TTE

Đầu tư Năng lượng Trường Thịnh ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 68.73%, +76.61pp YoY

Price

33,900

Latest close

19 Mar 2026

P/E 9.70x

P/B 2.48x

EPS 3,496

BVPS 13,646

ROE 29.1%

ROA 11.9%

Profit Margin 68.1%

Asset Turnover 0.18x

Equity Mult. 2.44x

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

What Is Changing

On a TTM 2026Q1 basis, TTE is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 146bn
	                                
+21.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 101bn
	                                
+1163.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	142.9	122.0	142.7	153.1	143.6
Growth	+17%	-14%	-7%	+7%	—
Net Income	86.8	-18.7	-1.7	21.8	28.2
Net Margin	60.74%	-15.36%	-1.17%	14.24%	19.67%

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	35.5	47.2	30.3	33.2	32.1	40.1	22.3	25.6	34.0	50.0	22.5	31.0
Growth	-25%	+56%	-9%	+3%	-20%	+80%	-13%	-25%	-32%	+122%	-27%	—
Net Income	9.5	88.4	0.6	2.0	2.8	-2.1	-6.4	-3.8	2.5	18.9	-7.6	3.2
Net Margin	26.82%	187.19%	2.01%	6.00%	8.70%	-5.15%	-28.80%	-14.72%	7.21%	37.80%	-34.00%	10.40%

Drivers of TTE's profit

TTM

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

Financial income ↑ 65.9bn

Finance costs ↓ 29.8bn

Gross profit ↑ 23.4bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 5.7bn

Gross profit ↑ 3.6bn

Administrative expenses ↑ 1.5bn

Tax ↑ 1.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -3.1% = -7.9% × 0.11 × 3.40

2026Q1 29.4% = 68.7% × 0.18 × 2.44

ROE rose from -3.1% to 29.4% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 68.7% +76.6pp Asset turnover: 0.18x +0.06x Leverage: 2.44x -0.96x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 68.73%, rising 76.6pp. Core operating signals are improving as Gross margin rose 6.3pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (with additional support from Net financial result / Revenue rose 75.2pp and Other profit / Revenue rose 0.1pp).

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 68.73% +76.6pp

Gross Margin 60.04% +6.3pp

SG&A / Revenue 5.85% +0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 13.9% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 13.90%, rising 14.7pp. That translates to 13.90 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 74.8pp and capital turnover rose 0.06x, while invested capital contracted by 133bn — capital-return quality improved from both sides.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 13.90% +14.7pp

NOPAT Margin 68.98% +74.8pp

Capital Turnover 0.20x +0.06x

Average Invested Capital 726.0bn −132.9bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.10x equity, net debt at 0.63x equity.

Over the last 12 months, working capital released 66.1bn of cash, mainly thanks to higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −10.7bn

Inventories were broadly stable → neutral CFO: —

Payables increased → higher CFO: +76.8bn

Working Capital Efficiency

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

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Working Capital Efficiency

Receivables 41.9 days −10.5 days

Inventory — —

Payables 26.1 days −1.0 days

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.63x and interest coverage at 2.49x.

At present, short-term debt accounts for 47.1% of total debt, cash equals 1.4% of debt, and total debt stands at 249.0bn.

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

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 1.4%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.63x −1.14x

Interest Coverage 2.49x +2.60x

Cash / Debt 1.4% −0.4pp

Short-term Debt / Total Debt 47.1% +35.1pp

CFO / NI 1.90x +6.71x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 167.9bn in 2025, against investing cash flow of 94.3bn.

Post-investment cash flow was positive +262.1bn. Financing cash flow was negative +272.2bn.

CFO / net income was 1.90x.

Track how much investment can be funded internally from operating cash flow.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 189.7bn +142.9bn

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 76.6 pp. The next item to monitor is the earnings mix, when non-core contribution is 27.2%. The main risk still sits in leverage and liquidity, with interest coverage at 2.49x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 68.73% after expanding 76.6pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.90x. Even so, net financial result still accounts for 27.2% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.63x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	142.9	122.0	142.7	153.1	143.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	142.9	122.0	142.7	153.1	143.6
Cost of Goods Sold	58.6	54.2	54.6	52.9	0.0
Gross Profit	84.4	67.8	88.1	100.3	91.8
Financial Income	64.3	11.0	27.3	30.3	47.6
Financial Expenses	49.5	67.9	90.9	91.9	-108.3
Interest Expense	49.5	60.8	79.7	82.3	-68.8
Share of Associates and Joint Ventures	-8.6	-17.7	-12.8	-4.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	7.3	6.2	6.5	6.5	-4.7
Operating Profit	83.3	-12.9	5.2	28.1	26.5
Other Income	0.2	0.1	0.2	0.0	0.0
Other Expenses	0.6	1.2	0.7	1.4	0.0
Other Profit	-0.4	-1.1	-0.5	-1.4	-0.2
Profit Before Tax	82.9	-14.0	4.7	26.8	26.3
Current Income Tax Expense	6.7	1.2	1.4	2.4	1.9
Deferred Income Tax Expense	-10.7	3.5	5.0	2.6	0.0
Net Income	86.8	-18.7	-1.7	21.8	28.2
Non-controlling Interest	0.5	0.2	0.2	0.3	0.3
Profit Attributable to Parent	86.3	-18.9	-1.9	21.5	27.9
Earnings per Share	3,029.00	-665.00	-65.00	755.00	990.00
Diluted EPS	3,029.01	-665.00	-65.00	755.00	980.04

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	44.7	34.2	300.4	83.4	98.1
I. Cash and cash equivalents	0.3	10.3	40.9	2.7	58.5
1. Cash	0.3	10.3	40.9	2.7	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	44.2	23.3	258.9	80.5	39.2
1. Short-term trade accounts receivable	42.0	17.4	35.1	51.3	0.0
2. Short-term prepayments to suppliers	0.9	5.0	1.4	4.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	4.0	0.0	0.0
6. Other short-term receivables	1.8	0.8	218.4	25.2	0.0
7. Provision for short-term doubtful debts (*)	-0.5	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0	0.0
1. Inventories	—	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.6	0.6	0.2	0.4
1. Short-term prepayments	0.2	0.6	0.6	0.2	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	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	752.3	881.6	949.7	1,252.7	1,000.6
I. Long-term receivables	0.0	0.1	0.1	325.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	0.1	0.1	325.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	667.5	705.6	744.5	783.7	822.5
1. Tangible fixed assets	667.5	705.6	744.5	783.7	822.5
- Cost	1,148.7	1,147.5	1,147.3	1,147.3	0.0
- Accumulated depreciation	-481.2	-442.0	-402.8	-363.6	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	78.5	171.6	199.2	134.6	172.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	78.5	171.6	199.2	134.6	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	6.3	4.4	5.9	8.5	0.0
1. Long-term prepayments	6.2	4.3	5.7	8.1	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	5.2
5. Goodwill	0.1	0.2	0.3	0.4	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	797.1	915.9	1,250.1	1,336.1	1,098.7
A. LIABILITIES (300=210+330)	417.8	623.4	929.0	1,014.6	798.7
I. Short -term liabilities	191.3	144.0	190.2	129.3	90.8
1. Short-term trade accounts payable	3.9	4.0	3.5	4.0	1.1
2. Short-term advances from customers	0.6	0.6	0.8	0.0	0.0
3. Taxes and other payables to state authorities	20.1	8.1	12.1	15.0	0.0
4. Payable to employees	2.4	0.8	0.7	0.7	0.0
5. Short-term acrrued expenses	4.7	9.2	10.0	19.0	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	8.4	34.4	79.7	7.5	0.0
10. Short-term borrowings and financial leases	150.9	86.4	83.0	82.8	69.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.5	0.5	0.5	0.4	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	226.5	479.4	738.8	885.3	707.9
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	94.5	0.0	176.1	250.0	0.0
8. Long-term borrowings and financial leases	131.6	468.3	555.2	632.8	458.0
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	0.4	11.1	7.5	2.6	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)	379.3	292.5	321.1	321.4	300.1
I. Owner's equity	379.3	292.5	321.1	321.4	0.0
1. Owner's capital	284.9	284.9	284.9	284.9	300.1
- Common stock with voting right	284,904,000,000.00	284,904,000,000.00	284,904,000,000.00	284,904,000,000.00	284,904,000,000.00
- 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	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	88.3	2.0	30.9	31.4	10.4
- Accumulated retained earning at the end of the previous period	2.0	21.0	32.7	9.9	-17.5
- Undistributed earnings in this period	86.3	-18.9	-1.9	21.5	27.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	6.0	5.5	5.3	5.1	4.8
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)	797.1	915.9	1,250.1	1,336.1	1,098.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	82.9	-14.0	4.7	26.8	26.3
Depreciation of Fixed Assets and Investment Property	39.2	39.2	39.3	39.5	39.4
Provision (Increase)/Reversal	0.5	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	-1.6	6.7	-14.5	-18.9	0.0
Interest Expense	49.5	60.8	79.7	82.3	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	170.5	92.6	109.3	129.7	87.0
Increase/(Decrease) in Receivables	-21.8	242.8	89.8	-289.2	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	75.9	-222.8	-2.4	260.0	0.0
Increase/(Decrease) in Prepaid Expenses	-1.6	1.3	2.1	-3.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-54.0	-61.6	-88.6	-78.9	0.0
Corporate Income Tax Paid	-1.1	-1.4	-1.2	-2.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.0	-0.1	0.0
Net Cash Flow from Operating Activities	167.9	50.9	109.0	15.9	38.4
Payments for Fixed Assets and Other Long-term Assets	-0.4	-0.3	0.0	-0.3	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	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	4.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	-27.7	-236.5
Proceeds from Investments in Other Entities	94.7	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	9.0	13.9	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	94.3	3.8	9.0	-14.1	-196.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	65,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	95.8	0.0	252.3
Repayment of Borrowings	-272.2	-85.3	-175.5	-57.6	-118.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-272.2	-85.3	-79.7	-57.6	199.4
Net Cash Flow During the Period	-10.0	-30.6	38.3	-55.8	51.1
Cash and Cash Equivalents at Beginning of Period	10.3	40.9	2.7	58.5	17.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.3	10.3	40.9	2.7	58.5

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	35.5	47.2	30.3	33.2	32.1	40.1	22.3	25.6	34.0	50.0	22.5	31.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	35.5	47.2	30.3	33.2	32.1	40.1	22.3	25.6	34.0	50.0	22.5	31.0
Cost of Goods Sold	14.1	14.6	15.1	14.6	14.3	13.9	13.7	13.7	14.1	13.3	13.8	13.7
Gross Profit	21.4	32.6	15.2	18.6	17.8	26.2	8.6	11.8	20.0	36.7	8.6	17.3
Financial Income	0.0	73.3	0.0	0.0	0.0	0.0	3.7	3.7	3.7	6.3	6.4	14.6
Financial Expenses	7.2	9.8	12.6	14.1	12.9	25.8	17.2	17.5	18.4	21.5	21.1	27.5
Interest Expense	7.2	9.8	12.6	14.1	12.9	14.8	15.5	15.7	16.6	19.5	19.1	22.6
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	3.1	2.2	1.4	1.8	1.6	1.7	1.4	1.6	1.5	2.0	1.5	1.8
Operating Profit	11.1	93.9	1.1	2.8	3.3	-1.3	-6.3	-3.7	3.8	19.4	-7.6	2.6
Other Income	0.0	0.1	—	0.0	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Other Expenses	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.9	0.0	0.1	0.4
Other Profit	-0.1	-0.0	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.9	0.2	-0.1	-0.4
Profit Before Tax	11.0	93.8	1.0	2.6	3.1	-1.4	-6.4	-3.8	2.8	19.6	-7.6	2.2
Current Income Tax Expense	1.5	5.4	0.4	0.7	0.4	0.7	0.0	0.0	0.4	0.7	0.0	-1.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	9.5	88.4	0.6	2.0	2.8	-2.1	-6.4	-3.8	2.5	18.9	-7.6	3.2
Non-controlling Interest	0.1	0.5	0.2	0.1	0.1	0.2	0.0	0.0	0.1	0.2	-0.0	0.1
Profit Attributable to Parent	9.4	87.9	0.4	1.9	2.7	-2.2	-6.4	-3.8	2.4	18.7	-7.6	3.2
Earnings per Share	330.00	3,086.00	14.00	66.00	96.00	-78.00	-226.00	-133.00	84.00	656.00	-267.00	111.00
Diluted EPS	329.78	3,085.91	13.81	65.67	96.29	-78.44	-226.25	-133.26	84.28	656.28	-267.16	110.76

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)	29.4	45.3	65.3	23.4	23.4	34.2	64.8	241.4	266.2	117.8	61.7	39.1
I. Cash and cash equivalents	3.5	0.3	11.6	4.1	9.7	10.3	7.5	1.9	17.1	40.9	2.3	3.0
1. Cash	3.5	0.3	11.6	4.1	9.7	10.3	7.5	1.9	17.1	40.9	2.3	3.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	25.4	44.8	53.4	18.9	13.0	23.3	56.7	238.6	247.9	76.3	58.8	35.3
1. Short-term trade accounts receivable	22.6	42.0	15.3	16.3	11.0	17.4	13.2	17.7	23.5	35.1	21.4	25.3
2. Short-term prepayments to suppliers	1.0	0.9	36.4	1.0	0.8	5.0	5.6	4.1	1.2	1.4	1.7	1.8
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	0.5	0.0	0.0	0.0
6. Other short-term receivables	2.4	—	1.7	1.5	1.2	0.0	38.0	216.8	222.7	39.7	35.7	8.2
7. Provision for short-term doubtful debts (*)	-0.5	1.8	—	—	—	0.8	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.5	0.2	0.3	0.5	0.6	0.6	0.6	0.9	1.2	0.6	0.5	0.8
1. Short-term prepayments	0.5	0.2	0.3	0.5	0.6	0.6	0.6	0.9	1.2	0.6	0.5	0.8
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	—	—	—	—	—	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)	741.6	750.1	845.2	865.8	876.8	875.1	1,078.3	928.9	939.7	1,126.6	1,156.4	1,209.2
I. Long-term receivables	0.0	-0.5	0.0	0.0	0.1	0.1	183.2	0.1	0.1	259.0	278.5	303.5
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	0.1	0.1	183.2	0.1	0.1	259.0	278.5	303.5
7. Provision for long-term doubtful debts	—	-0.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	657.7	667.1	676.9	686.0	695.8	705.6	715.1	724.9	734.7	744.5	754.3	764.1
1. Tangible fixed assets	657.7	667.1	676.9	686.0	695.8	705.6	715.1	724.9	734.7	744.5	754.3	764.1
- Cost	1,148.7	—	—	—	—	1,147.5	1,147.3	1,147.3	1,147.3	1,147.3	1,147.3	1,147.3
- Accumulated depreciation	-491.0	—	—	—	—	-442.0	-432.2	-422.4	-412.6	-402.8	-393.0	-383.2
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	78.5	77.4	161.9	171.6	171.6	164.9	176.0	199.3	199.3	117.1	117.1	134.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	78.5	77.4	161.9	171.6	171.6	164.9	176.0	199.3	199.3	117.1	117.1	134.6
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	5.3	6.1	6.4	8.1	9.3	4.5	4.1	4.7	5.5	5.7	6.3	6.6
1. Long-term prepayments	5.3	6.1	6.4	8.0	9.2	4.4	3.9	4.5	5.5	5.7	6.3	6.6
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	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.2	0.2	0.2	0.2	0.3	0.3	0.3
TOTAL ASSETS (280=100+200)	771.0	795.4	910.6	889.2	900.2	909.3	1,143.1	1,170.3	1,205.9	1,244.3	1,218.1	1,248.2
A. LIABILITIES (300=210+330)	382.2	416.8	624.0	592.0	604.9	626.1	855.6	850.5	882.4	926.5	919.1	920.4
I. Short -term liabilities	162.7	190.3	194.5	164.4	125.6	145.4	413.8	411.3	143.0	189.1	141.6	73.0
1. Short-term trade accounts payable	3.9	3.9	4.4	3.9	4.5	4.0	3.7	3.5	3.8	3.5	4.2	3.9
2. Short-term advances from customers	0.6	0.6	45.6	0.6	0.6	2.1	2.0	1.6	2.2	0.8	0.5	0.5
3. Taxes and other payables to state authorities	17.0	19.8	12.3	9.5	8.5	8.1	7.6	5.4	6.1	12.1	8.3	13.2
4. Payable to employees	1.2	1.6	0.9	1.0	0.8	0.8	0.8	0.8	0.7	0.7	0.8	0.7
5. Short-term acrrued expenses	6.6	4.7	16.4	8.8	15.7	9.2	17.1	9.8	16.9	10.0	17.6	13.2
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	15.5	8.4	43.8	43.3	31.2	34.4	64.8	66.0	75.0	78.5	35.4	13.6
10. Short-term borrowings and financial leases	117.4	150.9	70.7	96.8	63.9	86.4	317.4	323.9	37.9	83.0	74.2	27.4
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	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	219.5	226.5	429.5	427.6	479.4	480.7	441.8	439.2	739.4	737.3	777.5	847.4
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	87.5	94.5	—	—	—	0.0	176.1	176.1	176.1	176.1	198.6	210.9
8. Long-term borrowings and financial leases	131.6	131.6	416.5	416.5	468.3	468.3	255.6	255.6	555.7	555.2	572.9	633.9
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	0.4	0.4	13.0	11.1	11.1	12.4	10.2	7.5	7.5	6.1	6.1	2.6
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)	388.8	378.6	286.5	297.2	295.3	283.2	287.5	319.8	323.6	317.9	299.0	327.9
I. Owner's equity	388.8	378.6	286.5	297.2	295.3	283.2	287.5	319.8	323.6	317.9	299.0	327.9
1. Owner's capital	284.9	284.9	284.9	284.9	284.9	284.9	284.9	284.9	284.9	284.9	284.9	284.9
- Common stock with voting right	284,904,000,000.00	284,904,000,000.00	284,904,000,000.00	284,904,000,000.00	284,904,000,000.00	284,904,000,000.00	284,904,000,000.00	284,904,000,000.00	284,904,000,000.00	284,904,000,000.00	284,904,000,000.00	284,904,000,000.00
- 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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	97.7	87.6	-4.1	6.7	4.8	-7.2	-2.8	29.5	33.3	27.6	9.0	37.8
- Accumulated retained earning at the end of the previous period	88.3	2.0	2.0	2.0	2.0	16.0	18.2	30.9	30.9	29.1	29.1	31.3
- Undistributed earnings in this period	9.4	85.6	-6.1	4.7	2.7	-23.2	-21.0	-1.3	2.4	-1.5	-20.2	6.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	6.1	6.0	5.7	5.6	5.5	5.5	5.3	5.3	5.4	5.3	5.1	5.1
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)	771.0	795.4	910.6	889.2	900.2	909.3	1,143.1	1,170.3	1,205.9	1,244.3	1,218.1	1,248.2

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	11.0	85.8	1.0	-7.0	3.1	-1.4	-6.4	-17.1	2.8	24.3	-16.0	-7.3
Depreciation of Fixed Assets and Investment Property	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.9	9.7	9.9
Provision (Increase)/Reversal	—	-9.2	9.8	—	—	11.1	13.3	0.0	0.0	-17.5	17.5	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	-11.3	-0.0	9.7	-0.0	-0.0	-17.0	9.7	-3.7	6.5	-15.6	-5.4
Interest Expense	7.2	9.8	12.6	14.1	12.9	1.5	25.3	19.8	16.1	17.3	20.2	21.7
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	0.1	-0.0	0.0	-0.1	0.1	-0.0
Operating Profit Before Changes in Working Capital	28.0	84.8	33.3	26.6	25.9	20.9	25.0	22.2	25.1	40.4	16.0	18.8
Increase/(Decrease) in Receivables	17.8	23.5	-49.3	-2.6	6.7	198.5	-19.3	47.2	9.1	20.8	-8.4	70.3
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)	-5.3	11.3	55.7	15.2	-6.3	-175.1	17.4	-52.7	-1.7	49.2	28.2	-82.7
Increase/(Decrease) in Prepaid Expenses	0.7	0.2	1.2	2.0	-5.0	-0.5	0.9	1.3	-0.5	0.5	0.4	1.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.5	-20.6	-6.0	-21.0	-6.5	-22.5	-6.4	-23.4	-9.2	-26.1	-14.6	-28.8
Corporate Income Tax Paid	—	0.0	-1.1	—	—	0.0	-0.9	-0.5	0.0	0.0	-1.2	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	36.7	99.0	33.7	20.2	14.9	21.2	16.6	-6.0	22.7	84.8	20.4	-21.0
Payments for Fixed Assets and Other Long-term Assets	—	-0.4	—	—	—	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	—	0.0	-4.0	4.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	7.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	1.5	-1.5	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	94.7	—	—	—	0.0	0.0	0.0	0.0	-51.4	51.4	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.1	-2.8	4.7
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	0.0	94.3	0.0	-7.0	7.0	0.0	-4.0	5.6	-1.5	-44.3	48.6	4.7
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	95.8	-143.1	143.1
Repayment of Borrowings	-33.5	-204.7	0.1	-18.8	0.0	-18.4	-7.0	-14.8	-45.0	-97.7	73.4	-135.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-33.5	-204.7	-26.2	-18.8	-22.5	-18.4	-7.0	-14.8	-45.0	-1.9	-69.7	8.0
Net Cash Flow During the Period	3.2	-11.4	7.5	-5.6	-0.6	2.8	5.6	-15.2	-23.8	38.6	-0.6	-8.3
Cash and Cash Equivalents at Beginning of Period	0.3	11.6	4.1	9.7	10.3	40.9	40.9	40.9	40.9	2.7	2.7	2.7
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	3.5	0.3	11.6	4.1	9.7	10.3	7.5	1.9	17.1	40.9	2.3	3.0

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TTE

What Is Changing

Drivers of TTE'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