HSL

Đầu tư Phát triển Thực phẩm Hồng Hà ·HOSE ·2026Q1

▼ Under pressure

Capital efficiency remains weak ROE 0.33%, −1.63pp YoY

Price

5,000

Latest close

02 Jun 2026

P/E 43.33x

P/B 0.42x

EPS 115

BVPS 11,903

ROE 1.0%

ROA 0.9%

Profit Margin 3.9%

Asset Turnover 0.12x

Equity Mult. 1.05x

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

What Is Changing

On a TTM 2025Q3 basis, HSL is in an offsetting state — revenue softened slightly but margins improved — profit is at an all-time high. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 57bn
	                                
−79.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 4bn
	                                
−47.4%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    142.0%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	46.3	139.2	389.7	466.1	295.9
Growth	-67%	-64%	-16%	+58%	—
Net Income	0.2	7.0	12.1	15.7	15.7
Net Margin	0.37%	5.01%	3.10%	3.37%	5.30%

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	—	—	10.3	27.3	8.7	11.2	18.4	69.1	40.5	147.8	37.5	96.6
Growth	—	—	-62%	+215%	-23%	-39%	-73%	+71%	-73%	+295%	-61%	—
Net Income	7.0	-0.9	0.1	-1.9	3.0	1.0	1.3	3.0	2.0	5.6	1.7	2.3
Net Margin	—	—	1.40%	-7.09%	34.05%	8.55%	6.97%	4.29%	4.93%	3.80%	4.56%	2.35%

Drivers of HSL's profit

TTM

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

Financial income ↑ 28.9bn

Minority interests ↓ 0.4bn

Finance costs ↑ 15.9bn

Tax ↑ 9.7bn

Other profit ↓ 1.0bn

Administrative expenses ↑ 0.6bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher financial income. Supporting and offsetting drivers:

Financial income ↑ 7.1bn

Tax ↑ 1.1bn

Finance costs ↑ 1.0bn

Other profit ↓ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 0.37% +4.5pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (150.7% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 0.33%, losing 1.6pp. That translates to 0.33 in after-tax operating profit for every 100 units of operating capital. ROIC is under pressure as NOPAT margin was not available and capital turnover was not available have not provided enough support, with invested capital holding roughly steady.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

Watchpoints

ROIC remains low

ROIC is currently 0.33% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.33% −1.6pp

NOPAT Margin — —

Capital Turnover — —

Average Invested Capital 427.7bn +5.0bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 0.05x equity, with a net cash position equivalent to 0.10x equity.

Over the last 12 months, working capital absorbed 93.4bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −91.5bn

Inventories increased → lower CFO: −0.0bn

Payables decreased → lower CFO: −1.9bn

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.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.10x and interest coverage only at 0.72x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 2614.3% of debt, and total debt stands at 1.9bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.72x, 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 -0.10x −0.09x

Interest Coverage 0.72x −5.62x

Cash / Debt 2614.3% +2468.8pp

Short-term Debt / Total Debt 100.0% +38.1pp

CFO / NI -16.31x −10.66x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -159.7bn in 2025, against investing cash flow of 160.3bn.

Post-investment cash flow was positive +0.6bn. Financing cash flow was negative +10.2bn.

CFO / net income was -16.31x.

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 72.6bn −27.8bn

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 capital efficiency remains weak remaining the main constraint, with ROIC at 0.3%. The next watchpoint is the earnings mix, when non-core contribution is 142.0%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 142.0% of PBT and CFO / net income currently at -16.31x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	46.3	139.2	389.7	466.1	295.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	46.3	139.2	389.7	466.1	295.9
Cost of Goods Sold	44.1	128.1	371.2	448.1	0.0
Gross Profit	2.2	11.2	18.6	18.1	19.8
Financial Income	24.8	2.5	1.0	3.9	0.2
Financial Expenses	18.1	1.7	2.6	1.0	-0.8
Interest Expense	0.4	1.2	1.7	1.0	-0.8
Share of Associates and Joint Ventures	-0.1	-0.0	0.9	0.1	0.0
Selling Expenses	0.6	1.1	1.0	0.2	-0.5
General and Administrative Expenses	3.9	3.4	3.7	3.6	-1.9
Operating Profit	4.3	7.4	13.1	17.2	16.8
Other Income	8.5	0.1	0.0	0.0	0.0
Other Expenses	1.1	0.1	0.1	0.0	0.0
Other Profit	7.5	-0.0	-0.1	-0.0	-0.2
Profit Before Tax	11.8	7.4	13.0	17.2	16.6
Current Income Tax Expense	11.7	0.4	0.8	1.4	-0.9
Deferred Income Tax Expense	—	0.0	0.1	0.0	0.0
Net Income	0.2	7.0	12.1	15.7	15.7
Non-controlling Interest	0.0	0.2	0.3	0.2	0.2
Profit Attributable to Parent	0.2	6.8	11.8	15.5	15.5
Earnings per Share	4.00	175.00	332.00	460.00	340.00
Diluted EPS	4.26	175.23	332.21	460.00	900.14

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	310.0	253.4	266.2	306.6	166.6
I. Cash and cash equivalents	70.5	80.1	63.8	3.5	5.8
1. Cash	30.5	30.6	18.8	3.5	0.0
2. Cash equivalents	40.0	49.5	45.0	0.0	0.0
II. Short-term financial investments	34.4	60.7	0.0	0.0	0.0
1. Available for sale securities	34.4	61.2	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	-0.5	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	205.0	106.9	184.2	249.4	148.1
1. Short-term trade accounts receivable	—	23.9	107.9	163.7	0.0
2. Short-term prepayments to suppliers	0.0	8.1	21.1	9.2	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	—	72.5	53.0	57.2	0.0
6. Other short-term receivables	204.9	2.4	2.1	19.3	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	3.5	15.5	50.8	11.9
1. Inventories	—	3.5	15.5	50.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	2.2	2.6	2.9	0.8
1. Short-term prepayments	0.1	0.0	0.1	0.1	0.0
2. Value added tax to be reclaimed	0.1	2.1	2.5	2.7	0.0
3. Taxes and other receivables from state authorities	0.0	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)	158.1	215.9	214.0	182.0	159.9
I. Long-term receivables	59.0	97.6	97.6	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	59.0	97.6	97.6	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	25.1	42.0	46.2	50.1	12.9
1. Tangible fixed assets	0.1	32.2	35.5	37.7	12.9
- Cost	0.1	57.7	56.5	55.0	0.0
- Accumulated depreciation	-0.0	-25.5	-21.0	-17.3	0.0
2. Financial leased fixed assets	—	9.8	10.7	12.4	0.0
- Cost	—	12.4	12.4	12.4	0.0
- Accumulated depreciation	—	-2.6	-1.7	0.0	0.0
3. Intangible fixed assets	25.0	0.0	0.0	0.0	0.0
- Cost	25.0	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	74.0	74.0	67.5	129.1	144.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	74.0	74.0	35.1	129.1	0.0
3. Investments in other entities	—	0.0	32.4	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	—	2.4	2.6	2.8	0.0
1. Long-term prepayments	—	2.4	2.6	2.8	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	3.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	468.1	469.3	480.1	488.6	326.5
A. LIABILITIES (300=210+330)	21.1	22.7	40.0	59.5	65.4
I. Short -term liabilities	21.0	18.6	31.8	44.8	65.4
1. Short-term trade accounts payable	0.1	2.8	18.5	32.2	18.3
2. Short-term advances from customers	—	0.0	0.0	0.2	0.0
3. Taxes and other payables to state authorities	11.8	0.4	0.9	1.1	0.0
4. Payable to employees	0.2	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	—	0.0	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	0.0	0.2	0.1	0.3	0.0
10. Short-term borrowings and financial leases	—	6.2	3.4	2.0	37.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	8.9	8.9	8.9	8.9	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	0.1	4.1	8.2	14.7	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	—	4.0	8.2	14.7	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	0.1	0.1	0.1	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)	447.1	446.6	440.1	429.1	261.1
I. Owner's equity	447.1	446.6	440.1	429.1	0.0
1. Owner's capital	385.7	385.7	353.8	353.8	261.1
- Common stock with voting right	385,673,630,000.00	385,673,630,000.00	353,835,080,000.00	353,835,080,000.00	171,671,440,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	39.8	39.8	39.8	39.8
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	4.4	4.4	4.4	4.4	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	48.1	11.7	37.2	25.9	43.3
- Accumulated retained earning at the end of the previous period	47.9	5.0	25.5	10.4	27.8
- Undistributed earnings in this period	0.2	6.8	11.8	15.5	15.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	8.8	5.0	4.9	5.2	2.3
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)	468.1	469.3	480.1	488.6	326.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	11.8	7.4	13.0	17.2	16.6
Depreciation of Fixed Assets and Investment Property	1.5	5.4	5.4	2.5	1.4
Provision (Increase)/Reversal	-0.5	0.5	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	-17.0	-2.4	-0.1	-3.9	0.0
Interest Expense	0.4	1.2	1.7	1.0	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	-3.8	12.0	19.9	16.8	18.7
Increase/(Decrease) in Receivables	-185.3	97.5	-37.1	120.9	0.0
Increase/(Decrease) in Inventory	3.5	12.0	35.3	-2.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.8	-15.8	-15.2	-35.7	0.0
Increase/(Decrease) in Prepaid Expenses	2.3	0.3	0.2	1.0	0.0
Changes in Trading Securities	26.8	-61.2	0.0	0.0	0.0
Interest Paid	-0.4	-1.2	-1.7	-1.2	0.0
Corporate Income Tax Paid	—	-0.8	-1.0	-1.4	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	-159.7	42.8	0.4	97.7	-2.4
Payments for Fixed Assets and Other Long-term Assets	-25.0	-1.2	-1.6	0.0	-4.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	3.9	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-9.8	-413.5	-114.2	-84.2	-9.0
Receipts from Loan Repayments and Sale of Debt Instruments	82.2	394.1	118.3	82.0	0.0
Investments in Other Entities	—	-41.6	-32.4	-212.3	-25.0
Proceeds from Investments in Other Entities	102.8	35.1	94.1	0.0	0.0
Dividends and Interest Income Received	6.1	2.1	0.9	0.5	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	160.3	-25.0	65.1	-214.1	-38.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	150,000,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	5.0	0.6	14.9	57.4
Repayment of Borrowings	-10.2	-4.1	-5.8	-50.8	-19.6
Repayment of Finance Leases	—	-2.2	0.0	0.0	0.0
Dividends Paid	—	-0.2	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	-10.2	-1.5	-5.2	114.1	37.8
Net Cash Flow During the Period	-9.6	16.3	60.3	-2.2	-16.6
Cash and Cash Equivalents at Beginning of Period	80.1	63.8	3.5	5.7	8.4
FX Difference from Revaluation	—	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	70.5	80.1	63.8	3.5	5.8

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	—	—	10.3	27.3	8.7	11.2	18.4	69.1	40.5	147.8	37.5	96.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	—	—	10.3	27.3	8.7	11.2	18.4	69.1	40.5	147.8	37.5	96.6
Cost of Goods Sold	—	—	10.4	26.5	7.2	9.3	16.7	64.8	37.4	139.9	34.9	92.6
Gross Profit	—	—	-0.0	0.8	1.5	1.9	1.7	4.3	3.0	7.9	2.5	3.9
Financial Income	10.0	5.3	5.9	12.3	2.9	0.6	0.7	0.5	0.6	-0.2	0.7	0.2
Financial Expenses	1.3	-0.2	3.6	12.6	0.3	0.6	0.2	0.3	0.3	0.2	0.4	0.5
Interest Expense	0.1	—	0.0	0.4	0.3	0.5	0.3	0.3	0.3	0.2	0.4	0.5
Share of Associates and Joint Ventures	—	—	-0.1	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.5	0.0	0.0	0.1	0.0	0.2	0.4	0.4	0.6	0.2	0.2
General and Administrative Expenses	0.9	1.1	0.8	1.2	0.8	0.8	0.7	1.0	0.8	0.9	0.9	1.0
Operating Profit	7.8	4.0	1.3	-0.6	3.2	1.2	1.3	3.1	2.2	6.1	1.7	2.4
Other Income	—	0.0	2.1	—	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.0
Other Expenses	0.8	—	2.3	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.0	0.0
Other Profit	-0.8	0.0	-0.3	-0.0	-0.0	-0.0	0.0	-0.0	-0.0	-0.1	0.1	-0.0
Profit Before Tax	7.0	4.0	1.1	-0.6	3.2	1.1	1.3	3.1	2.2	6.0	1.9	2.4
Current Income Tax Expense	1.3	5.0	2.6	1.3	0.2	0.1	0.0	0.1	0.2	0.4	0.1	0.1
Deferred Income Tax Expense	-1.3	—	-1.7	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.0	-0.9	0.1	-1.9	3.0	1.0	1.3	3.0	2.0	5.6	1.7	2.3
Non-controlling Interest	0.1	-0.0	-0.1	-0.2	0.1	0.0	0.0	0.1	0.1	0.1	0.1	0.1
Profit Attributable to Parent	6.9	-0.9	0.2	-1.8	2.9	0.9	1.2	2.9	1.9	5.5	1.6	2.2
Earnings per Share	180.00	-24.20	5.56	-45.97	75.00	23.78	32.11	81.70	55.00	156.35	45.35	62.69
Diluted EPS	180.00	-24.20	5.56	-45.97	74.72	23.78	32.11	81.70	54.81	156.35	45.35	62.69

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)	296.5	310.0	331.1	248.0	257.5	253.6	264.8	264.9	294.9	266.1	263.4	337.3
I. Cash and cash equivalents	50.4	70.5	45.2	34.1	15.5	79.6	13.7	21.1	53.1	63.8	24.3	29.2
1. Cash	50.4	30.5	5.2	14.1	15.5	30.1	13.7	21.1	53.1	18.8	24.3	29.2
2. Cash equivalents	—	40.0	40.0	20.0	—	49.5	0.0	0.0	0.0	45.0	0.0	0.0
II. Short-term financial investments	97.9	34.4	55.9	59.6	56.5	61.5	0.0	25.3	25.3	0.0	0.0	0.0
1. Available for sale securities	97.7	34.4	56.1	68.0	57.0	61.7	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-9.2	—	-0.3	-8.4	-0.5	-0.2	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	9.4	—	—	—	—	0.0	0.0	25.3	25.3	0.0	0.0	0.0
III. Short-term receivables	146.3	205.0	230.0	153.5	183.5	106.9	244.8	198.3	202.2	184.2	153.1	255.7
1. Short-term trade accounts receivable	—	—	3.0	6.2	3.6	23.9	43.3	98.0	89.1	107.9	43.9	85.4
2. Short-term prepayments to suppliers	0.0	0.0	0.1	0.0	8.1	8.1	8.1	8.1	16.6	21.1	9.1	9.1
3. Short-term inter-company receivables	—	—	—	—	32.0	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
5. Short-term loan receivables	—	—	—	43.0	—	72.5	186.3	89.6	53.8	53.0	75.2	55.2
6. Other short-term receivables	146.2	204.9	227.0	104.3	139.8	2.4	7.1	2.5	42.6	2.1	24.8	105.9
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	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	—	—	—	—	3.5	3.9	17.7	11.7	15.5	83.4	49.7
1. Inventories	0.0	—	—	—	—	3.5	3.9	17.7	11.7	15.5	83.4	49.7
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	2.0	0.2	0.0	0.8	2.1	2.1	2.4	2.5	2.6	2.5	2.6	2.7
1. Short-term prepayments	0.1	0.1	0.0	0.0	0.1	0.0	0.1	0.1	0.1	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.9	0.1	0.0	0.8	2.0	2.1	2.3	2.4	2.5	2.5	2.6	2.7
3. Taxes and other receivables from state authorities	0.0	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
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)	263.3	158.1	133.0	209.1	214.5	216.0	203.6	204.8	178.5	214.0	215.4	135.2
I. Long-term receivables	—	59.0	59.0	97.6	97.6	97.6	97.6	97.6	97.6	97.6	97.6	2.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	59.0	59.0	97.6	97.6	97.6	97.6	97.6	97.6	97.6	97.6	2.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	34.7	25.1	—	14.4	40.6	42.0	43.3	44.5	45.9	46.2	47.6	48.9
1. Tangible fixed assets	34.7	0.1	—	14.4	31.1	32.2	33.3	34.3	35.4	35.5	36.6	37.8
- Cost	51.3	—	—	—	—	57.7	57.7	57.5	57.5	56.5	56.5	56.5
- Accumulated depreciation	-16.6	—	—	—	—	-25.5	-24.4	-23.2	-22.1	-21.0	-19.9	-18.7
2. Financial leased fixed assets	—	—	—	—	9.6	9.8	10.0	10.2	10.5	10.7	10.9	11.1
- 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	—	25.0	—	—	—	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
- 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	—	—	—	—	—	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
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	226.9	74.0	74.0	94.9	74.0	74.1	60.2	60.2	32.4	67.5	67.5	81.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	68.3	74.0	74.0	94.9	74.0	74.1	60.2	60.2	0.0	35.1	35.1	49.1
3. Investments in other entities	158.6	—	—	—	—	0.0	0.0	0.0	32.4	32.4	32.4	32.4
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	1.6	—	0.0	2.3	2.3	2.4	2.5	2.6	2.6	2.7	2.8	2.8
1. Long-term prepayments	1.3	—	0.0	2.3	2.3	2.4	2.5	2.6	2.6	2.7	2.8	2.8
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.3	—	—	—	—	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)	559.8	468.1	464.1	457.2	472.1	469.6	468.3	469.7	473.4	480.2	478.8	472.5
A. LIABILITIES (300=210+330)	100.7	21.1	22.5	16.5	22.5	22.8	22.4	25.1	31.3	40.0	44.2	38.9
I. Short -term liabilities	99.5	21.0	22.4	16.4	18.4	13.9	13.6	16.2	22.4	28.5	32.1	25.2
1. Short-term trade accounts payable	0.1	0.1	5.2	5.7	2.6	2.8	3.1	4.7	9.9	18.5	19.3	14.8
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.9
3. Taxes and other payables to state authorities	4.5	11.8	8.3	1.6	0.3	0.4	0.4	0.4	0.8	1.0	0.5	0.4
4. Payable to employees	0.2	0.2	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	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	84.0	0.0	—	0.2	0.0	0.2	0.2	0.2	0.0	0.1	3.1	0.2
10. Short-term borrowings and financial leases	1.9	—	—	—	6.6	1.5	1.0	1.9	2.8	0.0	0.0	0.0
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	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9
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	1.2	0.1	0.1	0.1	4.1	8.9	8.9	8.9	8.9	11.5	12.1	13.7
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	—	—	—	—	4.0	8.7	8.8	8.8	8.8	11.5	12.1	13.7
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	1.2	0.1	0.1	0.1	0.1	0.2	0.1	0.1	0.1	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)	459.1	447.1	441.6	440.7	449.6	446.8	445.9	444.7	442.1	440.1	434.6	433.6
I. Owner's equity	459.1	447.1	441.6	440.7	449.6	446.8	445.9	444.7	442.1	440.1	434.6	433.6
1. Owner's capital	385.7	385.7	385.7	385.7	385.7	385.7	385.7	353.8	353.8	353.8	353.8	353.8
- Common stock with voting right	385,673,630,000.00	385,673,630,000.00	385,673,630,000.00	385,673,630,000.00	385,673,630,000.00	385,673,630,000.00	385,673,630,000.00	353,835,080,000.00	353,835,080,000.00	353,835,080,000.00	353,835,080,000.00	353,835,080,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	39.8	—	—	39.8	39.8	39.8	39.8	39.8	39.8	39.8	39.8	39.8
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	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4
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	18.6	48.1	49.1	6.8	14.6	11.9	11.0	41.6	39.2	37.2	31.7	30.2
- Accumulated retained earning at the end of the previous period	11.7	47.9	36.6	5.7	11.7	5.0	5.0	36.8	37.2	25.4	25.4	25.4
- Undistributed earnings in this period	6.9	0.2	12.5	1.1	2.9	6.9	6.0	4.8	1.9	11.8	6.3	4.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	10.6	8.8	2.4	3.9	5.1	5.0	5.0	5.0	4.9	4.9	4.9	5.4
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)	559.8	468.1	464.1	457.2	472.1	469.6	468.3	469.7	473.4	480.2	478.8	472.5

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	7.0	4.0	1.1	3.6	3.2	1.1	1.3	3.1	2.2	5.9	1.9	2.3
Depreciation of Fixed Assets and Investment Property	0.3	0.0	-1.1	1.2	1.3	1.3	1.3	1.3	1.3	1.4	1.4	1.5
Provision (Increase)/Reversal	0.9	-8.4	0.0	7.9	—	0.2	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	-0.6	-3.6	-2.3	-10.3	-0.8	-0.6	-0.8	-0.5	-0.6	1.0	-1.5	0.5
Interest Expense	0.1	0.0	0.0	0.1	0.3	0.3	0.3	0.3	0.3	0.2	0.4	0.6
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	-0.4	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	7.8	-8.0	-2.3	2.5	4.0	2.3	1.8	4.2	3.2	8.5	2.2	4.9
Increase/(Decrease) in Receivables	-23.0	5.3	-116.0	42.2	-116.9	24.1	50.2	40.3	-17.2	-54.1	26.9	-4.6
Increase/(Decrease) in Inventory	-0.0	0.0	0.0	0.0	3.5	0.4	13.8	-6.0	3.7	67.9	-33.7	-18.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.4	-0.0	-4.2	1.9	-0.5	-0.2	-1.3	-5.3	-8.6	-3.9	6.0	-2.9
Increase/(Decrease) in Prepaid Expenses	0.1	-0.1	2.3	0.1	0.0	0.1	0.1	0.0	0.0	0.1	0.0	0.0
Changes in Trading Securities	-4.3	—	—	—	—	-61.7	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	0.0	-0.0	-0.1	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.4	-0.5
Corporate Income Tax Paid	—	—	—	-0.0	-0.4	-0.0	-0.0	-0.6	-0.2	-0.0	-0.0	-1.0
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	-19.1	19.0	-108.1	35.6	-106.3	-35.2	64.3	32.4	-19.3	18.1	1.0	-22.2
Payments for Fixed Assets and Other Long-term Assets	—	-25.0	—	—	—	0.0	-0.1	-0.1	-1.0	-0.1	0.1	-1.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	3.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	5.3	-15.1	—	-72.5	-147.0	-89.6	-79.1	-39.0	-20.0	-10.2
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	71.2	-29.4	40.5	186.3	75.6	53.8	53.0	61.1	0.0	0.0
Investments in Other Entities	—	—	—	—	—	-13.9	0.0	-27.7	0.0	0.0	0.9	-33.3
Proceeds from Investments in Other Entities	—	27.8	46.5	28.5	—	0.0	0.0	0.0	35.1	-0.0	14.0	80.1
Dividends and Interest Income Received	0.6	3.6	0.9	0.9	0.7	0.7	0.7	0.1	0.6	-0.2	0.8	0.2
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	0.6	6.4	127.8	-15.1	41.2	100.7	-70.8	-63.5	8.7	21.9	-4.2	35.2
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	9.0	—	—	2.9	7.2	1.5	0.0	0.0	0.6	-0.1	0.1	0.6
Repayment of Borrowings	-10.6	0.0	1.4	-5.6	-6.0	-2.6	-0.4	-0.4	-0.0	-2.0	-1.1	-2.3
Repayment of Finance Leases	—	—	—	—	—	1.5	-0.5	-0.5	-0.5	1.5	-0.6	-0.5
Dividends Paid	—	—	—	—	-0.8	-0.0	0.0	0.0	-0.1	0.1	-0.1	0.3
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	-1.7	0.0	-8.7	-1.9	0.4	0.4	-0.9	-0.9	-0.1	-0.4	-1.8	-1.8
Net Cash Flow During the Period	-20.2	25.4	11.0	18.6	-64.7	65.8	-7.4	-32.0	-10.7	39.6	-5.0	11.1
Cash and Cash Equivalents at Beginning of Period	70.6	45.2	34.1	15.5	80.1	63.8	63.8	63.8	63.8	3.5	3.5	3.5
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	50.4	70.5	45.2	34.1	15.5	79.6	13.7	21.1	53.1	63.8	24.3	29.2

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HSL

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What is driving the margin?

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Balance Sheet

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Leverage & Liquidity

Cash Flow