D11

Địa ốc 11 ·HNX ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT 0.38x

Price

11,800

Latest close

02 Jun 2026

P/E 19.97x

P/B 0.49x

EPS 591

BVPS 24,010

ROE 3.7%

ROA 2.1%

Profit Margin 3.5%

Asset Turnover 0.61x

Equity Mult. 1.75x

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

What Is Changing

On a TTM 2026Q1 basis, D11 is showing a few mildly positive signals versus the same period, though the magnitude is narrow — earnings have been recovering gradually over multiple periods. The direction is leaning toward improvement, but the next test will be whether the magnitude widens enough to become a trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 206bn
	                                
+80.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 7bn
	                                
+25.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	212.3	106.3	34.9	133.9	298.5
Growth	+100%	+205%	-74%	-55%	—
Net Income	8.6	3.9	4.7	21.8	45.4
Net Margin	4.07%	3.67%	13.59%	16.29%	15.22%

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	20.5	110.0	47.2	28.7	23.5	34.1	39.8	16.7	15.7	3.9	10.0	11.6
Growth	-81%	+133%	+64%	+22%	-31%	-14%	+137%	+7%	+298%	-61%	-13%	—
Net Income	1.3	4.2	1.3	0.5	2.6	1.2	0.5	1.5	0.8	0.8	0.3	3.6
Net Margin	6.17%	3.80%	2.65%	1.81%	11.18%	3.43%	1.32%	8.67%	4.80%	21.43%	2.79%	31.34%

Drivers of D11's profit

TTM

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

Financial income ↑ 13.2bn

Gross profit ↑ 10.2bn

Tax ↓ 0.2bn

Finance costs ↑ 15.2bn

Administrative expenses ↑ 3.3bn

TTM

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

Gross profit ↑ 0.7bn

Tax ↓ 0.3bn

Finance costs ↑ 2.3bn

Administrative expenses ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.1% = 5.1% × 0.32 × 1.86

2026Q1 3.7% = 3.5% × 0.61 × 1.75

ROE rose from 3.1% to 3.7% — mainly driven by asset turnover, despite net margin and leverage moving in the opposite direction.

Net margin: 3.5% -1.6pp Asset turnover: 0.61x +0.28x Leverage: 1.75x -0.11x

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 3.50%, losing 1.6pp. The main pressure is Gross margin fell 0.2pp, outweighing the improvement in SG&A / Revenue fell 2.6pp (with lingering pressure from Net financial result / Revenue fell 1.0pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 3.50% −1.6pp

Gross Margin 11.38% −0.2pp

SG&A / Revenue 6.43% −2.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 3.44% +1.3pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.81x equity, with a net cash position equivalent to 0.05x equity.

Over the last 12 months, working capital absorbed 18.6bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −0.9bn

Inventories decreased → higher CFO: +18.2bn

Payables decreased → lower CFO: −35.9bn

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 56.8bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.05x and interest coverage only at 0.37x.

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

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

Watchpoints

Interest coverage is thin

Interest coverage is 0.37x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity -0.05x +0.01x

Interest Coverage 0.37x −0.04x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.38x +2.15x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 56.8bn in 2025, against investing cash flow of 1.1bn.

Post-investment cash flow was positive +58.0bn. Financing cash flow was negative +6.1bn.

CFO / net income was 0.38x.

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

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

Cash Conversion

CFO TTM 2.7bn +13.0bn

Cash Capex — —

FCF TTM — —

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 earnings conversion is confirmed, with CFO/NI at 0.38x. The next item to monitor is capital efficiency. The main risk still sits in core profitability, with net margin down 1.6 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.38x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 3.50% after a 1.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	212.3	106.3	34.9	133.9	298.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	212.3	106.3	34.9	133.9	298.5
Cost of Goods Sold	189.4	90.3	15.8	87.7	0.0
Gross Profit	22.8	16.0	19.0	46.2	75.3
Financial Income	20.5	6.3	0.7	1.0	4.1
Financial Expenses	20.2	6.7	3.1	5.2	-4.5
Interest Expense	—	0.0	0.0	1.8	-4.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.4	1.0	2.2	-2.0
General and Administrative Expenses	13.0	14.5	10.0	12.5	-16.3
Operating Profit	10.2	0.7	5.7	27.3	56.6
Other Income	0.3	4.2	0.1	-0.0	0.0
Other Expenses	0.3	0.0	0.0	0.0	0.0
Other Profit	0.0	4.1	0.1	-0.0	0.0
Profit Before Tax	10.2	4.8	5.7	27.3	56.7
Current Income Tax Expense	1.5	0.9	1.0	5.5	-11.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	8.6	3.9	4.7	21.8	45.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	8.6	3.9	4.7	21.8	45.4
Earnings per Share	849.00	428.00	550.00	2,643.00	6,006.00
Diluted EPS	849.00	428.00	550.00	2,643.00	6,932.62

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	256.6	269.2	253.3	237.6	254.1
I. Cash and cash equivalents	68.1	16.2	26.6	13.2	14.7
1. Cash	57.9	7.0	12.4	2.0	0.0
2. Cash equivalents	10.2	9.2	14.2	11.2	0.0
II. Short-term financial investments	0.0	32.6	20.2	7.1	0.0
1. Available for sale securities	0.0	33.4	13.3	10.8	0.0
2. Provision for diminution in value of available for sale securities (*)	—	-0.8	-0.1	-3.7	0.0
3. Held to maturity investments	—	0.0	7.0	0.0	0.0
III. Short-term receivables	178.9	176.0	165.5	185.5	141.4
1. Short-term trade accounts receivable	18.3	13.8	18.6	39.2	0.0
2. Short-term prepayments to suppliers	29.7	27.7	28.7	28.6	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	1.6	1.6	1.6	1.6	0.0
6. Other short-term receivables	134.7	138.5	118.7	116.1	0.0
7. Provision for short-term doubtful debts (*)	-5.3	-5.6	-2.1	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	8.9	43.7	39.8	31.4	69.5
1. Inventories	8.9	43.7	39.8	31.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.6	0.6	1.2	0.3	0.5
1. Short-term prepayments	—	0.4	0.1	0.3	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	0.6	0.2	1.1	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)	98.9	95.4	97.7	107.4	111.7
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	3.5	3.6	3.7	4.0	4.2
1. Tangible fixed assets	3.5	3.6	3.7	4.0	4.2
- Cost	6.7	6.7	6.7	6.7	0.0
- Accumulated depreciation	-3.3	-3.2	-3.0	-2.8	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	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
III. Investment properties	95.4	91.8	94.0	102.5	106.6
- Cost	114.3	111.4	111.4	115.9	0.0
- Accumulated depreciation	-18.9	-19.6	-17.4	-13.4	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	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	—	0.0	0.0	0.9	0.0
1. Long-term prepayments	—	0.0	0.0	0.9	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	0.8
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)	355.5	364.6	351.0	345.0	365.7
A. LIABILITIES (300=210+330)	159.4	175.5	164.9	161.6	199.4
I. Short -term liabilities	153.2	155.0	145.0	136.2	178.1
1. Short-term trade accounts payable	38.0	18.5	4.5	7.0	7.4
2. Short-term advances from customers	15.4	34.4	32.0	31.5	28.8
3. Taxes and other payables to state authorities	0.6	0.1	0.1	3.2	0.0
4. Payable to employees	7.4	4.8	4.8	8.4	0.0
5. Short-term acrrued expenses	55.1	44.9	47.5	43.2	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	0.2	0.3	0.2	0.2	0.1
9. Other short-term payables	7.3	30.3	27.1	9.7	0.0
10. Short-term borrowings and financial leases	—	6.1	6.1	9.9	59.7
11. Provision for short-term liabilities	13.7	0.0	4.4	4.8	0.0
12.. Bonus and welfare fund	15.5	15.7	18.3	18.3	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	6.2	20.5	20.0	25.4	21.3
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	2.3	2.7	2.1	15.4	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	4.0	17.9	17.8	10.0	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)	196.1	189.1	186.1	183.4	166.3
I. Owner's equity	196.1	189.1	186.1	183.4	0.0
1. Owner's capital	82.2	73.4	65.5	65.5	166.3
- Common stock with voting right	82,184,560,000.00	73,381,380,000.00	65,519,650,000.00	65,519,650,000.00	65,519,650,000.00
- 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	79.2	79.2	78.8	76.7	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	10.9	7.2	7.2	7.2	0.0
11. Undistributed earnings after tax	23.8	29.4	34.6	34.0	28.7
- Accumulated retained earning at the end of the previous period	20.6	26.7	33.1	28.7	16.2
- Undistributed earnings in this period	3.3	2.6	1.5	5.3	12.5
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)	355.5	364.6	351.0	345.0	365.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	10.2	4.8	5.7	27.3	56.7
Depreciation of Fixed Assets and Investment Property	2.6	2.3	4.3	4.4	4.4
Provision (Increase)/Reversal	-0.9	-0.1	5.8	12.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.1	-0.7	-0.3	-0.6	0.0
Interest Expense	—	0.0	-0.0	1.8	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	10.8	6.3	15.4	45.4	62.7
Increase/(Decrease) in Receivables	-3.4	-13.2	16.8	-43.5	0.0
Increase/(Decrease) in Inventory	28.7	-3.9	-8.3	38.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-10.3	16.6	6.9	-0.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.4	-0.3	1.1	-0.5	0.0
Changes in Trading Securities	33.4	-20.1	-2.5	-0.9	0.0
Interest Paid	—	0.0	0.0	-2.4	0.0
Corporate Income Tax Paid	-0.9	-0.0	-3.6	-5.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.8	-3.5	-2.1	-1.9	0.0
Net Cash Flow from Operating Activities	56.8	-18.1	23.9	28.8	-8.8
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	-7.0	0.0	-21.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	7.0	0.0	7.0	39.5
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	1.1	0.7	0.3	0.6	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	1.1	7.7	-6.7	7.6	21.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	23.3	3.9
Repayment of Borrowings	-6.1	0.0	-3.8	-73.1	-84.2
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	-6.1	0.0	-3.8	-49.8	-80.2
Net Cash Flow During the Period	51.9	-10.4	13.4	-13.5	-29.4
Cash and Cash Equivalents at Beginning of Period	16.2	26.6	13.2	26.7	82.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	68.1	16.2	26.6	13.2	14.7

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
Revenue	20.5	110.0	47.2	28.7	23.5	34.1	39.8	16.7	15.7	3.9	10.0	11.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	20.5	110.0	47.2	28.7	23.5	34.1	39.8	16.7	15.7	3.9	10.0	11.6
Cost of Goods Sold	16.5	98.6	43.2	24.8	20.2	30.3	36.3	14.1	9.6	2.0	5.8	5.5
Gross Profit	4.0	11.4	4.0	4.0	3.3	3.8	3.5	2.6	6.0	1.9	4.2	6.1
Financial Income	2.4	8.8	7.4	1.9	2.3	1.1	1.4	2.5	1.2	0.1	0.3	0.1
Financial Expenses	3.0	11.2	6.0	2.4	0.7	1.2	2.2	3.3	0.1	-0.4	2.0	-1.7
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	2.0	0.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.2	0.0	0.1	0.1	0.1	0.2	0.1
General and Administrative Expenses	1.9	4.5	3.9	3.0	1.7	4.1	2.2	2.1	6.1	1.5	1.8	3.1
Operating Profit	1.6	4.6	1.5	0.6	3.3	-0.5	0.6	-0.3	0.9	0.8	0.5	4.6
Other Income	—	0.1	0.0	0.3	—	2.0	0.0	2.1	0.0	0.0	0.1	0.0
Other Expenses	—	0.1	0.0	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	-0.0	-0.0	0.2	—	2.0	0.0	2.1	0.0	0.0	0.1	0.0
Profit Before Tax	1.6	4.6	1.5	0.7	3.3	1.5	0.6	1.8	0.9	0.8	0.6	4.6
Current Income Tax Expense	0.3	0.4	0.3	0.2	0.7	0.3	0.1	0.3	0.2	-0.0	0.3	0.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.3	4.2	1.3	0.5	2.6	1.2	0.5	1.5	0.8	0.8	0.3	3.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.3	4.2	1.3	0.5	2.6	1.2	0.5	1.5	0.8	0.8	0.3	3.6
Earnings per Share	154.00	195.00	171.00	71.00	359.00	159.00	71.00	160.00	115.00	129.00	43.00	305.00
Diluted EPS	154.00	158.00	171.00	71.00	359.00	328.00	71.00	160.00	115.00	93.00	31.00	305.00

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)	224.4	259.2	279.9	278.8	263.6	269.2	253.7	254.7	248.5	254.3	233.5	236.6
I. Cash and cash equivalents	15.6	68.1	58.7	54.9	17.7	16.2	25.4	26.0	27.2	26.6	9.4	6.3
1. Cash	3.9	57.9	31.5	20.7	9.5	7.0	14.7	19.3	6.1	12.4	2.2	2.1
2. Cash equivalents	11.7	10.2	27.2	34.2	8.2	9.2	10.7	6.7	21.2	14.2	7.2	4.2
II. Short-term financial investments	26.9	0.0	35.4	13.1	38.3	32.6	25.4	21.6	25.5	20.2	9.9	7.9
1. Available for sale securities	27.5	0.0	36.4	13.2	39.1	33.4	25.8	21.4	25.5	13.3	11.5	9.5
2. Provision for diminution in value of available for sale securities (*)	-0.7	—	-1.0	-0.1	-0.8	-0.8	-0.4	-0.8	0.0	-0.1	-1.6	-1.6
3. Held to maturity investments	1.6	—	—	—	—	0.0	0.0	1.0	0.0	7.0	0.0	0.0
4. Provision for short-term investments held to maturity (*)	-1.6	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	171.4	178.4	183.2	174.7	173.1	176.0	151.7	161.9	156.8	167.6	176.2	181.2
1. Short-term trade accounts receivable	13.3	18.3	19.5	9.6	13.2	13.8	9.0	10.1	10.7	18.6	30.7	36.3
2. Short-term prepayments to suppliers	29.2	29.7	29.3	29.2	28.1	27.7	28.5	36.8	30.5	28.7	28.2	28.2
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	—	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
6. Other short-term receivables	132.7	134.1	138.1	139.5	135.8	138.5	117.8	118.6	119.2	118.7	115.7	115.1
7. Provision for short-term doubtful debts (*)	-3.7	-5.3	-5.2	-5.2	-5.6	-5.6	-5.2	-5.2	-5.2	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	9.6	11.9	2.4	35.8	33.9	43.7	49.5	44.0	38.0	39.8	37.9	40.7
1. Inventories	9.6	11.9	2.4	35.8	33.9	43.7	49.5	44.0	38.0	39.8	37.9	40.7
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	1.0	0.8	0.1	0.4	0.6	0.6	1.7	1.1	1.0	0.1	0.1	0.5
1. Short-term prepayments	—	—	0.1	0.4	0.6	0.4	0.4	0.2	0.1	0.1	0.1	0.5
2. Value added tax to be reclaimed	—	0.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.0	—	—	—	—	0.2	1.2	0.8	0.9	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)	98.3	98.9	120.2	94.3	94.8	95.4	95.9	96.5	97.1	97.7	98.9	100.2
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	3.5	3.5	3.5	3.5	3.5	3.6	3.6	3.6	3.7	3.7	3.8	3.8
1. Tangible fixed assets	3.5	3.5	3.5	3.5	3.5	3.6	3.6	3.6	3.7	3.7	3.8	3.8
- Cost	6.7	—	—	—	—	6.7	6.7	6.7	6.7	6.7	6.7	6.7
- Accumulated depreciation	-3.3	—	—	—	—	-3.2	-3.2	-3.1	-3.1	-3.0	-3.0	-2.9
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	—	—	—	—	—	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
III. Investment properties	94.9	95.4	116.7	90.8	91.3	91.8	92.4	92.9	93.4	94.0	95.0	96.3
- Cost	114.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-19.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0
1. Long-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0
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)	322.7	358.1	400.1	373.1	358.5	364.6	349.6	351.2	345.6	352.0	332.4	336.8
A. LIABILITIES (300=210+330)	125.4	162.2	207.5	181.7	166.8	175.5	161.4	163.5	158.9	162.5	143.5	148.1
I. Short -term liabilities	119.3	146.5	195.9	179.7	164.2	155.0	141.0	143.3	138.7	142.5	109.5	114.9
1. Short-term trade accounts payable	16.0	37.8	20.2	13.7	11.3	18.5	16.1	9.8	5.3	4.5	3.8	4.1
2. Short-term advances from customers	14.4	18.4	46.9	56.6	30.2	34.4	27.3	38.5	33.7	32.0	13.5	15.8
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.2	0.6	2.7	1.6	1.2	0.1	0.1	0.0	0.1	0.3	2.3	2.7
4. Payable to employees	4.4	7.4	5.6	3.6	4.2	4.8	4.9	4.3	4.6	4.8	5.4	5.5
5. Short-term acrrued expenses	44.4	55.1	47.1	42.8	43.0	44.9	45.0	43.1	43.1	44.3	44.3	44.4
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	0.7	0.2	17.0	0.3	0.7	0.3	0.7	0.3	0.6	0.2	0.4	5.6
9. Other short-term payables	10.4	7.1	27.3	22.0	35.5	30.3	22.3	22.3	23.8	27.1	10.2	6.8
10. Short-term borrowings and financial leases	—	—	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1
11. Provision for short-term liabilities	13.7	4.3	8.1	17.8	17.8	0.0	2.0	2.1	4.4	4.4	4.5	4.6
12.. Bonus and welfare fund	15.0	15.6	14.9	15.1	14.2	15.7	16.4	16.8	17.1	18.9	19.0	19.4
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	6.1	15.6	11.6	2.0	2.5	20.5	20.5	20.1	20.1	20.0	34.0	33.3
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	2.1	2.3	2.0	2.0	2.5	2.7	2.5	2.1	2.1	2.1	16.1	15.6
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	4.0	13.4	9.6	—	—	17.9	18.0	18.0	18.0	17.8	17.8	17.7
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)	197.3	195.9	192.6	191.4	191.7	189.1	188.2	187.7	186.8	189.5	188.9	188.7
I. Owner's equity	197.3	195.9	192.6	191.4	191.7	189.1	188.2	187.7	186.8	189.5	188.9	188.7
1. Owner's capital	82.2	82.2	73.4	73.4	73.4	73.4	73.4	65.5	65.5	65.5	65.5	65.5
- Common stock with voting right	82,184,560,000.00	82,184,560,000.00	73,381,380,000.00	73,381,380,000.00	73,381,380,000.00	73,381,380,000.00	73,381,380,000.00	65,519,650,000.00	65,519,650,000.00	65,519,650,000.00	65,519,650,000.00	65,519,650,000.00
- 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	79.2	79.2	79.2	79.2	79.2	79.2	79.0	79.0	78.8	80.8	80.2	80.2
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	10.9	10.8	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.2	7.5
11. Undistributed earnings after tax	25.1	23.8	32.9	31.6	32.0	29.4	28.6	36.0	35.3	36.0	35.9	35.4
- Accumulated retained earning at the end of the previous period	23.8	20.6	29.4	29.4	29.4	26.7	26.7	34.6	34.5	33.7	33.7	33.8
- Undistributed earnings in this period	1.3	3.2	3.5	2.3	2.6	2.6	1.9	1.4	0.8	2.3	2.2	1.5
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)	322.7	358.1	400.1	373.1	358.5	364.6	349.6	351.2	345.6	352.0	332.4	336.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	1.6	4.7	1.5	0.7	3.3	1.5	0.6	1.8	0.9	-4.4	0.6	4.6
Depreciation of Fixed Assets and Investment Property	0.6	0.6	0.9	0.6	0.6	0.6	0.6	0.6	0.6	1.1	1.4	0.8
Provision (Increase)/Reversal	2.2	-0.9	0.8	-0.7	-0.1	-1.3	-0.6	-1.4	3.2	0.4	0.1	-2.2
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.1	-0.4	-0.5	-0.2	-0.0	-0.1	-0.2	-0.4	-0.1	-0.2	-0.1	-0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	-2.4	2.0	0.3
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	4.3	3.9	2.8	0.4	3.8	0.7	0.4	0.6	4.6	-5.5	4.1	3.5
Increase/(Decrease) in Receivables	5.6	3.6	-8.6	-1.6	3.1	-23.7	9.8	-5.1	5.8	7.5	5.0	1.2
Increase/(Decrease) in Inventory	-0.7	-12.6	33.4	-1.9	9.8	5.8	-5.4	-6.0	1.7	-1.9	2.8	2.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-33.2	-43.0	26.5	13.9	-7.6	16.7	-1.6	6.8	-5.3	24.4	-3.7	-4.3
Increase/(Decrease) in Prepaid Expenses	—	0.1	0.3	0.2	-0.2	0.0	-0.2	-0.2	0.0	0.2	0.3	0.2
Changes in Trading Securities	-27.5	—	—	—	—	-7.6	-4.4	4.1	-12.2	-1.8	-2.0	0.8
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	2.4	-2.0	-0.3
Corporate Income Tax Paid	-0.6	0.0	-0.7	0.0	-0.2	-0.0	0.0	0.0	0.0	-0.8	-1.0	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-0.2	-0.3	0.1	-1.5	-1.0	-0.4	-0.9	-1.2	-0.3	-0.5	-0.1
Net Cash Flow from Operating Activities	-52.7	-11.8	30.2	37.0	1.4	-9.2	-1.9	-0.6	-6.4	24.1	3.0	3.0
Payments for Fixed Assets and Other Long-term Assets	—	—	-26.8	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-4.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	7.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	1.0	-8.0	7.0	-7.0	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	0.1	0.4	0.5	0.2	0.0	0.1	0.2	0.4	0.1	0.2	0.1	0.0
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	27.2	-26.3	0.2	0.0	0.1	1.2	-0.6	7.1	-6.8	0.1	-4.5
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	-3.8	3.8	0.0	0.0	0.0
Repayment of Borrowings	—	-6.1	—	—	—	0.0	0.0	3.8	-3.8	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	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	—	-6.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-52.5	9.4	3.9	37.2	1.5	-9.1	-0.7	-1.2	0.6	17.3	3.1	-1.4
Cash and Cash Equivalents at Beginning of Period	68.1	58.7	54.9	17.7	16.2	26.6	26.6	26.6	26.6	13.2	13.2	13.2
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	15.6	68.1	58.7	54.9	17.7	16.2	25.4	26.0	27.2	26.6	9.4	6.3

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