EMS

Tổng Công ty Chuyển phát nhanh Bưu Điện - CTCP ·UPCOM ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT 0.61x

Price

18,400

Latest close

03 Jun 2026

P/E 5.19x

P/B 1.11x

EPS 3,545

BVPS 16,616

ROE 22.1%

ROA 9.7%

Profit Margin 3.8%

Asset Turnover 2.52x

Equity Mult. 2.27x

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

What Is Changing

On a TTM 2026Q1 basis, EMS has not moved the needle on revenue, but profitability has edged up slightly — the growth momentum has held across consecutive periods. What remains unclear is whether this improvement can widen without revenue momentum to back it.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,935bn
	                                
−1.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 74bn
	                                
+32.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,973.7	1,848.1	1,797.1	2,235.9	2,495.4
Growth	+7%	+3%	-20%	-10%	—
Net Income	69.5	65.6	64.7	71.3	67.3
Net Margin	3.52%	3.55%	3.60%	3.19%	2.70%

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	480.7	528.8	441.2	484.7	518.9	613.9	435.1	388.2	410.9	483.1	438.1	422.2
Growth	-9%	+20%	-9%	-7%	-15%	+41%	+12%	-6%	-15%	+10%	+4%	—
Net Income	15.2	28.1	21.0	10.2	10.2	23.8	17.4	5.0	19.6	22.4	28.6	5.3
Net Margin	3.15%	5.31%	4.76%	2.11%	1.97%	3.87%	4.01%	1.28%	4.76%	4.64%	6.52%	1.26%

Drivers of EMS's profit

TTM

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

Administrative expenses ↓ 19.1bn

Financial income ↑ 4.0bn

Selling expenses ↑ 2.4bn

TTM

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

Administrative expenses ↓ 10.9bn

Financial income ↑ 1.0bn

Gross profit ↓ 3.4bn

Selling expenses ↑ 2.9bn

Tax ↑ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 17.4% = 2.9% × 2.87 × 2.10

2026Q1 22.1% = 3.8% × 2.52 × 2.27

ROE rose from 17.4% to 22.1% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 3.8% +1.0pp Asset turnover: 2.52x -0.35x Leverage: 2.27x +0.17x

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 edged up to 3.85%, rising 1.0pp. The main driver is SG&A / Revenue fell 0.7pp and Gross margin rose 0.1pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.2pp added support while Other profit / Revenue fell 0.0pp remained a drag).

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

Profitability trend

Net Margin 3.85% +1.0pp

Gross Margin 15.48% +0.1pp

SG&A / Revenue 10.98% −0.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

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

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 3.84% +1.0pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 1.33x equity, with a net cash position equivalent to 0.29x 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 lengthened by 0.3 days versus the same period last year. The main moves came from DIO fell 0.4 days, DSO rose 9.8 days, and DPO rose 9.0 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +0.3 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +9.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 93.5 days +9.8 days

Inventory 0.7 days −0.4 days

Payables 42.6 days +9.0 days

Cash Conversion Cycle 51.6 days +0.3 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 57.8bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.29x and interest coverage at 66.49x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.29x —

Interest Coverage 66.49x +15.22x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.61x −1.26x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 57.8bn in 2025, against investing cash flow of -19.4bn.

Post-investment cash flow was positive +38.4bn. Financing cash flow was negative +20.8bn.

CFO / net income was 0.61x.

After spending +2.6bn on fixed-asset investment, the business generated trailing free cash flow of +42.6bn.

Cash Conversion

CFO TTM 45.2bn −60.2bn

Cash Capex 2.6bn +1.0bn

FCF TTM +42.6bn −61.2bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.61x. The next item to monitor is capital efficiency.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.61x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,973.7	1,848.1	1,797.1	2,235.9	2,495.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,973.7	1,848.1	1,797.1	2,235.9	2,495.4
Cost of Goods Sold	1,670.2	1,540.0	1,466.7	1,864.4	0.0
Gross Profit	303.4	308.0	330.4	371.5	471.7
Financial Income	8.6	5.5	4.7	7.4	3.7
Financial Expenses	1.9	1.1	0.7	2.6	-1.8
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	84.5	80.3	90.5	111.6	-199.8
General and Administrative Expenses	136.4	145.4	163.9	175.1	-189.6
Operating Profit	89.3	86.7	80.0	89.6	84.2
Other Income	0.3	0.9	1.2	0.2	0.0
Other Expenses	0.4	0.6	0.1	0.3	0.0
Other Profit	-0.1	0.3	1.0	-0.0	0.3
Profit Before Tax	89.1	87.0	81.1	89.5	84.5
Current Income Tax Expense	19.6	21.4	16.3	18.2	-17.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	69.5	65.6	64.7	71.3	67.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	69.5	65.6	64.7	71.3	67.3
Earnings per Share	3,311.00	3,125.00	3,083.00	3,398.00	4,434.00
Diluted EPS	3,310.77	3,125.14	3,083.19	3,397.59	3,738.59

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	629.5	610.4	531.3	645.5	760.4
I. Cash and cash equivalents	124.0	106.3	57.7	58.2	202.9
1. Cash	36.6	44.9	29.1	39.7	0.0
2. Cash equivalents	87.4	61.4	28.6	18.5	0.0
II. Short-term financial investments	82.3	77.9	43.3	25.6	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	82.3	77.9	43.3	25.6	0.0
III. Short-term receivables	412.6	414.6	413.2	535.8	504.5
1. Short-term trade accounts receivable	434.5	429.0	422.3	509.6	0.0
2. Short-term prepayments to suppliers	3.5	1.1	3.0	6.5	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	21.1	19.7	15.1	21.1	0.0
7. Provision for short-term doubtful debts (*)	-46.5	-35.1	-27.3	-1.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2.8	3.7	7.1	6.9	0.6
1. Inventories	2.8	3.7	7.1	6.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	7.8	7.8	10.0	19.0	11.6
1. Short-term prepayments	4.4	7.8	10.0	17.1	0.0
2. Value added tax to be reclaimed	2.7	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.7	0.0	0.0	1.9	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)	146.9	138.3	144.6	81.1	98.1
I. Long-term receivables	10.5	13.2	15.8	10.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	12.7
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	10.5	13.2	15.8	10.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	30.5	38.0	53.5	60.5	61.8
1. Tangible fixed assets	19.4	26.9	41.7	47.1	47.1
- Cost	208.5	207.3	209.8	202.0	0.0
- Accumulated depreciation	-189.0	-180.4	-168.1	-154.8	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	11.1	11.1	11.8	13.4	14.7
- Cost	23.2	23.8	24.4	24.4	0.0
- Accumulated depreciation	-12.1	-12.7	-12.6	-11.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	7.0	5.1	5.1	5.1	5.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	7.0	5.1	5.1	5.1	0.0
V. Long-term financial investments	88.4	71.0	66.0	0.0	13.0
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	88.4	71.0	66.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	10.5	11.0	4.2	5.2	0.0
1. Long-term prepayments	10.5	11.0	4.2	5.2	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	5.5
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)	776.4	748.8	675.9	726.6	858.4
A. LIABILITIES (300=210+330)	442.6	432.6	373.7	417.9	587.1
I. Short -term liabilities	442.2	432.3	373.7	417.9	587.1
1. Short-term trade accounts payable	195.6	184.8	122.0	167.9	212.0
2. Short-term advances from customers	2.0	0.7	1.3	3.0	2.8
3. Taxes and other payables to state authorities	15.6	17.3	10.1	13.4	0.0
4. Payable to employees	67.6	78.2	82.2	111.3	0.0
5. Short-term acrrued expenses	53.7	44.7	60.9	22.9	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	0.4	0.3	0.2	0.0	0.0
9. Other short-term payables	38.3	35.9	28.8	28.0	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	69.1	70.4	68.2	71.4	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	0.4	0.3	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	0.4	0.3	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)	333.8	316.2	302.2	308.7	271.3
I. Owner's equity	333.8	316.2	302.2	308.7	0.0
1. Owner's capital	210.0	210.0	210.0	210.0	271.3
- Common stock with voting right	209,994,400,000.00	209,994,400,000.00	209,994,400,000.00	209,994,400,000.00	179,997,532,374.00
- 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	53.8	40.5	27.5	26.6	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	70.0	65.6	64.7	72.1	67.3
- Accumulated retained earning at the end of the previous period	0.5	0.0	-0.1	0.7	0.0
- Undistributed earnings in this period	69.5	65.6	64.7	71.3	67.3
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)	776.4	748.8	675.9	726.6	858.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	89.1	87.0	81.1	89.5	0.0
Depreciation of Fixed Assets and Investment Property	11.4	15.7	18.7	18.3	0.0
Provision (Increase)/Reversal	11.3	7.8	25.9	0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.3	-0.2	0.1	0.0
Gain/Loss from Investment Activities	-6.9	-3.6	-3.5	-3.4	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	104.9	106.7	122.0	104.9	0.0
Increase/(Decrease) in Receivables	-9.6	-6.6	93.6	-70.3	0.0
Increase/(Decrease) in Inventory	0.9	3.4	-0.2	-6.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	13.6	50.8	-37.5	-129.7	0.0
Increase/(Decrease) in Prepaid Expenses	2.1	-4.7	8.1	-5.1	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	-22.1	-15.4	-20.2	-12.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-32.2	-28.5	-32.3	-38.7	0.0
Net Cash Flow from Operating Activities	57.8	105.6	133.5	-157.6	-21.0
Payments for Fixed Assets and Other Long-term Assets	-3.9	-0.2	-12.0	-19.2	-22.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.1	1.0	0.0	0.0
Loans and Purchases of Debt Instruments	-324.4	-352.1	-98.8	-35.2	-33.6
Receipts from Loan Repayments and Sale of Debt Instruments	302.7	312.7	15.2	50.4	0.7
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	6.1	3.2	2.8	4.1	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	-19.4	-36.3	-91.8	0.1	-54.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	-2,374.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-20.8	-20.9	-41.6	-0.0	-0.8
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-20.8	-20.9	-41.6	-0.0	-0.8
Net Cash Flow During the Period	17.7	48.4	0.0	-157.5	-18.2
Cash and Cash Equivalents at Beginning of Period	106.3	57.7	57.7	215.8	166.7
FX Difference from Revaluation	-0.0	0.2	-0.0	-0.1	0.0
Cash and Cash Equivalents at End of Period	124.0	106.3	57.7	58.2	202.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	480.7	528.8	441.2	484.7	518.9	613.9	435.1	388.2	410.9	483.1	438.1	422.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	480.7	528.8	441.2	484.7	518.9	613.9	435.1	388.2	410.9	483.1	438.1	422.2
Cost of Goods Sold	414.3	432.5	367.8	421.3	449.1	519.1	360.5	326.8	333.6	381.7	352.1	356.1
Gross Profit	66.4	96.3	73.4	63.4	69.8	94.8	74.5	61.3	77.3	101.4	86.0	66.0
Financial Income	1.7	3.3	1.5	3.1	0.7	2.8	0.5	1.6	0.6	2.1	1.8	0.9
Financial Expenses	0.0	0.1	0.1	1.2	0.5	0.3	0.6	0.1	0.1	0.2	0.3	0.1
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	24.8	23.9	18.7	19.5	21.9	28.2	18.3	16.2	17.2	24.2	21.3	22.7
General and Administrative Expenses	24.6	38.4	29.8	32.7	35.4	38.4	34.3	36.5	36.4	51.2	30.6	38.2
Operating Profit	18.7	37.2	26.2	13.1	12.8	30.7	21.8	10.1	24.3	27.9	35.7	5.9
Other Income	0.4	0.1	0.1	0.0	0.1	0.5	0.0	0.2	0.3	0.3	0.1	0.8
Other Expenses	0.0	0.2	0.0	0.2	0.0	0.3	0.0	0.2	0.1	0.1	0.0	0.0
Other Profit	0.3	-0.1	0.1	-0.2	0.1	0.2	-0.0	-0.1	0.2	0.2	0.1	0.8
Profit Before Tax	19.0	37.0	26.3	12.9	12.8	30.9	21.8	10.0	24.5	28.0	35.8	6.7
Current Income Tax Expense	3.9	8.9	5.3	2.7	2.6	7.1	4.4	5.0	5.0	5.6	7.2	1.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	15.2	28.1	21.0	10.2	10.2	23.8	17.4	5.0	19.6	22.4	28.6	5.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	15.2	28.1	21.0	10.2	10.2	23.8	17.4	5.0	19.6	22.4	28.6	5.3
Earnings per Share	721.00	1,338.00	999.00	487.00	486.00	1,132.00	830.00	237.00	932.00	1,067.00	1,360.00	253.00
Diluted EPS	721.45	1,337.62	999.44	486.91	486.32	1,132.42	829.89	237.15	931.68	1,067.29	1,359.84	253.10

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)	703.9	635.3	651.0	594.4	623.8	610.9	535.7	482.9	543.6	521.3	632.5	592.0
I. Cash and cash equivalents	100.1	129.0	120.0	102.2	98.1	106.3	85.8	33.9	63.3	57.9	133.1	117.2
1. Cash	34.6	41.6	46.8	39.7	46.1	44.9	39.5	30.2	30.1	29.1	30.2	42.2
2. Cash equivalents	65.5	87.4	73.2	62.5	52.0	61.4	46.4	3.7	33.1	28.8	103.0	75.0
II. Short-term financial investments	86.5	82.3	68.1	87.4	62.9	77.9	67.8	14.7	34.0	33.3	13.3	13.2
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	86.5	82.3	68.1	87.4	62.9	77.9	67.8	14.7	34.0	33.3	13.3	13.2
III. Short-term receivables	500.7	413.4	446.7	391.5	450.0	415.1	366.9	406.5	428.9	413.0	465.7	439.2
1. Short-term trade accounts receivable	529.7	435.8	461.9	401.4	461.7	429.0	373.5	410.1	435.6	421.4	439.6	418.5
2. Short-term prepayments to suppliers	2.6	2.9	2.1	1.3	1.4	1.1	1.1	1.9	3.0	3.0	4.4	1.8
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	14.8	21.1	17.9	23.9	22.1	20.3	19.6	21.8	17.6	16.1	23.0	20.3
7. Provision for short-term doubtful debts (*)	-46.5	-46.5	-35.1	-35.1	-35.1	-35.3	-27.3	-27.3	-27.3	-27.4	-1.4	-1.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3.2	2.8	2.5	2.4	2.7	3.6	7.0	16.7	7.2	7.1	6.9	7.1
1. Inventories	3.2	2.8	2.5	2.4	2.7	3.6	7.0	16.7	7.2	7.1	6.9	7.1
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	13.5	7.8	13.7	11.0	10.0	7.8	8.2	11.2	10.3	10.0	13.4	15.3
1. Short-term prepayments	9.7	4.4	10.2	8.5	9.5	7.8	8.2	11.2	9.9	10.0	13.4	15.3
2. Value added tax to be reclaimed	3.1	2.7	3.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.7	0.7	0.2	2.4	0.5	0.0	0.0	0.0	0.4	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)	104.1	142.4	117.5	127.1	104.0	138.3	134.3	170.5	91.7	154.6	73.5	79.7
I. Long-term receivables	9.4	11.1	11.9	11.0	11.5	13.2	14.4	14.6	15.5	15.8	8.4	9.6
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	9.4	11.1	11.9	11.0	11.5	13.2	14.4	14.6	15.5	15.8	8.4	9.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	28.8	30.5	30.8	33.3	36.3	38.0	41.3	45.2	49.3	53.5	56.6	61.1
1. Tangible fixed assets	17.7	19.4	19.7	22.2	25.2	26.9	30.2	33.9	37.8	41.7	44.5	48.8
- Cost	206.6	—	—	—	—	207.3	207.1	207.6	208.7	209.8	210.2	210.2
- Accumulated depreciation	-188.9	—	—	—	—	-180.4	-176.9	-173.7	-170.9	-168.1	-165.7	-161.4
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	11.1	11.1	11.1	11.1	11.1	11.1	11.1	11.3	11.5	11.8	12.0	12.3
- Cost	23.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-12.1	—	—	—	—	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	5.1	7.0	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5.1	7.0	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.2
V. Long-term financial investments	45.5	83.4	60.0	67.5	41.0	71.0	62.0	94.8	18.0	76.0	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	45.5	83.4	60.0	67.5	41.0	71.0	62.0	94.8	18.0	76.0	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	15.3	10.5	9.6	10.1	10.1	11.0	11.5	10.7	3.8	4.2	3.3	3.8
1. Long-term prepayments	15.3	10.5	9.6	10.1	10.1	11.0	11.5	10.7	3.8	4.2	3.3	3.8
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)	808.1	777.7	768.5	721.5	727.8	749.2	670.0	653.4	635.3	675.9	706.0	671.6
A. LIABILITIES (300=210+330)	459.1	444.0	462.8	415.8	401.4	432.9	377.4	357.3	313.5	373.7	425.9	420.5
I. Short -term liabilities	458.8	443.6	462.5	415.4	401.1	432.6	377.2	357.3	313.5	373.7	425.9	420.5
1. Short-term trade accounts payable	190.3	196.1	162.4	160.7	191.3	184.6	142.0	132.2	113.3	122.0	127.6	123.7
2. Short-term advances from customers	1.6	2.0	0.7	1.2	0.9	0.7	0.9	1.2	1.1	1.3	2.0	2.7
3. Dividends and profits payable	1.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	9.3	15.6	9.7	8.7	7.8	17.4	8.7	4.0	8.4	10.1	10.8	5.2
4. Payable to employees	45.6	67.6	77.9	69.0	58.6	78.2	80.6	70.9	63.0	81.8	108.7	108.6
5. Short-term acrrued expenses	104.3	54.6	72.9	50.7	47.2	44.4	35.6	29.4	33.9	60.9	30.7	25.2
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	0.1	0.4	0.2	0.7	0.2	0.3	0.2	0.1	0.1	0.2	0.1	0.0
9. Other short-term payables	40.1	38.3	57.1	38.8	29.8	36.5	28.6	32.7	29.6	28.8	66.8	69.6
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	66.3	69.1	81.6	85.6	65.3	70.4	80.4	86.9	64.2	68.6	79.1	85.5
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	0.4	0.4	0.4	0.4	0.3	0.3	0.3	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	0.4	0.4	0.4	0.4	0.3	0.3	0.3	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)	348.9	333.7	305.6	305.7	326.4	316.3	292.5	296.1	321.8	302.2	280.2	251.1
I. Owner's equity	348.9	333.7	305.6	305.7	326.4	316.3	292.5	296.1	321.8	302.2	280.2	251.1
1. Owner's capital	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0	210.0
- Common stock with voting right	209,994,400,000.00	209,994,400,000.00	209,994,400,000.00	209,994,400,000.00	209,994,400,000.00	209,994,400,000.00	209,994,400,000.00	209,994,400,000.00	209,994,400,000.00	209,994,400,000.00	209,994,400,000.00	209,994,400,000.00
- 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	53.8	53.8	53.8	53.8	40.5	40.5	40.5	40.5	27.5	27.5	27.5	27.5
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	85.2	70.0	41.9	41.9	75.8	65.8	42.0	45.5	84.3	64.7	42.6	13.6
- Accumulated retained earning at the end of the previous period	70.0	0.5	0.5	21.5	65.6	0.0	0.0	21.0	64.7	-0.1	0.3	-0.0
- Undistributed earnings in this period	15.2	69.5	41.4	20.4	10.2	65.8	42.0	24.5	19.6	64.7	42.3	13.6
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)	808.1	777.7	768.5	721.5	727.8	749.2	670.0	653.4	635.3	675.9	706.0	671.6

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	—	63.4	—	25.7	—	0.0	-34.5	34.5	0.0	81.1	-17.3	17.3
Depreciation of Fixed Assets and Investment Property	—	5.2	—	6.2	—	0.0	-8.3	8.3	0.0	18.7	-9.6	9.6
Provision (Increase)/Reversal	—	11.3	—	—	—	0.0	0.0	0.0	0.0	25.9	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.4	—	0.3	—	0.0	0.3	-0.3	0.0	-0.2	-0.0	0.0
Gain/Loss from Investment Activities	—	-4.1	—	-2.7	—	0.0	1.3	-1.3	0.0	-3.5	1.3	-1.3
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	—	75.5	—	29.5	—	0.0	-41.2	41.2	0.0	122.0	-25.5	25.5
Increase/(Decrease) in Receivables	—	-7.5	—	-2.1	—	0.0	-7.7	7.7	0.0	93.6	-99.7	99.7
Increase/(Decrease) in Inventory	—	-0.3	—	1.2	—	0.0	9.6	-9.6	0.0	-0.2	0.2	-0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	11.5	—	2.2	—	0.0	31.8	-31.8	0.0	-37.5	46.5	-46.5
Increase/(Decrease) in Prepaid Expenses	—	1.9	—	0.2	—	0.0	7.7	-7.7	0.0	8.1	-3.1	3.1
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	-9.0	-5.3	-2.7	-2.5	-11.5	0.0	-2.1	-7.7	-5.6	-7.2	-1.6	-2.1
Other Operating Receipts	256.8	—	—	—	—	1,043.5	2,381.3	-746.9	746.9	-2,048.0	2,048.0	-735.4
Other Operating Payments	-289.1	1,739.0	-1,755.5	936.0	-951.7	-1,028.3	-2,380.1	750.2	-762.2	2,063.5	-2,080.8	736.5
Net Cash Flow from Operating Activities	-65.1	68.1	-11.5	53.7	-52.5	56.0	75.1	26.8	-52.4	55.1	23.4	63.5
Payments for Fixed Assets and Other Long-term Assets	-0.2	-2.1	-0.3	-0.1	-1.4	-0.2	0.0	0.0	0.0	-0.9	-1.7	0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.0	0.1	—	0.0	0.0	0.0	0.0	0.1	0.9	0.0	0.1
Loans and Purchases of Debt Instruments	—	-157.7	—	-166.8	—	0.0	131.2	-131.2	0.0	-98.8	2.8	-2.8
Receipts from Loan Repayments and Sale of Debt Instruments	—	141.9	—	160.8	—	0.0	-131.1	131.1	0.0	15.2	-15.2	15.2
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	2.4	1.6	2.6	1.2	0.7	1.0	0.5	1.3	0.5	1.1	0.5	0.5
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	41.2	-43.1	29.3	-49.8	44.3	-18.4	-19.6	-56.2	57.8	-94.9	-1.2	-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	-0.0	-20.7	0.0	-0.0	-0.0	-17.6	-3.1	-0.0	-0.0	-35.4	-6.1	-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	-20.7	0.0	-0.0	-0.0	-17.6	-3.1	-0.0	-0.0	-35.4	-6.1	-0.0
Net Cash Flow During the Period	-23.9	4.3	17.8	3.9	-8.2	20.0	52.4	-29.4	5.4	-75.2	16.1	61.6
Cash and Cash Equivalents at Beginning of Period	124.0	120.0	102.2	98.1	106.3	57.7	57.7	57.7	57.7	57.7	57.7	58.2
FX Difference from Revaluation	0.0	-0.0	0.3	0.2	0.0	0.5	-0.5	0.1	0.1	-0.2	0.1	0.1
Cash and Cash Equivalents at End of Period	100.1	124.0	120.0	102.2	98.1	106.3	85.8	33.9	63.3	57.7	133.1	117.4

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EMS

What Is Changing

Drivers of EMS'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