CLH

Xi măng La Hiên VVMI ·HNX ·2026Q1

● Maintaining

Price

20,200

Latest close

03 Jun 2026

P/E 5.80x

P/B 1.18x

EPS 3,481

BVPS 17,132

ROE 20.5%

ROA 13.2%

Profit Margin 5.7%

Asset Turnover 2.34x

Equity Mult. 1.55x

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

What Is Changing

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

	                            
	                                TTM REVENUE
	                            
	                                    VND 739bn
	                                
+7.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 42bn
	                                
+3.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	705.8	661.2	659.2	811.8	733.8
Growth	+7%	+0%	-19%	+11%	—
Net Income	41.6	38.7	47.1	56.0	54.5
Net Margin	5.90%	5.85%	7.15%	6.90%	7.43%

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	179.4	216.6	153.1	189.6	146.4	225.9	155.4	162.9	117.0	199.4	144.6	157.8
Growth	-17%	+41%	-19%	+29%	-35%	+45%	-5%	+39%	-41%	+38%	-8%	—
Net Income	2.3	21.5	4.3	13.7	2.2	21.2	5.0	12.1	0.4	17.3	8.9	10.9
Net Margin	1.30%	9.93%	2.78%	7.20%	1.50%	9.40%	3.24%	7.40%	0.31%	8.67%	6.17%	6.92%

Drivers of CLH's profit

TTM

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

Financial income ↑ 2.3bn

Other profit ↑ 0.5bn

Selling expenses ↓ 0.5bn

Administrative expenses ↑ 1.4bn

Gross profit ↓ 0.5bn

Tax ↑ 0.3bn

TTM

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

Other profit ↑ 0.5bn

Gross profit ↑ 0.2bn

Financial income ↑ 0.2bn

Administrative expenses ↑ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 20.3% = 5.9% × 2.39 × 1.45

2026Q1 20.5% = 5.7% × 2.34 × 1.55

ROE is broadly flat at 20.5% — the components are offsetting one another.

Net margin: 5.7% -0.2pp Asset turnover: 2.34x -0.05x Leverage: 1.55x +0.10x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 5.65%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 5.65% −0.2pp

Gross Margin 13.31% −1.0pp

SG&A / Revenue 7.16% −0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

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

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 5.65% −0.3pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.55x equity, with a net cash position equivalent to 0.09x equity.

Over the last 12 months, working capital absorbed 3.7bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +9.6bn

Inventories increased → lower CFO: −10.5bn

Payables decreased → lower CFO: −2.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 9.0 days versus the same period last year. The main moves came from DIO fell 1.4 days, DSO fell 2.8 days, and DPO rose 4.8 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 3.1 days −2.8 days

Inventory 20.1 days −1.4 days

Payables 29.6 days +4.8 days

Cash Conversion Cycle -6.3 days −9.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 36.1bn.

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 -0.09x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.15x −1.39x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 36.1bn in 2025, against investing cash flow of -91.5bn.

Post-investment cash flow was negative +55.4bn. Financing cash flow was negative +27.8bn.

CFO / net income was 1.15x.

After spending +12.9bn on fixed-asset investment, the business generated trailing free cash flow of +35.3bn.

Cash Conversion

CFO TTM 48.2bn −54.8bn

Cash Capex 12.9bn −20.6bn

FCF TTM +35.3bn −34.2bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, capital efficiency remains the area to verify in upcoming periods.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.15x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	705.8	661.2	659.2	811.8	733.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	705.8	661.2	659.2	811.8	733.8
Cost of Goods Sold	607.7	566.9	556.8	688.5	0.0
Gross Profit	98.1	94.3	102.4	123.3	113.6
Financial Income	6.8	4.7	5.7	3.1	0.2
Financial Expenses	—	0.2	0.2	0.3	-1.3
Interest Expense	—	0.1	0.1	0.2	-1.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	12.4	12.3	13.0	16.3	-13.1
General and Administrative Expenses	39.7	38.0	34.4	38.5	-31.0
Operating Profit	52.7	48.5	60.5	71.3	68.4
Other Income	0.0	0.1	0.1	0.2	0.0
Other Expenses	0.5	0.2	0.4	1.1	0.0
Other Profit	-0.5	-0.0	-0.3	-0.8	-0.0
Profit Before Tax	52.3	48.5	60.2	70.4	68.4
Current Income Tax Expense	10.7	9.8	13.1	14.4	-13.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	41.6	38.7	47.1	56.0	54.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	41.6	38.7	47.1	56.0	54.5
Earnings per Share	2,500.00	2,300.00	3,927.00	4,670.00	4,540.80
Diluted EPS	3,468.81	3,223.27	3,927.00	4,669.57	4,540.68

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	215.7	210.0	195.4	179.7	119.3
I. Cash and cash equivalents	32.5	115.7	97.6	102.4	86.9
1. Cash	3.5	3.7	10.6	7.4	0.0
2. Cash equivalents	29.0	112.0	87.0	95.0	0.0
II. Short-term financial investments	151.0	69.5	40.0	40.0	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	151.0	69.5	40.0	40.0	0.0
III. Short-term receivables	5.8	9.6	13.2	10.5	8.4
1. Short-term trade accounts receivable	0.1	6.4	10.9	7.8	0.0
2. Short-term prepayments to suppliers	2.3	0.2	0.1	0.1	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	3.5	3.2	2.4	2.7	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.2	-0.2	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	25.9	15.1	44.2	26.8	13.6
1. Inventories	25.9	15.1	44.2	26.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.5	0.1	0.4	0.1	0.4
1. Short-term prepayments	0.1	0.1	0.1	0.1	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	0.4	0.0	0.3	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)	99.7	102.1	108.0	139.5	188.2
I. Long-term receivables	0.8	0.6	0.6	0.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.5
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	0.6	0.6	0.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	87.3	90.0	94.4	125.0	167.1
1. Tangible fixed assets	87.3	90.0	94.4	125.0	167.1
- Cost	985.8	969.8	959.1	957.7	0.0
- Accumulated depreciation	-898.5	-879.8	-864.7	-832.7	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	—	0.0	0.0	0.0	0.0
- Cost	1.6	1.6	1.6	1.6	0.0
- Accumulated depreciation	-1.6	-1.6	-1.6	-1.6	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	0.2	0.0	0.5	0.3	0.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.0	0.5	0.3	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	11.4	11.5	12.5	13.8	0.0
1. Long-term prepayments	11.4	11.5	12.5	13.8	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	20.5
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)	315.5	312.1	303.3	319.2	307.5
A. LIABILITIES (300=210+330)	112.2	111.8	106.6	116.0	103.6
I. Short -term liabilities	111.6	111.2	103.5	110.5	95.6
1. Short-term trade accounts payable	37.3	42.6	32.8	50.4	37.4
2. Short-term advances from customers	3.9	1.9	2.9	0.4	0.4
3. Taxes and other payables to state authorities	13.9	14.3	6.8	7.6	0.0
4. Payable to employees	38.2	33.3	38.8	35.6	0.0
5. Short-term acrrued expenses	5.4	0.3	4.9	0.8	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	1.0	1.7	1.5	1.8	0.0
10. Short-term borrowings and financial leases	—	0.0	2.5	2.5	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	11.7	17.3	13.3	11.3	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	0.6	0.6	3.1	5.5	8.0
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	2.5	5.0	7.5
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	0.6	0.6	0.6	0.5	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)	203.2	200.3	196.7	203.3	203.9
I. Owner's equity	203.2	200.3	196.7	203.3	0.0
1. Owner's capital	120.0	120.0	120.0	120.0	203.9
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.5	0.5	0.5	0.5	0.5
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	41.2	41.2	41.2	41.2	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	41.6	38.7	35.1	41.6	51.3
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	8.8
- Undistributed earnings in this period	41.6	38.7	35.1	41.6	42.5
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)	315.5	312.1	303.3	319.2	307.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	52.3	48.5	60.2	70.4	68.4
Depreciation of Fixed Assets and Investment Property	18.6	15.1	32.0	49.4	52.1
Provision (Increase)/Reversal	-0.0	0.1	0.0	0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-6.8	-4.7	-5.7	-3.1	0.0
Interest Expense	—	0.1	0.1	0.2	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	64.1	59.0	86.7	117.0	120.8
Increase/(Decrease) in Receivables	3.9	4.8	-2.9	-1.8	0.0
Increase/(Decrease) in Inventory	-10.7	29.0	-17.4	-13.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	5.2	1.7	-12.2	3.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	1.0	1.2	6.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.1	-0.1	-0.2	0.0
Corporate Income Tax Paid	-9.8	-5.4	-10.1	-14.9	0.0
Other Operating Receipts	—	0.5	0.0	0.1	0.0
Other Operating Payments	-16.6	-12.4	-12.1	-7.1	0.0
Net Cash Flow from Operating Activities	36.1	78.1	33.1	90.1	124.7
Payments for Fixed Assets and Other Long-term Assets	-16.2	-10.4	-1.4	-4.5	-8.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-131.0	-29.5	0.0	-30.0	-10.0
Receipts from Loan Repayments and Sale of Debt Instruments	49.5	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	6.2	3.8	5.6	3.1	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	-91.5	-36.1	4.2	-31.4	-18.4
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	0.0	0.0	27.5
Repayment of Borrowings	—	-5.0	-2.5	0.0	-51.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-27.8	-18.9	-39.5	-43.3	-29.4
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	-27.8	-23.9	-42.0	-43.3	-53.3
Net Cash Flow During the Period	-83.2	18.1	-4.7	15.4	55.9
Cash and Cash Equivalents at Beginning of Period	115.7	97.6	102.4	86.9	33.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	32.5	115.7	97.6	102.4	86.9

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	179.4	216.6	153.1	189.6	146.4	225.9	155.4	162.9	117.0	199.4	144.6	157.9
Revenue Deductions	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	179.4	216.6	153.1	189.6	146.4	225.9	155.4	162.9	117.0	199.4	144.6	157.8
Cost of Goods Sold	167.1	176.0	136.3	160.9	134.4	182.6	137.7	137.2	109.4	166.8	121.6	132.6
Gross Profit	12.3	40.6	16.8	28.7	12.0	43.3	17.8	25.7	7.6	32.6	23.1	25.2
Financial Income	0.5	3.2	0.4	2.8	0.3	2.7	0.3	1.4	0.3	2.2	1.0	2.1
Financial Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.1
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	1.9	3.7	1.7	5.2	1.9	5.6	2.7	2.7	1.3	4.0	3.3	3.1
General and Administrative Expenses	7.9	13.1	10.2	9.3	7.1	13.6	9.0	9.3	6.1	8.9	9.5	9.2
Operating Profit	2.9	27.1	5.3	17.1	3.3	26.8	6.2	15.1	0.5	21.9	11.2	15.0
Other Income	-0.0	-0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	—	—	—	0.5	0.2	0.0	0.0	0.0	0.2	0.0	0.2
Other Profit	-0.0	-0.0	0.0	0.0	-0.5	-0.1	0.1	0.0	0.0	-0.2	0.0	-0.2
Profit Before Tax	2.9	27.1	5.3	17.1	2.8	26.6	6.3	15.1	0.5	21.8	11.2	14.8
Current Income Tax Expense	0.6	5.5	1.1	3.4	0.6	5.4	1.3	3.0	0.1	4.5	2.2	3.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.3	21.5	4.3	13.7	2.2	21.2	5.0	12.1	0.4	17.3	8.9	10.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.3	21.5	4.3	13.7	2.2	21.2	5.0	12.1	0.4	17.3	8.9	10.9
Earnings per Share	195.00	1,793.00	354.00	1,139.00	183.00	1,769.00	420.00	1,005.00	30.00	1,441.00	744.00	910.00
Diluted EPS	194.73	1,793.17	354.23	1,138.56	182.86	1,768.72	419.86	1,004.59	30.11	1,441.39	744.16	910.31

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)	219.4	215.8	203.7	190.2	202.7	210.0	210.1	188.4	162.6	195.4	199.1	188.8
I. Cash and cash equivalents	17.6	32.5	70.4	75.3	97.6	115.7	109.5	74.7	63.9	97.6	102.0	81.8
1. Cash	7.6	3.5	4.4	7.3	14.6	3.7	5.5	8.7	5.9	10.6	21.0	16.8
2. Cash equivalents	10.0	29.0	66.0	68.0	83.0	112.0	104.0	66.0	58.0	87.0	81.0	65.0
II. Short-term financial investments	154.0	151.0	85.5	63.5	59.5	69.5	50.0	50.0	40.0	40.0	40.0	40.0
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	154.0	151.0	85.5	63.5	59.5	69.5	50.0	50.0	40.0	40.0	40.0	40.0
III. Short-term receivables	6.0	6.0	4.5	13.4	15.4	9.6	12.5	20.2	18.6	13.2	26.2	30.0
1. Short-term trade accounts receivable	3.9	0.1	2.8	2.6	8.8	6.4	4.4	13.4	13.8	10.9	23.8	28.1
2. Short-term prepayments to suppliers	0.6	2.3	0.6	8.2	5.7	0.2	6.7	4.6	3.3	0.1	0.5	0.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.5	3.6	1.2	2.7	1.1	3.2	1.5	2.3	1.7	2.4	2.1	2.1
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.2	-0.2	-0.1	-0.2	-0.1	-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	40.6	25.9	42.2	36.1	30.1	15.1	37.4	41.4	39.7	44.2	30.0	35.3
1. Inventories	40.6	25.9	42.2	36.1	30.1	15.1	37.4	41.4	39.7	44.2	30.0	35.3
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	1.2	0.5	1.0	1.9	0.1	0.1	0.7	2.1	0.4	0.4	0.9	1.8
1. Short-term prepayments	0.8	0.1	1.0	1.9	0.1	0.1	0.7	2.1	0.1	0.1	0.9	1.8
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	0.4	0.4	0.0	0.0	—	0.0	0.0	0.0	0.3	0.3	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)	101.3	99.6	98.0	103.9	108.7	102.1	103.2	99.7	104.0	108.0	123.9	124.9
I. Long-term receivables	0.8	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	0.8	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	88.2	87.3	86.2	92.1	96.7	90.0	90.8	86.8	90.9	94.4	102.2	111.2
1. Tangible fixed assets	88.2	87.3	86.2	92.1	96.7	90.0	90.8	86.8	90.9	94.4	102.2	111.2
- Cost	991.4	—	—	—	—	969.8	966.6	959.1	959.1	959.1	959.1	959.1
- Accumulated depreciation	-903.2	—	—	—	—	-879.8	-875.8	-872.3	-868.3	-864.7	-856.9	-848.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	1.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.6	—	—	—	—	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	1.8	0.2	0.3	0.1	—	0.0	0.0	0.3	0.3	0.5	0.2	0.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.8	0.2	0.3	0.1	—	0.0	0.0	0.3	0.3	0.5	0.2	0.2
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	11.4	10.9	11.1	11.3	11.5	11.8	12.0	12.3	12.5	21.0	13.0
1. Long-term prepayments	10.5	11.4	10.9	11.1	11.3	11.5	11.8	12.0	12.3	12.5	21.0	13.0
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)	320.7	315.5	301.7	294.2	311.4	312.1	313.3	288.1	266.6	303.3	323.0	313.7
A. LIABILITIES (300=210+330)	115.1	112.2	120.0	116.7	108.9	111.8	134.2	114.1	69.5	106.6	131.6	131.2
I. Short -term liabilities	114.4	111.6	119.3	116.0	108.3	111.2	133.6	113.5	66.4	103.5	128.5	128.2
1. Short-term trade accounts payable	48.7	37.3	49.4	31.4	55.2	42.6	46.8	32.4	25.2	32.8	55.0	33.0
2. Short-term advances from customers	3.3	3.9	2.4	2.5	2.9	1.9	2.1	2.0	3.4	2.9	0.6	0.2
3. Dividends and profits payable	0.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.7	13.9	12.0	10.2	8.0	14.3	8.6	9.4	3.5	6.8	11.8	10.5
4. Payable to employees	24.4	38.2	28.1	26.5	20.3	33.3	28.4	22.7	18.0	38.8	32.0	27.7
5. Short-term acrrued expenses	3.4	5.4	3.9	2.9	4.7	0.3	4.1	3.0	2.8	4.9	1.7	1.9
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.4	1.0	1.8	1.7	1.6	1.7	2.0	2.2	1.5	1.5	1.8	1.9
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	2.5	2.5	0.0	2.5	2.5	2.5
11. Provision for short-term liabilities	22.1	—	3.2	17.7	1.7	0.0	17.0	13.6	0.7	0.0	6.3	30.2
12.. Bonus and welfare fund	8.8	11.7	18.6	23.2	14.0	17.3	22.2	25.6	11.2	13.3	16.9	20.1
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	0.7	0.6	0.6	0.6	0.6	0.6	0.6	0.6	3.1	3.1	3.1	3.1
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	2.5	2.5	2.5	2.5
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	0.7	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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)	205.6	203.2	181.7	177.5	202.5	200.3	179.1	174.0	197.1	196.7	191.4	182.5
I. Owner's equity	205.6	203.2	181.7	177.5	202.5	200.3	179.1	174.0	197.1	196.7	191.4	182.5
1. Owner's capital	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	41.2	41.2	41.2	41.2	41.2	41.2	41.2	41.2	41.2	41.2	41.2	41.2
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	44.0	41.6	20.1	15.9	40.9	38.7	17.5	12.4	35.5	35.1	29.8	20.9
- Accumulated retained earning at the end of the previous period	41.6	—	—	—	38.7	0.0	0.0	0.0	35.1	0.0	0.0	0.0
- Undistributed earnings in this period	2.3	41.6	20.1	15.9	2.2	38.7	17.5	12.4	0.4	35.1	29.8	20.9
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)	320.7	315.5	301.7	294.2	311.4	312.1	313.3	288.1	266.6	303.3	323.0	313.7

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	2.9	27.1	5.3	17.1	2.8	26.6	6.3	15.1	0.5	21.8	11.2	14.8
Depreciation of Fixed Assets and Investment Property	4.7	4.4	5.9	4.6	3.7	4.1	3.4	4.1	3.5	7.8	9.0	7.6
Provision (Increase)/Reversal	22.2	-3.2	-14.5	15.9	1.8	-17.0	3.4	12.9	0.7	-6.3	-23.9	4.7
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	-0.5	-3.2	-0.4	-3.5	0.3	-2.7	-0.3	-2.1	0.3	-3.2	0.0	-2.1
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	29.4	25.1	-3.7	34.1	8.6	11.1	12.9	30.0	5.1	20.1	-3.7	25.1
Increase/(Decrease) in Receivables	-0.1	-1.3	8.7	2.2	-5.8	2.8	6.8	-0.8	-5.4	12.9	3.8	14.0
Increase/(Decrease) in Inventory	-14.7	16.3	-6.1	-6.0	-15.0	22.3	4.0	-1.7	4.4	-14.1	5.3	-3.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.3	-2.6	20.7	-14.6	1.6	-3.4	31.4	14.1	-28.0	-12.1	26.0	-0.1
Increase/(Decrease) in Prepaid Expenses	0.2	0.3	1.2	-1.6	0.2	0.9	1.6	-1.8	0.3	9.2	-7.1	-1.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	4.4	-0.0	-0.0	-0.0	-0.0	-0.1	0.0	-0.0
Corporate Income Tax Paid	-10.7	0.0	0.0	-1.8	-8.0	0.0	0.0	0.0	-5.4	-7.0	0.0	-0.7
Other Operating Receipts	—	—	—	—	—	0.5	0.0	-0.0	0.1	0.0	0.0	0.0
Other Operating Payments	-2.9	-6.9	-4.5	-1.9	-3.3	-5.3	-3.5	-1.5	-2.1	-3.6	-3.2	-1.6
Net Cash Flow from Operating Activities	-5.2	31.0	16.3	6.1	-17.3	28.7	53.2	38.3	-31.1	5.2	21.0	31.6
Payments for Fixed Assets and Other Long-term Assets	-7.2	-5.5	-0.3	0.0	-10.5	-3.2	-19.6	-0.2	0.2	0.0	-0.8	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-45.0	-187.0	86.0	-40.0	10.0	-19.5	0.0	-10.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	42.0	121.5	-108.0	36.0	—	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	0.5	2.7	0.5	3.4	-0.3	2.7	1.2	1.6	-0.3	3.0	0.0	2.1
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	-9.7	-68.3	-21.7	-0.6	-0.8	-20.0	-18.4	-8.6	-0.2	3.0	-0.8	2.0
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	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	-2.5	0.0	0.0	-2.5	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	—	-0.6	0.6	-27.8	—	0.0	-0.0	-18.9	0.0	-12.6	0.0	-26.9
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	—	-0.6	0.6	-27.8	—	-2.5	-0.0	-18.9	-2.5	-12.6	0.0	-26.9
Net Cash Flow During the Period	-14.9	-37.9	-4.8	-22.3	-18.1	6.2	34.8	10.8	-33.7	-4.4	20.2	6.8
Cash and Cash Equivalents at Beginning of Period	32.5	70.4	75.3	97.6	115.7	97.6	97.6	97.6	97.6	102.4	102.4	102.4
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	17.6	32.5	70.4	75.3	97.6	115.7	109.5	74.7	63.9	97.6	102.0	81.8

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CLH

What Is Changing

Drivers of CLH'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