WSB

Bia Sài Gòn - Miền Tây ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 11.29%, +2.83pp YoY

Price

55,600

Latest close

02 Jun 2026

P/E 7.74x

P/B 0.99x

EPS 7,183

BVPS 56,107

ROE 14.2%

ROA 11.6%

Profit Margin 11.3%

Asset Turnover 1.03x

Equity Mult. 1.23x

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

What Is Changing

On a TTM 2026Q1 basis, WSB has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 979bn
	                                
+3.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 111bn
	                                
+38.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	962.9	961.3	852.8	745.4	780.1
Growth	+0%	+13%	+14%	-4%	—
Net Income	97.9	82.5	83.4	71.9	97.7
Net Margin	10.16%	8.59%	9.78%	9.64%	12.52%

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	255.5	241.6	202.1	279.7	239.5	256.7	205.6	240.6	258.3	208.4	173.6	234.8
Growth	+6%	+20%	-28%	+17%	-7%	+25%	-15%	-7%	+24%	+20%	-26%	—
Net Income	30.1	24.9	23.0	32.5	17.4	23.7	16.3	22.3	20.2	11.1	16.7	27.7
Net Margin	11.78%	10.33%	11.39%	11.61%	7.27%	9.23%	7.93%	9.28%	7.82%	5.35%	9.64%	11.78%

Drivers of WSB's profit

TTM

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

Gross profit ↑ 33.0bn

Financial income ↑ 5.3bn

Tax ↑ 4.6bn

TTM

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

Gross profit ↑ 13.0bn

Financial income ↑ 1.3bn

Tax ↑ 1.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.8% = 8.5% × 1.02 × 1.26

2026Q1 14.2% = 11.3% × 1.03 × 1.23

ROE rose from 10.8% to 14.2% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 11.3% +2.8pp Asset turnover: 1.03x +0.01x Leverage: 1.23x -0.03x

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 11.29%, rising 2.8pp. Core operating signals are improving as Gross margin rose 3.0pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (in addition, Net financial result / Revenue rose 0.5pp added support while Other profit / Revenue fell 0.1pp remained a drag).

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

Profitability trend

Net Margin 11.29% +2.8pp

Gross Margin 12.29% +3.0pp

SG&A / Revenue 2.30% +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 11.32% +2.9pp

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 0.19x equity, with a net cash position equivalent to 0.15x equity.

Over the last 12 months, working capital absorbed 11.6bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −14.2bn

Inventories decreased → higher CFO: +8.9bn

Payables decreased → lower CFO: −6.3bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 3.0 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO rose 2.9 days, and DPO rose 0.1 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +3.0 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +2.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 20.4 days +2.9 days

Inventory 34.7 days +0.1 days

Payables 8.2 days +0.1 days

Cash Conversion Cycle 46.9 days +3.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 105.2bn.

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 -0.15x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.20x −0.40x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 105.2bn in 2025, against investing cash flow of -19.3bn.

Post-investment cash flow was positive +85.9bn. Financing cash flow was negative +71.9bn.

CFO / net income was 1.20x.

After spending +14.4bn on fixed-asset investment, the business generated trailing free cash flow of +117.9bn.

Cash Conversion

CFO TTM 132.3bn +5.0bn

Cash Capex 14.4bn +2.7bn

FCF TTM +117.9bn +2.3bn

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 2.8 pp. The next item to monitor is the earnings mix, when non-core contribution is 20.5%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 11.29% after expanding 2.8pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.20x. Even so, net financial result still accounts for 20.5% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	962.9	961.3	852.8	745.4	780.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	962.9	961.3	852.8	745.4	780.1
Cost of Goods Sold	855.6	868.8	762.1	663.6	0.0
Gross Profit	107.3	92.4	90.7	81.8	111.8
Financial Income	23.7	19.3	23.5	15.4	14.4
Financial Expenses	—	0.0	0.0	0.1	-0.2
Interest Expense	—	0.0	0.0	0.1	-0.2
Share of Associates and Joint Ventures	0.1	0.5	0.9	1.3	0.0
Selling Expenses	1.1	1.6	0.0	0.0	-0.0
General and Administrative Expenses	21.5	20.4	19.7	19.8	-19.2
Operating Profit	108.5	90.3	95.4	78.5	106.8
Other Income	0.3	1.6	0.6	0.7	0.0
Other Expenses	0.6	1.3	1.9	1.8	0.0
Other Profit	-0.3	0.3	-1.3	-1.1	-0.1
Profit Before Tax	108.2	90.6	94.1	77.4	106.7
Current Income Tax Expense	10.7	7.8	10.7	5.7	-9.0
Deferred Income Tax Expense	-0.3	0.3	-0.0	-0.2	0.0
Net Income	97.9	82.5	83.4	71.9	97.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	97.9	82.5	83.4	71.9	97.7
Earnings per Share	6,306.00	5,261.00	5,351.00	4,581.00	5,927.00
Diluted EPS	6,748.34	5,692.16	5,753.87	4,957.05	6,735.00

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	577.7	558.2	446.1	364.0	294.4
I. Cash and cash equivalents	83.8	69.8	61.4	71.8	89.7
1. Cash	0.1	0.1	0.1	0.2	0.0
2. Cash equivalents	83.7	69.7	61.3	71.5	0.0
II. Short-term financial investments	315.4	329.2	251.2	174.1	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	315.4	329.2	251.2	174.1	0.0
III. Short-term receivables	116.1	73.3	55.0	22.3	9.3
1. Short-term trade accounts receivable	104.9	64.2	44.4	15.3	0.0
2. Short-term prepayments to suppliers	2.3	1.0	1.2	2.6	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	8.9	8.1	9.4	4.4	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	61.4	85.1	77.5	94.8	54.1
1. Inventories	62.5	86.5	79.1	96.4	0.0
2. Provision for decline in value of inventories	-1.1	-1.4	-1.6	-1.6	0.0
V. Other short-term assets	0.9	0.9	1.0	0.9	0.8
1. Short-term prepayments	0.9	0.9	1.0	0.9	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)	358.6	365.4	469.6	484.4	564.9
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	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	234.4	278.6	341.6	405.6	443.5
1. Tangible fixed assets	234.4	278.6	341.6	405.6	443.5
- Cost	1,038.6	1,021.5	1,025.8	1,017.2	0.0
- Accumulated depreciation	-804.2	-743.0	-684.2	-611.6	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	2.0	2.1	2.3	3.0	3.7
- Cost	4.0	4.0	4.0	9.4	0.0
- Accumulated depreciation	-2.1	-1.9	-1.7	-6.4	0.0
IV. Long-term assets in progress	15.7	13.7	13.6	1.1	13.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	15.7	13.7	13.6	1.1	0.0
V. Long-term financial investments	86.2	51.3	90.7	55.1	84.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	35.7	36.8	37.5	39.0	0.0
3. Investments in other entities	14.0	14.0	14.0	14.0	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	36.5	0.5	39.2	2.1	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	20.4	19.7	21.5	19.6	0.0
1. Long-term prepayments	18.2	17.9	19.3	17.5	0.0
2. Deferred income tax assets	2.2	1.9	2.1	2.1	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	20.3
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)	936.3	923.5	915.7	848.3	859.3
A. LIABILITIES (300=210+330)	151.2	155.7	152.2	130.9	163.5
I. Short -term liabilities	145.5	149.8	145.5	124.5	157.0
1. Short-term trade accounts payable	7.9	22.6	23.5	12.1	15.0
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	105.6	100.9	92.3	77.7	0.0
4. Payable to employees	3.5	3.4	5.7	8.7	0.0
5. Short-term acrrued expenses	7.7	3.6	5.6	7.5	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	11.1	10.1	9.5	10.0	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.8	9.3	8.9	8.5	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	5.6	5.9	6.6	6.4	6.5
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	0.1	0.2	0.2	0.1	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	5.6	5.7	6.4	6.4	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)	785.2	767.8	763.5	717.4	695.8
I. Owner's equity	785.2	767.8	763.5	717.4	0.0
1. Owner's capital	145.0	145.0	145.0	145.0	695.8
- Common stock with voting right	145,000,000,000.00	145,000,000,000.00	145,000,000,000.00	145,000,000,000.00	145,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	219.0	219.0	219.0	219.0	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	421.1	403.8	399.5	353.4	331.8
- Accumulated retained earning at the end of the previous period	359.1	356.9	336.7	316.7	268.1
- Undistributed earnings in this period	62.0	47.0	62.8	36.7	63.6
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)	936.3	923.5	915.7	848.3	859.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	108.2	90.6	94.1	77.4	42.9
Depreciation of Fixed Assets and Investment Property	64.9	65.3	68.0	69.1	34.7
Provision (Increase)/Reversal	-0.3	-0.1	-0.1	0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-24.0	-20.8	-0.9	-16.8	0.0
Interest Expense	—	0.0	0.0	0.1	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	-23.5	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	148.7	135.0	137.6	130.1	67.3
Increase/(Decrease) in Receivables	-42.2	-19.7	-27.9	-10.0	0.0
Increase/(Decrease) in Inventory	24.0	-7.4	17.3	-41.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-7.9	2.4	24.3	-31.6	0.0
Increase/(Decrease) in Prepaid Expenses	-0.4	2.4	-1.0	0.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	-0.1	0.0
Corporate Income Tax Paid	-9.7	-7.7	-9.2	-6.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-7.3	-5.7	-8.0	-5.1	0.0
Net Cash Flow from Operating Activities	105.2	99.3	133.1	36.6	161.5
Payments for Fixed Assets and Other Long-term Assets	-21.3	-3.0	-21.2	-14.1	-17.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	1.7	0.0	0.2	0.2
Loans and Purchases of Debt Instruments	-351.4	-300.1	-350.4	-189.5	-213.1
Receipts from Loan Repayments and Sale of Debt Instruments	329.2	260.9	236.2	186.0	150.1
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	24.1	21.6	21.2	13.1	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	-19.0	-114.2	-4.4	-71.4
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	62.4	163.0
Repayment of Borrowings	—	0.0	0.0	-62.4	-163.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-71.9	-71.9	-29.3	-50.2	-64.8
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	-71.9	-71.9	-29.3	-50.2	-64.8
Net Cash Flow During the Period	14.0	8.4	-10.4	-17.9	-8.3
Cash and Cash Equivalents at Beginning of Period	69.8	61.4	71.8	89.7	64.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	83.8	69.8	61.4	71.8	89.7

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
Revenue	255.5	241.6	202.1	279.7	239.5	256.7	205.6	240.6	258.3	208.4	173.6	234.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	255.5	241.6	202.1	279.7	239.5	256.7	205.6	240.6	258.3	208.4	173.6	234.8
Cost of Goods Sold	222.8	213.1	177.8	244.9	219.9	231.3	188.2	215.8	233.5	195.3	155.2	206.1
Gross Profit	32.7	28.5	24.3	34.9	19.6	25.4	17.4	24.8	24.8	13.0	18.5	28.7
Financial Income	6.5	6.2	6.2	6.1	5.1	5.6	4.9	4.1	4.7	6.7	5.8	6.7
Financial Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	-0.4	-0.3	0.4	0.1	-0.2	0.3	0.0	0.3	-0.1	0.2	-0.4	0.7
Selling Expenses	0.2	0.2	0.2	0.4	0.3	0.2	0.2	0.5	0.6	0.0	0.0	0.0
General and Administrative Expenses	5.5	6.1	5.1	4.9	5.5	5.2	4.6	3.9	6.6	5.7	4.2	5.4
Operating Profit	33.0	28.2	25.6	35.9	18.7	25.9	17.5	24.8	22.1	14.2	19.6	30.8
Other Income	0.1	0.0	0.1	0.2	0.1	0.6	1.0	0.0	0.0	0.0	0.1	0.1
Other Expenses	0.2	0.2	0.1	0.2	0.2	0.2	0.2	0.3	0.6	0.6	0.4	0.4
Other Profit	-0.1	-0.1	-0.1	0.0	-0.1	0.4	0.7	-0.3	-0.6	-0.6	-0.4	-0.3
Profit Before Tax	32.9	28.1	25.6	35.9	18.7	26.3	18.2	24.5	21.5	13.6	19.2	30.5
Current Income Tax Expense	2.5	3.9	2.5	3.3	1.0	3.0	1.8	1.9	1.1	3.7	2.1	2.7
Deferred Income Tax Expense	0.3	-0.8	0.0	0.1	0.3	-0.3	0.1	0.3	0.2	-1.2	0.4	0.1
Net Income	30.1	24.9	23.0	32.5	17.4	23.7	16.3	22.3	20.2	11.1	16.7	27.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	30.1	24.9	23.0	32.5	17.4	23.7	16.3	22.3	20.2	11.1	16.7	27.7
Earnings per Share	1,966.00	1,610.00	1,477.00	2,130.00	1,090.00	1,527.00	1,016.00	1,432.00	1,286.00	668.00	1,054.00	1,732.00
Diluted EPS	2,076.21	1,720.41	1,587.31	2,240.16	1,200.47	1,634.84	1,124.21	1,539.43	1,393.68	768.73	1,154.72	1,908.17

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)	657.0	577.7	619.9	622.1	577.3	558.2	566.7	515.9	505.2	446.1	464.6	447.4
I. Cash and cash equivalents	121.4	83.8	166.2	174.0	109.2	69.8	136.2	86.3	80.6	61.4	31.6	70.2
1. Cash	0.2	0.1	0.1	0.1	0.2	0.1	0.2	0.2	0.3	0.1	0.3	0.3
2. Cash equivalents	121.2	83.7	166.0	173.9	108.9	69.7	136.0	86.1	80.2	61.3	31.3	69.9
II. Short-term financial investments	391.8	315.4	340.0	335.0	325.0	329.2	318.4	289.1	294.6	251.2	314.8	262.0
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	391.8	315.4	340.0	335.0	325.0	329.2	318.4	289.1	294.6	251.2	314.8	262.0
III. Short-term receivables	66.9	116.1	26.9	54.7	56.9	73.3	44.9	63.7	54.3	55.0	28.6	36.7
1. Short-term trade accounts receivable	64.0	104.9	11.8	39.8	45.5	64.2	34.4	54.6	45.0	44.4	14.5	26.1
2. Short-term prepayments to suppliers	2.1	2.3	4.4	4.8	3.3	1.0	1.5	0.8	0.4	1.2	0.9	1.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.8	8.9	10.6	10.1	8.2	8.1	9.0	8.2	9.0	9.4	13.2	9.6
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	75.8	61.4	85.9	56.7	84.6	85.1	66.4	75.2	74.0	77.5	88.7	77.0
1. Inventories	77.2	62.5	87.3	57.9	86.1	86.5	68.1	77.1	76.0	79.1	90.2	78.8
2. Provision for decline in value of inventories	-1.4	-1.1	-1.4	-1.2	-1.4	-1.4	-1.6	-1.9	-2.0	-1.6	-1.5	-1.8
V. Other short-term assets	1.1	0.9	1.0	1.7	1.6	0.9	0.8	1.6	1.7	1.0	0.9	1.4
1. Short-term prepayments	1.0	0.9	0.9	1.7	1.3	0.9	0.8	1.6	1.7	1.0	0.9	1.4
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	—	0.1	—	0.2	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)	307.8	358.6	350.8	347.1	359.7	365.4	382.4	399.8	414.4	470.2	455.6	472.3
I. Long-term receivables	—	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
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	220.5	234.4	238.2	249.5	264.5	278.6	291.8	308.6	325.0	341.6	359.1	389.4
1. Tangible fixed assets	220.5	234.4	238.2	249.5	264.5	278.6	291.8	308.6	325.0	341.6	359.1	389.4
- Cost	1,040.0	—	—	—	—	1,021.5	1,019.9	1,025.8	1,025.8	1,025.8	1,021.2	1,034.8
- Accumulated depreciation	-819.5	—	—	—	—	-743.0	-728.0	-717.1	-700.7	-684.2	-662.1	-645.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	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	1.9	2.0	2.0	2.0	2.1	2.1	2.2	2.2	2.2	2.3	2.4	2.6
- Cost	4.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	14.2	15.7	25.2	17.5	17.5	13.7	13.7	13.7	13.6	13.6	13.7	1.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	14.2	15.7	25.2	17.5	17.5	13.7	13.7	13.7	13.6	13.6	13.7	1.1
V. Long-term financial investments	52.1	86.2	64.9	60.3	57.2	51.3	55.1	54.6	51.4	90.7	61.3	61.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	35.3	35.7	36.0	36.7	36.6	36.8	36.5	36.5	37.4	37.5	37.4	37.8
3. Investments in other entities	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0	14.0
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	2.8	36.5	15.0	9.6	6.6	0.5	4.6	4.2	0.0	39.2	9.9	9.5
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	19.1	20.4	20.4	17.7	18.4	19.7	19.6	20.6	22.2	22.0	19.0	18.0
1. Long-term prepayments	17.1	18.2	18.9	16.2	16.8	17.9	18.1	18.9	20.2	19.3	17.6	16.1
2. Deferred income tax assets	1.9	2.2	1.4	1.5	1.6	1.9	1.5	1.7	2.0	2.7	1.5	1.9
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)	964.8	936.3	970.6	969.2	937.0	923.5	949.1	915.7	919.6	916.3	920.2	919.6
A. LIABILITIES (300=210+330)	151.2	151.2	179.7	199.5	198.1	155.7	174.3	155.6	180.2	156.4	155.4	170.0
I. Short -term liabilities	145.4	145.5	174.0	193.9	192.4	149.8	168.4	149.7	174.3	149.7	148.8	163.5
1. Short-term trade accounts payable	16.8	7.9	14.0	13.5	21.6	22.6	14.0	19.5	16.4	23.5	8.2	15.1
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	5.8	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	96.7	105.6	125.9	154.8	98.5	100.9	127.3	105.4	85.8	92.3	109.6	114.0
4. Payable to employees	0.9	3.5	2.6	1.7	0.8	3.4	2.5	1.7	3.0	9.9	7.9	10.9
5. Short-term acrrued expenses	8.8	7.7	12.4	6.6	4.7	3.6	6.9	6.8	6.9	5.6	6.0	6.6
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	5.1	11.1	11.0	10.8	54.5	10.1	9.9	10.0	52.9	9.5	9.6	10.8
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	11.4	9.8	8.2	6.6	12.1	9.3	7.8	6.2	9.4	8.9	7.4	6.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	5.8	5.6	5.6	5.6	5.7	5.9	5.9	5.9	5.9	6.6	6.6	6.6
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	0.3	0.1	0.0	0.0	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	5.6	5.6	5.6	5.6	5.7	5.7	5.7	5.7	5.7	6.4	6.4	6.4
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)	813.6	785.2	791.0	769.6	738.8	767.8	774.8	760.1	739.4	759.9	764.8	749.6
I. Owner's equity	813.6	785.2	791.0	769.6	738.8	767.8	774.8	760.1	739.4	759.9	764.8	749.6
1. Owner's capital	145.0	145.0	145.0	145.0	145.0	145.0	145.0	145.0	145.0	145.0	145.0	145.0
- Common stock with voting right	145,000,000,000.00	145,000,000,000.00	145,000,000,000.00	145,000,000,000.00	145,000,000,000.00	145,000,000,000.00	145,000,000,000.00	145,000,000,000.00	145,000,000,000.00	145,000,000,000.00	145,000,000,000.00	145,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	219.0	219.0	219.0	219.0	219.0	219.0	219.0	219.0	219.0	219.0	219.0	219.0
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	449.5	421.1	427.0	405.6	374.8	403.8	410.8	396.1	375.4	395.9	400.8	385.6
- Accumulated retained earning at the end of the previous period	421.1	359.1	359.1	359.1	359.1	356.9	356.9	356.9	356.8	336.7	336.1	336.7
- Undistributed earnings in this period	28.4	62.0	67.9	46.5	15.7	47.0	53.9	39.2	18.6	59.2	64.7	48.8
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)	964.8	936.3	970.6	969.2	937.0	923.5	949.1	915.7	919.6	916.3	920.2	919.6

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	32.9	28.1	25.6	35.9	18.7	26.3	18.2	24.5	21.5	17.8	19.2	30.5
Depreciation of Fixed Assets and Investment Property	15.6	16.4	16.2	16.1	16.2	14.9	11.0	16.4	16.6	17.1	16.7	17.2
Provision (Increase)/Reversal	0.3	-0.3	0.1	-0.2	0.1	-0.2	-0.3	-0.0	0.4	0.0	-0.3	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	-6.1	-6.0	-6.8	-6.2	-5.0	-7.4	-4.6	-4.4	-4.6	16.6	-5.4	-7.9
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	-23.5	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	42.7	38.2	35.3	45.4	29.9	33.7	24.2	36.5	33.9	28.1	30.3	39.9
Increase/(Decrease) in Receivables	32.4	-79.5	14.1	18.8	4.3	-28.3	18.6	-9.2	0.6	-37.9	19.4	20.3
Increase/(Decrease) in Inventory	-14.7	24.8	-29.3	28.1	0.4	-18.6	9.1	-1.1	3.1	11.2	-11.4	7.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.4	-28.6	-25.5	50.2	-4.0	-18.6	14.7	19.9	-12.5	3.0	-11.1	25.6
Increase/(Decrease) in Prepaid Expenses	0.9	0.7	-1.8	0.1	0.6	0.1	1.7	0.5	-0.7	-1.0	1.3	-1.7
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	-4.4	-5.5	-0.9	0.0	-3.4	-3.5	0.0	-0.9	-3.3	-5.3	-2.0	-0.0
Other Operating Receipts	17.1	—	—	—	—	0.4	0.7	0.0	0.0	0.0	0.0	-0.3
Other Operating Payments	—	-0.1	—	-7.3	—	0.0	5.6	-2.8	-2.9	1.1	-1.1	-8.0
Net Cash Flow from Operating Activities	71.6	-61.0	2.9	118.8	44.5	-34.8	74.7	42.8	18.3	-0.8	25.3	83.5
Payments for Fixed Assets and Other Long-term Assets	-1.9	-3.4	-7.2	-1.9	-8.8	-1.9	-0.9	-0.1	0.0	0.6	-13.3	-4.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.1	0.1	0.2	—	-0.6	1.6	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-120.6	-104.2	-85.0	-69.0	-93.3	-103.2	-84.6	-60.2	-52.1	-116.2	-68.8	-126.9
Receipts from Loan Repayments and Sale of Debt Instruments	87.2	107.2	74.5	-0.2	91.4	96.5	54.9	61.5	48.0	150.4	15.7	25.6
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	1.3	7.8	6.9	3.9	5.5	6.4	4.1	4.9	5.1	10.2	2.5	5.6
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	-34.0	7.4	-10.7	-10.8	-5.2	-2.8	-24.9	6.0	0.9	45.0	-63.9	-99.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	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	-28.8	-0.0	-43.1	—	-28.8	-0.0	-43.1	-0.0	-14.4	-0.0	-14.9
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	-28.8	-0.0	-43.1	—	-28.8	-0.0	-43.1	-0.0	-14.4	-0.0	-14.9
Net Cash Flow During the Period	37.6	-82.3	-7.8	64.9	39.4	-66.3	49.8	5.8	19.2	29.8	-38.6	-31.4
Cash and Cash Equivalents at Beginning of Period	83.8	166.2	174.0	109.2	69.8	61.4	61.4	61.4	61.4	71.8	71.8	71.8
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	121.4	83.8	166.2	174.0	109.2	69.8	136.2	86.3	80.6	61.4	31.6	70.2

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WSB

What Is Changing

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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?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow