TTH

Thương mại và Dịch vụ Tiến Thành ·HNX ·2026Q1

● Maintaining

Pre-tax profit relies materially on non-core sources Net financial result/PBT −0.82%

Price

2,400

Latest close

02 Jun 2026

P/E -194.47x

P/B 0.22x

EPS -12

BVPS 10,675

ROE -0.1%

ROA -0.1%

Profit Margin -0.1%

Asset Turnover 1.13x

Equity Mult. 1.28x

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

What Is Changing

On a TTM 2026Q1 basis, TTH has not accelerated revenue, but profitability is improving more visibly. Notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 587bn
	                                
−25.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 0bn
	                                
+97.1%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    205.4%

Metric	2025	2024	2023	2022	2021
Revenue	578.9	783.1	857.8	462.5	252.0
Growth	-26%	-9%	+85%	+84%	—
Net Income	-9.9	-16.0	19.3	-1.8	1.6
Net Margin	-1.71%	-2.05%	2.25%	-0.39%	0.63%

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	142.5	147.7	159.5	137.4	134.3	214.6	250.9	184.0	223.1	346.8	150.2	246.5
Growth	-4%	-7%	+16%	+2%	-37%	-14%	+36%	-18%	-36%	+131%	-39%	—
Net Income	-0.7	0.8	-1.0	0.5	0.7	3.4	0.3	-20.5	4.3	14.2	3.9	-1.2
Net Margin	-0.52%	0.52%	-0.63%	0.37%	0.49%	1.58%	0.13%	-11.16%	1.93%	4.09%	2.61%	-0.47%

Drivers of TTH's profit

TTM

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

Administrative expenses ↓ 21.7bn

Selling expenses ↑ 3.0bn

Gross profit ↓ 3.0bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↑ 1.1bn

Gross profit ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -3.8% = -2.1% × 1.36 × 1.37

2026Q1 -0.1% = -0.1% × 1.13 × 1.28

ROE rose from -3.8% to -0.1% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: -0.1% +2.0pp Asset turnover: 1.13x -0.23x Leverage: 1.28x -0.09x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to -0.08%, rising 2.0pp. Core operating signals are improving as SG&A / Revenue fell 2.0pp are enough to offset pressure from Gross margin fell 0.0pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.0pp remained a drag).

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

Profitability trend

Net Margin -0.08% +2.0pp

Gross Margin 1.38% −0.0pp

SG&A / Revenue 1.47% −2.0pp

Non-core / Revenue 0.06% +0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Margin support from other income remains high (205.4% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.20x equity, with a net cash position equivalent to 0.05x equity.

Over the last 12 months, working capital released 29.2bn of cash, mainly thanks to lower receivables. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +101.7bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −72.5bn

Working Capital Efficiency

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

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

Watchpoints

Receivables collection is slowing

DSO increased by +64.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 304.8 days +64.7 days

Inventory — —

Payables 60.4 days +6.8 days

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 13.2bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

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

Leverage and liquidity trend

Net Debt / Equity -0.05x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -70.72x −70.08x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 13.2bn in 2025, against investing cash flow of -19.3bn.

Post-investment cash flow was negative +6.1bn. Financing cash flow was positive 0.0bn.

CFO / net income was -70.72x.

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 32.6bn +22.3bn

Cash Capex — —

FCF TTM — —

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 operating efficiency, with net margin improving 2.0 pp. The next item to monitor is the earnings mix, when non-core contribution is -0.8%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -7.86% after expanding 2.0pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -0.8% of PBT and CFO / net income currently at -70.72x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	578.9	783.1	857.8	462.5	252.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	578.9	783.1	857.8	462.5	252.0
Cost of Goods Sold	570.6	744.6	784.9	453.4	0.0
Gross Profit	8.3	38.5	72.8	9.1	14.2
Financial Income	0.0	0.8	4.5	1.8	0.0
Financial Expenses	—	0.0	0.2	0.9	-8.2
Interest Expense	—	0.0	0.0	0.9	-5.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	5.2	26.0	52.1	6.6	-4.2
General and Administrative Expenses	13.4	26.3	2.2	6.3	-0.2
Operating Profit	-10.3	-12.9	22.8	-2.9	1.6
Other Income	0.5	0.0	0.0	1.4	0.0
Other Expenses	0.0	1.5	0.1	0.2	0.0
Other Profit	0.5	-1.5	-0.1	1.2	0.0
Profit Before Tax	-9.9	-14.4	22.8	-1.7	1.6
Current Income Tax Expense	—	1.6	3.5	0.1	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-9.9	-16.0	19.3	-1.8	1.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	-9.9	-16.0	19.3	-1.8	1.6
Earnings per Share	-264.00	-429.00	517.00	-48.00	87.00
Diluted EPS	-264.00	-429.00	517.00	-48.26	42.32

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	428.6	611.4	646.6	714.0	400.0
I. Cash and cash equivalents	8.6	14.7	8.1	23.6	50.2
1. Cash	8.6	14.7	8.1	23.6	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	419.4	587.2	516.1	305.8	259.9
1. Short-term trade accounts receivable	449.8	611.0	450.0	200.5	0.0
2. Short-term prepayments to suppliers	0.7	0.2	38.2	0.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	30.0	30.0	0.0
6. Other short-term receivables	—	0.0	0.5	78.3	0.0
7. Provision for short-term doubtful debts (*)	-31.1	-24.0	-2.6	-3.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	8.4	121.5	379.5	89.6
1. Inventories	—	8.4	121.5	379.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.6	1.0	0.9	5.2	0.3
1. Short-term prepayments	—	0.0	0.0	0.1	0.0
2. Value added tax to be reclaimed	0.4	1.0	0.9	5.1	0.0
3. Taxes and other receivables from state authorities	0.2	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)	52.8	33.7	10.5	72.5	284.5
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.8
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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	23.0	23.3	0.0	0.1	59.9
1. Tangible fixed assets	23.0	23.3	0.0	0.1	26.8
- Cost	24.3	26.7	2.8	2.8	0.0
- Accumulated depreciation	-1.3	-3.4	-2.8	-2.7	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	33.1
- 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	138.4
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	29.8	10.4	10.4	72.2	82.2
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	29.8	10.4	10.4	74.1	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	-2.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.1	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	0.0	0.0	0.2	0.0
1. Long-term prepayments	—	0.0	0.0	0.2	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	0.2
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)	481.4	645.1	657.1	786.5	684.5
A. LIABILITIES (300=210+330)	81.7	235.0	230.9	379.7	275.0
I. Short -term liabilities	81.7	235.0	230.9	379.7	179.1
1. Short-term trade accounts payable	62.7	209.9	61.7	64.5	45.4
2. Short-term advances from customers	—	0.0	143.4	282.6	0.0
3. Taxes and other payables to state authorities	0.0	1.0	5.5	0.4	0.0
4. Payable to employees	0.1	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	16.5	21.8	18.0	29.9	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	55.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.3	2.3	2.3	2.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	95.8
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	84.8
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	11.0
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)	399.7	410.1	426.2	406.9	409.5
I. Owner's equity	399.7	410.1	426.2	406.9	0.0
1. Owner's capital	373.7	373.7	373.7	373.7	409.5
- Common stock with voting right	373,748,460,000.00	373,748,460,000.00	373,748,460,000.00	373,748,460,000.00	373,748,460,000.00
- 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	8.4	8.4	8.4	8.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	17.6	27.9	44.0	24.7	27.4
- Accumulated retained earning at the end of the previous period	27.5	44.0	24.7	26.5	25.8
- Undistributed earnings in this period	-9.9	-16.0	19.3	-1.8	1.6
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)	481.4	645.1	657.1	786.5	684.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	-9.9	-14.4	22.8	-1.7	1.6
Depreciation of Fixed Assets and Investment Property	0.7	0.6	0.1	0.8	2.6
Provision (Increase)/Reversal	7.1	21.3	-2.6	2.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.5	-0.8	-2.2	-3.1	0.0
Interest Expense	—	0.0	0.0	0.9	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-2.6	6.7	18.0	-0.8	7.9
Increase/(Decrease) in Receivables	161.1	-136.9	-215.7	5.8	0.0
Increase/(Decrease) in Inventory	8.4	42.6	258.0	-152.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-152.7	89.1	-152.1	170.8	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.2	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	-0.9	0.0
Corporate Income Tax Paid	-1.2	-2.4	-0.1	-1.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	0.0	0.0	-0.1	0.0
Net Cash Flow from Operating Activities	13.2	-0.9	-91.6	20.9	158.4
Payments for Fixed Assets and Other Long-term Assets	-0.4	-23.9	0.0	0.0	-138.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.5	0.0	0.0	60.4	0.0
Loans and Purchases of Debt Instruments	—	0.0	-10.0	-30.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	30.0	10.1	0.0	0.0
Investments in Other Entities	-19.4	0.0	0.0	-28.5	0.0
Proceeds from Investments in Other Entities	—	0.0	71.9	15.5	0.0
Dividends and Interest Income Received	0.0	1.3	4.2	1.6	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	-19.3	7.4	76.2	18.9	-134.5
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	8.4	130.7
Repayment of Borrowings	—	0.0	0.0	-74.9	-129.4
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	—	0.0	0.0	-66.5	1.3
Net Cash Flow During the Period	-6.1	6.5	-15.4	-26.7	3.7
Cash and Cash Equivalents at Beginning of Period	14.7	8.1	23.6	50.2	25.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	8.6	14.7	8.1	23.6	50.2

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
Revenue	142.5	147.7	159.5	137.4	134.3	214.6	250.9	184.0	223.1	346.8	150.2	246.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	142.5	147.7	159.5	137.4	134.3	214.6	250.9	184.0	223.1	346.8	150.2	246.5
Cost of Goods Sold	141.9	147.1	153.1	136.8	133.5	209.6	247.7	181.8	217.7	281.7	147.3	242.6
Gross Profit	0.6	0.6	6.4	0.5	0.8	5.0	3.1	2.2	5.4	65.1	2.9	3.9
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.5	1.0	0.8	1.0
Financial Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.3	0.4	4.1	0.3	0.4	0.7	0.6	0.4	0.3	49.6	1.0	1.2
General and Administrative Expenses	0.9	-0.2	3.3	-0.6	-0.3	0.7	2.2	22.5	0.2	-1.2	-2.3	4.6
Operating Profit	-0.6	0.3	-1.0	0.8	0.7	3.6	0.3	-20.5	5.4	17.8	4.9	-1.2
Other Income	—	0.5	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.0	0.5	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.0	-0.0
Other Profit	-0.1	0.5	0.0	-0.0	-0.0	-0.0	-0.0	-0.1	-0.0	-0.1	0.0	0.0
Profit Before Tax	-0.7	0.8	-1.0	0.8	0.7	3.6	0.3	-20.5	5.4	17.7	4.9	-1.2
Current Income Tax Expense	—	—	—	0.3	—	0.2	0.0	0.0	1.1	3.5	1.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.7	0.8	-1.0	0.5	0.7	3.4	0.3	-20.5	4.3	14.2	3.9	-1.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.7	0.8	-1.0	0.5	0.7	3.4	0.3	-20.5	4.3	14.2	3.9	-1.2
Earnings per Share	-19.81	20.71	-26.99	13.75	17.47	90.84	8.47	-549.63	114.99	379.76	104.83	-31.23
Diluted EPS	-19.81	20.71	-26.99	13.75	17.47	90.84	8.47	-549.63	114.99	379.76	104.83	-31.23

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)	434.0	428.8	419.8	524.2	526.6	611.7	634.9	605.3	580.0	646.6	830.0	845.5
I. Cash and cash equivalents	18.3	8.6	9.3	3.5	4.9	14.7	7.6	7.6	7.8	8.1	8.5	6.8
1. Cash	18.3	8.6	9.3	3.5	4.9	14.7	7.6	7.6	7.8	8.1	8.5	6.8
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	415.0	419.9	406.8	508.1	511.9	587.2	594.1	559.2	525.6	516.1	450.6	491.6
1. Short-term trade accounts receivable	445.7	449.7	437.8	528.7	534.8	611.0	607.4	570.8	496.5	450.0	413.7	378.8
2. Short-term prepayments to suppliers	0.2	0.7	0.5	0.3	0.2	0.2	12.4	12.4	12.5	38.2	0.0	22.5
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	30.0	30.0	30.0
6. Other short-term receivables	0.1	0.1	0.1	—	—	-0.0	0.0	0.0	18.7	0.5	11.3	67.5
7. Provision for short-term doubtful debts (*)	-31.1	-30.6	-31.6	-21.0	-23.1	-24.0	-25.8	-24.1	-2.1	-2.6	-4.4	-7.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	2.8	10.9	8.6	8.8	33.0	38.5	46.6	121.5	368.1	344.1
1. Inventories	—	—	2.8	10.9	8.6	8.8	33.0	38.5	46.6	121.5	368.1	344.1
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	0.8	0.4	0.9	1.7	1.1	1.0	0.3	0.0	0.0	0.9	2.9	3.1
1. Short-term prepayments	0.3	—	0.3	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3
2. Value added tax to be reclaimed	0.5	0.4	0.7	1.2	1.1	1.0	0.3	0.0	0.0	0.9	2.9	2.8
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)	42.2	52.8	38.0	33.4	33.6	34.4	10.5	10.5	10.5	10.5	1.1	1.2
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	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	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	22.8	23.0	22.8	23.0	23.1	23.9	0.0	0.0	0.0	0.0	0.0	0.0
1. Tangible fixed assets	22.8	23.0	22.8	23.0	23.1	23.9	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	24.3	—	—	—	—	26.7	2.8	2.8	2.8	2.8	2.8	2.8
- Accumulated depreciation	-1.5	—	—	—	—	-2.8	-2.8	-2.8	-2.8	-2.8	-2.8	-2.8
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	19.4	29.8	15.2	10.4	10.4	10.4	10.4	10.4	10.4	10.4	1.1	1.1
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	19.4	29.8	15.2	10.4	10.4	10.4	10.4	10.4	10.4	10.4	0.9	0.9
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	0.1	0.1
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	0.1	0.1
1. Long-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
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)	476.2	481.7	457.8	557.6	560.1	646.1	645.4	615.8	590.5	657.1	831.1	846.7
A. LIABILITIES (300=210+330)	77.2	81.7	58.4	146.6	149.4	234.5	235.6	206.0	160.2	232.0	420.2	440.2
I. Short -term liabilities	77.2	81.7	58.4	146.6	149.4	234.5	235.6	206.0	160.2	232.0	420.2	440.2
1. Short-term trade accounts payable	59.3	62.7	42.3	127.4	132.2	209.9	187.5	148.7	94.4	61.7	55.2	100.5
2. Short-term advances from customers	0.1	0.0	—	1.8	0.0	0.0	25.7	35.6	43.1	143.4	342.3	310.2
3. Taxes and other payables to state authorities	-0.2	0.0	0.4	0.5	0.0	0.6	0.4	0.3	1.4	6.6	4.8	2.7
4. Payable to employees	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.0	0.1	0.0	0.0	0.2
5. Short-term acrrued expenses	—	—	—	—	—	-0.1	-0.1	-0.1	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	15.7	16.5	13.3	14.5	14.8	21.8	19.8	19.2	19.0	18.0	15.7	24.3
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	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3
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)	399.0	400.0	399.5	411.0	410.7	411.5	409.8	409.8	430.4	425.1	410.9	406.5
I. Owner's equity	399.0	400.0	399.5	411.0	410.7	411.5	409.8	409.8	430.4	425.1	410.9	406.5
1. Owner's capital	373.7	373.7	373.7	373.7	373.7	373.7	373.7	373.7	373.7	373.7	373.7	373.7
- Common stock with voting right	373,748,460,000.00	373,748,460,000.00	373,748,460,000.00	373,748,460,000.00	373,748,460,000.00	373,748,460,000.00	373,748,460,000.00	373,748,460,000.00	373,748,460,000.00	373,748,460,000.00	373,748,460,000.00	373,748,460,000.00
- 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	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	16.8	17.9	17.3	28.9	28.6	29.4	27.7	27.7	48.2	42.9	28.7	24.4
- Accumulated retained earning at the end of the previous period	17.6	27.5	27.7	27.7	27.9	44.0	44.0	44.0	44.0	24.7	24.7	24.7
- Undistributed earnings in this period	-0.7	-9.6	-10.4	1.2	0.7	-14.6	-16.3	-16.4	4.2	18.2	4.0	-0.3
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)	476.2	481.7	457.8	557.6	560.1	646.1	645.4	615.8	590.5	657.1	831.1	846.7

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	-0.7	-8.9	8.2	-9.8	0.7	3.2	15.5	-20.5	5.4	17.8	4.8	-0.9
Depreciation of Fixed Assets and Investment Property	0.2	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	14.7	-15.3	6.8	0.9	1.8	-44.6	21.0	0.5	-3.4	-1.1	2.0
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	—	-0.5	—	-0.0	—	0.0	0.8	-0.8	0.0	-1.5	-0.4	1.2
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-0.6	5.6	-6.9	-2.9	1.7	5.1	-28.3	-0.4	5.9	13.0	3.3	2.3
Increase/(Decrease) in Receivables	15.0	-12.1	91.5	7.4	74.4	-56.4	28.0	-49.1	-45.2	-165.9	86.5	-109.5
Increase/(Decrease) in Inventory	—	2.8	8.1	-2.3	-0.2	59.6	5.5	-17.6	100.5	269.4	-46.9	63.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.4	22.6	-87.7	-2.9	-84.6	-1.2	29.6	45.3	-68.9	-193.7	-20.7	14.9
Increase/(Decrease) in Prepaid Expenses	-0.3	0.3	0.2	-0.5	0.0	0.0	0.0	-0.0	0.0	0.0	0.1	0.1
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	—	-0.1	0.1	-0.1	-1.0	0.0	-3.5	3.5	-5.9	1.4	-1.4	1.4
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	9.7	19.1	5.3	-1.4	-9.7	7.1	31.3	-18.3	-13.5	-75.8	21.0	-27.0
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	0.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	-10.0	10.0	-10.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	-30.0	18.4	11.6	10.1	-10.0	10.0
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	71.9	-17.6	17.6
Dividends and Interest Income Received	0.0	0.0	-0.0	0.0	0.0	0.0	-1.3	-0.3	1.6	3.5	-1.6	0.8
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	-19.8	0.5	0.0	0.0	0.0	-31.3	18.1	13.2	75.4	-19.3	18.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	9.7	-0.7	5.8	-1.4	-9.7	7.1	-0.0	-0.2	-0.3	-0.4	1.8	-8.6
Cash and Cash Equivalents at Beginning of Period	8.6	9.3	3.5	4.9	14.7	8.1	8.1	8.1	8.1	23.6	23.6	23.6
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	18.3	8.6	9.3	3.5	4.9	14.7	7.6	7.6	7.8	8.1	8.5	6.7

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TTH

What Is Changing

Drivers of TTH's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲

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Balance Sheet ▲

Working Capital Efficiency ●

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Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow