GGG

Ô tô Giải Phóng ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin −14.13%, +27.41pp YoY

Price

3,100

Latest close

05 Jun 2026

P/E -6.79x

P/B -1.31x

EPS -457

BVPS -2,368

ROE 21.6%

ROA -52.6%

Profit Margin -14.1%

Asset Turnover 3.72x

Equity Mult. -0.41x

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

What Is Changing

On a TTM 2026Q1 basis, GGG 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. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 95bn
	                                
+123.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 13bn
	                                
+24.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    68.0%
	                                
affects earnings quality

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	0.2	27.5	51.8	15.5	20.9	17.3	0.0	4.3	1.0	1.6	0.0	0.8
Growth	-99%	-47%	+234%	-26%	+21%	—	-100%	+326%	-38%	—	-100%	—
Net Income	-3.7	-3.9	-1.8	-4.0	-3.6	-4.0	-3.9	-6.2	-4.0	-4.5	-3.6	-7.3
Net Margin	-1527.46%	-14.23%	-3.39%	-26.13%	-17.07%	-23.28%	—	-142.64%	-397.63%	-277.01%	—	-962.65%

Drivers of GGG's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 2.8bn

Finance costs ↓ 1.6bn

TTM

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

Finance costs ↓ 0.4bn

Selling expenses ↓ 0.1bn

Gross profit ↓ 0.5bn

Administrative expenses ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 39.1% = -41.5% × 1.09 × -0.87

2026Q1 21.6% = -14.1% × 3.72 × -0.41

ROE edged down from 39.1% to 21.6% — the components are broadly offsetting.

Net margin: -14.1% +27.4pp Asset turnover: 3.72x +2.64x Leverage: -0.41x +0.46x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to -14.13%, rising 27.4pp. The main driver is Gross margin rose 8.7pp and SG&A / Revenue fell 3.1pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 15.7pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin -14.13% +27.4pp

Gross Margin -1.71% +8.7pp

SG&A / Revenue 2.81% −3.1pp

Non-core / Revenue -9.61% +15.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 68.0% of PBT and lifted net margin by 15.7pp — separate the operating contribution from this source.

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 -11.64x −17.69x

Average Invested Capital 8.2bn −15.2bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at -1.30x equity, with a net cash position equivalent to 0.82x 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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 72.7 days versus the same period last year. The main moves came from DIO fell 104.5 days, DSO fell 2.5 days, and DPO fell 34.3 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Working Capital Efficiency

Receivables 0.2 days −2.5 days

Inventory 25.5 days −104.5 days

Payables 30.3 days −34.3 days

Cash Conversion Cycle -4.5 days −72.7 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 7.7bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.82x and interest coverage only at -1.47x.

At present, short-term debt accounts for 35.8% of total debt, cash equals 0.8% of debt, and total debt stands at 57.4bn.

Watchpoints

Interest coverage is thin

Interest coverage is -1.47x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 0.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity -0.82x +0.11x

Interest Coverage -1.47x +0.17x

Cash / Debt 0.8% +0.3pp

Short-term Debt / Total Debt 35.8% +2.4pp

CFO / NI -0.02x +0.54x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 7.7bn in 2025, against investing cash flow of -0.0bn.

Post-investment cash flow was positive +7.6bn. Financing cash flow was negative +6.5bn.

CFO / net income was -0.02x.

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 0.2bn −9.6bn

Cash Capex — —

FCF TTM — —

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 27.4 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at -1.47x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -14.13% after expanding 27.4pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 68.0% of PBT and CFO / net income currently at -0.02x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -1.47x.

Statement Data

Item	2025	2024	2023	2022
Revenue	114.9	22.6	2.4	37.2
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	114.9	22.6	2.4	37.2
Cost of Goods Sold	116.0	29.0	7.8	38.6
Gross Profit	-1.1	-6.4	-5.4	-1.4
Financial Income	0.0	0.0	0.0	0.0
Financial Expenses	11.0	10.8	7.5	18.4
Interest Expense	10.7	10.3	6.4	16.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	0.4	0.3	0.1	0.8
General and Administrative Expenses	2.2	2.0	2.6	3.6
Operating Profit	-14.7	-19.5	-15.7	-24.1
Other Income	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	0.0	0.0
Other Profit	0.0	0.0	-0.0	0.0
Profit Before Tax	-14.7	-19.5	-15.7	-24.1
Current Income Tax Expense	—	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	-14.7	-19.5	-15.7	-24.1
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	-14.7	-19.5	-15.7	-24.1
Earnings per Share	-501.00	-665.00	-535.00	-1,874.00
Diluted EPS	-501.00	-665.00	-535.00	-1,874.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3.9	13.7	22.7	29.2
I. Cash and cash equivalents	1.4	0.3	0.0	3.9
1. Cash	1.4	0.3	0.0	3.9
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0
III. Short-term receivables	2.0	0.4	0.7	0.4
1. Short-term trade accounts receivable	0.1	0.1	0.5	0.0
2. Short-term prepayments to suppliers	0.0	0.0	0.0	0.2
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	0.1	0.3	0.1	0.1
7. Provision for short-term doubtful debts (*)	-0.0	0.0	0.0	0.0
8. Assets awaiting resolution	1.8	0.0	0.0	0.0
IV. Inventories	0.5	12.6	21.1	23.9
1. Inventories	0.5	13.9	21.4	23.9
2. Provision for decline in value of inventories	—	-1.3	-0.3	0.0
V. Other short-term assets	0.0	0.4	0.9	1.0
1. Short-term prepayments	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.4	0.9	1.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	16.1	20.2	24.2	28.4
I. Long-term receivables	—	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	16.1	20.2	24.2	28.4
1. Tangible fixed assets	16.1	20.2	24.2	28.4
- Cost	79.7	79.6	79.5	79.5
- Accumulated depreciation	-63.6	-59.5	-55.3	-51.1
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	—	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	20.0	33.8	46.9	57.6
A. LIABILITIES (300=210+330)	85.8	85.0	78.5	73.5
I. Short -term liabilities	48.8	52.1	53.9	58.6
1. Short-term trade accounts payable	2.2	3.2	2.8	14.2
2. Short-term advances from customers	1.7	3.0	6.2	2.7
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0
4. Payable to employees	0.2	0.2	0.3	0.2
5. Short-term acrrued expenses	1.1	22.6	19.4	18.7
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	23.3	0.0	0.0	0.0
10. Short-term borrowings and financial leases	20.4	23.1	25.2	22.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	37.0	32.9	24.6	14.9
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	37.0	32.9	24.6	14.9
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-65.9	-51.2	-31.6	-15.9
I. Owner's equity	-65.9	-51.2	-31.6	-15.9
1. Owner's capital	293.9	293.9	293.9	293.9
- Common stock with voting right	293,885,890,000.00	293,885,890,000.00	293,885,890,000.00	293,885,890,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	0.8	0.8	0.8	0.8
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	-360.6	-345.8	-326.3	-310.6
- Accumulated retained earning at the end of the previous period	-345.8	-326.3	-310.6	-286.5
- Undistributed earnings in this period	-14.7	-19.5	-15.7	-24.1
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	20.0	33.8	46.9	57.6

Item	2025	2024	2023	2022
Profit Before Tax	-14.7	-19.5	-15.7	-24.1
Depreciation of Fixed Assets and Investment Property	4.1	4.2	4.2	4.2
Provision (Increase)/Reversal	-1.3	1.0	0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.2	0.0	0.6
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	-0.0
Interest Expense	10.7	10.3	6.4	16.5
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-1.2	-3.9	-4.8	-2.8
Increase/(Decrease) in Receivables	-1.2	0.8	-0.2	1.4
Increase/(Decrease) in Inventory	13.4	7.5	2.5	13.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.1	-2.9	-7.8	-23.8
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-1.3	-0.2	-0.8	-0.7
Corporate Income Tax Paid	—	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	7.7	1.3	-11.2	-11.9
Payments for Fixed Assets and Other Long-term Assets	-0.0	-0.1	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.0	-0.1	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	8.5	8.2	25.8	41.2
Repayment of Borrowings	-15.0	-9.1	-18.5	-25.5
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-6.5	-0.9	7.3	15.7
Net Cash Flow During the Period	1.2	0.3	-3.9	3.9
Cash and Cash Equivalents at Beginning of Period	0.3	0.0	3.9	0.1
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.4	0.3	0.0	3.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	0.2	27.5	51.8	15.5	20.9	17.3	0.0	4.3	1.0	1.6	0.0	0.8
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.2	27.5	51.8	15.5	20.9	17.3	0.0	4.3	1.0	1.6	0.0	0.8
Cost of Goods Sold	1.5	28.0	50.8	16.4	21.7	18.4	1.0	5.9	2.4	3.1	0.0	3.6
Gross Profit	-1.2	-0.5	1.0	-0.9	-0.8	-1.1	-1.0	-1.5	-1.4	-1.4	0.0	-2.9
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	1.8	2.7	2.2	2.3	2.3	2.4	2.3	3.7	2.3	2.4	1.8	3.4
Interest Expense	1.8	2.7	2.2	2.2	2.2	2.3	2.3	3.6	2.1	2.1	1.6	3.4
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	0.1	0.1	0.2	0.1	0.0	0.1	0.2	0.0	0.0	0.0	0.0
General and Administrative Expenses	0.6	0.6	0.5	0.7	0.4	0.5	0.5	0.7	0.4	0.7	1.8	1.0
Operating Profit	-3.7	-3.9	-1.8	-4.0	-3.6	-4.0	-3.9	-6.2	-4.0	-4.5	-3.6	-7.3
Other Income	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	-3.7	-3.9	-1.8	-4.0	-3.6	-4.0	-3.9	-6.2	-4.0	-4.5	-3.6	-7.3
Current Income Tax Expense	—	—	—	—	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	-3.7	-3.9	-1.8	-4.0	-3.6	-4.0	-3.9	-6.2	-4.0	-4.5	-3.6	-7.3
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-3.7	-3.9	-1.8	-4.0	-3.6	-4.0	-3.9	-6.2	-4.0	-4.5	-3.6	-7.3
Earnings per Share	-126.23	-133.17	-59.64	-137.80	-121.42	-136.96	-133.06	-209.47	-137.14	-154.24	-123.69	-246.92
Diluted EPS	-126.23	-133.17	-59.64	-137.80	-121.42	-136.96	-133.06	-209.47	-137.14	-154.24	-123.69	-246.92

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)	2.5	3.9	31.9	8.7	14.3	15.0	33.4	17.1	21.7	23.0	24.8	24.4
I. Cash and cash equivalents	0.4	1.4	1.7	0.2	0.3	0.3	0.1	0.5	0.2	0.0	0.4	0.1
1. Cash	0.4	1.4	1.7	0.2	0.3	0.3	0.1	0.5	0.2	0.0	0.4	0.1
2. Cash equivalents	—	—	—	—	0.0	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	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	1.8	0.2	0.4	0.4	0.3	0.4	0.6	0.8	0.8	0.7	0.3	0.3
1. Short-term trade accounts receivable	0.1	0.1	0.1	0.1	0.1	0.1	0.6	0.6	0.6	0.5	0.0	0.0
2. Short-term prepayments to suppliers	—	0.0	0.0	—	0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.0
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	—	0.1	0.3	0.3	0.2	0.3	0.0	0.2	0.1	0.1	0.3	0.3
7. Provision for short-term doubtful debts (*)	-0.0	-0.0	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	1.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.2	2.3	28.2	8.0	13.3	13.9	30.9	15.3	19.8	21.4	23.1	23.1
1. Inventories	0.2	2.3	28.2	8.0	13.3	13.9	30.9	15.3	20.1	21.4	23.1	23.1
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	-0.3	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	1.6	0.1	0.5	0.4	1.8	0.5	0.8	0.9	1.0	1.0
1. Short-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	1.6	0.1	0.5	0.4	1.8	0.5	0.8	0.9	1.0	1.0
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	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	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)	15.1	16.1	17.1	18.1	19.1	20.2	21.1	22.1	23.2	24.2	25.2	26.3
I. Long-term receivables	—	—	—	—	0.0	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	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	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	0.0
II. Fixed assets	15.1	16.1	17.1	18.1	19.1	20.2	21.1	22.1	23.2	24.2	25.2	26.3
1. Tangible fixed assets	15.1	16.1	17.1	18.1	19.1	20.2	21.1	22.1	23.2	24.2	25.2	26.3
- Cost	79.7	—	—	—	79.6	79.6	79.5	79.5	79.5	79.5	79.5	79.5
- Accumulated depreciation	-64.6	—	—	—	-60.5	-59.5	-58.4	-57.4	-56.4	-55.3	-54.3	-53.2
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	—	—	—	—	0.0	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
III. Investment properties	—	—	—	—	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
IV. Long-term assets in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	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	—	—	—	—	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	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)	17.6	20.0	49.0	26.7	33.4	35.1	54.4	39.2	44.8	47.2	50.0	50.7
A. LIABILITIES (300=210+330)	87.2	85.8	110.9	85.5	88.2	85.0	100.3	81.1	80.5	78.5	76.9	73.9
I. Short -term liabilities	50.3	48.8	75.8	50.5	54.0	52.1	67.3	50.2	50.2	53.9	52.9	53.1
1. Short-term trade accounts payable	1.8	2.2	30.4	5.8	14.3	3.2	18.4	2.6	2.3	2.8	3.1	7.2
2. Short-term advances from customers	1.4	1.7	2.3	4.9	0.4	3.0	2.9	2.3	4.0	6.2	5.7	4.7
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	0.0	0.0
4. Payable to employees	0.1	0.2	0.4	0.2	0.1	0.2	0.1	0.2	0.1	0.3	0.3	0.3
5. Short-term acrrued expenses	2.9	24.3	23.7	22.0	21.8	22.6	22.3	21.8	20.1	19.4	18.8	18.8
6. Short-term inter-company payables	0.3	—	—	—	0.3	0.0	0.4	0.0	0.3	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	23.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	20.5	20.4	19.0	17.6	17.1	23.1	23.2	23.3	23.3	25.2	24.9	22.0
11. Provision for short-term liabilities	—	—	—	—	0.0	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	0.0
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	36.9	37.0	35.2	35.0	34.2	32.9	33.0	30.9	30.3	24.6	24.0	20.8
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	—	—	—	—	0.0	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	0.0
8. Long-term borrowings and financial leases	36.9	37.0	35.2	35.0	34.2	32.9	33.0	30.9	30.3	24.6	24.0	20.8
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	—	—	—	—	0.0	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	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)	-69.6	-65.9	-62.0	-58.8	-54.7	-49.9	-45.8	-41.8	-35.7	-31.3	-26.8	-23.2
I. Owner's equity	-69.6	-65.9	-62.0	-58.8	-54.7	-49.9	-45.8	-41.8	-35.7	-31.3	-26.8	-23.2
1. Owner's capital	293.9	293.9	293.9	293.9	293.9	293.9	293.9	293.9	293.9	293.9	293.9	293.9
- Common stock with voting right	293,885,890,000.00	293,885,890,000.00	293,885,890,000.00	293,885,890,000.00	293,885,890,000.00	293,885,890,000.00	293,885,890,000.00	293,885,890,000.00	293,885,890,000.00	293,885,890,000.00	293,885,890,000.00	293,885,890,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	—	—	—	—	0.00	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	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	-364.3	-360.5	-356.6	-353.5	-349.4	-344.5	-340.5	-336.5	-330.3	-326.0	-321.5	-317.9
- Accumulated retained earning at the end of the previous period	-360.6	-345.8	-345.8	-345.8	-345.8	-326.3	-326.3	-326.3	-326.3	-310.6	-310.6	-310.6
- Undistributed earnings in this period	-3.7	-14.7	-10.8	-7.6	-3.6	-18.2	-14.2	-10.2	-4.0	-15.4	-10.9	-7.3
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)	17.6	20.0	49.0	26.7	33.4	35.1	54.4	39.2	44.8	47.2	50.0	50.7

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
Profit Before Tax	—	-5.7	—	-9.0	0.0	0.0	10.3	-10.3	0.0	-15.7	7.3	-7.3
Depreciation of Fixed Assets and Investment Property	—	2.0	—	2.1	0.0	0.0	-2.1	2.1	0.0	4.2	-2.1	2.1
Provision (Increase)/Reversal	—	0.0	—	-1.3	0.0	0.0	0.3	-0.3	0.0	0.3	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	0.2	0.0	0.0	-0.2	0.2	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	-0.0	0.0	-0.0
Interest Expense	—	4.9	—	5.8	0.0	0.0	-5.7	5.7	0.0	6.4	-2.8	2.8
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	—	1.1	—	-2.3	0.0	0.0	2.7	-2.7	0.0	-4.8	2.4	-2.4
Increase/(Decrease) in Receivables	—	-1.5	—	0.3	0.0	0.0	-0.3	0.3	0.0	-0.2	-0.2	0.2
Increase/(Decrease) in Inventory	—	7.5	—	5.9	0.0	0.0	-6.0	6.0	0.0	2.5	-0.8	0.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-6.6	—	4.4	0.0	0.0	4.2	-4.2	0.0	-7.8	5.0	-5.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	0.0	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	0.0
Interest Paid	—	0.0	—	-1.3	0.0	0.0	0.0	-0.0	0.0	-0.8	0.5	-0.5
Corporate Income Tax Paid	—	—	—	—	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	-0.1	0.1	0.0
Other Operating Payments	-0.6	—	-2.1	—	-1.0	-0.7	-1.9	0.5	-0.5	1.1	-1.1	0.5
Net Cash Flow from Operating Activities	-1.0	-1.5	2.0	0.7	6.5	2.5	-0.6	1.5	-2.1	0.1	-4.3	-6.1
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.0	—	0.0	-0.1	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	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	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	0.0
Investments in Other Entities	—	—	—	—	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	-0.0	0.0	0.0	-0.1	0.0	0.0	0.0	0.0	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	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.1	1.6	1.2	0.4	5.4	0.5	0.9	0.6	6.1	1.2	13.1	8.8
Repayment of Borrowings	-0.1	-0.4	-1.7	-1.1	-11.9	-2.6	-0.8	-1.8	-3.9	-1.7	-8.4	-2.6
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
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	1.2	-0.5	-0.8	-6.5	-2.2	0.1	-1.2	2.3	-0.5	4.7	6.2
Net Cash Flow During the Period	-1.0	-0.3	1.5	-0.0	-0.0	0.2	-0.5	0.3	0.2	-0.4	0.4	0.0
Cash and Cash Equivalents at Beginning of Period	1.4	1.7	0.2	0.3	0.3	0.0	0.0	0.0	0.0	3.9	3.9	3.9
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.4	1.4	1.7	0.2	0.3	0.3	0.1	0.5	0.2	0.0	0.4	0.1

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GGG

What Is Changing

Drivers of GGG's profit

Financial Highlights

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What is driving the margin? ▲▲

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Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▲▲

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Leverage & Liquidity ▼▼

Cash Flow ●

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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