VSM

Container Miền Trung ·HNX ·2026Q1

▼ Slightly negative

Price

15,700

Latest close

04 Jun 2026

P/E 6.20x

P/B 0.78x

EPS 2,531

BVPS 20,067

ROE 13.3%

ROA 9.9%

Profit Margin 4.1%

Asset Turnover 2.41x

Equity Mult. 1.34x

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

What Is Changing

On a TTM 2026Q1 basis, VSM is maintaining revenue, but margins are compressing slightly. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.

	                            
	                                TTM REVENUE
	                            
	                                    VND 310bn
	                                
+3.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13bn
	                                
+0.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	298.5	294.5	264.0	324.3	259.2
Growth	+1%	+12%	-19%	+25%	—
Net Income	12.7	12.3	11.7	16.0	14.0
Net Margin	4.25%	4.19%	4.45%	4.93%	5.41%

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	78.7	80.1	75.0	76.0	67.4	83.2	77.8	70.6	62.8	62.6	67.7	72.7
Growth	-2%	+7%	-1%	+13%	-19%	+7%	+10%	+12%	+0%	-8%	-7%	—
Net Income	3.2	3.3	3.0	3.3	3.0	3.0	3.4	3.4	2.5	4.0	2.6	3.5
Net Margin	4.08%	4.17%	4.06%	4.33%	4.48%	3.61%	4.36%	4.84%	4.02%	6.34%	3.78%	4.81%

Drivers of VSM's profit

TTM

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

Administrative expenses ↓ 1.7bn

Finance costs ↓ 0.2bn

Financial income ↑ 0.2bn

Other profit ↑ 0.0bn

Selling expenses ↑ 1.9bn

Gross profit ↓ 0.2bn

TTM

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

Gross profit ↑ 1.2bn

Administrative expenses ↓ 0.2bn

Other profit ↑ 0.1bn

Financial income ↑ 0.1bn

Selling expenses ↑ 1.1bn

Tax ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.7% = 4.3% × 2.32 × 1.47

2026Q1 13.4% = 4.2% × 2.41 × 1.34

ROE fell from 14.7% to 13.4% — leverage weakened the most, though asset turnover still provided support.

Net margin: 4.2% -0.1pp Asset turnover: 2.41x +0.08x Leverage: 1.34x -0.13x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 4.16%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 4.16% −0.1pp

Gross Margin 10.58% −0.4pp

SG&A / Revenue 5.50% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 4.10% −0.1pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.34x equity, with a net cash position equivalent to 0.27x equity.

Over the last 12 months, working capital absorbed 2.8bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +1.5bn

Inventories increased → lower CFO: −2.8bn

Payables decreased → lower CFO: −1.5bn

Working Capital Efficiency

Cash conversion cycle lengthened by 0.5 days versus the same period last year. The main moves came from DIO rose 2.5 days, DSO fell 4.9 days, and DPO fell 2.9 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +0.5 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +2.5 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 43.9 days −4.9 days

Inventory 4.4 days +2.5 days

Payables 23.9 days −2.9 days

Cash Conversion Cycle 24.4 days +0.5 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 6.0bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.27x and interest coverage at 682.63x.

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 -0.27x −0.06x

Interest Coverage 682.63x +616.57x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.21x +0.77x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 6.0bn in 2025, against investing cash flow of 0.0bn.

Post-investment cash flow was positive +6.0bn. Financing cash flow was negative +17.3bn.

CFO / net income was 1.21x.

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 15.4bn +9.8bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.21x. The next item to monitor is capital efficiency.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.21x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	298.5	294.5	264.0	324.3	259.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	298.5	294.5	264.0	324.3	259.2
Cost of Goods Sold	267.0	263.1	238.8	293.8	0.0
Gross Profit	31.5	31.3	25.2	30.6	28.1
Financial Income	0.7	0.6	0.9	0.3	0.3
Financial Expenses	0.0	0.4	1.1	0.9	-0.5
Interest Expense	0.0	0.4	1.0	0.9	-0.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	4.9	3.5	2.2	2.4	-2.1
General and Administrative Expenses	11.2	12.2	8.2	8.3	-8.5
Operating Profit	16.1	15.9	14.7	19.3	17.4
Other Income	0.3	0.4	0.3	0.9	0.0
Other Expenses	0.1	0.1	0.0	0.0	0.0
Other Profit	0.2	0.3	0.3	0.9	0.2
Profit Before Tax	16.3	16.2	15.0	20.2	17.5
Current Income Tax Expense	3.6	3.8	3.2	4.1	-3.5
Deferred Income Tax Expense	—	0.0	0.1	0.1	0.0
Net Income	12.7	12.3	11.7	16.0	14.0
Non-controlling Interest	0.2	0.1	0.1	0.8	0.9
Profit Attributable to Parent	12.5	12.2	11.7	15.1	13.1
Earnings per Share	2,484.00	3,651.00	3,519.00	4,963.00	4,304.99
Diluted EPS	2,483.98	3,651.00	3,479.50	4,963.48	4,304.99

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	95.7	77.4	79.0	77.2	73.3
I. Cash and cash equivalents	41.0	35.0	38.0	19.0	21.2
1. Cash	21.0	18.0	15.5	13.5	0.0
2. Cash equivalents	20.0	17.0	22.5	5.5	0.0
II. Short-term financial investments	0.2	0.0	0.0	1.0	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	0.2	0.0	0.0	1.0	0.0
III. Short-term receivables	51.5	37.9	38.0	54.5	49.6
1. Short-term trade accounts receivable	38.0	35.8	36.0	50.8	0.0
2. Short-term prepayments to suppliers	1.0	0.3	0.3	0.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	13.7	2.5	1.9	3.6	0.0
7. Provision for short-term doubtful debts (*)	-1.2	-0.6	-0.2	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1.8	3.1	1.1	1.1	1.5
1. Inventories	1.8	3.1	1.1	1.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.1	1.4	1.9	1.5	0.0
1. Short-term prepayments	0.9	1.3	1.5	0.7	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.8	0.0
3. Taxes and other receivables from state authorities	0.2	0.1	0.4	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)	37.4	47.0	51.0	59.2	41.0
I. Long-term receivables	0.3	0.5	1.7	1.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.7
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	0.3	0.5	1.7	1.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	35.4	44.4	47.1	54.7	32.5
1. Tangible fixed assets	35.2	44.2	47.1	54.7	32.5
- Cost	129.5	129.6	123.0	121.2	0.0
- Accumulated depreciation	-94.3	-85.4	-75.9	-66.5	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	0.2	0.2	0.0	0.0	0.0
- Cost	0.3	0.3	0.1	0.1	0.0
- Accumulated depreciation	-0.2	-0.1	-0.1	-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	0.4	0.3	0.0	0.0	2.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.3	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.3	1.8	2.2	2.9	0.0
1. Long-term prepayments	1.3	1.8	2.2	2.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.1	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	4.4
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	133.1	124.4	130.0	136.4	114.3
A. LIABILITIES (300=210+330)	34.1	36.5	48.6	60.5	50.8
I. Short -term liabilities	34.1	36.5	39.1	47.3	48.1
1. Short-term trade accounts payable	18.3	21.6	23.2	28.9	31.2
2. Short-term advances from customers	0.0	0.1	0.0	0.0	0.1
3. Taxes and other payables to state authorities	1.4	1.0	1.0	1.1	0.0
4. Payable to employees	12.2	11.5	2.1	10.3	0.0
5. Short-term acrrued expenses	—	0.0	7.5	0.2	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	2.2	1.9	1.0	1.7	0.0
10. Short-term borrowings and financial leases	—	0.0	3.8	4.8	1.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.3	0.5	0.3	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	9.5	13.3	2.7
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	9.5	13.3	2.7
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)	98.9	87.9	81.4	75.9	63.5
I. Owner's equity	98.9	87.9	81.4	75.9	0.0
1. Owner's capital	50.3	33.5	33.5	30.5	63.5
- Common stock with voting right	50,324,750,000.00	33,549,960,000.00	33,549,960,000.00	30,500,000,000.00	30,500,000,000.00
- 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	1.4	1.4	1.4	1.4	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	32.4	32.4	26.5	18.1	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	12.7	18.6	18.0	23.7	13.1
- Accumulated retained earning at the end of the previous period	0.2	6.4	6.4	8.5	0.0
- Undistributed earnings in this period	12.5	12.2	11.7	15.1	13.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2.2	2.0	2.0	2.2	1.9
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	133.1	124.4	130.0	136.4	114.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	16.3	16.2	15.0	20.2	17.5
Depreciation of Fixed Assets and Investment Property	9.1	9.6	9.4	9.0	7.1
Provision (Increase)/Reversal	0.6	0.5	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.2	-0.2	-0.1	0.0
Gain/Loss from Investment Activities	-0.5	-0.5	-0.8	-0.2	0.0
Interest Expense	0.0	0.4	1.0	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	25.5	25.9	24.5	29.8	24.8
Increase/(Decrease) in Receivables	-14.0	0.8	16.8	-5.4	0.0
Increase/(Decrease) in Inventory	1.3	-2.0	-0.0	0.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.1	1.5	-6.5	-3.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.8	0.6	-0.2	0.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-0.5	-1.1	-0.7	0.0
Corporate Income Tax Paid	-3.5	-3.6	-3.8	-4.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.0	-1.9	-1.8	-1.0	0.0
Net Cash Flow from Operating Activities	6.0	20.8	27.9	15.4	19.0
Payments for Fixed Assets and Other Long-term Assets	-0.2	-7.2	-2.0	-29.2	-6.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.1	0.1	0.7	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	1.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	1.0	0.0	0.0
Investments in Other Entities	-0.2	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	0.4	0.5	0.7	0.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	-6.6	-0.2	-28.3	-5.0
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	18.0	0.0
Repayment of Borrowings	—	-13.3	-4.8	-4.2	-5.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-4.1	-4.0	-3.2	-3.8
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	—	-17.3	-8.8	10.6	-9.0
Net Cash Flow During the Period	6.0	-3.1	18.8	-2.2	2.7
Cash and Cash Equivalents at Beginning of Period	35.0	38.0	19.0	21.2	16.3
FX Difference from Revaluation	0.0	0.2	0.1	0.1	-0.1
Cash and Cash Equivalents at End of Period	41.0	35.0	38.0	19.0	21.2

