DWS

Cấp nước và Môi trường đô thị Đồng Tháp ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 12.00%, +2.32pp YoY

Price

12,800

Latest close

29 May 2026

P/E 5.49x

P/B 0.83x

EPS 2,329

BVPS 15,416

ROE 15.6%

ROA 5.8%

Profit Margin 12.0%

Asset Turnover 0.48x

Equity Mult. 2.71x

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

What Is Changing

On a TTM 2026Q1 basis, DWS has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 503bn
	                                
+6.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 60bn
	                                
+31.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	476.1	488.8	453.1	417.2	382.1
Growth	-3%	+8%	+9%	+9%	—
Net Income	51.2	49.4	43.1	36.4	31.5
Net Margin	10.76%	10.11%	9.51%	8.73%	8.24%

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	121.7	140.0	117.0	124.3	94.8	143.1	114.9	121.8	108.3	121.7	115.0	115.8
Growth	-13%	+20%	-6%	+31%	-34%	+24%	-6%	+12%	-11%	+6%	-1%	—
Net Income	13.2	16.7	12.3	18.0	4.7	15.6	11.3	14.5	7.1	11.6	10.3	14.3
Net Margin	10.88%	11.96%	10.55%	14.51%	4.91%	10.90%	9.79%	11.87%	6.58%	9.53%	8.97%	12.33%

Drivers of DWS's profit

TTM

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

Gross profit ↑ 16.5bn

Other profit ↑ 5.3bn

Selling expenses ↑ 4.1bn

Tax ↑ 2.1bn

Administrative expenses ↑ 2.1bn

TTM

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

Gross profit ↑ 10.3bn

Administrative expenses ↑ 2.0bn

Tax ↑ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.4% = 9.7% × 0.46 × 2.81

2026Q1 15.6% = 12.0% × 0.48 × 2.71

ROE rose from 12.4% to 15.6% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 12.0% +2.3pp Asset turnover: 0.48x +0.02x Leverage: 2.71x -0.10x

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 12.00%, rising 2.3pp. Core operating signals are improving as Gross margin rose 1.5pp are enough to offset pressure from SG&A / Revenue rose 0.2pp (with additional support from Other profit / Revenue rose 1.1pp and Net financial result / Revenue rose 0.2pp).

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 12.00% +2.3pp

Gross Margin 32.51% +1.5pp

SG&A / Revenue 18.59% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 12.9% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 12.88%, rising 2.5pp. That translates to 12.88 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.4pp and capital turnover rose 0.10x, with invested capital holding roughly steady — capital-return quality improved from both sides.

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 12.88% +2.5pp

NOPAT Margin 11.58% +1.4pp

Capital Turnover 1.11x +0.10x

Average Invested Capital 452.4bn −14.5bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 1.77x equity, net debt at 0.14x 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 5.6 days versus the same period last year. The main moves came from DIO rose 0.3 days, DSO rose 3.5 days, and DPO rose 9.5 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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.

Watchpoints

Receivables collection is slowing

DSO increased by +3.5 days, pointing to slower receivables turnover.

Inventory turnover is slowing

DIO increased by +0.3 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 26.9 days +3.5 days

Inventory 35.2 days +0.3 days

Payables 21.6 days +9.5 days

Cash Conversion Cycle 40.5 days −5.6 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.14x and interest coverage at 12.51x.

At present, short-term debt accounts for 31.7% of total debt, cash equals 44.9% of debt, and total debt stands at 98.2bn.

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 0.14x −0.07x

Interest Coverage 12.51x +3.86x

Cash / Debt 44.9% +12.6pp

Short-term Debt / Total Debt 31.7% −4.0pp

CFO / NI 1.32x −0.51x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 87.4bn in 2025, against investing cash flow of -43.9bn.

Post-investment cash flow was positive +43.4bn. Financing cash flow was negative +28.1bn.

CFO / net income was 1.32x.

After spending +45.4bn on fixed-asset investment, the business generated trailing free cash flow of +34.5bn.

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 79.9bn −4.4bn

Cash Capex 45.4bn +43.4bn

FCF TTM +34.5bn −47.9bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 2.3 pp. The next item to monitor is capital efficiency, with ROIC at 12.9%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.00% after expanding 2.3pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	476.2	489.0	453.2	417.5	382.1
Revenue Deductions	0.1	0.2	0.1	0.3	0.0
Net Revenue	476.1	488.8	453.1	417.2	382.1
Cost of Goods Sold	323.3	339.2	311.5	292.2	0.0
Gross Profit	152.7	149.6	141.6	124.9	104.8
Financial Income	0.9	0.8	0.7	0.5	0.4
Financial Expenses	5.4	6.7	7.4	6.6	-5.4
Interest Expense	5.4	6.7	7.4	6.6	-5.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	49.2	37.0	38.4	36.0	-31.8
General and Administrative Expenses	44.4	49.3	50.0	43.4	-37.6
Operating Profit	54.7	57.4	46.4	39.5	30.3
Other Income	5.2	3.2	2.9	2.6	0.0
Other Expenses	1.8	5.2	0.5	0.4	0.0
Other Profit	3.4	-2.0	2.4	2.2	6.2
Profit Before Tax	58.0	55.4	48.9	41.6	36.5
Current Income Tax Expense	6.8	6.0	5.7	5.2	-5.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	51.2	49.4	43.1	36.4	31.5
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	51.2	49.4	43.1	36.4	31.5
Earnings per Share	1,253.00	1,260.00	1,218.00	1,138.00	1,215.32
Diluted EPS	1,253.00	1,260.00	1,218.00	1,138.00	1,215.32

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	158.3	177.4	145.5	119.2	115.2
I. Cash and cash equivalents	59.8	44.4	43.5	33.6	33.1
1. Cash	59.8	44.4	43.5	33.6	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	14.0	14.0	10.5	10.0	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	14.0	14.0	10.5	10.0	0.0
III. Short-term receivables	49.8	87.8	53.3	45.1	45.4
1. Short-term trade accounts receivable	46.5	74.5	35.8	27.9	0.0
2. Short-term prepayments to suppliers	0.6	0.5	3.0	2.5	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	10.7	19.9	18.7	17.8	0.0
7. Provision for short-term doubtful debts (*)	-8.0	-7.1	-4.1	-3.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	29.9	24.9	35.3	30.5	29.1
1. Inventories	29.9	24.9	35.3	30.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	4.8	6.2	2.9	0.0	0.1
1. Short-term prepayments	—	2.9	0.0	0.0	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	4.8	3.3	2.9	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)	912.9	887.7	926.4	952.6	929.1
I. Long-term receivables	3.0	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	3.0	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	424.4	413.9	426.9	426.8	441.7
1. Tangible fixed assets	423.4	413.3	426.3	426.2	441.1
- Cost	983.0	931.2	900.1	842.0	0.0
- Accumulated depreciation	-559.6	-517.9	-473.8	-415.8	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	1.0	0.6	0.6	0.6	0.6
- Cost	2.0	1.6	1.6	1.6	0.0
- Accumulated depreciation	-0.9	-0.9	-0.9	-0.9	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	455.8	450.2	477.6	509.3	471.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	455.8	450.2	477.6	509.3	0.0
V. Long-term financial investments	0.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1	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	29.5	23.5	21.9	16.4	0.0
1. Long-term prepayments	29.5	23.5	21.9	16.4	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	16.3
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)	1,071.2	1,065.0	1,071.9	1,071.8	1,044.3
A. LIABILITIES (300=210+330)	684.9	695.3	721.5	738.9	726.0
I. Short -term liabilities	116.7	113.4	138.6	614.6	593.8
1. Short-term trade accounts payable	21.0	13.8	16.7	15.6	11.0
2. Short-term advances from customers	0.1	0.1	2.8	2.1	0.7
3. Taxes and other payables to state authorities	8.0	7.6	6.2	5.3	0.0
4. Payable to employees	45.8	44.8	36.0	31.9	0.0
5. Short-term acrrued expenses	9.9	8.8	4.5	6.8	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	5.0	5.8	9.3	477.0	0.0
10. Short-term borrowings and financial leases	25.6	32.0	62.7	74.2	65.1
11. Provision for short-term liabilities	0.2	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.2	0.5	0.4	1.6	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	568.1	581.9	582.8	124.3	132.2
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	480.4	484.4	490.1	24.6	0.0
8. Long-term borrowings and financial leases	72.4	77.3	76.9	87.5	94.3
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	—	0.7	0.0	0.0	0.0
13. Fund for technology development	15.4	19.5	15.8	12.2	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	386.3	369.7	350.4	332.8	318.3
I. Owner's equity	386.3	369.7	350.4	332.8	0.0
1. Owner's capital	259.2	259.2	259.2	259.2	318.3
- Common stock with voting right	259,181,300,000.00	259,181,300,000.00	259,181,300,000.00	259,181,300,000.00	259,181,300,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	75.9	61.1	48.1	37.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	51.2	49.4	43.1	36.4	31.5
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	21.7
- Undistributed earnings in this period	51.2	49.4	43.1	36.4	9.9
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)	1,071.2	1,065.0	1,071.9	1,071.8	1,044.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	58.0	55.4	48.9	41.6	0.0
Depreciation of Fixed Assets and Investment Property	59.8	61.8	57.9	53.7	13.2
Provision (Increase)/Reversal	1.1	3.0	1.0	0.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.1	3.0	-0.4	-0.9	0.0
Interest Expense	5.4	6.7	7.4	6.6	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	—	4.1	0.0	2.3	0.0
Operating Profit Before Changes in Working Capital	124.4	134.0	114.8	103.8	0.0
Increase/(Decrease) in Receivables	32.4	-37.9	-10.5	0.9	0.0
Increase/(Decrease) in Inventory	-76.6	8.8	-3.2	-46.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	38.5	-1.6	4.2	3.5	0.0
Increase/(Decrease) in Prepaid Expenses	-3.1	-4.5	-5.5	-0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-5.3	-6.7	-7.5	-6.5	0.0
Corporate Income Tax Paid	-6.5	-5.7	-5.4	-5.8	0.0
Other Operating Receipts	—	0.0	0.1	0.0	0.0
Other Operating Payments	-16.4	-14.4	-11.5	-5.0	0.0
Net Cash Flow from Operating Activities	87.4	71.9	75.5	44.6	88.7
Payments for Fixed Assets and Other Long-term Assets	-45.4	-22.4	-28.0	-31.2	-1.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	0.0	0.0	1.7	-0.2
Loans and Purchases of Debt Instruments	—	-3.5	-0.5	-2.5	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.9	0.7	0.3	0.4	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	-43.9	-25.2	-28.1	-31.6	-1.6
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	30.0	77.9	101.9	112.5	2.5
Repayment of Borrowings	-41.2	-108.2	-124.1	-110.3	-88.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-16.8	-15.6	-15.3	-14.8	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	-28.1	-45.8	-37.4	-12.5	-85.7
Net Cash Flow During the Period	15.4	0.9	9.9	0.5	19.0
Cash and Cash Equivalents at Beginning of Period	44.4	43.5	33.6	33.1	31.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	59.8	44.4	43.5	33.6	33.1

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	121.7	140.0	117.0	124.5	94.8	143.1	115.1	121.8	108.3	121.7	115.0	115.8
Revenue Deductions	—	—	—	0.1	—	0.0	0.2	0.0	0.0	0.0	0.0	0.0
Net Revenue	121.7	140.0	117.0	124.3	94.8	143.1	114.9	121.8	108.3	121.7	115.0	115.8
Cost of Goods Sold	87.1	88.5	80.2	83.7	70.4	98.5	78.6	80.2	75.8	83.4	71.0	79.3
Gross Profit	34.7	51.5	36.8	40.7	24.4	44.6	36.4	41.6	32.5	38.3	44.0	36.5
Financial Income	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Financial Expenses	1.3	1.3	1.2	1.4	1.4	1.3	1.7	1.9	1.8	1.6	1.8	2.0
Interest Expense	—	1.3	1.2	1.4	1.4	1.3	1.7	1.9	1.8	1.6	1.8	2.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	10.0	16.3	10.7	11.4	10.7	11.7	11.1	10.7	12.2	7.0	19.6	7.9
General and Administrative Expenses	9.6	15.9	11.7	7.9	7.6	10.4	11.5	13.5	10.7	17.3	11.5	11.2
Operating Profit	13.9	18.2	13.3	20.1	4.9	21.4	12.2	15.7	8.0	12.6	11.3	15.6
Other Income	0.9	1.3	0.5	0.5	0.4	0.6	0.5	0.7	0.6	1.0	0.5	0.5
Other Expenses	0.0	0.6	0.0	0.2	0.0	4.8	0.2	0.1	0.6	0.4	0.1	0.0
Other Profit	0.9	0.7	0.5	0.2	0.3	-4.2	0.4	0.6	-0.1	0.6	0.4	0.5
Profit Before Tax	14.8	18.9	13.8	20.4	5.3	17.2	12.6	16.3	7.9	13.2	11.7	16.1
Current Income Tax Expense	1.6	2.1	1.5	2.3	0.6	1.6	1.4	1.9	0.8	1.6	1.3	1.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	13.2	16.7	12.3	18.0	4.7	15.6	11.3	14.5	7.1	11.6	10.3	14.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	13.2	16.7	12.3	18.0	4.7	15.6	11.3	14.5	7.1	11.6	10.3	14.3
Earnings per Share	511.17	645.92	476.08	696.28	179.51	601.38	434.12	557.94	275.15	447.49	398.06	550.64
Diluted EPS	511.17	645.92	476.08	696.28	179.51	601.38	434.12	557.94	275.15	447.49	398.06	550.64

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)	143.1	163.1	185.0	152.6	141.7	176.7	159.6	144.2	126.0	145.5	145.8	127.8
I. Cash and cash equivalents	44.1	59.8	86.2	69.1	36.7	44.5	68.8	48.7	34.2	43.5	48.7	35.2
1. Cash	44.1	59.8	86.2	69.1	36.7	44.5	68.8	48.7	34.2	43.5	48.7	35.2
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	14.0	14.0	14.0	14.0	14.0	14.0	14.0	11.0	11.0	10.5	10.0	10.0
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	14.0	14.0	14.0	14.0	14.0	14.0	14.0	11.0	11.0	10.5	10.0	10.0
III. Short-term receivables	42.5	58.8	48.5	37.0	55.0	93.1	50.2	46.4	42.4	55.3	49.5	46.7
1. Short-term trade accounts receivable	38.6	46.7	35.4	26.3	35.7	74.5	32.2	30.6	25.2	35.8	27.9	23.0
2. Short-term prepayments to suppliers	1.0	1.0	2.2	2.8	5.2	0.5	0.7	1.5	0.7	3.0	3.9	3.2
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	10.9	18.8	18.6	15.6	21.3	24.5	23.5	18.4	20.5	20.6	20.6	23.4
7. Provision for short-term doubtful debts (*)	-8.0	-7.7	-7.7	-7.7	-7.1	-6.3	-6.2	-4.1	-4.1	-4.1	-2.9	-2.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	37.5	29.9	36.1	26.6	27.9	24.9	26.5	33.8	34.6	35.3	36.9	35.5
1. Inventories	37.5	29.9	36.1	26.6	27.9	24.9	26.5	33.8	34.6	35.3	36.9	35.5
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	4.9	0.7	0.2	5.9	8.0	0.1	0.1	4.4	3.8	0.9	0.6	0.4
1. Short-term prepayments	—	—	—	—	2.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	4.9	0.7	0.2	5.9	5.1	0.1	0.1	4.4	3.8	0.9	0.6	0.4
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)	924.2	911.3	890.7	886.7	886.4	890.5	908.6	921.4	928.4	926.0	924.3	932.4
I. Long-term receivables	3.0	—	—	—	—	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	3.0	—	—	—	—	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	441.3	425.0	411.6	410.1	409.4	413.5	430.1	435.4	440.0	426.9	422.9	404.7
1. Tangible fixed assets	440.3	423.9	411.0	409.5	408.8	412.9	429.5	434.8	439.4	426.3	422.3	404.0
- Cost	1,013.8	—	—	—	—	928.7	938.6	928.7	918.3	900.1	881.7	847.6
- Accumulated depreciation	-573.5	—	—	—	—	-515.8	-509.0	-493.9	-478.9	-473.8	-459.4	-443.5
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	1.0	1.0	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
- Cost	2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.0	—	—	—	—	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	450.2	457.0	453.5	453.3	453.7	450.5	453.5	461.6	466.0	477.6	481.2	509.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	450.2	457.0	453.5	453.3	453.7	450.5	453.5	461.6	466.0	477.6	481.2	509.9
V. Long-term financial investments	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	29.5	29.2	25.5	23.2	23.2	26.4	24.8	24.2	22.3	21.5	20.1	17.7
1. Long-term prepayments	29.5	29.2	25.5	23.2	23.2	26.4	24.8	24.2	22.3	21.5	20.1	17.7
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)	1,067.3	1,074.4	1,075.7	1,039.4	1,028.1	1,067.2	1,068.2	1,065.6	1,054.4	1,071.6	1,070.1	1,060.2
A. LIABILITIES (300=210+330)	667.7	688.1	706.1	681.6	653.8	697.3	714.0	713.9	687.1	721.1	731.3	731.8
I. Short -term liabilities	105.0	118.4	135.5	106.1	77.7	121.3	137.2	134.5	109.3	604.2	614.9	612.1
1. Short-term trade accounts payable	26.8	21.1	20.2	9.7	13.4	13.9	7.1	11.3	8.4	17.5	9.9	11.1
2. Short-term advances from customers	0.1	0.1	1.1	0.9	0.6	0.1	0.2	0.6	2.1	2.8	5.0	6.7
3. Taxes and other payables to state authorities	5.3	7.6	13.4	11.0	3.7	7.5	13.1	6.4	4.6	5.4	15.5	10.1
4. Payable to employees	17.3	45.8	28.2	15.3	5.8	44.8	34.2	18.7	9.0	36.0	28.2	19.8
5. Short-term acrrued expenses	11.7	9.9	8.4	5.8	7.3	8.8	7.4	5.1	6.8	4.5	3.8	4.8
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	11.4	6.1	27.0	23.2	5.9	13.1	28.9	25.7	9.4	474.9	493.1	494.5
10. Short-term borrowings and financial leases	31.2	25.6	24.1	24.2	40.6	32.0	35.2	54.6	68.2	62.7	52.3	56.1
11. Provision for short-term liabilities	0.2	0.2	0.1	—	—	0.0	0.0	0.0	0.0	0.0	6.8	0.0
12.. Bonus and welfare fund	1.0	2.1	13.0	16.0	0.4	1.1	11.0	12.2	0.8	0.4	0.4	9.2
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	562.7	569.6	570.6	575.5	576.1	576.0	576.9	579.4	577.7	116.9	116.4	119.7
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	480.4	481.8	483.0	483.0	483.0	477.6	480.3	480.3	480.3	24.6	24.6	24.6
8. Long-term borrowings and financial leases	67.0	72.4	68.3	72.4	72.9	77.3	76.6	82.7	81.4	76.9	76.3	79.9
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	—	—	0.4	0.7	0.7	0.7	0.2	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	15.3	15.4	18.9	19.3	19.4	20.4	19.8	16.4	16.0	15.4	15.5	15.2
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)	399.6	386.3	369.6	357.8	374.4	369.9	354.1	351.6	367.4	350.5	338.9	328.3
I. Owner's equity	399.6	386.3	369.6	357.8	374.4	369.9	354.1	351.6	367.4	350.5	338.9	328.3
1. Owner's capital	259.2	259.2	259.2	259.2	259.2	259.2	259.2	259.2	259.2	259.2	259.2	259.2
- Common stock with voting right	259,181,300,000.00	259,181,300,000.00	259,181,300,000.00	259,181,300,000.00	259,181,300,000.00	259,181,300,000.00	259,181,300,000.00	259,181,300,000.00	259,181,300,000.00	259,181,300,000.00	259,181,300,000.00	259,181,300,000.00
- 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	75.9	75.9	75.9	75.9	61.1	61.1	61.1	70.9	57.9	48.1	48.1	48.1
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	64.5	51.2	34.5	22.7	54.1	49.6	33.9	21.6	50.2	43.1	31.5	21.0
- Accumulated retained earning at the end of the previous period	51.2	—	—	—	49.4	34.1	22.6	7.1	43.1	31.5	21.2	6.7
- Undistributed earnings in this period	13.2	51.2	34.5	22.7	4.7	15.6	11.3	14.5	7.1	11.6	10.3	14.3
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)	1,067.3	1,074.4	1,075.7	1,039.4	1,028.1	1,067.2	1,068.2	1,065.6	1,054.4	1,071.6	1,070.1	1,060.2

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	—	33.0	—	25.1	—	0.0	-25.5	25.5	0.0	48.9	-24.0	24.0
Depreciation of Fixed Assets and Investment Property	—	28.7	—	31.1	—	0.0	-29.7	29.7	0.0	57.9	-27.9	27.9
Provision (Increase)/Reversal	—	0.4	—	0.7	—	0.0	-2.3	2.3	0.0	1.0	0.2	-0.2
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	—	0.4	—	-0.3	—	0.0	0.4	-0.4	0.0	-0.4	0.3	-0.3
Interest Expense	—	2.5	—	2.8	—	0.0	-3.7	3.7	0.0	7.4	-4.1	4.1
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	—	65.0	—	59.4	—	0.0	-60.8	60.8	0.0	114.8	-55.4	55.4
Increase/(Decrease) in Receivables	—	-15.1	—	47.4	—	0.0	-4.9	4.9	0.0	-10.5	1.9	-1.9
Increase/(Decrease) in Inventory	—	-51.3	—	-25.3	—	0.0	1.0	-1.0	0.0	-3.2	9.4	-9.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	55.4	—	-16.9	—	0.0	26.9	-26.9	0.0	4.2	7.5	-7.5
Increase/(Decrease) in Prepaid Expenses	—	-6.3	—	3.2	—	0.0	2.4	-2.4	0.0	-5.5	1.3	-1.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-2.5	—	-2.8	—	0.0	3.7	-3.7	0.0	-7.5	4.0	-4.0
Corporate Income Tax Paid	-2.4	-4.6	0.1	-0.1	-1.9	-3.2	0.0	-0.8	-1.7	-4.0	0.0	0.0
Other Operating Receipts	170.2	—	—	—	—	125.2	387.0	-152.4	152.4	-374.3	374.3	-128.0
Other Operating Payments	-123.6	205.1	-220.0	112.7	-114.3	-103.4	-192.7	96.8	-99.7	197.8	-208.3	83.9
Net Cash Flow from Operating Activities	-7.3	8.7	17.3	61.2	0.2	-10.6	80.5	14.3	12.0	-41.1	87.7	8.9
Payments for Fixed Assets and Other Long-term Assets	-0.1	-43.7	23.0	-24.6	-0.1	-1.0	16.6	-17.4	-1.5	-27.2	1.2	-1.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.5	-0.5	0.0	-0.5	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	0.0	0.5	-0.2	0.4	0.2	0.1	-0.5	0.5	0.0	0.2	-0.3	0.4
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.0	-42.5	22.8	-24.2	0.1	-0.9	16.7	-17.4	-1.5	-27.5	0.9	-1.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.5	28.4	-14.2	15.7	—	3.7	-49.3	53.9	7.8	101.1	-54.9	54.9
Repayment of Borrowings	-8.9	-4.1	-8.8	-20.4	-8.0	-16.5	-27.7	-36.4	-27.6	-22.5	-20.1	-48.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-16.8	—	—	—	0.0	0.0	0.0	0.0	-15.3	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	-8.4	7.5	-23.0	-4.7	-8.0	-12.8	-77.0	17.6	-19.8	63.4	-75.1	6.3
Net Cash Flow During the Period	-15.7	-26.3	17.1	32.3	-7.7	-24.4	20.2	14.4	-9.3	-5.2	13.5	14.0
Cash and Cash Equivalents at Beginning of Period	59.8	86.2	69.1	36.7	44.4	43.5	43.5	43.5	43.5	33.6	33.6	33.6
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	44.1	59.8	86.2	69.1	36.7	44.5	68.8	48.7	34.2	43.5	48.7	35.2

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DWS

What Is Changing

Drivers of DWS'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