GLW

Cấp thoát nước Gia Lai ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 19.64%, +2.17pp YoY

Price

13,300

Latest close

28 Apr 2026

P/E 16.42x

P/B 1.17x

EPS 810

BVPS 11,361

ROE 7.2%

ROA 6.9%

Profit Margin 19.6%

Asset Turnover 0.35x

Equity Mult. 1.04x

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

What Is Changing

On a TTM 2026Q1 basis, GLW has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 74bn
	                                
+3.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 15bn
	                                
+16.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	72.9	71.8	58.7	54.6	53.0
Growth	+1%	+22%	+8%	+3%	—
Net Income	14.1	12.4	4.4	6.4	4.3
Net Margin	19.33%	17.32%	7.47%	11.77%	8.14%

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	19.3	17.8	17.2	20.0	17.9	16.7	17.2	20.1	17.7	15.2	13.8	15.9
Growth	+9%	+4%	-14%	+12%	+7%	-3%	-14%	+13%	+17%	+11%	-13%	—
Net Income	3.7	3.4	2.7	4.9	3.2	2.3	2.5	4.6	3.0	1.8	0.7	1.5
Net Margin	19.04%	18.87%	15.62%	24.34%	17.76%	13.86%	14.56%	22.69%	16.76%	11.78%	4.78%	9.16%

Drivers of GLW's profit

TTM

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

Other profit ↑ 1.9bn

Selling expenses ↓ 0.6bn

Gross profit ↑ 0.5bn

Tax ↑ 0.5bn

Administrative expenses ↑ 0.4bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by better other profit. Supporting and offsetting drivers:

Other profit ↑ 0.5bn

Selling expenses ↓ 0.3bn

Gross profit ↑ 0.2bn

Administrative expenses ↑ 0.2bn

Financial income ↓ 0.2bn

Tax ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.4% = 17.5% × 0.35 × 1.03

2026Q1 7.2% = 19.6% × 0.35 × 1.04

ROE rose from 6.4% to 7.2% — mainly driven by net margin.

Net margin: 19.6% +2.2pp Asset turnover: 0.35x +0.00x Leverage: 1.04x +0.00x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 19.64%, rising 2.2pp. Core operating signals are improving as SG&A / Revenue fell 0.7pp are enough to offset pressure from Gross margin fell 0.3pp (in addition, Other profit / Revenue rose 2.6pp added support while Net financial result / Revenue fell 0.2pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 19.64% +2.2pp

Gross Margin 34.02% −0.3pp

SG&A / Revenue 15.53% −0.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC reflects a large fixed-asset base.

Is capital being deployed efficiently?

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

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 16.05% +0.1pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.06x equity, with a net cash position equivalent to 0.09x equity.

Over the last 12 months, working capital absorbed 6.9bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −3.6bn

Inventories increased → lower CFO: −0.0bn

Payables decreased → lower CFO: −3.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.6 days versus the same period last year. The main moves came from DIO fell 1.0 days, DSO fell 5.2 days, and DPO rose 1.5 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Working Capital Efficiency

Receivables 3.5 days −5.2 days

Inventory 25.1 days −1.0 days

Payables 19.5 days +1.5 days

Cash Conversion Cycle 9.1 days −7.6 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 23.5bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity -0.09x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.18x −1.01x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 23.5bn in 2025, against investing cash flow of -16.0bn.

Post-investment cash flow was positive +7.5bn. Financing cash flow was negative +9.0bn.

CFO / net income was 1.18x.

After spending +30.2bn on fixed-asset investment, the business generated trailing free cash flow of −13.0bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 17.2bn −10.3bn

Cash Capex 30.2bn +19.4bn

FCF TTM −13.0bn −29.7bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 2.2 pp. The next item to monitor is the earnings mix, when non-core contribution is 18.3%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 19.64% after expanding 2.2pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.18x. Even so, net financial result still accounts for 18.3% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	72.9	71.8	58.7	54.6	53.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	72.9	71.8	58.7	54.6	53.0
Cost of Goods Sold	47.8	47.6	45.7	44.1	0.0
Gross Profit	25.1	24.3	13.0	10.5	10.8
Financial Income	1.4	1.3	2.2	1.5	1.3
Financial Expenses	—	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	4.4	4.5	4.6	4.3	-4.3
General and Administrative Expenses	7.3	6.8	6.6	5.6	-5.1
Operating Profit	14.9	14.2	3.9	2.0	2.7
Other Income	2.9	1.4	1.7	6.1	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0
Other Profit	2.8	1.4	1.7	6.1	2.8
Profit Before Tax	17.7	15.7	5.6	8.1	5.5
Current Income Tax Expense	3.6	3.2	1.2	1.7	-1.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	14.1	12.4	4.4	6.4	4.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	14.1	12.4	4.4	6.4	4.3
Earnings per Share	783.00	691.00	232.00	339.00	299.00
Diluted EPS	782.94	691.26	243.69	357.24	239.84

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	27.5	44.3	27.8	35.0	29.7
I. Cash and cash equivalents	20.1	21.6	1.9	13.4	2.6
1. Cash	2.2	0.8	0.8	4.3	0.0
2. Cash equivalents	17.9	20.8	1.1	9.1	0.0
II. Short-term financial investments	0.5	16.3	17.0	10.3	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	0.5	16.3	17.0	10.3	0.0
III. Short-term receivables	1.7	2.5	5.8	6.9	6.1
1. Short-term trade accounts receivable	0.7	0.7	1.5	1.6	0.0
2. Short-term prepayments to suppliers	0.1	0.6	3.0	0.0	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	—	0.0	0.0	5.1	0.0
6. Other short-term receivables	1.3	1.4	1.5	0.3	0.0
7. Provision for short-term doubtful debts (*)	-0.3	-0.2	-0.1	-0.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	3.9	3.8	2.8	3.6	3.4
1. Inventories	3.9	3.8	2.8	3.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.3	0.2	0.3	0.8	1.3
1. Short-term prepayments	0.0	0.1	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.2	0.1	0.1	0.4	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.2	0.4	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)	185.7	162.8	167.0	167.5	168.1
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.8
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	177.7	157.7	162.9	161.7	160.3
1. Tangible fixed assets	177.4	157.2	162.1	160.8	159.3
- Cost	490.5	458.8	452.3	439.8	0.0
- Accumulated depreciation	-313.2	-301.6	-290.3	-279.0	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	0.4	0.6	0.8	0.9	1.1
- Cost	1.7	1.7	1.7	1.6	0.0
- Accumulated depreciation	-1.3	-1.1	-0.9	-0.7	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	2.2	0.4	0.6	1.7	0.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.2	0.4	0.6	1.7	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	5.7	4.6	3.6	4.1	0.0
1. Long-term prepayments	3.0	1.8	0.7	1.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	2.8	2.8	2.8	3.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	6.8
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)	213.2	207.1	194.9	202.5	197.8
A. LIABILITIES (300=210+330)	12.0	9.1	3.7	6.4	7.8
I. Short -term liabilities	12.0	9.1	3.7	5.8	6.2
1. Short-term trade accounts payable	3.5	2.4	1.0	2.8	3.7
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.7	3.8	1.8	1.7	0.0
4. Payable to employees	1.1	2.0	0.2	0.1	0.0
5. Short-term acrrued expenses	2.2	0.5	0.1	0.1	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.3	0.1	0.1	0.0
10. Short-term borrowings and financial leases	—	0.0	0.5	1.1	1.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.5	0.1	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	0.5	1.6
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	0.5	1.6
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)	201.1	198.0	191.2	196.1	190.0
I. Owner's equity	201.1	198.0	191.2	196.1	0.0
1. Owner's capital	180.0	180.0	180.0	180.0	190.0
- Common stock with voting right	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	3.9	3.9	3.9	3.9	3.9
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	3.1	0.4	0.4	0.4	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	14.1	13.7	6.9	11.8	5.7
- Accumulated retained earning at the end of the previous period	—	1.3	2.5	5.4	5.6
- Undistributed earnings in this period	14.1	12.4	4.4	6.4	0.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	213.2	207.1	194.9	202.5	197.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	17.7	15.7	5.6	8.1	1.9
Depreciation of Fixed Assets and Investment Property	12.5	11.8	11.4	11.1	2.7
Provision (Increase)/Reversal	0.0	0.2	-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	-2.2	-1.3	-3.3	-6.6	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	28.1	26.3	13.7	12.6	4.6
Increase/(Decrease) in Receivables	-0.3	2.7	-1.8	1.3	0.0
Increase/(Decrease) in Inventory	-0.1	-0.8	1.0	-0.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.7	2.8	-1.3	-0.3	0.0
Increase/(Decrease) in Prepaid Expenses	-1.1	-1.1	0.4	2.6	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	-3.7	-1.2	-1.3	-1.1	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	23.5	28.8	10.7	15.0	-5.2
Payments for Fixed Assets and Other Long-term Assets	-34.0	-6.3	-12.2	-15.3	0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.6	0.0	0.6	5.0	-0.6
Loans and Purchases of Debt Instruments	—	-37.1	-26.9	-9.6	0.1
Receipts from Loan Repayments and Sale of Debt Instruments	15.8	37.8	25.3	15.9	-2.0
Investments in Other Entities	—	0.0	0.0	0.0	2.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.6	2.4	1.0	1.0	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	-16.0	-3.1	-12.1	-3.1	0.2
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-0.5	-1.1	-1.1	-0.5
Repayment of Finance Leases	—	0.0	0.0	0.0	-0.5
Dividends Paid	-9.0	-5.4	-9.0	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	-9.0	-5.9	-10.1	-1.1	-1.1
Net Cash Flow During the Period	-1.5	19.7	-11.5	10.8	-5.3
Cash and Cash Equivalents at Beginning of Period	21.6	1.9	13.4	2.6	8.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	20.1	21.6	1.9	13.4	2.6

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	19.3	17.8	17.2	20.0	17.9	16.7	17.2	20.1	17.7	15.2	13.8	15.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	19.3	17.8	17.2	20.0	17.9	16.7	17.2	20.1	17.7	15.2	13.8	15.9
Cost of Goods Sold	13.0	12.0	11.3	12.7	11.8	11.7	11.7	12.1	12.2	11.5	10.9	11.9
Gross Profit	6.3	5.8	5.9	7.3	6.1	5.0	5.6	8.0	5.6	3.7	2.8	4.0
Financial Income	0.2	0.3	0.3	0.4	0.4	0.4	0.3	0.3	0.3	0.4	0.5	0.6
Financial Expenses	—	—	—	—	—	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
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.9	1.2	1.1	1.0	1.2	1.2	1.1	1.1	1.0	1.2	1.1	1.2
General and Administrative Expenses	1.9	1.9	1.9	1.7	1.7	2.0	1.7	1.6	1.5	1.8	1.6	1.7
Operating Profit	3.8	3.0	3.2	5.0	3.7	2.2	3.0	5.6	3.4	1.1	0.6	1.7
Other Income	0.8	1.2	0.1	1.1	0.3	0.8	0.1	0.2	0.4	1.2	0.3	0.1
Other Expenses	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.8	1.2	0.1	1.1	0.3	0.8	0.1	0.2	0.4	1.2	0.3	0.1
Profit Before Tax	4.6	4.2	3.4	6.1	4.0	2.9	3.2	5.7	3.7	2.3	0.9	1.9
Current Income Tax Expense	0.9	0.9	0.7	1.2	0.8	0.6	0.7	1.2	0.8	0.5	0.2	0.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.7	3.4	2.7	4.9	3.2	2.3	2.5	4.6	3.0	1.8	0.7	1.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.7	3.4	2.7	4.9	3.2	2.3	2.5	4.6	3.0	1.8	0.7	1.5
Earnings per Share	204.00	187.00	149.00	270.00	177.00	129.00	140.00	253.00	165.00	100.00	37.00	81.00
Diluted EPS	204.33	186.54	149.05	270.47	176.88	128.86	139.52	253.40	165.28	99.68	36.60	80.86

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)	28.6	27.5	39.1	39.6	44.1	44.3	42.8	37.9	36.0	27.8	29.5	29.8
I. Cash and cash equivalents	17.9	20.1	30.7	33.4	31.9	21.6	18.3	7.0	8.1	1.9	2.2	3.3
1. Cash	2.4	2.2	1.4	2.1	3.3	0.8	0.8	0.5	2.5	0.8	2.2	0.7
2. Cash equivalents	15.5	17.9	29.3	31.3	28.6	20.8	17.5	6.5	5.6	1.1	0.0	2.5
II. Short-term financial investments	0.5	0.5	0.5	0.5	5.9	16.3	17.5	22.8	18.2	17.0	18.0	18.0
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	0.5	0.5	0.5	0.5	5.9	16.3	17.5	22.8	18.2	17.0	18.0	18.0
III. Short-term receivables	5.1	1.7	3.2	1.5	1.9	2.5	1.7	2.7	4.7	5.8	5.2	3.8
1. Short-term trade accounts receivable	0.7	0.7	0.8	0.7	0.7	0.7	0.7	1.4	2.7	1.5	1.3	1.4
2. Short-term prepayments to suppliers	3.8	0.1	2.1	0.7	0.7	0.6	0.5	0.9	1.5	3.0	2.4	1.4
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	0.9	1.3	0.5	0.4	0.7	1.4	0.7	0.5	0.6	1.5	1.5	1.0
7. Provision for short-term doubtful debts (*)	-0.3	-0.3	-0.2	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1	-0.1	-0.1	-0.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3.4	3.9	3.5	3.9	3.3	3.8	4.3	3.9	3.4	2.8	3.2	3.1
1. Inventories	3.4	3.9	3.5	3.9	3.3	3.8	4.3	3.9	3.4	2.8	3.2	3.1
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	1.7	1.3	1.2	0.2	1.0	0.2	1.1	1.4	1.5	0.3	0.9	1.6
1. Short-term prepayments	0.9	0.0	0.9	0.1	0.8	0.1	1.0	1.3	1.5	0.0	0.6	1.2
2. Value added tax to be reclaimed	0.7	1.2	0.2	—	0.2	0.1	0.0	0.0	0.0	0.1	0.0	0.1
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	0.2	0.3	0.3
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)	183.5	185.7	169.9	164.8	164.9	162.8	160.9	162.2	164.2	167.0	164.9	164.2
I. Long-term receivables	0.0	—	—	—	—	0.0	0.0	0.4	0.0	0.0	1.0	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	0.4	0.0	0.0	1.0	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	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	175.5	177.7	157.5	158.2	159.8	157.7	155.7	157.7	160.2	162.9	160.3	158.5
1. Tangible fixed assets	175.2	177.4	157.1	157.8	159.3	157.2	155.1	157.0	159.5	162.1	159.4	157.8
- Cost	491.9	—	—	—	—	458.8	453.9	453.0	452.7	452.3	446.8	442.3
- Accumulated depreciation	-316.7	—	—	—	—	-301.6	-298.8	-296.0	-293.1	-290.3	-287.4	-284.6
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	0.3	0.4	0.4	0.5	0.5	0.6	0.6	0.7	0.7	0.8	0.8	0.8
- Cost	1.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.4	—	—	—	—	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	1.9	2.2	6.7	1.4	0.0	0.4	1.1	0.6	0.5	0.6	0.2	2.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.9	2.2	6.7	1.4	0.0	0.4	1.1	0.6	0.5	0.6	0.2	2.3
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	6.0	5.7	5.7	5.1	5.0	4.6	4.1	3.6	3.5	3.6	3.5	3.4
1. Long-term prepayments	3.2	3.0	3.0	2.3	2.2	1.8	1.3	0.8	0.7	0.7	0.6	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	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.9	2.9
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)	212.1	213.2	209.0	204.3	208.9	207.1	203.7	200.1	200.2	194.9	194.4	194.0
A. LIABILITIES (300=210+330)	7.6	12.0	11.2	9.2	7.7	9.1	8.1	7.0	6.1	3.7	5.0	5.2
I. Short -term liabilities	7.6	12.0	11.2	9.2	7.7	9.1	8.1	7.0	6.1	3.7	5.0	5.2
1. Short-term trade accounts payable	1.9	3.5	3.2	3.3	3.3	2.4	2.0	1.5	1.4	1.0	1.1	1.4
2. Short-term advances from customers	0.0	0.0	—	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.6	3.7	2.8	2.2	1.4	3.8	3.3	2.6	1.6	1.8	1.2	1.0
4. Payable to employees	0.8	1.1	0.8	0.8	0.8	0.1	0.2	1.6	1.4	0.2	0.6	1.0
5. Short-term acrrued expenses	1.9	2.2	2.6	1.2	1.6	2.5	2.2	1.0	0.8	0.1	0.3	0.3
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	0.1	0.0	0.1	0.1	0.3	0.3	0.3	0.2	0.4	0.1	0.3	0.2
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.5	0.5	1.1	1.1
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	1.3	1.5	1.7	1.7	0.0	0.1	0.2	0.2	0.0	0.0	0.3	0.3
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	0.0	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	0.0	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)	204.5	201.1	197.8	195.1	201.2	197.9	195.6	193.1	194.2	191.2	189.4	188.7
I. Owner's equity	204.5	201.1	197.8	195.1	201.2	197.9	195.6	193.1	194.2	191.2	189.4	188.7
1. Owner's capital	180.0	180.0	180.0	180.0	180.0	180.0	180.0	180.0	180.0	180.0	180.0	180.0
- Common stock with voting right	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9
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	3.1	3.1	3.1	3.1	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	17.4	14.1	10.7	8.1	16.9	13.6	11.3	8.8	9.9	6.9	5.1	4.4
- Accumulated retained earning at the end of the previous period	13.8	—	—	—	13.7	1.3	1.3	1.3	6.9	2.5	2.5	2.5
- Undistributed earnings in this period	3.7	14.1	10.7	8.1	3.2	12.4	10.0	7.5	3.0	4.4	2.6	1.9
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	—	—	—	—	—	0.0	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)	212.1	213.2	209.0	204.3	208.9	207.1	203.7	200.1	200.2	194.9	194.4	194.0

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	4.6	4.2	3.4	6.1	4.0	2.9	3.2	5.7	3.7	2.3	0.9	1.9
Depreciation of Fixed Assets and Investment Property	3.6	3.2	3.2	3.1	3.0	3.0	2.9	2.9	2.9	2.9	2.9	2.8
Provision (Increase)/Reversal	-0.0	0.0	-0.0	-0.0	-0.0	-0.0	0.2	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	-0.9	-0.7	-0.7	-0.2	-0.6	-0.9	0.3	-0.1	-0.5	-1.5	-0.6	-0.6
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	7.3	6.8	5.8	9.0	6.5	5.0	6.5	8.6	6.1	3.7	3.1	4.1
Increase/(Decrease) in Receivables	-2.8	0.7	-2.0	0.4	0.5	0.1	0.1	2.2	-0.1	2.4	-3.0	-0.9
Increase/(Decrease) in Inventory	0.5	-0.4	0.4	-0.6	0.5	0.5	-0.4	-0.5	-0.6	0.4	-0.1	0.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.3	-1.1	0.7	-0.5	1.6	-0.5	1.8	-1.1	2.8	-1.7	0.6	-1.4
Increase/(Decrease) in Prepaid Expenses	-1.2	0.9	-1.4	0.5	-1.1	0.5	-1.5	1.3	-1.3	0.5	0.5	0.9
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	-3.1	-0.0	0.0	-0.5	-3.2	0.0	0.0	0.0	-1.2	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	—	—	—	-0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-1.5	6.9	3.8	8.0	4.8	5.6	6.6	10.5	5.7	5.4	1.2	3.2
Payments for Fixed Assets and Other Long-term Assets	-1.5	-18.1	-7.3	-3.3	-5.3	-3.5	-1.2	-0.8	-0.1	-5.5	-3.4	-2.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.5	0.6	1.2	—	-0.2	-0.1	0.4	-0.2	0.2	0.0	0.5	0.1
Loans and Purchases of Debt Instruments	—	—	—	-0.5	—	-68.8	54.5	-37.3	14.5	-0.1	0.0	-2.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	-0.5	5.9	10.4	70.0	-49.1	32.7	-15.7	1.0	0.0	12.8
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	0.3	-0.0	-0.3	0.2	0.7	0.1	0.0	-0.0	1.8	-0.6	0.8	0.3
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	-0.7	-17.5	-6.6	2.5	5.6	-2.3	4.7	-5.7	0.6	-5.2	-2.1	8.1
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	-0.5	0.0	-0.5	0.0	-0.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.0	-9.0	—	0.0	-0.0	-5.4	0.0	0.0	-0.1	-8.9
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	-9.0	—	0.0	-0.0	-5.9	0.0	-0.5	-0.1	-9.4
Net Cash Flow During the Period	-2.2	-10.6	-2.7	1.5	10.4	3.3	11.3	-1.1	6.2	-0.3	-1.1	1.8
Cash and Cash Equivalents at Beginning of Period	20.1	30.7	33.4	31.9	21.6	1.9	1.9	1.9	1.9	13.4	13.4	13.4
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	17.9	20.1	30.7	33.4	31.9	21.6	18.3	7.0	8.1	1.9	2.2	3.3

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GLW

What Is Changing

Drivers of GLW'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