FGL

Cà phê Gia Lai ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −82.17%, −48.87pp YoY

Price

4,500

Latest close

01 Jun 2026

P/E -4.96x

P/B 13.47x

EPS -908

BVPS 334

ROE -101.1%

ROA -12.6%

Profit Margin -82.2%

Asset Turnover 0.15x

Equity Mult. 8.06x

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

What Is Changing

On a TTM 2026Q1 basis, FGL posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 16bn
	                                
−24.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 13bn
	                                
−86.7%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    47.9%

Metric	2025	2024	2023	2022	2021
Revenue	21.0	15.8	11.3	13.8	39.0
Growth	+33%	+39%	-18%	-65%	—
Net Income	-13.3	-20.5	-12.4	-24.8	0.3
Net Margin	-63.07%	-129.80%	-109.80%	-179.41%	0.71%

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	0.7	15.3	0.2	0.0	5.7	15.6	0.1	0.2	0.0	11.2	0.0	0.0
Growth	-95%	+8792%	+254%	-99%	-64%	+24570%	-59%	+579%	-100%	+45576%	-17%	—
Net Income	-2.6	0.2	-3.1	-7.9	-0.2	4.0	-8.0	-2.9	-2.4	-2.9	-3.1	-3.6
Net Margin	-361.96%	1.31%	-1782.10%	-16219.72%	-4.19%	25.41%	-12662.52%	-1884.68%	-10643.03%	-25.82%	-12600.21%	-12070.25%

Drivers of FGL's profit

TTM

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

Finance costs ↓ 0.8bn

Gross profit ↓ 3.7bn

Administrative expenses ↑ 1.8bn

Other profit ↓ 1.5bn

TTM

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

Finance costs ↓ 0.4bn

Gross profit ↓ 2.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -18.1% = -33.3% × 0.16 × 3.30

2026Q1 -101.1% = -82.2% × 0.15 × 8.06

ROE fell from -18.1% to -101.1% — net margin weakened the most, though leverage still provided support.

Net margin: -82.2% -48.9pp Asset turnover: 0.15x -0.01x Leverage: 8.06x +4.75x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -82.17%, losing 48.9pp. The main pressure comes from SG&A / Revenue rose 18.6pp and Gross margin fell 9.4pp (with lingering pressure from Other profit / Revenue fell 16.6pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin -82.17% −48.9pp

Gross Margin 31.97% −9.4pp

SG&A / Revenue 41.09% +18.6pp

Non-core / Revenue -73.05% −20.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Non-core sources share remains high

Even though contribution decreased by 20.9pp, non-core sources still accounts for 88.9% of PBT — earnings durability should be monitored in coming periods.

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 — —

Capital Turnover 0.35x +0.11x

Average Invested Capital 46.6bn −42.7bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage is very high, with clear pressure on the capital structure — liabilities at 11.44x equity, net debt at 5.26x 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 35.1 days versus the same period last year. The main moves came from DIO rose 49.0 days, DSO rose 6.1 days, and DPO rose 20.1 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 215.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +6.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 115.3 days +6.1 days

Inventory 130.8 days +49.0 days

Payables 30.6 days +20.1 days

Cash Conversion Cycle 215.5 days +35.1 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 5.26x and interest coverage only at -1.25x.

At present, short-term debt accounts for 88.4% of total debt, cash equals 5.4% of debt, and total debt stands at 27.3bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 5.26x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -1.25x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 5.26x +3.35x

Interest Coverage -1.25x −0.89x

Cash / Debt 5.4% +3.8pp

Short-term Debt / Total Debt 88.4% +41.8pp

CFO / NI -1.34x +1.76x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 20.6bn in 2025, against investing cash flow of -4.6bn.

Post-investment cash flow was positive +16.0bn. Financing cash flow was negative +19.5bn.

CFO / net income was -1.34x.

After spending +4.9bn on fixed-asset investment, the business generated trailing free cash flow of +13.0bn.

Cash Conversion

CFO TTM 17.9bn −4.3bn

Cash Capex 4.9bn +4.9bn

FCF TTM +13.0bn −9.1bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 48.9 pp.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 41.0% of PBT and CFO / net income currently at -1.34x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -82.17% after a 48.9pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	21.0	15.8	11.3	13.8	39.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	21.0	15.8	11.3	13.8	39.0
Cost of Goods Sold	13.6	9.2	11.5	18.8	0.0
Gross Profit	7.5	6.5	-0.2	-5.0	-1.0
Financial Income	0.2	0.1	0.1	0.0	0.0
Financial Expenses	5.5	6.6	7.5	7.1	-5.6
Interest Expense	5.5	6.6	7.5	7.1	-5.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.0	0.0	0.0	0.0	-0.0
General and Administrative Expenses	9.3	10.1	4.9	5.2	-5.0
Operating Profit	-7.2	-10.1	-12.5	-17.2	-11.6
Other Income	1.0	0.7	0.4	0.3	0.0
Other Expenses	7.1	11.0	0.4	7.8	0.0
Other Profit	-6.1	-10.4	0.1	-7.5	11.9
Profit Before Tax	-13.3	-20.5	-12.4	-24.7	0.3
Current Income Tax Expense	—	0.0	0.0	0.1	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-13.3	-20.5	-12.4	-24.8	0.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	-13.3	-20.5	-12.4	-24.8	0.3
Earnings per Share	-904.00	-1,395.00	-848.00	-1,692.00	18.00
Diluted EPS	-904.00	-1,395.00	-848.00	-1,692.00	18.88

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	9.0	14.9	35.4	41.8	49.7
I. Cash and cash equivalents	0.8	4.3	0.7	0.2	0.5
1. Cash	0.8	4.3	0.7	0.2	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	5.8	5.3	32.7	39.5	46.7
1. Short-term trade accounts receivable	4.9	4.9	8.0	14.7	0.0
2. Short-term prepayments to suppliers	0.0	0.2	0.0	0.1	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	8.7	5.7	25.3	25.3	0.0
7. Provision for short-term doubtful debts (*)	-7.8	-5.4	-0.6	-0.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.6	3.5	0.2	0.3	0.6
1. Inventories	0.7	3.7	0.3	0.3	0.0
2. Provision for decline in value of inventories	-0.1	-0.2	-0.1	0.0	0.0
V. Other short-term assets	1.8	1.8	1.8	1.8	1.9
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.6	1.7	1.7	1.8	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	90.4	100.9	114.8	125.4	140.4
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	80.8	95.1	111.1	121.4	133.7
1. Tangible fixed assets	80.7	95.0	111.0	121.3	132.3
- Cost	344.1	369.1	398.1	398.7	0.0
- Accumulated depreciation	-263.4	-274.2	-287.2	-277.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.1	1.4
- Cost	0.1	0.1	0.1	0.1	0.0
- Accumulated depreciation	-0.0	-0.0	-0.0	-0.0	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	8.6	4.5	2.1	2.0	4.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	8.6	4.5	2.1	2.0	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	1.0	1.3	1.6	1.9	0.0
1. Long-term prepayments	1.0	1.3	1.6	1.9	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	2.3
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	99.3	115.8	150.2	167.1	190.2
A. LIABILITIES (300=210+330)	91.3	94.1	90.4	94.6	92.7
I. Short -term liabilities	78.1	71.3	47.6	67.7	91.9
1. Short-term trade accounts payable	1.3	0.6	0.1	0.4	13.1
2. Short-term advances from customers	30.1	14.7	0.0	0.0	20.2
3. Taxes and other payables to state authorities	0.1	3.0	0.0	2.7	0.0
4. Payable to employees	0.8	1.1	0.5	1.0	0.0
5. Short-term acrrued expenses	26.6	22.9	25.5	18.1	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	0.2	0.0	0.0	0.0	0.0
9. Other short-term payables	3.1	3.1	5.3	5.4	0.0
10. Short-term borrowings and financial leases	15.9	26.0	16.2	40.0	41.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0
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	13.3	22.8	42.8	26.9	0.8
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	0.4	0.5	0.6	0.7	0.8
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	12.9	22.3	42.3	26.2	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)	8.0	21.7	59.8	72.5	97.5
I. Owner's equity	7.5	20.8	59.8	72.2	0.0
1. Owner's capital	146.8	146.8	146.8	146.8	97.0
- Common stock with voting right	146,763,000,000.00	146,763,000,000.00	146,763,000,000.00	146,763,000,000.00	146,763,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	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	-139.3	-126.0	-87.0	-74.5	-49.8
- Accumulated retained earning at the end of the previous period	-126.0	-105.5	-74.5	-49.7	-50.1
- Undistributed earnings in this period	-13.3	-20.5	-12.4	-24.8	0.3
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	0.5	1.0	-0.0	0.3	0.5
1. Subsidized not-for-profit funds	0.5	1.0	-0.0	0.3	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)	99.3	115.8	150.2	167.1	190.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	1.3
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	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	—	0.0	-0.1	0.0	0.0
Other Operating Receipts	8.7	8.6	5.1	6.9	0.0
Other Operating Payments	-14.4	-6.9	-9.0	-29.3	0.0
Net Cash Flow from Operating Activities	20.6	20.2	8.2	-25.5	1.0
Payments for Fixed Assets and Other Long-term Assets	-4.9	-6.4	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.5	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.1	0.1	0.0	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	-4.6	-6.3	0.1	0.5	0.0
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	14.6	18.6	8.7	37.6	0.0
Repayment of Borrowings	-34.0	-28.8	-16.5	-12.9	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	-1.3
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	-19.5	-10.2	-7.8	24.7	-1.3
Net Cash Flow During the Period	-3.5	3.6	0.5	-0.3	0.3
Cash and Cash Equivalents at Beginning of Period	4.3	0.7	0.2	0.5	0.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.8	4.3	0.7	0.2	0.5