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	78.7	80.1	75.0	76.0	67.4	83.2	77.8	70.6	62.8	62.6	67.7	72.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	78.7	80.1	75.0	76.0	67.4	83.2	77.8	70.6	62.8	62.6	67.7	72.7
Cost of Goods Sold	69.6	72.5	67.1	67.8	59.5	73.5	69.6	63.5	56.6	55.5	62.0	65.5
Gross Profit	9.1	7.6	7.9	8.2	7.9	9.7	8.2	7.1	6.3	7.1	5.8	7.3
Financial Income	0.1	0.3	0.1	0.3	0.1	0.1	0.0	0.4	0.1	0.5	0.1	0.2
Financial Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.2	0.2	0.2	0.3
Interest Expense	—	—	—	0.0	—	0.0	0.1	0.1	0.2	0.2	0.2	0.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.4	1.2	1.2	1.3	1.3	1.5	0.9	0.5	0.6	0.6	0.6	0.6
General and Administrative Expenses	2.8	2.4	2.9	2.9	3.0	4.2	3.0	2.6	2.4	1.9	1.8	2.2
Operating Profit	4.1	4.3	3.8	4.3	3.7	4.2	4.3	4.3	3.2	4.9	3.3	4.4
Other Income	0.2	0.0	0.0	0.1	0.1	0.1	0.1	0.0	0.2	0.1	0.0	0.1
Other Expenses	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
Other Profit	0.2	0.0	0.0	-0.0	0.1	0.0	0.0	-0.0	0.2	0.1	0.0	0.1
Profit Before Tax	4.3	4.3	3.9	4.3	3.8	4.2	4.3	4.3	3.3	5.0	3.3	4.4
Current Income Tax Expense	1.1	1.0	0.8	1.0	0.8	1.2	0.9	0.8	0.8	0.9	0.8	0.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Net Income	3.2	3.3	3.0	3.3	3.0	3.0	3.4	3.4	2.5	4.0	2.6	3.5
Non-controlling Interest	0.0	0.0	0.0	0.1	0.1	-0.0	0.1	0.1	0.0	-0.1	0.0	0.1
Profit Attributable to Parent	3.2	3.3	3.0	3.2	2.9	3.0	3.3	3.4	2.5	4.0	2.5	3.4
Earnings per Share	630.67	656.59	603.72	640.43	874.85	905.20	994.29	999.61	752.13	1,200.30	752.60	1,025.50
Diluted EPS	630.67	656.59	603.72	640.43	874.85	905.20	994.29	999.61	752.13	1,200.30	752.60	1,025.50

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)	94.6	95.7	89.5	84.2	83.3	77.4	73.1	77.7	82.5	79.0	79.9	86.4
I. Cash and cash equivalents	34.2	41.0	29.0	25.3	25.6	35.0	22.0	20.0	35.8	38.0	29.3	28.5
1. Cash	21.2	21.0	17.0	18.3	15.6	18.0	13.0	7.0	12.3	15.5	10.3	21.0
2. Cash equivalents	13.0	20.0	12.0	7.0	10.0	17.0	9.0	13.0	23.5	22.5	19.0	7.5
II. Short-term financial investments	0.2	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	2.0	2.0
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	0.2	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	2.0	2.0
III. Short-term receivables	51.2	51.5	56.2	55.3	53.8	37.9	46.9	54.4	43.5	38.0	46.2	53.1
1. Short-term trade accounts receivable	35.4	38.0	41.3	42.0	39.1	35.8	43.1	52.0	40.9	36.0	43.6	49.8
2. Short-term prepayments to suppliers	0.5	1.0	3.3	1.0	0.9	0.3	0.6	0.3	0.2	0.3	0.4	0.3
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	16.4	13.7	12.7	13.1	14.5	2.5	3.8	2.7	2.6	1.9	2.4	3.2
7. Provision for short-term doubtful debts (*)	-1.2	-1.2	-1.1	-0.8	-0.6	-0.6	-0.6	-0.6	-0.2	-0.2	-0.2	-0.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	4.8	1.8	1.7	2.1	2.0	3.1	1.5	1.2	0.8	1.1	0.9	1.4
1. Inventories	4.8	1.8	1.7	2.1	2.0	3.1	1.5	1.2	0.8	1.1	0.9	1.4
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	4.3	1.1	2.6	1.6	1.9	1.4	2.6	2.2	2.3	1.9	1.5	1.3
1. Short-term prepayments	4.2	0.9	2.5	1.5	1.8	1.3	2.3	1.5	1.9	1.5	1.3	1.2
2. Value added tax to be reclaimed	0.0	—	—	—	—	0.0	0.2	0.4	0.0	0.0	0.1	0.1
3. Taxes and other receivables from state authorities	0.1	0.2	0.1	0.1	0.1	0.1	0.2	0.3	0.4	0.4	0.1	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)	35.2	37.4	39.9	42.1	44.4	47.0	49.1	50.8	47.2	51.0	53.4	54.9
I. Long-term receivables	0.3	0.3	0.5	0.5	0.5	0.5	0.5	0.5	0.5	1.7	1.7	1.6
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	0.3	0.3	0.5	0.5	0.5	0.5	0.5	0.5	0.5	1.7	1.7	1.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	33.2	35.4	37.5	39.8	42.0	44.4	46.7	42.3	44.6	47.1	48.3	50.8
1. Tangible fixed assets	33.1	35.2	37.3	39.6	41.8	44.2	46.6	42.3	44.6	47.1	48.3	50.8
- Cost	129.5	—	—	—	—	129.6	129.6	123.0	123.0	123.0	122.0	122.0
- Accumulated depreciation	-96.4	—	—	—	—	-85.4	-83.0	-80.7	-78.4	-75.9	-73.7	-71.2
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	0.1	0.2	0.2	0.2	0.2	0.2	0.1	0.0	0.0	0.0	0.0	0.0
- Cost	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	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	0.4	0.4	0.4	0.3	0.3	0.3	0.0	6.0	0.0	0.0	1.1	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	0.4	0.4	0.4	0.3	0.3	0.3	0.0	6.0	0.0	0.0	1.1	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.2	1.3	1.4	1.5	1.7	1.8	1.9	2.0	2.1	2.2	2.4	2.5
1. Long-term prepayments	1.2	1.3	1.4	1.5	1.7	1.8	1.9	2.0	2.1	2.2	2.3	2.4
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
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)	129.8	133.1	129.3	126.3	127.8	124.4	122.2	128.6	129.6	130.0	133.3	141.3
A. LIABILITIES (300=210+330)	28.8	34.1	33.7	33.7	36.8	36.5	37.3	47.0	45.7	48.6	55.7	62.2
I. Short -term liabilities	28.8	34.1	33.7	33.7	36.8	36.5	37.3	39.4	36.2	39.1	44.3	50.8
1. Short-term trade accounts payable	18.7	18.3	18.3	20.0	17.6	21.6	23.6	24.5	21.5	23.2	27.7	32.5
2. Short-term advances from customers	0.1	0.0	0.0	0.1	0.0	0.1	0.4	0.0	0.7	0.0	0.2	0.3
3. Taxes and other payables to state authorities	1.5	1.4	1.2	1.5	1.0	1.0	0.9	0.8	1.3	1.0	0.9	2.2
4. Payable to employees	4.8	12.2	9.5	8.3	7.8	11.5	8.4	5.9	5.9	2.1	8.4	7.3
5. Short-term acrrued expenses	0.5	—	1.8	1.2	0.5	0.0	1.7	1.8	0.5	7.5	1.6	1.3
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	2.2	2.2	2.6	1.7	2.6	1.9	1.3	1.0	3.0	1.0	2.2	1.8
10. Short-term borrowings and financial leases	—	—	—	—	7.0	0.0	0.0	3.8	2.8	3.8	2.9	4.2
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	1.1	0.0	0.3	1.0	0.1	0.3	1.0	1.5	0.4	0.5	0.5	1.3
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	7.6	9.5	9.5	11.4	11.4
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	—	—	—	—	—	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	7.6	9.5	9.5	11.4	11.4
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)	101.0	98.9	95.6	92.6	91.0	87.9	84.9	81.6	84.0	81.4	77.6	79.1
I. Owner's equity	101.0	98.9	95.6	92.6	91.0	87.9	84.9	81.6	84.0	81.4	77.6	79.1
1. Owner's capital	50.3	50.3	50.3	50.3	33.5	33.5	33.5	33.5	33.5	33.5	33.5	33.5
- Common stock with voting right	50,324,750,000.00	50,324,750,000.00	50,324,750,000.00	50,324,750,000.00	33,549,960,000.00	33,549,960,000.00	33,549,960,000.00	33,549,960,000.00	33,549,960,000.00	33,549,960,000.00	33,549,960,000.00	33,549,960,000.00
- 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	1.4	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	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	0.0	1.4	1.4	1.4
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	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	26.5	26.5	26.5	26.5
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	14.7	12.7	9.4	6.3	21.6	18.6	15.6	12.3	20.6	18.0	14.0	15.5
- Accumulated retained earning at the end of the previous period	11.5	0.2	0.2	0.2	18.6	6.4	6.4	6.4	18.1	6.4	6.4	10.4
- Undistributed earnings in this period	3.2	12.5	9.2	6.2	2.9	12.2	9.2	5.9	2.5	11.7	7.6	5.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2.2	2.2	2.2	2.2	2.1	2.0	2.0	2.0	2.0	2.0	2.2	2.2
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)	129.8	133.1	129.3	126.3	127.8	124.4	122.2	128.6	129.6	130.0	133.3	141.3

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	4.3	4.3	3.9	4.3	3.8	4.2	4.3	4.3	3.3	5.0	3.3	4.4
Depreciation of Fixed Assets and Investment Property	2.2	2.1	2.3	2.3	2.4	2.4	2.4	2.2	2.6	2.1	2.6	2.2
Provision (Increase)/Reversal	—	0.1	0.3	0.2	—	0.0	0.0	0.4	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.1	-0.0	-0.2	—	-0.0	0.0	-0.2	0.0	-0.2	0.0	-0.0
Gain/Loss from Investment Activities	-0.1	-0.0	-0.2	-0.2	-0.1	0.1	-0.2	-0.2	-0.1	-0.4	-0.1	-0.2
Interest Expense	—	0.0	0.0	0.0	—	0.0	0.1	0.1	0.2	0.2	0.2	0.3
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	6.4	6.6	6.2	6.4	6.2	6.7	6.6	6.7	6.0	6.6	6.1	6.7
Increase/(Decrease) in Receivables	-0.3	5.0	-1.3	-1.9	-15.8	8.8	8.0	-11.0	-5.1	8.6	6.1	-4.7
Increase/(Decrease) in Inventory	-2.9	-0.1	0.4	-0.1	1.1	-1.6	-0.3	-0.4	0.3	-0.3	0.6	-0.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.9	0.7	0.9	2.9	-6.5	0.3	1.5	0.6	-1.1	-4.9	-5.6	10.9
Increase/(Decrease) in Prepaid Expenses	-3.2	1.6	-0.9	0.5	-0.4	1.1	-0.6	0.5	-0.3	-0.0	0.0	0.2
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	-0.1	-0.1	-0.2	-0.2	-0.5	-0.1
Corporate Income Tax Paid	-1.0	-0.8	-1.1	-0.7	-0.9	-1.1	-0.7	-0.8	-1.0	-1.1	-1.4	-0.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	-0.2	0.2	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.3	-0.7	-0.7	-0.2	-0.7	-0.5	-0.6	-0.1	-0.4	-0.4	-0.8
Net Cash Flow from Operating Activities	-7.0	12.6	3.5	6.4	-16.5	13.4	13.9	-5.2	-1.3	8.2	5.0	11.6
Payments for Fixed Assets and Other Long-term Assets	—	-0.2	0.0	-0.1	—	-0.4	-0.7	-6.0	0.0	0.0	-1.1	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	—	-0.1	0.1	0.0	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	1.0	0.0	-1.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	1.0	-2.0	2.0
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	0.2	-0.1	0.3	0.2	0.1	0.1	0.1	0.3	0.1	0.3	0.2	0.1
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	0.2	-0.4	0.3	0.1	0.1	-0.4	-0.5	-5.7	0.1	2.4	-2.9	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	—	—	—	—	7.0	0.0	0.0	0.9	-0.9	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	-11.4	-1.9	0.0	-1.0	-1.3	-1.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	-4.1	0.0	-1.0	0.0	-3.0
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	—	—	—	—	7.0	0.0	-11.4	-5.0	-0.9	-2.0	-1.3	-4.3
Net Cash Flow During the Period	-6.8	12.2	3.7	-0.5	-9.4	13.0	2.0	-16.0	-2.1	8.6	0.8	7.5
Cash and Cash Equivalents at Beginning of Period	41.0	29.0	25.3	25.6	35.0	38.0	38.0	38.0	38.0	19.0	19.0	19.0
FX Difference from Revaluation	—	0.0	0.2	0.2	—	0.0	0.0	0.2	0.0	0.1	-0.0	0.0
Cash and Cash Equivalents at End of Period	34.2	41.0	29.0	25.3	25.6	35.0	22.0	20.0	35.8	38.0	29.3	28.5

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VSM

What Is Changing

Drivers of VSM'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