FID

Đầu tư và Phát triển Doanh nghiệp Việt Nam ·HNX ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −37.63%, −61.03pp YoY

Price

1,500

Latest close

29 May 2026

P/E -5.47x

P/B 0.16x

EPS -274

BVPS 9,601

ROE -5.6%

ROA -3.9%

Profit Margin -35.2%

Asset Turnover 0.11x

Equity Mult. 1.45x

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

What Is Changing

On a TTM 2026Q1 basis, FID posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 39bn
	                                
−39.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 15bn
	                                
−196.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	44.3	56.1	84.1	38.3	140.4
Growth	-21%	-33%	+119%	-73%	—
Net Income	-14.4	7.9	-27.3	0.1	2.0
Net Margin	-32.48%	14.16%	-32.50%	0.17%	1.45%

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	4.6	11.0	0.8	22.7	9.8	36.4	5.8	13.1	0.8	30.8	11.8	40.7
Growth	-58%	+1287%	-96%	+132%	-73%	+523%	-56%	+1553%	-97%	+162%	-71%	—
Net Income	-3.8	-3.5	-3.6	-3.8	-3.4	21.2	-1.2	-1.3	-1.3	-0.8	-0.8	-0.9
Net Margin	-81.35%	-31.56%	-457.76%	-16.90%	-35.05%	58.17%	-20.28%	-10.01%	-163.35%	-2.54%	-6.65%	-2.13%

Drivers of FID's profit

TTM

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

Minority interests ↓ 5.5bn

Administrative expenses ↑ 26.8bn

TTM

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

Finance costs ↓ 0.4bn

Administrative expenses ↓ 0.1bn

Other profit ↓ 0.8bn

Minority interests ↑ 0.1bn

Financial income ↓ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.6% = 23.4% × 0.19 × 1.28

2026Q1 -6.0% = -37.6% × 0.11 × 1.45

ROE fell from 5.6% to -6.0% — net margin weakened the most, though leverage still provided support.

Net margin: -37.6% -61.0pp Asset turnover: 0.11x -0.08x Leverage: 1.45x +0.17x

Is the profit sustainable?

Start with profitability and earnings quality.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -37.63%, losing 61.0pp. The main pressure comes from SG&A / Revenue rose 52.1pp (with lingering pressure from Net financial result / Revenue fell 6.6pp and Other profit / Revenue fell 2.3pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin -37.63% −61.0pp

Gross Margin 2.37% −0.0pp

SG&A / Revenue 27.16% +52.1pp

Non-core / Revenue -12.84% −8.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Contribution from financial result

Profit includes a contribution from financial result (34.1% of PBT), not dominant but worth monitoring across 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 0.14x −0.07x

Average Invested Capital 280.5bn −26.7bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.45x equity, net debt at 0.15x equity.

Over the last 12 months, working capital absorbed 1.3bn of cash, mainly because of higher receivables. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −3.7bn

Inventories were broadly stable → neutral CFO: —

Payables increased → higher CFO: +2.4bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Watchpoints

Receivables collection is slowing

DSO increased by +56.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 189.0 days +56.3 days

Inventory — —

Payables 52.4 days +32.5 days

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.15x and interest coverage only at -3.90x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 3.8% of debt, and total debt stands at 36.9bn.

Watchpoints

Interest coverage is thin

Interest coverage is -3.90x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.15x +0.01x

Interest Coverage -3.90x −16.52x

Cash / Debt 3.8% +1.7pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.05x −2.07x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1.2bn in 2025, against investing cash flow of -19.9bn.

Post-investment cash flow was negative +18.7bn. Financing cash flow was positive 0.0bn.

CFO / net income was -0.05x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 0.6bn −21.1bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 61.0 pp. The next watchpoint is the earnings mix, when non-core contribution is 22.7%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 22.7% of PBT and CFO / net income currently at -0.05x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -37.63% after a 61.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	44.3	56.1	84.1	38.3	140.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	44.3	56.1	84.1	38.3	140.4
Cost of Goods Sold	43.3	54.7	82.9	37.4	0.0
Gross Profit	1.0	1.4	1.2	1.0	3.7
Financial Income	0.1	0.0	0.3	0.0	0.0
Financial Expenses	3.7	5.2	0.0	0.0	2.1
Interest Expense	-0.2	5.2	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	10.7	-13.1	26.2	0.8	-3.7
Operating Profit	-13.4	9.2	-24.7	0.1	2.1
Other Income	—	0.0	0.0	0.2	0.0
Other Expenses	0.9	1.3	2.6	0.2	0.0
Other Profit	-0.9	-1.3	-2.6	-0.0	-0.0
Profit Before Tax	-14.4	7.9	-27.3	0.1	2.1
Current Income Tax Expense	—	0.0	0.0	0.0	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-14.4	7.9	-27.3	0.1	2.0
Non-controlling Interest	-1.0	3.6	-5.8	0.0	-0.0
Profit Attributable to Parent	-13.4	4.4	-21.6	0.1	2.0
Earnings per Share	-5,402.00	176.00	-873.00	3.00	87.40
Diluted EPS	-540.15	176.29	-872.96	3.00	82.22

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	33.5	56.6	30.3	22.7	24.7
I. Cash and cash equivalents	2.0	20.7	1.1	0.7	2.7
1. Cash	2.0	20.7	1.1	0.7	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	30.0	34.1	27.2	20.3	19.8
1. Short-term trade accounts receivable	15.7	10.6	26.9	8.3	0.0
2. Short-term prepayments to suppliers	16.1	21.5	0.3	12.0	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	—	2.0	0.0	0.0	0.0
6. Other short-term receivables	—	0.0	22.1	0.0	0.0
7. Provision for short-term doubtful debts (*)	-1.7	0.0	-22.1	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0	0.2
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	1.5	1.7	1.9	1.7	1.9
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.5	1.7	1.9	1.7	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	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)	315.0	304.7	277.9	225.8	228.3
I. Long-term receivables	0.4	0.4	0.4	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	0.4	0.4	0.4	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	35.6	39.4	43.3	36.6	39.6
1. Tangible fixed assets	35.6	39.4	43.3	36.6	39.6
- Cost	73.6	73.6	73.6	45.8	0.0
- Accumulated depreciation	-38.0	-34.1	-30.3	-9.2	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	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	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	201.4	201.4	201.4	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	201.4	201.4	201.4	0.0	0.0
V. Long-term financial investments	22.0	0.0	0.0	188.6	188.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	22.0	0.0	0.0	188.6	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	55.6	63.4	32.8	0.6	0.0
1. Long-term prepayments	—	0.1	0.4	0.6	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	0.0
5. Goodwill	55.6	63.3	32.4	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	348.6	361.3	308.2	248.5	252.9
A. LIABILITIES (300=210+330)	107.5	105.8	40.7	0.2	4.6
I. Short -term liabilities	107.5	105.8	40.7	0.2	4.6
1. Short-term trade accounts payable	2.2	4.1	3.3	0.1	4.5
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	67.4	63.7	0.0	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.9	1.0	0.5	0.1	0.0
10. Short-term borrowings and financial leases	36.9	36.9	36.9	0.0	0.0
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	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	241.1	255.4	267.4	248.4	248.3
I. Owner's equity	241.1	255.4	267.4	248.4	0.0
1. Owner's capital	247.2	247.2	247.2	247.2	248.3
- Common stock with voting right	247,159,580,000.00	247,159,580,000.00	247,159,580,000.00	247,159,580,000.00	247,159,580,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1
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	-35.6	-22.2	-20.2	1.4	1.3
- Accumulated retained earning at the end of the previous period	-22.2	-26.6	1.4	1.3	0.3
- Undistributed earnings in this period	-13.4	4.4	-21.6	0.1	1.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	29.6	30.6	40.6	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)	348.6	361.3	308.2	248.5	252.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	-14.4	7.9	-27.3	0.1	1.0
Depreciation of Fixed Assets and Investment Property	11.5	11.5	7.8	3.0	3.0
Provision (Increase)/Reversal	1.7	-22.1	22.1	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	-0.1	-0.0	-0.3	-0.0	0.0
Interest Expense	3.7	5.2	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	2.5	2.6	2.3	3.1	3.0
Increase/(Decrease) in Receivables	0.6	12.2	-4.7	-0.3	0.0
Increase/(Decrease) in Inventory	—	0.0	0.2	0.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.1	6.6	3.5	-4.4	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.2	0.2	-0.6	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	-0.0	-0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1.2	21.6	1.4	-2.0	-9.6
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-3.5	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	2.0	1.5	0.0	0.0	0.0
Investments in Other Entities	-22.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.8	0.0	0.0
Dividends and Interest Income Received	0.1	0.0	0.3	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	-19.9	-2.0	1.1	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	11,760,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	-2.1	0.0	0.0
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	—	0.0	-2.1	0.0	11.8
Net Cash Flow During the Period	-18.7	19.6	0.5	-2.0	1.0
Cash and Cash Equivalents at Beginning of Period	20.7	1.1	0.7	2.7	0.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.0	20.7	1.1	0.7	2.7

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	4.6	11.0	0.8	22.7	9.8	36.4	5.8	13.1	0.8	30.8	11.8	40.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	4.6	11.0	0.8	22.7	9.8	36.4	5.8	13.1	0.8	30.8	11.8	40.7
Cost of Goods Sold	4.5	10.8	0.8	22.2	9.6	35.5	5.7	12.8	0.8	30.4	11.5	40.2
Gross Profit	0.2	0.3	0.0	0.5	0.2	0.9	0.2	0.3	0.0	0.5	0.2	0.5
Financial Income	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.6	0.6	0.1
Financial Expenses	0.9	-0.2	1.3	1.3	1.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.9	-0.2	1.3	1.3	1.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.1	3.9	2.2	2.5	2.2	-21.0	1.2	1.4	1.1	1.6	1.6	1.2
Operating Profit	-2.8	-3.4	-3.4	-3.3	-3.2	21.8	-1.0	-1.1	-1.1	-0.6	-0.8	-0.5
Other Income	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	1.0	0.0	0.2	0.5	0.2	0.7	0.2	0.2	0.2	0.2	0.0	0.3
Other Profit	-1.0	-0.0	-0.2	-0.5	-0.2	-0.7	-0.2	-0.2	-0.2	-0.1	0.0	-0.3
Profit Before Tax	-3.8	-3.5	-3.6	-3.8	-3.4	21.2	-1.2	-1.3	-1.3	-0.7	-0.8	-0.9
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-3.8	-3.5	-3.6	-3.8	-3.4	21.2	-1.2	-1.3	-1.3	-0.8	-0.8	-0.9
Non-controlling Interest	-0.3	0.0	-0.4	-0.4	-0.3	5.0	-0.1	-0.1	-0.1	0.0	0.0	-0.1
Profit Attributable to Parent	-3.5	-3.5	-3.3	-3.5	-3.1	16.2	-1.1	-1.3	-1.2	-0.8	-0.8	-0.8
Earnings per Share	-142.00	142.00	-133.00	-141.00	-125.00	655.00	-46.00	-51.00	-50.00	-33.00	-32.00	-33.00
Diluted EPS	-141.86	-141.84	-132.99	-140.80	-124.52	654.94	-45.77	-51.12	-50.38	-32.91	-31.98	-32.90

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)	38.2	33.5	38.3	37.7	35.5	56.6	30.7	28.4	54.5	49.1	60.1	54.9
I. Cash and cash equivalents	1.4	2.0	1.1	1.4	0.8	20.7	0.5	1.0	1.0	1.1	0.7	1.2
1. Cash	1.4	2.0	1.1	1.4	0.8	20.7	0.5	1.0	1.0	1.1	0.7	1.2
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.6	—	—	—	—	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	0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	34.7	30.0	35.6	34.7	33.1	34.1	28.5	25.7	51.7	46.1	57.3	51.6
1. Short-term trade accounts receivable	20.3	15.7	19.5	19.0	20.2	10.6	17.3	12.7	27.1	26.9	31.5	19.6
2. Short-term prepayments to suppliers	16.1	16.1	16.1	15.7	12.8	21.5	9.6	12.9	0.4	0.3	7.5	8.0
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	—	—	—	—	—	2.0	0.0	0.0	0.0	15.0	15.0	3.0
6. Other short-term receivables	0.0	—	—	—	0.1	0.0	23.8	22.1	24.2	3.9	3.4	21.0
7. Provision for short-term doubtful debts (*)	-1.7	-1.7	—	—	—	0.0	-22.1	-22.1	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	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	0.2	0.2
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.2	0.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	1.5	1.6	1.6	1.6	1.7	1.7	1.8	1.8	1.9	1.9	1.9
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.5	1.5	1.6	1.6	1.6	1.7	1.7	1.8	1.8	1.9	1.9	1.9
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	312.1	315.0	317.9	320.8	323.8	270.3	272.2	274.1	276.0	286.0	287.9	283.6
I. Long-term receivables	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	8.5	8.5	0.4
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	8.1	8.1	0.0
6. Other long-term receivables	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	34.6	35.6	36.6	37.5	38.5	39.4	40.4	41.4	42.3	43.3	44.3	47.2
1. Tangible fixed assets	34.6	35.6	36.6	37.5	38.5	39.4	40.4	41.4	42.3	43.3	44.3	47.2
- Cost	73.6	—	—	—	—	73.6	73.6	73.6	73.6	73.6	73.6	73.6
- Accumulated depreciation	-38.9	—	—	—	—	-34.1	-33.2	-32.2	-31.2	-30.3	-29.3	-26.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	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
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	201.4	201.4	201.4	201.4	201.4	201.4	201.4	201.4	201.4	201.4	201.4	201.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	201.4	201.4	201.4	201.4	201.4	201.4	201.4	201.4	201.4	201.4	201.4	201.4
V. Long-term financial investments	22.0	22.0	22.0	22.0	22.0	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
2. Investments in associates, joint-ventures	22.0	22.0	22.0	22.0	22.0	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	53.7	55.6	57.5	59.5	61.4	29.0	30.0	30.9	0.3	0.4	0.4	0.5
1. Long-term prepayments	—	—	0.0	0.0	0.1	0.1	0.2	0.3	0.3	0.4	0.4	0.5
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	53.7	55.6	57.5	59.4	61.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	28.9	29.8	30.6	31.5	32.4	33.3	34.1
TOTAL ASSETS (280=100+200)	350.3	348.6	356.2	358.5	359.3	326.9	302.9	302.5	330.5	335.1	348.0	338.5
A. LIABILITIES (300=210+330)	113.0	107.5	111.7	110.4	107.3	42.1	39.3	37.7	42.2	42.9	55.0	44.8
I. Short -term liabilities	113.0	107.5	111.7	110.4	107.3	42.1	39.3	37.7	3.2	42.9	55.0	44.8
1. Short-term trade accounts payable	6.7	2.2	6.0	6.0	4.3	4.1	1.8	0.2	2.7	3.3	15.4	5.2
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0
4. Payable to employees	0.1	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	68.4	67.4	67.6	66.3	65.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.9	0.9	1.1	1.1	1.0	1.0	0.5	0.5	0.5	0.5	0.6	0.6
10. Short-term borrowings and financial leases	36.9	36.9	36.9	36.9	36.9	36.9	36.9	36.9	0.0	39.0	39.0	39.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	39.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	39.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	237.3	241.1	244.5	248.2	252.0	284.8	263.6	264.8	288.2	292.2	292.9	293.7
I. Owner's equity	237.3	241.1	244.5	248.2	252.0	284.8	263.6	264.8	288.2	292.2	292.9	293.7
1. Owner's capital	247.2	247.2	247.2	247.2	247.2	247.2	247.2	247.2	247.2	247.2	247.2	247.2
- Common stock with voting right	247,159,580,000.00	247,159,580,000.00	247,159,580,000.00	247,159,580,000.00	247,159,580,000.00	247,159,580,000.00	247,159,580,000.00	247,159,580,000.00	247,159,580,000.00	247,159,580,000.00	247,159,580,000.00	247,159,580,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	-39.1	-35.6	-32.1	-28.8	-25.3	-7.7	-23.8	-22.7	-4.5	-1.2	-0.4	0.4
- Accumulated retained earning at the end of the previous period	-35.6	-22.2	-22.2	-22.2	-22.2	-20.2	-20.2	-20.2	-3.2	1.4	1.4	1.4
- Undistributed earnings in this period	-3.5	-13.4	-9.8	-6.6	-3.1	12.5	-3.6	-2.5	-1.2	-2.6	-1.8	-1.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	29.3	29.6	29.6	29.9	30.3	45.4	40.4	40.5	45.7	46.3	46.3	46.3
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	350.3	348.6	356.2	358.5	359.3	326.9	302.9	302.5	330.5	335.1	348.0	338.5

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	-3.8	-3.5	-3.6	-3.8	-3.4	21.2	-1.2	-1.3	-1.3	-0.7	-0.8	-0.9
Depreciation of Fixed Assets and Investment Property	2.9	2.9	2.9	2.9	2.9	1.8	1.8	1.8	1.8	1.8	1.8	1.8
Provision (Increase)/Reversal	—	1.7	—	—	—	-22.1	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	-0.1	-0.0	-0.0	-0.0	-0.0	-0.6	-0.6	-0.3
Interest Expense	0.9	-0.2	1.3	1.3	1.3	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	1.0	0.5	0.3	0.7	0.9	0.7	0.5	0.5	0.6	0.5	0.7
Increase/(Decrease) in Receivables	-5.2	3.9	-0.9	-1.6	-0.9	18.5	-2.8	1.8	-0.2	11.2	-12.1	-6.6
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.6	-4.0	0.0	1.8	0.1	2.8	1.6	-2.4	-0.6	-12.2	10.3	5.3
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	—	—	—	—	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
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-0.6	0.9	-0.3	0.6	-0.0	22.2	-0.4	-0.0	-0.2	-0.2	-1.3	-0.6
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	-2.0	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	2.0	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	0.8
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.6	0.8	0.1
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	0.0	0.0	0.0	-19.9	-2.0	0.0	0.0	0.0	0.6	0.8	0.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-0.6	0.9	-0.3	0.6	-20.0	20.2	-0.4	-0.0	-0.2	0.4	-0.5	0.3
Cash and Cash Equivalents at Beginning of Period	2.0	1.1	1.4	0.8	20.7	1.1	1.1	1.1	1.1	0.7	0.7	0.7
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	1.4	2.0	1.1	1.4	0.8	20.7	0.5	1.0	1.0	1.1	0.7	1.2

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FID

What Is Changing

Drivers of FID's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼▼

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▼▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow