FDC

Ngoại thương và Phát triển Đầu tư Thành phố Hồ Chí Minh ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 288.87%, +252.14pp YoY

Price

21,800

Latest close

01 Jun 2026

P/E 4.01x

P/B 1.25x

EPS 5,438

BVPS 17,389

ROE 37.1%

ROA 21.7%

Profit Margin 288.9%

Asset Turnover 0.07x

Equity Mult. 1.71x

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

What Is Changing

On a TTM 2026Q1 basis, FDC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 73bn
	                                
+70.5%YoY

	                            
	                                NET MARGIN
	                            
	                                    288.87%
	                                
+252.1ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 210bn
	                                
+1240.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	73.3	28.9	18.8	17.2	185.9
Growth	+153%	+54%	+9%	-91%	—
Net Income	214.2	5.1	0.7	-197.6	13.7
Net Margin	292.27%	17.49%	3.86%	-1147.66%	7.35%

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	18.0	17.9	18.0	18.9	18.6	12.6	7.2	4.3	4.9	5.0	5.1	4.3
Growth	+1%	-1%	-5%	+2%	+48%	+75%	+67%	-11%	-2%	-2%	+18%	—
Net Income	6.8	182.6	9.4	11.3	11.0	3.8	2.4	-1.6	0.4	-0.2	0.8	-0.2
Net Margin	37.67%	1022.01%	52.35%	59.72%	59.02%	30.48%	33.74%	-36.12%	7.50%	-4.47%	16.55%	-5.49%

Drivers of FDC's profit

TTM

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

Administrative expenses ↓ 179.2bn

Gross profit ↑ 21.8bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↑ 1.1bn

Gross profit ↓ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.5% = 36.7% × 0.05 × 1.78

2026Q1 37.1% = 288.9% × 0.07 × 1.71

ROE rose from 3.5% to 37.1% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 288.9% +252.1pp Asset turnover: 0.07x +0.02x Leverage: 1.71x -0.07x

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 288.87%, rising 252.1pp. Core operating signals are improving as SG&A / Revenue fell 256.8pp are enough to offset pressure from Gross margin fell 0.3pp (with additional support from Net financial result / Revenue rose 3.1pp).

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

Profitability trend

Net Margin 288.87% +252.1pp

Gross Margin 72.87% −0.3pp

SG&A / Revenue -231.86% −256.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

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

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 0.12x +0.04x

Average Invested Capital 587.3bn +97.3bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.61x equity, net debt at 0.04x equity.

Over the last 12 months, working capital released 117.5bn of cash, mainly thanks to lower receivables. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +182.7bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −65.2bn

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 0.04x and interest coverage at 41.94x.

At present, short-term debt accounts for 15.1% of total debt, cash equals 52.1% of debt, and total debt stands at 53.0bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Leverage and liquidity trend

Net Debt / Equity 0.04x +0.00x

Interest Coverage 41.94x +38.30x

Cash / Debt 52.1% −18.3pp

Short-term Debt / Total Debt 15.1% +15.1pp

CFO / NI 0.75x −9.70x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 32.0bn in 2025, against investing cash flow of 20.8bn.

Post-investment cash flow was positive +52.8bn. Financing cash flow was negative +56.6bn.

CFO / net income was 0.75x.

After spending +1.7bn on fixed-asset investment, the business generated trailing free cash flow of +155.6bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 157.2bn −6.4bn

Cash Capex 1.7bn −98.9bn

FCF TTM +155.6bn +92.5bn

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 operating efficiency, with net margin improving 252.1 pp. The next item to monitor is capital efficiency.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 288.87% after expanding 252.1pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	73.3	28.9	18.8	17.2	186.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	73.3	28.9	18.8	17.2	185.9
Cost of Goods Sold	19.3	8.6	5.2	4.7	0.0
Gross Profit	54.0	20.3	13.6	12.5	16.2
Financial Income	1.7	0.7	0.0	4.0	67.8
Financial Expenses	5.2	3.3	0.0	0.0	-4.9
Interest Expense	5.2	3.3	0.0	0.0	-4.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.1	-6.1
General and Administrative Expenses	-169.6	11.3	13.1	214.0	-24.8
Operating Profit	220.1	6.5	0.5	-197.6	48.2
Other Income	—	0.0	0.2	0.0	0.0
Other Expenses	0.0	1.4	0.0	0.0	0.0
Other Profit	-0.0	-1.4	0.2	0.0	-29.5
Profit Before Tax	220.1	5.1	0.7	-197.6	18.7
Current Income Tax Expense	5.9	0.0	0.0	0.0	-5.1
Deferred Income Tax Expense	—	0.0	0.0	-0.0	0.0
Net Income	214.2	5.1	0.7	-197.6	13.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.4
Profit Attributable to Parent	214.2	5.1	0.7	-197.6	14.1
Earnings per Share	5,546.00	131.00	19.00	-5,116.00	364.77
Diluted EPS	5,545.40	131.04	19.00	-5,116.00	364.04

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	251.9	104.1	61.5	60.7	521.8
I. Cash and cash equivalents	31.8	35.6	12.1	11.2	46.7
1. Cash	1.3	16.6	12.1	11.2	0.0
2. Cash equivalents	30.5	19.0	0.0	0.0	0.0
II. Short-term financial investments	—	20.0	0.0	0.0	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	—	20.0	0.0	0.0	0.0
III. Short-term receivables	215.5	37.9	42.1	41.6	469.0
1. Short-term trade accounts receivable	199.5	199.4	199.8	199.5	0.0
2. Short-term prepayments to suppliers	0.4	0.1	2.3	2.4	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	34.8	37.6	39.3	38.9	0.0
7. Provision for short-term doubtful debts (*)	-19.2	-199.2	-199.2	-199.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0	0.0
1. Inventories	—	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	4.7	10.6	7.3	7.9	6.1
1. Short-term prepayments	0.1	0.3	0.1	0.0	0.0
2. Value added tax to be reclaimed	3.6	9.4	6.3	6.9	0.0
3. Taxes and other receivables from state authorities	0.9	0.9	0.9	0.9	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)	815.6	716.9	607.8	552.9	236.1
I. Long-term receivables	387.4	280.0	280.0	280.0	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	387.4	280.0	280.0	280.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.3	0.2	0.0	0.0	0.0
1. Tangible fixed assets	0.3	0.2	0.0	0.0	0.0
- Cost	2.0	1.7	1.6	1.6	0.0
- Accumulated depreciation	-1.6	-1.5	-1.6	-1.6	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	0.3	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.3	-0.3	-0.3	-0.3	0.0
III. Investment properties	154.8	161.0	2.2	2.4	2.6
- Cost	177.2	176.7	15.6	15.6	0.0
- Accumulated depreciation	-22.5	-15.8	-13.4	-13.2	0.0
IV. Long-term assets in progress	266.3	266.1	324.6	268.9	233.4
1. Long-term production in progress	266.3	266.1	266.0	217.9	0.0
2. Construction in progress	—	0.0	58.6	51.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	6.7	9.7	0.9	1.6	0.0
1. Long-term prepayments	6.7	9.6	0.9	1.6	0.0
2. Deferred income tax assets	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
4. Other long-term assets	—	0.0	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,067.5	821.0	669.3	613.6	757.8
A. LIABILITIES (300=210+330)	402.5	370.3	223.6	168.6	160.1
I. Short -term liabilities	66.9	59.5	221.0	166.9	158.2
1. Short-term trade accounts payable	0.1	1.9	20.4	12.6	4.8
2. Short-term advances from customers	—	0.0	0.0	0.2	0.0
3. Taxes and other payables to state authorities	6.6	0.0	0.1	0.1	0.0
4. Payable to employees	1.1	0.0	0.0	0.2	0.0
5. Short-term acrrued expenses	2.9	4.7	0.7	0.6	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	50.8	31.1	0.0	0.0	0.0
9. Other short-term payables	1.4	2.6	125.2	78.1	0.0
10. Short-term borrowings and financial leases	4.0	17.6	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	71.0	71.0	0.0
12.. Bonus and welfare fund	0.1	1.6	3.6	4.1	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	335.6	310.8	2.7	1.7	1.9
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	66.3	0.0	0.0	0.0	0.0
7. Other long-term liabilities	149.2	147.7	2.6	1.6	0.0
8. Long-term borrowings and financial leases	49.0	92.0	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	71.1	71.1	0.1	0.2	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)	665.0	450.7	445.7	445.0	597.7
I. Owner's equity	665.0	450.7	445.7	445.0	0.0
1. Owner's capital	386.3	386.3	386.3	386.3	597.7
- Common stock with voting right	386,299,880,000.00	386,299,880,000.00	386,299,880,000.00	386,299,880,000.00	386,299,880,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	251.7	251.7	251.7	251.7	202.6
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	-90,621,050.00	-90,621,050.00	-90,621,050.00	-90,621,050.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	27.1	-187.2	-192.2	-193.0	8.9
- Accumulated retained earning at the end of the previous period	-187.2	-192.2	-193.0	4.6	-5.1
- Undistributed earnings in this period	214.2	5.1	0.7	-197.6	14.1
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)	1,067.5	821.0	669.3	613.6	757.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	220.1	5.1	0.7	-197.6	18.7
Depreciation of Fixed Assets and Investment Property	6.7	2.4	0.2	0.2	19.8
Provision (Increase)/Reversal	-180.0	0.0	-0.1	186.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-1.7	-0.7	-0.0	-4.0	0.0
Interest Expense	5.2	3.3	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	50.4	10.0	0.9	-15.0	-15.4
Increase/(Decrease) in Receivables	-99.3	-0.8	0.1	94.6	0.0
Increase/(Decrease) in Inventory	—	52.8	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	85.3	0.0	0.1	-2.2	0.0
Increase/(Decrease) in Prepaid Expenses	3.1	-8.9	0.6	-1.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-5.9	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	-2.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.5	-2.0	-0.5	-1.1	0.0
Net Cash Flow from Operating Activities	32.0	51.1	1.1	72.0	-36.0
Payments for Fixed Assets and Other Long-term Assets	-1.0	-117.7	-0.2	-25.1	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-33.0	0.0	-335.0	-240.0
Receipts from Loan Repayments and Sale of Debt Instruments	20.0	13.0	0.0	475.0	160.0
Investments in Other Entities	—	0.0	0.0	-280.0	203.5
Proceeds from Investments in Other Entities	—	0.0	0.0	49.0	0.0
Dividends and Interest Income Received	1.7	0.5	0.0	8.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	20.8	-137.2	-0.2	-107.5	126.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	115.0	0.0	0.0	68.6
Repayment of Borrowings	-56.6	-5.4	0.0	0.0	-120.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-56.6	109.6	0.0	-0.0	-52.0
Net Cash Flow During the Period	-3.8	23.5	0.9	-35.5	32.8
Cash and Cash Equivalents at Beginning of Period	35.6	12.1	11.2	46.7	7.9
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	31.8	35.6	12.1	11.2	46.7

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	18.0	17.9	18.0	18.9	18.6	12.6	7.2	4.3	4.9	5.0	5.1	4.3
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	18.0	17.9	18.0	18.9	18.6	12.6	7.2	4.3	4.9	5.0	5.1	4.3
Cost of Goods Sold	4.9	5.2	4.9	4.7	4.5	3.9	1.5	1.5	1.7	1.5	1.4	1.3
Gross Profit	13.1	12.7	13.1	14.1	14.1	8.6	5.7	2.8	3.2	3.5	3.7	3.0
Financial Income	0.3	0.3	0.4	0.5	0.5	0.2	0.3	0.2	0.0	0.0	0.0	0.0
Financial Expenses	1.4	1.2	1.4	1.2	1.4	2.5	0.8	0.0	0.0	0.0	0.0	0.0
Interest Expense	1.4	1.2	1.4	1.2	1.4	2.5	0.8	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	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	3.3	-176.6	2.6	2.1	2.2	2.5	2.7	3.2	2.8	3.8	3.0	3.2
Operating Profit	8.7	188.5	9.4	11.3	11.0	3.8	2.4	-0.2	0.4	-0.3	0.7	-0.2
Other Income	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.0
Other Expenses	—	—	—	0.0	0.0	0.0	0.0	1.4	0.0	0.0	0.0	0.0
Other Profit	0.0	—	—	-0.0	-0.0	0.0	0.0	-1.4	0.0	0.1	0.1	0.0
Profit Before Tax	8.7	188.5	9.4	11.3	11.0	3.8	2.4	-1.6	0.4	-0.2	0.8	-0.2
Current Income Tax Expense	1.9	5.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	6.8	182.6	9.4	11.3	11.0	3.8	2.4	-1.6	0.4	-0.2	0.8	-0.2
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	6.8	182.6	9.4	11.3	11.0	3.8	2.4	-1.6	0.4	-0.2	0.8	-0.2
Earnings per Share	176.00	4,726.00	244.00	292.00	284.00	99.00	63.00	-40.00	9.00	-6.00	21.69	-6.10
Diluted EPS	175.50	4,726.11	243.61	291.74	283.94	99.15	62.78	-40.35	9.45	-5.75	21.69	-6.10

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)	48.5	251.9	66.5	71.3	64.6	104.1	78.5	91.5	120.8	61.5	61.1	60.5
I. Cash and cash equivalents	27.6	31.8	34.4	49.1	37.3	35.6	14.1	20.3	0.9	12.1	11.4	10.3
1. Cash	2.6	1.3	0.9	15.6	7.3	16.6	5.1	4.3	0.9	12.1	11.4	10.3
2. Cash equivalents	25.0	30.5	33.5	33.5	30.0	19.0	9.0	16.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	12.0	20.0	8.0	13.0	13.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	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	0.0
3. Held to maturity investments	—	—	—	—	12.0	20.0	8.0	13.0	13.0	0.0	0.0	0.0
III. Short-term receivables	16.2	215.5	27.4	17.4	10.6	37.9	42.1	44.0	99.8	42.1	42.2	42.5
1. Short-term trade accounts receivable	0.4	199.5	199.6	199.6	199.6	199.4	199.4	199.8	199.8	199.8	199.8	199.8
2. Short-term prepayments to suppliers	0.2	0.4	0.0	0.0	0.0	0.1	1.7	0.4	47.2	2.3	2.3	2.5
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	15.6	34.8	27.0	17.0	10.2	37.6	40.2	43.0	52.0	39.3	39.3	39.4
7. Provision for short-term doubtful debts (*)	—	-19.2	-199.2	-199.2	-199.2	-199.2	-199.2	-199.2	-199.2	-199.2	-199.2	-199.2
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	4.6	4.7	4.8	4.7	4.8	10.6	14.3	14.2	7.1	7.3	7.5	7.7
1. Short-term prepayments	0.1	0.1	0.2	0.2	0.2	0.3	0.1	0.1	0.2	0.1	0.1	0.0
2. Value added tax to be reclaimed	3.6	3.6	3.6	3.6	3.6	9.4	13.3	13.1	5.9	6.3	6.4	6.8
3. Taxes and other receivables from state authorities	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,004.0	815.6	817.9	820.4	822.7	716.9	708.3	703.3	609.7	607.8	605.3	605.0
I. Long-term receivables	0.0	387.4	387.4	387.4	387.4	280.0	280.0	280.0	280.0	280.0	280.0	280.0
1. Long-term trade receivables	—	—	—	—	0.0	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	0.0
3. Capital at inter-company	—	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	387.4	387.4	387.4	387.4	280.0	280.0	280.0	280.0	280.0	280.0	280.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.3	0.3	0.3	0.3	0.4	0.2	0.0	0.0	0.0	0.0	0.0	0.0
1. Tangible fixed assets	0.3	0.3	0.3	0.3	0.4	0.2	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	2.0	—	—	—	1.9	1.7	1.6	1.6	1.6	1.6	1.6	1.6
- Accumulated depreciation	-1.6	—	—	—	-1.5	-1.5	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	153.1	154.8	156.5	158.1	159.8	161.0	161.8	2.1	2.1	2.2	2.2	2.3
- Cost	177.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-24.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	267.1	266.3	266.2	266.2	266.1	266.1	266.1	420.8	326.9	324.6	321.7	321.7
1. Long-term production in progress	267.1	266.3	266.2	266.2	266.1	266.1	266.1	265.9	266.5	266.0	266.0	266.0
2. Construction in progress	—	—	—	—	0.0	0.0	0.0	154.9	60.5	58.6	55.7	55.7
V. Long-term financial investments	577.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	577.4	—	—	—	0.0	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	0.0
5. Held to maturity investments	—	—	—	—	0.0	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	0.0
VI. Other long-term assets	6.1	6.7	7.6	8.4	9.1	9.7	0.3	0.4	0.6	0.9	1.3	1.0
1. Long-term prepayments	6.1	6.7	7.5	8.4	9.1	9.6	0.3	0.4	0.6	0.9	1.3	1.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	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	0.0
4. Other long-term assets	—	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,052.5	1,067.5	884.4	891.7	887.3	821.0	786.8	794.8	730.4	669.3	666.3	665.5
