TNB

Thép Nhà Bè - VNSTEEL ·UPCOM ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT −15.37x

Price

10,200

Latest close

15 May 2026

P/E 22.72x

P/B 0.88x

EPS 449

BVPS 11,561

ROE 3.5%

ROA 1.5%

Profit Margin 0.4%

Asset Turnover 3.72x

Equity Mult. 2.34x

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

What Is Changing

On a TTM 2026Q1 basis, TNB is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,273bn
	                                
+58.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 9bn
	                                
+634.6%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -15.37x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2020
Revenue	1,902.9	1,391.4	1,447.6	1,992.5	890.1
Growth	+37%	-4%	-27%	+124%	—
Net Income	5.0	1.9	1.8	-8.4	11.0
Net Margin	0.26%	0.14%	0.12%	-0.42%	1.24%

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	704.5	623.5	505.4	439.2	334.8	447.8	280.3	369.9	293.4	383.3	337.4	311.8
Growth	+13%	+23%	+15%	+31%	-25%	+60%	-24%	+26%	-23%	+14%	+8%	—
Net Income	5.3	0.8	1.0	2.1	0.1	6.8	-5.9	0.3	0.8	3.0	-2.7	-1.9
Net Margin	0.75%	0.13%	0.19%	0.48%	0.02%	1.52%	-2.12%	0.08%	0.26%	0.79%	-0.81%	-0.61%

Drivers of TNB's profit

TTM

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

Gross profit ↑ 33.9bn

Financial income ↑ 4.2bn

Selling expenses ↑ 13.6bn

Administrative expenses ↑ 12.5bn

Tax ↑ 2.3bn

Finance costs ↑ 1.8bn

TTM

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

Gross profit ↑ 19.7bn

Financial income ↑ 1.3bn

Other profit ↑ 0.7bn

Selling expenses ↑ 6.7bn

Administrative expenses ↑ 5.5bn

Finance costs ↑ 3.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.7% = 0.1% × 2.83 × 2.80

2026Q1 3.5% = 0.4% × 3.72 × 2.34

ROE rose from 0.7% to 3.5% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 0.4% +0.3pp Asset turnover: 3.72x +0.90x Leverage: 2.34x -0.46x

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 0.40%, rising 0.3pp. Core operating signals are improving as Gross margin rose 0.0pp are enough to offset pressure from SG&A / Revenue rose 0.0pp (with additional support from Net financial result / Revenue rose 0.4pp and Other profit / Revenue rose 0.0pp).

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

Profitability trend

Net Margin 0.40% +0.3pp

Gross Margin 3.99% +0.0pp

SG&A / Revenue 3.09% +0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 35.6 days.

Is capital being deployed efficiently?

ROIC expanded to 2.97%, rising 2.4pp. That translates to 2.97 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.3pp and capital turnover rose 2.15x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Watchpoints

ROIC remains low

ROIC is currently 2.97% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.97% +2.4pp

NOPAT Margin 0.42% +0.3pp

Capital Turnover 7.12x +2.15x

Average Invested Capital 319.4bn +30.9bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 1.17x equity, net debt at 0.32x equity.

Inventory ended the period at 256.7bn, roughly 35.1% of total assets.

Over the last 12 months, working capital absorbed 161.3bn 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: −57.4bn

Inventories decreased → higher CFO: +26.2bn

Payables decreased → lower CFO: −130.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 25.0 days versus the same period last year. The main moves came from DIO fell 20.7 days, DSO fell 7.2 days, and DPO fell 3.0 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Working Capital Efficiency

Receivables 22.8 days −7.2 days

Inventory 23.6 days −20.7 days

Payables 10.8 days −3.0 days

Cash Conversion Cycle 35.6 days −25.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 147.3bn due to capex of 6.5bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.32x and interest coverage only at 0.85x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 47.7% of debt, and total debt stands at 206.5bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.85x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.32x +0.27x

Interest Coverage 0.85x +0.65x

Cash / Debt 47.7% −46.7pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -15.37x −179.77x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -19.4bn in 2025, against investing cash flow of -105.2bn.

Post-investment cash flow was negative +124.7bn. Financing cash flow was positive +205.9bn.

CFO / net income was -15.37x.

After spending +6.5bn on fixed-asset investment, the business generated trailing free cash flow of −147.3bn.

Cash Conversion

CFO TTM 140.8bn −345.9bn

Cash Capex 6.5bn −2.2bn

FCF TTM −147.3bn −343.7bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at -15.37x. The main risk still sits in capital efficiency remains weak, with ROIC at 3.0%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -15.37x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2020
Revenue	1,923.0	1,405.2	1,457.6	2,012.3	904.7
Revenue Deductions	20.1	13.8	10.0	19.8	0.0
Net Revenue	1,902.9	1,391.4	1,447.6	1,992.5	890.1
Cost of Goods Sold	1,834.8	1,333.2	1,385.0	1,935.0	0.0
Gross Profit	68.0	58.3	62.7	57.5	45.3
Financial Income	11.0	2.7	2.2	4.1	0.8
Financial Expenses	12.0	13.3	16.3	16.8	-7.7
Interest Expense	11.4	12.3	14.3	14.3	-7.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	20.3	13.9	12.8	18.1	-7.7
General and Administrative Expenses	39.4	30.6	33.2	34.8	-16.4
Operating Profit	7.3	3.1	2.5	-8.1	14.3
Other Income	0.8	0.8	0.8	0.8	0.0
Other Expenses	1.9	0.9	0.6	1.0	0.0
Other Profit	-1.1	-0.1	0.3	-0.3	-0.4
Profit Before Tax	6.2	3.0	2.8	-8.4	13.9
Current Income Tax Expense	1.2	1.0	1.0	0.0	-2.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	5.0	1.9	1.8	-8.4	11.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	5.0	1.9	1.8	-8.4	11.0
Earnings per Share	191.00	134.00	123.00	-681.00	961.00
Diluted EPS	168.36	133.51	122.60	-578.69	0.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	652.5	395.3	312.8	252.3
I. Cash and cash equivalents	91.1	9.8	15.0	14.0
1. Cash	10.1	9.8	15.0	14.0
2. Cash equivalents	81.0	0.0	0.0	0.0
II. Short-term financial investments	105.9	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	105.9	0.0	0.0	0.0
III. Short-term receivables	140.0	197.2	97.3	72.2
1. Short-term trade accounts receivable	136.0	196.0	96.9	71.5
2. Short-term prepayments to suppliers	3.4	0.8	0.2	0.4
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	0.6	0.3	0.2	0.3
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	256.7	138.6	170.0	151.5
1. Inventories	256.8	138.6	170.0	151.5
2. Provision for decline in value of inventories	-0.0	-0.0	0.0	0.0
V. Other short-term assets	58.8	49.7	30.6	14.6
1. Short-term prepayments	2.7	0.8	0.6	0.9
2. Value added tax to be reclaimed	55.8	48.5	29.6	13.5
3. Taxes and other receivables from state authorities	0.3	0.3	0.3	0.3
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	78.6	88.7	95.8	113.1
I. Long-term receivables	—	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	71.9	85.2	93.8	112.8
1. Tangible fixed assets	71.7	85.0	93.8	112.8
- Cost	357.6	354.2	345.6	346.4
- Accumulated depreciation	-285.8	-269.2	-251.8	-233.6
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.2	0.0	0.1
- Cost	0.8	0.8	0.6	0.6
- Accumulated depreciation	-0.6	-0.6	-0.6	-0.5
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	1.5	1.5	1.5
- Accumulated depreciation	—	-1.5	-1.5	-1.5
IV. Long-term assets in progress	5.5	3.3	1.6	0.1
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	5.5	3.3	1.6	0.1
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	1.2	0.2	0.5	0.1
1. Long-term prepayments	1.2	0.2	0.5	0.1
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	731.1	483.9	408.6	365.4
A. LIABILITIES (300=210+330)	394.9	302.1	228.4	187.0
I. Short -term liabilities	394.9	302.1	228.4	185.8
1. Short-term trade accounts payable	54.4	32.4	60.3	30.1
2. Short-term advances from customers	0.2	0.1	0.3	0.0
3. Taxes and other payables to state authorities	0.7	1.0	1.0	0.0
4. Payable to employees	18.9	7.4	7.4	5.9
5. Short-term acrrued expenses	6.4	4.5	3.8	2.9
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	2.5	1.8	2.2	2.4
10. Short-term borrowings and financial leases	311.8	254.9	153.4	144.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.1	0.0	0.1
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	1.1
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	1.1
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	336.2	181.9	180.2	178.4
I. Owner's equity	336.2	181.9	180.2	178.4
1. Owner's capital	294.3	144.9	144.9	144.9
- Common stock with voting right	294,290,000,000.00	144,900,000,000.00	144,900,000,000.00	144,900,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	6.9	7.3	7.3	7.3
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	15.9	15.9	15.9	15.9
5. Treasury shares	-1,230,000.00	-1,230,000.00	-1,230,000.00	-1,230,000.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	9.1	4.5	4.5	4.5
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	9.9	9.3	7.7	5.9
- Accumulated retained earning at the end of the previous period	5.0	7.4	5.9	14.3
- Undistributed earnings in this period	5.0	1.9	1.8	-8.4
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	731.1	483.9	408.6	365.4

Item	2025	2024	2023	2022	2020
Profit Before Tax	6.2	3.0	2.8	-8.4	13.9
Depreciation of Fixed Assets and Investment Property	15.2	17.4	19.5	19.9	9.4
Provision (Increase)/Reversal	-0.0	0.0	0.0	-0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.4	0.0	0.8	0.0
Gain/Loss from Investment Activities	-5.1	-0.0	-0.1	-0.0	0.0
Interest Expense	11.4	12.3	14.3	14.3	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	27.5	32.2	36.6	26.3	33.7
Increase/(Decrease) in Receivables	50.6	-117.8	-41.3	64.5	0.0
Increase/(Decrease) in Inventory	-118.1	31.4	-18.4	166.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	36.3	-27.9	32.8	-55.0	0.0
Increase/(Decrease) in Prepaid Expenses	-2.4	0.1	-0.2	-0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-11.4	-12.2	-14.4	-14.3	0.0
Corporate Income Tax Paid	-1.7	-1.1	0.0	-0.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	-0.2	-0.1	-2.4	0.0
Net Cash Flow from Operating Activities	-19.4	-95.6	-5.0	184.3	63.7
Payments for Fixed Assets and Other Long-term Assets	-3.9	-11.0	-1.9	-1.1	-3.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-105.9	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	4.6	0.0	0.0	0.0	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	-105.2	-11.0	-1.8	-1.1	-3.0
Proceeds from Equity Issuance and Capital Contributions	149,055,000,000.00	0.00	0.00	349,701,360.00	0.00
Share Repurchases	—	0.00	0.00	-1,230,000.00	0.00
Proceeds from Borrowings	1,990.7	1,375.4	1,410.1	1,871.8	827.1
Repayment of Borrowings	-1,933.8	-1,273.9	-1,402.3	-2,041.8	-859.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	0.0	-0.0	-7.5	-12.0
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	205.9	101.5	7.8	-177.2	-44.1
Net Cash Flow During the Period	81.2	-5.2	1.0	6.0	0.0
Cash and Cash Equivalents at Beginning of Period	9.8	15.0	14.0	8.0	4.0
FX Difference from Revaluation	0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	91.1	9.8	15.0	14.0	0.0

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	709.9	631.9	509.5	444.3	337.4	452.1	283.8	373.3	296.1	387.0	340.3	312.9
Revenue Deductions	5.4	8.4	4.0	5.1	2.6	4.3	3.5	3.4	2.6	3.7	2.8	1.2
Net Revenue	704.5	623.5	505.4	439.2	334.8	447.8	280.3	369.9	293.4	383.3	337.4	311.8
Cost of Goods Sold	672.2	601.1	488.7	420.1	322.1	425.6	274.1	354.2	279.2	363.7	326.4	304.2
Gross Profit	32.3	22.4	16.8	19.1	12.6	22.2	6.2	15.7	14.2	19.6	11.0	7.6
Financial Income	2.2	1.4	1.5	2.4	0.9	1.5	0.1	0.8	0.4	0.5	0.9	0.4
Financial Expenses	5.9	3.6	2.6	2.8	2.9	3.6	3.4	3.3	3.1	3.9	4.6	2.6
Interest Expense	5.2	3.4	2.6	2.7	2.7	3.5	2.8	2.9	3.1	3.4	4.2	4.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	9.8	6.6	5.4	5.2	3.1	4.0	2.3	3.9	3.6	3.7	3.4	0.6
General and Administrative Expenses	12.5	10.9	9.3	10.5	7.0	8.3	6.9	8.5	6.9	8.7	7.4	7.3
Operating Profit	6.3	2.6	1.0	2.9	0.5	7.7	-6.3	0.8	0.9	3.8	-3.4	-2.5
Other Income	0.3	0.2	0.3	0.2	0.2	0.3	0.2	0.1	0.3	0.2	0.2	0.3
Other Expenses	—	1.2	0.1	0.1	0.5	0.2	0.4	0.2	0.2	0.0	0.2	0.2
Other Profit	0.3	-1.0	0.2	0.1	-0.4	0.1	-0.2	-0.1	0.1	0.2	-0.0	0.1
Profit Before Tax	6.6	1.6	1.2	3.0	0.1	7.8	-6.5	0.7	1.0	4.1	-3.4	-2.4
Current Income Tax Expense	1.3	0.7	0.2	0.9	0.0	1.0	-0.5	0.4	0.2	1.0	-0.7	-0.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.3	0.8	1.0	2.1	0.1	6.8	-5.9	0.3	0.8	3.0	-2.7	-1.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.3	0.8	1.0	2.1	0.1	6.8	-5.9	0.3	0.8	3.0	-2.7	-1.9
Earnings per Share	179.00	58.00	67.00	145.00	5.00	470.00	-410.00	21.00	53.00	208.00	-189.00	-132.00
Diluted EPS	178.51	28.43	32.93	71.52	5.13	469.57	-410.09	21.49	52.93	207.89	-189.04	-132.14

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)	570.9	652.6	611.4	573.9	487.6	396.9	429.0	334.9	350.0	312.8	307.8	409.3
I. Cash and cash equivalents	98.5	91.1	12.1	19.6	152.6	9.8	44.3	8.6	9.5	15.0	12.6	12.8
1. Cash	16.6	10.1	12.1	19.6	152.6	9.8	44.3	8.6	9.5	15.0	12.6	12.8
2. Cash equivalents	81.9	81.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	105.9	105.9	150.2	149.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	150.2	—	—	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	105.9	105.9	—	149.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	173.5	140.0	182.9	147.3	115.2	197.2	103.0	150.2	122.5	97.3	93.3	94.8
1. Short-term trade accounts receivable	170.2	136.0	181.3	146.2	114.0	196.0	101.0	148.1	121.9	96.9	90.6	92.3
2. Short-term prepayments to suppliers	2.6	3.4	1.3	0.8	1.0	0.8	1.7	1.8	0.1	0.2	2.5	2.2
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	0.7	0.6	0.3	0.4	0.3	0.3	0.4	0.3	0.4	0.2	0.2	0.4
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	127.9	256.8	175.4	178.9	154.1	140.2	232.0	138.7	179.9	170.0	172.0	264.3
1. Inventories	127.9	256.8	175.4	179.0	154.1	140.3	232.0	138.8	179.9	170.0	172.9	264.3
2. Provision for decline in value of inventories	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	0.0	-1.0	0.0
V. Other short-term assets	65.0	58.9	90.8	78.7	65.7	49.7	49.6	37.3	38.1	30.6	29.9	37.4
1. Short-term prepayments	6.5	2.7	3.3	4.6	4.8	0.8	1.8	3.2	3.6	0.6	1.7	3.5
2. Value added tax to be reclaimed	58.2	55.8	87.3	73.7	60.6	48.5	47.5	33.8	34.2	29.6	27.9	33.6
3. Taxes and other receivables from state authorities	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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)	77.5	73.7	77.9	82.0	84.9	87.0	90.0	94.4	91.8	95.8	99.5	104.0
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	71.1	71.0	74.2	77.8	81.3	85.2	88.2	92.5	89.6	93.8	98.0	102.9
1. Tangible fixed assets	71.0	70.8	74.0	77.6	81.1	85.0	88.2	92.5	89.6	93.8	98.0	102.9
- Cost	360.5	—	—	—	—	354.2	353.0	353.0	345.7	345.6	345.1	345.9
- Accumulated depreciation	-289.5	—	—	—	—	-269.2	-264.8	-260.5	-256.0	-251.8	-247.1	-242.9
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	0.2	0.2	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	0.9	0.9	—	—	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	5.4	0.6	2.1	3.4	3.6	1.7	1.6	1.5	1.7	1.6	0.9	0.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5.4	0.6	2.1	3.4	3.6	1.7	1.6	1.5	1.7	1.6	0.9	0.4
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	1.0	1.2	0.7	0.8	0.1	0.2	0.2	0.3	0.4	0.5	0.6	0.7
1. Long-term prepayments	1.0	1.2	0.7	0.8	0.1	0.2	0.2	0.3	0.4	0.5	0.6	0.7
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)	648.4	726.3	689.3	655.9	572.5	483.9	519.0	429.3	441.8	408.6	407.3	513.3
A. LIABILITIES (300=210+330)	308.2	391.0	355.4	323.1	390.9	302.1	343.9	248.3	260.8	228.4	230.1	332.8
I. Short -term liabilities	308.2	391.0	355.4	323.1	390.9	302.1	343.9	248.3	260.8	228.4	230.1	332.8
1. Short-term trade accounts payable	63.3	54.4	56.0	89.1	66.3	32.4	43.5	40.6	38.0	60.3	27.2	95.5
2. Short-term advances from customers	0.0	0.2	0.1	0.2	0.0	0.1	0.0	0.1	0.0	0.3	0.0	0.0
3. Dividends and profits payable	0.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.5	1.4	0.6	0.9	0.0	1.0	0.0	0.5	0.1	1.0	0.0	0.4
4. Payable to employees	14.8	14.3	10.1	7.6	4.8	7.4	4.5	3.1	2.1	7.4	3.6	5.2
5. Short-term acrrued expenses	14.8	6.4	6.9	7.2	5.5	4.5	2.9	6.2	2.8	3.7	4.6	6.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.5	2.5	1.6	1.7	151.0	1.8	2.0	1.9	2.0	2.2	2.4	2.2
10. Short-term borrowings and financial leases	206.5	311.8	274.6	212.4	161.5	254.9	290.1	194.4	214.9	153.4	191.7	222.9
11. Provision for short-term liabilities	3.9	—	5.3	3.8	1.3	0.0	0.8	1.2	0.8	0.0	0.6	0.5
12.. Bonus and welfare fund	1.2	0.0	0.2	0.2	0.4	0.1	0.2	0.3	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	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)	340.2	335.2	333.8	332.8	181.6	181.9	175.1	181.0	181.0	180.3	177.2	180.6
I. Owner's equity	340.2	335.2	333.8	332.8	181.6	181.9	175.1	181.0	181.0	180.3	177.2	180.6
1. Owner's capital	294.3	294.3	294.3	294.3	144.9	144.9	144.9	144.9	144.9	144.9	144.9	144.9
- Common stock with voting right	294,290,000,000.00	294,290,000,000.00	294,290,000,000.00	294,290,000,000.00	144,900,000,000.00	144,900,000,000.00	144,900,000,000.00	144,900,000,000.00	144,900,000,000.00	144,900,000,000.00	144,900,000,000.00	144,900,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	6.9	6.9	7.0	7.0	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	15.9	15.9	15.9	15.9	15.9	15.9	15.9	15.9	15.9	15.9	15.9	15.9
5. Treasury shares	-1,230,000.00	-1,230,000.00	-1,230,000.00	-1,230,000.00	-1,230,000.00	-1,230,000.00	-1,230,000.00	-1,230,000.00	-1,230,000.00	-1,230,000.00	-1,230,000.00	-1,230,000.00
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	14.1	9.1	9.1	9.1	9.1	4.5	4.5	4.5	4.5	4.5	4.5	4.5
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	9.0	9.0	7.6	6.6	4.5	9.3	2.5	8.5	8.4	7.7	4.7	8.0
- Accumulated retained earning at the end of the previous period	3.8	5.0	4.4	4.4	4.4	7.4	7.4	7.4	7.7	5.9	5.9	5.9
- Undistributed earnings in this period	5.3	4.0	3.2	2.2	0.1	1.9	-4.9	1.1	0.8	1.8	-1.2	2.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	648.4	726.3	689.3	655.9	572.5	483.9	519.0	429.3	441.8	408.6	407.3	513.3

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
Profit Before Tax	6.6	1.8	1.2	3.0	0.1	7.8	-6.5	0.7	1.0	4.0	-3.4	-2.7
Depreciation of Fixed Assets and Investment Property	3.7	3.8	3.7	3.8	3.9	4.4	4.4	4.4	4.2	4.7	4.9	4.9
Provision (Increase)/Reversal	3.9	-3.8	0.0	2.5	1.3	-0.8	-0.4	1.2	0.0	-1.6	0.1	1.4
FX Gain/Loss from Revaluation of Monetary Items	—	-0.1	0.0	-0.1	—	0.0	0.0	-0.0	0.0	-0.5	0.0	0.5
Gain/Loss from Investment Activities	-0.8	-5.1	-0.0	0.1	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	-0.0
Interest Expense	5.2	3.4	2.6	2.7	2.7	3.5	2.8	2.9	3.1	3.4	4.2	4.5
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	18.6	0.1	7.2	12.4	7.9	14.9	0.2	9.2	8.2	10.1	5.8	8.7
Increase/(Decrease) in Receivables	-37.1	75.4	-49.6	-46.0	70.9	-95.2	33.4	-27.2	-29.8	-20.2	21.6	73.8
Increase/(Decrease) in Inventory	128.8	-81.3	3.5	-24.8	-15.5	91.8	-93.2	41.1	-9.9	2.0	92.3	-42.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	14.4	7.8	-31.0	-121.3	180.9	-7.5	1.2	6.0	-28.1	53.2	-86.9	-3.6
Increase/(Decrease) in Prepaid Expenses	-3.6	0.6	1.7	-0.8	-3.9	1.1	1.5	0.4	-2.9	1.2	1.9	1.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.0	-3.4	-2.5	-2.5	-3.0	-3.1	-2.9	-2.7	-3.3	-3.5	-4.2	-4.3
Corporate Income Tax Paid	-1.0	-0.1	-0.3	-0.2	-1.0	0.0	0.0	0.0	-1.1	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.5	0.5	-0.2
Other Operating Payments	-1.2	-0.1	-0.1	-0.2	-0.0	-0.1	-0.1	-0.0	0.0	0.4	-0.4	0.1
Net Cash Flow from Operating Activities	114.8	-1.1	-71.1	-183.5	236.2	1.9	-59.9	26.8	-66.8	42.6	30.6	33.5
Payments for Fixed Assets and Other Long-term Assets	-2.8	-4.7	2.5	-1.4	-0.2	-1.3	-0.1	-7.1	-0.3	-1.9	0.3	-0.3
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	—	-105.9	—	—	—	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	0.8	4.6	-1.1	1.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-2.1	43.3	-148.0	-0.3	-0.1	-1.3	-0.1	-7.1	-0.3	-1.9	0.3	-0.2
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	544.7	690.6	540.3	444.2	315.7	351.9	380.3	324.9	318.2	329.7	306.3	297.3
Repayment of Borrowings	-650.0	-653.4	-478.1	0.3	-409.0	-387.1	-284.7	-345.4	-256.7	-368.0	-337.3	-324.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.1	-0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-105.3	36.8	62.2	200.2	-93.4	-35.2	95.7	-20.5	61.6	-38.3	-31.0	-27.5
Net Cash Flow During the Period	7.4	79.0	-156.9	16.4	142.7	-34.5	35.7	-0.8	-5.5	2.3	-0.2	5.8
Cash and Cash Equivalents at Beginning of Period	91.1	12.1	169.0	152.6	9.8	15.0	15.0	15.0	15.0	14.0	14.0	14.0
FX Difference from Revaluation	—	0.0	—	0.0	—	0.0	-0.0	0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	98.5	91.1	12.1	169.0	152.6	9.8	44.3	8.6	9.5	15.0	12.6	12.8

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TNB

What Is Changing

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Balance Sheet ▼

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Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow