BAX

Thống Nhất ·HNX ·2026Q1

● Maintaining

Financial result is supporting part of pre-tax profit Net financial result/PBT 27.45%

Price

30,900

Latest close

02 Jun 2026

P/E 6.56x

P/B 1.10x

EPS 4,709

BVPS 27,964

ROE 17.5%

ROA 5.3%

Profit Margin 31.6%

Asset Turnover 0.17x

Equity Mult. 3.30x

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

What Is Changing

On a TTM 2026Q1 basis, BAX posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 122bn
	                                
+64.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 39bn
	                                
+45.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	110.2	73.0	74.5	232.3	171.9
Growth	+51%	-2%	-68%	+35%	—
Net Income	35.8	26.6	28.8	64.7	60.3
Net Margin	32.51%	36.41%	38.60%	27.84%	35.10%

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	31.0	26.9	23.9	40.3	19.1	17.9	18.7	18.7	17.8	21.4	15.9	21.3
Growth	+16%	+12%	-41%	+111%	+7%	-4%	-0%	+5%	-17%	+35%	-26%	—
Net Income	8.5	10.7	7.1	12.3	5.7	6.2	5.7	8.8	5.8	9.2	2.4	15.5
Net Margin	27.43%	39.73%	29.90%	30.47%	29.96%	34.83%	30.66%	47.29%	32.62%	43.16%	15.00%	72.69%

Drivers of BAX's profit

TTM

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

Gross profit ↑ 9.8bn

Administrative expenses ↓ 3.0bn

Financial income ↑ 2.1bn

Tax ↑ 2.7bn

TTM

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

Gross profit ↑ 2.7bn

Administrative expenses ↓ 0.6bn

Tax ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.5% = 35.7% × 0.10 × 3.43

2026Q1 17.5% = 31.6% × 0.17 × 3.30

ROE rose from 12.5% to 17.5% — mainly driven by asset turnover, despite net margin and leverage moving in the opposite direction.

Net margin: 31.6% -4.0pp Asset turnover: 0.17x +0.07x Leverage: 3.30x -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 fell to 31.62%, losing 4.0pp. The main pressure is Gross margin fell 14.1pp, outweighing the improvement in SG&A / Revenue fell 12.9pp (with lingering pressure from Net financial result / Revenue fell 4.2pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 31.62% −4.0pp

Gross Margin 42.53% −14.1pp

SG&A / Revenue 13.86% −12.9pp

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 31.44% −3.8pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is typical for the real estate sector — liabilities at 2.26x equity, with a net cash position equivalent to 0.05x equity.

Development inventory ended the period at 85.4bn, about 11.8% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 1.8bn of cash, mainly thanks to lower receivables. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +10.6bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −8.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 329.7 days versus the same period last year. The main moves came from DIO fell 304.4 days, DSO fell 31.9 days, and DPO fell 6.6 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 365.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 7.2 days −31.9 days

Inventory 374.6 days −304.4 days

Payables 16.5 days −6.6 days

Cash Conversion Cycle 365.3 days −329.7 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 44.7bn.

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.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

Leverage and liquidity trend

Net Debt / Equity -0.05x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.37x +0.42x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 44.7bn in 2025, against investing cash flow of -10.3bn.

Post-investment cash flow was positive +34.4bn. Financing cash flow was negative +20.3bn.

CFO / net income was 1.37x.

After spending +20.5bn on fixed-asset investment, the business generated trailing free cash flow of +32.5bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

Cash Conversion

CFO TTM 52.9bn +27.8bn

Cash Capex 20.5bn −9.3bn

FCF TTM +32.5bn +37.2bn

Investment Takeaway

The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.05x. The next item to monitor is the earnings mix, when non-core contribution is 27.4%. The main risk still sits in core profitability, with net margin down 4.0 pp.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.05x of equity.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.37x. Even so, net financial result still accounts for 27.4% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 31.62% after a 4.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	111.1	73.0	74.5	232.3	171.9
Revenue Deductions	0.9	0.0	0.0	0.0	0.0
Net Revenue	110.2	73.0	74.5	232.3	171.9
Cost of Goods Sold	60.9	31.7	38.5	145.0	0.0
Gross Profit	49.2	41.3	36.0	87.3	70.0
Financial Income	13.4	12.4	23.0	14.6	15.9
Financial Expenses	0.0	0.0	0.0	0.0	-0.0
Interest Expense	0.0	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	17.5	20.1	22.2	26.1	-24.1
Operating Profit	45.1	33.5	36.9	75.8	61.9
Other Income	0.3	0.3	0.0	7.2	0.0
Other Expenses	0.0	0.0	0.3	0.3	0.0
Other Profit	0.2	0.3	-0.3	6.9	6.7
Profit Before Tax	45.3	33.9	36.6	82.8	68.6
Current Income Tax Expense	9.5	7.3	7.8	18.1	-8.2
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	35.8	26.6	28.8	64.7	60.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	35.8	26.6	28.8	64.7	60.3
Earnings per Share	4,150.00	3,183.00	3,015.00	7,301.00	7,358.00
Diluted EPS	4,368.85	3,241.31	3,508.09	7,885.23	7,357.73

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	335.6	300.2	270.3	306.3	363.1
I. Cash and cash equivalents	24.2	10.1	6.5	86.1	53.8
1. Cash	1.8	1.1	1.5	2.6	0.0
2. Cash equivalents	22.4	9.0	5.0	83.5	0.0
II. Short-term financial investments	218.4	211.4	219.0	183.5	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	218.4	211.4	219.0	183.5	0.0
III. Short-term receivables	7.1	19.4	30.6	19.1	11.1
1. Short-term trade accounts receivable	2.4	2.0	14.4	15.4	0.0
2. Short-term prepayments to suppliers	0.3	0.4	0.4	0.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	4.4	17.0	15.7	3.5	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	85.4	57.6	13.9	15.9	69.6
1. Inventories	85.4	57.6	13.9	15.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	1.7	0.4	1.6	0.7
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.4	1.7	0.4	1.6	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)	389.5	424.1	454.5	461.5	465.3
I. Long-term receivables	—	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
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	22.0	23.8	25.5	27.6	30.6
1. Tangible fixed assets	21.9	23.8	25.5	27.6	30.6
- Cost	70.1	69.1	68.4	67.4	0.0
- Accumulated depreciation	-48.2	-45.2	-42.9	-39.8	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	0.1	0.0	0.0	0.0	0.0
- Cost	0.1	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.0	0.0	0.0	0.0	0.0
III. Investment properties	99.9	114.0	162.9	115.9	120.0
- Cost	213.4	218.2	258.3	200.8	0.0
- Accumulated depreciation	-113.5	-104.2	-95.4	-84.8	0.0
IV. Long-term assets in progress	142.1	158.0	135.1	183.6	176.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	142.1	158.0	135.1	183.6	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	125.5	128.4	131.0	134.3	0.0
1. Long-term prepayments	125.2	128.0	130.6	133.9	0.0
2. Deferred income tax assets	0.3	0.3	0.3	0.3	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	138.0
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)	725.1	724.3	724.8	767.8	828.4
A. LIABILITIES (300=210+330)	502.5	513.9	514.2	522.7	602.0
I. Short -term liabilities	62.8	58.9	45.0	39.4	136.8
1. Short-term trade accounts payable	4.2	7.1	4.4	17.6	13.9
2. Short-term advances from customers	14.4	2.5	1.0	0.0	102.7
3. Taxes and other payables to state authorities	8.1	15.0	3.0	1.7	0.0
4. Payable to employees	2.0	0.4	0.0	0.0	0.0
5. Short-term acrrued expenses	—	0.0	2.9	2.9	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	15.3	15.3	15.4	15.3	15.6
9. Other short-term payables	18.7	18.1	18.2	1.6	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	0.1	0.6	0.2	0.2	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	439.7	455.0	469.1	483.3	465.2
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	439.7	455.0	469.1	483.3	465.2
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	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	—	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)	222.6	210.4	210.7	245.1	226.4
I. Owner's equity	222.6	210.4	210.7	245.1	0.0
1. Owner's capital	82.0	82.0	82.0	82.0	226.4
- Common stock with voting right	82,000,000,000.00	82,000,000,000.00	82,000,000,000.00	82,000,000,000.00	82,000,000,000.00
- 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	109.0	106.6	103.4	98.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	31.6	21.8	25.3	64.7	60.3
- Accumulated retained earning at the end of the previous period	12.1	12.1	12.9	0.0	0.0
- Undistributed earnings in this period	19.4	9.7	12.4	64.7	60.3
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)	725.1	724.3	724.8	767.8	828.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	45.3	33.9	36.6	82.8	68.6
Depreciation of Fixed Assets and Investment Property	12.5	12.9	14.0	12.9	12.8
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-13.4	-12.4	-23.0	-14.6	0.0
Interest Expense	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
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	-0.3	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	44.2	34.3	27.6	81.0	64.9
Increase/(Decrease) in Receivables	13.8	-1.7	2.1	-9.4	0.0
Increase/(Decrease) in Inventory	8.2	0.4	2.1	57.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-17.1	-0.2	-26.6	-36.9	0.0
Increase/(Decrease) in Prepaid Expenses	2.8	2.6	3.3	3.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.5	-8.5	-6.2	-18.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.7	-5.1	-5.8	-5.4	0.0
Net Cash Flow from Operating Activities	44.7	21.8	-3.6	72.2	34.4
Payments for Fixed Assets and Other Long-term Assets	-16.4	-29.3	-10.4	-57.7	-12.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.5
Loans and Purchases of Debt Instruments	-352.7	-365.7	-260.0	-369.5	-409.9
Receipts from Loan Repayments and Sale of Debt Instruments	345.7	373.3	224.5	413.9	449.7
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	13.1	24.0	10.8	15.1	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	-10.3	2.3	-35.1	1.8	46.1
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	5.5	0.0	0.0	0.0	0.0
Repayment of Borrowings	-5.5	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-20.3	-20.6	-40.9	-41.6	-116.8
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	-20.3	-20.6	-40.9	-41.6	-116.8
Net Cash Flow During the Period	14.1	3.6	-79.6	32.4	-22.4
Cash and Cash Equivalents at Beginning of Period	10.1	6.5	86.1	53.8	90.1
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	24.2	10.1	6.5	86.1	53.8

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	31.0	27.8	23.9	40.3	19.1	17.9	18.7	18.7	17.8	21.4	15.9	21.3
Revenue Deductions	—	0.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	31.0	26.9	23.9	40.3	19.1	17.9	18.7	18.7	17.8	21.4	15.9	21.3
Cost of Goods Sold	17.2	14.0	11.9	27.0	8.0	8.8	7.4	8.1	7.4	10.6	9.3	9.0
Gross Profit	13.8	12.9	12.0	13.3	11.2	9.1	11.3	10.6	10.3	10.9	6.5	12.3
Financial Income	0.7	6.5	0.6	5.5	0.7	5.3	0.6	4.6	1.8	9.7	0.9	11.2
Financial Expenses	—	—	—	—	0.0	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	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	3.9	6.1	3.6	3.4	4.5	6.5	4.8	4.2	4.7	8.9	4.0	4.1
Operating Profit	10.6	13.3	9.0	15.4	7.3	7.9	7.2	11.1	7.4	11.7	3.4	19.4
Other Income	0.1	0.2	—	—	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	—	—	—	0.0	0.0	-0.0	0.0	0.0	0.2	0.0
Other Profit	0.1	0.2	—	—	0.1	0.1	0.1	0.1	0.0	0.0	-0.2	0.0
Profit Before Tax	10.7	13.5	9.0	15.4	7.4	8.0	7.3	11.2	7.4	11.7	3.2	19.4
Current Income Tax Expense	2.2	2.8	1.9	3.1	1.7	1.8	1.5	2.3	1.6	2.4	0.8	3.9
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.5	10.7	7.1	12.3	5.7	6.2	5.7	8.8	5.8	9.2	2.4	15.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.5	10.7	7.1	12.3	5.7	6.2	5.7	8.8	5.8	9.2	2.4	15.5
Earnings per Share	1,038.00	1,302.00	871.00	1,498.00	699.00	760.00	698.00	1,077.00	707.00	1,128.00	290.00	1,888.00
Diluted EPS	1,038.37	1,301.67	871.06	1,497.54	698.58	759.69	698.00	1,076.88	706.73	1,127.88	290.11	1,888.43

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)	342.6	335.6	349.9	317.2	308.4	300.2	301.5	314.4	320.4	270.3	275.0	280.3
I. Cash and cash equivalents	11.1	24.2	16.0	23.2	17.5	10.1	13.9	24.7	37.1	6.5	15.6	14.8
1. Cash	2.9	1.8	2.0	2.2	1.5	1.1	1.9	1.9	1.6	1.5	1.1	1.8
2. Cash equivalents	8.2	22.4	14.0	21.0	16.0	9.0	12.0	22.8	35.5	5.0	14.5	13.0
II. Short-term financial investments	243.5	218.4	237.6	221.2	213.2	211.4	225.4	218.3	208.3	219.0	221.5	226.6
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	243.5	218.4	237.6	221.2	213.2	211.4	225.4	218.3	208.3	219.0	221.5	226.6
III. Short-term receivables	6.1	7.1	4.7	10.5	15.5	19.4	4.0	13.4	17.2	30.6	24.1	25.1
1. Short-term trade accounts receivable	3.6	2.4	2.2	5.9	1.2	2.0	1.4	7.8	14.7	14.4	15.5	14.8
2. Short-term prepayments to suppliers	0.1	0.3	0.3	0.3	0.3	0.4	0.5	0.7	0.5	0.4	0.5	0.0
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	2.4	4.4	2.2	4.3	14.0	17.0	2.1	4.9	2.0	15.7	8.1	10.2
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	81.8	85.4	91.2	62.2	62.2	57.6	57.6	57.6	57.6	13.9	13.9	13.9
1. Inventories	81.8	85.4	91.2	62.2	62.2	57.6	57.6	57.6	57.6	13.9	13.9	13.9
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.4	0.4	—	0.0	1.7	0.6	0.4	0.2	0.4	0.0	0.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.4	0.4	—	0.0	1.7	0.6	0.4	0.0	0.4	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.2	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)	390.3	389.5	385.0	413.1	416.4	424.1	414.8	409.0	407.2	454.5	453.0	455.4
I. Long-term receivables	—	—	—	—	—	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
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	21.2	22.0	22.6	23.3	24.0	23.8	24.6	24.7	24.7	25.5	26.3	27.2
1. Tangible fixed assets	21.2	21.9	22.6	23.3	24.0	23.8	24.6	24.7	24.7	25.5	26.3	27.2
- Cost	70.1	—	—	—	—	69.1	69.1	69.1	68.4	68.4	68.7	68.7
- Accumulated depreciation	-48.9	—	—	—	—	-45.2	-44.5	-44.5	-43.7	-42.9	-42.3	-41.5
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	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.1	—	—	—	—	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	0.0
III. Investment properties	108.3	99.9	102.3	104.7	107.1	114.0	116.4	118.3	120.8	162.9	165.7	167.3
- Cost	224.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-115.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	136.7	142.1	134.1	158.2	157.8	158.0	144.1	136.1	131.4	135.1	129.5	128.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	136.7	142.1	134.1	158.2	157.8	158.0	144.1	136.1	131.4	135.1	129.5	128.4
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	124.2	125.5	126.1	126.9	127.5	128.4	129.7	129.9	130.3	131.0	131.5	132.4
1. Long-term prepayments	123.9	125.2	125.8	126.6	127.2	128.0	129.4	129.6	130.0	130.6	131.1	132.1
2. Deferred income tax assets	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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)	732.9	725.1	734.9	730.3	724.8	724.3	716.3	723.4	727.6	724.8	727.9	735.6
A. LIABILITIES (300=210+330)	503.6	502.5	506.6	509.1	511.9	513.9	495.2	503.9	516.8	514.2	510.1	520.2
I. Short -term liabilities	67.7	62.8	63.1	61.8	60.7	58.9	37.3	42.3	50.9	45.0	37.3	44.2
1. Short-term trade accounts payable	3.5	4.2	4.1	2.8	2.9	7.1	3.2	3.2	1.2	4.4	2.8	2.4
2. Short-term advances from customers	1.3	14.4	5.5	0.0	0.7	2.5	0.0	0.0	0.0	1.0	0.0	0.0
3. Dividends and profits payable	1.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	7.4	8.1	19.1	16.0	5.9	15.0	4.7	2.4	1.6	3.0	6.2	5.7
4. Payable to employees	—	2.0	—	—	—	0.4	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0	1.8	2.9	2.9	2.9	2.9
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	52.7	15.3	31.8	40.5	48.9	15.3	26.5	31.2	41.6	15.4	23.1	30.4
9. Other short-term payables	1.0	18.7	2.4	2.3	2.0	18.1	2.2	2.2	2.1	18.2	1.8	2.2
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	0.6	0.1	0.2	0.2	0.4	0.6	0.7	1.6	1.5	0.2	0.5	0.5
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	435.8	439.7	443.5	447.3	451.2	455.0	457.9	461.6	465.9	469.1	472.8	476.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	435.8	439.7	443.5	447.3	451.2	455.0	457.9	461.6	465.9	469.1	472.8	476.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	229.3	222.6	228.3	221.2	213.0	210.4	221.1	219.5	210.8	210.7	217.8	215.4
I. Owner's equity	229.3	222.6	228.3	221.2	213.0	210.4	221.1	219.5	210.8	210.7	217.8	215.4
1. Owner's capital	82.0	82.0	82.0	82.0	82.0	82.0	82.0	82.0	82.0	82.0	82.0	82.0
- Common stock with voting right	82,000,000,000.00	82,000,000,000.00	82,000,000,000.00	82,000,000,000.00	82,000,000,000.00	82,000,000,000.00	82,000,000,000.00	82,000,000,000.00	82,000,000,000.00	82,000,000,000.00	82,000,000,000.00	82,000,000,000.00
- 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	110.8	109.0	109.0	109.0	109.0	106.6	106.6	106.6	103.4	103.4	103.4	103.4
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	36.5	31.6	37.3	30.1	22.0	21.8	32.5	30.9	25.4	25.3	32.4	30.0
- Accumulated retained earning at the end of the previous period	28.0	12.1	12.1	12.1	16.2	12.1	12.1	16.2	19.6	12.9	12.9	12.9
- Undistributed earnings in this period	8.5	19.4	25.2	18.0	5.7	9.7	20.3	14.6	5.8	12.4	19.5	17.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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)	732.9	725.1	734.9	730.3	724.8	724.3	716.3	723.4	727.6	724.8	727.9	735.6

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	10.7	13.5	9.0	15.4	7.4	8.0	7.3	11.2	7.4	11.7	3.2	19.4
Depreciation of Fixed Assets and Investment Property	3.2	3.1	3.1	3.2	3.2	3.2	3.2	3.2	3.3	3.6	3.6	3.5
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	13.3	-13.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	7.0	-7.0	1.8	-1.8	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.7	-6.5	-0.6	-5.5	-0.7	-12.4	6.4	-5.7	-0.7	-23.0	12.4	-11.2
Interest Expense	—	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.2	-0.2	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	13.2	9.7	11.7	12.9	9.9	6.0	9.6	10.5	8.2	5.6	5.9	11.7
Increase/(Decrease) in Receivables	-1.0	-0.1	3.4	8.4	2.1	-14.3	6.8	7.8	-2.1	2.6	-2.5	-1.4
Increase/(Decrease) in Inventory	3.7	5.8	2.1	—	0.4	0.0	0.0	0.0	0.4	0.0	0.0	0.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	22.7	-21.5	-4.4	-5.7	14.4	4.3	-9.3	-14.0	18.8	-9.7	-9.8	-16.2
Increase/(Decrease) in Prepaid Expenses	1.4	0.6	0.8	0.6	0.8	1.3	0.2	0.4	0.6	0.5	0.9	0.9
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	0.0	0.0	0.0
Corporate Income Tax Paid	-7.8	-1.7	0.0	0.0	-1.8	-3.9	0.0	-1.6	-3.0	-4.7	-0.6	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.3	-0.1	-0.0	-0.2	-3.4	-0.6	-0.9	-0.0	-3.6	-0.4	-0.0	-1.5
Net Cash Flow from Operating Activities	30.8	-7.3	13.9	15.6	22.5	-7.0	6.5	3.1	19.3	-6.1	-6.1	-5.5
Payments for Fixed Assets and Other Long-term Assets	-5.3	-7.8	-7.5	0.2	-1.3	-13.9	-9.2	-5.5	-0.8	-5.7	-2.1	-1.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-90.0	-79.6	-81.4	-74.0	-117.7	-66.0	-105.9	-15.0	-178.8	-2.5	-67.9	4.0
Receipts from Loan Repayments and Sale of Debt Instruments	64.9	98.8	65.0	66.0	115.9	80.0	98.8	5.0	189.5	5.0	73.0	27.0
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	3.1	4.2	2.7	2.1	4.1	3.1	3.1	0.3	17.5	0.3	4.4	4.1
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	-27.3	15.6	-21.2	-5.7	1.0	3.3	-13.2	-15.1	27.4	-2.9	7.4	33.3
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	—	5.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-0.2	—	-0.2	—	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	-16.5	-0.0	0.0	-4.1	-16.1	-0.1	-4.0	-0.4	-16.1	-0.0	-0.4	-40.4
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	-16.5	-0.0	0.0	-4.1	-16.1	-0.1	-4.0	-0.4	-16.1	-0.0	-0.4	-40.4
Net Cash Flow During the Period	-13.1	8.2	-7.3	5.7	7.4	-3.8	-10.8	-12.4	30.6	-9.1	0.8	-12.6
Cash and Cash Equivalents at Beginning of Period	24.2	16.0	23.2	17.5	10.1	6.5	6.5	6.5	6.5	86.1	86.1	86.1
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	11.1	24.2	16.0	23.2	17.5	10.1	13.9	24.7	37.1	6.5	15.6	14.8

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BAX

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