DAD

Đầu tư và Phát triển Giáo dục Đà Nẵng ·HNX ·2026Q1

▼ Under pressure

Financial result is supporting part of pre-tax profit Net financial result/PBT 21.41%

Price

16,000

Latest close

03 Jun 2026

P/E 9.01x

P/B 0.89x

EPS 1,776

BVPS 17,884

ROE 11.5%

ROA 6.9%

Profit Margin 2.6%

Asset Turnover 2.62x

Equity Mult. 1.67x

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

What Is Changing

On a TTM 2026Q1 basis, DAD posted slightly lower profit versus the same period — an early signal that some factors are becoming less favorable — profit is at an all-time high. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 394bn
	                                
−18.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 10bn
	                                
−5.1%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -2.08x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	396.3	500.0	439.8	366.5	261.7
Growth	-21%	+14%	+20%	+40%	—
Net Income	10.4	11.4	14.1	14.5	13.8
Net Margin	2.64%	2.28%	3.21%	3.95%	5.29%

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	7.8	1.5	116.0	268.3	10.6	1.9	110.6	358.6	29.0	2.4	129.7	250.8
Growth	+421%	-99%	-57%	+2434%	+467%	-98%	-69%	+1137%	+1117%	-98%	-48%	—
Net Income	0.1	-0.1	2.5	7.8	0.1	-0.3	1.7	9.4	0.6	-0.1	3.4	8.5
Net Margin	1.11%	-6.14%	2.20%	2.91%	1.15%	-17.37%	1.58%	2.61%	2.23%	-5.20%	2.62%	3.40%

Drivers of DAD's profit

TTM

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

Selling expenses ↓ 8.6bn

Administrative expenses ↓ 0.2bn

Gross profit ↓ 8.3bn

Financial income ↓ 3.0bn

TTM

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

Gross profit ↑ 1.0bn

Administrative expenses ↓ 0.3bn

Financial income ↓ 0.8bn

Selling expenses ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.0% = 2.3% × 3.21 × 1.65

2026Q1 11.5% = 2.6% × 2.62 × 1.67

ROE is broadly flat at 11.5% — the components are offsetting one another.

Net margin: 2.6% +0.4pp Asset turnover: 2.62x -0.59x Leverage: 1.67x +0.02x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 2.63%, rising 0.4pp. Core operating signals are improving as Gross margin rose 1.4pp are enough to offset pressure from SG&A / Revenue rose 0.8pp (with lingering pressure from Net financial result / Revenue fell 0.3pp).

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

Profitability trend

Net Margin 2.63% +0.4pp

Gross Margin 17.14% +1.4pp

SG&A / Revenue 14.36% +0.8pp

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 2.63% —

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 0.98x equity, with a net cash position equivalent to 0.08x equity.

Inventory ended the period at 28.6bn, roughly 15.0% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 11.5 days versus the same period last year. The main moves came from DIO fell 1.4 days, DSO rose 34.5 days, and DPO rose 21.6 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +11.5 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +34.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 54.9 days +34.5 days

Inventory 59.7 days −1.4 days

Payables 39.0 days +21.6 days

Cash Conversion Cycle 75.6 days +11.5 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

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 -0.08x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -2.08x −6.51x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -50.3bn in 2025, against investing cash flow of 12.7bn.

Post-investment cash flow was negative +37.6bn. Financing cash flow was negative +9.3bn.

CFO / net income was -2.08x.

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 21.5bn −69.8bn

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 some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 21.4%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.08x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.08x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 21.4% of PBT and CFO / net income currently at -2.08x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	407.7	515.4	472.1	403.0	270.7
Revenue Deductions	11.4	15.4	32.3	36.4	0.0
Net Revenue	396.3	500.0	439.8	366.5	261.7
Cost of Goods Sold	328.4	421.2	358.6	285.7	0.0
Gross Profit	67.9	78.8	81.2	80.8	63.9
Financial Income	3.7	4.6	2.7	2.6	2.9
Financial Expenses	1.8	1.3	1.5	0.5	-0.5
Interest Expense	—	0.4	0.4	0.0	-0.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	35.4	45.0	40.1	40.4	-31.7
General and Administrative Expenses	20.9	21.4	24.1	23.1	-16.0
Operating Profit	13.5	15.6	18.2	19.4	18.6
Other Income	0.0	0.0	0.4	0.0	0.0
Other Expenses	0.0	0.1	0.0	0.0	0.0
Other Profit	0.0	-0.1	0.4	0.0	0.0
Profit Before Tax	13.5	15.5	18.5	19.4	18.6
Current Income Tax Expense	3.1	4.1	4.4	4.9	-4.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	10.4	11.4	14.1	14.5	13.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	10.4	11.4	14.1	14.5	13.8
Earnings per Share	1,793.00	1,835.00	2,272.00	2,328.00	2,377.20
Diluted EPS	1,793.00	1,835.00	2,272.00	2,328.00	2,769.00

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	169.6	139.8	141.3	140.7	103.9
I. Cash and cash equivalents	21.3	68.2	53.8	53.9	28.8
1. Cash	3.4	2.2	6.7	1.9	0.0
2. Cash equivalents	17.9	66.0	47.1	52.0	0.0
II. Short-term financial investments	6.1	16.1	19.1	15.1	0.0
1. Available for sale securities	4.2	4.2	4.2	4.2	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.2	-0.2	-0.1	-0.2	0.0
3. Held to maturity investments	2.0	12.0	15.0	11.0	0.0
III. Short-term receivables	112.9	32.9	39.4	25.9	29.0
1. Short-term trade accounts receivable	111.6	31.3	37.4	21.3	0.0
2. Short-term prepayments to suppliers	1.3	1.4	1.3	5.0	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	0.9	1.1	1.9	0.8	0.0
7. Provision for short-term doubtful debts (*)	-0.9	-1.0	-1.2	-1.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	28.6	21.7	27.1	43.1	26.5
1. Inventories	53.3	35.3	39.7	66.0	0.0
2. Provision for decline in value of inventories	-24.7	-13.6	-12.6	-22.9	0.0
V. Other short-term assets	0.8	1.0	1.9	2.7	3.6
1. Short-term prepayments	0.8	1.0	1.9	2.7	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	20.8	23.4	25.1	26.8	25.7
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	15.2	16.3	18.1	19.7	18.5
1. Tangible fixed assets	7.1	8.5	10.2	11.8	10.6
- Cost	22.3	22.2	22.2	23.0	0.0
- Accumulated depreciation	-15.2	-13.7	-12.0	-11.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	8.1	7.8	7.9	7.9	7.9
- Cost	8.5	8.2	8.2	8.1	0.0
- Accumulated depreciation	-0.4	-0.3	-0.3	-0.2	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	0.1	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	0.1	0.0	0.0	0.0	0.0
V. Long-term financial investments	5.4	6.8	6.8	6.8	6.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	5.4	5.4	5.4	5.4	0.0
3. Investments in other entities	1.4	1.4	1.4	1.4	0.0
4. Provision for diminution in value of long-term investments	-1.4	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	0.1	0.3	0.2	0.3	0.0
1. Long-term prepayments	0.1	0.3	0.2	0.3	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	0.4
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)	190.4	163.2	166.4	167.4	129.6
A. LIABILITIES (300=210+330)	94.1	66.0	68.3	73.0	38.3
I. Short -term liabilities	94.1	66.0	68.3	73.0	38.3
1. Short-term trade accounts payable	62.5	26.2	28.3	34.4	16.5
2. Short-term advances from customers	1.4	1.5	0.6	2.1	1.1
3. Taxes and other payables to state authorities	1.1	1.1	1.6	1.6	0.0
4. Payable to employees	5.0	5.3	6.7	5.3	0.0
5. Short-term acrrued expenses	23.7	30.9	30.3	28.4	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.1	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.9	0.9	1.1	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	96.3	97.3	98.1	94.5	91.3
I. Owner's equity	96.3	97.3	98.1	94.5	0.0
1. Owner's capital	50.0	50.0	50.0	50.0	91.3
- Common stock with voting right	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00
- 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	-2,907,360,967.00	-2,907,360,967.00	-2,907,360,967.00	-2,907,360,967.00	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	10.5	10.5	9.9	9.2	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	38.7	39.7	41.0	38.1	35.7
- Accumulated retained earning at the end of the previous period	30.4	31.7	31.2	28.0	25.3
- Undistributed earnings in this period	8.4	8.0	9.9	10.1	10.4
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)	190.4	163.2	166.4	167.4	129.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.1	-4.3	-4.7	-4.8	0.0
Other Operating Receipts	0.8	0.8	0.6	0.7	0.0
Other Operating Payments	-8.5	-9.6	-10.0	-9.8	0.0
Net Cash Flow from Operating Activities	-50.3	18.8	8.6	31.1	8.8
Payments for Fixed Assets and Other Long-term Assets	-0.5	0.0	-0.6	-2.7	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.4	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
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	3.2	2.0	2.5	2.7	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	12.7	5.0	-1.8	1.0	1.7
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	64.1
Repayment of Borrowings	—	0.0	0.0	0.0	-64.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-9.3	-9.3	-7.0	-7.0	-7.0
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	-9.3	-9.3	-7.0	-7.0	-7.0
Net Cash Flow During the Period	-46.9	14.4	-0.1	25.1	-3.0
Cash and Cash Equivalents at Beginning of Period	68.2	53.8	53.9	28.8	25.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	21.3	68.2	53.8	53.9	28.8

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
Revenue	8.3	3.7	125.0	268.4	10.6	1.9	121.4	363.0	29.2	5.9	156.7	252.4
Revenue Deductions	0.5	2.2	9.0	0.1	—	0.0	10.8	4.5	0.2	3.5	27.0	1.6
Net Revenue	7.8	1.5	116.0	268.3	10.6	1.9	110.6	358.6	29.0	2.4	129.7	250.8
Cost of Goods Sold	3.6	-8.6	100.4	230.7	7.3	-5.9	88.9	315.5	22.8	-7.1	104.8	212.1
Gross Profit	4.2	10.1	15.5	37.6	3.2	7.8	21.7	43.1	6.2	9.4	25.0	38.7
Financial Income	0.8	0.4	1.1	0.5	1.6	3.1	0.2	0.9	0.5	1.2	0.3	0.3
Financial Expenses	—	0.0	0.1	0.2	—	0.0	0.6	0.7	0.0	0.4	0.7	0.4
Interest Expense	—	—	—	—	—	0.0	0.2	0.3	0.0	0.0	0.1	0.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.0	6.2	9.4	17.2	2.6	6.3	13.8	21.8	3.2	2.8	15.0	19.2
General and Administrative Expenses	1.9	3.9	3.9	10.9	2.2	4.2	5.3	9.2	2.8	6.4	5.5	8.4
Operating Profit	0.1	0.4	3.2	9.8	0.1	0.4	2.2	12.3	0.7	1.0	4.0	11.0
Other Income	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	—	—	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Other Profit	—	0.0	0.0	0.0	-0.0	-0.0	-0.0	-0.1	0.0	0.0	0.0	0.0
Profit Before Tax	0.1	0.4	3.2	9.8	0.1	0.4	2.2	12.2	0.7	1.0	4.0	11.0
Current Income Tax Expense	0.0	0.5	0.6	1.9	—	0.7	0.4	2.8	0.1	1.1	0.6	2.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.1	-0.1	2.5	7.8	0.1	-0.3	1.7	9.4	0.6	-0.1	3.4	8.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.1	-0.1	2.5	7.8	0.1	-0.3	1.7	9.4	0.6	-0.1	3.4	8.5
Earnings per Share	19.00	-465.00	547.00	1,675.00	26.00	-52.00	424.00	1,505.00	104.00	-20.00	696.00	1,372.00
Diluted EPS	19.00	-465.00	547.00	1,675.00	26.00	1,839.00	424.00	1,505.00	104.00	-20.00	696.00	1,372.00

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)	133.9	168.2	299.5	315.7	123.4	139.8	181.5	282.0	128.8	141.2	287.6	292.0
I. Cash and cash equivalents	6.9	21.3	53.4	32.6	35.4	68.2	13.6	4.9	5.6	53.8	100.8	5.3
1. Cash	6.9	3.4	1.1	2.3	1.9	2.2	4.6	4.9	2.6	6.7	1.5	5.3
2. Cash equivalents	—	17.9	52.3	30.3	33.5	66.0	9.0	0.0	3.0	47.1	99.3	0.0
II. Short-term financial investments	6.1	6.1	17.1	17.1	6.1	16.1	16.1	6.1	4.1	19.1	18.9	4.1
1. Available for sale securities	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2
2. Provision for diminution in value of available for sale securities (*)	-0.2	-0.2	-0.1	-0.2	-0.2	-0.2	-0.1	-0.1	-0.1	-0.1	-0.3	-0.1
3. Held to maturity investments	2.0	2.0	13.0	13.0	2.0	12.0	12.0	2.0	0.0	15.0	15.0	0.0
III. Short-term receivables	93.5	112.9	197.1	228.0	38.3	32.9	136.2	246.5	48.8	39.4	141.2	256.8
1. Short-term trade accounts receivable	90.8	111.6	194.8	227.0	27.6	31.3	135.4	245.8	26.3	37.4	140.7	256.6
2. Short-term prepayments to suppliers	1.3	1.3	2.0	1.5	9.6	1.4	1.7	1.3	22.6	1.3	1.3	1.3
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	2.2	0.9	1.3	0.6	2.1	1.1	0.4	0.7	1.1	1.9	0.4	0.1
7. Provision for short-term doubtful debts (*)	-0.9	-0.9	-1.0	-1.0	-1.0	-1.0	-1.3	-1.3	-1.2	-1.2	-1.2	-1.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	26.7	27.2	31.1	36.4	41.6	21.7	14.6	22.8	68.1	27.1	25.1	23.5
1. Inventories	51.4	53.3	53.3	58.5	55.2	35.3	29.7	43.4	80.7	39.7	44.8	43.2
2. Provision for decline in value of inventories	-24.7	-26.2	-22.1	-22.1	-13.6	-13.6	-15.1	-20.6	-12.6	-12.6	-19.7	-19.7
V. Other short-term assets	0.7	0.8	0.8	1.6	2.0	1.0	1.0	1.7	2.2	1.8	1.6	2.2
1. Short-term prepayments	0.7	0.8	0.8	1.6	2.0	1.0	1.0	1.7	2.0	1.8	1.6	2.2
2. Value added tax to be reclaimed	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.2	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)	20.4	22.3	22.4	22.7	23.1	23.4	23.7	24.1	24.7	25.2	25.5	25.9
I. Long-term receivables	—	—	—	0.1	—	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	—	—	—	0.1	—	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	14.9	15.2	15.3	15.7	15.9	16.3	16.7	17.1	17.6	18.1	18.5	18.9
1. Tangible fixed assets	6.8	7.1	7.5	7.8	8.1	8.5	8.9	9.3	9.7	10.2	10.6	11.0
- Cost	22.3	—	—	—	—	22.2	22.2	22.2	22.2	22.2	22.2	22.1
- Accumulated depreciation	-15.5	—	—	—	—	-13.7	-13.3	-12.9	-12.5	-12.0	-11.6	-11.1
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	8.1	8.1	7.8	7.8	7.8	7.8	7.8	7.8	7.9	7.9	7.8	7.9
- Cost	8.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	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	0.1	0.1	0.1	—	0.1	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	0.1	0.1	0.1	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	5.4	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4
3. Investments in other entities	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
4. Provision for diminution in value of long-term investments	-1.4	—	—	—	—	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	0.1	0.1	0.2	0.2	0.3	0.3	0.2	0.2	0.3	0.4	0.3	0.3
1. Long-term prepayments	0.1	0.1	0.2	0.2	0.3	0.3	0.2	0.2	0.3	0.4	0.3	0.3
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)	154.3	190.4	321.9	338.4	146.4	163.2	205.2	306.2	153.5	166.4	313.1	317.9
A. LIABILITIES (300=210+330)	64.9	94.1	223.5	242.5	56.0	65.9	107.6	210.0	61.9	68.5	215.1	222.5
I. Short -term liabilities	64.9	94.1	223.5	242.5	56.0	65.9	107.6	210.0	61.9	68.5	215.1	222.5
1. Short-term trade accounts payable	46.1	62.5	175.0	195.1	23.5	26.2	61.7	135.8	15.2	28.3	167.7	155.1
2. Short-term advances from customers	2.1	1.4	1.3	1.4	1.3	1.5	1.4	0.5	3.2	0.6	0.5	0.3
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	-0.1	1.1	3.0	2.3	0.0	1.1	0.2	2.9	0.0	1.8	1.0	2.5
4. Payable to employees	—	5.0	8.1	7.5	0.0	5.3	8.9	7.6	1.4	6.7	9.2	6.6
5. Short-term acrrued expenses	16.5	23.7	36.4	36.5	31.3	30.9	33.1	33.2	32.5	30.3	35.3	31.0
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	0.1	0.1	0.1	0.0	0.1	0.0	0.1	0.0	0.1	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	27.8	9.3	0.0	0.0	25.7
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.4	-0.5	-0.4	-0.2	0.9	2.3	2.2	0.3	0.9	1.4	1.3
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	89.4	96.3	98.4	95.9	90.4	97.3	97.5	96.2	91.5	97.9	98.0	95.4
I. Owner's equity	89.4	96.3	98.4	95.9	90.4	97.3	97.5	96.2	91.5	97.9	98.0	95.4
1. Owner's capital	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0
- Common stock with voting right	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00
- 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	-2,907,360,967.00	-2,907,360,967.00	-2,907,360,967.00	-2,907,360,967.00	-2,907,360,967.00	-2,907,360,967.00	-2,907,360,967.00	-2,907,360,967.00	-2,907,360,967.00	-2,907,360,967.00	-2,907,360,967.00	-2,907,360,967.00
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	10.5	10.5	10.5	10.5	10.5	10.5	10.5	10.4	10.0	9.9	9.9	9.8
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	31.8	38.7	40.8	38.3	32.8	39.7	39.9	38.7	34.5	40.9	41.0	38.6
- Accumulated retained earning at the end of the previous period	31.7	30.4	30.4	30.4	32.7	31.7	31.7	31.7	34.0	31.2	31.2	31.2
- Undistributed earnings in this period	0.1	8.3	10.5	7.9	0.1	8.0	8.2	7.0	0.5	9.7	9.8	7.4
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)	154.3	190.4	321.9	338.4	146.4	163.2	205.2	306.2	153.5	166.4	313.1	317.9

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
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.5	-2.6	0.0	0.0	-0.5	-0.4	-2.8	-0.1	-0.9	-0.8	-2.5	-0.4
Other Operating Receipts	0.4	—	—	—	—	0.6	0.8	0.0	0.1	-1.9	2.3	-1.1
Other Operating Payments	-2.1	0.7	-6.2	1.1	-4.1	-3.0	-6.1	7.8	-11.0	1.9	-6.7	6.3
Net Cash Flow from Operating Activities	-8.2	-43.5	20.4	9.8	-37.0	54.3	46.9	-16.0	-66.2	-47.9	136.2	-44.4
Payments for Fixed Assets and Other Long-term Assets	—	-0.3	—	-0.2	—	0.0	0.0	0.0	0.0	-0.1	-0.1	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.4
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.8	0.9	0.3	0.9	1.1	0.2	-0.4	1.2	0.7	1.0	0.0	0.8
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	0.8	11.4	0.4	-10.3	11.1	0.2	-10.4	-0.8	15.7	0.9	-15.0	11.6
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	30.0	45.9	9.3	-41.1	0.0	41.1
Repayment of Borrowings	—	—	—	—	—	0.0	-57.8	-27.3	0.0	41.1	-25.7	-15.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-7.0	0.0	0.0	-2.3	-7.0	0.0	0.0	-2.3	-7.0	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	-7.0	0.0	0.0	-2.3	-7.0	0.0	-27.8	16.2	2.3	0.0	-25.7	25.7
Net Cash Flow During the Period	-14.3	-32.1	20.8	-2.8	-32.8	54.6	8.7	-0.6	-48.2	-47.0	95.5	-7.0
Cash and Cash Equivalents at Beginning of Period	21.3	53.4	32.6	35.4	68.2	53.8	53.8	53.8	53.8	53.9	53.9	53.9
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.9	21.3	53.4	32.6	35.4	68.2	13.6	4.9	5.6	53.8	100.8	5.3

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DAD

What Is Changing

Drivers of DAD's profit

Financial Highlights

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What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▼

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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