DRL

Thủy điện - Điện Lực 3 ·HOSE ·2026Q1

▼ Slightly negative

Price

44,650

Latest close

03 Jun 2026

P/E 9.30x

P/B 3.54x

EPS 4,799

BVPS 12,628

ROE 39.4%

ROA 37.0%

Profit Margin 47.5%

Asset Turnover 0.78x

Equity Mult. 1.07x

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

What Is Changing

On a TTM 2026Q1 basis, DRL is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — margins have been compressing consistently over multiple periods. The point still to be proven is whether this is a short adjustment or the beginning of a weaker trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 102bn
	                                
+7.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 48bn
	                                
+4.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	102.7	91.3	105.4	113.4	95.6
Growth	+12%	-13%	-7%	+19%	—
Net Income	48.9	44.8	58.0	62.0	56.0
Net Margin	47.68%	49.01%	55.04%	54.64%	58.59%

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	21.6	32.6	21.1	26.4	22.6	31.5	19.9	20.6	19.4	31.6	26.3	22.2
Growth	-34%	+54%	-20%	+17%	-28%	+59%	-4%	+6%	-39%	+20%	+19%	—
Net Income	11.0	15.8	7.9	13.6	12.5	13.9	8.8	11.0	10.9	15.6	14.4	12.4
Net Margin	51.01%	48.52%	37.40%	51.37%	55.30%	44.06%	44.46%	53.53%	56.30%	49.51%	54.72%	56.10%

Drivers of DRL's profit

TTM

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

Gross profit ↑ 3.7bn

Financial income ↑ 0.4bn

Administrative expenses ↑ 1.6bn

Tax ↑ 0.4bn

TTM

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

Tax ↓ 0.4bn

Financial income ↑ 0.2bn

Gross profit ↓ 2.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 36.6% = 48.9% × 0.70 × 1.06

2026Q1 39.4% = 47.5% × 0.78 × 1.07

ROE rose from 36.6% to 39.4% — mainly driven by asset turnover, despite net margin moving in the opposite direction.

Net margin: 47.5% -1.4pp Asset turnover: 0.78x +0.08x Leverage: 1.07x +0.00x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 47.49%, falling 1.4pp. The main pressure comes from SG&A / Revenue rose 1.0pp and Gross margin fell 1.0pp (with additional support from Net financial result / Revenue rose 0.2pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 47.49% −1.4pp

Gross Margin 64.44% −1.0pp

SG&A / Revenue 8.36% +1.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC reflects a large fixed-asset base.

Is capital being deployed efficiently?

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

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 47.49% −1.4pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.16x equity, with a net cash position equivalent to 0.05x equity.

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 22.2 days versus the same period last year. The main moves came from DIO fell 2.7 days, DSO fell 18.7 days, and DPO rose 0.8 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Working Capital Efficiency

Receivables 48.7 days −18.7 days

Inventory 12.0 days −2.7 days

Payables 1.9 days +0.8 days

Cash Conversion Cycle 58.8 days −22.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 30.0bn.

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.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity -0.05x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.94x −0.04x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 30.0bn in 2025, against investing cash flow of 14.7bn.

Post-investment cash flow was positive +44.6bn. Financing cash flow was negative +48.3bn.

CFO / net income was 0.94x.

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

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 45.6bn +0.0bn

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 capital efficiency. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 0.94x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.94x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	102.7	91.3	105.4	113.4	95.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	102.7	91.3	105.4	113.4	95.6
Cost of Goods Sold	35.4	31.9	31.5	33.8	0.0
Gross Profit	67.3	59.4	74.0	79.6	65.2
Financial Income	3.3	3.4	5.3	4.0	3.2
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	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	9.2	6.7	6.7	6.3	-5.7
Operating Profit	61.4	56.1	72.6	77.3	62.7
Other Income	—	0.0	0.0	0.2	0.0
Other Expenses	—	0.0	0.0	0.0	0.0
Other Profit	—	0.0	0.0	0.2	-0.0
Profit Before Tax	61.4	56.1	72.6	77.5	62.7
Current Income Tax Expense	12.4	11.4	14.6	15.6	-6.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	48.9	44.8	58.0	62.0	56.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	48.9	44.8	58.0	62.0	56.0
Earnings per Share	4,711.00	4,388.00	5,741.00	6,164.00	5,552.00
Diluted EPS	4,711.00	4,388.00	5,741.00	6,164.00	5,897.93

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	83.5	88.9	96.1	92.3	94.7
I. Cash and cash equivalents	0.6	4.3	2.3	11.3	11.2
1. Cash	0.6	0.1	0.3	0.4	0.0
2. Cash equivalents	—	4.2	2.0	10.9	0.0
II. Short-term financial investments	54.7	69.6	64.2	65.0	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	54.7	69.6	64.2	65.0	0.0
III. Short-term receivables	27.3	13.8	28.5	15.1	17.3
1. Short-term trade accounts receivable	25.3	11.4	24.3	12.5	0.0
2. Short-term prepayments to suppliers	—	0.0	0.0	0.0	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	2.4	2.8	4.7	3.1	0.0
7. Provision for short-term doubtful debts (*)	-0.5	-0.5	-0.5	-0.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.7	0.8	0.9	0.8	0.8
1. Inventories	0.7	0.8	0.9	0.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.4	0.2	0.2	0.0
1. Short-term prepayments	0.2	0.4	0.2	0.2	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	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)	43.8	38.4	38.3	41.0	39.9
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	38.1	36.9	37.2	39.5	39.1
1. Tangible fixed assets	38.1	36.9	37.1	39.4	39.0
- Cost	163.9	159.9	157.8	157.8	0.0
- Accumulated depreciation	-125.9	-123.0	-120.7	-118.4	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	0.1	0.1
- Cost	0.2	0.2	0.2	0.2	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-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
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
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	5.7	1.4	1.1	1.5	0.0
1. Long-term prepayments	5.7	1.4	1.1	1.5	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	0.7
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)	127.3	127.3	134.4	133.3	134.6
A. LIABILITIES (300=210+330)	17.6	13.8	17.0	17.3	12.3
I. Short -term liabilities	17.6	13.8	17.0	17.3	12.3
1. Short-term trade accounts payable	0.5	0.1	0.0	0.0	0.6
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	7.7	7.0	7.7	8.0	0.0
4. Payable to employees	4.0	2.9	4.9	4.6	0.0
5. Short-term acrrued expenses	0.4	0.3	0.3	0.3	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	2.3	1.7	1.8	1.8	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	2.7	1.9	2.5	2.5	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)	109.7	113.4	117.3	116.0	122.3
I. Owner's equity	109.7	113.4	117.3	116.0	0.0
1. Owner's capital	95.0	95.0	95.0	95.0	122.3
- Common stock with voting right	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00
- 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	1.5	1.5	1.5
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	—	0.0	3.7	3.7	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	14.7	18.4	17.2	15.8	22.2
- Accumulated retained earning at the end of the previous period	0.4	0.1	0.6	0.0	0.0
- Undistributed earnings in this period	14.4	18.3	16.5	15.8	22.2
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)	127.3	127.3	134.4	133.3	134.6

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	1.0
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	-11.9	-12.3	-14.7	-11.3	0.0
Other Operating Receipts	6.8	8.7	8.5	11.6	0.0
Other Operating Payments	-23.5	-21.7	-28.9	-30.8	0.0
Net Cash Flow from Operating Activities	30.0	49.9	39.7	63.2	53.4
Payments for Fixed Assets and Other Long-term Assets	-3.7	-2.1	0.0	-2.8	-3.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-83.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	41.1
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	3.5	5.2	3.8	3.5	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	14.7	-2.3	4.6	1.2	-43.8
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	-48.3	-45.6	-53.2	-64.3	-66.3
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	-48.3	-45.6	-53.2	-64.3	-66.3
Net Cash Flow During the Period	-3.7	2.0	-9.0	0.1	0.5
Cash and Cash Equivalents at Beginning of Period	4.3	2.3	11.3	11.2	67.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.6	4.3	2.3	11.3	11.2

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	21.6	32.6	21.1	26.4	22.6	31.5	19.9	20.6	19.4	31.6	26.3	22.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	21.6	32.6	21.1	26.4	22.6	31.5	19.9	20.6	19.4	31.6	26.3	22.2
Cost of Goods Sold	7.3	10.9	10.0	8.0	6.3	12.3	7.8	6.2	5.5	10.7	8.3	6.6
Gross Profit	14.3	21.7	11.1	18.4	16.3	19.2	12.0	14.4	13.8	20.9	18.0	15.5
Financial Income	0.9	0.8	0.9	0.8	0.8	0.5	0.8	0.9	1.2	1.4	1.5	1.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.4	2.7	2.1	2.3	1.5	2.2	1.8	1.5	1.4	2.7	1.5	1.4
Operating Profit	13.8	19.8	9.9	17.0	15.6	17.5	11.1	13.8	13.6	19.6	18.0	15.6
Other Income	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	13.8	19.8	9.9	17.0	15.6	17.5	11.1	13.8	13.6	19.6	18.0	15.6
Current Income Tax Expense	2.8	4.0	2.0	3.4	3.1	3.6	2.2	2.8	2.7	3.9	3.6	3.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	11.0	15.8	7.9	13.6	12.5	13.9	8.8	11.0	10.9	15.6	14.4	12.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	11.0	15.8	7.9	13.6	12.5	13.9	8.8	11.0	10.9	15.6	14.4	12.4
Earnings per Share	1,079.00	1,544.00	830.00	1,346.00	1,233.00	1,357.00	856.00	1,089.00	1,072.00	1,504.00	1,441.00	1,226.00
Diluted EPS	1,162.42	1,663.77	830.83	1,428.23	1,313.64	4,375.00	929.86	1,161.15	1,147.67	1,644.90	1,516.27	1,309.66

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)	86.7	83.5	83.0	91.8	92.2	88.9	89.5	93.4	99.3	96.1	96.5	98.6
I. Cash and cash equivalents	6.3	0.6	5.1	8.3	0.2	4.3	1.7	6.1	1.3	2.3	12.8	16.4
1. Cash	1.3	0.6	0.3	0.2	0.2	0.1	1.7	2.5	0.7	0.3	0.6	0.3
2. Cash equivalents	5.0	—	4.8	8.1	—	4.2	0.0	3.6	0.6	2.0	12.2	16.1
II. Short-term financial investments	65.1	54.7	58.7	58.7	73.7	69.6	68.5	68.5	71.8	64.2	70.2	70.2
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	65.1	54.7	58.7	58.7	73.7	69.6	68.5	68.5	71.8	64.2	70.2	70.2
III. Short-term receivables	14.3	27.3	18.0	23.1	16.6	13.8	18.4	17.3	24.9	28.5	12.7	11.2
1. Short-term trade accounts receivable	13.1	25.3	16.0	21.7	14.0	11.4	15.8	16.2	20.9	24.3	9.6	9.5
2. Short-term prepayments to suppliers	—	—	0.2	0.2	0.6	0.0	0.9	0.2	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.6	2.4	2.3	1.6	2.4	2.8	2.1	1.4	4.4	4.7	3.5	2.2
7. Provision for short-term doubtful debts (*)	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1.0	0.7	0.8	1.5	1.4	0.8	0.7	1.4	1.2	0.9	0.8	0.7
1. Inventories	1.0	0.7	0.8	1.5	1.4	0.8	0.7	1.4	1.2	0.9	0.8	0.7
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	0.1	0.2	0.4	0.3	0.3	0.4	0.2	0.1	0.2	0.2	0.1	0.1
1. Short-term prepayments	0.1	0.2	0.4	0.3	0.3	0.4	0.2	0.1	0.2	0.2	0.1	0.1
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	—	—	—	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)	42.8	43.8	42.8	41.3	39.8	38.3	37.4	36.9	37.7	38.3	38.8	39.6
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	37.3	38.1	38.1	39.2	36.2	36.9	36.7	36.1	36.6	37.2	37.7	38.3
1. Tangible fixed assets	37.3	38.1	38.1	39.2	36.2	36.9	36.7	36.1	36.6	37.1	37.7	38.3
- Cost	163.9	—	—	—	—	159.9	159.1	158.0	157.8	157.8	157.8	157.8
- Accumulated depreciation	-126.6	—	—	—	—	-123.0	-122.4	-121.9	-121.3	-120.7	-120.1	-119.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	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	—	—	0.0	1.8	0.1	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	—	—	0.0	1.8	0.1	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	5.4	5.7	4.7	2.1	1.8	1.4	0.7	0.8	1.1	1.1	1.1	1.3
1. Long-term prepayments	5.4	5.7	4.7	2.1	1.8	1.4	0.7	0.8	1.1	1.1	1.1	1.3
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)	129.5	127.3	125.8	133.1	132.0	127.2	126.9	130.3	137.0	134.4	135.3	138.2
A. LIABILITIES (300=210+330)	9.5	16.0	17.8	13.3	6.8	13.9	17.0	9.6	9.5	17.0	13.3	10.9
I. Short -term liabilities	9.5	16.0	17.8	13.3	6.8	13.9	17.0	9.6	9.5	17.0	13.3	10.9
1. Short-term trade accounts payable	0.3	0.5	0.1	1.5	0.1	0.1	0.0	0.2	0.1	0.0	0.0	0.0
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	1.8	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	3.7	7.8	5.6	5.9	4.0	6.9	5.1	4.6	4.1	7.7	6.7	5.1
4. Payable to employees	1.5	3.4	2.9	2.4	0.4	3.0	2.5	1.8	1.3	4.9	2.7	2.1
5. Short-term acrrued expenses	0.2	0.4	0.4	1.1	0.1	0.3	0.4	0.2	0.1	0.3	0.4	0.2
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	0.2	1.9	7.5	1.7	1.6	1.7	7.6	1.7	1.7	1.8	1.7	1.9
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	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.8	1.9	1.4	0.7	0.6	1.9	1.5	1.1	2.1	2.5	1.9	1.5
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)	120.0	111.2	108.0	119.9	125.1	113.3	109.9	120.8	127.5	117.3	122.0	127.3
I. Owner's equity	120.0	111.2	108.0	119.9	125.1	113.3	109.9	120.8	127.5	117.3	122.0	127.3
1. Owner's capital	95.0	95.0	95.0	95.0	95.0	95.0	95.0	95.0	95.0	95.0	95.0	95.0
- Common stock with voting right	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00	95,000,000,000.00
- 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	1.5	1.5	1.5	1.5
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	—	—	—	—	—	0.0	0.0	0.0	3.7	3.7	3.7	3.7
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	25.0	16.2	13.0	24.9	30.1	18.3	14.9	25.8	27.4	17.2	21.9	27.2
- Accumulated retained earning at the end of the previous period	14.7	0.4	0.4	12.8	18.5	0.1	0.1	0.1	17.2	17.2	0.0	0.6
- Undistributed earnings in this period	10.2	15.9	12.6	12.0	11.7	18.2	14.8	25.7	10.2	0.0	21.9	26.6
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)	129.5	127.3	125.8	133.1	132.0	127.2	126.9	130.3	137.0	134.4	135.3	138.2

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	-5.6	-1.6	-2.7	-2.5	-5.1	-1.8	-2.3	-2.2	-6.0	-2.9	-2.5	-3.2
Other Operating Receipts	0.0	—	—	—	—	0.3	4.2	2.3	1.8	1.8	1.7	4.9
Other Operating Payments	-8.3	-4.0	-7.5	-5.2	-6.8	-1.1	-9.8	-4.3	-6.5	-8.0	-7.8	-7.4
Net Cash Flow from Operating Activities	16.1	8.5	10.7	10.4	0.4	21.1	8.6	15.4	4.8	3.1	14.5	29.3
Payments for Fixed Assets and Other Long-term Assets	—	0.1	-1.4	-0.7	-1.7	-0.8	-1.1	-0.1	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	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	—	0.6	0.2	1.4	1.3	0.0	0.1	3.3	1.8	0.3	0.1	2.0
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	-10.4	5.4	-1.9	15.7	-4.5	-1.9	-1.1	6.5	-5.8	6.3	0.1	-1.9
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	—	-18.4	-11.9	-18.0	—	-16.6	-11.9	-17.1	0.0	-19.9	-18.2	-15.1
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	—	-18.4	-11.9	-18.0	—	-16.6	-11.9	-17.1	0.0	-19.9	-18.2	-15.1
Net Cash Flow During the Period	5.7	-4.5	-3.2	8.1	-4.1	2.5	-4.4	4.8	-1.0	-10.5	-3.6	12.3
Cash and Cash Equivalents at Beginning of Period	0.6	5.1	8.3	0.2	4.3	2.3	2.3	2.3	2.3	11.3	11.3	11.3
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	6.3	0.6	5.1	8.3	0.2	4.3	1.7	6.1	1.3	2.3	12.8	16.4

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DRL

What Is Changing

Drivers of DRL's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▲

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow