DM7

Dệt May 7 ·UPCOM ·2026Q1

● Maintaining

Price

18,000

Latest close

01 Jun 2026

P/E 5.66x

P/B 0.91x

EPS 3,179

BVPS 19,684

ROE 16.4%

ROA 12.9%

Profit Margin 7.6%

Asset Turnover 1.70x

Equity Mult. 1.27x

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

What Is Changing

On a TTM 2026Q1 basis, DM7 is in an offsetting state — revenue softened slightly but margins improved — profit momentum has been slowing across consecutive periods. What is still missing is a signal strong enough to tilt this picture clearly in either direction.

	                            
	                                TTM REVENUE
	                            
	                                    VND 643bn
	                                
−30.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 49bn
	                                
−10.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	741.1	868.2	620.2	961.1	826.5
Growth	-15%	+40%	-35%	+16%	—
Net Income	55.0	54.7	39.6	70.1	50.7
Net Margin	7.42%	6.30%	6.39%	7.29%	6.13%

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	101.2	345.7	105.8	90.7	198.9	291.2	359.9	73.2	143.9	233.4	165.2	110.0
Growth	-71%	+227%	+17%	-54%	-32%	-19%	+392%	-49%	-38%	+41%	+50%	—
Net Income	6.0	40.4	0.8	1.8	12.0	9.6	27.0	6.3	11.7	16.6	13.3	8.3
Net Margin	5.90%	11.69%	0.78%	1.97%	6.01%	3.31%	7.52%	8.59%	8.15%	7.13%	8.05%	7.53%

Drivers of DM7's profit

TTM

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

Administrative expenses ↓ 15.0bn

Other profit ↑ 3.5bn

Tax ↓ 2.2bn

Selling expenses ↓ 1.8bn

Gross profit ↓ 28.4bn

TTM

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

Administrative expenses ↓ 8.6bn

Tax ↓ 1.9bn

Selling expenses ↓ 1.1bn

Gross profit ↓ 16.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 19.2% = 5.9% × 2.41 × 1.34

2026Q1 16.4% = 7.6% × 1.70 × 1.27

ROE fell from 19.2% to 16.4% — asset turnover weakened the most, though net margin still provided support.

Net margin: 7.6% +1.7pp Asset turnover: 1.70x -0.71x Leverage: 1.27x -0.07x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 7.62%, rising 1.7pp. Core operating signals are improving as Gross margin rose 1.8pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (with additional support from Other profit / Revenue rose 0.2pp and Net financial result / Revenue rose 0.1pp).

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

Profitability trend

Net Margin 7.62% +1.7pp

Gross Margin 16.09% +1.8pp

SG&A / Revenue 6.30% +0.1pp

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 8.06% +1.5pp

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 0.80x equity, with a net cash position equivalent to 0.29x equity.

Inventory ended the period at 87.6bn, roughly 16.0% 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 25.1 days versus the same period last year. The main moves came from DIO rose 24.7 days, DSO rose 8.6 days, and DPO rose 8.2 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +25.1 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +8.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 32.9 days +8.6 days

Inventory 60.3 days +24.7 days

Payables 28.1 days +8.2 days

Cash Conversion Cycle 65.1 days +25.1 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 -0.29x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.51x −0.89x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -12.4bn in 2025, against investing cash flow of -7.2bn.

Post-investment cash flow was negative +19.6bn. Financing cash flow was negative +20.8bn.

CFO / net income was 0.51x.

After spending +7.0bn on fixed-asset investment, the business generated trailing free cash flow of +18.1bn.

Cash Conversion

CFO TTM 25.1bn −52.0bn

Cash Capex 7.0bn −13.0bn

FCF TTM +18.1bn −39.1bn

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is operating efficiency, with net margin improving 1.7 pp. The next item to monitor is capital efficiency.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.62% after expanding 1.7pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	741.1	868.2	620.2	961.1	826.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	741.1	868.2	620.2	961.1	826.5
Cost of Goods Sold	620.7	740.1	535.2	845.4	0.0
Gross Profit	120.4	128.1	85.0	115.7	104.6
Financial Income	1.7	1.1	0.7	0.6	2.1
Financial Expenses	—	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	9.2	9.4	3.5	-13.5	-14.1
General and Administrative Expenses	41.0	43.8	33.4	42.9	-31.3
Operating Profit	71.9	76.0	48.8	86.7	61.2
Other Income	2.1	28.6	2.0	1.4	0.0
Other Expenses	5.3	35.7	0.7	0.0	0.0
Other Profit	-3.1	-7.1	1.3	1.4	2.4
Profit Before Tax	68.8	68.9	50.1	88.1	63.6
Current Income Tax Expense	14.1	14.2	10.3	18.3	-12.9
Deferred Income Tax Expense	-0.3	0.0	0.2	-0.2	0.0
Net Income	55.0	54.7	39.6	70.1	50.7
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	55.0	54.7	39.6	70.1	50.7
Earnings per Share	2,738.00	2,843.00	1,807.00	4,546.13	3,289.66
Diluted EPS	2,738.00	2,843.00	1,807.00	4,546.13	3,289.66

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	406.3	389.1	333.1	298.3	261.7
I. Cash and cash equivalents	52.1	92.5	15.3	41.9	12.8
1. Cash	12.1	32.5	5.3	31.9	0.0
2. Cash equivalents	40.0	60.0	10.0	10.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	266.3	194.5	209.3	175.8	86.9
1. Short-term trade accounts receivable	269.7	188.7	180.5	169.7	0.0
2. Short-term prepayments to suppliers	0.8	4.1	3.0	5.1	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	0.8	5.9	25.8	1.2	0.0
7. Provision for short-term doubtful debts (*)	-5.0	-4.2	0.0	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	87.6	101.9	108.2	80.2	156.9
1. Inventories	87.6	101.9	108.2	80.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.2	0.3	0.4	5.2
1. Short-term prepayments	0.2	0.0	0.3	0.1	0.0
2. Value added tax to be reclaimed	—	0.2	0.0	0.3	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)	139.9	150.9	163.7	183.7	205.4
I. Long-term receivables	2.2	5.4	5.4	5.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	5.4
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	2.2	5.4	5.4	5.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	132.9	137.1	141.3	160.0	184.4
1. Tangible fixed assets	132.9	137.1	141.3	160.0	184.4
- Cost	532.5	526.0	514.6	521.0	0.0
- Accumulated depreciation	-399.6	-388.9	-373.4	-361.0	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	—	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	1.4	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	1.4	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	3.3	8.4	17.0	18.4	0.0
1. Long-term prepayments	3.0	8.4	17.0	18.2	0.0
2. Deferred income tax assets	0.3	0.0	0.0	0.2	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	15.6
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)	546.2	540.0	496.8	482.0	467.1
A. LIABILITIES (300=210+330)	242.3	253.7	211.6	213.0	212.0
I. Short -term liabilities	242.3	253.7	211.6	213.0	212.0
1. Short-term trade accounts payable	44.2	78.7	108.7	48.3	40.4
2. Short-term advances from customers	135.1	123.9	55.7	104.4	97.1
3. Taxes and other payables to state authorities	17.2	7.2	9.6	15.0	0.0
4. Payable to employees	23.3	22.5	22.0	18.2	0.0
5. Short-term acrrued expenses	0.4	0.7	1.1	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	20.9	17.3	7.4	15.7	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	1.0	6.8	0.0
12.. Bonus and welfare fund	1.2	3.4	6.1	4.5	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)	303.9	286.4	285.3	269.0	255.1
I. Owner's equity	303.9	286.4	285.3	269.0	0.0
1. Owner's capital	154.1	154.1	154.1	154.1	255.1
- Common stock with voting right	154,111,000,000.00	154,111,000,000.00	154,111,000,000.00	154,111,000,000.00	154,111,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	109.6	93.2	76.7	60.2	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	40.2	39.1	54.5	54.6	55.9
- Accumulated retained earning at the end of the previous period	0.7	0.0	15.2	0.0	10.3
- Undistributed earnings in this period	39.5	39.1	39.2	54.6	45.6
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)	546.2	540.0	496.8	482.0	467.1

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	-7.9	-14.9	-14.5	-13.2	0.0
Other Operating Receipts	19.9	34.4	29.3	14.3	0.0
Other Operating Payments	-58.2	-67.8	-66.5	-53.2	0.0
Net Cash Flow from Operating Activities	-12.4	122.9	-6.8	65.3	-11.2
Payments for Fixed Assets and Other Long-term Assets	-9.0	-17.9	-0.2	-1.6	-77.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.4	0.9	0.0	2.5
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	1.7	1.1	0.7	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	-7.2	-16.4	1.4	-1.0	-73.1
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	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-20.8	-29.3	-21.2	-35.2	-22.9
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	-20.8	-29.3	-21.2	-35.2	-22.9
Net Cash Flow During the Period	-40.4	77.2	-26.6	29.1	-59.3
Cash and Cash Equivalents at Beginning of Period	92.5	15.3	41.9	12.8	120.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	52.1	92.5	15.3	41.9	12.8

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	101.2	345.7	105.8	90.7	198.9	291.2	359.9	73.2	143.9	233.4	165.2	110.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	101.2	345.7	105.8	90.7	198.9	291.2	359.9	73.2	143.9	233.4	165.2	110.0
Cost of Goods Sold	88.0	272.3	97.6	82.0	168.8	239.4	324.0	58.9	117.6	194.6	140.7	95.7
Gross Profit	13.2	73.4	8.2	8.6	30.1	51.8	35.8	14.2	26.3	38.8	24.5	14.4
Financial Income	0.8	0.0	0.2	0.8	0.8	0.3	0.3	0.2	0.2	0.0	0.0	0.2
Financial Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.5	4.0	1.8	0.8	2.6	4.2	2.8	0.2	2.1	4.9	2.0	1.1
General and Administrative Expenses	5.0	16.2	5.8	5.3	13.7	17.5	9.9	6.4	10.0	11.8	6.5	2.9
Operating Profit	7.6	53.2	0.8	3.2	14.7	30.3	23.4	7.9	14.4	22.1	16.0	10.6
Other Income	0.0	0.0	0.3	1.5	0.3	10.5	17.8	0.0	0.3	0.0	0.6	-0.2
Other Expenses	0.2	2.6	0.0	2.6	0.0	28.4	7.2	0.0	0.0	0.7	0.0	0.0
Other Profit	-0.1	-2.6	0.3	-1.1	0.3	-17.9	10.5	-0.0	0.3	-0.7	0.6	-0.2
Profit Before Tax	7.5	50.5	1.0	2.1	15.0	12.4	34.0	7.9	14.7	21.4	16.6	10.4
Current Income Tax Expense	1.2	10.4	0.2	0.4	3.1	2.8	6.8	1.6	2.9	4.8	3.1	2.3
Deferred Income Tax Expense	0.3	-0.3	0.0	-0.0	—	0.0	0.1	-0.1	0.0	-0.0	0.3	-0.2
Net Income	6.0	40.4	0.8	1.8	12.0	9.6	27.0	6.3	11.7	16.6	13.3	8.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	6.0	40.4	0.8	1.8	12.0	9.6	27.0	6.3	11.7	16.6	13.3	8.3
Earnings per Share	387.41	2,622.47	53.58	115.76	775.64	624.83	1,755.08	407.70	761.01	1,079.90	862.78	537.31
Diluted EPS	387.41	2,622.47	53.58	115.76	775.64	624.83	1,755.08	407.70	761.01	1,079.90	862.78	537.31

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)	220.9	406.3	234.3	226.1	261.3	389.1	416.3	277.0	203.6	332.9	243.2	241.4
I. Cash and cash equivalents	87.9	52.1	5.1	32.6	93.4	92.5	79.7	68.0	61.1	15.3	4.7	3.6
1. Cash	7.9	12.1	5.1	2.6	3.4	32.5	6.7	48.0	11.1	5.3	4.7	3.6
2. Cash equivalents	80.0	40.0	—	30.0	90.0	60.0	73.0	20.0	50.0	10.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	29.4	266.3	58.8	67.6	89.8	194.5	223.9	82.6	65.9	209.3	126.8	99.6
1. Short-term trade accounts receivable	32.5	269.7	54.7	62.3	83.4	188.7	195.3	57.9	39.5	180.5	113.6	88.6
2. Short-term prepayments to suppliers	0.5	0.8	7.8	8.9	4.7	4.1	3.9	0.4	2.1	3.0	10.6	8.7
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	1.4	0.8	0.5	0.6	5.9	5.9	24.7	24.3	24.2	25.8	2.5	2.6
7. Provision for short-term doubtful debts (*)	-5.0	-5.0	-4.2	-4.2	-4.2	-4.2	0.0	0.0	0.0	0.0	0.0	-0.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	100.3	87.6	160.9	117.8	78.1	101.9	110.4	124.0	76.1	107.9	111.6	134.7
1. Inventories	100.3	87.6	160.9	117.8	78.1	101.9	110.4	124.0	76.1	107.9	111.6	134.7
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	3.3	0.2	9.5	8.1	0.0	0.2	2.3	2.4	0.6	0.3	0.1	3.6
1. Short-term prepayments	1.9	0.2	5.0	5.3	0.0	0.0	0.5	0.8	0.2	0.3	0.1	0.1
2. Value added tax to be reclaimed	1.4	—	4.5	2.7	—	0.2	1.8	1.6	0.3	0.0	0.0	3.5
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	131.5	139.9	130.9	137.5	144.5	150.9	154.9	149.3	156.4	163.7	170.7	178.3
I. Long-term receivables	0.9	2.2	3.6	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4
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	0.9	2.2	3.6	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	128.5	132.9	124.4	128.4	133.4	137.1	127.4	132.0	136.6	141.3	145.8	150.5
1. Tangible fixed assets	128.5	132.9	124.4	128.4	133.4	137.1	127.4	132.0	136.6	141.3	145.8	150.5
- Cost	533.3	—	—	—	—	526.0	512.8	514.4	514.4	514.6	514.4	514.4
- Accumulated depreciation	-404.8	—	—	—	—	-388.9	-385.4	-382.4	-377.8	-373.4	-368.7	-363.9
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	—	—	—	—	—	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	—	1.4	—	—	—	0.0	12.8	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	—	1.4	—	—	—	0.0	12.8	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	2.1	3.3	2.9	3.7	5.7	8.4	9.3	11.9	14.4	17.0	19.6	22.4
1. Long-term prepayments	2.1	3.0	2.9	3.7	5.7	8.4	9.3	11.9	14.4	17.0	19.6	22.1
2. Deferred income tax assets	—	0.3	—	0.0	—	0.0	0.0	0.1	0.0	0.0	0.0	0.3
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)	352.4	546.2	365.2	363.6	405.8	540.0	571.2	426.3	360.1	496.6	413.9	419.7
A. LIABILITIES (300=210+330)	49.0	242.3	86.2	85.5	113.0	253.7	278.9	161.0	81.8	211.3	144.8	163.9
I. Short -term liabilities	49.0	242.3	86.2	85.5	113.0	253.7	278.9	161.0	81.8	211.3	144.8	163.9
1. Short-term trade accounts payable	28.7	44.2	52.2	40.3	54.4	78.7	102.7	74.9	31.8	108.7	68.2	104.2
2. Short-term advances from customers	4.8	135.1	7.8	19.5	28.3	123.9	142.1	63.2	25.1	55.7	34.2	16.3
3. Taxes and other payables to state authorities	1.4	17.2	1.1	1.3	3.8	7.2	7.8	2.3	3.3	9.6	2.9	2.7
4. Payable to employees	4.9	23.3	6.7	9.0	14.7	22.5	12.9	6.1	10.6	22.3	12.9	12.8
5. Short-term acrrued expenses	1.1	0.4	0.6	0.5	1.7	0.7	2.0	1.4	1.7	0.9	1.6	1.8
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	5.3	20.9	13.5	9.0	7.1	17.3	4.9	4.2	4.6	7.1	16.8	15.1
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	1.0	1.0	0.0	0.0
12.. Bonus and welfare fund	2.9	1.2	4.3	5.9	2.9	3.4	6.5	8.9	3.7	6.1	8.3	11.1
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	—	—	—	—	—	0.0	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)	303.3	303.9	278.9	278.1	292.8	286.4	292.3	265.3	278.3	285.3	269.1	255.8
I. Owner's equity	303.3	303.9	278.9	278.1	292.8	286.4	292.3	265.3	278.3	285.3	269.1	255.8
1. Owner's capital	154.1	154.1	154.1	154.1	154.1	154.1	154.1	154.1	154.1	154.1	154.1	154.1
- Common stock with voting right	154,111,000,000.00	154,111,000,000.00	154,111,000,000.00	154,111,000,000.00	154,111,000,000.00	154,111,000,000.00	154,111,000,000.00	154,111,000,000.00	154,111,000,000.00	154,111,000,000.00	154,111,000,000.00	154,111,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	109.6	109.6	109.6	109.6	93.2	93.2	93.2	93.2	76.7	76.7	76.7	76.7
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	39.7	40.2	15.3	14.4	45.6	39.1	45.1	18.0	47.4	54.5	38.3	25.0
- Accumulated retained earning at the end of the previous period	33.7	0.7	0.7	0.7	33.6	0.0	0.0	0.0	35.7	15.2	0.0	0.0
- Undistributed earnings in this period	6.0	39.5	14.6	13.7	12.0	39.1	45.1	18.0	11.7	39.2	38.3	25.0
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)	352.4	546.2	365.2	363.6	405.8	540.0	571.2	426.3	360.1	496.6	413.9	419.7

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	—	—	—	—	—	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	—	-0.2	-0.4	-2.4	-4.9	-5.5	-1.5	-2.3	-5.6	-0.8	-3.9	-3.9
Other Operating Receipts	1.7	—	—	—	—	14.3	14.8	3.2	2.0	4.1	3.4	11.0
Other Operating Payments	-17.7	-22.1	-9.7	-8.1	-18.4	-21.2	-12.2	-10.1	-24.3	-22.0	-8.3	-3.9
Net Cash Flow from Operating Activities	50.0	49.1	-27.0	-47.0	12.5	23.6	23.0	18.0	57.8	10.8	1.2	-12.1
Payments for Fixed Assets and Other Long-term Assets	-0.2	-2.0	-0.7	-4.1	-2.1	-6.0	-11.9	0.0	0.0	-0.2	-0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	—	0.1	0.3	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.8	0.0	0.2	0.8	0.8	0.3	0.3	0.2	0.2	0.0	0.0	0.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.7	-2.0	-0.6	-3.3	-1.3	-5.6	-11.3	0.2	0.2	-0.2	-0.0	0.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-14.9	0.0	0.0	-10.5	-10.4	-5.2	0.0	-11.3	-12.2	0.0	0.0	-10.5
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	-14.9	0.0	0.0	-10.5	-10.4	-5.2	0.0	-11.3	-12.2	0.0	0.0	-10.5
Net Cash Flow During the Period	35.7	47.1	-27.5	-60.8	0.9	12.8	11.7	6.9	45.8	10.6	1.1	-22.3
Cash and Cash Equivalents at Beginning of Period	52.1	5.1	32.6	93.4	92.5	15.3	15.3	15.3	15.3	41.9	41.9	41.9
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	87.9	52.1	5.1	32.6	93.4	92.5	79.7	68.0	61.1	15.3	4.7	3.6

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DM7

What Is Changing

Drivers of DM7'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