DMN

Domenal ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 1.88%, +2.19pp YoY

Price

9,500

Latest close

03 Jun 2026

P/E 5.71x

P/B 0.65x

EPS 1,664

BVPS 14,638

ROE 12.1%

ROA 3.4%

Profit Margin 1.9%

Asset Turnover 1.82x

Equity Mult. 3.53x

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

What Is Changing

On a TTM 2026Q1 basis, DMN is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,105bn
	                                
+49.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 21bn
	                                
+1023.6%YoY

Metric	2025	2024	2023	2022
Revenue	978.3	804.3	718.8	638.5
Growth	+22%	+12%	+13%	—
Net Income	21.9	3.8	7.2	10.4
Net Margin	2.23%	0.47%	1.00%	1.63%

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	305.7	306.0	261.7	231.5	179.3	190.4	193.3	176.1	243.7	271.9	137.6	166.7
Growth	-0%	+17%	+13%	+29%	-6%	-2%	+10%	-28%	-10%	+98%	-17%	—
Net Income	5.9	2.7	5.5	6.7	5.2	-8.7	7.1	-5.9	9.0	-4.5	1.2	4.1
Net Margin	1.94%	0.88%	2.09%	2.90%	2.91%	-4.57%	3.69%	-3.35%	3.69%	-1.65%	0.88%	2.44%

Drivers of DMN's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 25.7bn

Selling expenses ↑ 2.8bn

TTM

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

Gross profit ↑ 7.7bn

Financial income ↑ 0.6bn

Associates income ↑ 0.2bn

Selling expenses ↑ 6.2bn

Administrative expenses ↑ 0.8bn

Finance costs ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -1.4% = -0.3% × 1.18 × 3.90

2026Q1 12.1% = 1.9% × 1.82 × 3.53

ROE rose from -1.4% to 12.1% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 1.9% +2.2pp Asset turnover: 1.82x +0.64x Leverage: 3.53x -0.37x

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 1.88%, rising 2.2pp. Core operating signals are improving as SG&A / Revenue fell 4.2pp are enough to offset pressure from Gross margin fell 3.2pp (with additional support from Net financial result / Revenue rose 1.3pp and Other profit / Revenue rose 0.0pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 1.88% +2.2pp

Gross Margin 6.74% −3.2pp

SG&A / Revenue 2.28% −4.2pp

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 — —

Capital Turnover 2.17x +0.72x

Average Invested Capital 510.1bn −2.4bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage is elevated, requiring monitoring — liabilities at 2.69x equity, net debt at 1.74x equity.

Inventory ended the period at 115.8bn, roughly 17.7% 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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 50.2 days versus the same period last year. The main moves came from DIO rose 2.4 days, DSO fell 63.1 days, and DPO fell 10.5 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Inventory turnover is slowing

DIO increased by +2.4 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 51.9 days −63.1 days

Inventory 35.1 days +2.4 days

Payables 15.3 days −10.5 days

Cash Conversion Cycle 71.7 days −50.2 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.74x and interest coverage only at 1.15x.

At present, short-term debt accounts for 58.5% of total debt, cash equals 5.4% of debt, and total debt stands at 336.2bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.74x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.15x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.74x −0.50x

Interest Coverage 1.15x +1.11x

Cash / Debt 5.4% +4.7pp

Short-term Debt / Total Debt 58.5% −0.3pp

CFO / NI 2.17x +9.17x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 42.8bn in 2025, against investing cash flow of -9.7bn.

Post-investment cash flow was positive +33.0bn. Financing cash flow was negative +12.3bn.

CFO / net income was 2.17x.

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 45.2bn +29.5bn

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 operating efficiency, with net margin improving 2.2 pp. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 1.15x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.88% after expanding 2.2pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.15x.

Statement Data

Item	2025	2024	2023	2022
Revenue	978.7	804.3	718.8	638.5
Revenue Deductions	0.3	0.0	0.0	0.0
Net Revenue	978.3	804.3	718.8	638.5
Cost of Goods Sold	911.0	728.8	685.7	614.6
Gross Profit	67.3	75.4	33.2	24.0
Financial Income	2.4	4.3	2.4	1.9
Financial Expenses	24.7	28.1	17.8	10.3
Interest Expense	24.6	27.6	17.8	10.3
Share of Associates and Joint Ventures	1.6	1.7	-0.7	0.0
Selling Expenses	12.7	17.0	0.6	0.0
General and Administrative Expenses	5.2	32.0	3.8	2.4
Operating Profit	28.8	4.3	12.7	13.1
Other Income	0.3	0.0	0.2	0.0
Other Expenses	0.2	0.2	0.6	0.1
Other Profit	0.1	-0.2	-0.5	-0.1
Profit Before Tax	28.9	4.0	12.2	13.0
Current Income Tax Expense	7.1	0.3	5.1	2.6
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	21.9	3.8	7.2	10.4
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	21.9	3.8	7.2	10.4
Earnings per Share	1,748.00	303.00	573.00	834.00
Diluted EPS	1,748.21	303.27	573.47	834.48

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	400.9	318.3	367.5	211.4
I. Cash and cash equivalents	21.3	0.6	2.7	4.0
1. Cash	21.3	0.6	2.7	4.0
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	8.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	8.0	0.0	0.0	0.0
III. Short-term receivables	252.5	204.3	329.8	174.2
1. Short-term trade accounts receivable	182.1	145.0	249.9	171.1
2. Short-term prepayments to suppliers	70.1	57.7	78.3	0.2
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	0.3	1.6	1.5	2.8
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	115.8	105.2	18.6	31.3
1. Inventories	115.8	105.2	18.6	31.3
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	3.3	8.2	16.5	2.0
1. Short-term prepayments	0.8	0.5	0.5	0.1
2. Value added tax to be reclaimed	2.6	7.8	16.0	1.9
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
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	251.5	259.8	254.7	173.8
I. Long-term receivables	—	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	152.4	160.8	111.8	35.6
1. Tangible fixed assets	141.7	150.2	101.2	25.0
- Cost	227.5	225.2	164.7	84.8
- Accumulated depreciation	-85.8	-75.0	-63.4	-59.7
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	10.6	10.7	10.5	10.5
- Cost	10.7	10.7	10.6	10.6
- Accumulated depreciation	-0.0	-0.0	-0.0	-0.0
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	61.3	59.9	107.5	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	61.3	59.9	107.5	0.0
V. Long-term financial investments	32.1	30.4	28.8	137.4
1. Investments in subsidiaries	—	0.0	0.0	108.0
2. Investments in associates, joint-ventures	32.1	30.4	28.8	29.4
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	5.7	8.6	6.8	0.8
1. Long-term prepayments	5.7	8.6	6.8	0.8
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	652.4	578.0	622.3	385.1
A. LIABILITIES (300=210+330)	475.4	422.9	470.9	239.1
I. Short -term liabilities	353.6	252.8	298.6	239.1
1. Short-term trade accounts payable	38.3	19.3	27.1	20.7
2. Short-term advances from customers	68.8	17.0	59.2	30.0
3. Taxes and other payables to state authorities	5.4	0.3	5.1	2.6
4. Payable to employees	5.1	3.5	1.1	0.9
5. Short-term acrrued expenses	1.6	1.1	1.3	0.3
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	0.9	7.6	24.9	4.6
10. Short-term borrowings and financial leases	233.4	203.9	180.0	180.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	121.8	170.1	172.3	0.0
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	6.5	6.5	0.0
8. Long-term borrowings and financial leases	121.8	163.6	165.8	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	177.0	155.2	151.4	146.0
I. Owner's equity	177.0	155.2	151.4	146.0
1. Owner's capital	125.0	125.0	125.0	125.0
- Common stock with voting right	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	6.0	6.0	6.0	2.8
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	46.1	24.2	20.4	18.2
- Accumulated retained earning at the end of the previous period	24.2	20.4	13.3	7.8
- Undistributed earnings in this period	21.9	3.8	7.2	10.4
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	652.4	578.0	622.3	385.1

Item	2025	2024	2023	2022
Profit Before Tax	28.9	4.0	12.2	13.0
Depreciation of Fixed Assets and Investment Property	11.9	11.5	5.1	3.9
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.5	-0.3	0.0	0.0
Gain/Loss from Investment Activities	-0.3	-0.0	-0.0	-0.0
Interest Expense	24.6	27.6	17.8	10.3
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	64.7	42.9	35.0	27.2
Increase/(Decrease) in Receivables	-43.0	133.8	-52.3	106.2
Increase/(Decrease) in Inventory	-10.6	-86.6	12.7	-3.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	55.1	-65.2	57.6	-5.8
Increase/(Decrease) in Prepaid Expenses	2.6	-1.9	-6.3	-0.5
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-24.1	-27.4	-23.7	-10.4
Corporate Income Tax Paid	-2.0	-5.1	-3.9	-1.2
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	42.8	-9.5	19.2	112.1
Payments for Fixed Assets and Other Long-term Assets	-2.1	-14.4	-130.6	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-12.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	4.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	-108.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-9.7	-14.4	-130.5	-108.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	897.9	754.4	710.6	574.6
Repayment of Borrowings	-910.3	-732.7	-600.7	-574.6
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.0	-0.8
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-12.3	21.7	109.9	-0.7
Net Cash Flow During the Period	20.7	-2.1	-1.5	3.2
Cash and Cash Equivalents at Beginning of Period	0.6	2.7	4.2	0.7
FX Difference from Revaluation	0.1	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	21.3	0.6	2.7	4.0

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	306.5	306.0	261.7	231.8	179.3	190.4	193.3	176.1	243.7	271.9	137.6	166.7
Revenue Deductions	0.8	—	—	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	305.7	306.0	261.7	231.5	179.3	190.4	193.3	176.1	243.7	271.9	137.6	166.7
Cost of Goods Sold	283.3	287.1	247.7	212.3	164.6	168.0	172.9	160.1	226.7	261.8	129.3	155.8
Gross Profit	22.4	18.8	14.1	19.2	14.7	22.3	20.4	15.9	17.0	10.1	8.3	10.8
Financial Income	0.7	0.7	0.8	1.3	0.1	1.4	0.5	1.2	0.9	0.6	0.6	0.5
Financial Expenses	6.3	6.5	5.8	6.8	5.8	7.6	6.9	7.3	6.3	7.2	3.2	3.9
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	0.4	0.6	0.5	0.4	0.2	-0.3	0.2	0.2	1.0	0.8	-0.1	0.0
Selling Expenses	8.1	4.1	3.2	3.6	1.9	5.4	4.3	4.6	2.7	0.6	0.0	0.0
General and Administrative Expenses	1.7	1.9	1.3	1.4	0.8	18.9	1.0	11.2	1.0	5.4	4.2	0.7
Operating Profit	7.4	7.5	5.3	9.0	6.3	-8.4	9.0	-5.8	9.0	-1.7	1.3	6.7
Other Income	0.0	0.1	0.2	0.1	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Other Expenses	0.3	0.2	0.0	0.0	0.0	0.0	0.2	0.1	0.0	0.6	0.1	0.0
Other Profit	-0.3	-0.1	0.2	0.0	-0.0	0.0	-0.2	-0.1	-0.0	-0.4	-0.1	-0.0
Profit Before Tax	7.1	7.4	5.5	9.0	6.3	-8.4	8.8	-5.9	9.0	-2.1	1.2	6.7
Current Income Tax Expense	1.2	4.7	—	2.3	1.1	0.3	1.7	0.0	0.0	2.4	0.0	2.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.9	2.7	5.5	6.7	5.2	-8.7	7.1	-5.9	9.0	-4.5	1.2	4.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.9	2.7	5.5	6.7	5.2	-8.7	7.1	-5.9	9.0	-4.5	1.2	4.1
Earnings per Share	474.96	214.49	437.71	536.37	417.74	-696.05	570.52	-472.33	718.80	-358.55	96.81	325.75
Diluted EPS	474.96	214.49	437.71	536.37	417.74	-696.05	570.52	-472.33	718.80	-358.55	96.81	325.75

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)	380.7	402.2	378.8	390.1	326.2	318.1	375.3	370.8	410.4	381.4	388.9	247.6
I. Cash and cash equivalents	18.1	21.3	6.8	6.8	2.4	0.6	1.3	0.4	0.2	2.7	4.3	0.2
1. Cash	18.1	21.3	6.8	6.8	2.4	0.6	1.3	0.4	0.2	2.7	4.3	0.2
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	8.0	8.0	4.0	4.0	4.0	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	8.0	8.0	4.0	4.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	226.2	252.5	255.2	266.7	235.1	204.1	316.4	295.6	360.9	330.1	348.6	229.7
1. Short-term trade accounts receivable	147.3	182.1	178.0	193.6	166.8	144.9	258.6	253.3	298.7	249.9	213.9	208.1
2. Short-term prepayments to suppliers	78.6	70.1	75.6	71.5	66.7	57.7	56.3	50.7	60.7	78.7	130.4	18.8
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	0.3	0.3	1.6	1.6	1.6	1.5	1.4	1.5	1.5	1.5	4.3	2.9
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	-10.0	0.0	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	123.2	117.0	101.6	102.6	75.1	105.2	50.4	68.5	44.3	18.6	15.8	15.7
1. Inventories	123.2	117.0	101.6	102.6	75.1	105.2	50.4	68.5	44.3	18.6	15.8	15.7
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	5.2	3.3	11.2	10.1	9.5	8.2	7.3	6.4	5.0	30.0	20.3	1.9
1. Short-term prepayments	1.0	0.8	0.7	0.6	0.5	0.5	0.5	0.6	0.7	14.0	5.6	0.1
2. Value added tax to be reclaimed	4.2	2.6	8.7	9.5	8.4	7.8	6.8	5.7	4.4	16.0	14.7	1.9
3. Taxes and other receivables from state authorities	0.0	0.0	1.8	0.0	0.7	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)	249.4	251.5	253.9	253.6	255.9	259.8	263.3	262.5	259.2	240.3	199.5	172.3
I. Long-term receivables	—	—	—	—	—	0.1	0.1	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	0.1	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	177.6	152.4	154.7	155.3	157.6	160.8	164.2	120.1	122.6	93.4	91.2	33.8
1. Tangible fixed assets	167.0	141.7	144.0	144.6	147.0	150.2	153.5	109.4	112.0	82.7	80.5	23.2
- Cost	256.2	—	—	—	—	225.2	225.2	177.9	177.9	144.8	143.1	84.9
- Accumulated depreciation	-89.3	—	—	—	—	-75.0	-71.7	-68.5	-65.9	-62.1	-62.6	-61.6
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	10.6	10.6	10.6	10.6	10.6	10.7	10.7	10.7	10.7	10.7	10.7	10.5
- Cost	10.7	—	—	—	—	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	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	34.6	61.3	61.3	60.4	59.9	59.9	59.9	105.4	100.1	116.5	78.0	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	34.6	61.3	61.3	60.4	59.9	59.9	59.9	105.4	100.1	116.5	78.0	0.0
V. Long-term financial investments	32.4	32.0	31.7	31.1	30.6	30.3	30.2	30.0	29.8	29.0	29.0	137.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	108.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	29.8	29.0	29.0	0.0
3. Investments in other entities	32.4	32.0	31.7	31.1	30.6	30.3	30.2	30.0	0.0	0.0	0.0	29.4
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	4.8	5.7	6.2	6.9	7.7	8.6	9.0	7.0	6.7	1.4	1.3	1.1
1. Long-term prepayments	4.8	5.7	6.2	6.9	7.7	8.6	9.0	7.0	6.7	1.4	1.3	1.1
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)	630.1	653.6	632.7	643.8	582.0	577.8	638.6	633.3	669.6	621.7	588.4	419.9
A. LIABILITIES (300=210+330)	447.2	475.8	455.9	474.9	421.6	422.9	477.4	478.9	509.2	470.8	435.1	263.2
I. Short -term liabilities	307.6	330.4	302.2	324.9	266.3	252.8	305.1	306.6	337.0	298.5	274.0	243.2
1. Short-term trade accounts payable	62.0	38.3	65.7	78.4	24.3	19.3	59.1	41.5	69.5	26.9	19.1	26.2
2. Short-term advances from customers	42.4	68.8	22.2	18.6	19.4	17.0	20.6	46.3	56.2	59.2	55.4	28.8
3. Taxes and other payables to state authorities	1.2	4.8	0.0	0.6	0.0	0.3	2.0	0.1	5.1	5.1	2.7	2.7
4. Payable to employees	2.8	6.1	2.7	2.3	2.3	3.6	2.4	1.8	0.8	1.1	0.6	0.5
5. Short-term acrrued expenses	1.2	1.6	1.4	1.9	1.2	1.1	1.2	1.3	2.1	1.3	0.5	0.5
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	1.3	0.9	4.1	4.6	6.9	7.6	6.4	2.2	23.3	24.9	15.8	4.5
10. Short-term borrowings and financial leases	196.7	209.8	206.2	218.4	212.2	203.9	213.4	213.4	180.0	180.0	180.0	180.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	139.6	145.4	153.7	150.0	155.3	170.1	172.3	172.3	172.3	172.3	161.0	20.0
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	—	—	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	0.0	0.0
8. Long-term borrowings and financial leases	139.6	145.4	147.2	143.5	148.8	163.6	165.8	165.8	165.8	165.8	161.0	20.0
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)	183.0	177.8	176.8	168.8	160.4	154.9	161.2	154.4	160.4	150.9	153.3	156.7
I. Owner's equity	183.0	177.8	176.8	168.8	160.4	154.9	161.2	154.4	160.4	150.9	153.3	156.7
1. Owner's capital	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0
- Common stock with voting right	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	52.0	46.8	45.8	37.9	29.4	24.0	30.2	23.4	29.4	20.0	22.4	25.7
- Accumulated retained earning at the end of the previous period	46.1	22.5	24.2	24.2	24.2	20.4	20.4	20.4	20.4	13.8	11.9	21.6
- Undistributed earnings in this period	5.9	24.4	21.6	13.7	5.2	3.5	9.8	3.0	9.0	6.2	10.4	4.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	630.1	653.6	632.7	643.8	582.0	577.8	638.6	633.3	669.6	621.7	588.4	419.9

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	—	12.9	—	16.1	—	0.0	-3.0	3.0	0.0	12.2	-11.9	11.9
Depreciation of Fixed Assets and Investment Property	—	5.7	—	6.2	—	0.0	-5.0	5.0	0.0	5.1	-1.9	1.9
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	—	-0.1	—	-0.3	—	0.0	0.1	-0.1	0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	—	-0.3	—	-0.0	—	0.0	0.0	-0.0	0.0	-0.0	0.0	-0.0
Interest Expense	—	12.2	—	12.4	—	0.0	-13.6	13.6	0.0	17.8	-7.2	7.2
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	—	30.4	—	34.3	—	0.0	-21.5	21.5	0.0	35.0	-20.9	20.9
Increase/(Decrease) in Receivables	—	21.3	—	-64.2	—	0.0	-44.6	44.6	0.0	-52.3	63.3	-63.3
Increase/(Decrease) in Inventory	—	-13.2	—	2.6	—	0.0	49.9	-49.9	0.0	12.7	-14.9	14.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	2.9	—	52.3	—	0.0	21.5	-21.5	0.0	57.6	23.2	-23.2
Increase/(Decrease) in Prepaid Expenses	—	1.0	—	1.6	—	0.0	0.4	-0.4	0.0	-6.3	1.7	-1.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-12.3	—	-11.7	—	0.0	13.6	-13.6	0.0	-23.7	7.1	-7.1
Corporate Income Tax Paid	-5.3	0.0	0.0	0.0	-2.0	0.0	0.0	-5.1	-0.0	-1.3	0.0	-0.5
Other Operating Receipts	3.3	—	—	—	—	39.1	93.6	-44.8	44.8	-36.4	36.4	-3.1
Other Operating Payments	-29.3	—	-66.1	—	-20.6	-33.2	-105.8	39.9	-39.9	34.3	-34.3	3.8
Net Cash Flow from Operating Activities	20.2	-4.4	34.4	-4.9	17.7	18.3	6.0	-26.3	2.0	87.4	-6.1	-61.9
Payments for Fixed Assets and Other Long-term Assets	—	-0.9	—	-1.1	—	0.0	11.4	-11.4	0.0	-130.6	16.7	-16.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-12.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	4.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.1	—	0.0	—	0.0	-0.0	0.0	0.0	0.0	-0.0	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	—	-5.7	-2.9	2.9	-4.0	0.0	11.4	-11.4	0.0	-130.5	16.7	-16.7
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	222.5	309.5	248.6	211.9	127.8	240.1	180.2	148.4	161.8	226.6	136.5	201.4
Repayment of Borrowings	-245.9	-284.9	-280.1	-205.6	-139.7	-259.1	-196.8	-110.5	-166.3	-185.1	-143.3	-122.7
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	-23.4	24.6	-31.4	6.3	-11.9	-19.0	-16.6	37.9	-4.5	41.5	-6.8	78.7
Net Cash Flow During the Period	-3.3	14.4	0.1	4.3	1.9	-0.7	0.8	0.2	-2.4	-1.6	3.9	0.1
Cash and Cash Equivalents at Beginning of Period	21.3	6.8	6.8	2.4	0.6	2.7	2.7	2.7	2.7	4.2	4.2	4.2
FX Difference from Revaluation	—	0.1	—	0.0	—	0.0	-0.0	0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	18.1	21.3	6.8	6.8	2.4	0.6	1.3	0.4	0.2	2.7	4.3	0.5

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DMN

What Is Changing

Drivers of DMN'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