BSG

Xe khách Sài Gòn ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −2.31%, −8.53pp YoY

Price

16,100

Latest close

03 Jun 2026

P/E -100.74x

P/B 2.63x

EPS -160

BVPS 6,132

ROE -2.6%

ROA -1.9%

Profit Margin -2.3%

Asset Turnover 0.81x

Equity Mult. 1.37x

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

What Is Changing

On a TTM 2026Q1 basis, BSG posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 414bn
	                                
−29.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 10bn
	                                
−126.1%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.95x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	436.2	627.5	515.2	485.3	282.1
Growth	-30%	+22%	+6%	+72%	—
Net Income	3.3	44.9	35.0	15.0	-64.4
Net Margin	0.76%	7.15%	6.80%	3.09%	-22.83%

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	89.4	98.6	110.3	116.0	111.3	160.1	148.8	170.7	148.0	144.7	130.1	132.3
Growth	-9%	-11%	-5%	+4%	-30%	+8%	-13%	+15%	+2%	+11%	-2%	—
Net Income	-11.4	-9.0	2.4	8.5	1.5	13.9	8.2	13.0	9.7	7.7	11.6	10.2
Net Margin	-12.80%	-9.11%	2.14%	7.31%	1.35%	8.71%	5.53%	7.65%	6.52%	5.29%	8.95%	7.69%

Drivers of BSG's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Administrative expenses ↓ 5.4bn

Gross profit ↓ 54.4bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Gross profit ↓ 13.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.2% = 6.2% × 1.05 × 1.57

2026Q1 -2.6% = -2.3% × 0.81 × 1.37

ROE fell from 10.2% to -2.6% — all three components weakened, with asset turnover being the main drag.

Net margin: -2.3% -8.5pp Asset turnover: 0.81x -0.24x Leverage: 1.37x -0.19x

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 -2.31%, losing 8.5pp. The main pressure comes from Gross margin fell 7.6pp and SG&A / Revenue rose 1.8pp (with additional support from Other profit / Revenue rose 0.5pp and Net financial result / Revenue rose 0.3pp).

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

Profitability trend

Net Margin -2.31% −8.5pp

Gross Margin 5.32% −7.6pp

SG&A / Revenue 9.28% +1.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.28x equity, with a net cash position equivalent to 0.16x equity.

Over the last 12 months, working capital absorbed 55.7bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +1.4bn

Inventories decreased → higher CFO: +0.4bn

Payables decreased → lower CFO: −57.5bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 39.7 days versus the same period last year. The main moves came from DIO rose 1.0 days, DSO rose 15.8 days, and DPO fell 23.0 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +39.7 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +15.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 65.2 days +15.8 days

Inventory 4.8 days +1.0 days

Payables 77.3 days −23.0 days

Cash Conversion Cycle -7.3 days +39.7 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 25.3bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.16x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.95x −2.81x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 25.3bn in 2025, against investing cash flow of -54.9bn.

Post-investment cash flow was negative +29.6bn. Financing cash flow was negative +11.3bn.

CFO / net income was -0.95x.

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

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 9.1bn −59.1bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 8.5 pp. The next watchpoint is the earnings mix, when non-core contribution is 27.8%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.16x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.16x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 27.8% of PBT and CFO / net income currently at -0.95x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -2.31% after a 8.5pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	436.2	627.5	515.2	485.3	282.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	436.2	627.5	515.2	485.3	282.1
Cost of Goods Sold	400.8	533.5	430.0	425.1	0.0
Gross Profit	35.4	94.0	85.3	60.2	-5.9
Financial Income	4.2	3.4	3.7	1.1	1.2
Financial Expenses	—	0.2	1.4	3.3	-4.8
Interest Expense	—	0.2	1.4	3.3	-2.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	1.3	2.2	2.1	0.8	-0.1
General and Administrative Expenses	38.3	50.7	53.0	44.0	-53.2
Operating Profit	0.0	44.3	32.5	13.3	-62.8
Other Income	5.2	2.4	4.3	4.8	0.0
Other Expenses	1.9	1.8	1.8	3.0	0.0
Other Profit	3.3	0.6	2.5	1.8	-1.6
Profit Before Tax	3.3	44.9	35.0	15.0	-64.4
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	3.3	44.9	35.0	15.0	-64.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.3	44.9	35.0	15.0	-64.4
Earnings per Share	55.00	748.00	584.00	250.00	-492.00
Diluted EPS	55.29	747.84	583.68	250.25	-1,073.28

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	190.8	220.2	185.4	142.2	104.5
I. Cash and cash equivalents	81.7	111.3	50.0	72.1	32.2
1. Cash	21.7	14.3	5.0	27.1	0.0
2. Cash equivalents	60.0	97.0	45.0	45.0	0.0
II. Short-term financial investments	40.5	20.7	58.5	0.5	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	40.5	20.7	58.5	0.5	0.0
III. Short-term receivables	62.5	81.5	70.3	60.0	56.4
1. Short-term trade accounts receivable	42.2	58.2	43.5	34.3	0.0
2. Short-term prepayments to suppliers	0.5	0.5	0.8	1.5	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	25.2	28.1	31.3	24.9	0.0
7. Provision for short-term doubtful debts (*)	-5.3	-5.3	-5.3	-0.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	4.9	5.4	5.5	5.0	5.6
1. Inventories	4.9	5.4	5.5	5.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.2	1.2	1.2	4.6	9.7
1. Short-term prepayments	0.1	0.2	0.2	3.5	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.0	1.0	1.0	1.1	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)	295.4	337.2	328.1	387.7	460.7
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	284.9	326.6	316.6	375.2	447.5
1. Tangible fixed assets	283.4	324.8	315.5	373.8	446.0
- Cost	991.3	1,002.8	921.6	970.7	0.0
- Accumulated depreciation	-707.9	-678.1	-606.1	-596.9	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	1.5	1.8	1.1	1.4	1.6
- Cost	3.7	3.7	2.8	2.8	0.0
- Accumulated depreciation	-2.2	-1.9	-1.7	-1.4	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	0.7	0.7	0.7	0.7	0.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.7	0.7	0.7	0.7	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	9.8	10.0	10.9	11.9	0.0
1. Long-term prepayments	9.8	10.0	10.9	11.9	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	12.5
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)	486.2	557.4	513.5	529.9	565.2
A. LIABILITIES (300=210+330)	106.9	181.4	182.4	233.8	284.6
I. Short -term liabilities	86.2	143.8	152.6	170.3	185.5
1. Short-term trade accounts payable	33.9	70.4	84.6	77.7	117.0
2. Short-term advances from customers	1.1	1.0	1.0	1.9	2.0
3. Taxes and other payables to state authorities	4.4	3.8	20.0	15.9	0.0
4. Payable to employees	15.7	29.6	28.8	32.6	0.0
5. Short-term acrrued expenses	24.5	24.2	5.1	0.0	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	4.1	10.8	0.5	0.5	0.0
9. Other short-term payables	2.4	1.5	1.6	4.2	0.0
10. Short-term borrowings and financial leases	—	0.0	9.4	30.1	35.1
11. Provision for short-term liabilities	—	2.4	1.6	7.4	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	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	20.7	37.6	29.8	63.5	99.1
1. Long-term trade payables	18.3	34.9	26.4	50.7	56.0
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	2.4	2.7	1.4	1.0	0.0
8. Long-term borrowings and financial leases	—	0.0	1.9	11.7	42.3
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)	379.3	376.0	331.2	296.1	280.6
I. Owner's equity	379.3	376.0	331.2	296.1	0.0
1. Owner's capital	600.0	600.0	600.0	600.0	280.6
- Common stock with voting right	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00
- 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	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-220.7	-224.0	-268.8	-303.9	-319.4
- Accumulated retained earning at the end of the previous period	-224.0	-268.8	-303.9	-318.9	-254.4
- Undistributed earnings in this period	3.3	44.9	35.0	15.0	-65.0
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)	486.2	557.4	513.5	529.9	565.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	3.3	44.9	35.0	15.0	0.0
Depreciation of Fixed Assets and Investment Property	81.1	76.6	71.7	75.0	0.0
Provision (Increase)/Reversal	-2.4	0.9	-1.3	7.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-4.2	-3.3	-6.7	-4.4	0.0
Interest Expense	—	0.2	1.4	3.3	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	77.8	119.3	100.1	96.3	0.0
Increase/(Decrease) in Receivables	18.8	-10.5	-16.1	8.5	0.0
Increase/(Decrease) in Inventory	0.5	0.1	-0.5	0.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-72.1	8.6	-15.0	-22.1	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	-0.1	4.4	1.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.2	-1.4	-3.3	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	25.3	117.2	71.6	81.6	-1.1
Payments for Fixed Assets and Other Long-term Assets	-39.4	-85.8	-14.4	-3.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.6	0.1	4.3	-4.3	0.0
Loans and Purchases of Debt Instruments	-40.0	-5.2	-58.0	0.0	-44.1
Receipts from Loan Repayments and Sale of Debt Instruments	20.2	43.0	0.0	0.0	65.7
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	2.7	3.4	3.7	1.1	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	-54.9	-44.6	-64.4	-6.2	22.2
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	—	0.8	0.7	0.0	0.0
Repayment of Borrowings	—	-12.1	-30.0	-35.5	-50.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
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	—	-11.3	-29.3	-35.5	-50.1
Net Cash Flow During the Period	-29.6	61.3	-22.2	39.9	-12.6
Cash and Cash Equivalents at Beginning of Period	111.3	50.0	72.1	32.2	61.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	81.7	111.3	50.0	72.1	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	89.4	98.6	110.3	116.0	111.3	160.1	148.8	170.7	148.0	144.7	130.1	132.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	89.4	98.6	110.3	116.0	111.3	160.1	148.8	170.7	148.0	144.7	130.1	132.3
Cost of Goods Sold	91.6	101.9	100.0	98.7	100.0	138.4	129.5	146.5	119.2	125.8	107.6	104.1
Gross Profit	-2.2	-3.3	10.3	17.3	11.3	21.7	19.2	24.2	28.8	18.9	22.5	28.2
Financial Income	0.8	2.0	0.2	1.1	0.8	1.6	0.5	1.1	0.2	1.3	1.0	0.7
Financial Expenses	—	—	—	—	—	0.0	0.0	0.1	0.1	0.2	0.3	0.4
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.3	0.3	0.3	0.4	0.3	0.5	0.3	0.8	0.6	0.5	0.4	0.8
General and Administrative Expenses	9.3	9.3	8.3	10.2	10.5	9.1	11.3	11.6	18.6	11.8	12.1	18.9
Operating Profit	-11.1	-10.9	1.9	7.8	1.2	13.7	8.1	12.7	9.7	7.6	10.7	8.8
Other Income	0.0	2.4	1.1	1.1	0.7	0.7	0.6	0.8	0.4	0.5	1.4	2.2
Other Expenses	0.4	0.5	0.6	0.5	0.4	0.4	0.5	0.5	0.4	0.5	0.5	0.8
Other Profit	-0.4	1.9	0.4	0.7	0.3	0.2	0.1	0.3	-0.1	0.0	1.0	1.4
Profit Before Tax	-11.4	-9.0	2.4	8.5	1.5	13.9	8.2	13.0	9.7	7.7	11.6	10.2
Current Income Tax Expense	—	—	—	—	—	0.0	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	-11.4	-9.0	2.4	8.5	1.5	13.9	8.2	13.0	9.7	7.7	11.6	10.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-11.4	-9.0	2.4	8.5	1.5	13.9	8.2	13.0	9.7	7.7	11.6	10.2
Earnings per Share	-190.68	-149.81	39.28	141.39	25.01	232.48	137.03	217.46	160.93	127.51	194.02	169.61
Diluted EPS	-190.68	-149.81	39.28	141.39	25.01	232.48	137.03	217.46	160.93	127.51	194.02	169.61

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)	201.7	190.8	196.2	214.1	216.0	220.2	223.4	212.2	209.8	185.5	180.0	166.3
I. Cash and cash equivalents	58.7	81.7	64.1	24.8	70.8	111.3	97.9	56.2	32.5	50.0	47.3	39.2
1. Cash	13.7	21.7	24.1	4.8	10.8	14.3	7.9	11.2	7.5	5.0	12.3	1.2
2. Cash equivalents	45.0	60.0	40.0	20.0	60.0	97.0	90.0	45.0	25.0	45.0	35.0	38.0
II. Short-term financial investments	40.5	40.5	40.5	20.5	40.7	20.7	15.5	15.5	58.5	58.5	48.5	45.5
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	40.5	40.5	40.5	20.5	40.7	20.7	15.5	15.5	58.5	58.5	48.5	45.5
III. Short-term receivables	96.1	62.5	84.3	161.5	97.6	81.5	102.7	132.6	111.6	70.3	77.2	75.4
1. Short-term trade accounts receivable	73.9	42.2	65.2	142.6	74.1	58.2	75.2	108.2	85.9	43.5	48.1	45.0
2. Short-term prepayments to suppliers	2.0	0.5	0.4	0.5	0.6	0.5	3.1	0.6	0.9	0.8	0.7	1.4
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	—	25.2	24.0	23.7	28.3	28.1	29.6	29.1	30.1	31.3	33.7	34.3
7. Provision for short-term doubtful debts (*)	25.5	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3
8. Assets awaiting resolution	-5.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	5.0	4.9	5.3	5.5	5.4	5.4	5.5	5.4	5.5	5.5	5.6	4.7
1. Inventories	5.0	4.9	5.3	5.5	5.4	5.4	5.5	5.4	5.5	5.5	5.6	4.7
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	1.4	1.2	2.0	1.8	1.4	1.2	1.8	2.5	1.7	1.3	1.4	1.6
1. Short-term prepayments	0.4	0.1	0.7	0.7	0.5	0.2	0.4	0.4	0.7	0.2	0.3	0.4
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
3. Taxes and other receivables from state authorities	1.0	1.0	1.3	1.1	1.0	1.0	1.4	2.1	1.0	1.1	1.1	1.1
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)	275.7	295.4	315.6	313.9	330.8	337.2	354.5	363.2	368.3	328.1	345.2	359.2
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	264.4	284.9	305.5	303.6	320.3	326.6	343.6	352.2	356.4	316.6	333.4	347.2
1. Tangible fixed assets	263.0	283.4	303.9	301.9	318.6	324.8	341.7	350.2	355.4	315.5	332.3	346.0
- Cost	991.3	—	—	—	—	1,002.8	1,000.2	989.2	979.4	921.6	921.6	935.8
- Accumulated depreciation	-728.3	—	—	—	—	-678.1	-658.4	-639.0	-624.1	-606.1	-589.3	-589.8
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	1.5	1.5	1.6	1.7	1.7	1.8	1.9	1.9	1.1	1.1	1.2	1.2
- Cost	3.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.2	—	—	—	—	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	0.8	0.7	0.7	0.7	0.7	0.7	0.7	0.7	1.2	0.7	0.7	0.7
1. Long-term production in progress	0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.7	0.7	0.7	0.7	0.7	0.7	0.7	1.2	0.7	0.7	0.7
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	10.5	9.8	9.5	9.6	9.8	10.0	10.2	10.4	10.6	10.9	11.1	11.3
1. Long-term prepayments	10.5	9.8	9.5	9.6	9.8	10.0	10.2	10.4	10.6	10.9	11.1	11.3
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)	477.4	486.2	511.9	528.0	546.8	557.4	577.9	575.4	578.0	513.6	525.2	525.5
A. LIABILITIES (300=210+330)	109.5	106.9	123.6	142.0	169.3	181.4	215.9	221.6	237.2	182.4	201.8	214.3
I. Short -term liabilities	90.8	86.2	100.6	116.9	139.0	143.8	172.7	172.1	207.4	152.6	165.6	171.7
1. Short-term trade accounts payable	42.0	33.9	46.9	68.6	80.0	70.4	88.1	101.1	146.3	84.6	90.2	87.2
2. Short-term advances from customers	1.0	1.1	1.0	1.3	1.5	1.0	11.3	1.1	1.3	1.0	1.0	0.9
3. Taxes and other payables to state authorities	6.2	4.4	7.5	7.1	6.8	3.8	11.4	36.4	35.8	25.1	23.9	24.5
4. Payable to employees	6.8	15.7	6.9	2.5	13.4	29.6	28.4	23.2	11.1	28.8	25.2	28.5
5. Short-term acrrued expenses	30.5	24.5	27.4	26.4	24.2	24.2	22.5	0.0	0.0	0.0	0.1	0.2
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	3.2	4.1	5.8	7.6	9.2	10.8	3.5	0.8	0.6	0.5	0.6	0.5
9. Other short-term payables	1.1	2.4	3.0	1.4	1.4	1.5	2.6	2.7	3.0	1.6	2.5	2.2
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	3.9	5.8	7.8	9.4	15.2	20.3
11. Provision for short-term liabilities	0.0	—	1.9	1.9	2.4	2.4	1.0	1.0	1.6	1.6	6.9	7.4
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	18.7	20.7	22.9	25.2	30.3	37.6	43.2	49.4	29.8	29.8	36.1	42.6
1. Long-term trade payables	16.1	18.3	20.5	22.7	28.1	34.9	41.7	48.2	28.4	26.4	31.1	35.7
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	2.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	2.4	2.4	2.5	2.2	2.7	1.4	1.3	1.4	1.4	1.2	1.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	1.9	3.9	5.8
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)	367.9	379.3	388.3	386.0	377.5	376.0	362.1	353.9	340.8	331.2	323.5	311.3
I. Owner's equity	367.9	379.3	388.3	386.0	377.5	376.0	362.1	353.9	340.8	331.2	323.5	311.3
1. Owner's capital	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0	600.0
- Common stock with voting right	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00	600,000,000,000.00
- 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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-232.1	-220.7	-211.7	-214.0	-222.5	-224.0	-237.9	-246.1	-259.2	-268.8	-276.5	-288.7
- Accumulated retained earning at the end of the previous period	-220.7	-224.0	-224.0	-224.0	-224.0	-268.8	-268.8	-268.8	-268.8	-303.9	-303.9	-303.9
- Undistributed earnings in this period	-11.4	3.3	12.3	9.9	1.5	44.9	30.9	22.7	9.7	35.0	27.3	15.1
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)	477.4	486.2	511.9	528.0	546.8	557.4	577.9	575.4	578.0	513.6	525.2	525.5

