BGW

Nước sạch Bắc Giang ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 9.21%, +2.80pp YoY

Price

16,000

Latest close

01 Jun 2026

P/E 15.98x

P/B 1.45x

EPS 1,001

BVPS 11,072

ROE 9.2%

ROA 7.9%

Profit Margin 9.2%

Asset Turnover 0.86x

Equity Mult. 1.16x

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

What Is Changing

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

	                            
	                                TTM REVENUE
	                            
	                                    VND 198bn
	                                
+5.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 18bn
	                                
+52.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	196.8	180.0	170.8	159.0	147.2
Growth	+9%	+5%	+7%	+8%	—
Net Income	16.3	11.5	11.7	10.7	10.4
Net Margin	8.31%	6.38%	6.86%	6.72%	7.05%

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	46.5	49.3	51.6	50.2	45.7	47.2	47.8	46.0	39.0	43.9	46.1	43.3
Growth	-6%	-5%	+3%	+10%	-3%	-1%	+4%	+18%	-11%	-5%	+6%	—
Net Income	3.9	4.6	4.8	5.0	2.0	3.0	4.1	2.8	1.6	1.5	4.6	3.8
Net Margin	8.33%	9.31%	9.21%	9.93%	4.43%	6.30%	8.66%	6.13%	3.99%	3.38%	9.91%	8.84%

Drivers of BGW's profit

TTM

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

Gross profit ↑ 11.6bn

Financial income ↑ 0.9bn

Tax ↑ 2.5bn

Selling expenses ↑ 2.1bn

Other profit ↓ 1.5bn

TTM

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

Gross profit ↑ 2.2bn

Financial income ↑ 0.4bn

Tax ↑ 0.5bn

Selling expenses ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.2% = 6.4% × 0.85 × 1.13

2026Q1 9.2% = 9.2% × 0.86 × 1.16

ROE rose from 6.2% to 9.2% — all three components improved, with leverage contributing the most.

Net margin: 9.2% +2.8pp Asset turnover: 0.86x +0.01x Leverage: 1.16x +0.03x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 9.21%, rising 2.8pp. The main driver is Gross margin rose 3.7pp and SG&A / Revenue fell 0.6pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.4pp added support while Other profit / Revenue fell 0.8pp remained a drag).

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

Profitability trend

Net Margin 9.21% +2.8pp

Gross Margin 43.04% +3.7pp

SG&A / Revenue 31.06% −0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC reflects a large fixed-asset base.

Is capital being deployed efficiently?

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

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 9.81% +3.4pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.23x equity, with a net cash position equivalent to 0.39x equity.

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 6.2 days versus the same period last year. The main moves came from DIO rose 0.6 days, DSO rose 2.2 days, and DPO rose 8.9 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Receivables collection is slowing

DSO increased by +2.2 days, pointing to slower receivables turnover.

Inventory turnover is slowing

DIO increased by +0.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 8.2 days +2.2 days

Inventory 27.7 days +0.6 days

Payables 10.6 days +8.9 days

Cash Conversion Cycle 25.4 days −6.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 45.7bn.

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 for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity -0.39x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 2.51x +0.57x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 45.7bn in 2025, against investing cash flow of -8.6bn.

Post-investment cash flow was positive +37.1bn. Financing cash flow was negative +10.2bn.

CFO / net income was 2.51x.

After spending +6.5bn on fixed-asset investment, the business generated trailing free cash flow of +39.1bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 45.6bn +22.4bn

Cash Capex 6.5bn −4.2bn

FCF TTM +39.1bn +26.6bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 2.8 pp. The next item to monitor is capital efficiency.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.21% after expanding 2.8pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	196.9	180.0	170.8	159.0	147.4
Revenue Deductions	0.1	0.0	0.0	0.0	0.0
Net Revenue	196.8	180.0	170.8	159.0	147.2
Cost of Goods Sold	114.0	110.3	103.6	101.2	0.0
Gross Profit	82.8	69.6	67.2	57.8	52.7
Financial Income	1.7	1.3	3.9	3.9	3.6
Financial Expenses	—	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	40.3	36.2	37.9	34.1	-31.3
General and Administrative Expenses	20.7	19.7	18.5	14.6	-14.8
Operating Profit	23.6	15.1	14.7	12.8	10.2
Other Income	1.7	1.0	0.9	0.8	0.0
Other Expenses	3.4	1.1	0.3	0.2	0.0
Other Profit	-1.7	-0.2	0.6	0.6	1.9
Profit Before Tax	21.9	14.9	15.3	13.4	12.1
Current Income Tax Expense	5.6	3.4	3.6	2.8	-1.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	16.3	11.5	11.7	10.7	10.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	16.3	11.5	11.7	10.7	10.4
Earnings per Share	811.00	570.00	548.00	500.00	532.00
Diluted EPS	811.00	570.00	548.00	500.00	571.63

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	104.1	86.0	94.4	111.9	117.8
I. Cash and cash equivalents	83.6	56.7	31.3	16.9	32.2
1. Cash	7.3	5.1	8.0	4.1	0.0
2. Cash equivalents	76.2	51.6	23.3	12.8	0.0
II. Short-term financial investments	3.0	0.0	27.2	67.1	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	3.0	0.0	27.2	67.1	0.0
III. Short-term receivables	9.1	21.0	24.8	18.3	9.9
1. Short-term trade accounts receivable	3.6	2.0	1.1	0.8	0.0
2. Short-term prepayments to suppliers	2.8	18.7	23.1	16.7	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	2.9	0.5	0.8	1.0	0.0
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.2	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	8.4	8.3	10.2	9.6	9.5
1. Inventories	8.4	8.3	10.2	9.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	—	0.0	1.0	0.0	0.7
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	1.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	138.9	144.3	138.6	114.1	107.4
I. Long-term receivables	5.3	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	5.3	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	104.0	103.3	76.6	78.4	80.0
1. Tangible fixed assets	103.6	103.3	76.6	78.4	80.0
- Cost	365.2	350.4	315.0	304.6	0.0
- Accumulated depreciation	-261.6	-247.1	-238.5	-226.2	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	0.4	0.0	0.0	0.0	0.0
- Cost	1.0	0.6	0.6	0.6	0.0
- Accumulated depreciation	-0.6	-0.6	-0.6	-0.6	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	26.9	38.3	60.6	34.7	25.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	26.9	38.3	60.6	34.7	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	2.6	2.7	1.5	1.0	0.0
1. Long-term prepayments	2.6	2.7	1.5	1.0	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	1.5
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)	243.0	230.3	233.0	226.0	225.2
A. LIABILITIES (300=210+330)	45.9	37.6	40.7	34.5	34.5
I. Short -term liabilities	45.9	37.6	40.7	34.5	34.5
1. Short-term trade accounts payable	5.1	0.6	2.2	2.2	2.5
2. Short-term advances from customers	0.0	0.2	0.4	0.0	0.0
3. Taxes and other payables to state authorities	3.5	2.2	1.7	1.4	0.0
4. Payable to employees	13.7	13.4	15.8	13.8	0.0
5. Short-term acrrued expenses	21.6	19.4	18.3	15.1	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	0.3	0.3	0.3	0.2	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	1.8	1.5	1.9	1.9	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	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	—	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)	197.1	192.7	192.3	191.5	190.7
I. Owner's equity	197.1	192.7	192.3	191.5	0.0
1. Owner's capital	181.5	181.5	181.5	181.5	190.7
- Common stock with voting right	181,494,460,205.00	181,494,460,205.00	181,494,460,205.00	181,494,460,205.00	181,494,460,205.00
- 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	0.9	0.9	0.9	0.9	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	14.7	10.4	10.0	9.1	8.3
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	14.7	10.3	10.0	9.1	8.3
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)	243.0	230.3	233.0	226.0	225.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
Interest Expense	—	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	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-4.7	-3.1	-3.2	-2.2	0.0
Other Operating Receipts	3.5	4.0	4.4	4.8	0.0
Other Operating Payments	-35.3	-26.5	-27.9	-25.3	0.0
Net Cash Flow from Operating Activities	45.7	16.3	-10.2	-2.2	-3.3
Payments for Fixed Assets and Other Long-term Assets	-7.3	-9.9	-10.9	-6.7	-6.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-2.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	12.8
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	1.7	0.9	0.4	0.5	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	-8.6	18.9	33.5	-4.9	4.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	4.0	0.0	0.0
Repayment of Borrowings	—	0.0	-4.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-10.2	-9.8	-9.0	-8.2	-3.7
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	-10.2	-9.8	-9.0	-8.2	-3.7
Net Cash Flow During the Period	26.9	25.4	14.4	-15.3	8.5
Cash and Cash Equivalents at Beginning of Period	56.7	31.3	16.9	32.2	18.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	83.6	56.7	31.3	16.9	32.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	46.5	49.3	51.7	50.2	45.7	47.2	47.8	46.0	39.0	43.9	46.1	43.3
Revenue Deductions	—	0.0	0.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	46.5	49.3	51.6	50.2	45.7	47.2	47.8	46.0	39.0	43.9	46.1	43.3
Cost of Goods Sold	27.4	28.8	27.4	28.9	28.9	25.4	28.0	31.0	26.0	26.8	25.9	26.6
Gross Profit	19.1	20.5	24.2	21.3	16.9	21.7	19.9	15.0	13.0	17.1	20.2	16.7
Financial Income	0.6	0.8	0.3	0.4	0.2	0.4	0.1	0.5	0.2	1.3	0.5	1.9
Financial Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	10.1	8.8	11.0	10.7	9.8	10.3	10.1	8.2	7.5	10.3	10.8	9.2
General and Administrative Expenses	5.1	3.0	7.5	5.2	5.0	7.3	4.5	4.0	3.9	5.6	4.4	4.9
Operating Profit	4.5	9.5	6.0	5.8	2.2	4.6	5.4	3.3	1.8	2.4	5.5	4.6
Other Income	0.4	0.6	0.4	0.4	0.3	0.3	0.3	0.2	0.2	0.2	0.3	0.2
Other Expenses	0.0	3.4	—	0.0	—	0.6	0.5	0.0	0.0	0.2	0.0	0.0
Other Profit	0.4	-2.7	0.4	0.4	0.3	-0.3	-0.3	0.2	0.2	-0.0	0.3	0.2
Profit Before Tax	4.8	6.7	6.4	6.2	2.5	4.2	5.2	3.5	2.0	2.4	5.7	4.8
Current Income Tax Expense	1.0	2.1	1.7	1.2	0.5	1.3	1.0	0.7	0.4	0.9	1.1	1.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.9	4.6	4.8	5.0	2.0	3.0	4.1	2.8	1.6	1.5	4.6	3.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.9	4.6	4.8	5.0	2.0	3.0	4.1	2.8	1.6	1.5	4.6	3.8
Earnings per Share	213.00	252.00	262.00	274.00	112.00	164.00	228.00	155.00	86.00	82.00	251.00	211.00
Diluted EPS	213.34	252.77	261.77	274.35	111.66	163.72	228.37	155.23	85.64	81.75	251.66	210.82

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)	99.8	104.1	89.0	81.5	79.0	85.7	78.4	70.5	78.5	94.4	100.7	98.3
I. Cash and cash equivalents	77.6	83.6	61.5	52.0	49.6	56.7	50.4	40.4	28.3	31.3	21.3	3.7
1. Cash	5.6	7.3	4.7	9.7	7.6	5.1	5.1	6.5	5.4	8.0	9.3	3.7
2. Cash equivalents	72.0	76.2	56.9	42.3	42.0	51.6	45.3	33.9	22.9	23.3	12.0	0.0
II. Short-term financial investments	3.0	3.0	—	—	—	0.0	0.0	0.0	17.2	27.2	41.5	60.4
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	3.0	3.0	—	—	—	0.0	0.0	0.0	17.2	27.2	41.5	60.4
III. Short-term receivables	10.2	9.1	19.6	21.4	21.4	20.7	19.4	21.1	23.5	24.8	26.5	25.0
1. Short-term trade accounts receivable	3.9	3.6	6.0	6.4	5.0	2.0	1.3	1.6	1.2	1.1	1.3	1.2
2. Short-term prepayments to suppliers	2.7	2.8	13.6	14.8	16.3	18.7	18.3	19.5	22.2	23.1	23.7	21.0
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	3.7	2.9	0.1	0.4	0.3	0.2	0.0	0.1	0.3	0.8	1.7	3.0
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	9.0	8.4	7.8	8.0	8.1	8.3	8.5	8.4	8.8	10.2	11.0	8.4
1. Inventories	9.0	8.4	7.8	8.0	8.1	8.3	8.5	8.4	8.8	10.2	11.0	8.4
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	—	—	—	—	—	0.0	0.1	0.7	0.7	1.0	0.4	0.7
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	0.1	0.7	0.7	1.0	0.4	0.7
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	137.4	138.9	145.6	143.3	143.4	144.6	144.2	143.7	139.0	136.6	124.1	122.1
I. Long-term receivables	5.3	5.3	—	—	—	0.3	0.4	0.5	1.0	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	—	—	—	—	—	0.3	0.4	0.5	1.0	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	5.3	5.3	—	—	—	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	102.4	104.0	94.2	97.2	100.4	103.3	74.7	77.8	75.7	76.6	72.2	73.2
1. Tangible fixed assets	102.1	103.6	94.2	97.2	100.4	103.3	74.7	77.8	75.7	76.6	72.2	73.2
- Cost	366.4	—	—	—	—	350.4	321.2	322.9	317.5	315.0	307.6	305.5
- Accumulated depreciation	-264.3	—	—	—	—	-247.1	-246.4	-245.1	-241.8	-238.5	-235.4	-232.3
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	0.4	0.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	26.9	26.9	48.6	43.4	40.4	38.3	66.4	63.3	60.0	60.6	50.8	47.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	26.9	26.9	48.6	43.4	40.4	38.3	66.4	63.3	60.0	60.6	50.8	47.9
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	-2.0	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	-2.0	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	2.8	2.6	2.8	2.8	2.7	2.7	2.6	2.1	2.2	1.5	1.1	1.0
1. Long-term prepayments	2.8	2.6	2.8	2.8	2.7	2.7	2.6	2.1	2.2	1.5	1.1	1.0
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)	237.3	243.0	234.6	224.8	222.4	230.3	222.6	214.2	217.5	231.0	224.8	220.3
A. LIABILITIES (300=210+330)	36.3	45.9	40.4	35.4	27.7	37.6	31.7	27.5	23.6	38.6	32.1	32.1
I. Short -term liabilities	36.3	45.9	40.4	35.4	27.7	37.6	31.7	27.5	23.6	38.6	32.1	32.1
1. Short-term trade accounts payable	6.2	5.1	0.1	2.0	0.3	0.6	0.3	1.5	0.7	2.2	0.6	5.9
2. Short-term advances from customers	—	0.0	—	0.1	0.1	0.2	0.2	0.3	0.0	0.4	0.0	0.2
3. Taxes and other payables to state authorities	1.9	3.5	3.3	2.7	1.6	2.2	1.9	1.5	1.3	1.6	1.9	1.7
4. Payable to employees	5.1	13.7	13.9	10.0	5.4	13.4	9.4	4.0	1.8	15.8	14.4	8.1
5. Short-term acrrued expenses	21.1	21.6	22.6	19.3	18.8	19.4	18.8	18.4	17.8	16.3	14.7	14.5
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	0.5	0.3	0.4	0.3	0.4	0.3	0.5	0.4	0.4	0.3	0.3	0.3
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	1.4	1.8	0.3	1.0	1.1	1.5	0.6	1.4	1.6	1.9	0.1	1.4
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	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)	201.0	197.1	194.1	189.4	194.8	192.7	190.9	186.8	193.9	192.5	192.7	188.2
I. Owner's equity	201.0	197.1	194.1	189.4	194.8	192.7	190.9	186.8	193.9	192.5	192.7	188.2
1. Owner's capital	181.5	181.5	181.5	181.5	181.5	181.5	181.5	181.5	181.5	181.5	181.5	181.5
- Common stock with voting right	181,494,460,205.00	181,494,460,205.00	181,494,460,205.00	181,494,460,205.00	181,494,460,205.00	181,494,460,205.00	181,494,460,205.00	181,494,460,205.00	181,494,460,205.00	181,494,460,205.00	181,494,460,205.00	181,494,460,205.00
- 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	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
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	18.6	14.7	11.8	7.0	12.4	10.4	8.5	4.4	11.5	10.1	10.4	5.8
- Accumulated retained earning at the end of the previous period	14.7	0.0	0.0	0.0	10.4	0.0	0.0	0.0	10.0	0.0	0.0	0.0
- Undistributed earnings in this period	3.9	14.7	11.8	7.0	2.0	10.3	8.5	4.4	1.6	10.1	10.4	5.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	237.3	243.0	234.6	224.8	222.4	230.3	222.6	214.2	217.5	231.0	224.8	220.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-2.1	-1.7	-1.2	-0.5	-1.3	-1.0	-0.7	-0.4	-1.0	-1.1	-1.0	-0.5
Other Operating Receipts	0.6	—	—	—	—	0.6	1.0	1.3	1.2	1.0	0.4	0.9
Other Operating Payments	-10.1	-9.9	-9.4	-8.1	-7.8	-6.2	-7.2	-6.0	-7.1	-6.4	-7.1	-5.8
Net Cash Flow from Operating Activities	-5.8	26.0	11.4	14.0	-5.7	9.0	11.3	8.7	-12.6	0.9	-2.3	5.4
Payments for Fixed Assets and Other Long-term Assets	-0.8	-1.6	-2.3	-1.7	-1.6	-3.1	-1.5	-4.5	-0.8	-7.3	-1.0	-1.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	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	0.7	0.6	0.4	0.3	0.3	0.3	0.2	0.2	0.1	0.2	0.0	0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.1	-3.9	-1.9	-1.4	-1.3	-2.7	-1.3	13.3	9.6	9.0	19.9	-0.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-10.2	—	0.0	0.0	-9.8	0.0	0.0	0.0	-9.0
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	—	0.0	0.0	-10.2	—	0.0	0.0	-9.8	0.0	0.0	0.0	-9.0
Net Cash Flow During the Period	-6.0	22.0	9.5	2.4	-7.1	6.3	10.0	12.1	-3.0	9.9	17.6	-3.7
Cash and Cash Equivalents at Beginning of Period	83.6	61.5	52.0	49.6	56.7	31.3	31.3	31.3	31.3	16.9	16.9	16.9
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	77.6	83.6	61.5	52.0	49.6	56.7	50.4	40.4	28.3	31.3	21.3	3.7

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BGW

What Is Changing

Drivers of BGW'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