BCE

Xây dựng & Giao thông Becamex ·HOSE ·2026Q1

● Maintaining

Price

8,840

Latest close

03 Jun 2026

P/E 5.48x

P/B 0.68x

EPS 1,614

BVPS 12,971

ROE 20.4%

ROA 4.7%

Profit Margin 9.1%

Asset Turnover 0.52x

Equity Mult. 4.32x

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

What Is Changing

On a TTM 2026Q1 basis, BCE is showing a few mildly positive signals versus the same period, though the magnitude is narrow — the growth momentum has held across consecutive periods. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 933bn
	                                
+270.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 85bn
	                                
+65.0%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -9.56x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	879.5	292.9	122.7	110.6	134.5
Growth	+200%	+139%	+11%	-18%	—
Net Income	101.7	74.6	0.8	-58.4	26.6
Net Margin	11.57%	25.46%	0.64%	-52.82%	19.82%

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	63.0	562.2	189.9	118.2	9.4	215.7	10.4	16.6	10.6	31.2	55.9	28.2
Growth	-89%	+196%	+61%	+1160%	-96%	+1984%	-38%	+56%	-66%	-44%	+99%	—
Net Income	-21.4	97.0	3.1	6.5	-5.1	78.1	-9.7	-11.6	-4.7	17.6	-5.7	-1.7
Net Margin	-33.89%	17.26%	1.62%	5.51%	-54.36%	36.18%	-93.39%	-70.11%	-44.51%	56.33%	-10.25%	-5.87%

Drivers of BCE's profit

TTM

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

Gross profit ↑ 77.5bn

Other profit ↑ 4.3bn

Administrative expenses ↑ 14.1bn

Finance costs ↑ 13.8bn

TTM

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

Gross profit ↑ 5.4bn

Finance costs ↑ 14.6bn

Administrative expenses ↑ 4.8bn

Other profit ↓ 2.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.5% = 20.5% × 0.40 × 1.76

2026Q1 20.4% = 9.1% × 0.52 × 4.32

ROE rose from 14.5% to 20.4% — mainly driven by leverage, despite net margin moving in the opposite direction.

Net margin: 9.1% -11.4pp Asset turnover: 0.52x +0.11x Leverage: 4.32x +2.56x

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 9.13%, losing 11.4pp. The main pressure is Gross margin fell 17.4pp, outweighing the improvement in SG&A / Revenue fell 7.4pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.4pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 9.13% −11.4pp

Gross Margin 17.83% −17.4pp

SG&A / Revenue 4.77% −7.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

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

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.07x +0.43x

Average Invested Capital 873.8bn +479.5bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Leverage runs above the real estate sector average — handover cycles warrant monitoring — liabilities at 4.40x equity, net debt at 1.97x equity.

Development inventory ended the period at 1,488.5bn, about 58.0% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 930.5bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +6.5bn

Inventories increased → lower CFO: −2,281.3bn

Payables increased → higher CFO: +1,344.3bn

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 1.97x and interest coverage only at 6.01x.

At present, short-term debt accounts for 17.0% of total debt, cash equals 4.7% of debt, and total debt stands at 936.8bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.97x, increasing balance-sheet pressure.

Cash buffer is thin relative to debt

Cash / debt stands at 4.7%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 1.97x +1.92x

Interest Coverage 6.01x −8.77x

Cash / Debt 4.7% −44.0pp

Short-term Debt / Total Debt 17.0% −83.0pp

CFO / NI -9.56x −10.45x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -294.8bn in 2025, against investing cash flow of 3.8bn.

Post-investment cash flow was negative +291.0bn. Financing cash flow was positive +522.3bn.

CFO / net income was -9.56x.

Track how much investment can be funded internally from operating cash flow.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 815.0bn −860.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The next item to monitor is capital efficiency. The main risk still sits in core profitability, with net margin down 11.4 pp.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 9.13% after a 11.4pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	879.5	298.0	122.7	110.6	134.5
Revenue Deductions	—	5.1	0.0	0.0	0.0
Net Revenue	879.5	292.9	122.7	110.6	134.5
Cost of Goods Sold	713.8	182.6	84.9	131.2	0.0
Gross Profit	165.7	110.3	37.8	-20.7	42.8
Financial Income	0.2	0.2	0.6	0.8	1.1
Financial Expenses	5.7	4.9	9.6	8.9	-3.9
Interest Expense	2.9	4.9	9.6	8.9	-3.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.9	0.9	0.9	0.4	-0.0
General and Administrative Expenses	38.2	26.8	24.0	25.4	-14.0
Operating Profit	121.2	78.0	3.8	-54.5	26.0
Other Income	8.2	3.3	2.0	1.6	0.0
Other Expenses	0.3	3.2	4.3	5.6	0.0
Other Profit	7.9	0.1	-2.3	-3.9	7.4
Profit Before Tax	129.1	78.1	1.5	-58.4	33.3
Current Income Tax Expense	25.9	2.5	0.0	0.0	-6.7
Deferred Income Tax Expense	1.5	1.0	0.7	0.0	0.0
Net Income	101.7	74.6	0.8	-58.4	26.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	101.7	74.6	0.8	-58.4	26.6
Earnings per Share	2,558.00	2,131.00	22.00	-1,668.00	684.00
Diluted EPS	2,558.00	2,131.00	22.00	-834.00	761.36

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,492.4	586.0	519.5	486.7	687.1
I. Cash and cash equivalents	312.1	80.8	35.8	19.3	71.9
1. Cash	309.6	79.8	18.3	18.3	0.0
2. Cash equivalents	2.5	1.0	17.5	1.0	0.0
II. Short-term financial investments	—	5.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	5.0	0.0	0.0	0.0
III. Short-term receivables	551.6	423.8	422.8	404.6	525.6
1. Short-term trade accounts receivable	196.6	388.9	350.0	333.5	0.0
2. Short-term prepayments to suppliers	29.6	2.5	2.8	3.7	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	329.8	34.8	69.9	67.3	0.0
7. Provision for short-term doubtful debts (*)	-4.5	-2.4	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,488.5	57.8	36.5	33.8	63.7
1. Inventories	1,490.8	59.0	37.4	35.2	0.0
2. Provision for decline in value of inventories	-2.3	-1.2	-0.9	-1.4	0.0
V. Other short-term assets	140.2	18.6	24.4	29.0	25.9
1. Short-term prepayments	1.1	0.3	0.5	0.9	0.0
2. Value added tax to be reclaimed	139.1	17.2	21.1	25.3	0.0
3. Taxes and other receivables from state authorities	—	1.1	2.8	2.8	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)	75.0	127.2	168.2	161.6	127.7
I. Long-term receivables	0.8	48.5	86.9	77.5	0.0
1. Long-term trade receivables	—	48.2	86.6	77.2	80.4
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	0.8	0.3	0.3	0.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	61.3	65.9	65.4	69.5	39.2
1. Tangible fixed assets	48.4	52.2	45.9	49.3	19.6
- Cost	101.7	100.6	90.7	92.0	0.0
- Accumulated depreciation	-53.3	-48.3	-44.7	-42.6	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	12.9	13.7	19.4	20.2	19.7
- Cost	17.9	17.9	22.9	22.9	0.0
- Accumulated depreciation	-5.0	-4.3	-3.5	-2.8	0.0
III. Investment properties	9.5	9.5	0.0	0.0	0.0
- Cost	9.5	9.5	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.3	0.0	12.7	11.4	4.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.3	0.0	12.7	11.4	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	3.2	3.3	3.2	3.2	0.0
1. Long-term prepayments	3.2	3.3	3.2	3.2	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	3.3
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)	2,567.4	713.2	687.6	648.3	814.7
A. LIABILITIES (300=210+330)	2,092.1	327.4	354.2	315.7	417.4
I. Short -term liabilities	1,600.6	325.6	353.5	312.8	417.4
1. Short-term trade accounts payable	1,070.4	121.7	107.7	185.4	236.4
2. Short-term advances from customers	341.2	77.1	82.9	0.2	13.0
3. Taxes and other payables to state authorities	25.6	0.1	0.0	0.2	0.0
4. Payable to employees	10.3	1.7	1.5	2.6	0.0
5. Short-term acrrued expenses	11.8	18.6	32.4	20.3	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	1.8	3.6	5.6	5.3	0.0
10. Short-term borrowings and financial leases	134.4	89.7	111.7	91.5	140.2
11. Provision for short-term liabilities	5.0	11.0	8.5	4.1	0.0
12.. Bonus and welfare fund	0.0	2.1	3.2	3.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	491.5	1.8	0.7	2.9	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	488.2	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	3.3	1.8	0.7	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	2.9	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)	475.3	385.8	333.4	332.6	397.3
I. Owner's equity	475.3	385.8	333.4	332.6	0.0
1. Owner's capital	350.0	350.0	350.0	350.0	397.3
- Common stock with voting right	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.2	0.2	0.2	0.2	0.2
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	25.2	23.4	23.4	23.4	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	100.0	12.3	-40.1	-40.9	27.1
- Accumulated retained earning at the end of the previous period	-1.7	-62.3	-40.9	17.5	0.5
- Undistributed earnings in this period	101.7	74.6	0.8	-58.4	26.6
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)	2,567.4	713.2	687.6	648.3	814.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	129.1	78.1	1.5	-58.4	33.3
Depreciation of Fixed Assets and Investment Property	5.7	5.5	5.1	2.8	2.1
Provision (Increase)/Reversal	-2.9	5.3	1.1	8.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.1	-0.2	-0.9	-1.8	0.0
Interest Expense	2.9	4.9	9.6	8.9	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	134.7	93.6	16.3	-40.4	31.8
Increase/(Decrease) in Receivables	-204.2	6.5	-22.7	100.0	0.0
Increase/(Decrease) in Inventory	-1,431.8	-4.0	-2.2	38.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,212.9	-15.0	15.6	-51.1	0.0
Increase/(Decrease) in Prepaid Expenses	-0.6	0.1	0.4	0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.0	-5.2	-9.2	-9.8	0.0
Corporate Income Tax Paid	-0.0	0.0	0.0	-0.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.8	-1.1	-0.1	-3.1	0.0
Net Cash Flow from Operating Activities	-294.8	74.8	-1.8	34.2	-1.2
Payments for Fixed Assets and Other Long-term Assets	-1.5	-2.8	-2.8	-39.7	-5.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.4	1.1	0.0
Loans and Purchases of Debt Instruments	—	-5.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	5.0	0.0	0.0	0.0	0.0
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	0.2	0.1	0.6	0.7	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	3.8	-7.8	-1.9	-37.9	-4.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	50,226,105,545.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	631.5	120.8	96.3	94.5	227.4
Repayment of Borrowings	-98.6	-142.7	-76.2	-143.2	-184.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-10.6	-0.0	0.0	-0.1	-31.5
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	522.3	-21.9	20.1	-48.8	62.0
Net Cash Flow During the Period	231.3	45.1	16.4	-52.5	-0.7
Cash and Cash Equivalents at Beginning of Period	80.8	35.8	19.3	71.9	15.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	312.1	80.8	35.8	19.3	71.9

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	63.0	562.2	189.9	118.2	9.4	260.5	10.4	16.6	10.6	31.2	55.9	28.2
Revenue Deductions	—	—	—	—	—	44.8	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	63.0	562.2	189.9	118.2	9.4	215.7	10.4	16.6	10.6	31.2	55.9	28.2
Cost of Goods Sold	57.9	425.3	180.3	103.5	9.6	123.0	12.8	17.7	8.8	5.4	51.7	20.3
Gross Profit	5.1	136.9	9.7	14.6	-0.2	92.7	-2.4	-1.2	1.8	25.9	4.2	7.9
Financial Income	0.1	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.1	0.2	0.1	0.3
Financial Expenses	15.3	1.4	0.3	0.5	0.7	1.1	0.8	1.1	1.5	3.2	2.8	2.2
Interest Expense	12.4	1.4	0.3	0.5	0.7	1.1	0.8	1.1	1.5	3.2	2.8	2.2
Share of Associates and Joint Ventures	—	0.2	0.1	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.1	0.3	0.2	0.3	0.2	0.2	0.2	0.4	0.2	0.2	0.3
General and Administrative Expenses	11.3	16.4	8.9	7.2	6.5	9.0	5.7	8.6	6.0	5.5	5.9	6.5
Operating Profit	-21.5	119.3	0.3	7.0	-7.7	82.5	-9.1	-11.0	-6.1	17.0	-4.6	-0.8
Other Income	0.1	1.9	3.5	0.1	2.7	0.3	0.0	0.0	2.9	1.3	0.0	0.7
Other Expenses	0.0	0.0	0.0	0.2	0.1	0.6	0.6	0.6	1.5	0.8	1.1	1.5
Other Profit	0.1	1.9	3.5	-0.1	2.6	-0.3	-0.6	-0.6	1.4	0.6	-1.1	-0.8
Profit Before Tax	-21.4	121.2	3.9	6.9	-5.1	82.2	-9.7	-11.6	-4.7	17.6	-5.7	-1.7
Current Income Tax Expense	—	24.1	0.8	0.4	—	4.2	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-21.4	97.0	3.1	6.5	-5.1	78.1	-9.7	-11.6	-4.7	17.6	-5.7	-1.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-21.4	97.0	3.1	6.5	-5.1	78.1	-9.7	-11.6	-4.7	17.6	-5.7	-1.7
Earnings per Share	-610.19	2,024.00	64.00	136.00	-145.69	1,628.00	-276.19	-331.78	-134.66	367.00	-163.65	-47.24
Diluted EPS	-610.19	2,772.13	88.19	185.86	-145.69	2,230.02	-276.19	-331.78	-134.66	502.77	-163.65	-47.24

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)	2,895.8	2,471.1	1,019.2	433.8	507.7	586.6	493.0	458.4	461.0	520.0	517.4	511.7
I. Cash and cash equivalents	43.6	312.1	3.5	44.9	18.7	85.8	28.5	18.8	9.9	35.8	23.8	36.6
1. Cash	41.1	309.6	1.0	42.4	17.7	79.8	22.5	12.8	8.9	18.3	6.3	19.1
2. Cash equivalents	2.5	2.5	2.5	2.5	1.0	6.0	6.0	6.0	1.0	17.5	17.5	17.5
II. Short-term financial investments	52.0	—	—	5.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	52.0	—	—	5.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	234.3	533.0	282.7	314.2	403.7	423.7	355.3	372.0	383.6	422.8	428.1	395.5
1. Short-term trade accounts receivable	151.2	175.2	234.0	274.3	369.0	388.9	279.0	298.1	309.3	350.0	355.4	326.4
2. Short-term prepayments to suppliers	85.8	29.6	13.3	4.9	2.3	2.5	6.6	4.0	4.0	2.8	5.3	1.8
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	1.7	330.6	37.8	37.5	34.9	34.7	69.7	69.9	70.3	69.9	67.3	67.3
7. Provision for short-term doubtful debts (*)	-4.5	-2.4	-2.4	-2.4	-2.4	-2.4	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	2,341.7	1,485.9	658.4	53.5	61.4	59.6	78.5	40.2	40.8	36.8	38.5	48.7
1. Inventories	2,344.0	1,488.1	659.6	54.7	62.7	60.6	79.5	41.2	41.7	38.2	39.8	50.1
2. Provision for decline in value of inventories	-2.3	-2.3	-1.2	-1.2	-1.2	-0.9	-0.9	-0.9	-0.9	-1.4	-1.4	-1.4
V. Other short-term assets	224.2	140.2	74.5	16.2	18.9	17.5	30.7	27.5	26.6	24.6	27.0	30.9
1. Short-term prepayments	2.1	1.1	0.5	0.5	0.3	0.3	0.3	0.4	0.4	0.6	0.8	1.1
2. Value added tax to be reclaimed	222.1	139.1	74.1	15.0	17.5	17.2	26.7	23.4	23.5	21.1	23.4	26.9
3. Taxes and other receivables from state authorities	—	—	—	0.7	1.1	0.0	3.6	3.6	2.8	2.8	2.8	3.0
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)	74.5	74.3	406.4	210.6	125.8	127.1	121.2	122.4	155.5	168.1	159.6	160.9
I. Long-term receivables	1.4	0.0	332.0	134.8	48.5	48.5	43.4	43.4	75.5	86.9	77.5	77.5
1. Long-term trade receivables	—	—	59.6	134.8	48.2	48.2	43.1	43.1	75.2	86.6	77.2	77.2
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	1.4	0.0	272.4	—	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	60.5	61.3	61.7	63.1	64.5	53.7	52.5	66.1	67.3	65.4	66.4	67.4
1. Tangible fixed assets	47.4	48.4	48.6	49.8	51.0	40.1	38.7	52.1	53.1	45.9	46.8	47.6
- Cost	102.0	—	—	—	—	87.9	85.4	98.0	97.8	90.7	90.5	90.2
- Accumulated depreciation	-54.5	—	—	—	—	-47.8	-46.7	-45.9	-44.7	-44.7	-43.6	-42.5
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	13.1	12.9	13.1	13.3	13.5	13.7	13.8	14.0	14.2	19.4	19.6	19.8
- Cost	18.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	9.5	9.5	9.5	9.5	9.5	21.7	21.8	9.5	9.5	0.0	0.0	0.0
- Cost	9.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.3	—	—	—	0.0	0.1	0.1	0.1	12.7	12.6	12.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.3	—	—	—	0.0	0.1	0.1	0.1	12.7	12.6	12.8
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	3.1	3.2	3.2	3.2	3.3	3.3	3.3	3.2	3.1	3.1	3.1	3.1
1. Long-term prepayments	3.1	3.2	3.2	3.2	3.3	3.3	3.3	3.2	3.1	3.1	3.1	3.1
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,970.3	2,545.4	1,425.6	644.4	633.5	713.8	614.2	580.8	616.5	688.0	677.0	672.5
A. LIABILITIES (300=210+330)	2,516.3	2,068.6	1,037.9	267.5	252.8	326.8	305.2	262.2	286.3	353.5	360.9	349.9
I. Short -term liabilities	1,735.3	1,478.0	1,035.6	267.5	251.0	326.8	305.2	262.2	286.3	353.5	360.1	347.0
1. Short-term trade accounts payable	1,195.2	1,070.4	912.9	122.9	103.5	121.5	127.3	115.5	119.9	107.7	116.3	122.3
2. Short-term advances from customers	362.4	319.8	76.9	77.0	77.0	77.1	89.2	78.5	79.4	82.9	83.2	83.4
3. Dividends and profits payable	0.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.5	25.1	0.2	0.0	—	0.6	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	7.1	12.7	7.3	1.8	1.9	1.7	1.8	1.5	1.6	1.5	1.5	1.6
5. Short-term acrrued expenses	2.6	11.2	18.4	24.3	17.5	19.5	5.3	7.9	4.3	32.4	34.4	9.7
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	1.6	1.7	2.2	11.5	3.9	3.6	5.4	5.5	5.3	5.6	5.3	5.3
10. Short-term borrowings and financial leases	159.1	31.9	11.7	19.8	38.3	89.7	68.1	45.3	68.0	111.7	107.6	116.9
11. Provision for short-term liabilities	5.7	5.0	5.9	9.0	8.5	11.0	6.0	5.8	5.6	8.5	8.4	4.5
12.. Bonus and welfare fund	0.0	0.0	0.0	1.2	0.4	2.1	2.1	2.1	2.1	3.2	3.2	3.2
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	781.0	590.7	2.3	—	1.8	0.0	0.0	0.0	0.0	0.0	0.8	2.9
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	777.7	590.7	—	—	—	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	3.3	—	2.3	—	1.8	0.0	0.0	0.0	0.0	0.0	0.8	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	2.9
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)	454.0	476.7	387.7	376.9	380.7	387.0	308.9	318.6	330.2	334.5	316.1	322.6
I. Owner's equity	454.0	476.7	387.7	376.9	380.7	387.0	308.9	318.6	330.2	334.5	316.1	322.6
1. Owner's capital	350.0	350.0	350.0	350.0	350.0	350.0	350.0	350.0	350.0	350.0	350.0	350.0
- Common stock with voting right	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	25.2	25.2	25.2	25.2	23.4	23.4	23.4	23.4	23.4	23.4	23.4	23.4
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	78.6	101.4	12.3	1.6	7.2	13.5	-64.6	-54.9	-43.3	-39.0	-57.4	-50.9
- Accumulated retained earning at the end of the previous period	100.0	0.2	8.8	0.1	12.3	-38.6	-38.6	-38.6	-38.6	-40.9	-40.9	-40.9
- Undistributed earnings in this period	-21.4	101.2	3.6	1.5	-5.1	52.1	-26.0	-16.3	-4.7	1.9	-16.5	-10.0
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)	2,970.3	2,545.4	1,425.6	644.4	633.5	713.8	614.2	580.8	616.5	688.0	677.0	672.5

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	-21.4	123.8	3.9	6.5	-5.1	82.2	-9.6	-11.7	-4.7	17.2	-5.7	-1.7
Depreciation of Fixed Assets and Investment Property	1.0	1.5	1.4	1.5	1.4	1.4	1.3	1.4	1.4	3.5	-1.0	1.3
Provision (Increase)/Reversal	0.6	2.1	-3.3	0.8	-2.5	7.5	0.2	0.3	-2.9	-0.4	1.1	0.4
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.1	-0.0	-0.0	-0.1	-0.0	0.0	-0.0	-0.0	-0.1	-0.5	0.2	-0.6
Interest Expense	12.4	1.4	0.3	0.5	0.7	1.1	0.8	1.1	1.5	3.4	2.7	2.2
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-7.4	128.9	2.2	9.3	-5.6	92.2	-7.3	-9.0	-4.8	23.2	-2.7	1.6
Increase/(Decrease) in Receivables	227.1	-0.6	-228.3	8.4	16.4	-61.4	23.1	46.3	44.9	1.7	-45.7	0.3
Increase/(Decrease) in Inventory	-853.1	-831.1	-605.2	8.1	-3.7	18.9	-38.4	0.7	-3.5	2.4	10.4	8.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	115.9	413.6	794.0	20.9	-15.6	-10.7	8.0	-2.6	-16.2	-14.0	34.5	-5.6
Increase/(Decrease) in Prepaid Expenses	-1.0	-0.5	0.0	-0.2	0.1	0.1	0.0	-0.2	0.3	0.2	0.2	-0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-12.4	-0.6	0.1	-0.9	-0.7	-1.0	-0.1	-1.9	-1.5	-3.0	-2.3	-2.6
Corporate Income Tax Paid	—	0.0	—	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-1.1	-0.9	-1.7	0.0	0.0	-0.0	-1.1	-0.0	0.0	-0.0
Net Cash Flow from Operating Activities	-531.0	-290.4	-38.4	44.7	-10.8	38.1	-14.7	33.3	18.0	10.6	-5.6	2.2
Payments for Fixed Assets and Other Long-term Assets	—	-1.4	—	-0.1	—	-2.4	1.6	-1.8	-0.3	-3.1	2.2	-1.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.3	-0.3	0.5
Loans and Purchases of Debt Instruments	-52.0	—	5.0	—	—	0.0	5.0	-5.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	5.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.1	-0.1	0.2	0.0	-0.0	0.0	0.0	0.1	0.2	0.1	0.3
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	-51.9	-1.3	5.0	0.1	0.0	-2.4	6.7	-6.8	-0.2	-2.6	2.0	-0.7
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	327.6	615.3	6.7	5.1	4.5	47.1	33.7	20.2	19.9	10.6	11.9	44.0
Repayment of Borrowings	-13.4	-4.4	-14.8	-23.5	-55.9	-25.4	-10.9	-42.9	-63.5	-6.6	-21.1	-30.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.2	-10.4	—	-0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	314.4	600.3	-7.9	-18.6	-51.4	21.7	22.8	-22.7	-43.7	4.0	-9.2	13.5
Net Cash Flow During the Period	-268.5	308.6	-41.4	26.2	-62.2	57.4	14.7	3.8	-25.8	12.0	-12.8	15.0
Cash and Cash Equivalents at Beginning of Period	312.1	3.5	44.9	18.7	80.8	35.8	35.8	35.8	35.8	19.3	19.3	19.3
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	43.6	312.1	3.5	44.9	18.7	85.8	28.5	13.8	9.9	35.8	23.8	36.6

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