5	2.6	2.7	2.8	2.9	3.0	3.1	1.7	1.7
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	1.2	1.3	1.4	1.5	1.6	1.7	1.8	1.8	1.9	2.0	0.6	0.6
1. Tangible fixed assets	1.2	1.3	1.4	1.5	1.6	1.7	1.8	1.8	1.9	2.0	0.6	0.6
- Cost	19.3	—	—	—	—	19.5	19.5	19.5	19.5	19.5	18.0	18.0
- Accumulated depreciation	-18.1	—	—	—	—	-17.9	-17.8	-17.7	-17.6	-17.5	-17.4	-17.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.5	—	—	—	—	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	0.7	0.7	—	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.7	0.7	—	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	140.7	133.0	148.8	144.0	142.6	136.6	144.3	144.2	143.7	139.9	140.4	138.7
A. LIABILITIES (300=210+330)	48.9	41.7	57.6	54.8	54.5	47.0	54.8	54.8	51.7	47.3	48.7	47.5
I. Short -term liabilities	46.8	39.3	55.3	52.6	52.3	44.7	52.5	52.5	49.6	45.2	46.6	45.4
1. Short-term trade accounts payable	36.7	23.7	37.7	38.2	39.1	26.4	35.0	36.7	38.9	30.3	31.1	28.9
2. Short-term advances from customers	3.7	5.3	3.8	4.3	5.6	9.2	6.8	5.3	3.9	6.2	3.5	4.6
3. Dividends and profits payable	0.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.3	0.5	2.7	0.2	1.3	0.6	1.4	0.4	1.5	0.6	0.7	0.5
4. Payable to employees	1.5	6.0	3.4	2.5	1.5	3.8	3.4	2.8	1.3	4.9	2.7	2.3
5. Short-term acrrued expenses	1.0	0.1	1.7	3.3	0.7	0.5	1.0	0.7	0.7	0.1	1.3	1.7
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.4	—	0.4	0.0	0.4	0.0	0.3	0.0	0.4	0.0	0.4	0.0
9. Other short-term payables	0.1	0.7	2.1	0.6	0.6	0.6	0.6	2.5	0.8	0.6	4.2	4.1
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	2.4	3.0	3.3	3.5	3.0	3.8	4.0	4.0	2.2	2.6	2.9	3.4
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	2.2	2.4	2.3	2.2	2.2	2.3	2.3	2.2	2.1	2.1	2.1	2.1
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	2.2	2.4	2.3	2.2	2.2	2.3	2.3	2.2	2.1	2.1	2.1	2.1
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)	91.8	91.3	91.2	89.2	88.2	89.5	89.5	89.4	92.0	92.6	91.7	91.1
I. Owner's equity	91.8	91.3	91.2	89.2	88.2	89.5	89.5	89.4	92.0	92.6	91.7	91.1
1. Owner's capital	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0
- Common stock with voting right	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00
- 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	23.6	23.6	23.6	23.6	23.6	23.6	23.6	23.6	23.6	23.6	23.6	23.6
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	3.3	0.0
10. Other funds from owner's equity	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	0.0	3.3
11. Undistributed earnings after tax	4.9	4.4	4.4	2.4	1.3	2.7	2.7	2.6	5.1	5.8	4.9	4.3
- Accumulated retained earning at the end of the previous period	4.4	0.1	0.1	1.6	1.4	1.4	1.4	1.4	5.8	2.3	2.3	2.3
- Undistributed earnings in this period	0.5	4.3	4.3	0.8	-0.1	1.3	1.2	1.2	-0.7	3.5	2.6	2.0
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)	140.7	133.0	148.8	144.0	142.6	136.6	144.3	144.2	143.7	139.9	140.4	138.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	0.6	0.2	4.9	2.4	-1.4	0.4	0.1	2.1	-0.7	1.2	0.7	1.8
Depreciation of Fixed Assets and Investment Property	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0
Provision (Increase)/Reversal	-0.3	-0.3	-4.7	-0.2	—	-0.2	0.0	-0.4	0.0	-0.3	0.0	-0.4
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	-1.3	-2.2	-0.1	-1.1	-1.0	-1.0	-1.0	-1.0	-1.1	-1.5	-1.7	-1.7
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	-1.0	-1.1	0.2	1.2	-2.3	-0.7	-0.8	0.8	-1.6	-0.5	-0.9	-0.2
Increase/(Decrease) in Receivables	-6.5	28.6	9.6	-57.2	33.0	12.6	5.1	46.1	-55.4	9.9	3.2	-2.7
Increase/(Decrease) in Inventory	2.3	-0.2	1.2	-1.4	0.1	0.9	-1.0	-0.1	-0.2	0.7	-0.3	-0.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	8.0	-13.6	0.5	-0.4	8.3	-7.6	2.1	-1.0	5.1	2.4	1.8	-2.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.6	0.6	-1.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.3	-1.1	-0.3	0.0	-0.2	-0.2	-0.3	0.0	-0.3	-0.3	-0.3	-0.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-0.4	-0.2	-0.6	-0.7	-0.2	-0.0	-0.7	-0.4	-0.3	-0.5	-0.1
Net Cash Flow from Operating Activities	2.0	12.2	11.0	-58.4	38.3	4.7	5.1	45.1	-52.8	12.5	3.6	-7.0
Payments for Fixed Assets and Other Long-term Assets	—	-0.2	—	—	—	0.0	0.0	0.0	0.0	-1.5	0.0	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
Loans and Purchases of Debt Instruments	-40.0	-10.0	30.0	-70.0	—	0.0	0.0	-20.0	-20.0	-10.5	-20.5	-30.0
Receipts from Loan Repayments and Sale of Debt Instruments	30.0	0.0	-40.0	130.0	-50.0	0.0	0.0	-30.0	40.4	40.7	10.0	30.0
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	3.8	0.0	0.5	0.5	2.2	0.0	1.4	0.7	2.8	1.3	0.5	0.9
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	-6.2	-10.2	-9.5	60.5	-47.8	0.0	1.4	-49.3	23.2	30.0	-10.0	0.9
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	—	1.1	—	—	—	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	—	-1.5	—	—	—	-0.0	-1.8	-0.0	0.0	-3.6	-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	—	-1.5	—	—	—	-0.0	-1.8	-0.0	0.0	-3.6	-0.0	-0.0
Net Cash Flow During the Period	-4.2	0.5	1.5	2.1	-9.5	4.7	4.7	-4.2	-29.6	39.0	-6.4	-6.1
Cash and Cash Equivalents at Beginning of Period	25.3	24.8	23.3	21.2	30.7	55.1	55.1	55.1	55.1	31.6	31.6	31.6
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	21.1	25.3	24.8	23.3	21.2	30.7	26.0	21.3	25.5	55.1	16.1	22.5

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TMX

What Is Changing

Drivers of TMX'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