AMP

Armephaco ·UPCOM ·2026Q1

▲ Slightly positive

Price

12,500

Latest close

02 Jun 2026

P/E 41.32x

P/B 0.79x

EPS 303

BVPS 15,892

ROE 1.9%

ROA 0.3%

Profit Margin 0.3%

Asset Turnover 0.99x

Equity Mult. 6.79x

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

What Is Changing

On a TTM 2026Q1 basis, AMP is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,368bn
	                                
+41.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 4bn
	                                
+10.1%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -45.16x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022
Revenue	1,385.3	1,073.0	1,024.2	1,171.8
Growth	+29%	+5%	-13%	—
Net Income	4.7	3.7	3.6	4.0
Net Margin	0.34%	0.34%	0.35%	0.34%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q1'23	Q1'22
Revenue	277.6	472.8	272.3	345.2	295.0	177.4	234.8	258.7	462.8	173.0	187.4
Growth	-41%	+74%	-21%	+17%	+66%	-24%	-9%	-44%	+168%	-8%	—
Net Income	1.0	1.3	0.7	1.0	1.1	0.5	0.4	1.5	1.2	0.7	1.2
Net Margin	0.38%	0.27%	0.24%	0.28%	0.38%	0.30%	0.16%	0.60%	0.25%	0.39%	0.63%

Drivers of AMP's profit

TTM

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

Gross profit ↑ 20.8bn

Financial income ↑ 0.5bn

Administrative expenses ↑ 10.3bn

Finance costs ↑ 6.7bn

Tax ↑ 1.5bn

Other profit ↓ 1.0bn

TTM

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

Gross profit ↑ 3.5bn

Other profit ↑ 0.6bn

Tax ↓ 0.5bn

Associates income ↑ 0.1bn

Administrative expenses ↑ 2.4bn

Selling expenses ↑ 1.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.8% = 0.4% × 0.89 × 5.45

2026Q1 1.9% = 0.3% × 0.99 × 6.79

ROE is broadly flat at 1.9% — the components are offsetting one another.

Net margin: 0.3% -0.1pp Asset turnover: 0.99x +0.10x Leverage: 6.79x +1.33x

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 0.29%, 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 0.29% −0.1pp

Gross Margin 6.72% −0.6pp

SG&A / Revenue 5.17% −1.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 0.70%, broadly flat versus the same period. That translates to 0.70 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover rose 0.22x, while invested capital expanded strongly by 141bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 0.70% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.70% −0.0pp

NOPAT Margin 0.36% −0.1pp

Capital Turnover 1.97x +0.22x

Average Invested Capital 695.9bn +141.5bn

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 6.38x equity, net debt at 2.85x equity.

Inventory ended the period at 406.6bn, roughly 26.8% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 33.9 days versus the same period last year. The main moves came from DIO fell 6.7 days, DSO fell 44.7 days, and DPO fell 17.5 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 162.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 156.9 days −44.7 days

Inventory 101.8 days −6.7 days

Payables 96.3 days −17.5 days

Cash Conversion Cycle 162.4 days −33.9 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.85x and interest coverage only at 0.46x.

At present, short-term debt accounts for 99.6% of total debt, cash equals 3.4% of debt, and total debt stands at 609.9bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.85x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.46x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.85x +0.90x

Interest Coverage 0.46x −0.01x

Cash / Debt 3.4% +0.6pp

Short-term Debt / Total Debt 99.6% −0.4pp

CFO / NI -45.16x −51.04x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -103.7bn in 2025, against investing cash flow of -33.2bn.

Post-investment cash flow was negative +136.9bn. Financing cash flow was positive +182.9bn.

CFO / net income was -45.16x.

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 177.6bn −198.6bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 0.7%. The next watchpoint is the earnings mix, when non-core contribution is 24.7%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 24.7% of PBT and CFO / net income currently at -45.16x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022
Revenue	1,385.3	1,073.5	1,026.5	1,171.9
Revenue Deductions	—	0.5	2.2	0.1
Net Revenue	1,385.3	1,073.0	1,024.2	1,171.8
Cost of Goods Sold	1,296.4	988.2	950.4	1,097.2
Gross Profit	88.9	84.8	73.8	74.6
Financial Income	0.9	1.1	1.3	0.7
Financial Expenses	19.6	12.7	20.5	22.0
Interest Expense	13.6	8.4	17.4	18.5
Share of Associates and Joint Ventures	7.5	7.4	10.5	12.2
Selling Expenses	23.0	32.1	23.5	23.0
General and Administrative Expenses	43.6	41.7	36.6	35.8
Operating Profit	11.2	6.8	5.1	6.6
Other Income	0.3	0.1	0.3	0.0
Other Expenses	2.8	1.2	0.4	0.4
Other Profit	-2.4	-1.1	-0.1	-0.3
Profit Before Tax	8.8	5.7	5.0	6.3
Current Income Tax Expense	4.1	2.1	1.4	2.3
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	4.7	3.7	3.6	4.0
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	4.7	3.7	3.6	4.0
Earnings per Share	365.00	281.00	278.00	306.00
Diluted EPS	365.35	280.98	278.45	305.88

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,406.8	1,097.5	936.0	947.7
I. Cash and cash equivalents	86.5	40.4	54.7	45.6
1. Cash	86.4	40.4	53.9	45.6
2. Cash equivalents	0.1	0.0	0.8	0.0
II. Short-term financial investments	31.0	9.0	7.0	8.5
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	31.0	9.0	7.0	8.5
III. Short-term receivables	860.6	760.1	626.5	656.3
1. Short-term trade accounts receivable	622.3	594.0	532.9	507.7
2. Short-term prepayments to suppliers	227.2	152.2	81.8	140.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	16.2	18.8	15.5	12.3
7. Provision for short-term doubtful debts (*)	-5.1	-4.9	-3.6	-3.7
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	406.6	277.6	240.8	230.8
1. Inventories	407.7	277.6	240.8	231.2
2. Provision for decline in value of inventories	-1.2	0.0	0.0	-0.3
V. Other short-term assets	22.1	10.4	6.9	6.4
1. Short-term prepayments	1.8	0.7	0.3	0.4
2. Value added tax to be reclaimed	20.3	9.7	6.5	6.0
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
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	109.9	97.9	94.0	88.0
I. Long-term receivables	1.9	1.8	2.8	1.8
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	1.9	1.8	2.8	1.8
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	50.2	38.9	40.6	41.5
1. Tangible fixed assets	50.2	38.7	40.5	41.4
- Cost	209.3	199.5	194.7	188.6
- Accumulated depreciation	-159.1	-160.8	-154.3	-147.2
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.2	0.1	0.1
- Cost	1.5	1.5	1.4	1.3
- Accumulated depreciation	-1.4	-1.3	-1.3	-1.2
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	—	1.2	0.6	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	1.2	0.6	0.0
V. Long-term financial investments	51.1	49.5	44.8	40.3
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	45.9	44.6	44.8	40.3
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	5.1	4.9	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	6.7	6.4	5.1	4.3
1. Long-term prepayments	6.7	6.4	5.1	4.3
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,516.7	1,195.4	1,030.0	1,035.7
A. LIABILITIES (300=210+330)	1,311.1	994.6	860.2	843.4
I. Short -term liabilities	1,310.2	993.7	859.3	842.4
1. Short-term trade accounts payable	406.1	301.7	289.4	259.6
2. Short-term advances from customers	206.6	119.4	48.9	107.8
3. Taxes and other payables to state authorities	4.0	3.1	1.9	3.4
4. Payable to employees	6.1	7.4	6.1	3.8
5. Short-term acrrued expenses	8.6	77.4	64.0	44.5
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	89.5	78.0	77.6	45.0
10. Short-term borrowings and financial leases	589.4	406.5	370.7	376.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.1	0.7	2.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	0.9	0.9	0.9	0.9
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	0.9	0.9	0.9	0.9
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	205.6	200.8	169.8	192.4
I. Owner's equity	205.5	200.8	169.7	192.3
1. Owner's capital	130.0	130.0	130.0	130.0
- Common stock with voting right	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	18.7	18.7	18.7	18.6
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	56.5	51.8	20.7	43.4
- Accumulated retained earning at the end of the previous period	51.8	48.1	17.1	39.4
- Undistributed earnings in this period	4.7	3.7	3.6	4.0
12. Reserves for investment in construction	0.3	0.3	0.3	0.3
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,516.7	1,195.4	1,030.0	1,035.7

