DSP

Dịch vụ Du lịch Phú Thọ ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −32.45%, −14.56pp YoY

Price

12,800

Latest close

07 May 2026

P/E -26.71x

P/B 1.76x

EPS -479

BVPS 7,253

ROE -6.4%

ROA -5.9%

Profit Margin -32.4%

Asset Turnover 0.18x

Equity Mult. 1.08x

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

What Is Changing

On a TTM 2026Q1 basis, DSP posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 175bn
	                                
−0.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 57bn
	                                
−80.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	171.6	194.1	212.2	221.6	55.9
Growth	-12%	-9%	-4%	+297%	—
Net Income	-55.4	-20.8	2.3	-41.6	-75.9
Net Margin	-32.29%	-10.69%	1.10%	-18.77%	-135.89%

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	50.3	35.7	45.2	44.2	46.6	32.6	50.1	46.4	64.9	36.7	60.4	59.3
Growth	+41%	-21%	+2%	-5%	+43%	-35%	+8%	-29%	+77%	-39%	+2%	—
Net Income	-6.8	14.5	-55.4	-9.2	-5.1	-30.7	-14.0	18.3	5.5	-13.6	-2.6	30.2
Net Margin	-13.58%	40.77%	-122.61%	-20.90%	-10.88%	-94.06%	-27.94%	39.49%	8.55%	-37.11%	-4.36%	50.84%

Drivers of DSP's profit

TTM

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

Administrative expenses ↓ 8.9bn

Gross profit ↓ 31.5bn

Financial income ↓ 3.4bn

TTM

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

Financial income ↑ 3.2bn

Gross profit ↓ 4.0bn

Selling expenses ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -3.4% = -17.9% × 0.17 × 1.09

2026Q1 -6.4% = -32.4% × 0.18 × 1.08

ROE fell from -3.4% to -6.4% — net margin weakened the most, though asset turnover still provided support.

Net margin: -32.4% -14.6pp Asset turnover: 0.18x +0.01x Leverage: 1.08x -0.01x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -32.45%, losing 14.6pp. The main pressure is Gross margin fell 18.1pp, outweighing the improvement in SG&A / Revenue fell 5.0pp (with lingering pressure from Net financial result / Revenue fell 1.3pp and Other profit / Revenue fell 0.2pp).

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

Profitability trend

Net Margin -32.45% −14.6pp

Gross Margin -44.98% −18.1pp

SG&A / Revenue 10.99% −5.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.06x equity, with a net cash position equivalent to 0.00x 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

Cash conversion cycle improved by 0.0 days versus the same period last year. The main moves came from DIO fell 0.7 days, DSO fell 0.8 days, and DPO fell 1.5 days.

Working capital cycle is flat — components are offsetting each other.

Working Capital Efficiency

Receivables 34.3 days −0.8 days

Inventory 2.7 days −0.7 days

Payables 14.1 days −1.5 days

Cash Conversion Cycle 22.9 days −0.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 51.0bn due to capex of 4.0bn — an investment choice, not an urgent risk.

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 -0.00x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.83x −3.02x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -96.2bn in 2025, against investing cash flow of 56.8bn.

Post-investment cash flow was negative +39.4bn. Financing cash flow was negative +0.0bn.

CFO / net income was 0.83x.

After spending +4.0bn on fixed-asset investment, the business generated trailing free cash flow of −51.0bn.

Cash Conversion

CFO TTM 47.0bn +73.9bn

Cash Capex 4.0bn −12.5bn

FCF TTM −51.0bn +86.4bn

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 margins remain under pressure remaining the main constraint, with net margin down 14.6 pp. The next watchpoint is earnings conversion quality, with CFO/NI at 0.83x. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.00x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.00x of equity.

Watchpoint: earnings conversion still needs confirmation, with CFO / net income at 0.83x while net financial result still accounts for -72.5% of PBT.

Key risk: profitability remains under pressure, with trailing-12M net margin at -32.45% after a 14.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	171.6	194.1	212.2	221.6	55.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	171.6	194.1	212.2	221.6	55.9
Cost of Goods Sold	246.7	233.2	234.8	262.3	0.0
Gross Profit	-75.1	-39.2	-22.6	-40.7	-107.9
Financial Income	38.1	47.2	64.1	38.1	50.9
Financial Expenses	0.2	0.9	1.3	0.4	-0.4
Interest Expense	0.0	0.6	1.0	0.2	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	3.8	4.7	6.7	6.2	-2.7
General and Administrative Expenses	14.6	23.7	31.9	32.7	-15.8
Operating Profit	-55.6	-21.3	1.6	-41.9	-76.0
Other Income	0.2	0.5	1.0	0.3	0.0
Other Expenses	0.0	0.0	0.2	0.0	0.0
Other Profit	0.2	0.5	0.7	0.3	0.1
Profit Before Tax	-55.4	-20.8	2.3	-41.6	-75.9
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-55.4	-20.8	2.3	-41.6	-75.9
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-55.4	-20.8	2.3	-41.6	-75.9
Earnings per Share	-466.84	-175.00	20.00	-350.00	-639.91
Diluted EPS	-466.84	-174.86	19.65	-350.47	-639.91

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	508.5	398.2	579.1	652.9	536.3
I. Cash and cash equivalents	6.1	45.4	21.7	4.9	2.1
1. Cash	6.1	2.4	6.7	4.9	0.0
2. Cash equivalents	—	43.0	15.0	0.0	0.0
II. Short-term financial investments	267.0	172.5	425.0	516.2	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	267.0	172.5	425.0	516.2	0.0
III. Short-term receivables	209.8	153.0	105.7	103.6	107.7
1. Short-term trade accounts receivable	15.4	14.5	14.2	15.6	0.0
2. Short-term prepayments to suppliers	1.2	1.0	2.6	0.6	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	204.6	149.0	91.5	88.9	0.0
7. Provision for short-term doubtful debts (*)	-11.5	-11.5	-2.6	-1.5	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1.6	2.3	2.0	3.1	2.2
1. Inventories	1.6	2.3	2.0	3.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	24.0	25.0	24.7	25.1	24.2
1. Short-term prepayments	1.6	2.6	2.3	2.7	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	22.4	22.4	22.4	22.4	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)	416.2	584.9	420.0	428.2	509.4
I. Long-term receivables	13.0	12.6	13.1	13.1	0.0
1. Long-term trade receivables	0.2	0.2	0.2	0.2	13.1
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	19.8	19.4	19.9	19.9	0.0
7. Provision for long-term doubtful debts	-7.0	-7.0	-7.0	-7.0	0.0
II. Fixed assets	91.3	101.4	95.9	94.1	120.0
1. Tangible fixed assets	91.2	101.1	95.5	93.5	119.2
- Cost	626.6	614.9	592.8	574.8	0.0
- Accumulated depreciation	-535.4	-513.8	-497.3	-481.4	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	0.1	0.3	0.4	0.6	0.8
- Cost	30.6	30.6	31.0	31.0	0.0
- Accumulated depreciation	-30.5	-30.4	-30.6	-30.4	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	8.1	10.6	8.9	9.3	9.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	8.1	10.6	8.9	9.3	0.0
V. Long-term financial investments	285.1	441.3	291.6	285.9	314.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	253.3	253.3	253.3	253.3	0.0
3. Investments in other entities	33.6	33.6	33.6	33.6	0.0
4. Provision for diminution in value of long-term investments	-1.8	-1.6	-1.3	-1.0	0.0
5. Held to maturity investments	—	156.0	6.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	18.8	19.0	10.4	25.8	0.0
1. Long-term prepayments	18.8	19.0	10.4	25.8	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	53.0
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)	924.7	983.1	999.1	1,081.1	1,045.7
A. LIABILITIES (300=210+330)	55.5	58.6	53.8	138.1	46.4
I. Short -term liabilities	52.5	55.6	50.8	135.1	43.9
1. Short-term trade accounts payable	8.1	11.9	7.5	10.6	3.9
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.6	0.5	0.6	0.8	0.0
4. Payable to employees	6.7	6.4	6.2	6.0	0.0
5. Short-term acrrued expenses	5.1	5.1	4.7	5.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.3	0.4	0.2	0.6	0.2
9. Other short-term payables	31.6	31.3	31.5	32.3	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	79.5	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.1	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	3.0	3.0	3.0	3.0	2.5
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	3.0	3.0	3.0	3.0	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)	869.2	924.6	945.3	943.0	999.3
I. Owner's equity	869.2	924.6	945.3	943.0	0.0
1. Owner's capital	1,186.8	1,186.8	1,186.8	1,186.8	999.3
- Common stock with voting right	1,186,840,000,000.00	1,186,840,000,000.00	1,186,840,000,000.00	1,186,840,000,000.00	1,186,840,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	69.7	69.7	69.7	69.7	69.7
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	—	0.0	0.0	0.0	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	-387.4	-332.0	-311.2	-313.5	-257.3
- Accumulated retained earning at the end of the previous period	-332.0	-311.2	-313.5	-271.9	-181.3
- Undistributed earnings in this period	-55.4	-20.8	2.3	-41.6	-75.9
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)	924.7	983.1	999.1	1,081.1	1,045.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	-20.8	2.3	-41.6	0.0
Depreciation of Fixed Assets and Investment Property	—	23.7	26.7	31.3	0.0
Provision (Increase)/Reversal	—	9.2	1.3	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-47.3	-64.9	-38.3	0.0
Interest Expense	—	0.6	1.0	0.2	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	—	-34.6	-33.6	-48.2	0.0
Increase/(Decrease) in Receivables	—	-57.0	-0.8	0.6	0.0
Increase/(Decrease) in Inventory	—	-0.3	1.1	-0.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	4.2	-4.6	7.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	-8.9	15.8	15.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.6	-1.2	0.0	0.0
Corporate Income Tax Paid	—	-0.0	0.0	0.0	0.0
Other Operating Receipts	39.8	0.0	0.0	0.0	0.0
Other Operating Payments	-160.6	-0.0	-0.0	-0.1	0.0
Net Cash Flow from Operating Activities	-96.2	-97.1	-23.3	-25.9	-73.0
Payments for Fixed Assets and Other Long-term Assets	-5.3	-30.5	-28.4	-5.5	-3.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	1.1	0.2	0.0
Loans and Purchases of Debt Instruments	—	-366.0	-574.5	-673.4	-484.4
Receipts from Loan Repayments and Sale of Debt Instruments	—	468.5	659.7	585.2	532.6
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	0.7	48.7	61.7	42.6	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	56.8	120.8	119.6	-50.8	69.7
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	4.0	52.0	0.0	79.5	0.0
Repayment of Borrowings	-4.0	-52.0	-79.5	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	0.0	-0.0	-0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-0.0	-79.5	79.5	-0.0
Net Cash Flow During the Period	-39.4	23.7	16.8	2.8	-18.8
Cash and Cash Equivalents at Beginning of Period	45.4	21.7	4.9	2.1	5.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.1	45.4	21.7	4.9	2.1

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	50.3	35.7	45.2	44.2	46.6	32.6	50.1	46.4	64.9	36.7	60.4	59.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	50.3	35.7	45.2	44.2	46.6	32.6	50.1	46.4	64.9	36.7	60.4	59.3
Cost of Goods Sold	66.3	30.1	101.5	56.2	58.6	64.6	66.4	33.5	68.6	62.8	66.4	40.0
Gross Profit	-16.0	5.6	-56.4	-12.0	-12.0	-31.9	-16.3	12.9	-3.7	-26.1	-5.9	19.3
Financial Income	14.8	14.3	5.1	7.0	11.6	16.3	7.0	9.7	14.2	22.3	12.9	20.6
Financial Expenses	—	0.2	—	—	0.0	1.1	0.0	0.0	0.0	0.3	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.6	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	1.7	1.1	0.8	0.9	1.0	1.2	1.2	1.1	1.3	1.0	1.9	2.5
General and Administrative Expenses	3.9	4.1	3.4	3.4	3.7	13.0	3.6	3.3	3.7	8.4	7.7	7.7
Operating Profit	-6.9	14.4	-55.4	-9.2	-5.1	-30.9	-14.1	18.2	5.5	-13.5	-2.6	29.7
Other Income	0.0	0.1	0.0	0.0	0.0	0.2	0.1	0.1	0.0	0.1	0.0	0.5
Other Expenses	—	0.0	—	0.0	—	-0.0	0.0	0.0	0.0	0.2	0.0	0.0
Other Profit	0.0	0.1	0.0	0.0	0.0	0.2	0.1	0.1	0.0	-0.1	-0.0	0.5
Profit Before Tax	-6.8	14.5	-55.4	-9.2	-5.1	-30.7	-14.0	18.3	5.5	-13.6	-2.6	30.2
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-6.8	14.5	-55.4	-9.2	-5.1	-30.7	-14.0	18.3	5.5	-13.6	-2.6	30.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-6.8	14.5	-55.4	-9.2	-5.1	-30.7	-14.0	18.3	5.5	-13.6	-2.6	30.2
Earnings per Share	-57.56	122.56	-466.46	-77.76	-42.73	-258.68	-117.91	154.47	46.76	-114.72	-22.18	254.13
Diluted EPS	-57.56	122.56	-466.46	-77.76	-42.73	-258.68	-117.91	154.47	46.76	-114.72	-22.18	254.13

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)	515.7	508.5	540.2	564.9	563.9	398.2	686.5	566.8	635.0	581.0	660.6	521.8
I. Cash and cash equivalents	3.9	6.1	69.0	5.1	21.9	45.4	3.3	6.8	15.9	21.7	34.5	4.2
1. Cash	3.9	6.1	3.0	5.1	2.4	2.4	3.3	6.8	3.9	6.7	2.5	4.2
2. Cash equivalents	—	—	66.0	—	19.5	43.0	0.0	0.0	12.0	15.0	32.0	0.0
II. Short-term financial investments	290.0	267.0	247.0	332.0	312.5	172.5	467.5	420.0	455.0	425.0	453.7	379.7
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	290.0	267.0	247.0	332.0	312.5	172.5	467.5	420.0	455.0	425.0	453.7	379.7
III. Short-term receivables	195.3	209.8	198.9	202.2	202.8	153.0	164.9	111.0	112.4	107.7	122.2	110.8
1. Short-term trade accounts receivable	16.7	15.4	17.5	15.8	15.7	14.5	20.0	15.7	17.6	14.2	16.4	14.9
2. Short-term prepayments to suppliers	1.3	1.2	1.7	1.8	1.0	1.0	1.4	4.1	2.0	2.7	1.5	1.4
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	188.9	204.6	191.2	196.1	197.6	149.0	146.0	93.9	95.4	93.7	105.8	96.0
7. Provision for short-term doubtful debts (*)	-11.6	-11.5	-11.5	-11.5	-11.5	-11.5	-2.6	-2.6	-2.6	-2.8	-1.5	-1.5
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1.8	1.6	1.6	1.7	1.9	2.3	2.0	2.3	2.3	2.0	2.0	2.4
1. Inventories	1.8	1.6	1.6	1.7	1.9	2.3	2.0	2.3	2.3	2.0	2.0	2.4
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	24.6	24.0	23.6	23.8	24.8	25.0	48.8	26.6	49.4	24.6	48.1	24.7
1. Short-term prepayments	2.2	1.6	1.2	1.4	2.4	2.7	26.4	4.2	27.0	2.2	25.7	2.3
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	22.4	22.4	22.4	22.4	22.4	22.4	22.4	22.4	22.4	22.4	22.4	22.4
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)	412.9	416.2	421.2	430.1	426.2	584.8	426.0	455.3	416.4	420.3	421.9	518.4
I. Long-term receivables	12.6	13.0	13.0	13.0	12.6	12.6	12.6	12.6	13.1	13.1	13.1	13.1
1. Long-term trade receivables	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	19.4	19.8	19.8	19.8	19.4	19.4	19.4	19.4	19.9	19.9	19.9	19.9
7. Provision for long-term doubtful debts	-7.0	-7.0	-7.0	-7.0	-7.0	-7.0	-7.0	-7.0	-7.0	-7.0	-7.0	-7.0
II. Fixed assets	87.9	91.3	94.9	97.4	98.6	101.4	99.6	90.6	95.2	95.9	101.1	107.4
1. Tangible fixed assets	87.4	91.2	94.7	97.2	98.4	101.1	99.3	90.3	94.8	95.5	100.6	106.9
- Cost	627.9	—	—	—	—	614.9	607.6	597.9	596.8	592.8	591.7	593.7
- Accumulated depreciation	-540.5	—	—	—	—	-513.8	-508.3	-507.6	-502.0	-497.3	-491.1	-486.8
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	0.5	0.1	0.1	0.2	0.2	0.3	0.3	0.4	0.4	0.4	0.5	0.5
- Cost	31.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-30.6	—	—	—	—	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	8.1	8.1	9.0	10.0	11.1	10.7	10.2	14.4	8.9	9.2	8.9	8.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	8.1	8.1	9.0	10.0	11.1	10.7	10.2	14.4	8.9	9.2	8.9	8.9
V. Long-term financial investments	285.1	285.1	285.3	291.3	285.3	441.1	285.6	321.6	285.6	291.6	285.9	371.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	253.3	253.3	253.3	253.3	253.3	253.3	253.3	253.3	253.3	253.3	253.3	253.3
3. Investments in other entities	33.6	33.6	33.6	33.6	33.6	33.6	33.6	33.6	33.6	33.6	33.6	33.6
4. Provision for diminution in value of long-term investments	-1.8	-1.8	-1.6	-1.6	-1.6	-1.8	-1.3	-1.3	-1.3	-1.3	-1.0	-1.0
5. Held to maturity investments	—	—	—	6.0	—	156.0	0.0	36.0	0.0	6.0	0.0	85.5
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	19.2	18.8	19.1	18.5	18.6	19.1	17.9	16.1	13.6	10.4	12.9	17.6
1. Long-term prepayments	19.2	18.8	19.1	18.5	18.6	19.1	17.9	16.1	13.6	10.4	12.9	17.6
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)	928.6	924.7	961.4	994.9	990.1	983.0	1,112.4	1,022.1	1,051.4	1,001.3	1,082.5	1,040.3
A. LIABILITIES (300=210+330)	67.8	55.5	106.8	84.7	70.6	58.7	157.3	52.9	100.5	53.8	121.3	76.8
I. Short -term liabilities	64.8	52.5	102.7	81.7	67.6	55.7	154.4	49.9	97.5	50.8	118.4	73.8
1. Short-term trade accounts payable	8.9	8.1	9.9	6.6	10.7	12.0	12.3	7.1	8.4	7.5	7.1	11.3
2. Short-term advances from customers	0.2	0.0	0.3	0.0	0.0	0.0	0.1	0.9	0.0	0.0	0.0	0.0
3. Dividends and profits payable	0.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	15.8	0.6	52.1	34.8	17.6	0.5	50.4	2.6	49.1	0.6	71.4	21.7
4. Payable to employees	3.7	6.7	3.2	3.2	3.0	6.4	3.0	3.0	3.3	6.2	2.8	3.2
5. Short-term acrrued expenses	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.0	5.0	4.7	4.9	5.2
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	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.5	0.2	0.4	0.3
9. Other short-term payables	30.5	31.6	31.7	31.4	30.6	31.3	31.0	31.1	31.3	31.5	31.7	32.0
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	52.0	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	0.0	0.0	0.0	0.0	0.0	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	3.0	3.0	4.1	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0
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	3.0	3.0	4.1	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0
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)	860.8	869.2	854.6	910.3	919.5	924.4	955.1	969.2	950.9	947.5	961.1	963.5
I. Owner's equity	860.8	869.2	854.6	910.3	919.5	924.4	955.1	969.2	950.9	947.5	961.1	963.5
1. Owner's capital	1,186.8	1,186.8	1,186.8	1,186.8	1,186.8	1,186.8	1,186.8	1,186.8	1,186.8	1,186.8	1,186.8	1,186.8
- Common stock with voting right	1,186,840,000,000.00	1,186,840,000,000.00	1,186,840,000,000.00	1,186,840,000,000.00	1,186,840,000,000.00	1,186,840,000,000.00	1,186,840,000,000.00	1,186,840,000,000.00	1,186,840,000,000.00	1,186,840,000,000.00	1,186,840,000,000.00	1,186,840,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	69.7	69.7	69.7	69.7	69.7	69.7	69.7	69.7	69.7	69.7	69.7	69.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-395.8	-387.4	-401.9	-346.3	-337.0	-332.1	-301.4	-287.3	-305.7	-309.0	-295.4	-293.0
- Accumulated retained earning at the end of the previous period	-388.9	-332.0	-332.0	-332.0	-332.0	-311.2	-311.2	-311.2	-311.2	-313.5	-313.5	-313.5
- Undistributed earnings in this period	-6.8	-55.4	-70.0	-14.3	-5.1	-20.9	9.8	23.9	5.5	4.5	18.2	20.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	928.6	924.7	961.4	994.9	990.1	983.0	1,112.4	1,022.1	1,051.4	1,001.3	1,082.5	1,040.3

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	—	—	—	-14.6	—	0.0	-23.8	23.8	0.0	2.3	-20.8	20.8
Depreciation of Fixed Assets and Investment Property	—	—	—	11.6	—	0.0	-12.0	12.0	0.0	26.7	-13.8	13.8
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	1.3	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	—	—	—	-18.7	—	0.0	23.9	-23.9	0.0	-64.9	32.1	-32.1
Interest Expense	—	—	—	0.0	—	0.0	0.0	0.0	0.0	1.0	-1.0	1.0
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	—	—	—	-21.7	—	0.0	-11.9	11.9	0.0	-33.6	-3.5	3.5
Increase/(Decrease) in Receivables	—	—	—	-50.2	—	0.0	2.6	-2.6	0.0	-0.8	1.5	-1.5
Increase/(Decrease) in Inventory	—	—	—	0.6	—	0.0	0.3	-0.3	0.0	1.1	-0.7	0.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	26.1	—	0.0	1.5	-1.5	0.0	-4.6	-18.7	18.7
Increase/(Decrease) in Prepaid Expenses	—	—	—	1.7	—	0.0	6.8	-6.8	0.0	15.8	-8.8	8.8
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	-1.2	1.1	-1.1
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Other Operating Receipts	13.9	—	—	—	—	18.5	45.1	-20.6	20.6	-25.1	25.1	-8.3
Other Operating Payments	-9.3	-47.8	-57.1	—	-55.7	-61.3	-100.7	9.2	-9.2	30.6	-30.6	11.2
Net Cash Flow from Operating Activities	11.0	-42.6	-10.1	-5.3	-38.2	-41.3	-23.7	-17.6	18.2	-73.6	21.3	19.7
Payments for Fixed Assets and Other Long-term Assets	-0.0	-0.6	1.9	-5.3	-1.4	-4.0	1.0	-12.2	-0.1	-12.4	10.8	-23.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	-0.1	0.1	0.0	1.1	-1.1	1.1
Loans and Purchases of Debt Instruments	—	—	—	-55.5	—	0.0	109.0	-109.0	0.0	-574.5	174.0	-174.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	46.0	—	0.0	-84.0	84.0	0.0	659.7	-225.0	225.0
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	10.0	0.2	-18.9	19.3	0.1	0.5	-21.3	21.7	0.0	49.3	-12.2	24.3
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	-13.1	-20.4	74.0	-11.5	14.7	135.5	-31.8	8.6	-24.1	60.8	9.1	-12.1
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	4.0	0.0	52.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	-4.0	-52.0	0.0	0.0	0.0	0.0	0.0	-5.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	—	—	-0.0	—	0.0	0.0	-0.0	0.0	0.0	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	-0.0	—	—	-0.0	—	-52.0	52.0	-0.0	0.0	0.0	0.0	-5.0
Net Cash Flow During the Period	-2.1	-63.0	63.9	-16.8	-23.5	42.1	-3.5	-9.1	-5.9	-12.8	30.4	2.6
Cash and Cash Equivalents at Beginning of Period	6.1	69.0	5.1	21.9	45.4	21.7	21.7	21.7	21.7	4.9	4.9	4.9
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	3.9	6.1	69.0	5.1	21.9	45.4	3.3	6.8	15.9	21.7	34.5	4.2

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DSP

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Balance Sheet ●

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Statement Data

What is driving the margin?

Balance Sheet

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Cash Flow