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	-11.4	-9.0	2.4	8.4	1.5	13.9	8.2	13.0	9.7	7.7	11.6	10.8
Depreciation of Fixed Assets and Investment Property	20.5	20.6	20.5	20.1	20.0	19.7	19.5	19.4	18.0	17.6	17.6	17.8
Provision (Increase)/Reversal	—	-1.9	0.0	-0.5	—	1.4	0.0	-0.6	0.0	3.3	-8.6	4.0
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	-0.7	-2.0	-0.2	-1.1	-0.8	-1.8	-0.3	-1.2	-0.2	-6.7	2.5	-2.5
Interest Expense	—	—	—	—	—	0.0	0.0	0.1	0.1	1.4	-0.9	0.9
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	8.3	7.7	22.6	26.8	20.7	33.3	27.5	30.7	27.5	23.3	22.2	31.0
Increase/(Decrease) in Receivables	-33.5	21.9	77.1	-64.0	-16.1	21.6	29.7	-21.3	-41.3	10.8	-6.7	20.9
Increase/(Decrease) in Inventory	-0.1	0.4	0.2	-0.1	0.1	0.1	-0.1	0.1	-0.0	0.1	-0.9	0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.5	-14.8	-18.5	-26.7	-12.1	-29.4	-6.4	-11.0	56.3	-5.6	-5.4	2.6
Increase/(Decrease) in Prepaid Expenses	-1.0	0.3	0.2	-0.1	-0.1	0.4	1.1	-0.4	-0.3	0.4	0.3	0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	-0.0	-0.0	-0.1	-0.1	-1.4	0.7	-0.7
Corporate Income Tax Paid	—	—	—	—	—	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	-49.2	49.2	-0.1
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	14.3	-14.3	43.6
Net Cash Flow from Operating Activities	-23.7	15.4	81.5	-64.1	-7.5	25.9	51.7	-1.8	42.2	-7.3	45.2	97.7
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-22.4	-3.3	-13.8	-3.6	-10.1	-15.3	-57.9	-14.4	9.1	-9.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.6	—	—	—	0.2	-0.2	0.2	0.0	1.5	1.0	1.8
Loans and Purchases of Debt Instruments	—	0.0	-20.0	—	-20.0	-5.2	0.0	0.0	0.0	47.6	-105.6	27.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	20.0	0.2	—	0.0	0.0	43.0	0.0	-67.0	115.0	-100.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	48.0	-48.0	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	0.2	1.1	0.8	1.6	0.5	1.1	0.2	1.3	1.0	0.7
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	0.7	2.2	-42.2	18.1	-33.0	-7.0	-9.7	29.1	-57.6	17.0	-27.4	-79.0
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	0.8	0.0	0.0	0.7	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	-5.5	-1.2	-3.5	-1.9	-7.7	-6.6	-7.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	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	—	—	—	—	—	-5.5	-0.3	-3.5	-1.9	-7.0	-6.6	-7.8
Net Cash Flow During the Period	-23.0	17.6	39.3	-46.0	-40.5	13.3	41.7	23.7	-17.4	2.6	11.2	10.8
Cash and Cash Equivalents at Beginning of Period	122.2	64.1	24.8	70.8	111.3	50.0	50.0	50.0	50.0	72.1	72.1	72.1
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	99.2	81.7	64.1	24.8	70.8	111.3	97.9	56.2	32.5	50.0	47.3	36.2

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BSG

What Is Changing

Drivers of BSG's profit

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Balance Sheet ●

Working Capital Efficiency ▼▼

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Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow