EVS

Chứng khoán EVS ·HNX ·2026Q1

▼▼ BALANCED OPERATIONS

Balanced operations NPAT -1348.8% YoY

Price

4,600

Latest close

02 Jun 2026

EPS TTM (TTM) -945

BVPS (Latest) 11,052

P/E (Price/EPS) -4.9x

P/B (Price/BVPS) 0.4x

ROAE TTM (TTM) -8.2%

PBT Margin (TTM) -99.8%

Trading Share (Mix) 84.5%

Service & Brokerage Share (Mix) 7.7%

Equity / Assets (Latest) 86.5%

Leverage (Latest) 0.2x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 196.8bn, equivalent to a pre-tax margin of -99.8%, showing a profit base that is under clearer pressure, while margin has narrowed by 106.9pp, pointing to greater pressure on earnings quality. The revenue mix still leans mainly on trading at 84.5% after expanding by +1.2pp, while lending is at 7.8%; brokerage and services are still only 7.7% but have improved by +0.6pp, so diversification is progressing even if still thin. On the balance sheet, Equity / Assets is 86.5% while Leverage is about 0.16x, indicating a still relatively balanced capital posture, with equity buffers also improving year on year.

	                            
	                                Trading
	                            
	                        
Doanh thu 165 tỷ
−30,5%
Lãi thuần −130 tỷ
−212,6%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 15,2 tỷ
−44,0%
Dư nợ 84,4 tỷ
−54,6%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 13,7 tỷ
−26,6%
Lãi thuần −4,64 tỷ
+55,1%

Metric	2025	2024
PBT	17.8	21.3
Trading Share	86.2%	80.0%
Lending Share	6.8%	10.6%
Service & Brokerage Share	7.0%	9.5%
PBT Margin	6.46%	8.48%
Equity / Assets	84.3%	79.8%
Leverage	0.19x	0.25x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	-196.7	6.7	2.1	-8.8	17.9	16.6	-35.2	21.2	18.9
Trading Share	30.1%	90.8%	88.5%	68.9%	86.3%	88.5%	63.6%	78.9%	75.6%
Lending Share	34.3%	5.1%	5.0%	14.4%	7.5%	7.2%	17.5%	11.1%	11.7%
Service & Brokerage Share	35.6%	4.1%	6.6%	16.7%	6.2%	4.3%	18.9%	9.9%	12.7%
PBT Margin	-2412.82%	10.04%	2.28%	-28.68%	20.54%	15.92%	-97.59%	35.09%	36.80%
Equity / Assets	86.5%	84.3%	85.0%	84.5%	81.9%	79.8%	78.2%	80.4%	81.2%
Leverage	0.16x	0.19x	0.18x	0.18x	0.22x	0.25x	0.28x	0.24x	0.23x

Drivers of EVS's profit

TTM

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

Tax +VND 48.9bn

Total costs +VND 35.9bn

Trading −VND 246bn

TTM

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

Tax +VND 46.7bn

Trading −VND 218bn

Financial Highlights

Detailed analysis of each financial dimension

Is revenue sustainable?

very positive positive stable watch under pressure

Revenue Mix & Earnings Engine

Where are current earnings coming from?

Earnings are still being supported by trading, but revaluation has become large enough to make the headline less durable than usual.

Trading currently accounts for about 84.5%, lending is at 7.8%, brokerage is around 7.0%, other services about 0.7%, brokerage plus services together are 7.7%.

The earnings engine is already less one-dimensional, so the more important question is whether diversification can hold.

Trading income is materially dependent on revaluation.

The revenue headline should be read together with leakage into provisioning and net margin, not just the surface mix.

Key risks

Revaluation volatility risk

A large part of trading income is coming from revaluation, so earnings may be more volatile than the headline suggests.

Key signals

Securities business revenue 197.1bn −31.4% YoY

PBT margin -99.8% −106.9pp

Trading Share 84.5% +1.2pp

Revaluation / Trading 86.4% +30.4pp

TTM YoY · 2026Q1

Profitability Quality & Volatility

How strong is current profitability, and how durable is it?

Profitability has broken more clearly, so this section should be read as a profit-hit case rather than a technical fluctuation.

Pre-tax margin is currently -99.8%, Return on assets is about -6.9%.

Headline profit still needs to be read together with what is creating it and how thick returns really are.

Profit appears cleaner and less dependent on revaluation.

Provisioning is not currently the main drag on profit.

Key risks

Return profile remains weak

ROAA or ROAE remains in a weak range, leaving profitability on an insufficient base.

Key signals

PBT margin -99.8% −106.9pp

Net margin -79.0% −83.4pp

ROAA -6.9% −7.4pp

ROAE -8.2% −8.8pp

TTM YoY · 2026Q1

Are assets at risk?

Balance Sheet Quality & Asset Composition

Where is the balance sheet exposed, and how resilient does it look?

The balance sheet is leaning more toward the prop book, making market-valuation sensitivity a key issue to monitor.

The margin book is about 4.0% of assets, the prop book about 63.4%, liquid assets around 3.7%, equity roughly 86.5%.

A high prop-book share lets market-valuation swings flow more directly into the balance sheet.

The prop book is the more prominent balance-sheet component.

Capital buffer is not the main weakness for now, so the key reading point shifts to which assets are driving the balance sheet.

Key risks

Prop-book concentration risk

A high share of FVTPL assets increases sensitivity to market revaluation and trading volatility.

Key signals

Margin book / Assets 4.0% −3.7pp

Prop book / Assets 63.4% +28.8pp

Liquid assets / Assets 3.7% +0.2pp

Equity / Assets 86.5% +4.6pp

Liabilities / Equity 0.16x −0.07x

Quarterly YoY · 2026Q1

Is leverage safe?

Capital, Funding & Risk Posture

Are capital buffers and funding posture sufficiently safe?

Capital and funding posture looks more balanced for now, though the effective thickness of liquidity buffers still needs monitoring.

Equity currently equals 86.5% of assets, liabilities stand at 0.16x of equity, short-term borrowings are about 12.6% of assets, cash covers roughly 0.29x of short-term borrowings.

Capital and funding are mainly acting as a buffer for the case, rather than the main source of headline distortion.

When funding and liquidity remain adequate, capital posture works more as a buffer than a veto point.

Liquidity buffer looks adequate for now, though it still needs monitoring as funding structure shifts.

Key risks

Key signals

Equity / Assets 86.5% +4.6pp

Liabilities / Equity 0.16x −0.07x

Short-term borrowings / Assets 12.6% −4.2pp

Liquid assets / Assets 3.7% +0.2pp

Cash / Short-term borrowings 0.29x +0.09x

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, EVS currently looks like a more mixed case, with both supporting factors and watchpoints but no single clean direction yet.

Capital buffer is not currently the main pressure point for this case.

Profitability does not currently show a sufficiently durable base to be read as a clean case.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	237.7	201.2
a. Realised gains on disposals of FVTPL financial assets	15.6	256.3
b. Gains from revaluation of FVTPL financial assets	213.3	65.0
c. Dividends and interest income from FVTPL financial assets	8.8	-120.1
1.3. Interest income from loans and receivables	18.9	26.6
1.6. Revenue from brokerage services	15.3	20.6
1.8. Revenue from investment advisory services	2.5	1.3
1.10. Revenue from securities custody services	1.5	1.8
1.11. Other revenue	0.0	0.2
Revenue from securities business (01->11)	275.9	251.6
Net sales	275.9	251.6
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	150.3	87.3
a. Loss from disposals of financial assets at FVTPL	27.5	2.5
b. Loss from revaluation of financial assets at FVTPL	122.8	84.7
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	15.7	0.7
2.6. Expenses for proprietary trading activities	1.0	2.8
2.7. Expenses for brokerage services	20.1	31.6
2.9. Expenses for financial advisory services	4.4	5.9
2.11. Expenses for secutiries custodian services	1.5	1.9
2.12. Other expenses	5.4	13.2
Operating expenses (21->33)	198.6	143.4
Gross profit	77.4	108.2
3.2. Dividends, interest income from demand deposits	2.5	0.5
3.4. Other income about investment	21.9	9.7
Total financial income (41->44)	24.4	10.2
4.2. Borrowing costs	31.9	33.1
Total financial expenses (51->54)	31.9	33.1
VI. General and Administrative expenses	50.0	64.0
VII. Net profit from securities business (20+50-40-60-61-62)	19.9	21.4
8.1. Other incomes	0.9	0.0
8.2. Other expenses	2.9	0.1
Other profit (71-72)	-2.1	-0.0
IX. Profit before tax (70+80)	17.8	21.3
9.1. Realised profit	-72.7	41.1
9.2. Unrealised profit	90.5	-19.7
CORPORATE INCOME TAX	5.7	4.1
10.1. Current corporate income tax expenses	—	8.1
10.2. Deferred income tax expenses	5.7	-3.9
XI. Net profit after tax (90-100)	12.1	17.2
11.1. Profit after tax for shareholders of the parents company	12.1	17.2
13.1. Earning per share	73.00	104.00
Earnings per Share	73.35	104.23

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	2,298.1	2,409.4
Short-term financial assets	2,296.0	2,403.2
1. Cash and cash equivalents	138.2	109.0
1.1. Cash	138.2	109.0
2. Financial assets at fair value through profit or loss (FVTPL)	914.3	825.9
4. Loans	92.4	210.8
5. Available-for-sale financial assets (AFS)	30.3	30.3
6. Provisions for impairment loss of financial assets and mortgages	-25.5	-8.8
7. Short-term receivables	1,144.2	1,233.4
7.1. Receivables from disposal of financial assets	1,144.2	1,233.4
7.2. Receivables and accruals from dividends and interest income	—	0.0
7.2.1. Due dividend and interest receivables	—	0.0
Prepayments to suppliers	2.7	5.4
9. Service related receivable	2.0	2.4
12. Other receivables	1.7	0.1
13. Provision for doubtful debts	-4.3	-5.2
II. Other short-term assets	2.1	6.1
1. Advances	0.0	4.0
3. Short-term prepayments	1.5	1.5
4. Pledged assets, mortgages, security deposits in short term	—	0.1
Taxes and other receivables from state authorities	0.6	0.6
B. LONG-TERM ASSETS (200=210+220+240+250-260)	49.5	57.6
II. Fixed assets	22.2	25.9
1. Tangible fixed assets	15.5	17.5
- Cost	41.8	43.0
- Accumulated depreciation	-26.4	-25.6
3. Intangible fixed assets	6.7	8.5
- Cost	25.4	25.3
- Accumulated depreciation	-18.7	-16.8
V. Other long-term assets	27.3	31.7
1. Pledged assets, mortgages, security deposits in long term	2.5	2.9
2. Long-term prepayments	3.8	7.7
3. Deferred income tax assets	—	1.1
4. Payment for Settlement Assistance Fund	20.9	20.0
TOTAL ASSETS (270=100+200)	2,347.5	2,467.0
A. LIABILITIES (300=310+340)	368.8	499.4
I. Short -term liabilities	364.2	499.4
1. Short-term borrowings	310.3	461.2
1.1. Short-term borrowings	310.3	461.2
6. Payables to securities trading activities	0.3	0.5
8. Trade accounts payable	29.7	1.8
9. Advances from customers	1.0	0.4
10. Taxes and other payables to state authorities	1.1	2.6
11. Payable to employees	—	0.6
12. Employee welfare payables	0.4	0.3
13. Accrued expenses	12.4	22.8
17. Other payables	1.4	1.3
19. Bonus and welfare fund	7.6	7.9
II. Long-term liabilities	4.6	—
14. Deferred income tax liabilities	4.6	—
B. OWNER'S EQUITY (400=410+420)	1,978.8	1,967.6
I. Owner's equity	1,978.8	1,967.6
1. Investment capital from owners	1,648.0	1,648.0
1.1. Capital from owners	1,648.0	1,648.0
a. Common stock	1,648,006,180,000.00	1,648,006,180,000.00
7. Undistributed earnings after tax	330.8	319.6
7.1. Realised profits	252.5	326.0
7.2. Unrealised losses	78.3	-6.5
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	2,347.5	2,467.0

Item	2025	2024
1. Profit before tax	17.8	21.3
2. Adjustments for	50.9	39.0
- Depreciation and amortization	5.8	5.7
- (Reversal of provisions)/provisions	15.7	0.7
- Loss/(profits) from other investing activities	-2.5	-0.5
- Interest expense	31.9	33.1
3. Add non-cash expenses	122.8	84.7
- Loss from revaluation losses of FVTPL financial assets	122.8	84.7
4. Less non-cash income	-213.3	-65.0
- Gains from revaluation gains of FVTPL financial assets	-213.3	-65.0
5. Changes of assets and liabilities	120.5	710.6
- Increase/decrease in FVTPL financial assets	2.1	763.1
- Increase/decrease in loan	118.4	-52.6
6. Operating profit before changes in working capital	98.7	790.6
Increase/decrease in receiables sale of financial assets	89.2	-1,026.6
Increase/decrease in receiables interest of financial assets	0.0	175.6
Increase/decrease in service related receivables	1.0	-1.0
Increases/decreases in other receivables	-1.6	-0.1
Increase/decrease in other assets	3.1	-2.7
- Increase/(decrease) in payables (other than interest, corporate income tax)	-9.7	4.6
- (Increase)/decrease in prepaid expenses	3.9	0.9
- Corporate income tax paid	—	-14.8
- Interest paid	-32.5	-27.0
Increases/decreaese in trade payables	30.7	-0.1
Increases/decreases in employee welfare payables	0.1	0.1
Increases/decreases in tax and other payables to the State Budget	-1.5	-0.4
Increases/dcreases in payable to employees	-0.6	-0.0
Increases/dcreases in other payables	-0.2	-0.1
- Other receipts from operating activities	—	0.5
- Other payments for operating activities	-0.7	-4.5
Net cash flows from securities trading activities	179.7	-105.0
1. Payment for fixed assets, constructions and other long-term assets	-2.9	-2.0
2. Proceeds from disposals of fixed assets and other long-term assets	0.9	0.0
7. Dividends, interest and profit received	2.5	0.5
Net cash flows from investing activities	0.5	-1.5
3. Short-term and long-term borrowings	1,238.7	1,999.3
3.2. Other borrowings	1,238.7	1,999.3
4. Principal repayments	-1,389.6	-1,904.3
4.3. Other principal repayments	-1,389.6	-1,904.3
Net cash flows from financing activities	-150.9	95.0
IV. Net cash flows during the period	29.3	-11.5
V. Cash and cash equivalents at begingning of the period	109.0	120.5
Cash at bank	—	120.5
- Cash at bank for securities company activities	—	120.5
Cash and cash equivalents at end of period	138.2	109.0
Cash at bank	—	109.0
- Cash at bank for securities company activities	—	109.0
1. Proceeds from sale of brokerage securities to customers	5,990.2	7,953.3
2. Money spent on buying brokerage securities for customers	-5,218.5	-7,786.6
9. Receive deposits to pay for securities transactions of customers	7,611.2	11,553.5
11. Payment for customers' securities transactions	-8,374.8	-11,834.8
17. Proceeds from Securities Issuers	47.6	34.7
18. Payments to Securities Issuers	-47.6	-34.7
Increase / decrease of net money during the period	8.0	-114.6
II. Cash and cash equivalents at the beginning of the period of the customer	39.4	154.0
Cash at bank	39.4	154.0
-Deposits of investors on securities transactions under the Securities Company management method	39.4	65.3
-Securities clearing and settlement deposits	—	88.7
-Deposits from issuing organizations	0.0	0.0
III. Cash and cash equivalents at the end of the period of the customer	47.4	39.4
Cash at bank	47.4	39.4
-Deposits of investors on securities transactions under the Securities Company management method	38.0	39.4
-Securities clearing and settlement deposits	9.4	—
-Deposits from issuing organizations	0.0	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	2.5	60.3	81.2	21.2	75.1	92.0	23.0	47.6	38.7
a. Realised gains on disposals of FVTPL financial assets	2.0	2.8	8.6	3.2	0.9	55.1	2.6	197.5	1.1
b. Gains from revaluation of FVTPL financial assets	0.4	57.0	72.5	12.8	71.0	55.5	2.3	4.3	2.8
c. Dividends and interest income from FVTPL financial assets	0.0	0.5	0.1	5.2	3.1	-18.7	18.0	-154.2	34.8
1.3. Interest income from loans and receivables	2.8	3.4	4.5	4.4	6.5	7.5	6.3	6.7	6.0
1.6. Revenue from brokerage services	2.2	2.0	5.7	3.9	3.8	3.9	5.5	5.4	5.7
1.8. Revenue from investment advisory services	0.4	0.4	—	0.9	1.2	0.1	0.9	0.1	0.2
1.10. Revenue from securities custody services	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.4	0.4
1.11. Other revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2
Revenue from securities business (01->11)	8.2	66.5	91.7	30.7	87.0	104.0	36.1	60.3	51.2
Net sales	8.2	66.5	91.7	30.7	87.0	104.0	36.1	60.3	51.2
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	182.3	27.6	61.5	24.0	37.3	35.3	40.2	9.0	2.7
a. Loss from disposals of financial assets at FVTPL	—	—	17.1	6.7	3.7	0.0	2.0	0.5	0.0
b. Loss from revaluation of financial assets at FVTPL	182.3	27.6	44.4	17.3	33.6	35.3	38.2	8.6	2.6
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	0.7	2.3	5.2	-6.5	14.8	1.7	-0.6	-0.3	-0.1
2.6. Expenses for proprietary trading activities	0.2	0.3	0.2	0.2	0.1	1.1	0.6	0.5	0.6
2.7. Expenses for brokerage services	3.1	3.7	6.0	5.5	4.9	8.4	7.4	8.3	7.6
2.9. Expenses for financial advisory services	0.6	1.2	1.0	1.3	0.9	1.9	1.5	1.2	1.3
2.11. Expenses for secutiries custodian services	0.5	0.3	0.4	0.4	0.5	0.5	0.5	0.5	0.5
2.12. Other expenses	1.1	1.1	1.3	1.7	1.3	2.3	3.4	4.5	3.0
Operating expenses (21->33)	188.5	36.5	75.6	26.6	59.8	51.1	53.0	23.7	15.5
Gross profit	-180.3	30.0	16.1	4.1	27.2	52.8	-16.9	36.6	35.7
3.2. Dividends, interest income from demand deposits	0.1	1.0	0.1	0.1	1.3	0.1	0.1	0.1	0.1
3.4. Other income about investment	—	—	5.3	8.0	8.6	-4.9	4.9	4.9	4.9
Total financial income (41->44)	0.1	1.0	5.4	8.1	9.9	-4.8	5.0	5.0	5.0
4.2. Borrowing costs	6.7	7.6	7.2	8.0	9.1	9.9	8.4	6.3	8.5
Total financial expenses (51->54)	6.7	7.6	7.2	8.0	9.1	9.9	8.4	6.3	8.5
VI. General and Administrative expenses	9.5	15.3	12.2	12.5	10.0	21.5	15.0	14.1	13.4
VII. Net profit from securities business (20+50-40-60-61-62)	-196.4	8.1	2.1	-8.3	18.0	16.6	-35.2	21.2	18.8
8.1. Other incomes	—	0.1	—	0.7	0.1	0.0	—	0.0	0.0
8.2. Other expenses	0.3	1.4	0.0	1.3	0.2	0.1	—	0.0	0.0
Other profit (71-72)	-0.3	-1.4	-0.0	-0.5	-0.1	-0.0	—	-0.0	0.0
IX. Profit before tax (70+80)	-196.7	6.7	2.1	-8.8	17.9	16.6	-35.2	21.2	18.9
9.1. Realised profit	-14.9	-22.8	-26.0	-4.3	-19.6	-3.7	0.6	25.4	18.7
9.2. Unrealised profit	-181.9	29.5	28.1	-4.5	37.4	20.2	-35.9	-4.2	0.2
CORPORATE INCOME TAX	-39.3	2.0	-2.8	-0.9	7.5	3.5	-7.3	4.1	3.8
10.1. Current corporate income tax expenses	—	—	—	—	—	-0.5	-0.1	4.9	3.7
10.2. Deferred income tax expenses	-39.3	2.0	-2.8	-0.9	7.5	4.0	-7.2	-0.8	0.0
XI. Net profit after tax (90-100)	-157.5	4.7	4.9	-7.9	10.4	13.0	-28.0	17.0	15.1
11.1. Profit after tax for shareholders of the parents company	-157.5	4.7	4.9	-7.9	10.4	13.0	-28.0	17.0	15.1
Earnings per Share	-955.62	28.58	29.83	-48.01	62.95	78.96	-169.66	103.45	91.49

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+130)	2,024.6	2,298.1	2,272.2	2,276.7	2,360.6	2,413.1	2,440.6	2,410.8	2,311.0
Short-term financial assets	2,021.5	2,296.0	2,265.5	2,273.4	2,358.1	2,407.2	2,430.2	2,399.7	2,305.1
1. Cash and cash equivalents	77.1	138.2	83.7	98.5	83.7	109.0	84.2	80.3	127.5
1.1. Cash	77.1	138.2	83.7	58.5	83.7	109.0	84.2	80.3	127.5
1.2. Cash equivalents	—	—	—	40.0	—	—	—	—	—
2. Financial assets at fair value through profit or loss (FVTPL)	1,334.8	914.3	778.7	777.8	837.1	825.9	1,053.3	—	1,612.7
3. Held to maturity investments (HTM)	—	—	—	—	—	—	—	1,134.1	—
4. Loans	84.4	92.4	140.3	130.0	185.8	210.8	272.1	187.2	207.3
5. Available-for-sale financial assets (AFS)	30.3	30.3	30.3	30.3	30.3	30.3	30.3	30.3	30.3
6. Provisions for impairment loss of financial assets and mortgages	-26.1	-25.5	-24.8	-19.6	-23.6	-8.8	-8.7	-8.7	-8.8
7. Short-term receivables	518.9	1,144.2	1,255.2	1,254.4	1,241.9	1,233.4	993.6	971.6	329.7
7.1. Receivables from disposal of financial assets	518.9	1,144.2	1,255.2	1,254.3	1,241.9	1,213.8	932.6	926.7	184.3
7.2. Receivables and accruals from dividends and interest income	—	—	—	0.1	—	19.6	61.0	44.9	145.4
7.2.1. Due dividend and interest receivables	—	—	—	0.1	—	19.6	61.0	44.9	145.4
Prepayments to suppliers	2.7	2.7	2.9	2.7	5.4	9.4	6.8	7.0	8.8
9. Service related receivable	2.0	2.0	1.9	1.8	2.7	2.4	2.2	1.9	1.9
12. Other receivables	1.7	1.7	0.0	0.1	0.1	0.1	0.0	0.0	—
13. Provision for doubtful debts	-4.3	-4.3	-2.7	-2.7	-5.2	-5.2	-3.6	-4.2	-4.4
II. Other short-term assets	3.1	2.1	6.7	3.3	2.5	5.9	10.4	11.1	6.0
1. Advances	1.0	0.0	3.2	0.8	0.3	4.0	7.9	8.9	4.0
3. Short-term prepayments	1.5	1.5	2.9	1.9	1.5	1.3	2.4	2.2	1.9
4. Pledged assets, mortgages, security deposits in short term	—	—	—	0.1	0.1	0.1	0.1	0.1	0.0
Taxes and other receivables from state authorities	0.6	0.6	0.6	0.6	0.6	0.6	0.1	—	—
B. LONG-TERM ASSETS (200=210+220+240+250-260)	80.1	49.5	50.8	53.3	54.3	53.8	57.5	53.8	112.1
I. Long-term financial assets	—	—	—	—	—	—	—	—	57.7
II. Fixed assets	19.2	22.2	23.4	24.9	24.4	25.9	23.7	23.1	24.4
1. Tangible fixed assets	13.0	15.5	16.4	17.4	16.4	17.5	14.8	13.8	14.6
- Cost	39.8	—	—	—	—	—	—	—	—
- Accumulated depreciation	-26.8	—	—	—	—	—	—	—	—
3. Intangible fixed assets	6.2	6.7	7.0	7.5	8.0	8.5	9.0	9.3	9.8
- Cost	25.4	—	—	—	—	—	—	—	—
- Accumulated depreciation	-19.2	—	—	—	—	—	—	—	—
IV. Construction in progress	—	—	—	—	—	—	0.9	1.6	—
V. Other long-term assets	60.8	27.3	27.4	28.4	29.9	27.9	32.9	29.0	30.0
1. Pledged assets, mortgages, security deposits in long term	2.5	2.5	2.5	2.5	3.1	2.9	2.9	3.2	3.4
2. Long-term prepayments	3.6	3.8	4.9	6.0	6.8	3.9	4.9	5.9	6.7
3. Deferred income tax assets	34.7	—	—	—	—	1.1	5.2	—	—
4. Payment for Settlement Assistance Fund	20.0	20.9	20.0	20.0	20.0	20.0	20.0	20.0	20.0
TOTAL ASSETS (270=100+200)	2,104.7	2,347.5	2,323.0	2,330.1	2,414.8	2,467.0	2,498.2	2,464.6	2,423.1
A. LIABILITIES (300=310+340)	283.4	368.8	348.9	360.9	436.9	499.4	543.6	482.1	456.0
I. Short -term liabilities	283.4	364.2	346.3	355.4	430.5	499.4	543.6	480.1	453.1
1. Short-term borrowings	264.2	310.3	324.0	329.2	404.6	250.0	262.5	279.9	316.5
1.1. Short-term borrowings	264.2	310.3	324.0	329.2	404.6	250.0	262.5	279.9	316.5
4. Short-term bonds	—	—	—	—	—	—	—	—	0.0
6. Payables to securities trading activities	0.2	0.3	0.3	0.4	0.5	211.8	196.3	132.7	100.2
8. Trade accounts payable	1.1	29.7	1.5	1.5	4.1	6.5	53.7	41.4	8.6
9. Advances from customers	0.9	1.0	1.2	1.2	0.6	0.4	0.4	0.5	0.6
10. Taxes and other payables to state authorities	1.0	1.1	1.3	1.9	1.9	2.6	1.8	6.7	6.0
11. Payable to employees	0.3	—	0.4	0.5	0.5	0.6	0.6	0.6	0.6
12. Employee welfare payables	0.4	0.4	0.4	0.4	0.4	0.3	0.2	0.2	0.2
13. Accrued expenses	6.6	12.4	7.8	10.6	8.7	18.1	8.3	7.8	7.7
17. Other payables	1.3	1.4	1.3	1.4	1.7	1.3	11.3	1.3	5.3
19. Bonus and welfare fund	7.1	7.6	8.0	8.4	7.5	7.9	8.5	8.9	7.6
II. Long-term liabilities	—	4.6	2.6	5.5	6.4	—	—	2.0	2.9
14. Deferred income tax liabilities	—	4.6	2.6	5.5	6.4	—	—	2.0	2.9
B. OWNER'S EQUITY (400=410+420)	1,821.3	1,978.8	1,974.1	1,969.2	1,977.9	1,967.6	1,954.6	1,982.5	1,967.1
I. Owner's equity	1,821.3	1,978.8	1,974.1	1,969.2	1,977.9	1,967.6	1,954.6	1,982.5	1,967.1
1. Investment capital from owners	1,648.0	1,648.0	1,648.0	1,648.0	1,648.0	1,648.0	1,648.0	1,648.0	1,648.0
1.1. Capital from owners	1,648.0	1,648.0	1,648.0	1,648.0	1,648.0	1,648.0	1,648.0	1,648.0	1,648.0
a. Common stock	1,648,006,180,000.00	1,648,006,180,000.00	1,648,006,180,000.00	1,648,006,180,000.00	1,648,006,180,000.00	1,648,006,180,000.00	1,648,006,180,000.00	1,648,006,180,000.00	1,648,006,180,000.00
7. Undistributed earnings after tax	173.3	330.8	326.1	321.2	329.9	319.6	306.5	334.5	319.1
7.1. Realised profits	237.6	252.5	275.3	301.3	306.4	326.0	329.2	328.4	309.7
7.2. Unrealised losses	-64.3	78.3	50.8	19.9	23.5	-6.5	-22.6	6.1	9.5
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	2,104.7	2,347.5	2,323.0	2,330.1	2,414.8	2,467.0	2,498.2	2,464.6	2,423.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	-196.7	6.7	2.1	-8.8	17.9	16.6	-35.2	21.2	18.9
2. Adjustments for	9.0	10.2	13.8	2.9	24.1	13.1	9.1	12.1	4.8
- Depreciation and amortization	1.4	1.3	1.5	1.5	1.6	1.5	1.4	1.4	1.4
- (Reversal of provisions)/provisions	0.7	2.3	5.2	-6.5	14.8	1.7	-0.6	-0.3	-0.1
- Loss/(profits) from other investing activities	0.2	-1.0	-0.2	-0.1	-1.3	-0.1	-0.1	4.7	-5.0
- Interest expense	6.7	7.6	7.2	8.0	9.1	9.9	8.4	6.3	8.5
3. Add non-cash expenses	182.3	27.6	44.4	17.3	33.6	35.3	38.2	8.6	2.6
- Loss from revaluation losses of FVTPL financial assets	182.3	27.6	44.4	17.3	33.6	35.3	38.2	8.6	2.6
4. Less non-cash income	-0.4	-57.0	-72.5	-12.8	-71.0	-55.5	-2.3	-4.3	-2.8
- Gains from revaluation gains of FVTPL financial assets	-0.4	-57.0	-72.5	-12.8	-71.0	-55.5	-2.3	-4.3	-2.8
5. Changes of assets and liabilities	-594.4	-58.3	17.0	119.1	42.7	308.9	-39.9	494.4	-52.8
- Increase/decrease in FVTPL financial assets	-602.4	-106.2	27.2	54.8	26.3	247.6	44.9	474.4	-3.8
- Increase/decrease in held to maturity investments	—	—	—	—	25.0	—	—	—	—
- Increase/decrease in loan	8.0	47.9	-10.2	89.3	-8.6	61.3	-84.9	20.0	-49.0
6. Operating profit before changes in working capital	-600.3	-70.9	4.7	117.6	47.2	318.3	-30.2	531.8	-29.4
Increase/decrease in receiables sale of financial assets	625.3	111.0	-0.9	-21.0	—	-300.8	-5.9	-742.4	22.4
Increase/decrease in receiables interest of financial assets	—	0.0	0.1	-0.1	0.0	61.0	-16.1	158.1	-27.5
Increase/decrease in service related receivables	-0.0	-0.4	-0.0	1.5	-0.1	-0.3	-0.4	-0.0	-0.4
Increases/decreases in other receivables	-0.1	-1.7	0.1	-0.1	-0.0	-0.1	0.0	-0.0	0.0
Increase/decrease in other assets	-0.1	2.3	-2.4	-0.5	3.7	3.9	1.0	-4.8	-2.8
- Increase/(decrease) in payables (other than interest, corporate income tax)	-3.0	2.0	-0.5	-0.2	-11.1	9.6	0.3	0.3	-5.6
- (Increase)/decrease in prepaid expenses	0.1	2.5	0.0	0.5	0.9	-1.9	0.8	0.5	1.5
- Corporate income tax paid	—	—	—	—	—	0.0	-4.9	-3.7	-6.1
- Interest paid	-9.4	-9.7	-4.9	-5.9	-12.1	-5.3	-8.2	-6.4	-7.1
Increases/decreaese in trade payables	-28.6	30.9	-0.2	-2.5	2.4	-51.5	11.6	32.9	6.9
Increases/decreases in employee welfare payables	0.0	0.0	0.0	-0.0	0.1	0.1	0.0	0.0	-0.0
Increases/decreases in tax and other payables to the State Budget	-0.0	-0.2	-0.6	-0.0	-0.6	0.8	0.0	-0.5	-0.7
Increases/dcreases in payable to employees	0.3	-0.4	-0.1	-0.1	-0.1	-0.0	-0.0	0.0	-0.0
Increases/dcreases in other payables	-0.1	0.0	-0.1	-0.4	0.3	-145.4	145.3	-43.2	43.1
- Other receipts from operating activities	—	—	—	0.6	—	0.3	—	0.2	—
- Other payments for operating activities	-0.5	-0.3	0.2	-0.0	-0.5	-1.1	0.2	-0.4	-3.1
Net cash flows from securities trading activities	-16.3	65.2	-5.0	89.5	30.0	-112.1	93.4	-77.6	-8.7
1. Payment for fixed assets, constructions and other long-term assets	—	-2.6	0.0	-0.2	-0.0	-1.5	-0.5	-0.0	—
2. Proceeds from disposals of fixed assets and other long-term assets	1.3	0.1	0.0	0.8	—	0.0	-0.0	0.0	0.0
7. Dividends, interest and profit received	0.1	1.0	0.1	0.1	1.3	0.1	0.1	-4.7	5.0
Net cash flows from investing activities	1.3	-1.6	0.2	0.7	1.3	-1.4	-0.4	-4.8	5.0
3. Short-term and long-term borrowings	132.0	-12.4	301.7	424.2	525.2	1,791.4	-551.6	653.5	105.9
3.2. Other borrowings	132.0	-12.4	301.7	424.2	525.2	1,791.4	-551.6	653.5	105.9
4. Principal repayments	-178.2	-1.3	-306.9	-499.6	-581.8	-1,653.2	462.4	-618.3	-95.2
4.3. Other principal repayments	-178.2	-1.3	-306.9	-499.6	-581.8	-1,653.2	462.4	-618.3	-95.2
Net cash flows from financing activities	-46.2	-13.7	-5.2	-75.4	-56.6	138.3	-89.2	35.2	10.7
IV. Net cash flows during the period	-61.1	49.8	-10.1	14.8	-25.3	24.8	3.9	-47.2	7.1
V. Cash and cash equivalents at begingning of the period	138.2	88.4	98.5	83.7	109.0	84.2	80.3	127.5	120.5
Cash and cash equivalents at end of period	77.1	138.2	88.4	98.5	83.7	109.0	84.2	80.3	127.5
1. Proceeds from sale of brokerage securities to customers	992.7	800.7	2,297.0	1,450.8	1,441.6	1,553.0	2,225.7	2,030.8	2,143.8
2. Money spent on buying brokerage securities for customers	-773.0	-610.0	-1,788.4	-1,413.4	-1,406.7	-1,317.7	-2,132.4	-2,105.4	-2,231.2
9. Receive deposits to pay for securities transactions of customers	1,088.0	810.0	2,392.7	2,154.8	2,253.7	2,694.8	2,969.0	2,968.7	2,921.0
11. Payment for customers' securities transactions	-1,293.3	-1,017.6	-2,963.8	-2,122.5	-2,270.9	-2,934.0	-3,151.3	-2,914.8	-2,834.7
17. Proceeds from Securities Issuers	1.1	10.7	0.9	31.1	4.9	8.9	10.1	13.2	2.4
18. Payments to Securities Issuers	-1.1	-10.7	-0.9	-31.1	-4.9	-8.9	-10.1	-13.4	-2.2
Increase / decrease of net money during the period	14.3	-16.9	-62.5	69.8	17.7	-3.9	-88.9	-20.8	-1.0
II. Cash and cash equivalents at the beginning of the period of the customer	47.4	64.4	126.9	57.1	39.4	43.3	132.2	153.0	154.0
-Securities clearing and settlement deposits	9.4	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	0.0	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	61.8	47.4	64.4	126.9	57.1	39.4	43.3	132.2	153.0
-Securities clearing and settlement deposits	9.6	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	0.0	—	—	—	—	—	—	—	—

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EVS

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