A. LIABILITIES (300=210+330)	380.8	402.5	402.1	418.7	425.6	370.3	339.9	350.3	284.4	223.6	220.4	220.4
I. Short -term liabilities	60.2	66.9	56.3	57.9	54.4	130.5	213.3	239.8	201.9	221.0	217.5	218.5
1. Short-term trade accounts payable	0.1	0.1	0.1	0.3	0.3	1.9	1.7	15.4	3.5	20.4	17.6	17.6
2. Short-term advances from customers	—	—	—	—	0.0	0.0	7.7	12.3	0.0	0.0	0.0	0.0
3. Dividends and profits payable	0.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.9	6.6	0.1	0.7	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0
4. Payable to employees	—	1.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3
5. Short-term acrrued expenses	1.7	2.9	1.6	2.6	1.4	4.7	1.6	2.8	1.0	0.7	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	47.5	50.8	47.5	50.8	48.7	31.1	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.3	1.4	2.2	2.3	2.6	2.6	124.3	125.0	123.2	125.2	125.1	125.7
10. Short-term borrowings and financial leases	8.0	4.0	4.0	—	0.0	17.6	5.1	10.2	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	0.0	71.0	71.0	71.0	71.0	71.0	71.0	71.0
12.. Bonus and welfare fund	0.0	0.1	0.8	1.2	1.5	1.6	1.8	3.2	3.3	3.6	3.7	3.9
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	320.6	335.6	345.7	360.8	371.2	239.7	126.6	110.4	82.4	2.7	2.9	1.9
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	55.2	66.3	77.3	88.4	99.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	149.2	149.2	148.3	148.3	147.7	147.7	22.5	22.5	24.9	2.6	2.8	1.8
8. Long-term borrowings and financial leases	45.0	49.0	49.0	53.0	53.0	92.0	104.0	87.9	57.5	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	71.1	71.1	71.1	71.1	71.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	671.7	665.0	482.4	473.0	461.7	450.7	446.9	444.5	446.0	445.7	445.9	445.1
I. Owner's equity	671.7	665.0	482.4	473.0	461.7	450.7	446.9	444.5	446.0	445.7	445.9	445.1
1. Owner's capital	386.3	386.3	386.3	386.3	386.3	386.3	386.3	386.3	386.3	386.3	386.3	386.3
- Common stock with voting right	386,299,880,000.00	386,299,880,000.00	386,299,880,000.00	386,299,880,000.00	386,299,880,000.00	386,299,880,000.00	386,299,880,000.00	386,299,880,000.00	386,299,880,000.00	386,299,880,000.00	386,299,880,000.00	386,299,880,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	251.7	251.7	251.7	251.7	251.7	251.7	251.7	251.7	251.7	251.7	251.7	251.7
3. Convertible bond option	—	—	—	—	0.0	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	0.0
5. Treasury shares	-90,621,050.00	-90,621,050.00	-90,621,050.00	-90,621,050.00	-90,621,050.00	-90,621,050.00	-90,621,050.00	-90,621,050.00	-90,621,050.00	-90,621,050.00	-90,621,050.00	-90,621,050.00
6. Assets revaluation differences	—	—	—	—	0.0	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	0.0
8. Investment and development fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	33.8	27.1	-155.5	-164.9	-176.2	-187.2	-191.0	-193.4	-191.9	-192.2	-192.0	-192.8
- Accumulated retained earning at the end of the previous period	27.1	-187.2	-187.2	-187.2	-187.2	-192.2	-192.2	-192.2	-192.2	-193.0	-193.0	-193.0
- Undistributed earnings in this period	6.8	214.2	31.6	22.2	11.0	5.1	1.2	-1.2	0.4	0.7	0.9	0.1
12. Reserves for investment in construction	—	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,052.5	1,067.5	884.4	891.7	887.3	821.0	786.8	794.8	730.4	669.3	666.3	665.5

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	8.7	188.5	9.4	11.3	11.0	3.8	2.4	-1.6	0.4	-0.2	0.8	-0.2
Depreciation of Fixed Assets and Investment Property	1.7	1.7	1.7	1.7	1.7	1.7	0.6	0.1	0.1	0.1	0.1	0.1
Provision (Increase)/Reversal	—	-180.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.1
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	—	—	0.0	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.3	-0.3	-0.4	-0.5	-0.5	-0.2	-0.3	-0.2	-0.0	-0.0	-0.0	-0.0
Interest Expense	1.4	1.2	1.4	1.2	1.4	2.5	0.8	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	0.0
Interest Income and Dividends	—	—	—	—	0.0	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	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	11.5	11.0	12.2	13.7	13.6	7.8	3.5	-1.7	0.4	-0.2	0.9	-0.2
Increase/(Decrease) in Receivables	218.5	-8.3	-9.7	-17.9	-63.5	8.0	3.3	60.0	-70.3	0.2	0.6	-0.3
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-35.8	-5.6	-15.3	-8.5	114.7	28.0	-23.9	28.5	2.7	0.5	0.1	-47.7
Increase/(Decrease) in Prepaid Expenses	0.6	0.9	0.8	0.8	0.6	-9.4	0.1	0.2	0.3	0.3	-0.4	0.3
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.6	0.0	-2.6	0.8	-4.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-5.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.7	-0.4	-0.2	-0.1	-0.2	-1.4	-0.1	-0.3	-0.2	-0.1	-0.2
Net Cash Flow from Operating Activities	186.3	-2.7	-15.1	-11.3	61.0	34.2	-18.4	86.9	-67.3	0.7	1.2	-48.0
Payments for Fixed Assets and Other Long-term Assets	-0.7	-0.2	-0.0	-0.8	0.0	-1.3	-4.1	-95.1	-1.4	0.0	-0.0	48.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	-30.0	-12.0	-8.0	-13.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	-7.0	27.0	0.0	13.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	-190.0	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	0.3	0.3	0.3	0.9	0.3	0.1	0.4	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-190.4	0.1	0.3	23.1	-2.7	-13.2	1.2	-108.1	-1.4	0.0	-0.0	48.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	—	—	—	—	0.0	0.5	16.4	40.6	57.5	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	-56.6	0.0	-5.4	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	0.0
Dividends Paid	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.0	0.0	0.0	0.0	-56.6	0.5	11.0	40.6	57.5	0.0	0.0	0.0
Net Cash Flow During the Period	-4.1	-2.6	-14.8	11.8	1.7	21.5	-6.2	19.4	-11.2	0.7	1.1	-0.0
Cash and Cash Equivalents at Beginning of Period	31.8	34.4	49.1	37.3	35.6	12.1	12.1	12.1	12.1	11.2	11.2	11.2
FX Difference from Revaluation	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	27.6	31.8	34.4	49.1	37.3	35.6	14.1	20.3	0.9	12.1	11.4	10.3

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