Item	2025	2024	2023	2022
Profit Before Tax	8.8	5.7	5.0	6.3
Depreciation of Fixed Assets and Investment Property	8.5	7.7	7.3	7.2
Provision (Increase)/Reversal	1.4	1.2	-0.4	1.5
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.1	0.1
Gain/Loss from Investment Activities	-0.9	-0.9	-0.8	-0.2
Interest Expense	13.6	8.4	17.4	18.5
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	31.4	22.2	28.6	33.3
Increase/(Decrease) in Receivables	-119.5	-136.2	23.8	78.7
Increase/(Decrease) in Inventory	-130.2	-36.8	-9.7	33.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	126.9	127.8	-12.3	-125.6
Increase/(Decrease) in Prepaid Expenses	-1.3	-1.7	-0.7	-0.9
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-7.8	-11.7	-6.4	-3.9
Corporate Income Tax Paid	-3.1	-1.4	-2.4	-6.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.1	0.8	-1.5	1.5
Net Cash Flow from Operating Activities	-103.7	-37.0	19.5	10.8
Payments for Fixed Assets and Other Long-term Assets	-18.6	-6.6	-7.1	-1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-23.5	-6.9	0.0	-4.0
Receipts from Loan Repayments and Sale of Debt Instruments	1.4	0.0	1.5	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	7.4	0.4	0.8	0.2
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-33.2	-13.1	-4.8	-5.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	1,017.3	592.4	380.0	494.8
Repayment of Borrowings	-834.3	-556.6	-385.7	-532.6
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	182.9	35.8	-5.6	-37.8
Net Cash Flow During the Period	46.1	-14.3	9.1	-32.0
Cash and Cash Equivalents at Beginning of Period	40.4	54.7	45.6	77.6
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	86.5	40.4	54.7	45.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q1'23	Q1'22
Revenue	277.6	472.8	272.3	345.2	295.0	177.4	235.2	258.7	464.7	173.1	187.4
Revenue Deductions	—	—	—	—	—	0.0	0.3	0.0	1.9	0.1	0.0
Net Revenue	277.6	472.8	272.3	345.2	295.0	177.4	234.8	258.7	462.8	173.0	187.4
Cost of Goods Sold	254.1	440.8	254.3	326.8	275.0	158.2	219.1	242.6	436.1	155.5	169.8
Gross Profit	23.5	32.0	18.0	18.4	20.0	19.2	15.8	16.1	26.7	17.5	17.6
Financial Income	0.1	0.5	0.1	0.3	0.0	0.3	0.2	0.0	0.2	0.3	0.1
Financial Expenses	4.1	8.9	4.3	3.2	3.1	4.2	3.7	2.8	5.5	5.2	4.9
Interest Expense	3.8	6.8	2.4	1.8	2.6	3.5	1.7	2.5	3.7	4.9	4.5
Share of Associates and Joint Ventures	1.7	2.0	1.9	2.0	1.6	1.7	3.2	2.1	3.0	2.5	2.7
Selling Expenses	6.9	7.6	4.1	5.9	5.4	7.2	5.9	5.6	9.3	5.1	5.7
General and Administrative Expenses	12.7	13.8	10.3	9.4	10.3	8.9	8.9	7.7	13.7	9.0	8.6
Operating Profit	1.6	4.2	1.3	2.2	2.8	0.9	0.7	2.1	1.4	1.1	1.3
Other Income	3.7	0.2	0.1	0.0	0.0	0.0	0.1	0.0	0.1	0.1	0.0
Other Expenses	3.7	1.0	0.5	0.6	0.6	0.0	0.1	0.2	0.1	0.0	0.0
Other Profit	0.0	-0.8	-0.4	-0.6	-0.6	-0.0	-0.0	-0.2	0.1	0.1	0.0
Profit Before Tax	1.6	3.4	0.9	1.6	2.2	0.8	0.7	1.9	1.4	1.1	1.3
Current Income Tax Expense	0.6	2.1	0.2	0.6	1.1	0.3	0.3	0.4	0.3	0.4	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.0	1.3	0.7	1.0	1.1	0.5	0.4	1.5	1.2	0.7	1.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.0	1.3	0.7	1.0	1.1	0.5	0.4	1.5	1.2	0.7	1.2
Earnings per Share	80.31	98.21	50.21	73.80	86.01	41.19	28.47	119.10	89.00	51.58	90.48
Diluted EPS	80.31	98.21	50.21	73.80	86.01	41.19	28.47	119.10	89.37	51.58	90.48

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q1'23	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,519.3	1,401.4	1,146.7	1,089.2	1,039.3	976.7	961.1	956.0	938.1	939.0	1,012.1
I. Cash and cash equivalents	20.8	86.4	25.0	80.3	11.2	6.6	39.7	21.9	53.9	9.5	17.3
1. Cash	20.8	86.4	24.9	80.2	11.2	6.6	34.8	21.1	53.9	9.5	17.3
2. Cash equivalents	—	—	0.1	0.1	—	0.0	4.9	0.8	0.0	0.0	0.0
II. Short-term financial investments	41.1	15.1	11.2	9.7	11.0	11.9	10.5	7.0	7.8	16.6	4.5
1. Available for sale securities	—	—	—	—	—	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
3. Held to maturity investments	41.1	15.1	11.2	9.7	11.0	11.9	10.5	7.0	7.8	16.6	4.5
III. Short-term receivables	1,014.3	871.9	836.0	701.2	714.9	681.0	662.6	680.3	628.7	633.7	724.7
1. Short-term trade accounts receivable	641.9	622.4	549.9	550.0	534.0	525.4	523.8	573.3	532.9	449.8	468.4
2. Short-term prepayments to suppliers	359.9	239.0	274.6	140.7	164.7	137.3	112.5	92.2	81.8	174.0	244.9
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	3.5	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	17.5	15.6	16.5	15.4	21.1	18.8	30.3	18.7	17.6	13.6	14.0
7. Provision for short-term doubtful debts (*)	-4.9	-5.1	-5.0	-4.9	-4.9	-4.0	-4.0	-4.0	-3.6	-3.7	-2.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	419.5	405.8	263.6	286.4	291.0	266.6	239.4	238.3	240.8	270.8	257.1
1. Inventories	420.7	407.0	264.9	287.7	291.0	266.6	239.4	238.3	240.8	271.1	257.1
2. Provision for decline in value of inventories	-1.2	-1.2	-1.3	-1.3	—	0.0	0.0	0.0	0.0	-0.3	0.0
V. Other short-term assets	23.7	22.1	10.9	11.8	11.1	10.5	8.9	8.5	6.9	8.4	8.4
1. Short-term prepayments	1.8	1.8	0.8	0.7	0.7	0.6	0.6	0.4	0.3	0.4	0.5
2. Value added tax to be reclaimed	21.6	20.3	9.7	11.0	10.3	9.8	8.2	7.9	6.5	7.9	7.8
3. Taxes and other receivables from state authorities	0.2	0.0	0.4	0.0	0.1	0.0	0.1	0.1	0.0	0.0	0.1
4. Government bonds	—	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	113.6	126.5	120.6	114.1	100.9	93.3	98.9	91.8	92.2	88.8	90.3
I. Long-term receivables	1.9	1.9	1.9	1.9	1.8	1.8	1.8	1.8	1.8	1.9	1.8
1. Long-term trade receivables	—	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.9	1.9	1.9	1.9	1.8	1.8	1.8	1.8	1.8	1.9	1.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	50.1	50.2	43.1	36.5	38.3	36.9	38.2	38.8	40.8	40.8	45.7
1. Tangible fixed assets	50.1	50.2	43.0	36.4	38.2	36.8	38.1	38.7	40.7	40.8	45.6
- Cost	211.2	—	—	—	—	195.5	194.9	194.7	194.9	189.7	187.5
- Accumulated depreciation	-161.1	—	—	—	—	-158.7	-156.8	-156.0	-154.3	-148.9	-141.9
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1
- Cost	1.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.3	—	—	—	—	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
- Cost	—	—	—	—	—	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
IV. Long-term assets in progress	0.1	—	3.2	6.1	2.7	0.3	0.0	0.0	0.6	0.2	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	—	3.2	6.1	2.7	0.3	0.0	0.0	0.6	0.2	0.0
V. Long-term financial investments	55.0	67.7	67.3	63.8	51.9	45.5	47.8	46.0	44.0	41.8	39.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	49.9	46.5	46.3	42.7	47.0	45.5	47.8	46.0	44.0	41.8	39.4
3. Investments in other entities	0.0	0.0	0.0	0.0	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	-0.0	-0.0	-0.0	-0.0
5. Held to maturity investments	5.1	21.1	21.0	21.0	4.9	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
VI. Other long-term assets	6.4	6.7	5.1	5.8	6.2	8.8	11.2	5.2	5.1	4.1	3.4
1. Long-term prepayments	6.4	6.7	5.1	5.8	6.2	8.8	11.2	5.2	5.1	4.1	3.4
2. Deferred income tax assets	—	—	—	—	—	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
4. Other long-term assets	—	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,632.9	1,527.8	1,267.3	1,203.3	1,140.2	1,070.0	1,060.0	1,047.8	1,030.4	1,027.8	1,102.4
A. LIABILITIES (300=210+330)	1,426.3	1,323.0	1,063.7	1,000.4	938.3	889.7	862.3	876.5	834.3	834.8	905.5
I. Short -term liabilities	1,422.7	1,322.1	1,062.6	999.5	937.2	888.6	861.4	875.6	833.3	833.9	904.5
1. Short-term trade accounts payable	405.1	418.0	266.7	297.3	268.2	260.6	278.7	341.2	289.5	241.7	220.2
2. Short-term advances from customers	312.6	206.6	176.8	153.0	103.1	70.7	58.2	39.8	48.9	103.2	220.3
3. Taxes and other payables to state authorities	1.2	4.0	1.7	1.9	3.6	2.3	2.1	1.3	1.9	3.4	0.7
4. Payable to employees	2.4	6.1	3.0	2.7	2.5	3.8	2.8	2.6	6.1	2.3	1.8
5. Short-term acrrued expenses	12.1	8.6	84.4	81.5	79.3	69.7	72.5	69.6	64.0	48.1	33.5
6. Short-term inter-company payables	—	—	—	—	—	0.0	6.6	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
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	81.8	89.5	64.6	70.8	75.0	78.0	58.5	74.4	51.6	40.6	42.1
10. Short-term borrowings and financial leases	607.5	589.4	465.4	392.0	405.4	403.3	381.7	346.1	370.7	393.7	385.7
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.1	0.2	0.3	0.4	0.6	0.7	0.8	0.2
13. Price stabilization fund	—	—	—	—	—	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
II. Long-term liabilities	3.6	0.9	1.1	0.9	1.1	1.1	0.9	0.9	0.9	0.9	0.9
1. Long-term trade payables	—	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	—	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
7. Other long-term liabilities	1.1	0.9	1.1	0.9	1.1	1.1	0.9	0.9	0.9	0.9	0.9
8. Long-term borrowings and financial leases	2.5	—	—	—	—	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
10. Preferred stock (Debts)	—	—	—	—	—	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
12. Provision for long-term liabilities	—	—	—	—	—	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
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	206.6	204.8	203.5	202.9	201.9	180.3	197.7	171.3	196.1	193.0	196.9
I. Owner's equity	206.6	204.8	203.5	202.8	201.9	180.2	197.6	171.3	196.1	193.0	196.9
1. Owner's capital	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0
- Common stock with voting right	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00	130,000,000,000.00
- Preferred stock	—	—	—	—	—	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
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.3	—	—	—	—	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
6. Assets revaluation differences	—	—	—	—	—	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
8. Investment and development fund	18.7	18.7	18.7	18.7	18.7	18.7	18.7	18.7	18.7	18.6	16.7
9. Fund to support corporate restructuring	—	—	—	—	—	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
11. Undistributed earnings after tax	57.6	55.8	54.5	53.8	52.9	31.2	48.6	22.3	47.1	44.1	49.9
- Accumulated retained earning at the end of the previous period	56.5	51.8	51.8	—	51.8	29.6	46.7	20.7	43.4	43.4	48.7
- Undistributed earnings in this period	1.0	4.0	2.7	—	1.1	1.7	1.9	1.5	3.7	0.7	1.2
12. Reserves for investment in construction	—	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
13. Minority's interest	—	—	—	—	—	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
II. Other resources and funds	—	0.0	0.0	0.0	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
2. Funds invested in fixed assets	—	0.0	0.0	0.0	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
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,632.9	1,527.8	1,267.3	1,203.3	1,140.2	1,070.0	1,060.0	1,047.8	1,030.4	1,027.8	1,102.4

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q1'23	Q1'22
Profit Before Tax	—	5.0	3.8	—	-2.6	2.6	0.0	5.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	4.5	4.0	—	-3.7	3.7	0.0	7.3	0.0	0.0
Provision (Increase)/Reversal	—	0.0	1.3	—	-0.3	0.3	0.0	-0.4	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	—	—	0.0	0.0	0.0	0.1	0.0	0.0
Gain/Loss from Investment Activities	—	-0.7	-0.2	—	0.3	-0.3	0.0	-0.8	0.0	0.0
Interest Expense	—	9.2	4.4	—	-4.2	4.2	0.0	17.4	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	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
Operating Profit Before Changes in Working Capital	—	18.0	13.4	—	-10.5	10.5	0.0	28.6	0.0	0.0
Increase/(Decrease) in Receivables	—	-173.0	53.5	—	39.7	-39.7	0.0	23.8	0.0	0.0
Increase/(Decrease) in Inventory	—	-120.1	-10.1	—	-1.4	1.4	0.0	-9.7	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	103.4	23.6	—	-16.3	16.3	0.0	-12.3	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	-2.0	0.7	—	5.7	-5.7	0.0	-0.7	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-1.2	-6.7	—	3.0	-3.0	0.0	-6.4	0.0	0.0
Corporate Income Tax Paid	-3.1	-0.4	-2.1	-0.6	0.9	-0.0	-0.9	-2.3	-0.1	-0.4
Other Operating Receipts	18.4	—	—	—	9.4	10.5	-10.5	17.1	-17.1	-59.4
Other Operating Payments	-13.3	-0.1	22.1	-22.1	-19.9	6.8	-7.4	7.9	-9.4	7.1
Net Cash Flow from Operating Activities	-73.9	-175.2	94.6	-23.1	-21.6	-14.1	-7.5	64.2	-44.7	-32.0
Payments for Fixed Assets and Other Long-term Assets	—	-12.1	-6.5	-0.0	1.3	-1.3	0.0	-5.9	-1.1	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	—	-0.1	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-5.5	-18.0	—	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	1.4	—	0.0	0.0	0.0	1.5	0.0	0.0
Investments in Other Entities	—	—	—	—	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
Dividends and Interest Income Received	3.0	1.6	5.8	0.0	1.3	0.1	0.1	0.1	0.7	0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	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
Other Investing Receipts	—	—	—	—	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
Net Cash Flow from Investing Activities	-3.9	-15.9	-16.7	-0.6	2.5	-1.1	0.1	3.7	-8.5	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	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
Proceeds from Borrowings	189.6	689.5	194.1	133.6	-29.6	214.0	59.5	309.4	70.7	106.4
Repayment of Borrowings	-174.5	-492.2	-207.5	-134.7	37.1	-182.0	-84.1	-332.4	-53.2	-134.8
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-2.9	—	—	-3.1	-1.4	0.0	0.0	0.3	-0.3	0.0
Other Financing Receipts	—	—	—	—	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
Net Cash Flow from Financing Activities	12.1	197.3	-10.2	-4.2	6.1	32.0	-24.5	-22.7	17.1	-28.4
Net Cash Flow During the Period	-65.7	6.2	67.7	-27.9	-13.0	16.9	-32.0	45.2	-36.1	-60.3
Cash and Cash Equivalents at Beginning of Period	86.5	40.4	11.2	39.1	34.7	54.7	53.9	45.6	45.6	77.6
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	20.8	86.5	80.3	11.2	6.6	39.6	21.9	54.7	9.5	17.3

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AMP

What Is Changing

Drivers of AMP'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