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
Revenue	0.7	15.3	0.2	0.0	5.7	15.6	0.1	0.2	0.0	11.2	0.0	0.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.7	15.3	0.2	0.0	5.7	15.6	0.1	0.2	0.0	11.2	0.0	0.0
Cost of Goods Sold	0.9	10.1	0.1	0.0	3.4	9.1	0.0	0.1	0.0	11.3	0.0	0.1
Gross Profit	-0.2	5.2	0.1	0.0	2.3	6.5	0.0	0.1	0.0	-0.1	-0.0	-0.1
Financial Income	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Financial Expenses	1.1	1.6	1.5	1.5	1.4	1.6	1.7	1.7	1.6	1.8	1.9	1.9
Interest Expense	1.1	1.6	1.5	1.5	1.4	1.6	1.7	1.7	1.6	1.8	1.9	1.9
Share of Associates and Joint Ventures	—	—	—	—	—	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	0.0	0.0
General and Administrative Expenses	1.5	1.6	1.8	1.8	1.4	1.0	1.2	1.2	1.2	1.0	1.1	1.4
Operating Profit	-2.7	2.1	-3.1	-3.2	-0.5	3.9	-2.8	-2.9	-2.7	-2.9	-3.1	-3.3
Other Income	0.1	0.4	0.1	0.2	0.3	0.1	0.1	0.1	0.4	0.1	0.0	0.0
Other Expenses	0.0	2.3	0.1	4.9	0.0	0.0	5.3	0.1	0.0	0.1	0.0	0.3
Other Profit	0.1	-1.9	0.1	-4.7	0.2	0.1	-5.2	-0.0	0.3	-0.0	-0.0	-0.3
Profit Before Tax	-2.6	0.2	-3.1	-7.9	-0.2	4.0	-8.0	-2.9	-2.4	-2.9	-3.1	-3.6
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-2.6	0.2	-3.1	-7.9	-0.2	4.0	-8.0	-2.9	-2.4	-2.9	-3.1	-3.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-2.6	0.2	-3.1	-7.9	-0.2	4.0	-8.0	-2.9	-2.4	-2.9	-3.1	-3.6
Earnings per Share	-176.00	14.00	-209.00	-537.00	-16.00	270.00	-544.00	-196.00	-163.00	-198.00	-211.00	-244.00
Diluted EPS	-176.00	14.00	-209.00	-537.00	-16.00	-1,248.00	-544.00	-196.00	-163.00	-198.00	-211.00	-244.00

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)	12.4	11.3	19.3	15.4	10.7	14.9	20.1	24.6	37.6	35.5	45.2	49.2
I. Cash and cash equivalents	1.5	0.8	0.1	0.2	0.7	4.3	0.1	0.0	0.1	0.7	0.5	0.4
1. Cash	1.5	0.8	0.1	0.2	0.7	4.3	0.1	0.0	0.1	0.7	0.5	0.4
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	4.1	8.1	8.3	5.4	5.7	5.3	8.2	14.3	33.0	32.7	32.8	39.5
1. Short-term trade accounts receivable	5.4	4.9	4.9	4.9	4.9	4.9	8.0	8.0	8.0	8.0	8.0	14.7
2. Short-term prepayments to suppliers	0.0	0.0	0.0	0.2	0.2	0.2	0.5	0.7	0.2	0.0	0.1	0.1
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	6.5	8.7	8.8	5.8	6.1	5.7	5.8	6.2	25.4	25.3	25.3	25.3
7. Provision for short-term doubtful debts (*)	-7.8	-5.4	-5.4	-5.4	-5.4	-5.4	-6.1	-0.6	-0.6	-0.6	-0.6	-0.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	5.0	0.6	9.1	8.0	2.6	3.5	10.0	8.4	2.8	0.3	10.0	7.5
1. Inventories	5.2	0.7	9.3	8.2	2.7	3.7	10.1	8.6	2.9	0.3	10.0	7.5
2. Provision for decline in value of inventories	-0.1	-0.1	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1	-0.1	0.0	0.0	0.0
V. Other short-term assets	1.7	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.6	1.6	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
4. 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)	88.9	90.2	94.4	95.0	100.4	102.9	102.7	111.1	112.4	114.7	117.2	119.8
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	78.6	80.8	85.2	87.5	94.6	95.1	95.1	106.2	108.6	111.1	113.5	116.1
1. Tangible fixed assets	78.5	80.7	85.1	87.4	94.5	95.0	95.0	106.1	108.5	111.0	113.4	116.0
- Cost	344.1	—	—	—	—	369.1	366.9	398.1	398.1	398.1	398.1	398.1
- Accumulated depreciation	-265.6	—	—	—	—	-274.2	-271.9	-292.0	-289.6	-287.2	-284.7	-282.2
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
- Cost	0.1	—	—	—	—	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
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	9.4	8.4	8.1	6.3	4.6	6.6	6.3	3.5	2.2	2.0	2.0	2.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	9.4	8.4	8.1	6.3	4.6	6.6	6.3	3.5	2.2	2.0	2.0	2.0
V. Long-term financial investments	—	—	—	—	—	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.9	1.0	1.1	1.2	1.2	1.3	1.4	1.4	1.5	1.6	1.6	1.7
1. Long-term prepayments	0.9	1.0	1.1	1.2	1.2	1.3	1.4	1.4	1.5	1.6	1.6	1.7
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	101.3	101.5	113.7	110.5	111.1	117.8	122.8	135.7	150.0	150.2	162.4	169.1
A. LIABILITIES (300=210+330)	96.4	91.3	103.7	97.2	89.7	94.0	102.8	100.1	92.4	90.4	99.3	103.0
I. Short -term liabilities	92.9	78.1	90.4	74.5	66.9	61.2	70.0	67.4	49.6	47.6	72.5	76.1
1. Short-term trade accounts payable	1.3	1.3	1.3	1.6	0.5	0.6	0.6	0.4	0.2	0.1	0.2	0.2
2. Short-term advances from customers	32.0	30.1	38.7	27.3	18.8	14.7	19.9	22.4	5.2	0.0	5.5	1.2
3. Taxes and other payables to state authorities	2.8	0.1	2.0	2.0	0.0	3.0	2.7	2.7	0.0	0.0	2.7	2.7
4. Payable to employees	0.7	0.7	0.8	0.7	0.7	1.0	0.7	0.9	0.7	0.5	0.9	0.8
5. Short-term acrrued expenses	27.7	26.6	25.8	25.8	24.3	22.9	25.0	23.4	21.7	25.5	23.8	21.8
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.3	0.3	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	4.0	3.1	3.1	3.1	3.1	3.1	3.1	5.1	5.5	5.3	5.7	5.7
10. Short-term borrowings and financial leases	24.1	15.9	18.7	13.9	19.5	16.0	17.9	12.6	16.4	16.2	33.8	43.6
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	3.5	13.3	13.3	22.7	22.7	32.8	32.8	32.8	42.8	42.8	26.8	26.8
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	0.4	0.4	0.4	0.4	0.5	0.5	0.5	0.5	0.6	0.6	0.6	0.6
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	3.2	12.9	12.9	22.3	22.3	32.3	32.3	32.3	42.3	42.3	26.2	26.2
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)	4.9	10.2	10.0	13.3	21.5	23.9	20.1	35.5	57.6	59.8	63.0	66.1
I. Owner's equity	4.9	9.8	9.3	12.6	20.5	24.1	20.1	35.5	57.4	59.8	62.7	65.8
1. Owner's capital	146.8	146.8	146.8	146.8	146.8	146.8	146.8	146.8	146.8	146.8	146.8	146.8
- Common stock with voting right	146,763,000,000.00	146,763,000,000.00	146,763,000,000.00	146,763,000,000.00	146,763,000,000.00	146,763,000,000.00	146,763,000,000.00	146,763,000,000.00	146,763,000,000.00	146,763,000,000.00	146,763,000,000.00	146,763,000,000.00
- 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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-141.9	-137.0	-137.4	-134.2	-126.2	-122.7	-126.6	-111.2	-89.4	-86.9	-84.0	-81.0
- Accumulated retained earning at the end of the previous period	-139.3	-137.2	-134.4	-126.0	-126.0	-104.3	-118.6	-108.3	-87.0	-74.5	-74.5	-74.5
- Undistributed earnings in this period	-2.6	0.2	-3.1	-8.2	-0.2	-18.3	-8.0	-2.9	-2.4	-12.4	-9.5	-6.4
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	—	0.4	0.7	0.7	0.9	-0.2	-0.1	-0.0	0.2	-0.0	0.3	0.3
1. Subsidized not-for-profit funds	—	0.4	0.7	0.7	0.9	-0.2	-0.1	-0.0	0.2	-0.0	0.3	0.3
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)	101.3	101.5	113.7	110.5	111.1	117.8	122.8	135.7	150.0	150.2	162.4	169.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	0.1	0.0
Other Operating Receipts	4.7	—	—	—	—	7.4	17.7	-3.7	7.0	3.4	-1.4	-4.6
Other Operating Payments	-3.8	7.7	-15.3	0.4	-7.2	-4.8	-22.7	-1.2	-1.8	-3.9	-0.1	-1.0
Net Cash Flow from Operating Activities	1.2	2.3	6.9	7.5	3.9	9.1	-0.7	9.9	4.3	1.3	10.3	-5.7
Payments for Fixed Assets and Other Long-term Assets	-0.0	-4.6	3.3	-3.6	-0.0	0.0	1.2	-1.3	-0.1	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.0	—	0.2	—	0.0	-0.1	0.1	0.0	0.1	-0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.0	-4.3	3.2	-3.5	-0.0	0.0	1.1	-1.2	-0.1	0.1	-0.0	0.0
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	—	3.4	—	11.1	—	0.0	-6.7	6.7	0.0	8.7	-6.8	6.8
Repayment of Borrowings	—	-10.8	—	-23.2	—	0.0	20.3	-20.3	0.0	-16.5	3.1	-3.1
Repayment of Finance Leases	-0.5	—	-14.7	—	-7.5	-4.9	-13.9	4.8	-4.8	6.8	-6.8	2.3
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.5	2.8	-10.2	-4.5	-7.5	-4.9	-0.3	-8.8	-4.8	-0.9	-10.5	5.9
Net Cash Flow During the Period	0.6	0.7	-0.1	-0.5	-3.6	4.2	0.1	-0.0	-0.6	0.4	-0.1	0.2
Cash and Cash Equivalents at Beginning of Period	0.8	0.1	0.2	0.7	4.3	0.7	0.7	0.7	0.7	0.2	0.4	0.2
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	1.5	0.8	0.1	0.2	0.7	4.3	0.1	0.0	0.1	0.7	0.5	0.4

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FGL

What Is Changing

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Balance Sheet ▼▼

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Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow